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Investments in Debt and Equity Securities
 12 Months Ended
Dec. 31, 2023
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, 2023, and 2022.
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, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $133 $— $— $215 
Equity securities 4,942 22 7,278 3,658 105 5,871 
Corporate debt securities 12 43 632 1 85 641 
Municipal bonds 6 16 347 — 39 330 
U.S. government bonds 24 65 1,575 2 112 1,423 
Other debt securities 1 13 178 — 18 156 
Total NDTF Investments$4,985 $159 $10,143 $3,661 $359 $8,636 
Other Investments       
Cash and cash equivalents $— $— $31 $— $— $22 
Equity securities 33 — 158 21 16 128 
Corporate debt securities — 6 82 — 12 84 
Municipal bonds 1 2 77 — 3 78 
U.S. government bonds — 2 65 — 2 62 
Other debt securities — 2 47 — 3 41 
Total Other Investments$34 $12 $460 $21 $36 $415 
Total Investments $5,019 $171 $10,603 $3,682 $395 $9,051 
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, 2023, 2022 and 2021, were as follows.
Years Ended December 31,
(in millions)202320222021
FV-NI:
Realized gains$129 $201 $724 
Realized losses146 316 141 
AFS:
Realized gains44 28 56 
Realized losses140 151 54 
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, 2023 December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $51 $— $— $117 
Equity securities 2,886 14 4,196 2,147 51 3,367 
Corporate debt securities 4 35 390 1 62 401 
Municipal bonds — 4 50 — 10 64 
U.S. government bonds 13 33 826 1 51 685 
Other debt securities 1 13 172 — 18 148 
Total NDTF Investments$2,904 $99 $5,685 $2,149 $192 $4,782 
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, 2023, 2022 and 2021, were as follows.
Years Ended December 31,
(in millions)202320222021
FV-NI:
Realized gains$82 $124 $440 
Realized losses79 177 96 
AFS:
Realized gains22 22 38 
Realized losses65 86 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, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $82 $— $— $98 
Equity securities 2,056 8 3,082 1,511 54 2,504 
Corporate debt securities 8 8 242 — 23 240 
Municipal bonds 6 12 297 — 29 266 
U.S. government bonds 11 32 749 1 61 738 
Other debt securities — — 6 — — 8 
Total NDTF Investments$2,081 $60 $4,458 $1,512 $167 $3,854 
Other Investments       
Cash and cash equivalents $— $— $18 $— $— $11 
Municipal bonds — 1 23 — — 25 
Total Other Investments$— $1 $41 $— $— $36 
Total Investments $2,081 $61 $4,499 $1,512 $167 $3,890 
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, 2023, 2022 and 2021, were as follows.
Years Ended December 31,
(in millions)202320222021
FV-NI:
Realized gains$47 $77 $284 
Realized losses67 139 45 
AFS:
Realized gains22 6 16 
Realized losses75 48 14 
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, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $55 $— $— $56 
Equity securities 1,956 8 2,970 1,431 54 2,411 
Corporate debt securities 7 8 229 — 22 230 
Municipal bonds 6 12 297 — 29 266 
U.S. government bonds 10 18 518 1 37 460 
Other debt securities — — 6 — — 7 
Total NDTF Investments$1,979 $46 $4,075 $1,432 $142 $3,430 
Other Investments       
Cash and cash equivalents $— $— $14 $— $— $9 
Total Other Investments$— $— $14 $— $— $9 
Total Investments $1,979 $46 $4,089 $1,432 $142 $3,439 
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, 2023, 2022 and 2021, were as follows.
Years Ended December 31,
(in millions)202320222021
FV-NI:
Realized gains$44 $76 $283 
Realized losses66 136 44 
AFS:
Realized gains20 6 15 
Realized losses70 44 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, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF        
Cash and cash equivalents $— $— $27 $— $— $42 
Equity securities 100 — 112 80 — 93 
Corporate debt securities 1 — 13 — 1 10 
U.S. government bonds 1 14 231 — 24 278 
Other debt securities — — — — — 1 
Total NDTF Investments(a)
$102 $14 $383 $80 $25 $424 
Other Investments    
Cash and cash equivalents $— $— $3 $— $— $1 
Municipal bonds — 1 23 — 25 
Total Other Investments$— $1 $26 $— $— $26 
Total Investments $102 $15 $409 $80 $25 $450 
(a)    During the years ended December 31, 2023, and 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2023, 2022 and 2021, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
 December 31, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
Investments       
Cash and cash equivalents$— $— $1 $— $— $1 
Equity securities 4 — 98 2 16 79 
Corporate debt securities — — 8 — 1 8 
Municipal bonds 1 1 46 — 3 45 
U.S. government bonds — — 10 — — 7 
Total Investments $5 $1 $163 $2 $20 $140 
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, 2023, 2022 and 2021, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
December 31, 2023
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$116 $9 $89 $13 $76 $7 
Due after one through five years696 226 391 254 137 20 
Due after five through 10 years598 333 217 204 13 11 
Due after 10 years1,593 870 620 579 41 26 
Total$3,003 $1,438 $1,317 $1,050 $267 $64