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Investments in Debt and Equity Securities
 3 Months Ended
Mar. 31, 2024
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, 2024, and December 31, 2023.
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, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $140 $— $— $133 
Equity securities5,553 27 7,837 4,942 22 7,278 
Corporate debt securities8 46 659 12 43 632 
Municipal bonds4 16 332 6 16 347 
U.S. government bonds9 76 1,610 24 65 1,575 
Other debt securities— 13 209 1 13 178 
Total NDTF Investments$5,574 $178 $10,787 $4,985 $159 $10,143 
Other Investments
Cash and cash equivalents$— $— $21 $— $— $31 
Equity securities47 — 173 33 — 158 
Corporate debt securities— 6 87 — 6 82 
Municipal bonds— 1 79 1 2 77 
U.S. government bonds— 3 60 — 2 65 
Other debt securities— 3 45 — 2 47 
Total Other Investments$47 $13 $465 $34 $12 $460 
Total Investments$5,621 $191 $11,252 $5,019 $171 $10,603 
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, 2024, and 2023, were as follows.
Three Months Ended
(in millions)March 31, 2024March 31, 2023
FV-NI:
 Realized gains $68 $26 
 Realized losses18 46 
AFS:
 Realized gains10 8 
 Realized losses14 32 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $81 $— $— $51 
Equity securities3,226 19 4,514 2,886 14 4,196 
Corporate debt securities2 37 397 4 35 390 
Municipal bonds— 4 38 — 4 50 
U.S. government bonds4 41 854 13 33 826 
Other debt securities— 13 191 1 13 172 
Total NDTF Investments$3,232 $114 $6,075 $2,904 $99 $5,685 
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, 2024, and 2023, were as follows.
Three Months Ended
(in millions)March 31, 2024March 31, 2023
FV-NI:
 Realized gains$53 $18 
 Realized losses 6 29 
AFS:
 Realized gains4 5 
 Realized losses6 20 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $59 $— $— $82 
Equity securities2,327 8 3,323 2,056 8 3,082 
Corporate debt securities6 9 262 8 8 242 
Municipal bonds4 12 294 6 12 297 
U.S. government bonds5 35 756 11 32 749 
Other debt securities— — 18 — — 6 
Total NDTF Investments$2,342 $64 $4,712 $2,081 $60 $4,458 
Other Investments
Cash and cash equivalents$— $— $15 $— $— $18 
Municipal bonds— — 24 — 1 23 
Total Other Investments$— $— $39 $— $1 $41 
Total Investments$2,342 $64 $4,751 $2,081 $61 $4,499 
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, 2024, and 2023, were as follows.
Three Months Ended
(in millions)March 31, 2024March 31, 2023
FV-NI:
 Realized gains$15 $8 
 Realized losses12 17 
AFS:
 Realized gains6 3 
 Realized losses8 12 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $48 $— $— $55 
Equity securities2,216 8 3,200 1,956 8 2,970 
Corporate debt securities5 9 248 7 8 229 
Municipal bonds4 12 294 6 12 297 
U.S. government bonds5 22 539 10 18 518 
Other debt securities— — 16 — — 6 
Total NDTF Investments$2,230 $51 $4,345 $1,979 $46 $4,075 
Other Investments
Cash and cash equivalents$— $— $12 $— $— $14 
Total Other Investments$— $— $12 $— $— $14 
Total Investments$2,230 $51 $4,357 $1,979 $46 $4,089 
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, 2024, and 2023, were as follows.
Three Months Ended
(in millions)March 31, 2024March 31, 2023
FV-NI:
 Realized gains$15 $8 
 Realized losses12 17 
AFS:
 Realized gains6 3 
 Realized losses8 12 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
March 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $11 $— $— $27 
Equity securities111 — 123 100 — 112 
Corporate debt securities1 — 14 1 — 13 
U.S. government bonds— 13 217 1 14 231 
Other debt securities— — 2 — — — 
Total NDTF Investments(a)
$112 $13 $367 $102 $14 $383 
Other Investments
Cash and cash equivalents$— $— $2 $— $— $3 
Municipal bonds— — 24 — 1 23 
Total Other Investments$— $— $26 $— $1 $26 
Total Investments$112 $13 $393 $102 $15 $409 
(a)During the three months ended March 31, 2024, and the year ended December 31, 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2024, and 2023, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
March 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Cash and cash equivalents$— $— $1 $— $— $1 
Equity securities13 — 108 4 — 98 
Corporate debt securities— — 8 — — 8 
Municipal bonds— 1 45 1 1 46 
U.S. government bonds— — 10 — — 10 
Total Investments$13 $1 $172 $5 $1 $163 
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, 2024, and 2023, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
March 31, 2024
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$126 $10 $101 $23 $78 $9 
Due after one through five years715 245 389 264 125 18 
Due after five through 10 years614 359 206 192 14 11 
Due after 10 years1,626 866 658 618 40 25 
Total$3,081 $1,480 $1,354 $1,097 $257 $63