Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

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 Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type.



	December 31, 2014
(in millions)	Total Fair Value			Level 1			Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	3,650		$	3,493		$	6		$	151
Nuclear decommissioning trust fund debt securities	1,899			648			1,251			—
Other trading and available-for-sale equity securities	96			96			—			—
Other trading and available-for-sale debt securities	263			41			217			5
Derivative assets	110			49			24			37
Total assets	6,018			4,327			1,498			193
Derivative liabilities	(668		)	(162		)	(468		)	(38		)
Net assets	$	5,350		$	4,165		$	1,030		$	155



	December 31, 2013
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	3,579		$	3,495	$	57		$	27
Nuclear decommissioning trust fund debt securities	1,553			402		1,100			51
Other trading and available-for-sale equity securities	102			91		11			—
Other trading and available-for-sale debt securities	333			36		277			20
Derivative assets	145			33		70			42
Total assets	5,712			4,057		1,515			140
Derivative liabilities	(321		)	11		(303		)	(29		)
Net assets	$	5,391		$	4,068	$	1,212		$	111

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.



	December 31, 2014
(in millions)	Investments			Derivatives (net)			Total
Balance at beginning of period	$	98		$	13		$	111
Total pretax realized or unrealized gains (losses) included in earnings	—			(7		)	(7		)
Purchases, sales, issuances and settlements:
Purchases	34			50			84
Sales	(58		)	—			(58		)
Settlements	—			(54		)	(54		)
Transfers into Level 3	68			6			74
Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities	14			(9		)	5
Balance at end of period	$	156		$	(1	)	$	155
Pretax amounts included in the Consolidated Statements of Comprehensive Income related to Level 3 measurements outstanding	$	—		$	(14	)	$	(14	)



	December 31, 2013
(in millions)	Investments			Derivatives (net)			Total
Balance at beginning of period	$	98		$	(85	)	$	13
Total pretax realized or unrealized gains (losses) included in earnings	—			(42		)	(42		)
Purchases, sales, issuances and settlements:
Purchases	9			21			30
Sales	(6		)	—			(6		)
Issuances	—			11			11
Settlements	(9		)	25			16
Transfers into Level 3	—			86			86
Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities	6			(3		)	3
Balance at end of period	$	98		$	13		$	111



	December 31, 2012
(in millions)	Investments			Derivatives (net)			Total
Balance at beginning of period	$	124		$	(39	)	$	85
Amounts acquired in Progress Energy Merger	—			(30		)	(30		)
Total pretax realized or unrealized gains (losses) included in earnings	—			8			8
Total pretax gains included in other comprehensive income	13			—			13
Purchases, sales, issuances and settlements:
Purchases	14			22			36
Sales	(2		)	—			(2		)
Issuances	—			(15		)	(15		)
Settlements	(55		)	(32		)	(87		)
Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities	4			1			5
Balance at end of period	$	98		$	(85	)	$	13

Schedule of Long-term debt, including current

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.



	December 31, 2014				December 31, 2013
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy	$	40,020	$	44,566	$	40,256	$	42,592
Duke Energy Carolinas	8,391		9,626		8,436		9,123
Progress Energy	14,754		16,951		14,115		15,234
Duke Energy Progress	6,201		6,696		5,235		5,323
Duke Energy Florida	4,860		5,767		4,886		5,408
Duke Energy Ohio	1,766		1,970		2,188		2,237
Duke Energy Indiana	3,791		4,456		3,796		4,171

Quantitative Information Table - Level 3

The following table includes quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.



	December 31, 2014
Investment Type	Fair Value (in millions)			Valuation Technique	Unobservable Input	Range
Duke Energy
Natural gas contracts	$	(5	)	Discounted cash flow	Forward natural gas curves - price per Million British Thermal Unit (MMBtu)	$	2.12		-	4.35
Financial transmission rights (FTRs)	14			RTO auction pricing	FTR price - per Megawatt-Hour (MWh)	(1.92		)	-	9.86
Electricity contracts	(1		)	Discounted cash flow	Forward electricity curves - price per MWh	25.16			-	51.75
Commodity capacity option contracts	2			Discounted cash flow	Forward capacity option curves - price per MW day	21.00			-	109.00
Reserves	(11		)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	(1	)
Duke Energy Ohio
Electricity contracts	$	(6	)	Discounted cash flow	Forward electricity curves - price per MWh	$	25.25		-	51.75
Natural gas contracts	(5		)	Discounted cash flow	Forward natural gas curves - price per MMBtu	2.12			-	4.35
Reserves	(7		)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	(18	)
Duke Energy Indiana
FTRs	$	14		RTO auction pricing	FTR price - per MWh	$	(1.92	)	-	9.86



