The Duke Energy Registrants classify their investments in debt and equity securities as either trading or available-for-sale.

Investments in debt and equity securities held in grantor trusts associated with certain deferred compensation plans and certain other investments are classified as trading securities. The fair value of these investments was $18 million as of December 31, 2013 and $33 million as of December 31, 2012.

All other investments in debt and equity securities are classified as available-for-sale securities.

Duke Energy's available-for-sale securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans, (iii) Duke Energy's captive insurance investment portfolio, and (iv) Duke Energy's foreign operations investment portfolio.

Duke Energy holds corporate debt securities that were purchased using excess cash from its foreign operations. These investments are classified as Short-term investments on the Consolidated Balance Sheets and are available for current operations of Duke Energy's foreign business. The fair value of these investments was $44 million as of December 31, 2013 and $333 million as of December 31, 2012.

Duke Energy classifies all other investments in debt and equity securities as non-current, unless otherwise noted.

The investments within the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida and the Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana grantor trusts (Investment Trusts) are managed by independent investment managers with discretion to buy, sell, and invest pursuant to the objectives set forth by the trust agreements. The Duke Energy Registrants have limited oversight of day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized gains and losses associated with debt and equity securities within the Investment Trusts are considered other-than-temporary impairments and are recognized immediately. Pursuant to regulatory accounting, substantially all realized and unrealized gains and losses associated with investments within the Investment Trusts are deferred as a regulatory asset or liability. As a result, there is no immediate impact on earnings of the Duke Energy Registrants.

Unrealized gains and losses on all other available-for-sale securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment is other-than-temporarily impaired. If an other-than-temporary impairment exists, the unrealized loss may be included in earnings based on the criteria discussed below.

The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value should be considered other-than-temporary. Criteria used to evaluate whether an impairment associated with equity securities is other-than-temporary includes, but is not limited to, (i) the length of time over which the market value has been lower than the cost basis of the investment, (ii) the percentage decline compared to the cost of the investment, and (iii) management's intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in market value. If a decline in fair value is determined to be other-than-temporary, the investment is written down to its fair value through a charge to earnings.

If the entity does not have an intent to sell a debt security and it is not more likely than not management will be required to sell the debt security before the recovery of its cost basis, the impairment write-down to fair value would be recorded as a component of other comprehensive income, except for when it is determined a credit loss exists. In determining whether a credit loss exists, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than the amortized cost basis, (ii) changes in the financial condition of the issuer of the security, or in the case of an asset backed security, the financial condition of the underlying loan obligors, (iii) consideration of underlying collateral and guarantees of amounts by government entities, (iv) ability of the issuer of the security to make scheduled interest or principal payments, and (v) any changes to the rating of the security by rating agencies. If a credit loss exists, the amount of impairment write-down to fair value is split between credit loss and other factors. The amount related to credit loss is recognized in earnings. The amount related to other factors is recognized in other comprehensive income. There were no credit losses as of December 31, 2013 and 2012. There were no other-than-temporary impairments for debt or equity securities as of December 31, 2013 and 2012. Other available-for-sale securities were reflected as a component of other comprehensive income in 2013 and 2012.


DUKE ENERGY

The following table presents the estimated fair value of investments in available-for-sale securities.

		December 31, 2013						December 31, 2012
(in millions)		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
NDTF
Cash and cash equivalents		$	—	$	—	$	110	$	—	$	—	$	105
Equity securities			1,813		10		3,579		1,132		19		2,837
Corporate debt securities			8		6		400		21		1		338
Municipal bonds			2		6		160		12		1		194
U.S. government bonds			7		12		730		24		1		625
Other debt securities			22		2		154		10		1		164
Total NDTF			1,852		36		5,133		1,199		23		4,263
Other Investments
Cash and cash equivalents			—		—		21		—		—		17
Equity securities			29		—		91		10		—		63
Corporate debt securities			1		1		99		2		—		381
Municipal bonds			2		2		79		4		1		70
U.S. government bonds			—		—		17		—		—		23
Other debt securities			—		8		111		1		6		115
Total Other Investments^(a)			32		11		418		17		7		669
Total Investments		$	1,884	$	47	$	5,551	$	1,216	$	30	$	4,932

(a)	These amounts are recorded in Other within Investments and Other Assets on the Consolidated Balance Sheets.

The table below summarizes the maturity date for debt securities.

(in millions)	December 31, 2013
Due in one year or less	$	89
Due after one through five years		431
Due after five through 10 years		426
Due after 10 years		804
Total	$	1,750

Realized gains and losses, which were determined on a specific identification basis, from sales of Duke Energy's available-for-sale securities were as follows.

	Years Ended December 31,
(in millions)	2013		2012		2011
Realized gains	$	209	$	117	$	79
Realized losses		65		19		37

DUKE ENERGY CAROLINAS

The following table presents the estimated fair value of investments in available-for-sale securities.

		December 31, 2013						December 31, 2012
(in millions)		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
NDTF
Cash and cash equivalents		$	―	$	―	$	42	$	―	$	―	$	40
Equity securities			974		6		1,964		600		5		1,592
Corporate debt securities			5		5		274		11		1		250
Municipal bonds			―		2		54		2		―		40
U.S. government bonds			3		7		354		10		―		304
Other debt securities			22		2		146		9		2		135
Total NDTF			1,004		22		2,834		632		8		2,361
Other Investments
Other debt securities			―		1		3		―		1		3
Total Other Investments^(a)			―		1		3		―		1		3
Total Investments		$	1,004	$	23	$	2,837	$	632	$	9	$	2,364

(a)	These amounts are recorded in Other within Investments and Other Assets on the Consolidated Balance Sheets.

