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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Duke Energy’s policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants. Duke Energy does not anticipate making any contributions in 2020. The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans.



			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Contributions Made:
2019	$	77	$	7	$	57	$	4	$	53	$	2	$	2	$	1
2018	141		46		45		25		20		—		8		—
2017	19		—		—		—		—		4		—		11

Fair Value and Allocation of Plan Assets

The following tables provide the fair value measurement amounts for the Duke Energy Master Retirement Trust qualified pension and other post-retirement assets.



	December 31, 2019
	Total Fair									Not
(in millions)	Value		Level 1			Level 2		Level 3		Categorized^(b)
Equity securities	$	2,730	$	2,712		$	—	$	—	$	18
Corporate debt securities	3,999		—			3,999		—		—
Short-term investment funds	545		455			90		—		—
Partnership interests	104		—			—		—		104
Hedge funds	206		—			—		—		206
Real estate limited partnerships	—		—			—		—		—
U.S. government securities	1,231		—			1,231		—		—
Guaranteed investment contracts	11		—			—		11		—
Governments bonds – foreign	78		—			78		—		—
Cash	75		75			—		—		—
Net pending transactions and other investments	46		(43		)	89		—		—
Total assets^(a)	$	9,025	$	3,199		$	5,487	$	11	$	328

(a)

Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana, and Piedmont were allocated approximately 26%, 31%, 15%, 17%, 5%, 7%, and 4%, respectively, of the Duke Energy Master Retirement Trust at December 31, 2019. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.


(b)	Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.



	December 31, 2018
	Total Fair										Not
(in millions)	Value			Level 1			Level 2		Level 3		Categorized^(b)
Equity securities	$	2,373		$	1,751		$	—	$	—	$	622
Corporate debt securities	4,054			—			4,054		—		—
Short-term investment funds	363			279			84		—		—
Partnership interests	120			—			—		—		120
Hedge funds	226			—			—		—		226
Real estate limited partnerships	144			—			—		—		144
U.S. government securities	961			—			961		—		—
Guaranteed investment contracts	27			—			—		27		—
Governments bonds – foreign	30			—			30		—		—
Cash	28			28			—		—		—
Net pending transactions and other investments	(2		)	(6		)	4		—		—
Total assets^(a)	$	8,324		$	2,052		$	5,133	$	27	$	1,112

(a)

Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana, and Piedmont were allocated approximately 27%, 31%, 15%, 16%, 5%, 7%, and 4%, respectively, of the Duke Energy Master Retirement Trust and Piedmont's Pension assets at December 31, 2018. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages.

(b)

Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.

The following tables provide the fair value measurement amounts for VEBA trust assets.



	December 31, 2019
	Total Fair
(in millions)	Value		Level 2
Cash and cash equivalents	$	9	$	9
Real estate	1		1
Equity securities	22		22
Debt securities	18		18
Total assets	$	50	$	50



	December 31, 2018
	Total Fair
(in millions)	Value		Level 2
Cash and cash equivalents	$	3	$	3
Real estate	1		1
Equity securities	25		25
Debt securities	20		20
Total assets	$	49	$	49

The following table includes the target asset allocations by asset class at December 31, 2019, and the actual asset allocations for the Duke Energy Master Retirement Trust.



			Actual Allocation at
	Target		December 31,
	Allocation		2019		2018
U.S. equity securities	—	%	—	%	11	%
Global equity securities	28	%	27	%	18	%
Global private equity securities	1	%	1	%	2	%
Debt securities	58	%	57	%	63	%
Return seeking debt securities	4	%	5	%	—	%
Hedge funds	3	%	3	%	2	%
Real estate and cash	6	%	7	%	2	%
Other global securities	—	%	—	%	2	%
Total	100	%	100	%	100	%

The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2019.



