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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt and Credit Facilities DEBT AND CREDIT FACILITIES
Summary of Debt and Related Terms
The following tables summarize outstanding debt.
 December 31, 2023
Weighted
AverageDukeDukeDukeDukeDuke
InterestDukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) Rate EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unsecured debt, maturing 2024-2082
4.36 %$30,435 $1,150 $1,800 $— $150 $1,155 $393 $3,695 
Secured debt, maturing 2024-2052
4.23 %4,202 1,441 2,379 1,121 1,258 — — — 
First mortgage bonds, maturing 2025-2073(a)
4.18 %37,443 12,955 18,550 9,475 9,075 2,300 3,638 — 
Finance leases, maturing 2024-2051(b)
639 277 571 552 19 — 9 — 
Tax-exempt bonds, maturing 2027-2046(c)
3.89 %1,331 — 500 500 — 77 352 — 
Notes payable and commercial paper(d)
5.58 %4,925 — — — — — — — 
Money pool/intercompany borrowings — 968 1,193 1,041 152 638 407 538 
Fair value hedge carrying value adjustment  32 — — — — — — — 
Unamortized debt discount and premium, net(e)
 916 (29)(46)(24)(20)(24)(16)(8)
Unamortized debt issuance costs(f)
(383)(82)(145)(60)(81)(15)(25)(19)
Total debt 4.35 %$79,540 $16,680 $24,802 $12,605 $10,553 $4,131 $4,758 $4,206 
Short-term notes payable and commercial paper  (4,288)— — — — — — — 
Short-term money pool/intercompany borrowings — (668)(1,043)(891)(152)(613)(256)(538)
Current maturities of long-term debt(g)
 (2,800)(19)(661)(72)(589)— (4)(40)
Total long-term debt(g)
$72,452 $15,993 $23,098 $11,642 $9,812 $3,518 $4,498 $3,628 
(a)Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b)Duke Energy includes $63 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP.
(c)Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility.
(d)Includes $625 million classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper program was 23 days.
(e)Duke Energy includes $992 million and $69 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively.
(f)Duke Energy includes $25 million in purchase accounting adjustments primarily related to the merger with Progress Energy.
(g)Refer to Note 18 for additional information on amounts from consolidated VIEs.
 December 31, 2022
Weighted
AverageDukeDukeDukeDukeDuke
InterestDukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) Rate EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Unsecured debt, maturing 2023-2082
4.20 %$29,585 $1,150 $2,600 $— $950 $1,330 $697 $3,390 
Secured debt, maturing 2023-2052
3.70 %4,116 1,317 2,383 1,155 1,228 — — — 
First mortgage bonds, maturing 2023-2052(a)
3.89 %32,645 11,306 16,350 8,776 7,576 1,850 3,138 — 
Finance leases, maturing 2024-2051(b)
764 284 628 587 41 — 9 — 
Tax-exempt bonds, maturing 2027-2046(c)
3.84 %1,331 — 500 500 — 77 352 — 
Notes payable and commercial paper(d)
4.50 %4,582 — — — — — — — 
Money pool/intercompany borrowings— 1,533 993 389 605 522 585 514 
Fair value hedge carrying value adjustment (5)— — — — — — — 
Unamortized debt discount and premium, net(e)
1,016 (21)(40)(23)(16)(25)(17)(9)
Unamortized debt issuance costs(f)
(331)(70)(132)(59)(70)(12)(22)(18)
Total debt 4.07 %$73,703 $15,499 $23,282 $11,325 $10,314 $3,742 $4,742 $3,877 
Short-term notes payable and commercial paper  (3,952)— — — — — — — 
Short-term money pool/intercompany borrowings — (1,233)(843)(238)(605)(497)(435)(514)
Current maturities of long-term debt(g)
 (3,878)(1,018)(697)(369)(328)(475)(303)(45)
Total long-term debt(g)
$65,873 $13,248 $21,742 $10,718 $9,381 $2,770 $4,004 $3,318 
(a)    Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b)    Duke Energy includes $164 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP.
(c)    Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility.
(d)    Includes $625 million that was classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper programs was 15 days.
(e)    Duke Energy includes $1,057 million and $85 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively.
(f)    Duke Energy includes $27 million in purchase accounting adjustments primarily related to the merger with Progress Energy.
(g)     Refer to Note 18 for additional information on amounts from consolidated VIEs.
