Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Costs and Cash Flows Information

The following tables present the components of lease expense.

	Year Ended December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Operating lease expense(a)	$	236	$	41	$	157	$	80	$	77	$	11	$	17	$	2
Short-term lease expense(a)	5		—		2		1		1		—		1		—
Variable lease expense(a)	27		2		22		11		11		—		—		1
Finance lease expense
Amortization of leased assets(b)	160		7		57		35		22		—		—		—
Interest on lease liabilities(c)	46		31		45		43		2		—		1		—
Total finance lease expense	206		38		102		78		24		—		1		—
Total lease expense	$	474	$	81	$	283	$	170	$	113	$	11	$	19	$	3

	Year Ended 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
Operating lease expense(a)	$	229	$	39	$	153	$	83	$	70	$	10	$	19	$	6
Short-term lease expense(a)	4		—		1		—		1		—		2		—
Variable lease expense(a)	61		(1)		60		37		23		—		—		1
Finance lease expense
Amortization of leased assets(b)	151		6		61		41		20		—		—		—
Interest on lease liabilities(c)	50		32		49		45		4		—		1		—
Total finance lease expense	201		38		110		86		24		—		1		—
Total lease expense	$	495	$	76	$	324	$	206	$	118	$	10	$	22	$	7

(a)    Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Consolidated Statements of Operations.

(b)    Included in Depreciation and amortization on the Consolidated Statements of Operations.

(c)    Included in Interest Expense on the Consolidated Statements of Operations.

	Year Ended December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Cash paid for amounts included in the measurement of lease liabilities(a)
Operating cash flows from operating leases	$	228	$	18	$	123	$	64	$	59	$	2	$	7	$	—
Operating cash flows from finance leases	46		31		45		43		2		—		1		—
Financing cash flows from finance leases	160		7		57		35		22		—		—		—
Lease assets obtained in exchange for new lease liabilities (non-cash)
Operating	$	286	$	14	$	92	$	1	$	91	$	2	$	6	$	2
Finance	36		—		—		—		—		—		—		—

	Year Ended 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
Cash paid for amounts included in the measurement of lease liabilities(a)
Operating cash flows from operating leases	$	230	$	24	$	118	$	63	$	55	$	2	$	6	$	4
Operating cash flows from finance leases	50		32		49		45		4		—		1		—
Financing cash flows from finance leases	151		6		61		41		20		—		—		—
Lease assets obtained in exchange for new lease liabilities (non-cash)
Operating	$	111	$	10	$	—	$	—	$	—	$	—	$	—	$	—
Finance	—		—		—		—		—		—		—		—

(a)    No amounts were classified as investing cash flows from operating leases.

Operating Lease Maturities

The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities.

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
2024	$	244	$	21	$	116	$	56	$	60	$	2	$	7	$	5
2025	214		16		102		42		60		2		7		4
2026	201		15		105		46		59		2		6		1
2027	170		9		79		47		32		2		5		—
2028	136		8		67		47		20		1		4		—
Thereafter	388		41		315		163		152		13		39		—
Total operating lease payments	1,353		110		784		401		383		22		68		10
Less: Present value discount	(248)		(20)		(146)		(63)		(83)		(5)		(16)		—
Total operating lease liabilities(a)	$	1,105	$	90	$	638	$	338	$	300	$	17	$	52	$	10

(a)    Certain operating lease payments include renewal options that are reasonably certain to be exercised.

Maturities of Finance Lease Liabilities

The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities.

	December 31, 2023
			Duke				Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Indiana
2024	$	157	$	38	$	88	$	79	$	9	$	1
2025	88		38		85		80		5		1
2026	83		38		86		81		5		1
2027	76		38		83		81		2		1
2028	74		38		81		81		—		1
Thereafter	511		389		474		474		—		21
Total finance lease payments	989		579		897		876		21		26
Less: Amounts representing interest	(350)		(302)		(326)		(324)		(2)		(17)
Total finance lease liabilities	$	639	$	277	$	571	$	552	$	19	$	9

Balance Sheet Amounts Recorded for Operating and Finance Leases

The following tables contain additional information related to leases.

		December 31, 2023
				Duke				Duke		Duke		Duke		Duke
		Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Classification	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Assets
Operating	Operating lease ROU assets, net	$	1,092	$	78	$	617	$	318	$	299	$	16	$	50	$	4
Finance	Net property, plant and equipment	687		268		615		552		63		—		6		—
Total lease assets		$	1,779	$	346	$	1,232	$	870	$	362	$	16	$	56	$	4
Liabilities
Current
Operating	Other current liabilities	$	188	$	15	$	94	$	45	$	49	$	1	$	6	$	—
Finance	Current maturities of long-term debt	115		8		46		38		8		—		—		—
Noncurrent
Operating	Operating lease liabilities	917		75		544		293		251		16		46		10
Finance	Long-Term Debt	524		269		525		514		11		—		9		—
Total lease liabilities		$	1,744	$	367	$	1,209	$	890	$	319	$	17	$	61	$	10

		December 31, 2022
				Duke				Duke		Duke		Duke		Duke
		Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Classification	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Assets
Operating	Operating lease ROU assets, net	$	1,042	$	78	$	628	$	370	$	258	$	18	$	49	$	4
Finance	Net property, plant and equipment	810		284		674		590		84		—		6		—
Total lease assets		$	1,852	$	362	$	1,302	$	960	$	342	$	18	$	55	$	4
Liabilities
Current
Operating	Other current liabilities	$	179	$	14	$	96	$	51	$	45	$	1	$	4	$	—
Finance	Current maturities of long-term debt	153		7		57		35		22		—		—		—
Noncurrent
Operating	Operating lease liabilities	876		83		546		335		211		17		47		13
Finance	Long-Term Debt	611		277		571		552		19		—		9		—
Total lease liabilities		$	1,819	$	381	$	1,270	$	973	$	297	$	18	$	60	$	13

Supplemental Lease Information

	December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Weighted average remaining lease term (years)
Operating leases	9		10		10		9		11		13		13		4
Finance leases	11		16		11		11		18		—		22		3
Weighted average discount rate(a)
Operating leases	3.1	%	4.0	%	3.8	%	3.6	%	4.0	%	4.2	%	3.9	%	2.4	%
Finance leases	8.5	%	11.5	%	9.1	%	9.2	%	7.6	%	—	%	11.9	%	5.4	%

	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Weighted average remaining lease term (years)
Operating leases	8		10		8		9		6		15		15		1
Finance leases	10		17		12		12		12		—		23		—
Weighted average discount rate(a)
Operating leases	3.4	%	3.8	%	3.6	%	3.5	%	3.8	%	4.2	%	4.0	%	3.3	%
Finance leases	7.7	%	11.5	%	9.1	%	9.1	%	8.0	%	—	%	11.9	%	—	%

(a)    The discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets.