Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the Loss from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations:

	Years Ended December 31,
(in millions)	2022		2021		2020
Commercial Renewables Disposal Groups	$	(1,349)	$	(151)	$	(14)
Other(a)	26		7		7
Loss from Discontinued Operations, net of tax	$	(1,323)	$	(144)	$	(7)

(a)     Amount represents an income tax benefit resulting from tax adjustments for previously sold businesses not related to the Commercial Renewables Disposal Groups.

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.

	December 31,
(in millions)	2022		2021
Current Assets Held for Sale
Cash and cash equivalents	$	10	$	3
Receivables, net	107		87
Inventory	88		86
Other	57		56
Total current assets held for sale	262		232
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	6,444		7,323
Accumulated depreciation and amortization	(1,651)		(1,452)
Net property, plant and equipment	4,793		5,871
Operating lease right-of-use assets, net	140		130
Investments in equity method unconsolidated affiliates	522		513
Other	179		181
Total other noncurrent assets held for sale	841		824
Total Assets Held for Sale	$	5,896	$	6,927
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	122	$	98
Taxes accrued	17		18
Other	120		51
Total current liabilities associated with assets held for sale	259		167
Noncurrent Liabilities Associated with Assets Held for Sale
Operating lease liabilities	150		134
Asset retirement obligations	190		175
Other	399		303
Total other noncurrent liabilities associated with assets held for sale	739		612
Total Liabilities Associated with Assets Held for Sale	$	998	$	779

As of December 31, 2022, the noncontrolling interest balance is $1.6 billion.

The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.

	Years Ended December 31,
(in millions)	2022		2021		2020
Operating revenues	$	465	$	476	$	502
Operation, maintenance and other	337		343		292
Depreciation and amortization(a)	201		227		200
Property and other taxes	36		34		26
Other income and expenses, net	2		(27)		1
Interest expense	10		72		66
Loss on disposal	1,748		—		—
Loss before income taxes	(1,865)		(227)		(81)
Income tax benefit	(516)		(76)		(67)
Loss from discontinued operations	$	(1,349)	$	(151)	$	(14)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	108		344		296
Net income from discontinued operations attributable to Duke Energy Corporation	$	(1,241)	$	193	$	282

(a)    Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased.

The Commercial Renewables Disposal Groups' held for sale assets included pretax impairments of approximately $1.7 billion for the year ended December 31, 2022. The impairment was recorded to write-down the carrying amount of the property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated cost to sell. These losses were included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations and Comprehensive Income. The fair value was primarily determined from the income approach using discounted cash flows but also considered market information obtained through the bidding process. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 17. The impairment will be updated, if necessary, based on the final sales price, after any adjustments at closing for working capital and capital expenditures.

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.

	Years Ended December 31,
(in millions)	2022		2021		2020
Cash flows provided by (used in):
Operating activities	$	213	$	62	$	466
Investing activities	(802)		(542)		(1,102)