Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 8. See Note 9 for additional information related to investments by major security type for the Duke Energy Registrants.

	March 31, 2020
(in millions)	Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF equity securities	$	4,488		$	4,440		$	—		$	—		$	48
NDTF debt securities	2,540			767			1,773			—			—
Other equity securities	95			95			—			—			—
Other debt securities	368			126			242			—			—
NDTF equity security contracts	20			—			20			—			—
Derivative assets	34			3			28			3			—
Total assets	7,545			5,431			2,063			3			48
Derivative liabilities	(390		)	(49		)	(250		)	(91		)	—
Net assets (liabilities)	$	7,155		$	5,382		$	1,813		$	(88	)	$	48

	December 31, 2019
(in millions)	Total Fair Value			Level 1			Level 2			Level 3			Not Categorized
NDTF equity securities	$	5,684		$	5,633		$	—		$	—		$	51
NDTF debt securities	2,469			826			1,643			—			—
Other equity securities	122			122			—			—			—
Other debt securities	310			91			219			—			—
Derivative assets	25			3			7			15			—
Total assets	8,610			6,675			1,869			15			51
NDTF equity security contracts	(23		)	—			(23		)	—			—
Derivative liabilities	(277		)	(15		)	(145		)	(117		)	—
Net assets (liabilities)	$	8,310		$	6,660		$	1,701		$	(102	)	$	51

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.

	Derivatives (net)
		Three Months Ended March 31,
(in millions)		2020			2019
Balance at beginning of period		$	(102	)	$	(113	)
Purchases, sales, issuances and settlements:
Settlements		(9		)	(12		)
Total gains included on the Condensed Consolidated Balance Sheet		23			10
Balance at end of period		$	(88	)	$	(115	)

Quantitative Information Table - Level 3

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

	March 31, 2020
												Weighted
	Fair Value											Average
Investment Type	(in millions)			Valuation Technique	Unobservable Input	Range						Range
Duke Energy Ohio
FTRs	$	1		RTO auction pricing	FTR price – per MWh	$	0.04		-	$	3.29	$	1.03
Duke Energy Indiana
FTRs	2			RTO auction pricing	FTR price – per MWh	(0.37		)	-	6.06		0.54
Piedmont
Natural gas contracts	(91		)	Discounted cash flow	Forward natural gas curves – price per MMBtu	1.64			-	2.41		1.94
Duke Energy
Total Level 3 derivatives	$	(88	)

	December 31, 2019
												Weighted
	Fair Value											Average
Investment Type	(in millions)			Valuation Technique	Unobservable Input	Range						Range
Duke Energy Ohio
FTRs	$	4		RTO auction pricing	FTR price – per MWh	$	0.59		-	$	3.47	$	2.07
Duke Energy Indiana
FTRs	11			RTO auction pricing	FTR price – per MWh	(0.66		)	-	9.24		1.15
Piedmont
Natural gas contracts	(117		)	Discounted cash flow	Forward natural gas curves – price per MMBtu	1.59			-	2.46		1.91
Duke Energy
Total Level 3 derivatives	$	(102	)

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, 2020				December 31, 2019
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	61,388	$	65,644	$	58,126	$	63,062
Duke Energy Carolinas	12,807		14,312		11,900		13,516
Progress Energy	19,355		21,802		19,634		22,291
Duke Energy Progress	9,059		9,798		9,058		9,934
Duke Energy Florida	7,706		8,831		7,987		9,131
Duke Energy Ohio	2,620		2,904		2,619		2,964
Duke Energy Indiana	4,603		5,433		4,057		4,800
Piedmont	2,385		2,551		2,384		2,642

(a)

Book value of long-term debt includes $1.4 billion at March 31, 2020, and $1.5 billion at December 31, 2019, of unamortized debt discount and premium, net of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.

Duke Energy Carolinas

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.