			Actual Allocation at
	Target		December 31,
	Allocation		2019		2018
U.S. equity securities	33	%	35	%	43	%
Non-U.S. equity securities	7	%	9	%	8	%
Real estate	2	%	2	%	2	%
Debt securities	45	%	37	%	40	%
Cash	13	%	17	%	7	%
Total	100	%	100	%	100	%

Master Trust Level 3 Rollforward

The following table provides a reconciliation of beginning and ending balances of Duke Energy Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3).



(in millions)	2019			2018
Balance at January 1	$	27		$	28
Sales	(18		)	(1		)
Total gains and other, net	2			—
Transfer of Level 3 assets to other classifications	—			—
Balance at December 31	$	11		$	27

Employee Savings Plan Matching Contributions

The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants.



			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Years ended December 31,
2019	$	214	$	66	$	58	$	38	$	20	$	5	$	11	$	13
2018	213		68		58		40		19		4		10		12
2017	179		61		53		37		16		3		9		7

Pension Plan | Qualified Plan

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs



	Year Ended December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Service cost	$	158		$	49		$	46		$	26		$	20		$	4		$	9		$	5
Interest cost on projected benefit obligation	317			75			100			45			54			18			26			10
Expected return on plan assets	(567		)	(147		)	(178		)	(88		)	(89		)	(28		)	(43		)	(22		)
Amortization of actuarial loss	108			24			39			15			24			4			8			8
Amortization of prior service credit	(32		)	(8		)	(3		)	(2		)	(1		)	—			(2		)	(9		)
Amortization of settlement charges	6			2			1			1			—			2			—			—
Net periodic pension costs^(a)(b)	$	(10	)	$	(5	)	$	5		$	(3	)	$	8		$	—		$	(2	)	$	(8	)



	Year Ended December 31, 2018
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Service cost	$	182		$	58		$	51		$	29		$	22		$	5		$	11		$	7
Interest cost on projected benefit obligation	299			72			94			43			50			17			23			11
Expected return on plan assets	(559		)	(147		)	(178		)	(85		)	(91		)	(28		)	(42		)	(22		)
Amortization of actuarial loss	132			29			44			21			23			5			10			11
Amortization of prior service credit	(32		)	(8		)	(3		)	(2		)	(1		)	—			(2		)	(10		)
Net periodic pension costs^(a)(b)	$	22		$	4		$	8		$	6		$	3		$	(1	)	$	—		$	(3	)



	Year Ended 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
Service cost	$	159		$	48		$	45		$	26		$	19		$	4		$	9		$	10
Interest cost on projected benefit obligation	328			79			100			47			53			18			26			14
Expected return on plan assets	(545		)	(142		)	(167		)	(82		)	(85		)	(27		)	(42		)	(24		)
Amortization of actuarial loss	146			31			52			23			29			5			12			11
Amortization of prior service credit	(24		)	(8		)	(3		)	(2		)	(1		)	(1		)	(2		)	(2		)
Settlement charge	12			—			—			—			—			—			—			12
Other	8			2			2			1			1			—			1			1
Net periodic pension costs^(a)(b)	$	84		$	10		$	29		$	13		$	16		$	(1	)	$	4		$	22


(a)	Duke Energy amounts exclude $4 million, $5 million and $7 million for the years ended December 2019, 2018 and 2017, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(b)

Duke Energy Ohio amounts exclude $2 million, $2 million and $3 million for the years ended December 2019, 2018 and 2017, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

Amounts Recognized in AOCI and Regulatory Assets and Liabilities

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets



	Year Ended December 31, 2019
				Duke						Duke			Duke			Duke		Duke
	Duke			Energy			Progress			Energy			Energy			Energy		Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio		Indiana		Piedmont
Regulatory assets, net increase (decrease)	$	(212	)	$	(156	)	$	(79	)	$	(59	)	$	(20	)	$	12	$	22	$	—
Accumulated other comprehensive loss (income)
Deferred income tax expense (benefit)	$	20		—			1			—			(1		)	—		—		—
Amortization of prior year service credit	1			—			—			—			—			—		—		—
Amortization of prior year actuarial losses	(15		)	—			(2		)	—			3			—		—		—
Net amount recognized in accumulated other comprehensive income	$	6		$	—		$	(1	)	$	—		$	2		$	—	$	—	$	—



	Year Ended December 31, 2018
				Duke					Duke		Duke		Duke		Duke
	Duke			Energy		Progress			Energy		Energy		Energy		Energy
(in millions)	Energy			Carolinas		Energy			Progress		Florida		Ohio		Indiana		Piedmont
Regulatory assets, net increase	$	298		$	170	$	40		$	31	$	9	$	10	$	30	$	8
Accumulated other comprehensive (income) loss
Deferred income tax expense	$	(2	)	$	—	$	1		$	—	$	—	$	—	$	—	$	—
Prior year service credit arising during the year	1			—		—			—		—		—		—		—
Amortization of prior year actuarial losses	10			—		(4		)	—		—		—		—		—
Net amount recognized in accumulated other comprehensive income	$	9		$	—	$	(3	)	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Net Amount Recognized



	Year Ended December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date	$	7,869		$	1,954		$	2,433		$	1,125		$	1,295		$	435		$	618		$	264
Service cost	150			47			43			25			18			4			8			5
Interest cost	317			75			100			45			54			18			26			10
Actuarial loss	716			101			223			87			135			54			87			33
Transfers	—			11			—			—			—			—			—			—
Benefits paid	(731		)	(265		)	(191		)	(112		)	(78		)	(30		)	(46		)	(20		)
Obligation at measurement date	$	8,321		$	1,923		$	2,608		$	1,170		$	1,424		$	481		$	693		$	292
Accumulated Benefit Obligation at measurement date	$	8,262		$	1,923		$	2,578		$	1,170		$	1,392		$	471		$	686		$	292
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	8,233		$	2,168		$	2,606		$	1,268		$	1,322		$	405		$	611		$	305
Employer contributions	77			7			57			4			53			2			2			1
Actual return on plan assets	1,331			342			426			204			218			66			100			49
Benefits paid	(731		)	(265		)	(191		)	(112		)	(78		)	(30		)	(46		)	(20		)
Transfers	—			11			—			—			—			—			—			—
Plan assets at measurement date	$	8,910		$	2,263		$	2,898		$	1,364		$	1,515		$	443		$	667		$	335
Funded status of plan	$	589		$	340		$	290		$	194		$	91		$	(38	)	$	(26	)	$	43



	Year Ended December 31, 2018
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date	$	8,448		$	2,029		$	2,637		$	1,211		$	1,410		$	479		$	669		$	313
Service cost	174			56			49			28			21			5			10			7
Interest cost	299			72			94			43			50			17			23			11
Actuarial gain	(485		)	(44		)	(204		)	(87		)	(114		)	(29		)	(29		)	(18		)
Transfers	—			—			—			—			—			—			—			(16		)
Benefits paid	(567		)	(159		)	(143		)	(70		)	(72		)	(37		)	(55		)	(33		)
Obligation at measurement date	$	7,869		$	1,954		$	2,433		$	1,125		$	1,295		$	435		$	618		$	264
Accumulated Benefit Obligation at measurement date	$	7,818		$	1,954		$	2,404		$	1,125		$	1,265		$	425		$	614		$	264
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	9,003		$	2,372		$	2,814		$	1,366		$	1,429		$	458		$	684		$	368
Employer contributions	141			46			45			25			20			—			8			—
Actual return on plan assets	(344		)	(91		)	(110		)	(53		)	(55		)	(16		)	(26		)	(14		)
Benefits paid	(567		)	(159		)	(143		)	(70		)	(72		)	(37		)	(55		)	(33		)
Transfers	—			—			—			—			—			—			—			(16		)
Plan assets at measurement date	$	8,233		$	2,168		$	2,606		$	1,268		$	1,322		$	405		$	611		$	305
Funded status of plan	$	364		$	214		$	173		$	143		$	27		$	(30	)	$	(7	)	$	41

