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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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 Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants.


	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	133	$	133	$	—	$	—	$	—
NDTF equity securities	7,278		7,241		—		—		37
NDTF debt securities	2,732		829		1,903		—		—
Other equity securities	158		158		—		—		—
Other debt securities	271		55		216		—		—
Other cash and cash equivalents	31		31		—		—		—
Derivative assets	189		37		137		15		—
Total assets	10,792		8,484		2,256		15		37

Derivative liabilities	(729)		(60)		(669)		—		—
Net assets	$	10,063	$	8,424	$	1,587	$	15	$	37


	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Not Categorized
NDTF cash and cash equivalents	$	215	$	215	$	—	$	—	$	—
NDTF equity securities	5,871		5,829		—		—		42
NDTF debt securities	2,550		780		1,770		—		—
Other equity securities	128		128		—		—		—
Other debt securities	265		55		210		—		—
Other cash and cash equivalents	22		22		—		—		—
Derivative assets	795		1		760		34		—
Total assets	9,846		7,030		2,740		34		42

Derivative liabilities	(437)		(16)		(421)		—		—
Net assets	$	9,409	$	7,014	$	2,319	$	34	$	42

Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs

The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.


	Derivatives (net)
	Years Ended December 31,

(in millions)	2023		2022
Balance at beginning of period	$	34	$	24



Purchases, sales, issuances and settlements:
Purchases	47		78


Settlements	(72)		(36)

Total gains (losses) included on the Consolidated Balance Sheet	6		(32)
Balance at end of period	$	15	$	34

Quantitative Information Table - Level 3

The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.

December 31, 2023

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Duke Energy Ohio

FTRs

RTO auction pricing

FTR price – per MWh

0.36

–

2.11

0.71

Duke Energy Indiana

FTRs

RTO auction pricing

FTR price – per MWh

(1.05)

–

9.64

1.26

Duke Energy

Total Level 3 derivatives

December 31, 2022

Weighted

Fair Value

Average

Investment Type

(in millions)

Valuation Technique

Unobservable Input

Range

Duke Energy Ohio

FTRs

RTO auction pricing

FTR price – per MWh

0.89

–

6.25

3.35

Duke Energy Indiana

FTRs

RTO auction pricing

FTR price – per MWh

0.09

–

21.79

2.74

Duke Energy

Total Level 3 derivatives

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.


	December 31, 2023				December 31, 2022
(in millions)	Book Value		Fair Value		Book Value		Fair Value
Duke Energy(a)	$	75,252	$	69,790	$	69,751	$	61,986
Duke Energy Carolinas	16,012		15,077		14,266		12,943
Progress Energy	23,759		22,553		22,439		20,467
Duke Energy Progress	11,714		10,595		11,087		9,689
Duke Energy Florida	10,401		10,123		9,709		8,991
Duke Energy Ohio	3,518		3,310		3,245		2,927
Duke Energy Indiana	4,502		4,230		4,307		3,913
Piedmont	3,668		3,336		3,363		2,940

(a) Book value of long-term debt includes $1.0 billion as of December 31, 2023, and $1.2 billion as of December 31, 2022, of unamortized debt discount and premium, net in 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 Consolidated Balance Sheets.


	December 31, 2023
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	51	$	51	$	—	$	—
NDTF equity securities	4,196		4,159		—		37
NDTF debt securities	1,438		375		1,063		—

Derivative assets	35		—		35		—
Total assets	5,720		4,585		1,098		37
Derivative liabilities	(260)		—		(260)		—
Net assets	$	5,460	$	4,585	$	838	$	37


	December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Not Categorized
NDTF cash and cash equivalents	$	117	$	117	$	—	$	—
NDTF equity securities	3,367		3,325		—		42
NDTF debt securities	1,298		323		975		—

Derivative assets	330		—		330		—
Total assets	5,112		3,765		1,305		42
Derivative liabilities	(127)		—		(127)		—
Net assets	$	4,985	$	3,765	$	1,178	$	42

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.


	December 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2			Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	82	$	82	$	—		$	98	$	98	$	—
NDTF equity securities	3,082		3,082		—			2,504		2,504		—
NDTF debt securities	1,294		454		840			1,252		457		795
Other debt securities	23		—		23			25		—		25
Other cash and cash equivalents	18		18		—			11		11		—
Derivative assets	34		—		34			248		—		248
Total assets	4,533		3,636		897			4,138		3,070		1,068

Derivative liabilities	(234)		—		(234)			(66)		—		(66)
Net assets	$	4,299	$	3,636	$	663		$	4,072	$	3,070	$	1,002

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.


	December 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2			Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	55	$	55	$	—		$	56	$	56	$	—
NDTF equity securities	2,970		2,970		—			2,411		2,411		—
NDTF debt securities	1,050		266		784			963		225		738

Other cash and cash equivalents	14		14		—			9		9		—
Derivative assets	32		—		32			230		—		230
Total assets	4,121		3,305		816			3,669		2,701		968
Derivative liabilities	(219)		—		(219)			(48)		—		(48)
Net assets	$	3,902	$	3,305	$	597		$	3,621	$	2,701	$	920

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.


	December 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Total Fair Value		Level 1		Level 2
NDTF cash and cash equivalents	$	27	$	27	$	—	$	42	$	42	$	—
NDTF equity securities	112		112		—		93		93		—
NDTF debt securities	244		188		56		289		232		57
Other debt securities	23		—		23		25		—		25
Other cash and cash equivalents	3		3		—		1		1		—
Derivative assets	2		—		2		17		—		17
Total assets	411		330		81		467		368		99

Derivative liabilities	(15)		—		(15)		(19)		—		(19)
Net assets	$	396	$	330	$	66	$	448	$	368	$	80

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 table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.


	December 31, 2023								December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Other equity securities	$	98	$	98	$	—	$	—	$	79	$	79	$	—	$	—
Other debt securities	64		—		64		—		60		—		60		—
Other cash equivalents	1		1		—		—		1		1		—		—
Derivative assets	25		5		7		13		110		—		81		29
Total assets	188		104		71		13		250		80		141		29
Derivative liabilities	(18)		(18)		—		—		(16)		(16)		—		—
Net assets	$	170	$	86	$	71	$	13	$	234	$	64	$	141	$	29

Reconciliation of Assets and Liabilities Measured at Fair Value an 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)
	Years Ended December 31,
(in millions)	2023		2022
Balance at beginning of period	$	29	$	22


Purchases, sales, issuances and settlements:
Purchases	42		74


Settlements	(68)		(32)

Total gains (losses) included on the Consolidated Balance Sheet	10		(35)
Balance at end of period	$	13	$	29

Piedmont

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurement Amounts for Assets and Liabilities

The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets.


	December 31, 2023						December 31, 2022
(in millions)	Total Fair Value		Level 1		Level 2			Total Fair Value		Level 1		Level 2


Derivative assets	$	1	$	1	$	—		$	—	$	—	$	—

Derivative liabilities	(147)		—		(147)			(168)		—		(168)
Net (liabilities) assets	$	(146)	$	1	$	(147)		$	(168)	$	—	$	(168)