v3.3.0.814

Derivatives and Hedging | 9 Months Ended
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Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | DERIVATIVES AND HEDGING The Duke Energy Registrants use commodity and interest rate contracts to manage commodity price and interest rate risks. The primary use of energy commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Interest rate swaps are used to manage interest rate risk associated with borrowings. All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting agreement is offset against the collateralized derivatives on the balance sheet. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows. Changes in the fair value of derivative instruments that either do not qualify for or have not been designated as hedges are reflected in current earnings or as regulatory assets or liabilities. FAIR VALUE AND CASH FLOW HEDGES For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction effects earnings. Gains and losses reclassified out of AOCI for the three and nine months ended September 30, 2015 and 2014 were immaterial. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. At September 30, 2015, there were no open commodity derivative instruments designated as hedges. COMMODITY PRICE RISK The Duke Energy Registrants are exposed to the impact of changes in the future prices of electricity, coal and natural gas. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. Regulated public utilities may have cost-based rate regulations and various other cost recovery mechanisms that result in a limited exposure to market volatility of commodity fuel prices. Financial derivative contracts, where approved by the respective state regulatory commission, can be used to manage the risk of price volatility. Wholesale generating capacity used to sell electricity results in exposure to market volatility in energy-related commodity prices. Undesignated Contracts Undesignated contracts may include contracts not designated as a hedge because they are accounted for under Regulated Operations accounting, contracts that do not qualify for hedge accounting, derivatives that do not or no longer qualify for the NPNS scope exception, and de-designated hedge contracts. Mark-to-market gains or losses on contracts accounted for under Regulated Operations are deferred and recorded as Regulatory Liabilities or Regulatory Assets, respectively. The Subsidiary Registrants utilize cost-tracking mechanisms, commonly referred to as fuel adjustment clauses. These clauses allow for the recovery of fuel and fuel-related costs, including settlements of undesignated derivatives for fuel commodities, and portions of purchased power costs through surcharges on customer rates. The difference between the costs incurred and the surcharge revenues is recorded as an adjustment to Fuel used in electric generation and purchased power – regulated or as Operating Revenues – Regulated electric on the Consolidated Statements of Operations with an offsetting impact on regulatory assets or liabilities. Therefore, due to the regulatory accounting followed by our Regulated Operations for undesignated derivatives, realized and unrealized gains and losses on undesignated derivatives do not have an immediate impact on reported net income. Mark-to-market gains and losses related to the nonregulated Midwest generation business are recorded in discontinued operations and open positions at April 2, 2015 were included in the sale of the Disposal Group. Refer to Note 2 for further information on the sale of the Disposal Group. Gains and losses on undesignated derivative contracts for nonregulated continuing operations are immaterial, including electric contracts used to hedge renewables generation in Electric Reliability Council of Texas (ERCOT), hedges for a business that is winding down by the end of 2016, and revenues during 2014 for mitigation contracts which were terminated by December 31, 2014. Undesignated contracts expire as late as 2018. Volumes The tables below show information relating to 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.
| September 30, 2015
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
| Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Electricity (gigawatt-hours) | 76 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 39 |
Natural gas (millions of decatherms) | 389 |  |  | 61 |  |  | 328 |  |  | 110 |  |  | 218 |  |  | — |  |  | — |
| December 31, 2014
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
| Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Electricity (gigawatt-hours)(a)(b) | 25,370 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,141 |  |  | — |
Natural gas (millions of decatherms)(a) | 676 |  |  | 35 |  |  | 328 |  |  | 116 |  |  | 212 |  |  | 313 |  |  | — |
(a) | Amounts at Duke Energy Ohio include volumes related to the nonregulated Midwest generation business sold during the second quarter of 2015. Refer to Note 2 for further information on the sale.
(b) | Amounts at Duke Energy Ohio include intercompany positions that eliminate at Duke Energy.
