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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2018
Retirement Benefits [Abstract] |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS DEFINED BENEFIT RETIREMENT PLANS Duke Energy maintains, and the Subsidiary Registrants participate in, qualified and non-qualified, non-contributory defined benefit retirement plans. 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. The following table presents contributions made by the Duke Energy Registrants to their qualified defined benefit pension plans during the nine months ended September 30, 2018.
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Indiana |
Contributions | $ | 141 |  |  | $ | 46 |  |  | $ | 45 |  |  | $ | 25 |  |  | $ | 20 |  |  | $ | 8 |
Duke Energy and Duke Energy Ohio made contributions of $8 million and $4 million, respectively, to their qualified defined benefit pension plans during the nine months ended September 30, 2017. Duke Energy uses a December 31 measurement date for its defined benefit retirement plan assets and obligations. Components of Net Periodic Benefit Costs The tables below present total net periodic benefit costs prior to capitalization of amounts reflected as Net property, plant and equipment on the Condensed Consolidated Balance Sheets. Only the service cost component of net periodic benefit costs is eligible to be capitalized. The remaining non-capitalized portions of net periodic benefit costs are classified as either: (1) service cost, which is recorded in Operations, maintenance and other on the Condensed Consolidated Statements of Operations; or as (2) components of non-service cost, which is recorded in Other income and expenses, net on the Condensed Consolidated Statements of Operations. See Note 1 for further information on impacts of the retirement benefits accounting standard adopted by Duke Energy on January 1, 2018. Pension and other post-retirement benefit costs presented in the tables below for the Subsidiary Registrants are amounts allocated from Duke Energy for the employees of the respective Subsidiary Registrants. The Condensed Consolidated Statements of Operations of the Subsidiary Registrants also include allocated net periodic benefit costs for their proportionate share of pension and post-retirement benefit costs related to employees of the Duke Energy shared services affiliate. However, in the tables below these amounts are only presented in the Duke Energy column. For additional information on the corporate governance and shared service expenses allocated from the Duke Energy shared service affiliate, see Note 8. QUALIFIED PENSION PLANS The following tables include the components of net periodic pension costs for qualified pension plans.
| Three Months Ended September 30, 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 | $ | 47 |  |  | $ | 15 |  |  | $ | 13 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost on projected benefit obligation | 74 |  |  | 18 |  |  | 24 |  |  | 10 |  |  | 13 |  |  | 4 |  |  | 6 |  |  | 3 |
Expected return on plan assets | (140 | ) |  | (37 | ) |  | (45 | ) |  | (21 | ) |  | (23 | ) |  | (7 | ) |  | (10 | ) |  | (6 | )
Amortization of actuarial loss | 33 |  |  | 7 |  |  | 11 |  |  | 6 |  |  | 6 |  |  | 1 |  |  | 2 |  |  | 3 |
Amortization of prior service credit | (8 | ) |  | (2 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3 | )
Net periodic pension costs | $ | 6 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | (1 | )
| Three Months Ended September 30, 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 | $ | 40 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |
Interest cost on projected benefit obligation | 82 |  |  | 20 |  |  | 25 |  |  | 12 |  |  | 13 |  |  | 4 |  |  | 7 |  |  | 3 |
Expected return on plan assets | (136 | ) |  | (35 | ) |  | (43 | ) |  | (21 | ) |  | (21 | ) |  | (7 | ) |  | (11 | ) |  | (6 | )
Amortization of actuarial loss | 36 |  |  | 8 |  |  | 14 |  |  | 6 |  |  | 7 |  |  | 1 |  |  | 3 |  |  | 3 |
Amortization of prior service credit | (6 | ) |  | (2 | ) |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | )
Other | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension costs | $ | 18 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | (1 | ) |  | $ | 1 |  |  | $ | 2 |
| Nine Months Ended September 30, 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 | $ | 137 |  |  | $ | 45 |  |  | $ | 39 |  |  | $ | 22 |  |  | $ | 16 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 6 |
Interest cost on projected benefit obligation | 224 |  |  | 54 |  |  | 70 |  |  | 31 |  |  | 38 |  |  | 13 |  |  | 18 |  |  | 9 |
Expected return on plan assets | (420 | ) |  | (111 | ) |  | (133 | ) |  | (63 | ) |  | (69 | ) |  | (21 | ) |  | (31 | ) |  | (18 | )
Amortization of actuarial loss | 99 |  |  | 21 |  |  | 33 |  |  | 16 |  |  | 18 |  |  | 3 |  |  | 6 |  |  | 9 |
Amortization of prior service credit | (24 | ) |  | (6 | ) |  | (3 | ) |  | (1 | ) |  | (1 | ) |  | — |  |  | — |  |  | (9 | )
Net periodic pension costs | $ | 16 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (3 | )
| Nine Months Ended September 30, 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 | $ | 120 |  |  | $ | 36 |  |  | $ | 36 |  |  | $ | 18 |  |  | $ | 15 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 9 |
Interest cost on projected benefit obligation | 246 |  |  | 60 |  |  | 75 |  |  | 36 |  |  | 39 |  |  | 14 |  |  | 21 |  |  | 9 |
Expected return on plan assets | (408 | ) |  | (106 | ) |  | (129 | ) |  | (63 | ) |  | (63 | ) |  | (21 | ) |  | (33 | ) |  | (18 | )
Amortization of actuarial loss | 108 |  |  | 24 |  |  | 42 |  |  | 18 |  |  | 21 |  |  | 3 |  |  | 9 |  |  | 9 |
Amortization of prior service credit | (18 | ) |  | (6 | ) |  | (3 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3 | )
Other | 6 |  |  | — |  |  | 3 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Net periodic pension costs | $ | 54 |  |  | $ | 8 |  |  | $ | 24 |  |  | $ | 10 |  |  | $ | 12 |  |  | $ | (1 | ) |  | $ | 3 |  |  | $ | 7 |
NON-QUALIFIED PENSION PLANS The following tables include the components of net periodic pension costs for non-qualified pension plans for registrants with non-qualified pension costs.
