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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans. There were no contributions made in the years ended December 31, 2021 and 2020.


			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont




Contributions Made:
2022	$	58	$	15	$	13	$	8	$	5	$	3	$	5	$	2

Fair Value and Allocation of Plan Assets

The following table includes the target asset allocations by asset class at December 31, 2022, and the actual asset allocations for the RCBP assets.


			Actual Allocation at
	Target		December 31,

	Allocation		2022		2021


Global equity securities	45	%	49	%	24	%
Global private equity securities	2	%	2	%	1	%
Debt securities	35	%	30	%	62	%
Return seeking debt securities	7	%	7	%	4	%
Hedge funds	4	%	6	%	3	%
Real estate and cash	7	%	6	%	6	%

Total	100	%	100	%	100	%

The following table includes the target asset allocations by asset class at December 31, 2022, and the actual asset allocations for the DELPP assets.


			Actual Allocation at
	Target		December 31,

	Allocation		2022		2021


Global equity securities	14	%	14	%	24	%
Global private equity securities	1	%	—	%	1	%
Debt securities	80	%	80	%	62	%
Return seeking debt securities	2	%	2	%	4	%
Hedge funds	1	%	2	%	3	%
Real estate and cash	2	%	2	%	6	%

Total	100	%	100	%	100	%

The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2022.


			Actual Allocation at
	Target		December 31,
	Allocation		2022		2021
U.S. equity securities	30	%	12	%	19	%
Non-U.S. equity securities	5	%	5	%	5	%
Real estate	1	%	3	%	3	%
Debt securities	45	%	11	%	18	%
Cash	19	%	69	%	55	%
Total	100	%	100	%	100	%

The following tables provide the fair value measurement amounts for the Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets.


	December 31, 2022
	Total Fair								Not
(in millions)	Value		Level 1		Level 2		Level 3		Categorized(b)
Equity securities	$	2,234	$	2,014	$	194	$	—	$	26
Corporate debt securities	2,944		—		2,944		—		—
Short-term investment funds	193		1		192		—		—
Partnership interests	62		—		—		62		—
Hedge funds	209		—		—		—		209

U.S. government securities	1,254		—		1,254		—		—

Governments bonds – foreign	112		—		112		—		—
Cash	45		45		—		—		—
Government and commercial mortgage backed securities	6		—		6		—		—
Net pending transactions and other investments	14		5		9		—		—
Total assets(a)	$	7,073	$	2,065	$	4,711	$	62	$	235

(a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 27%, 33%, 15%, 18%, 5%, 7% and 3%, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2022. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.


	December 31, 2021
	Total Fair								Not
(in millions)	Value		Level 1		Level 2		Level 3		Categorized(b)
Equity securities	$	2,575	$	2,547	$	—	$	—	$	28
Corporate debt securities	4,189		—		4,189		—		—
Short-term investment funds	382		272		110		—		—
Partnership interests	95		—		—		95		—
Hedge funds	216		—		—		—		216

U.S. government securities	1,618		—		1,618		—		—

Governments bonds – foreign	78		—		78		—		—
Cash	144		144		—		—		—
Government and commercial mortgage backed securities	2		—		2		—		—
Net pending transactions and other investments	53		12		41		—		—
Total assets(a)	$	9,352	$	2,975	$	6,038	$	95	$	244

(a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 26%, 32%, 15%, 17%, 5%, 7% and 4%, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2021. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.

The following tables provide the fair value measurement amounts for VEBA trust assets.


	December 31, 2022
	Total Fair
(in millions)	Value		Level 2
Cash and cash equivalents	$	11	$	11
Real estate	2		2
Equity securities	12		12
Debt securities	8		8
Total assets	$	33	$	33


	December 31, 2021
	Total Fair
(in millions)	Value		Level 2
Cash and cash equivalents	$	14	$	14
Real estate	2		2
Equity securities	18		18
Debt securities	11		11
Total assets	$	45	$	45

Master Trust Level 3 Rollforward

The following table provides a reconciliation of beginning and ending balances of Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3).


(in millions)	2022		2021
Balance at January 1	$	95	$	—



Sales	(18)		—
Total gains and other, net	(8)		—
Transfer of Level 3 assets from other classifications	(7)		95
Balance at December 31	$	62	$	95

Employee Savings Plan Matching Contributions

The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants.


