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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, or 2022.


		December 31,
(in millions)	Location	2023		2022



Duke Energy Carolinas
Accrued compensation	Current Liabilities	$	224	$	247




Duke Energy Florida
Customer deposits/Collateral liabilities	Current Liabilities	$	168	$	200


Duke Energy Ohio
Gas Storage	Current Assets	$	23	$	57
Tax receivables	Current Assets	95		4

Duke Energy Indiana
Mark-to-market transactions	Current Assets	$	18	$	110
Customer advances	Current Liabilities	$	87	$	51

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, 2023
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	253	$	9	$	59	$	18	$	24
Other	76		9		67		31		36
Other Noncurrent Assets
Other	16		1		9		2		7
Total cash, cash equivalents and restricted cash	$	345	$	19	$	135	$	51	$	67


	December 31, 2022
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	409	$	44	$	108	$	49	$	45
Other	82		8		74		28		41
Other Noncurrent Assets
Other	11		1		2		2		—
Total cash, cash equivalents and restricted cash	$	502	$	53	$	184	$	79	$	86

Restrictions on 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, 2023
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	253	$	9	$	59	$	18	$	24
Other	76		9		67		31		36
Other Noncurrent Assets
Other	16		1		9		2		7
Total cash, cash equivalents and restricted cash	$	345	$	19	$	135	$	51	$	67


	December 31, 2022
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	409	$	44	$	108	$	49	$	45
Other	82		8		74		28		41
Other Noncurrent Assets
Other	11		1		2		2		—
Total cash, cash equivalents and restricted cash	$	502	$	53	$	184	$	79	$	86

Components of Inventory

The components of inventory are presented in the tables below.


	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
Materials and supplies	$	3,086	$	1,075	$	1,465	$	963	$	502	$	139	$	361	$	12
Coal	842		364		231		154		77		28		219		—
Natural gas, oil and other	364		45		205		110		95		12		2		100
Total inventory	$	4,292	$	1,484	$	1,901	$	1,227	$	674	$	179	$	582	$	112


	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

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,
	2023		2022		2021
Duke Energy	2.9	%	3.0	%	2.9	%
Duke Energy Carolinas	2.7	%	2.7	%	2.7	%
Progress Energy	3.3	%	3.2	%	3.1	%
Duke Energy Progress	3.1	%	3.0	%	3.0	%
Duke Energy Florida	3.5	%	3.5	%	3.3	%
Duke Energy Ohio	2.8	%	2.9	%	2.9	%
Duke Energy Indiana	3.6	%	3.6	%	3.6	%
Piedmont	2.1	%	2.1	%	2.1	%

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


	December 31, 2023
	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		$	2,345	$	581	$	1,012	$	502	$	510	$	242	$	133	$	352
Plant – Regulated
Electric generation, distribution and transmission	40	129,985		48,107		57,436		33,171		24,265		7,243		17,199		—
Natural gas transmission and distribution	57	14,130		—		—		—		—		3,993		—		10,137
Other buildings and improvements	42	2,887		1,213		677		377		300		421		355		221



Nuclear fuel		3,303		1,866		1,437		1,437		—		—		—		—
Equipment	14	3,409		870		1,104		654		450		474		442		143
Construction in process		8,372		2,578		3,941		1,661		2,280		427		427		690
Other	12	6,920		1,455		2,037		1,481		548		410		344		363
Total property, plant and equipment(a)		171,351		56,670		67,644		39,283		28,353		13,210		18,900		11,906
Total accumulated depreciation – regulated(b)(c)		(54,323)		(19,896)		(22,300)		(15,227)		(7,067)		(3,451)		(6,501)		(2,259)
Total accumulated depreciation – other(d)		(1,715)		—		—		—		—		—		—		—
Facilities to be retired, net		2		—		—		—		—		—		—		2
Total net property, plant and equipment		$	115,315	$	36,774	$	45,344	$	24,056	$	21,286	$	9,759	$	12,399	$	9,649

(a) Includes finance leases of $697 million, $335 million, $615 million, $552 million, $63 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 $292 million, $119 million and $173 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,793 million, $991 million, $802 million and $802 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 $3 million, $67 million and $4 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d) Includes accumulated amortization of finance leases of $7 million at Duke Energy.


	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



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	13	6,459		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 – other(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.

Duke Energy has continued 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 was 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, 2023, and December 31, 2022.


	For the Years Ended December 31, 2022 and 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Confirmed obligations outstanding at December 31, 2021	$	19	$	—	$	9	$	—	$	9	$	6	$	—	$	4
Invoices confirmed during the period	283		29		76		26		50		32		2		145
Confirmed invoices paid during the period	(215)		(23)		(66)		(18)		(48)		(33)		(2)		(92)
Confirmed obligations outstanding at December 31, 2022	$	87	$	6	$	19	$	8	$	11	$	5	$	—	$	57
Invoices confirmed during the period	228		24		58		22		36		7		—		139
Confirmed invoices paid during the period	(265)		(30)		(74)		(30)		(44)		(12)		—		(149)
Confirmed obligations outstanding at December 31, 2023	$	50	$	—	$	3	$	—	$	3	$	—	$	—	$	47

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)	2023		2022		2021
Duke Energy	$	458	$	449	$	420
Duke Energy Carolinas	27		47		44
Progress Energy	322		290		250
Duke Energy Progress	5		25		22
Duke Energy Florida	317		265		228
Duke Energy Ohio	106		104		102
Duke Energy Indiana	1		7		23
Piedmont	2		1		1