Current Maturities of Long-Term Debt
The following table shows the significant components of Current maturities of Long-Term Debt on the Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions)Maturity DateInterest RateDecember 31, 2023
Unsecured Debt
Duke Energy (Parent) Term Loan Facility(a)
March 2024
6.157 %1,000 
Duke Energy (Parent)
April 2024
3.750 %1,000 
First Mortgage Bonds
Duke Energy Florida(b)
October 2073
4.960 %200 
Other(c)
600 
Current maturities of long-term debt$2,800 
(a)    Debt has a floating interest rate. In January 2024, Duke Energy (Parent) repaid the Term Loan Facility due March 2024.
(b)    While final maturity is October 2073, these first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets beginning December 31, 2023, based on terms of the indenture, which could require repayment in less than 12 months if exercised by the bondholders.
(c)    Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.
Maturities and Call Options
The following table shows the annual maturities of long-term debt for the next five years and thereafter. Amounts presented exclude short-term notes payable, commercial paper and money pool borrowings and debt issuance costs for the Subsidiary Registrants.
 December 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)
Energy(a)
CarolinasEnergyProgressFloridaOhioIndianaPiedmont
2024$2,800 $19 $664 $72 $592 $— $4 $40 
20254,177 521 1,040 975 65 245 4 205 
20264,280 623 345 279 66 45 4 40 
20272,472 25 797 83 714 77 27 300 
20284,593 1,276 1,551 737 815 65 157 — 
Thereafter56,375 13,659 19,543 9,652 8,239 3,125 4,347 3,110 
Total long-term debt, including current maturities$74,697 $16,123 $23,940 $11,798 $10,491 $3,557 $4,543 $3,695 
(a)    Excludes $1,086 million in purchase accounting adjustments related to the Progress Energy merger and the Piedmont acquisition.
The Duke Energy Registrants have the ability under certain debt facilities to call and repay the obligation prior to its scheduled maturity. Therefore, the actual timing of future cash repayments could be materially different than as presented above.
Short-Term Obligations Classified as Long-Term Debt
Tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder and certain commercial paper issuances and money pool borrowings are classified as Long-Term Debt on the Consolidated Balance Sheets. These tax-exempt bonds, commercial paper issuances and money pool borrowings, which are short-term obligations by nature, are classified as long-term due to Duke Energy’s intent and ability to utilize such borrowings as long-term financing. As Duke Energy’s Master Credit Facility and other bilateral letter of credit agreements have non-cancelable terms in excess of one year as of the balance sheet date, Duke Energy has the ability to refinance these short-term obligations on a long-term basis. The following tables show short-term obligations classified as long-term debt.
 
December 31, 2023 and 2022
DukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasProgressOhioIndiana
Tax-exempt bonds $312 $— $— $27 $285 
Commercial paper(a)
625 300 150 25 150 
Total $937 $300 $150 $52 $435 
(a)    Progress Energy amounts are equal to Duke Energy Progress amounts.
Summary of Significant Debt Issuances
In January 2024, Duke Energy Corporation issued $1.25 billion of senior unsecured notes. The issuance was split between a $600 million, three-year tranche and a $650 million, five-year tranche, both at a fixed rate of 4.85%. The net proceeds were used to repay Duke Energy (Parent)'s $1 billion Term Loan Facility due March 2024, pay off short-term debt and for general corporate purposes.
In January 2024, Duke Energy Carolinas issued $1 billion of first mortgage bonds. The issuance consisted of a $575 million, 10-year tranche at 4.85% and a $425 million, 30-year tranche at 5.40%. The net proceeds were used to pay off short-term debt and for general company purposes.
The following tables summarize significant debt issuances (in millions).
Year Ended December 31, 2023
DukeDukeDukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Unsecured Debt
April 2023(a)
April 20264.125 %$1,725 $1,725 $— $— $— $— $— $— 
June 2023(b)
June 20335.400 %350 — — — — — — 350 
September 2023(c)
September 2033
5.750 %600 600 — — — — — — 
September 2023(c)
September 2053
6.100 %750 750 — — — — — — 
First Mortgage Bonds
January 2023(d)
January 20334.950 %900 — 900 — — — — — 
January 2023(d)
January 20535.350 %900 — 900 — — — — — 
March 2023(e)
March 20335.250 %500 — — 500 — — — — 
March 2023(e)
March 20535.350 %500 — — 500 — — — — 
March 2023(f)
April 20335.250 %375 — — — — 375 — — 
March 2023(f)
April 20535.650 %375 — — — — 375 — — 
March 2023(g)
April 20535.400 %500 — — — — — 500 — 
June 2023(h)
January 20334.950 %350 — 350 — — — — — 
June 2023(h)
January 20545.400 %500 — 500 — — — — — 
September 2023(h)
October 2073
4.960 %200 — — — 200 — — — 
November 2023(i)
November 2033
5.875 %600 — — — 600 — — — 
November 2023(i)
November 2053
6.200 %700 — — — 700 — — — 
Total issuances$9,825 $3,075 $2,650 $1,000 $1,500 $750 $500 $350 
(a)See "Duke Energy (Parent) Convertible Senior Notes" below for additional information.
