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Investments in Debt and Equity Securities
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments In Debt And Equity Securities INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of March 31, 2022, and December 31, 2021.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $128 $— $— $160 
Equity securities4,486 62 6,853 4,905 43 7,350 
Corporate debt securities9 43 786 39 6 829 
Municipal bonds2 16 321 14 1 314 
U.S. government bonds10 57 1,561 31 12 1,568 
Other debt securities— 7 177 3 1 180 
Total NDTF Investments$4,507 $185 $9,826 $4,992 $63 $10,401 
Other Investments
Cash and cash equivalents$— $— $110 $— $— $36 
Equity securities31 4 147 36 — 156 
Corporate debt securities— 7 124 2 1 119 
Municipal bonds1 2 83 3 1 80 
U.S. government bonds— 2 45 — — 56 
Other debt securities— 2 36 — 1 45 
Total Other Investments$32 $17 $545 $41 $3 $492 
Total Investments$4,539 $202 $10,371 $5,033 $66 $10,893 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2022, and 2021, were as follows.
Three Months Ended
(in millions)March 31, 2022March 31, 2021
FV-NI:
 Realized gains $111 $140 
 Realized losses85 23 
AFS:
 Realized gains4 18 
 Realized losses23 13 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $60 $— $— $53 
Equity securities2,632 30 3,962 2,887 19 4,265 
Corporate debt securities6 30 503 24 4 506 
Municipal bonds— 5 52 2 — 48 
U.S. government bonds4 21 692 16 3 712 
Other debt securities— 7 172 3 1 175 
Total NDTF Investments$2,642 $93 $5,441 $2,932 $27 $5,759 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2022, and 2021, were as follows.
Three Months Ended
(in millions)March 31, 2022March 31, 2021
FV-NI:
 Realized gains$75 $128 
 Realized losses 49 16 
AFS:
 Realized gains3 13 
 Realized losses16 9 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $68 $— $— $107 
Equity securities1,854 32 2,891 2,018 24 3,085 
Corporate debt securities3 13 283 15 2 323 
Municipal bonds2 11 269 12 1 266 
U.S. government bonds6 36 869 15 9 856 
Other debt securities— — 5 — — 5 
Total NDTF Investments$1,865 $92 $4,385 $2,060 $36 $4,642 
Other Investments
Cash and cash equivalents$— $— $17 $— $— $20 
Municipal bonds1 — 26 2 — 26 
Total Other Investments$1 $— $43 $2 $— $46 
Total Investments$1,866 $92 $4,428 $2,062 $36 $4,688 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2022, and 2021, were as follows.
Three Months Ended
(in millions)March 31, 2022March 31, 2021
FV-NI:
 Realized gains$36 $12 
 Realized losses36 7 
AFS:
 Realized gains1 4 
 Realized losses6 3 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $58 $— $— $94 
Equity securities1,757 32 2,782 1,915 23 2,970 
Corporate debt securities3 12 255 15 2 282 
Municipal bonds2 11 269 12 1 266 
U.S. government bonds6 19 502 15 3 472 
Other debt securities— — 5 — — 5 
Total NDTF Investments$1,768 $74 $3,871 $1,957 $29 $4,089 
Other Investments
Cash and cash equivalents$— $— $14 $— $— $16 
Total Other Investments$— $— $14 $— $— $16 
Total Investments$1,768 $74 $3,885 $1,957 $29 $4,105 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2022, and 2021, were as follows.
Three Months Ended
(in millions)March 31, 2022March 31, 2021
FV-NI:
 Realized gains$36 $12 
 Realized losses35 7 
AFS:
 Realized gains1 4 
 Realized losses5 3 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $10 $— $— $13 
Equity securities97 — 109 103 1 115 
Corporate debt securities— 1 28 — — 41 
U.S. government bonds— 17 367 — 6 384 
Total NDTF Investments(a)
$97 $18 $514 $103 $7 $553 
Other Investments
Cash and cash equivalents$— $— $2 $— $— $3 
Municipal bonds1 — 26 2 — 26 
Total Other Investments$1 $— $28 $2 $— $29 
Total Investments$98 $18 $542 $105 $7 $582 
(a)During the three months ended March 31, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2022, and 2021, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
March 31, 2022December 31, 2021
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Cash and cash equivalents$— $— $1 $— $— $— 
Equity securities4 4 91 6 — 97 
Corporate debt securities— — 8 — — 6 
Municipal bonds— 2 49 1 1 46 
U.S. government bonds— — 6 — — 12 
Total Investments$4 $6 $155 $7 $1 $161 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2022, and 2021, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
March 31, 2022
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$162 $7 $139 $32 $107 $8 
Due after one through five years969 367 528 270 258 24 
Due after five through 10 years536 235 228 212 16 6 
Due after 10 years1,466 810 557 517 40 25 
Total$3,133 $1,419 $1,452 $1,031 $421 $63