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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, or 2020.


		December 31,
(in millions)	Location	2021		2020
Duke Energy
Accrued compensation	Current Liabilities	$	915	$	662
Other accrued liabilities	Current Liabilities	649		1,455
Duke Energy Carolinas
Accrued compensation	Current Liabilities	$	277	$	213

Duke Energy Progress
Customer deposits	Current Liabilities	$	144	$	144
Other accrued liabilities	Current Liabilities	163		132
Duke Energy Florida
Customer deposits	Current Liabilities	$	200	$	203
Other accrued liabilities	Current Liabilities	89		81
Duke Energy Ohio
Gas Storage	Current Assets	$	25	$	21
Collateral liabilities	Current Liabilities	57		41

Noncontrolling Divestitures And Allocated Losses

The following table presents allocated losses to noncontrolling interest for the years ended December 31, 2021, 2020 and 2019.


	December 31,
(in millions)	2021		2020		2019




Noncontrolling Interest Allocation of Income
Allocated losses to noncontrolling tax equity members utilizing the HLBV method	$	298	$	271	$	165
Allocated losses to noncontrolling members based on pro rata shares of ownership	31		24		12
Total Noncontrolling Interest Allocated Losses	$	329	$	295	$	177

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, 2021
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	343	$	7	$	70	$	35	$	23
Other	170		—		39		—		39
Other Noncurrent Assets
Other	7		1		4		4		—
Total cash, cash equivalents and restricted cash	$	520	$	8	$	113	$	39	$	62


	December 31, 2020
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
	Energy		Carolinas		Energy		Progress		Florida
Current Assets
Cash and cash equivalents	$	259	$	21	$	59	$	39	$	11
Other	194		—		39		—		39
Other Noncurrent Assets
Other	103		—		102		—		—
Total cash, cash equivalents and restricted cash	$	556	$	21	$	200	$	39	$	50

Components of Inventory

The components of inventory are presented in the tables below.


	December 31, 2021
			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	$	2,397	$	793	$	1,067	$	729	$	338	$	80	$	311	$	14
Coal	486		195		167		94		73		19		105		—
Natural gas, oil and other	316		38		164		98		66		17		2		95
Total inventory	$	3,199	$	1,026	$	1,398	$	921	$	477	$	116	$	418	$	109


	December 31, 2020
			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	$	2,312	$	785	$	999	$	673	$	325	$	78	$	307	$	12
Coal	561		186		193		131		63		16		165		—
Natural gas, oil and other	294		39		183		107		76		16		1		56
Total inventory	$	3,167	$	1,010	$	1,375	$	911	$	464	$	110	$	473	$	68

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,
	2021		2020		2019
Duke Energy	2.9	%	3.0	%	3.1	%
Duke Energy Carolinas	2.7	%	2.8	%	2.8	%
Progress Energy	3.1	%	3.2	%	3.1	%
Duke Energy Progress	3.0	%	3.1	%	3.1	%
Duke Energy Florida	3.3	%	3.3	%	3.1	%
Duke Energy Ohio	2.9	%	2.9	%	2.6	%
Duke Energy Indiana	3.6	%	3.5	%	3.3	%
Piedmont	2.1	%	2.3	%	2.4	%

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


	December 31, 2021
	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		$	2,162	$	543	$	957	$	482	$	475	$	219	$	122	$	279
Plant – Regulated
Electric generation, distribution and transmission	40	120,855		44,910		53,447		32,417		21,030		6,573		15,925		—
Natural gas transmission and distribution	54	12,079		—		—		—		—		3,347		—		8,732
Other buildings and improvements	37	1,921		550		514		228		286		381		321		155
Plant – Nonregulated
Electric generation, distribution and transmission	28	7,104		—		—		—		—		—		—		—
Other buildings and improvements	11	401		—		—		—		—		—		—		—
Nuclear fuel		3,181		1,856		1,325		1,325		—		—		—		—
Equipment	13	2,659		614		791		497		294		403		262		122
Construction in process		6,168		2,078		2,297		954		1,343		515		460		262
Other	14	5,289		1,323		1,563		1,115		437		287		253		368
Total property, plant and equipment(a)(e)		161,819		51,874		60,894		37,018		23,865		11,725		17,343		9,918
Total accumulated depreciation – regulated(b)(c)		(47,611)		(17,854)		(19,214)		(13,387)		(5,819)		(3,106)		(5,583)		(1,899)
Total accumulated depreciation – nonregulated(d)(e)		(2,944)		—		—		—		—		—		—		—
Facilities to be retired, net		144		102		26		26		—		6		—		11
Total net property, plant and equipment		$	111,408	$	34,122	$	41,706	$	23,657	$	18,046	$	8,625	$	11,760	$	8,030