			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Years ended December 31,
2022	$	246	$	76	$	65	$	43	$	22	$	6	$	12	$	13
2021	229		70		60		39		21		5		12		11
2020	213		67		57		38		19		5		11		13

Pension Plan | Qualified Plan

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs


	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	152	$	48	$	43	$	25	$	17	$	4	$	9	$	5
Interest cost on projected benefit obligation	249		59		77		35		41		13		20		8
Expected return on plan assets	(558)		(152)		(183)		(88)		(94)		(23)		(37)		(24)
Amortization of actuarial loss	81		16		23		12		12		4		9		5
Amortization of prior service credit	(18)		(3)		—		—		—		—		(2)		(7)
Amortization of settlement charges(c)	32		9		8		7		1		5		1		7
MRVA method change	24		—		24		—		24		—		—		—
Net periodic pension costs(a)(b)	$	(38)	$	(23)	$	(8)	$	(9)	$	1	$	3	$	—	$	(6)


	Year Ended December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	176	$	56	$	50	$	29	$	21	$	5	$	10	$	6
Interest cost on projected benefit obligation	220		51		70		30		39		13		18		7
Expected return on plan assets	(558)		(141)		(187)		(84)		(102)		(28)		(40)		(20)
Amortization of actuarial loss	133		29		38		18		20		7		13		10
Amortization of prior service credit	(29)		(8)		(2)		(1)		(1)		(1)		(2)		(9)
Amortization of settlement charges	9		5		2		2		1		—		—		1
Net periodic pension costs(a)(b)	$	(49)	$	(8)	$	(29)	$	(6)	$	(22)	$	(4)	$	(1)	$	(5)


	Year Ended December 31, 2020
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	165	$	51	$	48	$	27	$	21	$	5	$	9	$	6
Interest cost on projected benefit obligation	269		62		85		38		46		15		22		9
Expected return on plan assets	(572)		(145)		(190)		(87)		(101)		(28)		(42)		(21)
Amortization of actuarial loss	128		28		41		18		23		6		12		9
Amortization of prior service credit	(32)		(8)		(3)		(2)		(1)		—		(2)		(9)
Amortization of settlement charges(c)	18		9		7		6		1		—		1		1
Net periodic pension costs(a)(b)	$	(24)	$	(3)	$	(12)	$	—	$	(11)	$	(2)	$	—	$	(5)

(a) Duke Energy amounts exclude $3 million, $3 million and $4 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b) Duke Energy Ohio amounts exclude $1 million, $1 million and $2 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

Amounts Recognized in AOCI and Regulatory Assets and Liabilities

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets


	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Regulatory assets, net increase (decrease)	$	367	$	221	$	107	$	101	$	5	$	(1)	$	(12)	$	9
Accumulated other comprehensive loss (income)
Deferred income tax expense	$	(7)	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—
Amortization of prior year service credit	—		—		—		—		—		—		—		—
Amortization of prior year actuarial losses	37		—		2		—		—		—		—		—
Net amount recognized in accumulated other comprehensive income	$	30	$	—	$	1	$	—	$	—	$	—	$	—	$	—


	Year Ended December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Regulatory assets, net decrease	$	(261)	$	(57)	$	(128)	$	(31)	$	(97)	$	(17)	$	(19)	$	(5)
Accumulated other comprehensive loss (income)
Deferred income tax expense	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Amortization of prior year service credit	1		—		—		—		—		—		—		—
Amortization of prior year actuarial losses	(8)		—		(1)		—		—		—		—		—
Net amount recognized in accumulated other comprehensive income	$	(6)	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Net Amount Recognized


	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date	$	8,207	$	1,903	$	2,560	$	1,153	$	1,392	$	450	$	680	$	273

Service cost	145		47		40		24		16		4		8		5
Interest cost	249		59		77		35		41		13		20		8
Actuarial gain	(1,490)		(301)		(513)		(197)		(312)		(84)		(143)		(47)
Benefits paid	(753)		(159)		(184)		(101)		(82)		(50)		(66)		(69)

Transfers	—		5		(5)		(5)		—		—		—		—
Obligation at measurement date	$	6,358	$	1,554	$	1,975	$	909	$	1,055	$	333	$	499	$	170
Accumulated Benefit Obligation at measurement date	$	6,324	$	1,556	$	1,959	$	910	$	1,038	$	327	$	495	$	170
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	9,235	$	2,365	$	3,053	$	1,421	$	1,610	$	438	$	669	$	334

Employer contributions	58		15		13		8		5		3		5		2
Actual return on plan assets	(1,547)		(411)		(506)		(240)		(262)		(68)		(107)		(64)
Benefits paid	(753)		(159)		(184)		(101)		(82)		(50)		(66)		(69)

