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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Current and Noncurrent Assets and Liabilities

The following table provides a description of amounts included in Other within Current Assets or Current Liabilities that exceed 5% of total Current Assets or Current Liabilities on the Duke Energy Registrants' Consolidated Balance Sheets at either December 31, 2022, or 2021.


		December 31,
(in millions)	Location	2022		2021
Duke Energy
Accrued compensation	Current Liabilities	$	778	$	915

Duke Energy Carolinas
Accrued compensation	Current Liabilities	$	247	$	277

Duke Energy Progress
Customer deposits	Current Liabilities	$	106	$	144
Other accrued liabilities	Current Liabilities	124		163
Duke Energy Florida
Customer deposits	Current Liabilities	$	200	$	200
Other accrued liabilities	Current Liabilities	61		89
Duke Energy Ohio
Gas Storage	Current Assets	$	57	$	25
Collateral liabilities	Current Liabilities	53		57
Duke Energy Indiana
Mark-to-market transactions	Current Assets	$	110	$	23

Schedule of Cash and Cash Equivalents

The following table presents the components of cash, cash equivalents and restricted cash included in the Consolidated Balance Sheets.


	December 31, 2022
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	409	$	44	$	108	$	49	$	45
Other	173		8		74		28		41
Other Noncurrent Assets
Other	11		1		2		2		—
Total cash, cash equivalents and restricted cash	$	593	$	53	$	184	$	79	$	86


	December 31, 2021
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	341	$	7	$	70	$	35	$	23
Other	170		—		39		—		39
Other Noncurrent Assets
Other	6		1		4		4		—
Total cash, cash equivalents and restricted cash	$	517	$	8	$	113	$	39	$	62

Components of Inventory

The components of inventory are presented in the tables below.


	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	2,604	$	876	$	1,232	$	819	$	413	$	105	$	342	$	12
Coal	620		253		190		99		91		34		144		—
Natural gas, oil and other	360		35		157		88		69		5		3		160
Total inventory	$	3,584	$	1,164	$	1,579	$	1,006	$	573	$	144	$	489	$	172


	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Materials and supplies	$	2,309	$	793	$	1,067	$	729	$	338	$	80	$	311	$	14
Coal	486		195		167		94		73		19		105		—
Natural gas, oil and other	316		38		164		98		66		17		2		95
Total inventory	$	3,111	$	1,026	$	1,398	$	921	$	477	$	116	$	418	$	109

Schedule of Property, Plant and Equipment

The composite weighted average depreciation rates, excluding nuclear fuel, are included in the table that follows.


	Years Ended December 31,
	2022		2021		2020
Duke Energy	3.0	%	2.9	%	3.0	%
Duke Energy Carolinas	2.7	%	2.7	%	2.8	%
Progress Energy	3.2	%	3.1	%	3.2	%
Duke Energy Progress	3.0	%	3.0	%	3.1	%
Duke Energy Florida	3.5	%	3.3	%	3.3	%
Duke Energy Ohio	2.9	%	2.9	%	2.9	%
Duke Energy Indiana	3.6	%	3.6	%	3.5	%
Piedmont	2.1	%	2.1	%	2.3	%

The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants.


	December 31, 2022
	Average
	Remaining			Duke				Duke		Duke		Duke		Duke
	Useful Life	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	(Years)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Land		$	2,232	$	565	$	993	$	496	$	497	$	230	$	124	$	295
Plant – Regulated
Electric generation, distribution and transmission	39	126,016		46,640		55,872		33,336		22,536		6,900		16,604		—
Natural gas transmission and distribution	56	13,174		—		—		—		—		3,773		—		9,401
Other buildings and improvements	40	2,537		973		647		341		306		398		336		183
Plant – Nonregulated

Other buildings and improvements	10	369		—		—		—		—		—		—		—
Nuclear fuel		3,081		1,723		1,358		1,358		—		—		—		—
Equipment	13	2,959		710		936		567		369		441		356		125
Construction in process		7,381		2,671		3,073		1,317		1,756		375		381		478
Other	15	6,090		1,368		1,943		1,460		476		380		320		387
Total property, plant and equipment(a)		163,839		54,650		64,822		38,875		25,940		12,497		18,121		10,869
Total accumulated depreciation – regulated(b)(c)		(50,544)		(18,669)		(20,584)		(14,201)		(6,377)		(3,250)		(6,021)		(2,081)
Total accumulated depreciation – nonregulated(d)		(1,556)		—		—		—		—		—		—		—
Facilities to be retired, net		9		—		—		—		—		—		—		9
Total net property, plant and equipment		$	111,748	$	35,981	$	44,238	$	24,674	$	19,563	$	9,247	$	12,100	$	8,797

(a) Includes finance leases of $816 million, $335 million, $674 million, $590 million, $84 million and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $233 million, $81 million and $152 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,683 million, $934 million, $749 million and $749 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(c) Includes accumulated amortization of finance leases of $7 million, $51 million and $4 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy.