The table below summarizes the maturity date for debt securities.

(in millions)	December 31, 2013
Due in one year or less	$	18
Due after one through five years		167
Due after five through 10 years		239
Due after 10 years		407
Total	$	831

Realized gains and losses, which were determined on a specific identification basis, from sales of Duke Energy Carolinas' available-for-sale securities were as follows.

	Years Ended December 31,
(in millions)	2013		2012		2011
Realized gains	$	115	$	89	$	71
Realized losses		12		6		35

PROGRESS ENERGY

The following table presents the estimated fair value of investments in available-for-sale securities for Progress Energy.

		December 31, 2013						December 31, 2012
(in millions)		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
NDTF
Cash and cash equivalents		$	―	$	―	$	68	$	―	$	―	$	65
Equity securities			839		4		1,615		532		14		1,245
Corporate debt securities			3		1		126		9		―		89
Municipal bonds			2		4		106		11		1		154
U.S. government bonds			4		5		376		14		―		321
Other debt securities			―		―		8		1		―		28
Total NDTF			848		14		2,299		567		15		1,902
Other Investments
Cash and cash equivalents			―		―		20		―		―		17
Municipal bonds			1		―		39		3		―		40
Total Other Investments^(a)			1		―		59		3		―		57
Total Investments		$	849	$	14	$	2,358	$	570	$	15	$	1,959

(a)	These amounts are recorded in Other within Investments and Other Assets on the Consolidated Balance Sheets.

The table below summarizes the maturity date for debt securities.

(in millions)	December 31, 2013
Due in one year or less	$	12
Due after one through five years		206
Due after five through 10 years		131
Due after 10 years		306
Total	$	655

Realized gains and losses, which were determined on a specific identification basis, from sales of Progress Energy's available-for-sale securities were as follows.

	Years Ended December 31,
(in millions)	2013		2012		2011
Realized gains	$	90	$	34	$	30
Realized losses		46		18		33

DUKE ENERGY PROGRESS

The following table presents the estimated fair value of investments in available-for-sale securities.

		December 31, 2013						December 31, 2012
(in millions)		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
NDTF
Cash and cash equivalents		$	―	$	―	$	48	$	―	$	―	$	55
Equity securities			535		3		1,069		337		11		811
Corporate debt securities			3		1		80		8		―		78
Municipal bonds			2		4		104		4		―		80
U.S. government bonds			4		3		232		13		―		241
Other debt securities			―		―		5		1		―		10
Total NDTF			544		11		1,538		363		11		1,275
Other Investments
Cash and cash equivalents			―		―		2		―		―		3
Total Other Investments^(a)			―		―		2		―		―		3
Total Investments		$	544	$	11	$	1,540	$	363	$	11	$	1,278

(a)	These amounts are recorded in Other within Investments and Other Assets on the Consolidated Balance Sheets.

The table below summarizes the maturity date for debt securities.

(in millions)	December 31, 2013
Due in one year or less	$	7
Due after one through five years		122
Due after five through 10 years		89
Due after 10 years		203
Total	$	421

Realized gains and losses, which were determined on a specific identification basis, from sales of Duke Energy Progress' available-for-sale securities were as follows.

	Years Ended December 31,
(in millions)	2013		2012		2011
Realized gains	$	58	$	21	$	13
Realized losses		26		8		16

DUKE ENERGY FLORIDA

The following table presents the estimated fair value of investments in available-for-sale securities.

		December 31, 2013						December 31, 2012
(in millions)		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
NDTF
Cash and cash equivalents		$	―	$	―	$	20	$	―	$	―	$	10
Equity securities			304		1		546		194		4		434
Corporate debt securities			―		―		46		1		―		11
Municipal bonds			―		―		2		7		―		74
U.S. government bonds			―		2		144		1		―		80
Other debt securities			―		―		3		1		―		18
Total NDTF			304		3		761		204		4		627
Other Investments
Cash and cash equivalents			―		―		3		―		―		1
Municipal bonds			1		―		39		3		―		40
Total Other Investments^(a)			1		―		42		3		―		41
Total Investments		$	305	$	3	$	803	$	207	$	4	$	668

(a)	These amounts are recorded in Other within Investments and Other Assets on the Consolidated Balance sheets.

The table below summarizes the maturity date for debt securities.

(in millions)	December 31, 2013
Due in one year or less	$	5
Due after one through five years		84
Due after five through 10 years		42
Due after 10 years		103
Total	$	234

Realized gains and losses, which were determined on a specific identification basis, from sales of Duke Energy Florida's available-for-sale securities were as follows.

	Years Ended December 31,
(in millions)	2013		2012		2011
Realized gains	$	32	$	13	$	17
Realized losses		20		9		17

DUKE ENERGY INDIANA

The following table presents the estimated fair value of investments in available-for-sale securities.

		December 31, 2013						December 31, 2012
(in millions)		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Estimated Fair Value
Other Investments
Cash and cash equivalents		$	―	$	―	$	1	$	―	$	―	$	―
Equity securities			24		―		65		9		―		50
Municipal bonds			―		1		28		1		―		28
Total Other Investments^(a)			24		1		94		10		―		78
Total Investments		$	24	$	1	$	94	$	10	$	―	$	78

(a)	These amounts are recorded in Other within Investments and Other Assets on the Consolidated Balance Sheets.

The table below summarizes the maturity date for debt securities held by Duke Energy Indiana.

(in millions)	December 31, 2013
Due in one year or less	$	1
Due after one through five years		21
Due after five through 10 years		4
Due after 10 years		2
Total	$	28