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets



	December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Prefunded pension^(a)	$	621		$	340		$	322		$	194		$	123		$	38		$	57		$	43
Noncurrent pension liability^(b)	$	32		$	—		$	32		$	—		$	32		$	76		$	83		$	—
Net asset (liability) recognized	$	589		$	340		$	290		$	194		$	91		$	(38	)	$	(26	)	$	43
Regulatory assets	$	1,972		$	420		$	717		$	313		$	404		$	112		$	204		$	81
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(23	)	$	—		$	(1	)	$	—		$	(1	)	$	—		$	—		$	—
Prior service credit	(3		)	—			—			—			—			—			—			—
Net actuarial loss	111			—			3			—			3			—			—			—
Net amounts recognized in accumulated other comprehensive loss	$	85		$	—		$	2		$	—		$	2		$	—		$	—		$	—
Amounts to be recognized in net periodic pension costs in the next year
Unrecognized net actuarial loss	$	135		$	29		$	43		$	19		$	24		$	7		$	10		$	9
Unrecognized prior service credit	(32		)	(8		)	(3		)	(2		)	(1		)	(1		)	(2		)	(9		)



	December 31, 2018
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Prefunded pension^(a)	$	433		$	214		$	242		$	143		$	96		$	24		$	39		$	41
Noncurrent pension liability^(b)	$	69		$	—		$	69		$	—		$	69		$	54		$	46		$	—
Net asset recognized	$	364		$	214		$	173		$	143		$	27		$	(30	)	$	(7	)	$	41
Regulatory assets	$	2,184		$	576		$	796		$	372		$	424		$	100		$	182		$	81
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(43	)	$	—		$	(2	)	$	—		$	—		$	—		$	—		$	—
Prior service credit	(4		)	—			—			—			—			—			—			—
Net actuarial loss	126			—			5			—			—			—			—			—
Net amounts recognized in accumulated other comprehensive loss	$	79		$	—		$	3		$	—		$	—		$	—		$	—		$	—
Amounts to be recognized in net periodic pension costs in the next year
Unrecognized net actuarial loss	$	97		$	22		$	37		$	13		$	24		$	3		$	5		$	7
Unrecognized prior service credit	$	(32	)	$	(8	)	$	(3	)	$	(2	)	$	(1	)	$	—		$	(2	)	$	(9	)


(a)	Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets.

(b)

Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets



	December 31, 2019
	Duke		Duke
	Energy		Energy
(in millions)	Ohio		Indiana
Projected benefit obligation	$	155	$	260
Accumulated benefit obligation	146		252
Fair value of plan assets	79		177



	December 31, 2018
					Duke		Duke		Duke
	Duke		Progress		Energy		Energy		Energy
(in millions)	Energy		Energy		Florida		Ohio		Indiana
Projected benefit obligation	$	679	$	679	$	679	$	123	$	203
Accumulated benefit obligation	651		651		651		115		199
Fair value of plan assets	610		610		610		69		159

Assumptions Used for Pension Benefits Accounting

The following tables present the assumptions or range of assumptions used for pension benefit accounting.



	December 31,
	2019				2018				2017
Benefit Obligations
Discount rate				3.30%				4.30%				3.60%
Salary increase	3.50	%	–	4.00%	3.50	%	–	4.00%	3.50	%	–	4.00%
Net Periodic Benefit Cost
Discount rate				4.30%				3.60%				4.10%
Salary increase	3.50	%	–	4.00%	3.50	%	–	4.00%	4.00	%	–	4.50%
Expected long-term rate of return on plan assets				6.85%				6.50%	6.50	%	–	6.75%

