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Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of Outstanding Derivative Positions
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
March 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$2,550 $— $— $— $— $— $— 
Undesignated contracts2,402 850 1,325 875 450 200 27 
Total notional amount$4,952 $850 $1,325 $875 $450 $200 $27 
December 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndianaOhio
Cash flow hedges$2,300 $— $— $— $— $— $— 
Undesignated contracts2,727 1,050 1,250 925 325 400 27 
Total notional amount$5,027 $1,050 $1,250 $925 $325 $400 $27 
The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.
March 31, 2024
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)4,981 — — — 669 4,312 — 
Natural gas (millions of dekatherms)813 266 259 259 — 35 253 
December 31, 2023
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
EnergyCarolinasEnergyProgressOhioIndianaPiedmont
Electricity (GWh)13,608 — — — 1,616 11,992 — 
Natural gas (millions of dekatherms)846 279 274 274 — 30 263 
The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at March 31, 2024.
Fair Value Gain (Loss)(a)
(in millions)
Pay NotionalReceive NotionalReceiveHedgeThree Months Ended March 31,
(in millions)Pay Rate(in millions)RateMaturity Date20242023
Fair value hedges
$645 4.75 %600 euros3.10 %June 2028$2 $5 
537 5.31 %500 euros3.85 %June 20342 5 
Total notional amount$1,182 1,100 euros$4 $10 
(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded
Location and Fair Value of Derivatives Recognized in the Condensed Consolidated Balance Sheets
The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.
Derivative AssetsMarch 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$21 $1 $11 $1 $10 $— $7 $1 
Noncurrent54 25 29 29 — — — — 
Total Derivative Assets – Commodity Contracts$75 $26 $40 $30 $10 $— $7 $1 
Interest Rate Contracts
Designated as Hedging Instruments
Current$74 $— $— $— $— $— $— $— 
Noncurrent40 — — — — — — — 
Not Designated as Hedging Instruments
Noncurrent43 9 17 17 — — 17 — 
Total Derivative Assets – Interest Rate Contracts$157 $9 $17 $17 $— $— $17 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent$23 $— $— $— $— $— $— $— 
Total Derivative Assets – Foreign Currency Contracts$23 $— $— $— $— $— $— $— 
Total Derivative Assets$255 $35 $57 $47 $10 $— $24 $1 
Derivative LiabilitiesMarch 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$335 $175 $126 $126 $— $— $19 $14 
Noncurrent213 53 48 48 — — — 112 
Total Derivative Liabilities – Commodity Contracts$548 $228 $174 $174 $— $— $19 $126 
Interest Rate Contracts
Designated as Hedging Instruments
Current$14 $— $— $— $— $— $— $— 
Noncurrent11 — — — — — — — 
Not Designated as Hedging Instruments
Noncurrent21 6 14 7 7 1 — — 
Total Derivative Liabilities – Interest Rate Contracts$46 $6 $14 $7 $7 $1 $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current$18 $— $— $— $— $— $— $— 
Total Derivative Liabilities – Foreign Currency Contracts$18 $— $— $— $— $— $— $— 
Total Derivative Liabilities$612 $234 $188 $181 $7 $1 $19 $126 
Derivative AssetsDecember 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$25 $1 $3 $1 $2 $1 $18 $1 
Noncurrent57 26 31 31 — — — — 
Total Derivative Assets – Commodity Contracts$82 $27 $34 $32 $2 $1 $18 $1 
Interest Rate Contracts
Designated as Hedging Instruments
Current$31 $— $— $— $— $— $— $— 
Noncurrent17 — — — — — — — 
Not Designated as Hedging Instruments
Current$5 $5 $— $— $— $— $— $— 
Noncurrent10 3 — — — — 7 — 
Total Derivative Assets – Interest Rate Contracts$63 $8 $— $— $— $— $7 $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent$44 $— $— $— $— $— $— $— 
Total Derivative Assets – Foreign Currency Contracts
$44 $— $— $— $— $— $— $— 
Total Derivative Assets$189 $35 $34 $32 $2 $1 $25 $1 
Derivative LiabilitiesDecember 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current$354 $177 $138 $138 $— $— $18 $20 
Noncurrent255 67 61 61 — — — 127 
Total Derivative Liabilities – Commodity Contracts$609 $244 $199 $199 $— $— $18 $147 
Interest Rate Contracts
Designated as Hedging Instruments
Current$25 $— $— $— $— $— $— $— 
Noncurrent26 — — — — — — — 
Not Designated as Hedging Instruments
Current$13 $2 $11 $11 $— $— $— $— 
Noncurrent39 14 24 9 15 1 — — 
Total Derivative Liabilities – Interest Rate Contracts$103 $16 $35 $20 $15 $1 $— $— 
Foreign Currency Contracts
Designated as Hedging Instruments
Current$17 $— $— $— $— $— $— $— 
Total Derivative Liabilities – Foreign Currency Contracts
$17 $— $— $— $— $— $— $— 
Total Derivative Liabilities$729 $260 $234 $219 $15 $1 $18 $147 
Offsetting Assets
The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.
