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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 8. See Note 9 for additional information related to investments by major security type for the Duke Energy Registrants.
March 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$193 $193 $— $— $— 
NDTF equity securities6,379 6,332 — — 47 
NDTF debt securities2,835 1,019 1,816 — — 
Other equity securities154 154 — — — 
Other debt securities277 49 228 — — 
Other cash and cash equivalents222 222 — — — 
Derivative assets206 1 203 2 — 
Total assets10,266 7,970 2,247 2 47 
Derivative liabilities(349)— (221)(128)— 
Net assets (liabilities)$9,917 $7,970 $2,026 $(126)$47 
December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$177 $177 $— $— $— 
NDTF equity securities6,235 6,189 — — 46 
NDTF debt securities2,717 874 1,843 — — 
Other equity securities146 146 — — — 
Other debt securities285 37 248 — — 
Other cash and cash equivalents127 127 — — — 
Derivative assets61 1 53 7 — 
Total assets9,748 7,551 2,144 7 46 
Derivative liabilities(324)— (240)(84)— 
Net assets (liabilities)$9,424 $7,551 $1,904 $(77)$46 
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended March 31,
(in millions) 20212020
Balance at beginning of period$(77)$(102)
Total pretax realized or unrealized losses included in comprehensive income(44)— 
Purchases, sales, issuances and settlements:
Settlements(7)(9)
Total gains included on the Condensed Consolidated Balance Sheet2 23 
Balance at end of period$(126)$(88)
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
March 31, 2021
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy      
Electricity contracts$(128)RTO forward pricingForward electricity curves – price per MWh$15.55 -$134.48 $34.80 
Duke Energy Indiana 
FTRs2 RTO auction pricingFTR price – per MWh(1.02)-7.23 0.80 
Duke Energy
Total Level 3 derivatives$(126)
December 31, 2020
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy      
Electricity contracts$(84)Discounted cash flowForward electricity curves – price per MWh$14.68 -$151.84$28.84
Duke Energy Ohio   
FTRs1 RTO auction pricingFTR price – per MWh0.25 -1.68 0.79 
Duke Energy Indiana    
FTRs6 RTO auction pricingFTR price – per MWh(2.40)-7.41 1.05 
Duke Energy
Total Level 3 derivatives$(77)
Schedule Of Long Term Debt Fair Value
The fair value and book value of long-term debt, including current maturities, is summarized in the following table. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements.
March 31, 2021December 31, 2020
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$60,354 $64,641 $59,863 $69,292 
Duke Energy Carolinas12,329 13,461 12,218 14,917 
Progress Energy19,333 21,838 19,264 23,470 
Duke Energy Progress9,356 10,131 9,258 10,862 
Duke Energy Florida7,884 9,018 7,915 9,756 
Duke Energy Ohio3,090 3,397 3,089 3,650 
Duke Energy Indiana4,091 4,691 4,091 5,204 
Piedmont3,127 3,412 2,780 3,306 
(a)    Book value of long-term debt includes $1.3 billion at March 31, 2021, and December 31, 2020, of unamortized debt discount and premium, net of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt.
Duke Energy Carolinas  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$63 $63 $— $— 
NDTF equity securities3,738 3,691 — 47 
NDTF debt securities1,344 369 975 — 
Derivative assets62 — 62 — 
Total assets5,207 4,123 1,037 47 
December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$30 $30 $— $— 
NDTF equity securities3,685 3,639 — 46 
NDTF debt securities1,250 192 1,058 — 
Derivative assets20 — 20 — 
Total assets4,985 3,861 1,078 46 
Derivative liabilities(20)— (20)— 
Net assets$4,965 $3,861 $1,058 $46 
Progress Energy  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2021December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$130 $130 $— $147 $147 $— 
NDTF equity securities2,641 2,641 — 2,550 2,550 — 
NDTF debt securities1,491 650 841 1,467 682 785 
Other debt securities26 — 26 26 — 26 
Other cash and cash equivalents107 107 — 106 106 — 
Derivative assets103 — 103 33 — 33 
Total assets4,498 3,528 970 4,329 3,485 844 
Derivative liabilities(28)— (28)(29)— (29)
Net assets$4,470 $3,528 $942 $4,300 $3,485 $815 
Duke Energy Progress  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2021December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$95 $95 $— $76 $76 $— 
NDTF equity securities2,547 2,547 — 2,459 2,459 — 
NDTF debt securities1,003 237 766 993 237 756 
Other cash and cash equivalents1 1 — 1 1 — 
Derivative assets100 — 100 33 — 33 
Total assets3,746 2,880 866 3,562 2,773 789 
Derivative liabilities(9)— (9)(14)— (14)
Net assets$3,737 $2,880 $857 $3,548 $2,773 $775 
Duke Energy Florida  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2021December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$35 $35 $— $71 $71 $— 
NDTF equity securities94 94 — 91 91 — 
NDTF debt securities488 413 75 474 445 29 
Other debt securities26 — 26 26 — 26 
Other cash and cash equivalents2 2 — 1 1 — 
Derivative assets3 — 3 — — — 
Total assets648 544 104 663 608 55 
Derivative liabilities(3)— (3)— — — 
Net assets$645 $544 $101 $663 $608 $55 
Duke Energy Indiana  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2021December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$102 $102 $— $— $97 $97 $— $— 
Other debt securities45 — 45 — 45 — 45 — 
Other cash and cash equivalents— — — — 1 1 — — 
Derivative assets2 — — 2 6 — — 6 
Total assets$149 $102 $45 $2 $149 $98 $45 $6 
Derivative liabilities— — — — (1)(1)— — 
Net assets$149 $102 $45 $2 $148 $97 $45 $6 
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended March 31,
(in millions)20212020
Balance at beginning of period$6 $11 
Purchases, sales, issuances and settlements:
Settlements(6)(6)
Total gains (losses) included on the Condensed Consolidated Balance Sheet2 (3)
Balance at end of period$2 $2 
Piedmont  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurement Amounts For Assets And Liabilities
The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets.
March 31, 2021December 31, 2020
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$1 $1 $— $1 $1 $— 
Derivative liabilities(148)— (148)(122)— (122)
Net (liabilities) assets$(147)$1 $(148)$(121)$1 $(122)
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended March 31,
(in millions)20212020
Balance at beginning of period$— $(117)
Total gains and settlements— 26 
Balance at end of period$— $(91)