	December 31, 2013
Investment Type	Fair Value (in millions)			Valuation Technique	Unobservable Input	Range
Duke Energy
Natural gas contracts	$	(2	)	Discounted cash flow	Forward natural gas curves - price per MMBtu	$	3.07		-	5.37
FERC mitigation power sale agreements	(2		)	Discounted cash flow	Forward electricity curves - price per MWh	25.79			-	52.38
FTRs	12			RTO auction pricing	FTR price - per MWh	(0.30		)	-	13.80
Electricity contracts	23			Discounted cash flow	Forward electricity curves - price per MWh	20.77			-	58.90
Commodity capacity option contracts	4			Discounted cash flow	Forward capacity option curves - price per MW day	30.40			-	165.10
Reserves	(22		)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	13
Duke Energy Carolinas
FERC mitigation power sale agreements	$	(2	)	Discounted cash flow	Forward electricity curves - price per MWh	$	25.79		-	52.38
Duke Energy Ohio
Electricity contracts	$	18		Discounted cash flow	Forward electricity curves - price per MWh	$	20.77		-	58.90
Natural gas contracts	(2		)	Discounted cash flow	Forward natural gas curves - price per MMBtu	3.07			-	5.37
Reserves	(20		)		Bid-ask spreads, implied volatility, probability of default
Total Level 3 derivatives	$	(4	)
Duke Energy Indiana
FTRs	$	12		RTO auction pricing	FTR price - per MWh	$	(0.30	)	-	13.80

Duke Energy Carolinas [Member]

Fair Value Disclosures [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 Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type.



	December 31, 2014
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	2,162		$	2,005	$	6		$	151
Nuclear decommissioning trust fund debt securities	870			138		732			—
Other trading and available-for-sale debt securities	3			—		—			3
Total assets	3,035			2,143		738			154
Derivative liabilities	(19		)	—		(19		)	—
Net assets	$	3,016		$	2,143	$	719		$	154



	December 31, 2013
(in millions)	Total Fair Value			Level 1		Level 2		Level 3
Nuclear decommissioning trust fund equity securities	$	1,964		$	1,879	$	58	$	27
Nuclear decommissioning trust fund debt securities	870			168		651		51
Other trading and available-for-sale debt securities	3			—		—		3
Total assets	2,837			2,047		709		81
Derivative liabilities	(2		)	—		—		(2		)
Net assets	$	2,835		$	2,047	$	709	$	79

Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs

The following tables provide a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.



	December 31, 2014
(in millions)	Investments			Derivatives (net)			Total
Balance at beginning of period	$	81		$	(2	)	$	79
Purchases, sales, issuances and settlements:
Purchases	34			—			34
Sales	(43		)	—			(43		)
Settlements	—			2			2
Transfers into Level 3	68			—			68
Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities	14			—			14
Balance at end of period	$	154		$	—		$	154



	December 31, 2013
(in millions)	Investments			Derivatives (net)			Total
Balance at beginning of period	$	72		$	(12	)	$	60
Purchases, sales, issuances and settlements:
Purchases	9			—			9
Issuances	(6		)	—			(6		)
Settlements	—			10			10
Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities	6			—			6
Balance at end of period	$	81		$	(2	)	$	79



	December 31, 2012
(in millions)	Investments			Derivatives (net)			Total
Balance at beginning of period	$	65		$	—		$	65
Total pretax gains included in other comprehensive income	2			—			2
Purchases, sales, issuances and settlements:
Purchases	14			—			14
Sales	—			(14		)	(14		)
Issuances	(2		)	—			(2		)
Settlements	(11		)	2			(9		)
Total gains included on the Consolidated Balance Sheet as regulatory assets or liabilities	4			—			4
Balance at end of period	$	72		$	(12	)	$	60

Progress Energy [Member]

Fair Value Disclosures [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 end on the Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type.



	December 31, 2014
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	1,488		$	1,488	$	—		$	—
Nuclear decommissioning trust fund debt securities	1,029			510		519			—
Other trading and available-for-sale debt securities	58			15		43			—
Derivative assets	4			—		4			—
Total assets	2,579			2,013		566			—
Derivative liabilities	(373		)	—		(373		)	—
Net assets	$	2,206		$	2,013	$	193		$	—



	December 31, 2013
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	1,615		$	1,615	$	—		$	—
Nuclear decommissioning trust fund debt securities	677			233		444			—
Other trading and available-for-sale debt securities	58			19		39			—
Derivative assets	3			—		3			—
Total assets	2,353			1,867		486			—
Derivative liabilities	(187		)	—		(187		)	—
Net assets	$	2,166		$	1,867	$	299		$	—

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)
	Years Ended December 31,
(in millions)	2014		2013			2012
Balance at beginning of period	$	—	$	(38	)	$	(24	)
Total pretax realized or unrealized gains included in earnings	—		—			1
Purchases, sales, issuances and settlements:
Issuances	—		10			(16		)
Settlements	—		—			4
Transfers into Level 3	—		34			—
Total losses included on the Consolidated Balance Sheet as regulatory assets or liabilities	—		(6		)	(3		)
Balance at end of period	$	—	$	—		$	(38	)

