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Investments in Debt and Equity Securities
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Equity Securities INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as FV-NI.
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the 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 losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of December 31, 2020, and 2019.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
December 31, 2020December 31, 2019
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $177 $— $— $101 
Equity securities 4,138 54 6,235 3,523 55 5,661 
Corporate debt securities 76 1 806 37 1 603 
Municipal bonds 22 — 370 13 — 368 
U.S. government bonds 51 — 1,361 33 1 1,256 
Other debt securities 8 — 180 3 — 141 
Total NDTF Investments$4,295 $55 $9,129 $3,609 $57 $8,130 
Other Investments       
Cash and cash equivalents $— $— $127 $— $— $52 
Equity securities 79 — 146 57 — 122 
Corporate debt securities 8 — 110 3 — 67 
Municipal bonds 5 — 86 4 — 94 
U.S. government bonds — — 42 2 — 41 
Other debt securities — — 47 — — 56 
Total Other Investments$92 $— $558 $66 $— $432 
Total Investments $4,387 $55 $9,687 $3,675 $57 $8,562 
The table below summarizes the maturity date for debt securities.
(in millions)December 31, 2020
Due in one year or less$149 
Due after one through five years922 
Due after five through 10 years671 
Due after 10 years1,260 
Total$3,002 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2020, 2019 and 2018, were as follows.
Years Ended December 31,
(in millions)202020192018
FV-NI:
Realized gains$366 $172 $168 
Realized losses174 151 126 
AFS:
Realized gains96 94 22 
Realized losses51 67 51 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
 December 31, 2020 December 31, 2019
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $30 $— $— $21 
Equity securities 2,442 23 3,685 1,914 8 3,154 
Corporate debt securities 49 1 510 21 1 361 
Municipal bonds 6 — 91 3 — 96 
U.S. government bonds 25 — 475 16 1 578 
Other debt securities 7 — 174 3 — 137 
Total NDTF Investments$2,529 $24 $4,965 $1,957 $10 $4,347 
The table below summarizes the maturity date for debt securities.
(in millions)December 31, 2020
Due in one year or less$14 
Due after one through five years299 
Due after five through 10 years279 
Due after 10 years658 
Total$1,250 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2020, 2019 and 2018, were as follows.
Years Ended December 31,
(in millions)202020192018
FV-NI:
Realized gains$64 $113 $89 
Realized losses99 107 73 
AFS:
Realized gains60 55 19 
Realized losses37 38 35 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
December 31, 2020December 31, 2019
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $147 $— $— $80 
Equity securities 1,696 31 2,550 1,609 47 2,507 
Corporate debt securities 27 — 296 16 — 242 
Municipal bonds 16 — 279 10 — 272 
U.S. government bonds 26 — 886 17 — 678 
Other debt securities 1 — 6 — — 4 
Total NDTF Investments$1,766 $31 $4,164 $1,652 $47 $3,783 
Other Investments       
Cash and cash equivalents $— $— $106 $— $— $49 
Municipal bonds 3 — 26 3 — 51 
Total Other Investments$3 $— $132 $3 $— $100 
Total Investments $1,769 $31 $4,296 $1,655 $47 $3,883 
The table below summarizes the maturity date for debt securities.
(in millions)December 31, 2020
Due in one year or less$109 
Due after one through five years567 
Due after five through 10 years298 
Due after 10 years519 
Total$1,493 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2020, 2019 and 2018, were as follows.
Years Ended December 31,
(in millions)202020192018
FV-NI:
Realized gains$302 $59 $79 
Realized losses75 44 53 
AFS:
Realized gains24 36 3 
Realized losses13 29 15 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
 December 31, 2020December 31, 2019
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $76 $— $— $53 
Equity securities 1,617 31 2,459 1,258 21 2,077 
Corporate debt securities 27 — 296 16 — 242 
Municipal bonds 16 — 279 10 — 272 
U.S. government bonds 26 — 412 16 — 403 
Other debt securities 1 — 6 — — 4 
Total NDTF Investments$1,687 $31 $3,528 $1,300 $21 $3,051 
Other Investments       
Cash and cash equivalents $— $— $1 $— $— $2 
Total Other Investments$— $— $1 $— $— $2 
Total Investments $1,687 $31 $3,529 $1,300 $21 $3,053 
The table below summarizes the maturity date for debt securities.
(in millions)December 31, 2020
Due in one year or less$21 
Due after one through five years259 
Due after five through 10 years210 
Due after 10 years503 
Total$993 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2020, 2019 and 2018, were as follows.
Years Ended December 31,
(in millions)202020192018
FV-NI:
Realized gains$52 $38 $68 
Realized losses59 33 48 
AFS:
Realized gains24 7 2 
Realized losses13 5 10 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
 December 31, 2020December 31, 2019
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF        
Cash and cash equivalents $— $— $71 $— $— $27 
Equity securities 79 — 91 351 26 430 
U.S. government bonds — — 474 1 — 275 
Total NDTF Investments(a)
$79 $— $636 $352 $26 $732 
Other Investments       
Cash and cash equivalents $— $— $1 $— $— $4 
Municipal bonds 3 — 26 3 — 51 
Total Other Investments$3 $— $27 $3 $— $55 
Total Investments $82 $— $663 $355 $26 $787 
(a)    During the years ended December 31, 2020, and 2019, Duke Energy Florida continued to receive reimbursements from the NDTF for costs related to ongoing decommissioning activity of the Crystal River Unit 3.
The table below summarizes the maturity date for debt securities.
(in millions)December 31, 2020
Due in one year or less$88 
Due after one through five years308 
Due after five through 10 years88 
Due after 10 years16 
Total$500 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2020, 2019 and 2018, were as follows.
Years Ended December 31,
(in millions)202020192018
FV-NI:
Realized gains$250 $21 $11 
Realized losses16 11 5 
AFS:
Realized gains— 29 1 
Realized losses— 24 5 
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
 December 31, 2020December 31, 2019
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
Investments       
Cash and cash equivalents$— $— $1 $— $— $— 
Equity securities 58 — 97 43 — 81 
Corporate debt securities — — 3 — — 6 
Municipal bonds 1 — 38 1 — 36 
U.S. government bonds — — 4 — — 2 
Total Investments $59 $— $143 $44 $— $125 
The table below summarizes the maturity date for debt securities.
(in millions)December 31, 2020
Due in one year or less$3 
Due after one through five years17 
Due after five through 10 years10 
Due after 10 years15 
Total$45 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2020, 2019 and 2018, were immaterial.