INTEREST RATE RISK The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward starting interest rate swaps may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt. Pretax gains or losses recognized from inception to termination of the hedges are amortized as a component of interest expense over the life of the debt. Duke’s interest rate swaps for its Regulated Utilities operations employ Regulated Operations accounting. Regulated Operations accounting records the Mark-to-Market on the swaps as Regulatory Assets or Regulatory Liabilities. The accrual of interest on the swaps is recorded as Interest Expense. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The following table shows notional amounts for derivatives related to interest rate risk.
| September 30, 2015 |  | December 31, 2014
|  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  |  |  |  |  | Duke |  |  | Duke |
| Duke |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Duke |  |  | Progress |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Energy |  |  | Energy |  |  | Florida |  |  | Ohio |
Cash flow hedges(a) | $ | 714 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 750 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undesignated contracts(b) | 527 |  |  | 500 |  |  | 250 |  |  | 250 |  |  | 27 |  |  | 277 |  |  | 250 |  |  | 250 |  |  | 27 |
Total notional amount | $ | 1,241 |  |  | $ | 500 |  |  | $ | 250 |  |  | $ | 250 |  |  | $ | 27 |  |  | $ | 1,027 |  |  | $ | 250 |  |  | $ | 250 |  |  | $ | 27 |
(a) | Duke Energy includes amounts related to consolidated Variable Interest Entities (VIEs) of $509 million and $541 million at September 30, 2015 and December 31, 2014, respectively.
(b) | In January 2015, Duke Energy Progress executed fixed-to-floating rate swaps. The swaps were issued to economically convert $250 million of fixed rate first mortgage bonds due September 15, 2021, to floating rate with an initial rate of approximately 1.75 percent.
In October 2015, Duke Energy Carolinas entered into $400 million notional amount of forward starting interest rate swaps that was designated as a hedge of debt anticipated to be issued in 2018. LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONDENSED CONSOLIDATED BALANCE SHEETS The following tables show the fair value of derivatives and the line items in the Condensed Consolidated Balance Sheets where they are reported. Although derivatives subject to master netting arrangements are netted on the Condensed 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 |  | September 30, 2015
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: Other |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: Other |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 12 |
Current Liabilities: Other |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Deferred Credits and Other Liabilities: Other |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Total Derivative Assets – Commodity Contracts |  | $ | 22 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 12 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments and Other Assets: Other |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: Other |  | 6 |  |  | — |  |  | 6 |  |  | 2 |  |  | 4 |  |  | — |  |  | — |
Investments and Other Assets: Other |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total Derivative Assets – Interest Rate Contracts |  | $ | 11 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Total Derivative Assets |  | $ | 33 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | 4 |  |  | $ | 12 |
Derivative Liabilities |  | September 30, 2015
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: Other |  | $ | 242 |  |  | $ | 25 |  |  | $ | 215 |  |  | $ | 77 |  |  | $ | 138 |  |  | $ | — |  |  | $ | — |
Deferred Credits and Other Liabilities: Other |  | 100 |  |  | 8 |  |  | 91 |  |  | 16 |  |  | 71 |  |  | — |  |  | — |
Total Derivative Liabilities – Commodity Contracts |  | $ | 342 |  |  | $ | 33 |  |  | $ | 306 |  |  | $ | 93 |  |  | $ | 209 |  |  | $ | — |  |  | $ | — |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: Other |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred Credits and Other Liabilities: Other |  | 41 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: Other |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Deferred Credits and Other Liabilities: Other |  | 8 |  |  | — |  |  | 3 |  |  | 2 |  |  | — |  |  | 6 |  |  | — |
Total Derivative Liabilities – Interest Rate Contracts |  | $ | 64 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Total Derivative Liabilities |  | $ | 406 |  |  | $ | 33 |  |  | $ | 309 |  |  | $ | 95 |  |  | $ | 209 |  |  | $ | 7 |  |  | $ | — |
Derivative Assets |  | December 31, 2014
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: Other |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 14 |
Current Assets: Assets held for sale |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | — |
Investments and Other Assets: Other |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investments and Other Assets: Assets held for sale |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | — |
Current Liabilities: Other |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current Liabilities: Assets held for sale |  | 174 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 175 |  |  | — |
Deferred Credits and Other Liabilities: Other |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Deferred Credits and Other Liabilities: Assets held for sale |  | 111 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |
Total Derivative Assets – Commodity Contracts |  | $ | 339 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 341 |  |  | $ | 14 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments and Other Assets: Other |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: Other |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Total Derivative Assets – Interest Rate Contracts |  | $ | 12 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Total Derivative Assets |  | $ | 351 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 341 |  |  | $ | 14 |
Derivative Liabilities |  | December 31, 2014
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: Other |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: Assets held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |
Investments and Other Assets: Assets held for sale |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |
Current Liabilities: Other |  | 307 |  |  | 14 |  |  | 288 |  |  | 108 |  |  | 180 |  |  | — |  |  | — |
Current Liabilities: Assets held for sale |  | 253 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 252 |  |  | — |
Deferred Credits and Other Liabilities: Other |  | 91 |  |  | 5 |  |  | 80 |  |  | 23 |  |  | 57 |  |  | — |  |  | — |
Deferred Credits and Other Liabilities: Assets held for sale |  | 208 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 207 |  |  | — |
Total Derivative Liabilities – Commodity Contracts |  | $ | 859 |  |  | $ | 19 |  |  | $ | 369 |  |  | $ | 132 |  |  | $ | 237 |  |  | $ | 467 |  |  | $ | — |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: Other |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred Credits and Other Liabilities: Other |  | 29 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: Other |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Deferred Credits and Other Liabilities: Other |  | 7 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | 5 |  |  | — |
Total Derivative Liabilities – Interest Rate Contracts |  | $ | 50 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | — |
Total Derivative Liabilities |  | $ | 909 |  |  | $ | 19 |  |  | $ | 371 |  |  | $ | 132 |  |  | $ | 239 |  |  | $ | 473 |  |  | $ | — |
OFFSETTING ASSETS AND LIABILITIES The following tables show the balance sheet location of derivative contracts subject to enforceable master netting agreements and include collateral posted to offset the net position. This disclosure is intended to enable users to evaluate the effect of netting arrangements on financial position. The amounts shown were 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 |  | September 30, 2015
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 26 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 12 |
Gross amounts offset |  | (2 | ) |  | — |  |  | (1 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |
Net amounts subject to master netting |  | 24 |  |  | — |  |  | 6 |  |  | 2 |  |  | 4 |  |  | 4 |  |  | 12 |
Amounts not subject to master netting |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 24 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 12 |
Non-Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 7 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Gross amounts offset |  | (2 | ) |  | — |  |  | (2 | ) |  | — |  |  | (2 | ) |  | — |  |  | — |
Net amounts subject to master netting |  | 5 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |
Amounts not subject to master netting |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 5 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  | September 30, 2015
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 257 |  |  | $ | 25 |  |  | $ | 215 |  |  | $ | 77 |  |  | $ | 138 |  |  | $ | 1 |  |  | $ | — |
Gross amounts offset |  | (15 | ) |  | — |  |  | (14 | ) |  | — |  |  | (14 | ) |  | — |  |  | — |
Net amounts subject to master netting |  | 242 |  |  | 25 |  |  | 201 |  |  | 77 |  |  | 124 |  |  | 1 |  |  | — |
Amounts not subject to master netting |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 242 |  |  | $ | 25 |  |  | $ | 201 |  |  | $ | 77 |  |  | $ | 124 |  |  | $ | 1 |  |  | $ | — |
Non-Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 144 |  |  | $ | 8 |  |  | $ | 89 |  |  | $ | 18 |  |  | $ | 71 |  |  | $ | 6 |  |  | $ | — |
Gross amounts offset |  | (9 | ) |  | — |  |  | (9 | ) |  | — |  |  | (9 | ) |  | — |  |  | — |
