Fair Value Measurements (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type. | | | | | | | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 4,284 |
| $ | 4,207 |
| $ | — |
| $ | — |
| $ | 77 |
| Nuclear decommissioning trust fund debt securities | 2,107 |
| 602 |
| 1,505 |
| — |
| — |
| Other trading and available-for-sale equity securities | 110 |
| 110 |
| — |
| — |
| — |
| Other trading and available-for-sale debt securities | 248 |
| 61 |
| 182 |
| 5 |
| — |
| Derivative assets | 83 |
| 2 |
| 71 |
| 10 |
| — |
| Total assets | 6,832 |
| 4,982 |
| 1,758 |
| 15 |
| 77 |
| Derivative liabilities | (216 | ) | — |
| (71 | ) | (145 | ) | — |
| Net assets (liabilities) | $ | 6,616 |
| $ | 4,982 |
| $ | 1,687 |
| $ | (130 | ) | $ | 77 |
|
| | | | | | | | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 4,106 |
| $ | 4,029 |
| $ | — |
| $ | — |
| $ | 77 |
| Nuclear decommissioning trust fund debt securities | 2,078 |
| 632 |
| 1,446 |
| — |
| — |
| Other trading and available-for-sale equity securities | 104 |
| 104 |
| — |
| — |
| — |
| Other trading and available-for-sale debt securities | 266 |
| 75 |
| 186 |
| 5 |
| — |
| Derivative assets | 162 |
| 5 |
| 136 |
| 21 |
| — |
| Total assets | 6,716 |
| 4,845 |
| 1,768 |
| 26 |
| 77 |
| Derivative liabilities | (252 | ) | (2 | ) | (63 | ) | (187 | ) | — |
| Net assets (liabilities) | $ | 6,464 |
| $ | 4,843 |
| $ | 1,705 |
| $ | (161 | ) | $ | 77 |
|
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Amounts included in earnings for derivatives are primarily included in Operating Revenues. | | | | | | | | | | | | | | Three Months Ended March 31, 2017 | (in millions) | Investments |
| | Derivatives (net) |
| | Total |
| Balance at beginning of period | $ | 5 |
| | $ | (166 | ) | | $ | (161 | ) | Purchases, sales, issuances and settlements: | | | | | | Settlements | — |
| | (9 | ) | | (9 | ) | Total amount included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities | — |
| | 40 |
| | 40 |
| Balance at end of period | $ | 5 |
| | $ | (135 | ) | | $ | (130 | ) |
| | | | | | | | | | | | | | Three Months Ended March 31, 2016 | (in millions) | Investments |
| | Derivatives (net) |
| | Total |
| Balance at beginning of period | $ | 5 |
| | $ | 10 |
| | $ | 15 |
| Purchases, sales, issuances and settlements: | | | | | | Sales | (1 | ) | | — |
| | (1 | ) | Settlements | — |
| | (7 | ) | | (7 | ) | Total losses included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities | — |
| | (1 | ) | | (1 | ) | Balance at end of period | $ | 4 |
| | $ | 2 |
| | $ | 6 |
|
|
| Quantitative Information Table - Level 3 |
The following table includes quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. | | | | | | | | | | | | | | | March 31, 2017 | | Fair Value | | | | | | Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | Duke Energy Ohio | |
| | | | | | Financial Transmission Rights (FTRs) | $ | 1 |
| RTO auction pricing | FTR price – per megawatt-hour (MWh) | $ | 0.23 |
| - | $ | 2.02 |
| Duke Energy Indiana | |
| | | | | | FTRs | 9 |
| RTO auction pricing | FTR price – per MWh | (1.08 | ) | - | 5.33 |
| Piedmont | | | | | | | Natural gas contracts | (145 | ) | Discounted cash flow | Forward natural gas curves – price per million British thermal unit (MMBtu) | 2.08 |
| - | 3.57 |
| Duke Energy | | | | | | | Total Level 3 derivatives | $ | (135 | ) | | | | | |
| | | | | | | | | | | | | | | December 31, 2016 | | Fair Value | | | | | | Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | Duke Energy Ohio | |
| | | | | | FTRs | $ | 5 |
| RTO auction pricing | FTR price – per MWh | $ | 0.77 |
| - | $ | 3.52 |
| Duke Energy Indiana | |
| | | | | | FTRs | 16 |
| RTO auction pricing | FTR price – per MWh | (0.83 | ) | - | 9.32 |
| Piedmont | | | | | | | Natural gas contracts | (187 | ) | Discounted cash flow | Forward natural gas curves – price per MMBtu | 2.31 |
| - | 4.18 |
| Duke Energy | | | | | | | Total Level 3 derivatives | $ | (166 | ) | | | | | |
|
| Schedule Of Long Term Debt Fair Value |
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements. | | | | | | | | | | | | | | | | | | March 31, 2017 | | December 31, 2016 | (in millions) | Book Value |
| | Fair Value |
| | Book Value |
| | Fair Value |
| Duke Energy | $ | 48,998 |
| | $ | 50,480 |
| | $ | 47,895 |
| | $ | 49,161 |