Expected Benefit Payments



			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Years ending December 31,
2020	$	643	$	167	$	169	$	89	$	79	$	37	$	50	$	28
2021	653		171		178		95		82		37		50		24
2022	649		177		176		92		84		37		49		22
2023	649		174		182		95		86		36		48		21
2024	638		168		184		96		87		35		48		20
2025-2029	2,851		714		871		419		448		156		220		87

Other Post-Retirement Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension Costs

Components of Net Periodic Other Post-Retirement Benefit Costs



	Year Ended December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Service cost	$	4		$	1		$	1		$	—		$	1		$	—		$	1		$	—
Interest cost on accumulated post-retirement benefit obligation	30			7			12			7			5			1			3			1
Expected return on plan assets	(12		)	(7		)	—			—			—			—			—			(1		)
Amortization of actuarial loss	4			2			1			—			1			—			4			—
Amortization of prior service credit	(19		)	(5		)	(8		)	(1		)	(7		)	(1		)	(1		)	(2		)
Net periodic post-retirement benefit costs ^(a)(b)	$	7		$	(2	)	$	6		$	6		$	—		$	—		$	7		$	(2	)



	Year Ended December 31, 2018
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Service cost	$	6		$	1		$	1		$	—		$	1		$	1		$	1		$	1
Interest cost on accumulated post-retirement benefit obligation	28			7			12			6			6			1			3			1
Expected return on plan assets	(13		)	(8		)	—			—			—			—			—			(2		)
Amortization of actuarial loss	6			3			1			1			—			—			4			—
Amortization of prior service credit	(19		)	(5		)	(8		)	(1		)	(7		)	(1		)	(1		)	(2		)
Net periodic post-retirement benefit costs^(a)(b)	$	8		$	(2	)	$	6		$	6		$	—		$	1		$	7		$	(2	)



	Year Ended 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
Service cost	$	4		$	1		$	—		$	—		$	—		$	—		$	—		$	1
Interest cost on accumulated post-retirement benefit obligation	34			8			13			7			6			1			3			1
Expected return on plan assets	(14		)	(8		)	—			—			—			—			(1		)	(2		)
Amortization of actuarial loss (gain)	10			(2		)	21			12			9			(2		)	(1		)	1
Amortization of prior service credit	(115		)	(10		)	(84		)	(54		)	(30		)	—			(1		)	—
Curtailment credit^(c)	(30		)	(4		)	(16		)	—			(16		)	(2		)	(2		)	—
Net periodic post-retirement benefit costs^(a)(b)	$	(111	)	$	(15	)	$	(66	)	$	(35	)	$	(31	)	$	(3	)	$	(2	)	$	1


(a)	Duke Energy amounts exclude $6 million, $7 million and $7 million for the years ended December 2019, 2018 and 2017, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.


(b)	Duke Energy Ohio amounts exclude $2 million, $2 million and $2 million for the years ended December 2019, 2018 and 2017, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

(c)

Curtailment credit resulted from a reduction in average future service of plan participants due to a plan amendment.

Amounts Recognized in AOCI and Regulatory Assets and Liabilities

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities



	Year Ended December 31, 2019
				Duke					Duke			Duke			Duke			Duke
	Duke			Energy		Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas		Energy			Progress			Florida			Ohio			Indiana			Piedmont
Regulatory assets, net increase (decrease)	$	(127	)	$	—	$	(127	)	$	(82	)	$	(45	)	$	—		$	(5	)	$	—
Regulatory liabilities, net increase (decrease)	$	(152	)	$	1	$	(149	)	$	(93	)	$	(56	)	$	(1	)	$	(4	)	$	3
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	—		$	—	$	—		$	—		$	—		$	—		$	—		$	—
Amortization of prior year actuarial gain	(4		)	—		—			—			—			—			—			—
Net amount recognized in accumulated other comprehensive income	$	(4	)	$	—	$	—		$	—		$	—		$	—		$	—		$	—



