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Investments in Debt and Equity Securities
 12 Months Ended
Dec. 31, 2022
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, 2022, and 2021.
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, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $215 $— $— $160 
Equity securities 3,658 105 5,871 4,905 43 7,350 
Corporate debt securities 1 85 641 39 6 829 
Municipal bonds — 39 330 14 1 314 
U.S. government bonds 2 112 1,423 31 12 1,568 
Other debt securities — 18 156 3 1 180 
Total NDTF Investments$3,661 $359 $8,636 $4,992 $63 $10,401 
Other Investments       
Cash and cash equivalents $— $— $22 $— $— $36 
Equity securities 21 16 128 36 — 156 
Corporate debt securities — 12 84 2 1 119 
Municipal bonds — 3 78 3 1 80 
U.S. government bonds — 2 62 — — 56 
Other debt securities — 3 41 — 1 45 
Total Other Investments$21 $36 $415 $41 $3 $492 
Total Investments $3,682 $395 $9,051 $5,033 $66 $10,893 
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, 2022, 2021 and 2020, were as follows.
Years Ended December 31,
(in millions)202220212020
FV-NI:
Realized gains$201 $724 $366 
Realized losses316 141 174 
AFS:
Realized gains28 56 96 
Realized losses151 54 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, 2022 December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $117 $— $— $53 
Equity securities 2,147 51 3,367 2,887 19 4,265 
Corporate debt securities 1 62 401 24 4 506 
Municipal bonds — 10 64 2 — 48 
U.S. government bonds 1 51 685 16 3 712 
Other debt securities — 18 148 3 1 175 
Total NDTF Investments$2,149 $192 $4,782 $2,932 $27 $5,759 
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, 2022, 2021 and 2020, were as follows.
Years Ended December 31,
(in millions)202220212020
FV-NI:
Realized gains$124 $440 $64 
Realized losses177 96 99 
AFS:
Realized gains22 38 60 
Realized losses86 37 37 
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, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $98 $— $— $107 
Equity securities 1,511 54 2,504 2,018 24 3,085 
Corporate debt securities — 23 240 15 2 323 
Municipal bonds — 29 266 12 1 266 
U.S. government bonds 1 61 738 15 9 856 
Other debt securities — — 8 — — 5 
Total NDTF Investments$1,512 $167 $3,854 $2,060 $36 $4,642 
Other Investments       
Cash and cash equivalents $— $— $11 $— $— $20 
Municipal bonds — — 25 2 — 26 
Total Other Investments$— $— $36 $2 $— $46 
Total Investments $1,512 $167 $3,890 $2,062 $36 $4,688 
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, 2022, 2021 and 2020, were as follows.
Years Ended December 31,
(in millions)202220212020
FV-NI:
Realized gains$77 $284 $302 
Realized losses139 45 75 
AFS:
Realized gains6 16 24 
Realized losses48 14 13 
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, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $56 $— $— $94 
Equity securities 1,431 54 2,411 1,915 23 2,970 
Corporate debt securities — 22 230 15 2 282 
Municipal bonds — 29 266 12 1 266 
U.S. government bonds 1 37 460 15 3 472 
Other debt securities — — 7 — — 5 
Total NDTF Investments$1,432 $142 $3,430 $1,957 $29 $4,089 
Other Investments       
Cash and cash equivalents $— $— $9 $— $— $16 
Total Other Investments$— $— $9 $— $— $16 
Total Investments $1,432 $142 $3,439 $1,957 $29 $4,105 
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, 2022, 2021 and 2020, were as follows.
Years Ended December 31,
(in millions)202220212020
FV-NI:
Realized gains$76 $283 $52 
Realized losses136 44 59 
AFS:
Realized gains6 15 24 
Realized losses44 13 13 
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, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF        
Cash and cash equivalents $— $— $42 $— $— $13 
Equity securities 80 — 93 103 1 115 
Corporate debt securities — 1 10 — — 41 
U.S. government bonds — 24 278 — 6 384 
Other debt securities — — 1 — — — 
Total NDTF Investments(a)
$80 $25 $424 $103 $7 $553 
Other Investments    
Cash and cash equivalents $— $— $1 $— $— $3 
Municipal bonds — — 25 2 — 26 
Total Other Investments$— $— $26 $2 $— $29 
Total Investments $80 $25 $450 $105 $7 $582 
(a)    During the years ended December 31, 2022, and 2021, Duke Energy Florida continued to receive reimbursements from the NDTF for costs related to ongoing decommissioning activity of the Crystal River Unit 3.
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, 2022, 2021 and 2020, were as follows.
Years Ended December 31,
(in millions)202220212020
FV-NI:
Realized gains$1 $1 $250 
Realized losses3 1 16 
AFS:
Realized gains— 1 — 
Realized losses4 1 — 
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
 December 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
Investments       
Cash and cash equivalents$— $— $1 $— $— $— 
Equity securities 2 16 79 6 — 97 
Corporate debt securities — 1 8 — — 6 
Municipal bonds — 3 45 1 1 46 
U.S. government bonds — — 7 — — 12 
Total Investments $2 $20 $140 $7 $1 $161 
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, 2022, 2021 and 2020, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
December 31, 2022
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$137 $7 $89 $24 $65 $8 
Due after one through five years807 287 443 244 199 22 
Due after five through 10 years469 230 193 178 15 6 
Due after 10 years1,402 774 552 517 35 24 
Total$2,815 $1,298 $1,277 $963 $314 $60