	March 31, 2020
(in millions)	Total Fair Value			Level 1		Level 2			Not Categorized
NDTF equity securities	$	2,498		$	2,450	$	—		$	48
NDTF debt securities	1,214			182		1,032			—
Derivative assets	2			—		2			—
Total assets	3,714			2,632		1,034			48
Derivative liabilities	(74		)	—		(74		)	—
Net assets	$	3,640		$	2,632	$	960		$	48

	December 31, 2019
(in millions)	Total Fair Value			Level 1		Level 2			Not Categorized
NDTF equity securities	$	3,154		$	3,103	$	—		$	51
NDTF debt securities	1,193			227		966			—
Total assets	4,347			3,330		966			51
Derivative liabilities	(49		)	—		(49		)	—
Net assets	$	4,298		$	3,330	$	917		$	51

Progress Energy

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.

	March 31, 2020								December 31, 2019
(in millions)	Total Fair Value			Level 1		Level 2			Total Fair Value			Level 1		Level 2
NDTF equity securities	$	1,990		$	1,990	$	—		$	2,530		$	2,530	$	—
NDTF debt securities	1,326			585		741			1,276			599		677
Other debt securities	122			69		53			100			49		51
NDTF equity security contracts	20			—		20			—			—		—
Derivative assets	25			—		25			7			—		7
Total assets	3,483			2,644		839			3,913			3,178		735
NDTF equity security contracts	—			—		—			(23		)	—		(23		)
Derivative liabilities	(95		)	—		(95		)	(65		)	—		(65		)
Net assets	$	3,388		$	2,644	$	744		$	3,825		$	3,178	$	647

Duke Energy Progress

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.

	March 31, 2020								December 31, 2019
(in millions)	Total Fair Value			Level 1		Level 2			Total Fair Value			Level 1		Level 2
NDTF equity securities	$	1,631		$	1,631	$	—		$	2,077		$	2,077	$	—
NDTF debt securities	1,017			276		741			974			297		677
Other debt securities	2			2		—			2			2		—
Derivative assets	5			—		5			—			—		—
Total assets	2,655			1,909		746			3,053			2,376		677
Derivative liabilities	(51		)	—		(51		)	(49		)	—		(49		)
Net assets	$	2,604		$	1,909	$	695		$	3,004		$	2,376	$	628

Duke Energy Florida

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.

	March 31, 2020								December 31, 2019
(in millions)	Total Fair Value			Level 1		Level 2			Total Fair Value			Level 1		Level 2
NDTF equity securities	$	359		$	359	$	—		$	453		$	453	$	—
NDTF debt securities	309			309		—			302			302		—
Other debt securities	56			3		53			55			4		51
NDTF equity security contracts	20			—		20			—			—		—
Derivative assets	—			—		—			7			—		7
Total assets	744			671		73			817			759		58
NDTF equity security contracts	—			—		—			(23		)	—		(23		)
Derivative liabilities	(29		)	—		(29		)	(1		)	—		(1		)
Net assets	$	715		$	671	$	44		$	793		$	759	$	34

Duke Energy Indiana

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.

	March 31, 2020								December 31, 2019
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value			Level 1			Level 2		Level 3
Other equity securities	$	63	$	63	$	—	$	—	$	81		$	81		$	—	$	—
Other debt securities	43		—		43		—		44			—			44		—
Derivative assets	2		—		—		2		13			2			—		11
Total assets	$	108	$	63	$	43	$	2	$	138		$	83		$	44	$	11
Derivative liabilities	—		—		—		—		(1		)	(1		)	—		—
Net assets	$	108	$	63	$	43	$	2	$	137		$	82		$	44	$	11

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)		2020			2019
Balance at beginning of period		$	11		$	22
Purchases, sales, issuances and settlements:
Settlements		(6		)	(10		)
Total losses included on the Condensed Consolidated Balance Sheet		(3		)	(7		)
Balance at end of period		$	2		$	5

Piedmont Natural Gas

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.

	March 31, 2020								December 31, 2019
(in millions)	Total Fair Value			Level 1		Level 3			Total Fair Value			Level 1		Level 3
Derivative assets	$	3		$	3	$	—		$	1		$	1	$	—
Derivative liabilities	(91		)	—		(91		)	(117		)	—		(117		)
Net (liabilities) assets	$	(88	)	$	3	$	(91	)	$	(116	)	$	1	$	(117	)

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)		2020			2019
Balance at beginning of period		$	(117	)	$	(141	)
Total gains and settlements		26			20
Balance at end of period		$	(91	)	$	(121	)