Business Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

Reportable segments are determined based on information used by the chief operating decision-maker in deciding how to allocate resources and evaluate the performance of the business. Duke Energy evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated on the Consolidated Financial Statements. Certain governance costs are allocated to each segment. In addition, direct interest expense and income taxes are included in segment income.

Products and services are sold between affiliate companies and reportable segments of Duke Energy at cost. Segment assets as presented in the tables that follow exclude all intercompany assets.

Duke Energy

Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups.

The EU&I segment includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The regulated electric utilities conduct operations through the Subsidiary Registrants that are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information.

The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky, and Duke Energy's natural gas storage, midstream pipeline, and renewable natural gas investments. GU&I's operations are substantially all regulated and, accordingly, qualify for regulatory accounting treatment.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs and Duke Energy’s wholly owned captive insurance company, Bison. Other also includes Duke Energy's interest in NMC. See Note 13 for additional information on the investment in NMC.

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

	Year Ended December 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated Revenues	$	26,846	$	2,177	$	29,023	$	37	$	—	$	29,060
Intersegment Revenues	75		89		164		97		(261)		—
Total Revenues	$	26,921	$	2,266	$	29,187	$	134	$	(261)	$	29,060
Interest Expense	$	1,850	$	217	$	2,067	$	1,097	$	(150)	$	3,014
Depreciation and amortization	4,684		349		5,033		248		(28)		5,253
Equity in earnings of unconsolidated affiliates	7		40		47		66		—		113
Income tax expense (benefit)	742		116		858		(420)		—		438
Segment income (loss)(a)(b)	4,223		519		4,742		(616)		—		4,126
Less noncontrolling interest											(33)
Add back preferred stock dividend											106
Discontinued operations											(1,391)
Net income											$	2,874
Capital investments expenditures and acquisitions(c)	$	10,135	$	1,492	$	11,627	$	995	$	—	$	12,622
Segment assets(d)	155,449		17,349		172,798		4,095		—		176,893

(a)    EU&I includes $35 million recorded with Impairment of assets and other charges and $8 million within Operations, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Carolinas' Consolidated Statements of Operations; it also includes $33 million within Impairment of assets and other charges and $8 million within Operations, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Progress' Consolidated Statements of Operations. See Note 4 for additional information.

(b)    Other includes $110 million recorded within Operations, maintenance and other and $14 million within Impairments of assets and other charges primarily related to strategic repositioning as the Company transitions to a fully regulated utility on the Consolidated Statements of Operations. See Note 21 for additional information.

(c)    Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups.

(d)    Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

	Year Ended December 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated Revenues	$	25,990	$	2,748	$	28,738	$	30	$	—	$	28,768
Intersegment Revenues	34		92		126		92		(218)		—
Total Revenues	$	26,024	$	2,840	$	28,864	$	122	$	(218)	$	28,768
Interest Expense	$	1,565	$	182	$	1,747	$	778	$	(86)	$	2,439
Depreciation and amortization	4,550		327		4,877		236		(27)		5,086
Equity in earnings of unconsolidated affiliates	7		20		27		86		—		113
Income tax expense (benefit)	536		8		544		(244)		—		300
Segment income (loss)(a)(b)	3,929		468		4,397		(737)		(1)		3,659
Less noncontrolling interest											95
Add back preferred stock dividend											106
Discontinued operations											(1,215)
Net income											$	2,455
Capital investments expenditures and acquisitions(c)	$	8,985	$	1,295	$	10,280	$	1,139	$	—	$	11,419
Segment assets(d)	152,104		16,411		168,515		9,571		—		178,086

(a)    EU&I includes $386 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on coal ash on the Consolidated Statements of Operations. See Note 4 for additional information.

(b)    Other includes $72 million recorded within Impairment of assets and other charges, $71 million within Operations, maintenance and other and a $7 million gain within Gains on sales of other assets related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations; it also includes $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations.

(c)    Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups.