Duke Energy Progress [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities



	December 31, 2014
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	1,171		$	1,171	$	—		$	—
Nuclear decommissioning trust fund debt securities and other	540			151		389			—
Total assets	1,711			1,322		389			—
Derivative liabilities	(132		)	—		(132		)	—
Net assets	$	1,579		$	1,322	$	257		$	—



	December 31, 2013
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	1,069		$	1,069	$	—		$	—
Nuclear decommissioning trust fund debt securities and other	470			137		333			—
Other trading and available-for-sale debt securities and other	3			3		—			—
Derivative assets	1			—		1			—
Total assets	1,543			1,209		334			—
Derivative liabilities	(66		)	—		(66		)	—
Net assets	$	1,477		$	1,209	$	268		$	—

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)
	Years Ended December 31,
(in millions)	2014		2013			2012
Balance at beginning of period	$	—	$	(38	)	$	(24	)
Total pretax realized or unrealized gains included in earnings	—		—			1
Purchases, sales, issuances and settlements:
Issuances	—		10			(16		)
Settlements	—		—			4
Transfers into Level 3	—		34			—
Total losses included on the Consolidated Balance Sheet as regulatory assets or liabilities	—		(6		)	(3		)
Balance at end of period	$	—	$	—		$	(38	)

Duke Energy Florida [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities



	December 31, 2014
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	317		$	317	$	—		$	—
Nuclear decommissioning trust fund debt securities and other	489			359		130			—
Other trading and available-for-sale debt securities and other	44			—		44			—
Derivative assets	4			—		4			—
Total assets	854			676		178			—
Derivative liabilities	(241		)	—		(241		)	—
Net assets (liabilities)	$	613		$	676	$	(63	)	$	—



	December 31, 2013
(in millions)	Total Fair Value			Level 1		Level 2			Level 3
Nuclear decommissioning trust fund equity securities	$	546		$	546	$	—		$	—
Nuclear decommissioning trust fund debt securities and other	214			96		118			—
Other trading and available-for-sale debt securities and other	40			2		38			—
Derivative assets	1			—		1			—
Total assets	801			644		157			—
Derivative liabilities	(116		)	—		(116		)	—
Net assets	$	685		$	644	$	41		$	—

Duke Energy Ohio [Member]

Fair Value Disclosures [Line Items]

Fair Value Measurement Amounts For Assets And Liabilities



	December 31, 2014
(in millions)	Total Fair Value			Level 1			Level 2			Level 3
Derivative assets	$	49		$	20		$	9		$	20
Derivative liabilities	(181		)	(117		)	(26		)	(38		)
Net assets (liabilities)	$	(132	)	$	(97	)	$	(17	)	$	(18	)



	December 31, 2013
(in millions)	Total Fair Value			Level 1			Level 2			Level 3
Derivative assets	$	96		$	50		$	21		$	25
Derivative liabilities	(95		)	(1		)	(65		)	(29		)
Net assets (liabilities)	$	1		$	49		$	(44	)	$	(4	)

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)
	Years Ended December 31,
(in millions)	2014			2013			2012
Balance at beginning of period	$	(4	)	$	(6	)	$	(3	)
Total pretax realized or unrealized gains included in earnings	(9		)	(42		)	(3		)
Purchases, sales, issuances and settlements:
Purchases	1			1			—
Settlements	(13		)	—			1
Transfers into Level 3	6			43			—
Total losses included on the Consolidated Balance Sheet as regulatory assets or liabilities	1			—			(1		)
Balance at end of period	$	(18	)	$	(4	)	$	(6	)

Duke Energy Indiana [Member]

Fair Value Disclosures [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 Consolidated Balance Sheets. Derivative amounts in the table below exclude cash collateral, which is disclosed in Note 14. See Note 15 for additional information related to investments by major security type.



	December 31, 2014
(in millions)	Total Fair Value		Level 1		Level 2		Level 3
Available-for-sale equity securities	$	71	$	71	$	—	$	—
Available-for-sale debt securities	30		—		30		—
Derivative assets	14		—		—		14
Net assets (liabilities)	$	115	$	71	$	30	$	14



	December 31, 2013
(in millions)	Total Fair Value		Level 1		Level 2		Level 3
Available-for-sale equity securities	$	65	$	65	$	—	$	—
Available-for-sale debt securities	29		—		29		—
Derivative assets	12		—		—		12
Net assets (liabilities)	$	106	$	65	$	29	$	12

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)
	Years Ended December 31,
(in millions)	2014			2013			2012
Balance at beginning of period	$	12		$	10		$	4
Total pretax realized or unrealized gains included in earnings	3			8			36
Purchases, sales, issuances and settlements:
Purchases	49			20			—
Issuances	—			—			22
Settlements	(41		)	(30		)	(52		)
Total losses included on the Consolidated Balance Sheet as regulatory assets or liabilities	(9		)	4			—
Balance at end of period	$	14		$	12		$	10