	Year Ended December 31, 2018
				Duke					Duke		Duke		Duke		Duke
	Duke			Energy			Progress		Energy		Energy		Energy		Energy
(in millions)	Energy			Carolinas			Energy		Progress		Florida		Ohio		Indiana			Piedmont
Regulatory assets, net increase (decrease)	$	137		$	—		$	133	$	84	$	49	$	—	$	(5	)	$	4
Regulatory liabilities, net increase (decrease)	$	154		$	(6	)	$	149	$	93	$	56	$	2	$	3		$	—
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(1	)	$	—		$	—	$	—	$	—	$	—	$	—		$	—
Amortization of prior year prior service credit	1			—			—		—		—		—		—			—
Net amount recognized in accumulated other comprehensive income	$	—		$	—		$	—	$	—	$	—	$	—	$	—		$	—

Reconciliation of Funded Status to Net Amount Recognized

Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs



	Year Ended December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Change in Projected Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date	$	728		$	174		$	303		$	166		$	137		$	29		$	67		$	30
Service cost	4			1			1			—			1			—			1			—
Interest cost	30			7			12			7			5			1			3			1
Plan participants' contributions	16			3			6			3			2			1			2			—
Actuarial losses	28			9			13			9			5			1			2			—
Transfers	—			—			—			—			—			—			—			—
Benefits paid	(83		)	(19		)	(32		)	(17		)	(15		)	(3		)	(11		)	(1		)
Accumulated post-retirement benefit obligation at measurement date	$	723		$	175		$	303		$	168		$	135		$	29		$	64		$	30
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	195		$	115		$	—		$	—		$	—		$	8		$	5		$	29
Actual return on plan assets	32			20			(1		)	—			—			1			—			6
Benefits paid	(83		)	(19		)	(32		)	(17		)	(15		)	(3		)	(11		)	(1		)
Employer contributions	60			11			26			13			13			2			9			—
Plan participants' contributions	16			3			6			3			2			1			2			—
Plan assets at measurement date	$	220		$	130		$	(1	)	$	(1	)	$	—		$	9		$	5		$	34
Funded status of plan	$	(503	)	$	(45	)	$	(304	)	$	(169	)	$	(135	)	$	(20	)	$	(59	)	$	4



	Year Ended December 31, 2018
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Change in Projected Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date	$	813		$	189		$	342		$	184		$	156		$	30		$	78		$	32
Service cost	6			1			1			—			1			1			1			1
Interest cost	28			7			12			6			6			1			3			1
Plan participants' contributions	18			3			6			4			3			1			2			—
Actuarial losses (gains)	(51		)	(8		)	(23		)	(9		)	(13		)	(2		)	(5		)	(1		)
Transfers	—			—			—			—			—			—			—			(1		)
Benefits paid	(86		)	(18		)	(35		)	(19		)	(16		)	(2		)	(12		)	(2		)
Accumulated post-retirement benefit obligation at measurement date	$	728		$	174		$	303		$	166		$	137		$	29		$	67		$	30
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	225		$	133		$	—		$	—		$	—		$	7		$	11		$	31
Actual return on plan assets	(8		)	(5		)	—			—			—			—			—			(1		)
Benefits paid	(86		)	(18		)	(35		)	(19		)	(16		)	(2		)	(12		)	(2		)
Employer contributions (reimbursements)	46			2			29			15			13			2			4			1
Plan participants' contributions	18			3			6			4			3			1			2			—
Plan assets at measurement date	$	195		$	115		$	—		$	—		$	—		$	8		$	5		$	29
Funded status of plan	$	(533	)	$	(59	)	$	(303	)	$	(166	)	$	(137	)	$	(21	)	$	(62	)	$	(1	)

