XML 115 R76.htm IDEA: XBRL DOCUMENT v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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 9. See Note 10 for additional information related to investments by major security type for the Duke Energy Registrants.
September 30, 2022
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$120 $120 $— $— $— 
NDTF equity securities5,447 5,402 — — 45 
NDTF debt securities2,556 778 1,778 — — 
Other equity securities116 116 — — — 
Other debt securities264 56 208 — — 
Other cash and cash equivalents37 37 — — — 
Derivative assets1,259 3 1,196 60 — 
Total assets9,799 6,512 3,182 60 45 
Derivative liabilities(671)(18)(432)(221)— 
Net assets (liabilities)$9,128 $6,494 $2,750 $(161)$45 
December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$160 $160 $— $— $— 
NDTF equity securities7,350 7,300 — — 50 
NDTF debt securities2,891 967 1,924 — — 
Other equity securities156 156 — — — 
Other debt securities300 45 255 — — 
Other cash and cash equivalents36 36 — — — 
Derivative assets320 3 293 24 — 
Total assets11,213 8,667 2,472 24 50 
Derivative liabilities(472)(13)(314)(145)— 
Net assets (liabilities)$10,741 $8,654 $2,158 $(121)$50 
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions) 2022202120222021
Balance at beginning of period$(156)$(131)$(121)$(77)
Total pretax realized or unrealized gains included in earnings15 — 15 — 
Total pretax realized or unrealized losses included in comprehensive income(5)(11)(115)(86)
Purchases, sales, issuances and settlements:
Purchases— — 77 21 
Settlements(6)4 12 (4)
Total (losses) gains included on the Condensed Consolidated Balance Sheet(9)7 (29)15 
Balance at end of period$(161)$(131)$(161)$(131)
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
September 30, 2022
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy      
Electricity contracts$(221)RTO forward pricingForward electricity curves – price per MWh$24.46 -$145.44 $52.10 
Duke Energy Ohio 
FTRs4 RTO auction pricingFTR price – per MWh— -3.00 1.49 
Duke Energy Indiana 
FTRs56 RTO auction pricingFTR price – per MWh(0.64)-21.81 3.41 
Duke Energy
Total Level 3 derivatives$(161)
December 31, 2021
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy      
Electricity contracts$(145)RTO forward pricingForward electricity curves – price per MWh$19.04 -$139.11$37.57
Duke Energy Ohio   
FTRs2 RTO auction pricingFTR price – per MWh0.06 -1.79 0.96 
Duke Energy Indiana   
FTRs22 RTO auction pricingFTR price – per MWh(1.18)-13.11 2.68 
Duke Energy
Total Level 3 derivatives$(121)
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.
September 30, 2022December 31, 2021
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$69,309 $60,247 $63,835 $69,683 
Duke Energy Carolinas14,222 12,614 13,275 15,101 
Progress Energy21,149 18,744 20,823 23,751 
Duke Energy Progress11,090 9,495 10,249 11,252 
Duke Energy Florida8,417 7,528 8,482 9,772 
Duke Energy Ohio3,244 2,891 3,193 3,570 
Duke Energy Indiana4,310 3,821 4,323 5,067 
Piedmont3,363 2,857 2,968 3,278 
(a)Book value of long-term debt includes $1.19 billion and $1.25 billion at September 30, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium 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.
September 30, 2022
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$41 $41 $— $— 
NDTF equity securities3,154 3,109 — 45 
NDTF debt securities1,286 276 1,010 — 
Derivative assets535 — 535 — 
Total assets5,016 3,426 1,545 45 
Derivative liabilities(113)— (113)— 
Net assets$4,903 $3,426 $1,432 $45 
December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$53 $53 $— $— 
NDTF equity securities4,265 4,215 — 50 
NDTF debt securities1,441 339 1,102 — 
Derivative assets162 — 162 — 
Total assets5,921 4,607 1,264 50 
Derivative liabilities(35)— (35)— 
Net assets$5,886 $4,607 $1,229 $50 
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.
September 30, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$79 $79 $— $107 $107 $— 
NDTF equity securities2,293 2,293 — 3,085 3,085 — 
NDTF debt securities1,270 502 768 1,450 628 822 
Other debt securities25 — 25 26 — 26 
Other cash and cash equivalents13 13 — 20 20 — 
Derivative assets437 — 437 124 — 124 
Total assets4,117 2,887 1,230 4,812 3,840 972 
Derivative liabilities(9)— (9)(24)— (24)
Net assets$4,108 $2,887 $1,221 $4,788 $3,840 $948 
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.
September 30, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$47 $47 $— $94 $94 $— 
NDTF equity securities2,206 2,206 — 2,970 2,970 — 
NDTF debt securities951 243 708 1,025 289 736 
Other cash and cash equivalents11 11 — 16 16 — 
Derivative assets415 — 415 124 — 124 
Total assets3,630 2,507 1,123 4,229 3,369 860 
Derivative liabilities(9)— (9)(10)— (10)
Net assets$3,621 $2,507 $1,114 $4,219 $3,369 $850 
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.
September 30, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$32 $32 $— $13 $13 $— 
NDTF equity securities87 87 — 115 115 — 
NDTF debt securities319 259 60 425 339 86 
Other debt securities25 — 25 26 — 26 
Other cash and cash equivalents1 1 — 3 3 — 
Derivative assets22 — 22 — — — 
Total assets486 379 107 582 470 112 
Derivative liabilities— — — (14)— (14)
Net assets$486 $379 $107 $568 $470 $98 
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.
September 30, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$72 $72 $— $— $97 $97 $— $— 
Other debt securities59 — 59 — 64 — 64 — 
Other cash and cash equivalents1 1 — — — — — — 
Derivative assets131 2 73 56 23 1 — 22 
Total assets263 75 132 56 184 98 64 22 
Derivative liabilities(18)(18)— — (27)(13)(14)— 
Net assets$245 $57 $132 $56 $157 $85 $50 $22 
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 September 30,Nine Months Ended September 30,
(in millions)2022202120222021
Balance at beginning of period$84 $22 $22 $6 
Purchases, sales, issuances and settlements:
Purchases— — 74 18 
Settlements(20)(3)(10)(12)
Total (losses) gains included on the Condensed Consolidated Balance Sheet(8)5 (30)12 
Balance at end of period$56 $24 $56 $24 
Piedmont  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
September 30, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$— $— $— $3 $3 $— 
Derivative liabilities(171)— (171)(139)— (139)
Net (liabilities) assets$(171)$— $(171)$(136)$3 $(139)