(a) Includes finance leases of $958 million, $335 million, $729 million, $627 million, $102 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 $178 million, $45 million and $133 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,799 million, $1,064 million, $735 million and $735 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 $9 million, $33 million and $3 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.

(e) Includes gross property, plant and equipment cost of consolidated VIEs of $7,339 million and accumulated depreciation of consolidated VIEs of $1,474 million at Duke Energy.


	December 31, 2020
	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		$	2,046	$	536	$	908	$	463	$	445	$	171	$	118	$	279
Plant – Regulated
Electric generation, distribution and transmission	39	117,107		44,059		50,785		31,375		19,410		6,255		16,008		—
Natural gas transmission and distribution	54	10,799		—		—		—		—		3,136		—		7,663
Other buildings and improvements	36	2,038		740		459		197		262		374		300		165
Plant – Nonregulated
Electric generation, distribution and transmission	27	5,444		—		—		—		—		—		—		—
Other buildings and improvements	10	519		—		—		—		—		—		—		—
Nuclear fuel		3,284		1,837		1,447		1,447		—		—		—		—
Equipment	15	2,608		620		759		498		261		385		238		122
Construction in process		6,645		1,645		2,013		709		1,304		407		409		581
Other	14	5,090		1,203		1,521		1,070		441		294		309		324
Total property, plant and equipment(a)(e)		155,580		50,640		57,892		35,759		22,123		11,022		17,382		9,134
Total accumulated depreciation – regulated(b)(c)		(46,216)		(17,453)		(18,368)		(12,801)		(5,560)		(3,013)		(5,661)		(1,749)
Total accumulated depreciation – nonregulated(d)(e)		(2,611)		—		—		—		—		—		—		—
Facilities to be retired, net		29		—		29		29		—		—		—		—
Total net property, plant and equipment		$	106,782	$	33,187	$	39,553	$	22,987	$	16,563	$	8,009	$	11,721	$	7,385

(a) Includes finance leases of $832 million, $335 million, $416 million, $297 million, $119 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 $141 million, $24 million and $117 million, respectively, of accumulated amortization of finance leases.

(b) Includes $1,832 million, $1,010 million, $822 million and $822 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 $12 million, $23 million, and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.

(d) Includes accumulated amortization of finance leases of $23 million at Duke Energy.

(e) Includes gross property, plant and equipment cost of consolidated VIEs of $6,394 million and accumulated depreciation of consolidated VIEs of $1,242 million at Duke Energy.

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, 2021, and December 31, 2020.


	December 31, 2021										December 30, 2020
					Duke		Duke						Duke
	Duke		Progress		Energy		Energy				Duke		Energy
(in millions)	Energy		Energy		Florida		Ohio		Piedmont		Energy		Ohio		Piedmont
Outstanding Accounts Payable Balance Sold	$	19	$	9	$	9	$	6	$	4	$	15	$	1	$	14
Suppliers Invoices Settled Through The Program	122		10		10		12		100		45		9		36

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)	2021		2020		2019
Duke Energy	$	420	$	415	$	421
Duke Energy Carolinas	44		43		39
Progress Energy	250		249		256
Duke Energy Progress	22		26		21
Duke Energy Florida	228		223		235
Duke Energy Ohio	102		96		101
Duke Energy Indiana	23		25		23
Piedmont	1		2		2

Summary of Effects of New Accounting Pronouncements

Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below:


	January 1, 2020
			Duke				Duke		Duke
	Duke		Energy		Progress		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Piedmont
Total pretax impact to Retained Earnings	$	120	$	16	$	2	$	1	$	1	$	1