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Debt and Credit Facilities
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt And Credit Facilities DEBT AND CREDIT FACILITIES
SUMMARY OF SIGNIFICANT DEBT ISSUANCES
The following table summarizes significant debt issuances (in millions).
Nine Months Ended September 30, 2021
Duke DukeDuke
MaturityInterestDukeEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressPiedmont
Unsecured Debt
March 2021(a)
March 20312.500 %$350 $— $— $— $350 
June 2021(b)(c)
June 20232.500 %500 500 — — — 
June 2021(c)
June 20312.550 %1,000 1,000 — — — 
June 2021(c)
June 20413.300 %750 750 — — — 
June 2021(c)
June 20513.500 %750 750 — — — 
September 2021(d)
January 20823.250 %500 500 — — — 
First Mortgage Bonds
April 2021(e)
April 20312.550 %550 — 550 — — 
April 2021(e)
April 20513.450 %450 — 450 — — 
August 2021(f)
August 20312.000 %650 — — 650 — 
August 2021(f)
August 20512.900 %450 — — 450 — 
Total issuances$5,950 $3,500 $1,000 $1,100 $350 
(a)Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes.
(b)Debt issuance has a floating interest rate.
(c)Debt issued to repay $1.75 billion of Duke Energy (Parent) 2021 debt maturities, to repay a portion of short-term debt and for general corporate purposes.
(d)Debt issued to repay in October 2021 $500 million of Duke Energy (Parent) unsecured notes. The interest rate resets every five years.
(e)Debt issued to repay at maturity $500 million first mortgage bonds due June 2021, pay down short-term debt and for general company purposes.
(f)Debt issued to repay at maturity a total of $600 million first mortgage bonds due September 2021, pay down short-term debt and for general company purposes.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateSeptember 30, 2021
Unsecured Debt
Duke Energy (Parent)(a)
October 20215.125 %500 
Duke Energy Florida(b)
November 20210.372 %200 
Duke Energy Progress(b)
February 20220.305 %700 
Duke Energy (Parent)March 20223.227 %300 
Duke Energy (Parent)(b)
March 20220.764 %300 
Progress EnergyApril 20223.150 %450 
Duke Energy (Parent)August 20223.050 %500 
Duke Energy (Parent)August 20222.400 %500 
First Mortgage Bonds
Duke Energy IndianaJanuary 20228.850 %53 
Duke Energy CarolinasMay 20223.350 %350 
Duke Energy ProgressMay 20222.800 %500 
Other(c)
520 
Current maturities of long-term debt$4,873 
(a)Junior unsecured notes due January 2073 were redeemed on October 7, 2021.
(b)Debt has a floating interest rate.
(c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2021, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2026. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
September 30, 2021
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions)Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$8,000 $2,650 $1,275 $1,150 $850 $775 $600 $700 
Reduction to backstop issuances
Commercial paper(b)
(1,611)389 (375)(253)(527)(419)(150)(276)
Outstanding letters of credit(31)(25)(4)(2)— — — — 
Tax-exempt bonds(81)— — — — — (81)— 
Available capacity under the Master Credit Facility$6,277 $3,014 $896 $895 $323 $356 $369 $424 
(a)Represents the sublimit of each borrower.
(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.
Other Credit Facilities
September 30, 2021
(in millions)Facility sizeAmount drawn
Duke Energy (Parent) Three-Year Revolving Credit Facility(a)
$1,000 $500 
(a)During March 2021, Duke Energy extended the maturity date of the Three-Year Revolving Credit Facility from May 2022 to May 2024.
Duke Energy Ohio Term Loan Facility
In October 2021, Duke Energy Ohio entered into a two-year term loan facility with commitments totaling $100 million. Borrowings under the facility will be used to pay down short-term debt and for general corporate purposes. The term loan was fully drawn at the time of closing in October. The balance will be classified as Long-Term Debt on Duke Energy Ohio’s Condensed Consolidated Balance Sheets.
Duke Energy Kentucky Term Loan Facility
In October 2021, Duke Energy Kentucky entered into a two-year term loan facility with commitments totaling $50 million. Borrowings under the facility will be used to pay down short-term debt and for general corporate purposes. The term loan was fully drawn at the time of closing in October. The balance will be classified as Long-Term Debt on Duke Energy Ohio's Condensed Consolidated Balance Sheet.
Duke Energy Indiana Term Loan Facility
In October 2021, Duke Energy Indiana entered into a two-year term loan facility with commitments totaling $300 million. Borrowings under the facility will be used to pay down short-term debt and for general corporate purposes. The term loan was fully drawn at the time of closing in October. The balance will be classified as Long-Term Debt on Duke Energy Indiana’s Condensed Consolidated Balance Sheet.