Transfers	—		5		(5)		(5)		—		—		—		—

Plan assets at measurement date	$	6,993	$	1,815	$	2,371	$	1,083	$	1,271	$	323	$	501	$	203
Funded status of plan	$	635	$	261	$	396	$	174	$	216	$	(10)	$	2	$	33


	Year Ended December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date	$	8,634	$	1,988	$	2,715	$	1,193	$	1,507	$	502	$	715	$	293

Service cost	168		54		48		28		20		5		9		6
Interest cost	220		51		70		30		39		13		18		7
Actuarial gain	(200)		(42)		(108)		(18)		(89)		(10)		(10)		(5)
Benefits paid	(615)		(148)		(161)		(80)		(81)		(50)		(52)		(28)

Transfers	—		—		(4)		—		(4)		(10)		—		—
Obligation at measurement date	$	8,207	$	1,903	$	2,560	$	1,153	$	1,392	$	450	$	680	$	273
Accumulated Benefit Obligation at measurement date	$	8,144	$	1,904	$	2,529	$	1,154	$	1,361	$	439	$	672	$	274
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	9,337	$	2,381	$	3,049	$	1,422	$	1,605	$	472	$	684	$	343


Actual return on plan assets	513		132		169		79		90		26		37		19
Benefits paid	(615)		(148)		(161)		(80)		(81)		(50)		(52)		(28)

Transfers	—		—		(4)		—		(4)		(10)		—		—

Plan assets at measurement date	$	9,235	$	2,365	$	3,053	$	1,421	$	1,610	$	438	$	669	$	334
Funded status of plan	$	1,028	$	462	$	493	$	268	$	218	$	(12)	$	(11)	$	61

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets


	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Prefunded pension(a)	$	885	$	261	$	396	$	174	$	216	$	62	$	90	$	33
Noncurrent pension liability(b)	$	250	$	—	$	—	$	—	$	—	$	72	$	88	$	—
Net asset (liability) recognized	$	635	$	261	$	396	$	174	$	216	$	(10)	$	2	$	33
Regulatory assets	$	2,016	$	545	$	670	$	353	$	316	$	92	$	178	$	84
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(27)	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—
Prior service credit	(1)		—		—		—		—		—		—		—
Net actuarial loss	129		—		3		—		—		—		—		—
Net amounts recognized in accumulated other comprehensive loss	$	101	$	—	$	2	$	—	$	—	$	—	$	—	$	—


	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Prefunded pension(a)	$	1,071	$	462	$	494	$	268	$	219	$	74	$	100	$	61
Noncurrent pension liability(b)	$	43	$	—	$	1	$	—	$	1	$	86	$	111	$	—
Net asset (liability) recognized	$	1,028	$	462	$	493	$	268	$	218	$	(12)	$	(11)	$	61
Regulatory assets	$	1,649	$	324	$	563	$	252	$	311	$	93	$	190	$	75
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(20)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Prior service credit	(1)		—		—		—		—		—		—		—
Net actuarial loss	92		—		1		—		—		—		—		—
Net amounts recognized in accumulated other comprehensive loss	$	71	$	—	$	1	$	—	$	—	$	—	$	—	$	—

(a) Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.

(b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets


	December 31, 2022
			Duke		Duke
	Duke		Energy		Energy
(in millions)	Energy		Ohio		Indiana
Projected benefit obligation	$	3,323	$	103	$	198
Accumulated benefit obligation	3,288		99		193
Fair value of plan assets	3,073		31		110


	December 31, 2021
	Duke		Duke
	Energy		Energy
(in millions)	Ohio		Indiana
Projected benefit obligation	$	153	$	284
Accumulated benefit obligation	143		275
Fair value of plan assets	67		173

Assumptions Used for Pension Benefits Accounting

The following tables present the assumptions or range of assumptions used for pension benefit accounting.


