Business Segments

12 Months Ended

Dec. 31, 2020

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

Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.

The Electric Utilities and Infrastructure 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. Electric Utilities and Infrastructure also includes Duke Energy's electric transmission infrastructure investments.

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

The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S.

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 12 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, 2020
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated Revenues	$	21,687	$	1,653	$	502	$	23,842	$	26	$	—	$	23,868
Intersegment Revenues	33		95		—		128		71		(199)		—
Total Revenues	$	21,720	$	1,748	$	502	$	23,970	$	97	$	(199)	$	23,868
Interest Expense	$	1,320	$	135	$	66	$	1,521	$	657	$	(16)	$	2,162
Depreciation and amortization	4,068		258		199		4,525		209		(29)		4,705
Equity in earnings (losses) of unconsolidated affiliates	(1)		(2,017)		—		(2,018)		13		—		(2,005)
Income tax expense (benefit)	340		(349)		(65)		(74)		(162)		—		(236)
Segment income (loss)(a)(b)(c)	2,669		(1,266)		286		1,689		(426)		—		1,263
Less noncontrolling interest													295
Add back preferred stock dividend													107
Income from discontinued operations, net of tax													7
Net income													$	1,082
Capital investments expenditures and acquisitions	$	7,629	$	1,309	$	1,219	$	10,157	$	264	$	—	$	10,421
Segment assets	138,225		13,849		6,716		158,790		3,598		—		162,388

(a)    Electric Utilities and Infrastructure includes $948 million of Impairment charges and a reversal of $152 million included in Regulated electric operating revenue related to the CCR Settlement Agreement filed with the NCUC. Additionally, Electric Utilities and Infrastructure includes $19 million of Impairment charges related to the Clemson University Combined Heat and Power Plant, $5 million of Impairment charges related to the gas pipeline assets and $16 million of shareholder contributions within Operations, maintenance and other related to Duke Energy Carolinas' and Duke Energy Progress' 2019 North Carolina rate cases. See Note 3 for additional information.

(b)    Gas Utilities and Infrastructure includes $2.1 billion recorded within Equity in (losses) earnings of unconsolidated affiliates and $7 million of Impairment charges related to gas pipeline investments. See Notes 3 and 12 for additional information.

(c)    Other includes a $98 million reversal of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 3 and 20 for additional information.

	Year Ended December 31, 2019
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated Revenues	$	22,798	$	1,770	$	487	$	25,055	$	24	$	—	$	25,079
Intersegment Revenues	33		96		—		129		71		(200)		—
Total Revenues	$	22,831	$	1,866	$	487	$	25,184	$	95	$	(200)	$	25,079
Interest Expense	$	1,345	$	117	$	95	$	1,557	$	705	$	(58)	$	2,204
Depreciation and amortization	3,951		256		168		4,375		178		(5)		4,548
Equity in earnings (losses) of unconsolidated affiliates	9		114		(4)		119		43		—		162
Income tax expense (benefit)	785		22		(115)		692		(173)		—		519
Segment income (loss)(a)(b)	3,536		432		198		4,166		(452)		—		3,714
Less noncontrolling interest													177
Add back preferred stock dividend													41
Loss from discontinued operations, net of tax													(7)
Net income													$	3,571
Capital investments expenditures and acquisitions	$	8,263	$	1,539	$	1,423	$	11,225	$	221	$	—	$	11,446
Segment assets	135,561		13,921		6,020		155,502		3,148		188		158,838

(a)    Electric Utilities and Infrastructure includes a $27 million reduction of a prior year impairment at Citrus County CC related to the plant's cost cap. See Note 3 for additional information.

(b)    Gas Utilities and Infrastructure includes an after-tax impairment charge of $19 million for the remaining investment in Constitution. See Note 12 for additional information.

	Year Ended December 31, 2018
	Electric		Gas				Total
	Utilities and		Utilities and		Commercial		Reportable
(in millions)	Infrastructure		Infrastructure		Renewables		Segments		Other		Eliminations		Total
Unaffiliated Revenues	$	22,242	$	1,783	$	477	$	24,502	$	19	$	—	$	24,521
Intersegment Revenues	31		98		—		129		70		(199)		—
Total Revenues	$	22,273	$	1,881	$	477	$	24,631	$	89	$	(199)	$	24,521
Interest Expense	$	1,288	$	106	$	88	$	1,482	$	657	$	(45)	$	2,094
Depreciation and amortization	3,523		245		155		3,923		152		(1)		4,074
Equity in earnings (losses) of unconsolidated affiliates	5		27		(1)		31		52		—		83
Income tax expense (benefit)(a)	799		78		(147)		730		(282)		—		448
Segment income (loss)(b)(c)(d)(e)	3,058		274		9		3,341		(694)		—		2,647
Less noncontrolling interest													22
Income from discontinued operations, net of tax													19
Net income													$	2,644
Capital investments expenditures and acquisitions	$	8,086	$	1,133	$	193	$	9,412	$	256	$	—	$	9,668
Segment assets	125,364		12,361		4,204		141,929		3,275		188		145,392

(a)    All segments include adjustments to the December 31, 2017, estimate of the income tax effects of the Tax Act. Electric Utilities and Infrastructure includes a $24 million expense, Gas Utilities and Infrastructure includes a $1 million expense, Commercial Renewables includes a $3 million benefit and Other includes a $2 million benefit. See Note 23 for additional information.