(b)Debt issued to repay $45 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes.
(c)Debt issued to repay $400 million of maturities due October 2023, to pay down a portion of short-term debt and for general corporate purposes.
(d)Debt issued to repay $1 billion of maturities due March 2023, to pay down a portion of short-term debt and for general company purposes.
(e)Debt issued to repay $300 million of maturities due September 2023, to pay down a portion of short-term debt and for general company purposes.
(f)Debt issued to repay $300 million of maturities due September 2023, to pay down a portion of the $100 million Duke Energy Ohio Term Loan due October 2023, to repay a portion of short-term debt and for general corporate purposes.
(g)Debt issued to repay the $300 million Duke Energy Indiana Term Loan due October 2023, to pay down a portion of short-term debt and for general company purposes.
(h)Debt issued to pay down a portion of short-term debt and for general company purposes.
(i)Debt issued to repay the $800 million Duke Energy Florida Term Loan due April 2024, to pay down a portion of short-term debt and for general company purposes.
Year Ended December 31, 2022
DukeDukeDukeDuke
MaturityInterestDukeEnergyEnergyEnergyEnergy
Issuance DateDateRateEnergy(Parent)CarolinasProgressFloridaPiedmont
Unsecured Debt
May 2022(a)
May 20525.050 %$400 $— $— $— $— $400 
June 2022(b)
June 20284.750 %645 645 — — — — 
June 2022(b)
June 20345.306 %537 537 — — — — 
August 2022(c)
March 20284.300 %900 900 — — — — 
August 2022(c)
August 20324.500 %1,150 1,150 — — — — 
August 2022(c)
August 20525.000 %1,150 1,150 — — — 
December 2022(c)
December 20255.000 %500 500 — — — — 
December 2022(c)
December 20275.000 %500 500 — — — — 
First Mortgage Bonds
March 2022(d)
March 20322.850 %500 — 500 — — — 
March 2022(d)
March 20523.550 %650 — 650 — — — 
March 2022(d)
April 20323.400 %500 — — 500 — — 
March 2022(d)
April 20524.000 %

400 — — 400 — — 
November 2022(e)
November 20525.950 %500 — — — 500 — 
Tax-exempt Bonds— — — — — 
June 2022(f)
September 20304.000 %168 168 — — — — 
June 2022(f)
November 20394.250 %234 234 — — — — 
September 2022(g)
October 20463.300 %200 — — 200 — 
September 2022(h)
October 20463.700 %210 — — 210 — 
September 2022(h)
October 20464.000 %42 — — 42 — 
Total issuances$9,186 $5,784 $1,150 $1,352 $500 $400 
(a)Debt issued to repay a portion of short-term debt and for general corporate purposes.
(b)Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Debt issued to repay a $500 million debt maturity, pay down a portion of short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 15 for additional information.
(c)Debt issued to repay a portion of short-term debt and for general corporate purposes.
(d)Debt issued to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework.
(e)Debt issued to repay a portion of short-term debt and for general company purposes.
(f)Debt issued to refund the Ohio Air Quality Development Revenue Refunding bonds, previously held in treasury, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027.
(g)Debt issued to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026.
(h)Debt issued to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030.
Duke Energy (Parent) Convertible Senior Notes
In April 2023, Duke Energy (Parent) completed the sale of $1.7 billion 4.125% Convertible Senior Notes due April 2026 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on April 15, 2026, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 4.125% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2023. Proceeds were used to repay a portion of outstanding commercial paper and for general corporate purposes.
Prior to the close of business on the business day immediately preceding January 15, 2026, the convertible notes will be convertible at the option of the holders when the following conditions are met:
•during any calendar quarter commencing after the calendar quarter ending on June 30, 2023, (and only during such calendar quarter) if the last reported sale price of Duke Energy common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the five consecutive business day period after any 10 consecutive trading day period (the measurement period) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Duke Energy common stock and the conversion rate on each such trading day; or
•upon the occurrence of specified corporate events described in the indenture agreement.
On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.
The conversion rate for the convertible notes is initially 8.4131 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 25% over the last reported sale price of Duke Energy’s common stock on the NYSE on April 3, 2023. The conversion rate and the corresponding conversion price will not be adjusted for any accrued and unpaid interest but will be subject to adjustment in some instances, such as stock splits or share combinations, certain distributions to common stockholders, or tender offers at off-market rates. The changes in the conversion rates are intended to make convertible note holders whole for changes in the fair value of Duke Energy common stock resulting from such events. Duke Energy may not redeem the convertible notes prior to the maturity date.