	December 31,
	2022				2021				2020
Benefit Obligations
Discount rate				5.60%				2.90%				2.60%
Interest crediting rate				4.35%				4.00%				4.00%
Salary increase	3.50	%	–	4.00%	3.50	%	–	4.00%	3.50	%	–	4.00%
Net Periodic Benefit Cost
Discount rate	2.90	%	–	5.70%				2.60%				3.30%
Interest crediting rate				4.00%				4.00%				4.00%
Salary increase	3.50	%	–	4.00%	3.50	%	–	4.00%	3.50	%	–	4.00%
Expected long-term rate of return on plan assets				6.50%				6.50%				6.85%

Expected Benefit Payments


			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Years ending December 31,
2023	$	661	$	186	$	183	$	99	$	83	$	32	$	45	$	19
2024	635		176		180		95		84		31		45		18
2025	629		174		183		97		85		31		44		16
2026	607		164		180		91		87		30		44		16
2027	592		156		177		89		87		29		43		15
2028-2032	2,581		628		804		372		427		135		205		71

Other Post-Retirement Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs

Components of Net Periodic Other Post-Retirement Benefit Costs


	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	3	$	1	$	—	$	—	$	—	$	—	$	—	$	—
Interest cost on accumulated post-retirement benefit obligation	17		4		7		4		3		1		1		1
Expected return on plan assets	(10)		(6)		—		—		—		—		—		(2)
Amortization of actuarial loss	2		—		1		1		1		—		—		—
Amortization of prior service credit	(8)		(3)		(2)		(1)		(1)		—		—		(2)

Net periodic post-retirement benefit costs (a)(b)	$	4	$	(4)	$	6	$	4	$	3	$	1	$	1	$	(3)


	Year Ended December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	4	$	1	$	1	$	—	$	—	$	—	$	1	$	—
Interest cost on accumulated post-retirement benefit obligation	18		4		7		4		3		1		1		1
Expected return on plan assets	(11)		(7)		—		—		—		—		—		(2)
Amortization of actuarial loss	2		—		1		—		1		—		4		—
Amortization of prior service credit	(13)		(4)		(2)		(1)		(1)		(1)		(1)		(2)

Net periodic post-retirement benefit costs(a)(b)	$	—	$	(6)	$	7	$	3	$	3	$	—	$	5	$	(3)


	Year Ended December 31, 2020
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	4	$	1	$	1	$	—	$	—	$	—	$	1	$	—
Interest cost on accumulated post-retirement benefit obligation	23		5		10		5		4		1		2		1
Expected return on plan assets	(13)		(8)		—		—		—		—		—		(2)
Amortization of actuarial loss	2		—		1		—		1		—		4		—
Amortization of prior service credit	(14)		(4)		(3)		(1)		(2)		(1)		(1)		(2)

Net periodic post-retirement benefit costs(a)(b)	$	2	$	(6)	$	9	$	4	$	3	$	—	$	6	$	(3)

(a) Duke Energy amounts exclude $4 million, $5 million and $6 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b) Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

Amounts Recognized in AOCI and Regulatory Assets and Liabilities

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities


	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Regulatory assets, net (decrease) increase	$	(79)	$	—	$	(80)	$	(45)	$	(36)	$	—	$	(3)	$	—
Regulatory liabilities, net increase (decrease)	$	27	$	—	$	—	$	—	$	—	$	—	$	19	$	(5)
Accumulated other comprehensive (income) loss


Amortization of prior year actuarial gain	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net amount recognized in accumulated other comprehensive income	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	Year Ended December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Regulatory assets, net (decrease) increase	$	(15)	$	—	$	(18)	$	(9)	$	(9)	$	4	$	(4)	$	—
Regulatory liabilities, net increase	$	23	$	12	$	—	$	—	$	—	$	4	$	1	$	2
Accumulated other comprehensive (income) loss


Amortization of prior year actuarial gain	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net amount recognized in accumulated other comprehensive income	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Net Amount Recognized

Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs


	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Change in Projected Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date	$	625	$	149	$	263	$	147	$	112	$	25	$	54	$	27

Service cost	3		1		—		—		—		—		—		—
Interest cost	17		4		7		4		3		1		1		1
Plan participants' contributions	11		2		4		2		2		1		1		—
Actuarial gains	(80)		(17)		(43)		(27)		(16)		(3)		(1)		(5)
Plan amendments	(71)		(11)		(37)		(18)		(19)		—		(17)		—

Benefits paid	(68)		(16)		(26)		(13)		(13)		(4)		(8)		(2)
Accumulated post-retirement benefit obligation at measurement date	$	437	$	112	$	168	$	95	$	69	$	20	$	30	$	21
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	211	$	135	$	(1)	$	(2)	$	(2)	$	9	$	6	$	39

Actual return on plan assets	(31)		(19)		—		—		—		(2)		—		(7)
Benefits paid	(68)		(16)		(26)		(13)		(13)		(4)		(8)		(2)