(b)    Electric Utilities and Infrastructure includes after-tax regulatory and legislative impairment charges of $202 million related to rate case orders, settlements or other actions of regulators or legislative bodies and an after-tax impairment charge of $46 million related to the Citrus County CC at Duke Energy Florida. See Note 3 for additional information.

(c)    Gas Utilities and Infrastructure includes an after-tax impairment charge of $42 million for the investment in Constitution. See Note 12 for additional information.

(d)    Commercial Renewables includes an impairment charge of $91 million, net of $2 million Noncontrolling interests, related to goodwill. See Note 11 for additional information.

(e)    Other includes $65 million of after-tax costs to achieve the Piedmont merger, $144 million of after-tax severance charges related to a companywide initiative and an $82 million after-tax loss on the sale of Beckjord described below. For additional information, see Note 1 for the Piedmont merger and Note 20 for severance charges.

In February 2018, Duke Energy sold Beckjord, a nonregulated facility retired during 2014, and recorded a pretax loss of $106 million within Gains (Losses) on Sales of Other Assets and Other, net and $1 million within Operation, maintenance and other on Duke Energy's Consolidated Statements of Operations for the year ended December 31, 2018. The sale included the transfer of coal ash basins and other real property and indemnification from any and all potential future claims related to the property, whether arising under environmental laws or otherwise.

Geographical Information

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

Major Customers

For the year ended December 31, 2020, revenues from one customer of Duke Energy Progress are $553 million. Duke Energy Progress has one reportable segment, Electric Utilities and Infrastructure. No other Subsidiary Registrant has an individual customer representing more than 10% of its revenues.

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
2020
Electric Utilities and Infrastructure	$	18,898	$	1,878	$	—	$	944	$	21,720
Gas Utilities and Infrastructure	—		—		1,691		57		1,748
Commercial Renewables	—		434		—		68		502
Total Reportable Segments	$	18,898	$	2,312	$	1,691	$	1,069	$	23,970
2019
Electric Utilities and Infrastructure	$	19,745	$	2,231	$	—	$	855	$	22,831
Gas Utilities and Infrastructure	—		—		1,782		84		1,866
Commercial Renewables	—		389		—		98		487
Total Reportable Segments	$	19,745	$	2,620	$	1,782	$	1,037	$	25,184
2018
Electric Utilities and Infrastructure	$	19,013	$	2,345	$	—	$	915	$	22,273
Gas Utilities and Infrastructure	—		—		1,817		64		1,881
Commercial Renewables	—		375		—		102		477
Total Reportable Segments	$	19,013	$	2,720	$	1,817	$	1,081	$	24,631

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure.

Electric Utilities and Infrastructure transmits and distributes electricity in portions of Ohio and generates, distributes and sells electricity in portions of Northern Kentucky. Gas Utilities and Infrastructure 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, 2020
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	1,405	$	453	$	1,858	$	—	$	—	$	1,858
Interest expense	$	85	$	17	$	102	$	—	$	—	$	102
Depreciation and amortization	200		78		278		—		—		278
Income tax expense (benefit)	19		26		45		(2)		—		43
Segment income (loss)/Net income	162		96		258		(6)		—		252
Capital expenditures	$	548	$	286	$	834	$	—	$	—	$	834
Segment assets	6,615		3,380		9,995		32		(2)		10,025

	Year Ended December 31, 2019
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	1,456	$	484	$	1,940	$	—	$	—	$	1,940
Interest expense	$	80	$	29	$	109	$	—	$	—	$	109
Depreciation and amortization	182		83		265		—		—		265
Income tax expense (benefit)	20		21		41		(1)		—		40
Segment income (loss)	159		85		244		(5)		—		239
Loss from discontinued operations, net of tax											(1)
Net income											$	238
Capital expenditures	$	680	$	272	$	952	$	—	$	—	$	952
Segment assets	6,188		3,116		9,304		34		—		9,338

	Year Ended December 31, 2018
	Electric		Gas		Total
	Utilities and		Utilities and		Reportable
(in millions)	Infrastructure		Infrastructure		Segments		Other		Eliminations		Total
Total revenues	$	1,450	$	506	$	1,956	$	1	$	—	$	1,957
Interest expense	$	67	$	24	$	91	$	1	$	—	$	92
Depreciation and amortization	183		85		268		—		—		268
Income tax expense (benefit)	47		24		71		(28)		—		43
Segment income (loss)/Net Income(a)	186		93		279		(103)		—		176
Capital expenditures	$	655	$	172	$	827	$	—	$	—	$	827
Segment assets	5,643		2,874		8,517		38		—		8,555

(a)    Other includes the loss on the sale of Beckjord, see discussion above.