Duke Energy issued the convertible notes pursuant to an indenture, dated as of April 6, 2023, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.
AVAILABLE CREDIT FACILITIES
Master Credit Facility
In March 2023, Duke Energy amended its existing Master Credit Facility of $9 billion to extend the termination date to March 2028. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default.
The table below includes the current borrowing sublimits and available capacity under these credit facilities.
 December 31, 2023
DukeDukeDukeDukeDukeDuke
DukeEnergyEnergyEnergyEnergyEnergyEnergy
(in millions) Energy(Parent)CarolinasProgressFloridaOhioIndianaPiedmont
Facility size(a)
$9,000 $2,275 $1,575 $1,400 $950 $1,050 $950 $800 
Reduction to backstop issuances
Commercial paper(b)
(3,941)(198)(968)(1,041)(152)(638)(406)(538)
Outstanding letters of credit (39)(27)(4)(1)(7)— — — 
Tax-exempt bonds (81)— — — — — (81)— 
Available capacity $4,939 $2,050 $603 $358 $791 $412 $463 $262 
(a)    Represents the sublimit of each borrower.
(b)    Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies in the Consolidated Balance Sheets.
Duke Energy (Parent) Term Loan Facility
In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Facility (facility) with commitments totaling $1.4 billion maturing March 2024. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. The Three-Year Revolving Credit Facility was terminated in March 2022. In December 2022, Duke Energy (Parent) repaid $400 million of the facility. In January 2024, Duke Energy (Parent) repaid the remaining $1 billion outstanding on the facility, which was classified as Current maturities of long-term debt on Duke Energy's Consolidated Balance Sheets as of December 31, 2023.
Other Debt Matters
In September 2022, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy, may issue debt and other securities, including preferred stock, in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy.
Also in September 2022, to replace another similar prior filing, Duke Energy filed an effective Form S-3 with the SEC to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Duke Energy PremierNotes Committee, or its designee, on a weekly basis. The interest rate payable on notes held by an investor may vary based on the principal amount of the investment. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Duke Energy or at the investor’s option at any time. The balance as of December 31, 2023, and 2022, was $985 million and $897 million, respectively. The notes are short-term debt obligations of Duke Energy and are reflected as Notes payable and commercial paper on Duke Energy’s Consolidated Balance Sheets.
Money Pool and Intercompany Credit Agreements
The Subsidiary Registrants, excluding Progress Energy, are eligible to receive support for their short-term borrowing needs through participation with Duke Energy and certain of its subsidiaries in a money pool arrangement. Under this arrangement, those companies with short-term funds may provide short-term loans to affiliates participating in this arrangement. The money pool is structured such that the Subsidiary Registrants, excluding Progress Energy, separately manage their cash needs and working capital requirements. Accordingly, there is no net settlement of receivables and payables between money pool participants. Duke Energy (Parent) may loan funds to its participating subsidiaries, but may not borrow funds through the money pool. Accordingly, as the money pool activity is between Duke Energy and its subsidiaries, all money pool balances are eliminated within Duke Energy’s Consolidated Balance Sheets.
Money pool receivable balances are reflected within Notes receivable from affiliated companies on the Subsidiary Registrants’ Consolidated Balance Sheets. Money pool payable balances are reflected within either Notes payable to affiliated companies or Long-Term Debt Payable to Affiliated Companies on the Subsidiary Registrants’ Consolidated Balance Sheets.
In March 2022, Progress Energy closed a revolving credit agreement with Duke Energy (Parent), which allowed up to $2.5 billion in intercompany borrowings.
Restrictive Debt Covenants
The Duke Energy Registrants’ debt and credit agreements contain various financial and other covenants. Duke Energy's Master Credit Facility contains a covenant requiring the debt-to-total capitalization ratio not to exceed 65% for each borrower, excluding Piedmont, and 70% for Piedmont. Failure to meet those covenants beyond applicable grace periods could result in accelerated due dates and/or termination of the agreements. As of December 31, 2023, each of the Duke Energy Registrants were in compliance with all covenants related to their debt agreements. In addition, some credit agreements may allow for acceleration of payments or termination of the agreements due to nonpayment, or acceleration of other significant indebtedness of the borrower or some of its subsidiaries. None of the debt or credit agreements contain material adverse change clauses.
Other Loans
As of December 31, 2023, and 2022, Duke Energy had loans outstanding of $873 million, including $32 million at Duke Energy Progress and $852 million, including $33 million at Duke Energy Progress, respectively, against the cash surrender value of life insurance policies it owns on the lives of its executives. The amounts outstanding were carried as a reduction of the related cash surrender value that is included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.