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Employee Benefit Plans
 9 Months Ended
Sep. 30, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT RETIREMENT PLANS
Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. Duke Energy's policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants.
The following table includes information related to the Duke Energy Registrants' contributions to its qualified defined benefit pension plans.
 
Nine Months Ended September 30, 2019
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Contributions made
$
77

 
$
7

 
$
57

 
$
4

 
$
53

 
$
2

 
$
2

 
$
1


Duke Energy uses a December 31 measurement date for its qualified non-contributory defined benefit retirement plan assets and obligations. However, because Duke Energy believed it was probable in 2019 that total lump-sum benefit payments would exceed the settlement threshold, which is defined as the sum of the service cost and interest cost on projected benefit obligation components of net periodic pension costs, Duke Energy remeasured the plan assets and plan obligations associated with one of its qualified pension plans as of June 30, 2019, and September 30, 2019, (total lump-sum benefit payments exceeded the settlement threshold as of September 30, 2019). The discount rate used for the remeasurements was 3.5% and 3.2% as of June 30, 2019, and September 30, 2019, respectively. The cash balance interest crediting rate was 4.0% as of June 30, 2019, and September 30, 2019. All other assumptions used for the June 30, 2019, and September 30, 2019, remeasurements were consistent with the measurement as of December 31, 2018.
As a result of the June 30, 2019, remeasurement, Duke Energy recognized a remeasurement gain of $18 million, which was recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of June 30, 2019. The remeasurement gain, which represents an increase in funded status, reflects an increase of $275 million in the fair value of plan assets and an increase of $257 million in the projected benefit obligation. As a result of the September 30, 2019, remeasurement, Duke Energy recognized a remeasurement loss of $136 million, which was recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of September 30, 2019. The remeasurement loss, which represents a decrease in funded status, reflects a decrease of $10 million in the fair value of plan assets and an increase of $126 million in the projected benefit obligation.
As the result of settlement accounting, Duke Energy recognized settlement charges of $69 million and $16 million, primarily as a regulatory asset within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of June 30, 2019, and September 30, 2019, respectively (an immaterial amount was recorded in Other income and expenses, net within the Condensed Consolidated Statement of Operations). Settlement charges recognized by the Subsidiary Registrants as of June 30, 2019, were $43 million for Duke Energy Carolinas, $16 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Indiana, $1 million for Duke Energy Ohio and $3 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of September 30, 2019 were $6 million for Duke Energy Carolinas, $3 million for Duke Energy Progress, $2 million for Duke Energy Florida, $1 million for Duke Energy Indiana and $3 million for Piedmont. The settlement charges reflect the recognition of a pro-rata portion of previously unrecognized actuarial losses, equal to the percentage of reduction in the projected benefit obligation resulting from total lump-sum benefits payments as of September 30, 2019.
QUALIFIED PENSION PLANS
The following tables include the components of net periodic pension costs for qualified pension plans.
 
Three Months Ended September 30, 2019
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Service cost
$
42

 
$
13

 
$
13

 
$
7

 
$
5

 
$
1

 
$
2

 
$
1

Interest cost on projected benefit obligation
77

 
17

 
24

 
10

 
14

 
5

 
6

 
2

Expected return on plan assets
(140
)
 
(36
)
 
(45
)
 
(22
)
 
(22
)
 
(7
)
 
(11
)
 
(5
)
Amortization of actuarial loss
28

 
6

 
10

 
4

 
6

 
2

 
3

 
2

Amortization of prior service credit
(8
)
 
(2
)
 
(1
)
 
—

 
—

 
—

 
—

 
(2
)
Net periodic pension costs
$
(1
)
 
$
(2
)
 
$
1

 
$
(1
)
 
$
3

 
$
1

 
$
—

 
$
(2
)
 
Three Months Ended September 30, 2018
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Service cost
$
47

 
$
15

 
$
13

 
$
7

 
$
5

 
$
2

 
$
2

 
$
2

Interest cost on projected benefit obligation
74

 
18

 
24

 
10

 
13

 
4

 
6

 
3

Expected return on plan assets
(140
)
 
(37
)
 
(45
)
 
(21
)
 
(23
)
 
(7
)
 
(10
)
 
(6
)
Amortization of actuarial loss
33

 
7

 
11

 
6

 
6

 
1

 
2

 
3

Amortization of prior service credit
(8
)
 
(2
)
 
(1
)
 
—

 
—

 
—

 
—

 
(3
)
Net periodic pension costs
$
6

 
$
1

 
$
2

 
$
2

 
$
1

 
$
—

 
$
—

 
$
(1
)

 
Nine Months Ended September 30, 2019
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Service cost
$
116

 
$
37

 
$
34

 
$
19

 
$
15

 
$
3

 
$
6

 
$
4

Interest cost on projected benefit obligation
242

 
58

 
76

 
34

 
41

 
14

 
19

 
8

Expected return on plan assets
(426
)
 
(111
)
 
(134
)
 
(66
)
 
(66
)
 
(21
)
 
(32
)
 
(16
)
Amortization of actuarial loss
77

 
17

 
28

 
10

 
18

 
3

 
6

 
5

Amortization of prior service credit
(24
)
 
(6
)
 
(2
)
 
(1
)
 
(1
)
 
—

 
(1
)
 
(7
)
Net periodic pension costs
$
(15
)
 
$
(5
)
 
$
2

 
$
(4
)
 
$
7

 
$
(1
)
 
$
(2
)
 
$
(6
)
 
Nine Months Ended September 30, 2018
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Service cost
$
137

 
$
45

 
$
39

 
$
22

 
$
16

 
$
4

 
$
7

 
$
6

Interest cost on projected benefit obligation
224

 
54

 
70

 
31

 
38

 
13

 
18

 
9

Expected return on plan assets
(420
)
 
(111
)
 
(133
)
 
(63
)
 
(69
)
 
(21
)
 
(31
)
 
(18
)
Amortization of actuarial loss
99

 
21

 
33

 
16

 
18

 
3

 
6

 
9

Amortization of prior service credit
(24
)
 
(6
)
 
(3
)
 
(1
)
 
(1
)
 
—

 
—

 
(9
)
Net periodic pension costs
$
16

 
$
3

 
$
6

 
$
5

 
$
2

 
$
(1
)
 
$
—

 
$
(3
)

NON-QUALIFIED PENSION PLANS
Net periodic pension costs for non-qualified pension plans were not material for the three and nine months ended September 30, 2019, and 2018.
OTHER POST-RETIREMENT BENEFIT PLANS
Net periodic costs for OPEB plans were not material for the three and nine months ended September 30, 2019, and 2018.