| Three Months Ended September 30, 2018
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |
Interest cost on projected benefit obligation | $ | 3 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Amortization of actuarial loss | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic pension costs | $ | 5 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
| Three Months Ended September 30, 2017
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |
Interest cost on projected benefit obligation | $ | 4 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Amortization of actuarial loss | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic pension costs | $ | 6 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
| Nine Months Ended September 30, 2018
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |
Service cost | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation | 9 |  |  | — |  |  | 3 |  |  | 1 |  |  | 1 |
Amortization of actuarial loss | 6 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service (credit) cost | (1 | ) |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic pension costs | $ | 15 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |
| Nine Months Ended September 30, 2017
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |
Interest cost on projected benefit obligation | $ | 10 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 2 |
Amortization of actuarial loss | 6 |  |  | — |  |  | 3 |  |  | — |  |  | — |
Net periodic pension costs | $ | 16 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 2 |  |  | $ | 2 |
OTHER POST-RETIREMENT BENEFIT PLANS Duke Energy provides, and the Subsidiary Registrants participate in, certain health care and life insurance benefits for retired employees on a contributory and non-contributory basis. The following tables include the components of net periodic other post-retirement benefit costs.
| Three Months Ended September 30, 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 | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 7 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Expected return on plan assets | (4 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Amortization of prior service credit | (5 | ) |  | (1 | ) |  | (2 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |
Net periodic other post-retirement benefit costs | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |
| Three Months Ended September 30, 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 | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 9 |  |  | 2 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | — |  |  | 1 |  |  | — |
Expected return on plan assets | (3 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | 2 |  |  | — |  |  | 5 |  |  | 3 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (29 | ) |  | (2 | ) |  | (21 | ) |  | (14 | ) |  | (8 | ) |  | — |  |  | — |  |  | — |
Net periodic other post-retirement benefit costs | $ | (20 | ) |  | $ | (2 | ) |  | $ | (12 | ) |  | $ | (9 | ) |  | $ | (4 | ) |  | $ | — |  |  | $ | 1 |  |  | $ | — |
| Nine Months Ended September 30, 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 | $ | 5 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 21 |  |  | 5 |  |  | 9 |  |  | 5 |  |  | 4 |  |  | 1 |  |  | 3 |  |  | — |
Expected return on plan assets | (10 | ) |  | (6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | 5 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
Amortization of prior service credit | (15 | ) |  | (3 | ) |  | (6 | ) |  | — |  |  | (4 | ) |  | — |  |  | — |  |  | (1 | )
Net periodic other post-retirement benefit costs | $ | 6 |  |  | $ | (1 | ) |  | $ | 4 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | (1 | )
| Nine Months Ended September 30, 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 | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 27 |  |  | 6 |  |  | 11 |  |  | 6 |  |  | 6 |  |  | — |  |  | 1 |  |  | — |
Expected return on plan assets | (10 | ) |  | (6 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss (gain) | 6 |  |  | (2 | ) |  | 15 |  |  | 9 |  |  | 6 |  |  | (1 | ) |  | — |  |  | — |
Amortization of prior service credit | (87 | ) |  | (6 | ) |  | (63 | ) |  | (41 | ) |  | (23 | ) |  | — |  |  | — |  |  | — |
Net periodic other post-retirement benefit costs | $ | (61 | ) |  | $ | (8 | ) |  | $ | (37 | ) |  | $ | (26 | ) |  | $ | (11 | ) |  | $ | (1 | ) |  | $ | 1 |  |  | $ | — |
EMPLOYEE SAVINGS PLAN Duke Energy sponsors, and the Subsidiary Registrants participate in, an employee savings plan that covers substantially all employees. The following table includes employer 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 |
Three Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2018 | $ | 49 |  |  | $ | 15 |  |  | $ | 13 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |
2017 | 43 |  |  | 14 |  |  | 12 |  |  | 9 |  |  | 4 |  |  | 1 |  |  | 2 |  |  | 2 |
Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |
2018 | $ | 167 |  |  | $ | 53 |  |  | $ | 45 |  |  | $ | 31 |  |  | $ | 14 |  |  | $ | 2 |  |  | $ | 8 |  |  | $ | 10 |
2017 | 147 |  |  | 49 |  |  | 42 |  |  | 30 |  |  | 13 |  |  | 3 |  |  | 7 |  |  | 5 |

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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