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets



	December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Current post-retirement liability^(a)	$	9		$	—		$	5		$	3		$	2		$	1		$	—		$	—
Noncurrent post-retirement liability^(b)	494			45			299			166			133			19			59			(4		)
Total accrued post-retirement liability	$	503		$	45		$	304		$	169		$	135		$	20		$	59		$	(4	)
Regulatory assets	$	135		$	—		$	135		$	82		$	53		$	—		$	36		$	—
Regulatory liabilities	$	149		$	39		$	—		$	—		$	—		$	17		$	63		$	3
Accumulated other comprehensive (income) loss
Deferred income tax expense	$	3		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Prior service credit	(2		)	—			—			—			—			—			—			—
Net actuarial gain	(13		)	—			—			—			—			—			—			—
Net amounts recognized in accumulated other comprehensive income	$	(12	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Amounts to be recognized in net periodic pension expense in the next year
Unrecognized net actuarial loss	$	5		$	3		$	1		$	—		$	1		$	—		$	—		$	—
Unrecognized prior service credit	(14		)	(4		)	(3		)	(1		)	(2		)	(1		)	(1		)	(2		)



	December 31, 2018
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
Current post-retirement liability^(a)	$	8		$	—		$	5		$	3		$	2		$	2		$	—		$	—
Noncurrent post-retirement liability^(b)	525			59			298			163			135			19			62			1
Total accrued post-retirement liability	$	533		$	59		$	303		$	166		$	137		$	21		$	62		$	1
Regulatory assets	$	262		$	—		$	262		$	164		$	98		$	—		$	41		$	—
Regulatory liabilities	$	301		$	38		$	149		$	93		$	56		$	18		$	67		$	—
Accumulated other comprehensive (income) loss
Deferred income tax expense	$	3		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Prior service credit	(2		)	—			—			—			—			—			—			—
Net actuarial gain	(9		)	—			—			—			—			—			—			—
Net amounts recognized in accumulated other comprehensive income	$	(8	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Amounts to be recognized in net periodic pension expense in the next year
Unrecognized net actuarial loss (gain)	$	4		$	2		$	1		$	—		$	—		$	—		$	—		$	—
Unrecognized prior service credit	(19		)	(5		)	(7		)	(1		)	(6		)	(1		)	(1		)	(2		)


(a)	Included in Other within Current Liabilities on the Consolidated Balance Sheets.

(b)

Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.

Assumptions Used for Pension Benefits Accounting

The following tables present the assumptions used for other post-retirement benefits accounting.



	December 31,
	2019		2018		2017
Benefit Obligations
Discount rate	3.30	%	4.30	%	3.60	%
Net Periodic Benefit Cost
Discount rate	4.30	%	3.60	%	4.10	%
Expected long-term rate of return on plan assets	6.85	%	6.50	%	6.50	%
Assumed tax rate	23	%	35	%	35	%

Assumed Health Care Cost Trend Rate



	December 31,
	2019		2018
Health care cost trend rate assumed for next year	6.00	%	6.50	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	4.75	%	4.75	%
Year that rate reaches ultimate trend	2026		2024

Sensitivity to Changes in Assumed Health Care Cost Trend Rates



	Year Ended December 31, 2019
				Duke						Duke			Duke			Duke			Duke
	Duke			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)	Energy			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
1-Percentage Point Increase
Effect on total service and interest costs	$	1		$	—		$	1		$	1		$	—		$	—		$	—		$	—
Effect on post-retirement benefit obligation	22			5			9			5			4			1			2			1
1-Percentage Point Decrease
Effect on total service and interest costs	(1		)	—			(1		)	(1		)	—			—			—			—
Effect on post-retirement benefit obligation	(20		)	(5		)	(8		)	(4		)	(4		)	(1		)	(2		)	(1		)

Expected Benefit Payments



			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Years ending December 31,
2020	$	76	$	18	$	29	$	16	$	13	$	4	$	8	$	2
2021	70		17		28		15		13		3		7		2
2022	66		16		27		14		12		3		7		2
2023	63		15		25		14		12		3		6		2
2024	59		15		24		13		11		3		6		2
2025-2029	246		60		101		55		46		11		23		11