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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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 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




Contributions Made:
2023	$	100	$	26	$	22	$	13	$	9	$	5	$	8	$	3
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, 2023, and the actual asset allocations for the RCBP assets.


			Actual Allocation at
	Target		December 31,

	Allocation		2023		2022


Global equity securities	45	%	45	%	49	%
Global private equity securities	2	%	2	%	2	%
Debt securities	35	%	35	%	30	%
Return seeking debt securities	7	%	6	%	7	%
Hedge funds	4	%	4	%	6	%
Real estate and cash	7	%	8	%	6	%

Total	100	%	100	%	100	%

The following table includes the target asset allocations by asset class at December 31, 2023, and the actual asset allocations for the DELPP assets.


			Actual Allocation at
	Target		December 31,

	Allocation		2023		2022


Global equity securities	14	%	14	%	14	%
Global private equity securities	1	%	—	%	—	%
Debt securities	80	%	79	%	80	%
Return seeking debt securities	2	%	2	%	2	%
Hedge funds	1	%	2	%	2	%
Real estate and cash	2	%	3	%	2	%

Total	100	%	100	%	100	%

The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2023.


			Actual Allocation at
	Target		December 31,
	Allocation		2023		2022
U.S. equity securities	29	%	30	%	12	%
Non-U.S. equity securities	15	%	15	%	5	%
Real estate	5	%	7	%	3	%
Debt securities	47	%	30	%	11	%
Cash	4	%	18	%	69	%
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, 2023
	Total Fair								Not
(in millions)	Value		Level 1		Level 2		Level 3		Categorized(b)
Equity securities	$	2,221	$	1,995	$	211	$	—	$	15
Corporate debt securities	2,807		—		2,807		—		—
Short-term investment funds	233		—		233		—		—
Partnership interests	76		—		—		76		—
Hedge funds	164		—		—		—		164

U.S. government securities	1,571		—		1,571		—		—

Governments bonds – foreign	107		—		107		—		—
Cash	7		7		—		—		—
Government and commercial mortgage-backed securities	1		—		1		—		—
Net pending transactions and other investments	54		40		14		—		—
Total assets(a)	$	7,241	$	2,042	$	4,944	$	76	$	179

(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, 2023. 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, 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.

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


	December 31, 2023
	Total Fair
(in millions)	Value		Level 2
Cash and cash equivalents	$	4	$	4
Real estate	1		1
Equity securities	9		9
Debt securities	6		6
Total assets	$	20	$	20


	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

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)	2023		2022
Balance at January 1	$	62	$	95



Sales	(8)		(18)
Total gains and other, net	22		(8)
Transfer of Level 3 assets from other classifications	—		(7)
Balance at December 31	$	76	$	62

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,
2023	$	238	$	75	$	62	$	40	$	22	$	6	$	13	$	13
2022	246		76		65		43		22		6		12		13
2021	229		70		60		39		21		5		12		11

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs


	Year Ended December 31, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	117	$	38	$	33	$	19	$	13	$	3	$	6	$	4
Interest cost on projected benefit obligation	344		84		107		49		57		18		27		9
Expected return on plan assets	(588)		(160)		(198)		(93)		(104)		(24)		(40)		(20)
Amortization of actuarial loss	10		2		4		2		2		—		2		—
Amortization of prior service credit	(14)		(1)		—		—		—		—		(2)		(7)
Amortization of settlement charges	19		9		5		3		1		—		1		4

Net periodic pension costs(a)(b)	$	(112)	$	(28)	$	(49)	$	(20)	$	(31)	$	(3)	$	(6)	$	(10)


	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)

(a) Duke Energy amounts exclude $3 million, $3 million and $3 million for the years ended December 2023, 2022 and 2021, 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 2023, 2022 and 2021, 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, 2023
			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)	$	5	$	(14)	$	8	$	—	$	9	$	(3)	$	(2)	$	13
Accumulated other comprehensive loss (income)
Deferred income tax expense	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Amortization of prior year actuarial losses	(2)		—		—		—		—		—		—		—
Net amount recognized in accumulated other comprehensive income	$	(2)	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	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 actuarial losses	37		—		2		—		—		—		—		—
Net amount recognized in accumulated other comprehensive income	$	30	$	—	$	1	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Net Amount Recognized


