XML 92 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivatives and Hedging (Tables)
12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of Outstanding Derivative Positions
The following tables show notional amounts of outstanding derivatives related to interest rate risk.
 
December 31, 2017
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

Cash flow hedges(a)
$
660

 
$

 
$

 
$

 
$

 
$

Undesignated contracts
927

 
400

 
500

 
250

 
250

 
27

Total notional amount
$
1,587

 
$
400

 
$
500

 
$
250

 
$
250

 
$
27

 
December 31, 2016
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

Cash flow hedges(a)
$
750

 
$

 
$

 
$

 
$

 
$

Undesignated contracts
927

 
400

 
500

 
250

 
250

 
27

Total notional amount
$
1,677

 
$
400

 
$
500

 
$
250

 
$
250

 
$
27

(a)
Duke Energy includes amounts related to consolidated VIEs of $660 million and $750 million at December 31, 2017, and 2016, respectively. During 2016, Duke Energy entered into interest rate swaps related to solar financing with an outstanding notional amount of $300 million, including $81 million of four-year swaps and $219 million of 18-year swaps, at December 31, 2016. See note 6 for additional information related to the solar facilities financing.
The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.
 
December 31, 2017
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
 
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Indiana

 
Piedmont

Electricity (gigawatt-hours)
34

 

 

 

 

 
34

 

Natural gas (millions of dekatherms)
770

 
105

 
183

 
133

 
50

 
2

 
480

 
December 31, 2016
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
 
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Indiana

 
Piedmont

Electricity (gigawatt-hours)
147

 

 

 

 

 
147

 

Natural gas (millions of dekatherms)
890

 
91

 
269

 
118

 
151

 
1

 
529

Location and Fair Value of Derivatives Recognized in the Consolidated Balance Sheets
The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown.
Derivative Assets
 
December 31, 2017
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Commodity Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
34

 
$
2

 
$
2

 
$
1

 
$
1

 
$
1

 
$
27

 
$
2

Noncurrent
 
1

 

 
1

 
1

 

 

 

 

Total Derivative Assets – Commodity Contracts
 
$
35

 
$
2

 
$
3

 
$
2

 
$
1

 
$
1

 
$
27

 
$
2

Interest Rate Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
1

 
$

 
$

 
$

 
$

 
$

 
$

 
$

Noncurrent
 
15

 

 

 

 

 

 

 

Total Derivative Assets – Interest Rate Contracts
 
$
16


$


$


$


$


$


$

 
$

Total Derivative Assets
 
$
51

 
$
2

 
$
3

 
$
2

 
$
1

 
$
1

 
$
27

 
$
2

Derivative Liabilities
 
December 31, 2017
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Commodity Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
36

 
$
6

 
$
18

 
$
8

 
$
10

 
$

 
$

 
$
11

Noncurrent
 
146

 
4

 
10

 
4

 

 

 

 
131

Total Derivative Liabilities – Commodity Contracts
 
$
182

 
$
10

 
$
28

 
$
12

 
$
10

 
$

 
$

 
$
142

Interest Rate Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
29

 
$
25

 
$

 
$

 
$

 
$

 
$

 
$

Noncurrent
 
6

 

 

 

 

 

 

 

Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
1

 

 
1

 

 

 
1

 

 

Noncurrent
 
12

 

 
7

 
6

 
2

 
4

 

 

Total Derivative Liabilities – Interest Rate Contracts
 
$
48

 
$
25

 
$
8

 
$
6

 
$
2

 
$
5

 
$

 
$

Total Derivative Liabilities
 
$
230

 
$
35

 
$
36

 
$
18

 
$
12

 
$
5

 
$

 
$
142

Derivative Assets
 
December 31, 2016
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Commodity Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
108

 
$
23

 
$
61

 
$
35

 
$
26

 
$
4

 
$
16

 
$
3

Noncurrent
 
32

 
10

 
21

 
10

 
11

 
1

 

 

Total Derivative Assets – Commodity Contracts
 
$
140

 
$
33

 
$
82

 
$
45

 
$
37

 
$
5

 
$
16


$
3

Interest Rate Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncurrent
 
$
19

 
$

 
$

 
$

 
$

 
$

 
$

 
$

Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
3

 

 
3

 
1

 
2

 

 

 

Total Derivative Assets – Interest Rate Contracts
 
$
22

 
$

 
$
3

 
$
1

 
$
2

 
$

 
$

 
$

Total Derivative Assets
 
$
162

 
$
33

 
$
85

 
$
46

 
$
39

 
$
5

 
$
16

 
$
3

Derivative Liabilities
 
December 31, 2016
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Commodity Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
43

 
$

 
$
12

 
$

 
$
12

 
$

 
$
2

 
$
35

Noncurrent
 
166

 
1

 
7

 
1

 

 

 

 
152

Total Derivative Liabilities – Commodity Contracts
 
$
209

 
$
1

 
$
19

 
$
1

 
$
12

 
$

 
$
2

 
$
187

Interest Rate Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
$
8

 
$

 
$

 
$

 
$

 
$

 
$

 
$

Noncurrent
 
8

 

