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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$128 $128 $— $— $— 
NDTF equity securities6,853 6,806 — — 47 
NDTF debt securities2,845 947 1,898 — — 
Other equity securities147 147 — — — 
Other debt securities288 39 249 — — 
Other cash and cash equivalents110 110 — — — 
Derivative assets1,108 27 1,071 10 — 
Total assets11,479 8,204 3,218 10 47 
Derivative liabilities(433)— (224)(209)— 
Net assets (liabilities)$11,046 $8,204 $2,994 $(199)$47 
December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Level 3Not Categorized
NDTF cash and cash equivalents$160 $160 $— $— $— 
NDTF equity securities7,350 7,300 — — 50 
NDTF debt securities2,891 967 1,924 — — 
Other equity securities156 156 — — — 
Other debt securities300 45 255 — — 
Other cash and cash equivalents36 36 — — — 
Derivative assets320 3 293 24 — 
Total assets11,213 8,667 2,472 24 50 
Derivative liabilities(472)(13)(314)(145)— 
Net assets (liabilities)$10,741 $8,654 $2,158 $(121)$50 
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs
The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements.
Derivatives (net)
Three Months Ended March 31,
(in millions) 20222021
Balance at beginning of period$(121)$(77)
Total pretax realized or unrealized losses included in comprehensive income(68)(44)
Purchases, sales, issuances and settlements:
Settlements(3)(7)
Total (losses) gains included on the Condensed Consolidated Balance Sheet(7)2 
Balance at end of period$(199)$(126)
Quantitative Information Table - Level 3
The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3.
March 31, 2022
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy      
Electricity contracts$(210)RTO forward pricingForward electricity curves – price per MWh$20.33 -$187.82 $46.51 
Duke Energy Ohio 
FTRs1 RTO auction pricingFTR price – per MWh0.16 -1.26 0.63 
Duke Energy Indiana 
FTRs10 RTO auction pricingFTR price – per MWh(0.46)-17.24 2.32 
Duke Energy
Total Level 3 derivatives$(199)
December 31, 2021
Weighted
Fair ValueAverage
Investment Type(in millions)Valuation TechniqueUnobservable InputRangeRange
Duke Energy      
Electricity contracts$(145)RTO forward pricingForward electricity curves – price per MWh$19.04 -$139.11$37.57
Duke Energy Ohio   
FTRs2 RTO auction pricingFTR price – per MWh0.06 -1.79 0.96 
Duke Energy Indiana   
FTRs22 RTO auction pricingFTR price – per MWh(1.18)-13.11 2.68 
Duke Energy
Total Level 3 derivatives$(121)
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, 2022December 31, 2021
(in millions)Book ValueFair ValueBook ValueFair Value
Duke Energy(a)
$66,080 $66,633 $63,835 $69,683 
Duke Energy Carolinas14,470 15,117 13,275 15,101 
Progress Energy21,657 22,669 20,823 23,751 
Duke Energy Progress11,114 11,260 10,249 11,252 
Duke Energy Florida8,451 8,911 8,482 9,772 
Duke Energy Ohio3,193 3,278 3,193 3,570 
Duke Energy Indiana4,270 4,554 4,323 5,067 
Piedmont2,969 2,984 2,968 3,278 
(a)Book value of long-term debt includes $1.2 billion and $1.25 billion at March 31, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium 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, 2022
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$60 $60 $— $— 
NDTF equity securities3,962 3,915 — 47 
NDTF debt securities1,419 349 1,070 — 
Derivative assets493 — 493 — 
Total assets5,934 4,324 1,563 47 
Derivative liabilities(37)— (37)— 
Net assets$5,897 $4,324 $1,526 $47 
December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Not Categorized
NDTF cash and cash equivalents$53 $53 $— $— 
NDTF equity securities4,265 4,215 — 50 
NDTF debt securities1,441 339 1,102 — 
Derivative assets162 — 162 — 
Total assets5,921 4,607 1,264 50 
Derivative liabilities(35)— (35)— 
Net assets$5,886 $4,607 $1,229 $50 
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, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$68 $68 $— $107 $107 $— 
NDTF equity securities2,891 2,891 — 3,085 3,085 — 
NDTF debt securities1,426 598 828 1,450 628 822 
Other debt securities26 — 26 26 — 26 
Other cash and cash equivalents17 17 — 20 20 — 
Derivative assets425 2 423 124 — 124 
Total assets4,853 3,576 1,277 4,812 3,840 972 
Derivative liabilities— — — (24)— (24)
Net assets$4,853 $3,576 $1,277 $4,788 $3,840 $948 
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, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$58 $58 $— $94 $94 $— 
NDTF equity securities2,782 2,782 — 2,970 2,970 — 
NDTF debt securities1,031 279 752 1,025 289 736 
Other cash and cash equivalents14 14 — 16 16 — 
Derivative assets385 2 383 124 — 124 
Total assets4,270 3,135 1,135 4,229 3,369 860 
Derivative liabilities— — — (10)— (10)
Net assets$4,270 $3,135 $1,135 $4,219 $3,369 $850 
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, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
NDTF cash and cash equivalents$10 $10 $— $13 $13 $— 
NDTF equity securities109 109 — 115 115 — 
NDTF debt securities395 319 76 425 339 86 
Other debt securities26 — 26 26 — 26 
Other cash and cash equivalents2 2 — 3 3 — 
Derivative assets40 — 40 — — — 
Total assets582 440 142 582 470 112 
Derivative liabilities— — — (14)— (14)
Net assets$582 $440 $142 $568 $470 $98 
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, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3
Other equity securities$91 $91 $— $— $97 $97 $— $— 
Other debt securities63 — 63 — 64 — 64 — 
Other cash and cash equivalents1 1 — — — — — — 
Derivative assets45 18 17 10 23 1 — 22 
Total assets200 110 80 10 184 98 64 22 
Derivative liabilities— — — — (27)(13)(14)— 
Net assets$200 $110 $80 $10 $157 $85 $50 $22 
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)20222021
Balance at beginning of period$22 $6 
Purchases, sales, issuances and settlements:
Settlements(6)(6)
Total (losses) gains included on the Condensed Consolidated Balance Sheet(6)2 
Balance at end of period$10 $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, 2022December 31, 2021
(in millions)Total Fair ValueLevel 1Level 2Total Fair ValueLevel 1Level 2
Derivative assets$7 $7 $— $3 $3 $— 
Derivative liabilities(173)— (173)(139)— (139)
Net (liabilities) assets$(166)$7 $(173)$(136)$3 $(139)