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Investments in Debt and Equity Securities
 3 Months Ended
Mar. 31, 2023
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 Available for Sale (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 guidelines 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, 2023, and December 31, 2022.
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, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $161 $— $— $215 
Equity securities4,048 60 6,367 3,658 105 5,871 
Corporate debt securities3 65 616 1 85 641 
Municipal bonds1 27 337 — 39 330 
U.S. government bonds9 85 1,495 2 112 1,423 
Other debt securities— 15 147 — 18 156 
Total NDTF Investments$4,061 $252 $9,123 $3,661 $359 $8,636 
Other Investments
Cash and cash equivalents$— $— $134 $— $— $22 
Equity securities25 11 137 21 16 128 
Corporate debt securities— 10 87 — 12 84 
Municipal bonds— 2 80 — 3 78 
U.S. government bonds— — 69 — 2 62 
Other debt securities— 2 42 — 3 41 
Total Other Investments$25 $25 $549 $21 $36 $415 
Total Investments$4,086 $277 $9,672 $3,682 $395 $9,051 
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, 2023, and 2022, were as follows.
Three Months Ended
(in millions)March 31, 2023March 31, 2022
FV-NI:
 Realized gains $26 $111 
 Realized losses46 85 
AFS:
 Realized gains8 4 
 Realized losses32 23 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $69 $— $— $117 
Equity securities2,375 29 3,677 2,147 51 3,367 
Corporate debt securities2 47 384 1 62 401 
Municipal bonds— 5 56 — 10 64 
U.S. government bonds5 38 746 1 51 685 
Other debt securities— 15 143 — 18 148 
Total NDTF Investments$2,382 $134 $5,075 $2,149 $192 $4,782 
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, 2023, and 2022, were as follows.
Three Months Ended
(in millions)March 31, 2023March 31, 2022
FV-NI:
 Realized gains$18 $75 
 Realized losses 29 49 
AFS:
 Realized gains5 3 
 Realized losses20 16 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $92 $— $— $98 
Equity securities1,673 31 2,690 1,511 54 2,504 
Corporate debt securities1 18 232 — 23 240 
Municipal bonds1 22 281 — 29 266 
U.S. government bonds4 47 749 1 61 738 
Other debt securities— — 4 — — 8 
Total NDTF Investments$1,679 $118 $4,048 $1,512 $167 $3,854 
Other Investments
Cash and cash equivalents$— $— $8 $— $— $11 
Municipal bonds— — 25 — — 25 
Total Other Investments$— $— $33 $— $— $36 
Total Investments$1,679 $118 $4,081 $1,512 $167 $3,890 
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, 2023, and 2022, were as follows.
Three Months Ended
(in millions)March 31, 2023March 31, 2022
FV-NI:
 Realized gains$8 $36 
 Realized losses17 36 
AFS:
 Realized gains3 1 
 Realized losses12 6 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $72 $— $— $56 
Equity securities1,586 31 2,590 1,431 54 2,411 
Corporate debt securities1 17 222 — 22 230 
Municipal bonds1 22 281 — 29 266 
U.S. government bonds4 28 470 1 37 460 
Other debt securities— — 4 — — 7 
Total NDTF Investments$1,592 $98 $3,639 $1,432 $142 $3,430 
Other Investments
Cash and cash equivalents$— $— $7 $— $— $9 
Total Other Investments$— $— $7 $— $— $9 
Total Investments$1,592 $98 $3,646 $1,432 $142 $3,439 
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, 2023, and 2022, were as follows.
Three Months Ended
(in millions)March 31, 2023March 31, 2022
FV-NI:
 Realized gains$8 $36 
 Realized losses17 35 
AFS:
 Realized gains3 1 
 Realized losses12 5 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $20 $— $— $42 
Equity securities87 — 100 80 — 93 
Corporate debt securities— 1 10 — 1 10 
U.S. government bonds— 19 279 — 24 278 
Other debt securities— — — — — 1 
Total NDTF Investments(a)
$87 $20 $409 $80 $25 $424 
Other Investments
Cash and cash equivalents$— $— $— $— $— $1 
Municipal bonds— — 25 — — 25 
Total Other Investments$— $— $25 $— $— $26 
Total Investments$87 $20 $434 $80 $25 $450 
(a)During the three months ended March 31, 2023, and the year ended December 31, 2022, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2023, and 2022, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
March 31, 2023December 31, 2022
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Cash and cash equivalents$— $— $1 $— $— $1 
Equity securities3 11 85 2 16 79 
Corporate debt securities— — 9 — 1 8 
Municipal bonds— 2 46 — 3 45 
U.S. government bonds— — 9 — — 7 
Total Investments$3 $13 $150 $2 $20 $140 
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, 2023, and 2022, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
March 31, 2023
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$115 $5 $96 $19 $77 $6 
Due after one through five years793 277 424 238 186 23 
Due after five through 10 years522 262 207 194 13 11 
Due after 10 years1,443 785 564 526 38 24 
Total$2,873 $1,329 $1,291 $977 $314 $64