	December 31, 2021
	Average
	Remaining			Duke				Duke		Duke		Duke		Duke
	Useful Life	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	(Years)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Land		$	2,145	$	543	$	957	$	482	$	475	$	219	$	122	$	279
Plant – Regulated
Electric generation, distribution and transmission	40	120,855		44,910		53,447		32,417		21,030		6,573		15,925		—
Natural gas transmission and distribution	54	12,079		—		—		—		—		3,347		—		8,732
Other buildings and improvements	37	1,921		550		514		228		286		381		321		155
Plant – Nonregulated

Other buildings and improvements	11	401		—		—		—		—		—		—		—
Nuclear fuel		3,181		1,856		1,325		1,325		—		—		—		—
Equipment	13	2,659		614		791		497		294		403		262		122
Construction in process		5,979		2,078		2,297		954		1,343		515		460		262
Other	14	5,276		1,323		1,563		1,115		437		287		253		368
Total property, plant and equipment(a)		154,496		51,874		60,894		37,018		23,865		11,725		17,343		9,918
Total accumulated depreciation – regulated(b)(c)		(47,611)		(17,854)		(19,214)		(13,387)		(5,819)		(3,106)		(5,583)		(1,899)
Total accumulated depreciation – nonregulated(d)		(1,493)		—		—		—		—		—		—		—
Facilities to be retired, net		144		102		26		26		—		6		—		11
Total net property, plant and equipment		$	105,536	$	34,122	$	41,706	$	23,657	$	18,046	$	8,625	$	11,760	$	8,030

(a) Includes finance leases of $958 million, $335 million, $729 million, $627 million, $102 million, and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $178 million, $45 million and $133 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,799 million, $1,064 million, $735 million and $735 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.

(c) Includes accumulated amortization of finance leases of $9 million, $33 million, and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy.

Duke Energy continues to execute on its business transformation strategy, including the evaluation of in-office work policies considering the experience with the COVID-19 pandemic and also workforce realignment of roles and responsibilities. In May 2021, Duke Energy management approved the sale of certain properties and entered into an agreement to exit certain leased space on December 31, 2021. The sale of the properties is subject to abandonment accounting and resulted in an impairment charge. Additionally, the exit of the leased space resulted in the impairment of related furniture, fixtures and equipment. During the year ended December 31, 2021, Duke Energy recorded a pretax charge to earnings of $192 million on the Consolidated Statements of Operations, which includes $133 million within Impairment of assets and other charges, $42 million within Operations, maintenance and other and $17 million within Depreciation and amortization.

Schedule of Accounts Payable and Supplier Invoices Sold

The following table presents the outstanding accounts payable balance sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Consolidated Statements of Cash Flows as of December 31, 2022, and December 31, 2021.


	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Outstanding Accounts Payable Balance Sold	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Suppliers Invoices Settled Through The Program	301		29		85		26		59		38		2		147


	December 30, 2021
					Duke		Duke
	Duke		Progress		Energy		Energy
(in millions)	Energy		Energy		Florida		Ohio		Piedmont
Outstanding Accounts Payable Balance Sold	$	19	$	9	$	9	$	6	$	4
Suppliers Invoices Settled Through The Program	122		10		10		12		100

Schedule of Excise Taxes

Excise taxes accounted for on a gross basis within both Operating Revenues and Property and other taxes in the Consolidated Statements of Operations were as follows.


	Years Ended December 31,
(in millions)	2022		2021		2020
Duke Energy	$	449	$	420	$	415
Duke Energy Carolinas	47		44		43
Progress Energy	290		250		249
Duke Energy Progress	25		22		26
Duke Energy Florida	265		228		223
Duke Energy Ohio	104		102		96
Duke Energy Indiana	7		23		25
Piedmont	1		1		2

Summary of Effects of New Accounting Pronouncements

Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below:


	January 1, 2020
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Piedmont
Total pretax impact to Retained Earnings	$	120	$	16	$	2	$	1	$	1	$	1