XML 110 R54.htm IDEA: XBRL DOCUMENT v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants.
 December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$215 $215 $— $— $— 
NDTF equity securities5,871 5,829 — — 42 
NDTF debt securities2,550 780 1,770 — — 
Other equity securities128 128 — — — 
Other debt securities265 55 210 — — 
Other cash and cash equivalents22 22 — — — 
Derivative assets836 1 801 34 — 
Total assets9,887 7,030 2,781 34 42 
Derivative liabilities(437)(16)(421)— — 
Net assets (liabilities)$9,450 $7,014 $2,360 $34 $42 
 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(327)(13)(314)— — 
Net assets (liabilities)$10,886 $8,654 $2,158 $24 $50 
Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs
The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
 Years Ended December 31,
(in millions) 20222021
Balance at beginning of period$24 $8 
Purchases, sales, issuances and settlements:
Purchases78 21 
Settlements(36)(20)
Total gains (losses) included on the Consolidated Balance Sheet(32)15 
Balance at end of period$34 $24 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
December 31, 2022
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio
FTRs$5 RTO auction pricingFTR price – per MWh$0.89 –$6.25 $3.35 
Duke Energy Indiana
FTRs29 RTO auction pricingFTR price – per MWh0.09 –21.79 2.74 
Duke Energy
Total Level 3 derivatives$34 
December 31, 2021
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio
FTRs$2 RTO auction pricingFTR price – per MWh$0.06 –$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$24 
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. The following disclosures include debt attributable to the Commercial Renewables Disposal Groups. See Note 2 for further details. 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.
 December 31, 2022December 31, 2021
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$71,215 $63,454 $63,835 $69,683 
Duke Energy Carolinas14,266 12,943 13,275 15,101 
Progress Energy22,439 20,467 20,823 23,751 
Duke Energy Progress11,087 9,689 10,249 11,252 
Duke Energy Florida9,709 8,991 8,482 9,772 
Duke Energy Ohio3,245 2,927 3,193 3,570 
Duke Energy Indiana4,307 3,913 4,323 5,067 
Piedmont3,363 2,940 2,968 3,278 
(a)    Book value of long-term debt includes $1.17 billion as of December 31, 2022, and $1.25 billion as of December 31, 2021, of unamortized debt discount and premium, net in 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 Consolidated Balance Sheets.
 December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$117 $117 $— $— 
NDTF equity securities3,367 3,325 — 42 
NDTF debt securities1,298 323 975 — 
Derivative assets330 — 330 — 
Total assets5,112 3,765 1,305 42 
Derivative liabilities(127)— (127)— 
Net assets$4,985 $3,765 $1,178 $42 
 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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$98 $98 $— $107 $107 $— 
NDTF equity securities2,504 2,504 — 3,085 3,085 — 
NDTF debt securities1,252 457 795 1,450 628 822 
Other debt securities25 — 25 26 — 26 
Other cash and cash equivalents11 11 — 20 20 — 
Derivative assets248 — 248 124 — 124 
Total assets4,138 3,070 1,068 4,812 3,840 972 
Derivative liabilities(66)— (66)(24)— (24)
Net assets$4,072 $3,070 $1,002 $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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$56 $56 $— $94 $94 $— 
NDTF equity securities2,411 2,411 — 2,970 2,970 — 
NDTF debt securities963 225 738 1,025 289 736 
Other cash and cash equivalents9 9 — 16 16 — 
Derivative assets230 — 230 124 — 124 
Total assets3,669 2,701 968 4,229 3,369 860 
Derivative liabilities(48)— (48)(10)— (10)
Net assets$3,621 $2,701 $920 $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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$42 $42 $— $13 $13 $— 
NDTF equity securities93 93 — 115 115 — 
NDTF debt securities289 232 57 425 339 86 
Other debt securities25 — 25 26 — 26 
Other cash and cash equivalents1 1 — 3 3 — 
Derivative assets17 — 17 — — — 
Total assets467 368 99 582 470 112 
Derivative liabilities(19)— (19)(14)— (14)
Net assets$448 $368 $80 $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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$79 $79 $— $— $97 $97 $— $— 
Other debt securities60 — 60 — 64 — 64 — 
Other cash equivalents1 1 — — — — — — 
Derivative assets110 — 81 29 23 1 — 22 
Total assets250 80 141 29 184 98 64 22 
Derivative liabilities(16)(16)— — (27)(13)(14)— 
Net assets$234 $64 $141 $29 $157 $85 $50 $22 
Reconciliation of Assets and Liabilities Measured at Fair Value an 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)
 Years Ended December 31,
(in millions)20222021
Balance at beginning of period$22 $6 
Purchases, sales, issuances and settlements:
Purchases74 18 
Settlements(32)(16)
Total (losses) gains included on the Consolidated Balance Sheet(35)14 
Balance at end of period$29 $22 
Piedmont  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts for Assets and Liabilities
The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.
 December 31, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$— $— $— $3 $3 $— 
Derivative liabilities(168)— (168)(139)— (139)
Net (liabilities) assets$(168)$— $(168)$(136)$3 $(139)