 

 

 

 

 

 

Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
1

 

 

 

 

 
1

 

 

Noncurrent
 
26

 
15

 
6

 
6

 

 
5

 

 

Total Derivative Liabilities – Interest Rate Contracts
 
$
43

 
$
15

 
$
6

 
$
6

 
$

 
$
6

 
$

 
$

Total Derivative Liabilities
 
$
252

 
$
16

 
$
25

 
$
7

 
$
12

 
$
6

 
$
2

 
$
187

Offsetting Assets
Derivative Assets
 
December 31, 2016
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
111

 
$
23

 
$
64

 
$
36

 
$
28

 
$
4

 
$
16

 
$
3

Gross amounts offset
 
(11
)
 

 
(11
)
 

 
(11
)
 

 

 

Net amounts presented in Current Assets: Other
 
$
100

 
$
23

 
$
53

 
$
36

 
$
17

 
$
4

 
$
16

 
$
3

Noncurrent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
51

 
$
10

 
$
21

 
$
10

 
$
11

 
$
1

 
$

 
$

Gross amounts offset
 
(2
)
 
(1
)
 
(1
)
 
(1
)
 

 

 

 

Net amounts presented in Other Noncurrent Assets: Other
 
$
49

 
$
9

 
$
20

 
$
9

 
$
11

 
$
1

 
$

 
$

The following tables present the line items on the Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The Gross amounts offset in the tables below show the effect of these netting arrangements on financial position and include collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below.
Derivative Assets
 
December 31, 2017
 
 
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
35

 
$
2

 
$
2

 
$
1

 
$
1

 
$
1

 
$
27

 
$
2

Gross amounts offset
 

 

 

 

 

 

 

 

Net amounts presented in Current Assets: Other
 
$
35


$
2


$
2


$
1


$
1


$
1


$
27

 
$
2

Noncurrent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
16

 
$

 
$
1

 
$
1

 
$

 
$

 
$

 
$

Gross amounts offset
 

 

 

 

 

 

 

 

Net amounts presented in Other Noncurrent Assets: Other
 
$
16

 
$

 
$
1

 
$
1

 
$

 
$

 
$

 
$

Offsetting Liabilities
Derivative Liabilities
 
December 31, 2016
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
52

 
$

 
$
12

 
$

 
$
12

 
$
1

 
$
2

 
$
35

Gross amounts offset
 
(11
)
 

 
(11
)
 

 
(11
)
 

 

 

Net amounts presented in Current Liabilities: Other
 
$
41

 
$

 
$
1

 
$

 
$
1

 
$
1

 
$
2

 
$
35

Noncurrent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
200

 
$
16

 
$
13

 
$
7

 
$

 
$
5

 
$

 
$
152

Gross amounts offset
 
(2
)
 
(1
)
 
(1
)
 
(1
)
 

 

 

 

Net amounts presented in Other Noncurrent Liabilities: Other
 
$
198

 
$
15

 
$
12

 
$
6

 
$

 
$
5

 
$

 
$
152

Derivative Liabilities
 
December 31, 2017
 
 
 
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Duke

 
 
 
 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

 
Energy

 
Energy

 
 
(in millions)
 
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

 
Ohio

 
Indiana

 
Piedmont

Current
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
66

 
$
31

 
$
19

 
$
8

 
$
10

 
$
1

 
$

 
$
11

Gross amounts offset
 
(3
)
 
(2
)
 
(2
)
 
(2
)
 

 

 

 

Net amounts presented in Current Liabilities: Other
 
$
63

 
$
29

 
$
17

 
$
6

 
$
10

 
$
1

 
$

 
$
11

Noncurrent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts recognized
 
$
164

 
$
4

 
$
17

 
$
10

 
$
2

 
$
4

 
$

 
$
131

Gross amounts offset
 
(1
)
 

 
(1
)
 
(1
)
 

 

 

 

Net amounts presented in Other Noncurrent Liabilities: Other
 
$
163

 
$
4

 
$
16

 
$
9

 
$
2

 
$
4

 
$

 
$
131

Derivative Contracts with Contingent Credit Features
The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit-risk-related payment provisions.
 
December 31, 2017
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

Aggregate fair value of derivatives in a net liability position
$
59

 
$
35

 
$
25

 
$
15

 
$
10

Fair value of collateral already posted

 

 

 

 

Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
59

 
35

 
25

 
15

 
10

 
December 31, 2016
 
 
 
Duke

 
 
 
Duke

 
Duke

 
Duke

 
Energy

 
Progress

 
Energy

 
Energy

(in millions)
Energy

 
Carolinas

 
Energy

 
Progress

 
Florida

Aggregate fair value of derivatives in a net liability position
$
34

 
$
16

 
$
18

 
$
6

 
$
12

Fair value of collateral already posted

 

 

 

 

Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
34

 
16

 
18

 
6

 
12

The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.