XML 76 R37.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
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.
June 30, 2023
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$142 $142 $— $— $— 
NDTF equity securities6,836 6,795 — — 41 
NDTF debt securities2,593 804 1,789 — — 
Other equity securities146 146 — — — 
Other debt securities265 46 219 — — 
Other cash and cash equivalents89 89 — — — 
Derivative assets322 1 280 41 — 
Total assets10,393 8,023 2,288 41 41 
Derivative liabilities(509)(5)(504)— — 
Net assets$9,884 $8,018 $1,784 $41 $41 
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 assets795 1 760 34 — 
Total assets9,846 7,030 2,740 34 42 
Derivative liabilities(437)(16)(421)— — 
Net assets$9,409 $7,014 $2,319 $34 $42 
Reconciliation of Assets and Liabilities Measured At Fair Value on 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)
Three Months Ended June 30,Six Months Ended June 30,
(in millions) 2023202220232022
Balance at beginning of period$12 $10 $34 $24 
Purchases, sales, issuances and settlements:
Purchases47 77 47 77 
Settlements(38)15 (58)8 
Total gains (losses) included on the Condensed Consolidated Balance Sheet20 (13)18 (20)
Balance at end of period$41 $89 $41 $89 
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
June 30, 2023
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy Ohio 
FTRs$4 RTO auction pricingFTR price – per MWh$(0.19)-$2.71 $0.83 
Duke Energy Indiana 
FTRs37 RTO auction pricingFTR price – per MWh(1.64)-12.51 1.90 
Duke Energy
Total Level 3 derivatives$41 
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 
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. Debt related to the Commercial Renewables Disposal Groups is now classified as held for sale and is excluded from the following disclosures. See Note 2 for further information. 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.
June 30, 2023December 31, 2022
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$74,523 $67,125 $69,751 $61,986 
Duke Energy Carolinas15,966 14,693 14,266 12,943 
Progress Energy23,439 21,546 22,439 20,467 
Duke Energy Progress12,041 10,660 11,087 9,689 
Duke Energy Florida9,755 9,106 9,709 8,991 
Duke Energy Ohio3,991 3,705 3,245 2,927 
Duke Energy Indiana4,503 4,148 4,307 3,913 
Piedmont3,712 3,272 3,363 2,940 
(a)Book value of long-term debt includes $1.13 billion and $1.17 billion at June 30, 2023, and December 31, 2022, 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.
June 30, 2023
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$53 $53 $— $— 
NDTF equity securities3,945 3,904 — 41 
NDTF debt securities1,334 336 998 — 
Derivative assets62 — 62 — 
Total assets5,394 4,293 1,060 41 
Derivative liabilities(183)— (183)— 
Net assets$5,211 $4,293 $877 $41 
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 
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 Condensed Consolidated Balance Sheets.
June 30, 2023December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$89 $89 $— $98 $98 $— 
NDTF equity securities2,891 2,891 — 2,504 2,504 — 
NDTF debt securities1,259 468 791 1,252 457 795 
Other debt securities25 — 25 25 — 25 
Other cash and cash equivalents8 8 — 11 11 — 
Derivative assets90 — 90 248 — 248 
Total assets4,362 3,456 906 4,138 3,070 1,068 
Derivative liabilities(146)— (146)(66)— (66)
Net assets$4,216 $3,456 $760 $4,072 $3,070 $1,002 
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 Condensed Consolidated Balance Sheets.
June 30, 2023December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$77 $77 $— $56 $56 $— 
NDTF equity securities2,783 2,783 — 2,411 2,411 — 
NDTF debt securities968 234 734 963 225 738 
Other cash and cash equivalents5 5 — 9 9 — 
Derivative assets60 — 60 230 — 230 
Total assets3,893 3,099 794 3,669 2,701 968 
Derivative liabilities(146)— (146)(48)— (48)
Net assets$3,747 $3,099 $648 $3,621 $2,701 $920 
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 Condensed Consolidated Balance Sheets.
June 30, 2023December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$12 $12 $— $42 $42 $— 
NDTF equity securities108 108 — 93 93 — 
NDTF debt securities291 234 57 289 232 57 
Other debt securities25 — 25 25 — 25 
Other cash and cash equivalents2 2 — 1 1 — 
Derivative assets30 — 30 17 — 17 
Total assets468 356 112 467 368 99 
Derivative liabilities— — — (19)— (19)
Net assets$468 $356 $112 $448 $368 $80 
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 Condensed Consolidated Balance Sheets.
June 30, 2023December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$91 $91 $— $— $79 $79 $— $— 
Other debt securities62 — 62 — 60 — 60 — 
Other cash and cash equivalents— — — — 1 1 — — 
Derivative assets37 — — 37 110 — 81 29 
Total assets190 91 62 37 250 80 141 29 
Derivative liabilities(7)(6)(1)— (16)(16)— — 
Net assets$183 $85 $61 $37 $234 $64 $141 $29 
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 June 30,Six Months Ended June 30,
(in millions)2023202220232022
Balance at beginning of period$11 $10 $29 $22 
Purchases, sales, issuances and settlements:
Purchases42 74 42 74 
Settlements(37)16 (56)10 
Total gains (losses) included on the Condensed Consolidated Balance Sheet21 (16)22 (22)
Balance at end of period$37 $84 $37 $84 
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 Condensed Consolidated Balance Sheets.
June 30, 2023December 31, 2022
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$1 $1 $— $— $— $— 
Derivative liabilities(156)— (156)(168)— (168)
Net (liabilities) assets$(155)$1 $(156)$(168)$— $(168)