Net amounts subject to master netting |  | 135 |  |  | 8 |  |  | 80 |  |  | 18 |  |  | 62 |  |  | 6 |  |  | — |
Amounts not subject to master netting |  | 5 |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 140 |  |  | $ | 8 |  |  | $ | 85 |  |  | $ | 18 |  |  | $ | 62 |  |  | $ | 6 |  |  | $ | — |
Derivative Assets |  | December 31, 2014
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 210 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 204 |  |  | $ | 14 |
Gross amounts offset |  | (153 | ) |  | — |  |  | (2 | ) |  | — |  |  | (2 | ) |  | (179 | ) |  | — |
Net amounts subject to master netting |  | 57 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 14 |
Amounts not subject to master netting |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | 14 |
Non-Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 136 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 137 |  |  | $ | — |
Gross amounts offset |  | (88 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (114 | ) |  | — |
Net amounts subject to master netting |  | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |
Amounts not subject to master netting |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 53 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |
Derivative Liabilities |  | December 31, 2014
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 573 |  |  | $ | 14 |  |  | $ | 289 |  |  | $ | 109 |  |  | $ | 180 |  |  | $ | 257 |  |  | $ | — |
Gross amounts offset |  | (213 | ) |  | — |  |  | (17 | ) |  | — |  |  | (17 | ) |  | (222 | ) |  | — |
Net amounts subject to master netting |  | 360 |  |  | 14 |  |  | 272 |  |  | 109 |  |  | 163 |  |  | 35 |  |  | — |
Amounts not subject to master netting |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 361 |  |  | $ | 14 |  |  | $ | 272 |  |  | $ | 109 |  |  | $ | 163 |  |  | $ | 35 |  |  | $ | — |
Non-Current |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 319 |  |  | $ | 5 |  |  | $ | 82 |  |  | $ | 23 |  |  | $ | 59 |  |  | $ | 216 |  |  | $ | — |
Gross amounts offset |  | (173 | ) |  | — |  |  | (8 | ) |  | — |  |  | (8 | ) |  | (193 | ) |  | — |
Net amounts subject to master netting |  | 146 |  |  | 5 |  |  | 74 |  |  | 23 |  |  | 51 |  |  | 23 |  |  | — |
Amounts not subject to master netting |  | 16 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized on the Condensed Consolidated Balance Sheet |  | $ | 162 |  |  | $ | 5 |  |  | $ | 74 |  |  | $ | 23 |  |  | $ | 51 |  |  | $ | 23 |  |  | $ | — |
CREDIT RISK Certain derivative contracts contain contingent credit features. These features may include (i) material adverse change clauses or payment acceleration clauses that could result in immediate payments or (ii) the posting of letters of credit or termination of the derivative contract before maturity if specific events occur, such as a credit rating downgrade below investment grade. 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. Amounts for Duke Energy Indiana were not material.
| September 30, 2015
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |
Aggregate fair value amounts of derivative instruments in a net liability position | $ | 316 |  |  | $ | 33 |  |  | $ | 301 |  |  | $ | 94 |  |  | $ | 207 |  |  | $ | — |
Fair value of collateral already posted | 20 |  |  | — |  |  | 20 |  |  | — |  |  | 20 |  |  | — |
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered | 296 |  |  | 33 |  |  | 281 |  |  | 94 |  |  | 187 |  |  | — |
| December 31, 2014
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |
Aggregate fair value amounts of derivative instruments in a net liability position | $ | 845 |  |  | $ | 19 |  |  | $ | 370 |  |  | $ | 131 |  |  | $ | 239 |  |  | $ | 456 |
Fair value of collateral already posted | 209 |  |  | — |  |  | 23 |  |  | — |  |  | 23 |  |  | 186 |
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered | 407 |  |  | 19 |  |  | 347 |  |  | 131 |  |  | 216 |  |  | 41 |
The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative must be executed with the same counterparty under the same master netting agreement. Amounts disclosed below represent the receivables related to the right to reclaim cash collateral and payables related to the obligation to return cash collateral under master netting arrangements.
| September 30, 2015 |  | December 31, 2014
(in millions) | Receivables |  | Receivables
Duke Energy |  |  |
Amounts offset against net derivative positions | $ | 20 |  |  | $ | 145 |
Amounts not offset against net derivative positions | — |  |  | 64 |
Progress Energy |  |  |
Amounts offset against net derivative positions | 20 |  |  | 23 |
Duke Energy Florida |  |  |
Amounts offset against net derivative positions | 20 |  |  | 23 |
Duke Energy Ohio |  |  |
Amounts offset against net derivative positions | — |  |  | 122 |
Amounts not offset against net derivative positions | — |  |  | 64 |

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