(d)    Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

	Year Ended December 31, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Unaffiliated Revenues	$	22,570	$	2,022	$	24,592	$	29	$	—	$	24,621
Intersegment Revenues	33		90		123		84		(207)		—
Total Revenues	$	22,603	$	2,112	$	24,715	$	113	$	(207)	$	24,621
Interest Expense	$	1,432	$	142	$	1,574	$	643	$	(10)	$	2,207
Depreciation and amortization	4,251		303		4,554		236		(28)		4,762
Equity in earnings of unconsolidated affiliates	7		8		15		47		—		62
Income tax expense (benefit)	494		55		549		(281)		—		268
Segment income (loss)(a)(b)(c)	3,850		396		4,246		(641)		(3)		3,602
Less noncontrolling interest											329
Add back preferred stock dividend											106
Discontinued operations											200
Net income											$	3,579
Capital investments expenditures and acquisitions(d)	$	7,653	$	1,271	$	8,924	$	828	$	—	$	9,752
Segment assets(e)	143,841		15,179		159,020		10,567		—		169,587

(a)    EU&I includes $160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other Income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within regulated operating revenues, $3 million of expense within interest expense and $6 million of expense within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds; it also includes $42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other Income and expenses, $7 million of expense within Operations, maintenance, and other, $15 million of income within Regulated electric operating revenues, $5 million of expense within interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations.

(b)    GU&I includes $20 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations, related to natural gas pipeline investments.

(c)    Other includes $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Consolidated Statements of Operations, related to the workplace and workforce realignment. See Note 11 for additional information.

(d)    Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups.

(e)    Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.

Geographical Information

Substantially all assets and revenues from continuing operations are within the U.S.

Major Customers

No Subsidiary Registrant has an individual customer representing more than 10% of its revenues for the year ended December 31, 2023.

Products and Services

The following table summarizes revenues of the reportable segments by type.

	Retail		Wholesale		Retail				Total
(in millions)	Electric		Electric		Natural Gas		Other		Revenues
2023
Electric Utilities and Infrastructure	$	23,484	$	2,193	$	—	$	1,244	$	26,921
Gas Utilities and Infrastructure	—		—		2,199		67		2,266
Total Reportable Segments	$	23,484	$	2,193	$	2,199	$	1,311	$	29,187
2022
Electric Utilities and Infrastructure	$	22,036	$	2,882	$	—	$	1,106	$	26,024
Gas Utilities and Infrastructure	—		—		2,535		305		2,840
Total Reportable Segments	$	22,036	$	2,882	$	2,535	$	1,411	$	28,864
2021
Electric Utilities and Infrastructure	$	19,410	$	2,216	$	—	$	977	$	22,603
Gas Utilities and Infrastructure	—		—		2,025		87		2,112
Total Reportable Segments	$	19,410	$	2,216	$	2,025	$	1,064	$	24,715

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I.

EU&I transmits and distributes electricity in portions of Ohio and generates, distributes and sells electricity in portions of Northern Kentucky. GU&I transports and sells natural gas in portions of Ohio and Northern Kentucky. Both reportable segments conduct operations primarily through Duke Energy Ohio and its wholly owned subsidiary, Duke Energy Kentucky. The remainder of Duke Energy Ohio's operations is presented as Other.

All Duke Energy Ohio assets and revenues from continuing operations are within the U.S.

	Year Ended December 31, 2023
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	1,868	$	639	$	2,507	$	—	$	—	$	2,507
Interest expense	$	116	$	53	$	169	$	—	$	—	$	169
Depreciation and amortization	257		110		367		—		—		367
Income tax expense (benefit)	42		23		65		(2)		—		63
Segment income (loss)/Net income	227		116		343		(9)		—		334
Capital expenditures	$	520	$	419	$	939	$	—	$	—	$	939
Segment assets	7,978		4,346		12,324		13		(121)		12,216

	Year Ended December 31, 2022
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	1,798	$	716	$	2,514	$	—	$	—	$	2,514
Interest expense	$	86	$	43	$	129	$	—	$	—	$	129
Depreciation and amortization	221		103		324		—		—		324
Income tax expense (benefit)	24		(43)		(19)		(2)		—		(21)
Segment income (loss)/Net Income	189		121		310		(8)		—		302
Capital expenditures	$	488	$	362	$	850	$	—	$	—	$	850
Segment assets	7,504		4,164		11,668		14		(176)		11,506

	Year Ended December 31, 2021
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	1,493	$	544	$	2,037	$	—	$	—	$	2,037
Interest expense	$	87	$	24	$	111	$	—	$	—	$	111
Depreciation and amortization	217		90		307		—		—		307
Income tax expense (benefit)	15		19		34		(4)		—		30
Segment income (loss)/Net Income	141		78		219		(15)		—		204
Capital expenditures	$	486	$	362	$	848	$	—	$	—	$	848
Segment assets	6,882		3,892		10,774		29		(29)		10,774