Derivative AssetsMarch 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$95 $1 $11 $1 $10 $— $7 $1 
Offset
(1)(1)(1)(1)— — — — 
Net amounts presented in Current Assets: Other$94 $— $10 $— $10 $— $7 $1 
Noncurrent
Gross amounts recognized$160 $34 $46 $46 $— $— $17 $— 
Offset
(31)(11)(20)(20)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$129 $23 $26 $26 $— $— $17 $— 
Derivative LiabilitiesMarch 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$367 $175 $126 $126 $— $— $19 $14 
Offset
(1)(1)(1)(1)— — — — 
Cash collateral posted
(85)(39)(26)(26)— — (19)— 
Net amounts presented in Current Liabilities: Other$281 $135 $99 $99 $— $— $— $14 
Noncurrent
Gross amounts recognized$245 $59 $62 $55 $7 $1 $— $112 
Offset
(31)(11)(20)(20)— — — — 
Cash collateral posted
$(52)$(30)$(21)$(21)$— $— $— $— 
Net amounts presented in Other Noncurrent Liabilities: Other$162 $18 $21 $14 $7 $1 $— $112 
Derivative AssetsDecember 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$61 $6 $3 $1 $2 $1 $18 $1 
Offset
(2)(1)(1)(1)— — — — 
Net amounts presented in Current Assets: Other$59 $5 $2 $— $2 $1 $18 $1 
Noncurrent
Gross amounts recognized$128 $29 $31 $31 $— $— $7 $— 
Offset
(37)(14)(22)(22)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$91 $15 $9 $9 $— $— $7 $— 
Derivative LiabilitiesDecember 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$409 $179 $149 $149 $— $— $18 $20 
Offset
(2)(1)(1)(1)— — — — 
Cash collateral posted
(96)(48)(30)(30)— — (18)— 
Net amounts presented in Current Liabilities: Other$311 $130 $118 $118 $— $— $— $20 
Noncurrent
Gross amounts recognized$320 $81 $85 $70 $15 $1 $— $127 
Offset
(37)(14)(22)(22)— — — — 
Cash collateral posted
(66)(38)(28)(28)— — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$217 $29 $35 $20 $15 $1 $— $127 
Offsetting Liabilities
The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.
Derivative AssetsMarch 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$95 $1 $11 $1 $10 $— $7 $1 
Offset
(1)(1)(1)(1)— — — — 
Net amounts presented in Current Assets: Other$94 $— $10 $— $10 $— $7 $1 
Noncurrent
Gross amounts recognized$160 $34 $46 $46 $— $— $17 $— 
Offset
(31)(11)(20)(20)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$129 $23 $26 $26 $— $— $17 $— 
Derivative LiabilitiesMarch 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$367 $175 $126 $126 $— $— $19 $14 
Offset
(1)(1)(1)(1)— — — — 
Cash collateral posted
(85)(39)(26)(26)— — (19)— 
Net amounts presented in Current Liabilities: Other$281 $135 $99 $99 $— $— $— $14 
Noncurrent
Gross amounts recognized$245 $59 $62 $55 $7 $1 $— $112 
Offset
(31)(11)(20)(20)— — — — 
Cash collateral posted
$(52)$(30)$(21)$(21)$— $— $— $— 
Net amounts presented in Other Noncurrent Liabilities: Other$162 $18 $21 $14 $7 $1 $— $112 
Derivative AssetsDecember 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$61 $6 $3 $1 $2 $1 $18 $1 
Offset
(2)(1)(1)(1)— — — — 
Net amounts presented in Current Assets: Other$59 $5 $2 $— $2 $1 $18 $1 
Noncurrent
Gross amounts recognized$128 $29 $31 $31 $— $— $7 $— 
Offset
(37)(14)(22)(22)— — — — 
Net amounts presented in Other Noncurrent Assets: Other$91 $15 $9 $9 $— $— $7 $— 
Derivative LiabilitiesDecember 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Current
Gross amounts recognized$409 $179 $149 $149 $— $— $18 $20 
Offset
(2)(1)(1)(1)— — — — 
Cash collateral posted
(96)(48)(30)(30)— — (18)— 
Net amounts presented in Current Liabilities: Other$311 $130 $118 $118 $— $— $— $20 
Noncurrent
Gross amounts recognized$320 $81 $85 $70 $15 $1 $— $127 
Offset
(37)(14)(22)(22)— — — — 
Cash collateral posted
(66)(38)(28)(28)— — — — 
Net amounts presented in Other Noncurrent Liabilities: Other$217 $29 $35 $20 $15 $1 $— $127 
Derivative Contracts with Contingent Credit Features The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions.
March 31, 2024
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$314 $167 $147 $147 
Fair value of collateral already posted117 70 48 48 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$197 $97 $99 $99 
December 31, 2023
DukeDuke
DukeEnergyProgressEnergy
(in millions)EnergyCarolinasEnergyProgress
Aggregate fair value of derivatives in a net liability position$342 $175 $166 $166 
Fair value of collateral already posted144 86 58 58 
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered$198 $89 $108 $108