Employer contributions	39		3		23		11		11		3		4		1
Plan participants' contributions	11		2		4		2		2		1		1		—
Plan assets at measurement date	$	162	$	105	$	—	$	(2)	$	(2)	$	7	$	3	$	31
Funded status of plan	$	(275)	$	(7)	$	(168)	$	(97)	$	(71)	$	(13)	$	(27)	$	10


	Year Ended December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Change in Projected Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date	$	709	$	174	$	299	$	166	$	130	$	27	$	61	$	30

Service cost	4		1		1		—		—		—		1		—
Interest cost	18		4		7		4		3		1		1		1
Plan participants' contributions	14		3		5		3		2		1		2		—
Actuarial gains	(47)		(14)		(20)		(10)		(10)		(1)		(2)		(2)

Benefits paid	(73)		(19)		(29)		(16)		(13)		(3)		(9)		(2)
Accumulated post-retirement benefit obligation at measurement date	$	625	$	149	$	263	$	147	$	112	$	25	$	54	$	27
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	237	$	139	$	(1)	$	(2)	$	(1)	$	9	$	7	$	37

Actual return on plan assets	15		9		—		—		—		1		—		3
Benefits paid	(73)		(19)		(29)		(16)		(13)		(3)		(9)		(2)

Employer contributions	18		3		24		13		10		1		6		1
Plan participants' contributions	14		3		5		3		2		1		2		—
Plan assets at measurement date	$	211	$	135	$	(1)	$	(2)	$	(2)	$	9	$	6	$	39
Funded status of plan	$	(414)	$	(14)	$	(264)	$	(149)	$	(114)	$	(16)	$	(48)	$	12

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets


	December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Prefunded post-retirement benefit	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	10
Current post-retirement liability(a)	9		—		5		3		2		2		—		—
Noncurrent post-retirement liability(b)	266		7		163		94		69		12		27		—
Net liability (asset) recognized	$	275	$	7	$	168	$	97	$	71	$	13	$	27	$	(10)
Regulatory assets	$	50	$	—	$	46	$	34	$	11	$	4	$	25	$	—
Regulatory liabilities	$	189	$	44	$	—	$	—	$	—	$	21	$	82	$	—
Accumulated other comprehensive (income) loss
Deferred income tax expense	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Prior service credit	(1)		—		—		—		—		—		—		—
Net actuarial gain	(13)		—		—		—		—		—		—		—
Net amounts recognized in accumulated other comprehensive income	$	(11)	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	December 31, 2021
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Prefunded post-retirement benefit	$	12	$	—	$	—	$	—	$	—	$	1	$	—	$	12
Current post-retirement liability(a)	9		—		5		3		2		1		—		—
Noncurrent post-retirement liability(b)	417		14		259		146		112		16		48		—
Net liability (asset) recognized	$	414	$	14	$	264	$	149	$	114	$	16	$	48	$	(12)
Regulatory assets	$	129	$	—	$	126	$	79	$	47	$	4	$	28	$	—
Regulatory liabilities	$	162	$	44	$	—	$	—	$	—	$	21	$	63	$	5
Accumulated other comprehensive (income) loss
Deferred income tax expense	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Prior service credit	(1)		—		—		—		—		—		—		—
Net actuarial gain	(14)		—		—		—		—		—		—		—
Net amounts recognized in accumulated other comprehensive income	$	(12)	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(a) Included in Other within Current Liabilities on the Consolidated Balance Sheets.

(b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Assumptions Used for Pension Benefits Accounting

The following tables present the assumptions used for other post-retirement benefits accounting.


	December 31,
	2022		2021		2020
Benefit Obligations
Discount rate	5.60	%	2.90	%	2.60	%
Net Periodic Benefit Cost
Discount rate	2.90	%	2.60	%	3.30	%
Expected long-term rate of return on plan assets	6.50	%	6.50	%	6.85	%

Expected Benefit Payments


			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Years ending December 31,
2023	$	68	$	16	$	25	$	14	$	11	$	3	$	7	$	2
2024	49		13		18		10		7		3		4		2
2025	45		12		16		9		7		2		3		2
2026	41		11		15		9		6		2		3		2
2027	38		10		14		8		6		2		3		2
2028-2032	158		41		61		36		25		8		9		9

Assumed Health Care Cost Trend Rate


	December 31,
	2022		2021
Health care cost trend rate assumed for next year	6.50	%	6.25	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	4.75	%	4.75	%
Year that rate reaches ultimate trend	2030-2032		2028