	Year Ended December 31, 2023
			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	$	6,358	$	1,554	$	1,975	$	909	$	1,055	$	333	$	499	$	170

Service cost	110		36		30		18		12		3		6		3
Interest cost	344		84		107		49		57		18		27		9
Actuarial loss	94		11		47		18		29		2		4		9
Benefits paid	(607)		(177)		(159)		(80)		(78)		(31)		(40)		(16)

Transfers	—		6		(10)		(3)		(6)		—		—		—
Obligation at measurement date	$	6,299	$	1,514	$	1,990	$	911	$	1,069	$	325	$	496	$	175
Accumulated Benefit Obligation at measurement date	$	6,267	$	1,517	$	1,975	$	912	$	1,053	$	317	$	494	$	176
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	6,993	$	1,815	$	2,371	$	1,083	$	1,271	$	323	$	501	$	203

Employer contributions	100		26		22		13		9		5		8		3
Actual return on plan assets	676		183		229		107		120		29		45		23
Benefits paid	(607)		(177)		(159)		(80)		(78)		(31)		(40)		(16)

Transfers	—		6		(10)		(3)		(6)		—		—		—

Plan assets at measurement date	$	7,162	$	1,853	$	2,453	$	1,120	$	1,316	$	326	$	514	$	213
Funded status of plan	$	863	$	339	$	463	$	209	$	247	$	1	$	18	$	38


	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

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets


	December 31, 2023
			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)	$	863	$	339	$	463	$	209	$	247	$	74	$	105	$	38
Noncurrent pension liability(b)	$	—	$	—	$	—	$	—	$	—	$	73	$	87	$	—
Net asset (liability) recognized	$	863	$	339	$	463	$	209	$	247	$	1	$	18	$	38
Regulatory assets	$	2,021	$	531	$	678	$	353	$	325	$	89	$	176	$	97
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(27)	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—
Prior service credit	(1)		—		—		—		—		—		—		—
Net actuarial loss	127		—		3		—		—		—		2		—
Net amounts recognized in accumulated other comprehensive loss	$	99	$	—	$	2	$	—	$	—	$	—	$	2	$	—


	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	$	—	$	—	$	—	$	—	$	—

(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, 2023
		Duke		Duke
		Energy		Energy
(in millions)		Ohio		Indiana
Projected benefit obligation		$	105	$	208
Accumulated benefit obligation		100		203
Fair value of plan assets		31		121


	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

Assumptions Used for Pension Benefits Accounting

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


	December 31,
	2023					2022				2021
Benefit Obligations
Discount rate				5.40%					5.60%				2.90%
Interest crediting rate				4.15%					4.35%				4.00%
Salary increase	3.50	%	–	4.00%		3.50	%	–	4.00%	3.50	%	–	4.00%
Net Periodic Benefit Cost
Discount rate				5.60%		2.90	%	–	5.70%				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%
Expected long-term rate of return on plan assets	6.50	%	–	8.25	%				6.50%				6.50%

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,
2024	$	634	$	176	$	180	$	95	$	84	$	31	$	45	$	18
2025	624		171		182		97		84		30		44		16
2026	601		162		177		89		86		30		43		16
2027	582		153		175		87		86		29		42		15
2028	565		146		171		84		86		29		42		15
2029-2033	2,481		590		779		355		420		131		200		73

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, 2023
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	2	$	1	$	—	$	—	$	—	$	—	$	—	$	—
Interest cost on accumulated post-retirement benefit obligation	22		5		9		5		4		1		1		1
Expected return on plan assets	(11)		(7)		—		—		—		—		—		(2)
Amortization of actuarial (gain) loss	(6)		(3)		8		5		2		(2)		(3)		—
Amortization of prior service credit	(23)		(5)		(11)		(6)		(5)		—		(5)		—