| Duke Energy Carolinas | 9,491 |
| | 10,405 |
| | 9,603 |
| | 10,494 |
| Progress Energy | 18,148 |
| | 19,742 |
| | 17,541 |
| | 19,107 |
| Duke Energy Progress | 6,761 |
| | 7,103 |
| | 7,011 |
| | 7,357 |
| Duke Energy Florida | 6,981 |
| | 7,596 |
| | 6,125 |
| | 6,728 |
| Duke Energy Ohio | 1,977 |
| | 2,122 |
| | 1,884 |
| | 2,020 |
| Duke Energy Indiana | 3,784 |
| | 4,292 |
| | 3,786 |
| | 4,260 |
| Piedmont | 1,821 |
| | 1,954 |
| | 1,821 |
| | 1,933 |
|
|
| Duke Energy Carolinas [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type. | | | | | | | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 2,366 |
| $ | 2,289 |
| $ | — |
| $ | — |
| $ | 77 |
| Nuclear decommissioning trust fund debt securities | 1,026 |
| 146 |
| 880 |
| — |
| — |
| Other available-for-sale debt securities | 3 |
| — |
| — |
| 3 |
| — |
| Derivative assets | 17 |
| — |
| 17 |
| — |
| — |
| Total assets | 3,412 |
| 2,435 |
| 897 |
| 3 |
| 77 |
| Derivative liabilities | (14 | ) | — |
| (14 | ) | — |
| — |
| Net assets | $ | 3,398 |
| $ | 2,435 |
| $ | 883 |
| $ | 3 |
| $ | 77 |
|
| | | | | | | | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Not categorized |
| Nuclear decommissioning trust fund equity securities | $ | 2,245 |
| $ | 2,168 |
| $ | — |
| $ | — |
| $ | 77 |
| Nuclear decommissioning trust fund debt securities | 1,013 |
| 178 |
| 835 |
| — |
| — |
| Other available-for-sale debt securities | 3 |
| — |
| — |
| 3 |
| — |
| Derivative assets | 33 |
| — |
| 33 |
| — |
| — |
| Total assets | 3,294 |
| 2,346 |
| 868 |
| 3 |
| 77 |
| Derivative liabilities | (16 | ) | — |
| (16 | ) | — |
| — |
| Net assets | $ | 3,278 |
| $ | 2,346 |
| $ | 852 |
| $ | 3 |
| $ | 77 |
|
|
| Progress Energy [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type. | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Nuclear decommissioning trust fund equity securities | $ | 1,918 |
| $ | 1,918 |
| $ | — |
| Nuclear decommissioning trust fund debt securities | 1,081 |
| 456 |
| 625 |
| Other available-for-sale debt securities | 58 |
| 12 |
| 46 |
| Derivative assets | 34 |
| — |
| 34 |
| Total assets | 3,091 |
| 2,386 |
| 705 |
| Derivative liabilities | (34 | ) | — |
| (34 | ) | Net assets | $ | 3,057 |
| $ | 2,386 |
| $ | 671 |
|
| | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Nuclear decommissioning trust fund equity securities | $ | 1,861 |
| $ | 1,861 |
| $ | — |
| Nuclear decommissioning trust fund debt securities | 1,065 |
| 454 |
| 611 |
| Other available-for-sale debt securities | 65 |
| 21 |
| 44 |
| Derivative assets | 85 |
| — |
| 85 |
| Total assets | 3,076 |
| 2,336 |
| 740 |
| Derivative liabilities | (25 | ) | — |
| (25 | ) | Net assets | $ | 3,051 |
| $ | 2,336 |
| $ | 715 |
|
|
| Duke Energy Progress [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type. | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Nuclear decommissioning trust fund equity securities | $ | 1,541 |
| $ | 1,541 |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 733 |
| 221 |
| 512 |
| Other available-for-sale debt securities and other | 1 |
| 1 |
| — |
| Derivative assets | 20 |
| — |
| 20 |
| Total assets | 2,295 |
| 1,763 |
| 532 |
| Derivative liabilities | (10 | ) | — |
| (10 | ) | Net assets | $ | 2,285 |
| $ | 1,763 |
| $ | 522 |
|
| | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Nuclear decommissioning trust fund equity securities | $ | 1,505 |
| $ | 1,505 |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 708 |
| 207 |
| 501 |
| Other available-for-sale debt securities and other | 1 |
| 1 |
| — |
| Derivative assets | 46 |
| — |
| 46 |
| Total assets | 2,260 |
| 1,713 |
| 547 |
| Derivative liabilities | (7 | ) | — |
| (7 | ) | Net assets | $ | 2,253 |
| $ | 1,713 |
| $ | 540 |
|
|
| Duke Energy Florida [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type. | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Nuclear decommissioning trust fund equity securities | $ | 377 |
| $ | 377 |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 348 |
| 235 |
| 113 |
| Other available-for-sale debt securities and other | 47 |
| 1 |
| 46 |
| Derivative assets | 14 |
| — |
| 14 |
| Total assets | 786 |
| 613 |
| 173 |
| Derivative liabilities | (19 | ) | — |
| (19 | ) | Net assets | $ | 767 |
| $ | 613 |
| $ | 154 |
|
| | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Nuclear decommissioning trust fund equity securities | $ | 356 |
| $ | 356 |
| $ | — |
| Nuclear decommissioning trust fund debt securities and other | 357 |
| 247 |
| 110 |
| Other available-for-sale debt securities and other | 48 |
| 4 |
| 44 |
| Derivative assets | 39 |
| — |
| 39 |
| Total assets | 800 |
| 607 |
| 193 |
| Derivative liabilities | (12 | ) | — |
| (12 | ) | Net assets | $ | 788 |
| $ | 607 |
| $ | 181 |
|
|
| Duke Energy Ohio [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which are disclosed in Note 9. | | | | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Derivative assets | $ | 1 |
| $ | — |
| $ | — |
| $ | 1 |
| Derivative liabilities | (5 | ) | — |
| (5 | ) | — |
| Net (liabilities) assets | $ | (4 | ) | $ | — |
| $ | (5 | ) | $ | 1 |
|
| | | | | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Derivative assets | $ | 5 |
| $ | — |
| $ | — |
| $ | 5 |
| Derivative liabilities | (6 | ) | — |
| (6 | ) | — |
| Net (liabilities) assets | $ | (1 | ) | $ | — |
| $ | (6 | ) | $ | 5 |
|
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. | | | | | | | | | | Derivatives (net) | | Three Months Ended March 31, | (in millions) | 2017 |
| | 2016 |
| Balance at beginning of period | $ | 5 |
| | $ | 3 |
| Purchases, sales, issuances and settlements: | | | | Settlements | (1 | ) | | (2 | ) | Total losses included on the Condensed Consolidated Balance Sheet as regulatory assets or liabilities | (3 | ) | | (1 | ) | Balance at end of period | $ | 1 |
| | $ | — |
|
|
| Duke Energy Indiana [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 9. See Note 10 for additional information related to investments by major security type. | | | | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Other available-for-sale equity securities | $ | 84 |
| $ | 84 |
| $ | — |
| $ | — |
| Other available-for-sale debt securities and other | 31 |
| — |
| 31 |
| — |
| Derivative assets | 9 |
| — |
| — |
| 9 |
| Net assets | $ | 124 |
| $ | 84 |
| $ | 31 |
| $ | 9 |
|
| | | | | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 2 |
| Level 3 |
| Other available-for-sale equity securities | $ | 79 |
| $ | 79 |
| $ | — |
| $ | — |
| Other available-for-sale debt securities and other | 31 |
| — |
| 31 |
| — |
| Derivative assets | 16 |
| — |
| — |
| 16 |
| Total assets | 126 |
| 79 |
| 31 |
| 16 |
| Derivative liabilities | (2 | ) | (2 | ) | — |
| — |
| Net assets | $ | 124 |
| $ | 77 |
| $ | 31 |
| $ | 16 |
|
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. | | | | | | | | | | Derivatives (net) | | Three Months Ended March 31, | (in millions) | 2017 |
| | 2016 |
| Balance at beginning of period | $ | 16 |
| | $ | 7 |
| Purchases, sales, issuances and settlements: | | | | Settlements | (7 | ) | | (5 | ) | Balance at end of period | $ | 9 |
| | $ | 2 |
|
|
| Piedmont Natural Gas [Member] |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
| Fair Value Measurement Amounts For Assets And Liabilities |
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. See Note 10 for additional information related to investments. | | | | | | | | | | | | March 31, 2017 | (in millions) | Total Fair Value |
| Level 1 |
| Level 3 |
| Other trading equity securities | 4 |
| 4 |
| — |
| Other trading debt securities | 1 |
| 1 |
| — |
| Derivative assets | 2 |
| 2 |
| — |
| Total assets | 7 |
| 7 |
| — |
| Derivative liabilities | (145 | ) | — |
| (145 | ) | Net (liabilities) assets | $ | (138 | ) | $ | 7 |
| $ | (145 | ) |
| | | | | | | | | | | | December 31, 2016 | (in millions) | Total Fair Value |
| Level 1 |
| Level 3 |
| Other trading equity securities | $ | 4 |
| $ | 4 |
| $ | — |
| Other trading debt securities | 1 |
| 1 |
| — |
| Derivative assets | 3 |
| 3 |
| — |
| Total assets | 8 |
| 8 |
| — |
| Derivative liabilities | (187 | ) | — |
| (187 | ) | Net (liabilities) assets | $ | (179 | ) | $ | 8 |
| $ | (187 | ) |
|
| Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs |
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. | | | | | | | | | | Derivatives (net) | | Three Months Ended March 31, | (in millions) | 2017 |
| | 2016 |
| Balance at beginning of period | $ | (187 | ) | | $ | (149 | ) | Total gains and settlements | 42 |
| | 23 |
| Balance at end of period | $ | (145 | ) | | $ | (126 | ) |
|