Net periodic post-retirement benefit costs (a)(b)	$	(16)	$	(9)	$	6	$	4	$	1	$	(1)	$	(7)	$	(1)


	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)

(a) Duke Energy amounts exclude $4 million, $4 million and $5 million for the years ended December 2023, 2022 and 2021, 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, 2023
			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)	$	73	$	79	$	(7)	$	(5)	$	—	$	(2)	$	(2)	$	1
Regulatory liabilities, net increase (decrease)	$	41	$	62	$	—	$	—	$	—	$	(4)	$	(8)	$	—
Accumulated other comprehensive (income) loss

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


	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	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Net Amount Recognized

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


	Year Ended December 31, 2023
			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	$	437	$	112	$	168	$	95	$	69	$	20	$	30	$	21

Service cost	2		1		—		—		—		—		—		—
Interest cost	22		5		9		5		4		1		1		1
Plan participants' contributions	4		1		1		1		1		—		—		—
Actuarial (gains) losses	(10)		(2)		(10)		(6)		(4)		1		(1)		1

Transfers	(50)		(34)		—		—		—		—		—		(6)
Benefits paid	(58)		(14)		(22)		(11)		(10)		(3)		(6)		(2)
Accumulated post-retirement benefit obligation at measurement date	$	347	$	69	$	146	$	84	$	60	$	19	$	24	$	15
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	162	$	105	$	—	$	(2)	$	(2)	$	7	$	3	$	31
401(h) asset transfers	—		(8)		—		—		—		—		—		—
Actual return on plan assets	19		8		—		—		—		1		—		4
Benefits paid	(58)		(14)		(22)		(11)		(10)		(3)		(6)		(2)
Transfers	(13)		4		—		—		—		—		—		(7)
Employer contributions	42		6		20		11		10		2		6		1
Plan participants' contributions	4		1		1		1		1		—		—		—
Plan assets at measurement date	$	156	$	102	$	(1)	$	(1)	$	(1)	$	7	$	3	$	27
Funded status of plan	$	(191)	$	33	$	(147)	$	(85)	$	(61)	$	(12)	$	(21)	$	12


	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

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets


	December 31, 2023
			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	$	—	$	61	$	—	$	—	$	—	$	1	$	—	$	12
Current post-retirement liability(a)	12		3		5		3		2		1		—		—
Noncurrent post-retirement liability(b)	179		25		142		82		59		12		21		—
Net liability (asset) recognized	$	191	$	(33)	$	147	$	85	$	61	$	12	$	21	$	(12)
Regulatory assets	$	123	$	79	$	39	$	29	$	11	$	2	$	23	$	1
Regulatory liabilities	$	230	$	106	$	—	$	—	$	—	$	17	$	74	$	—
Accumulated other comprehensive (income) loss
Deferred income tax expense	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Net actuarial gain	(13)		—		(1)		—		—		—		—		—
Net amounts recognized in accumulated other comprehensive income	$	(10)	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—


	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)	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(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,
	2023					2022		2021
Benefit Obligations
Discount rate				5.40	%	5.60	%	2.90	%
Net Periodic Benefit Cost
Discount rate				5.60	%	2.90	%	2.60	%
Expected long-term rate of return on plan assets	6.50	%	–	8.25	%	6.50	%	6.50	%

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,
2024	$	57	$	14	$	18	$	11	$	8	$	3	$	4	$	2
2025	47		11		17		10		7		3		3		2
2026	42		10		15		9		6		3		3		2
2027	37		8		14		8		6		2		3		2
2028	34		7		13		8		5		2		2		2
2029-2033	124		23		55		32		23		7		8		7

Assumed Health Care Cost Trend Rate


	December 31,
	2023		2022
Health care cost trend rate assumed for next year – pre-65 trend	6.50	%	6.50	%
Health care cost trend rate assumed for next year – post-65 trend	—	%	6.50	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	4.75	%	4.75	%
Year that rate reaches ultimate trend	2031-2032		2030-2032