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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items] |
Pension Plan Contributions | 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2020 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2019 | 77 |  |  | 7 |  |  | 57 |  |  | 4 |  |  | 53 |  |  | 2 |  |  | 2 |  |  | 1 |
Fair Value and Allocation of Plan Assets | The following table includes the target asset allocations by asset class at December 31, 2021, and the actual asset allocations for the Duke Energy Master Retirement Trust.
|  |  | Actual Allocation at
| Target |  | December 31,
| Allocation |  | 2021 |  | 2020
Global equity securities | 27 | % |  | 24 | % |  | 30 | %
Global private equity securities | 1 | % |  | 1 | % |  | 1 | %
Debt securities | 62 | % |  | 62 | % |  | 55 | %
Return seeking debt securities | 4 | % |  | 4 | % |  | 5 | %
Hedge funds | 2 | % |  | 3 | % |  | 3 | %
Real estate and cash | 4 | % |  | 6 | % |  | 6 | %
Total | 100 | % |  | 100 | % |  | 100 | %
The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2021.
|  |  | Actual Allocation at
| Target |  | December 31,
| Allocation |  | 2021 |  | 2020
U.S. equity securities | 30 | % |  | 19 | % |  | 36 | %
Non-U.S. equity securities | 5 | % |  | 5 | % |  | 6 | %
Real estate | 2 | % |  | 3 | % |  | 2 | %
Debt securities | 45 | % |  | 18 | % |  | 42 | %
Cash | 18 | % |  | 55 | % |  | 14 | %
Total | 100 | % |  | 100 | % |  | 100 | %
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, 2021
| Total Fair |  |  |  |  |  |  |  | Not
(in millions) | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Categorized(b)
Equity securities | $ | 2,575 |  |  | $ | 2,547 |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |
Corporate debt securities | 4,189 |  |  | — |  |  | 4,189 |  |  | — |  |  | — |
Short-term investment funds | 382 |  |  | 272 |  |  | 110 |  |  | — |  |  | — |
Partnership interests | 95 |  |  | — |  |  | — |  |  | 95 |  |  | — |
Hedge funds | 216 |  |  | — |  |  | — |  |  | — |  |  | 216 |
U.S. government securities | 1,618 |  |  | — |  |  | 1,618 |  |  | — |  |  | — |
Governments bonds – foreign | 78 |  |  | — |  |  | 78 |  |  | — |  |  | — |
Cash | 144 |  |  | 144 |  |  | — |  |  | — |  |  | — |
Government and commercial mortgage backed securities | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Net pending transactions and other investments | 53 |  |  | 12 |  |  | 41 |  |  | — |  |  | — |
Total assets(a) | $ | 9,352 |  |  | $ | 2,975 |  |  | $ | 6,038 |  |  | $ | 95 |  |  | $ | 244 |
(a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 26%, 32%, 15%, 17%, 5%, 7% and 4%, respectively, of the Duke Energy Master Retirement Trust at December 31, 2021. 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, 2020
| Total Fair |  |  |  |  |  |  |  | Not
(in millions) | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Categorized(b)
Equity securities | $ | 3,202 |  |  | $ | 3,162 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |
Corporate debt securities | 4,162 |  |  | — |  |  | 4,162 |  |  | — |  |  | — |
Short-term investment funds | 397 |  |  | 247 |  |  | 150 |  |  | — |  |  | — |
Partnership interests | 97 |  |  | — |  |  | — |  |  | — |  |  | 97 |
Hedge funds | 198 |  |  | — |  |  | — |  |  | — |  |  | 198 |
U.S. government securities | 1,164 |  |  | — |  |  | 1,164 |  |  | — |  |  | — |
Governments bonds – foreign | 73 |  |  | — |  |  | 73 |  |  | — |  |  | — |
Cash | 98 |  |  | 98 |  |  | — |  |  | — |  |  | — |
Net pending transactions and other investments | 88 |  |  | 34 |  |  | 54 |  |  | — |  |  | — |
Total assets(a) | $ | 9,479 |  |  | $ | 3,541 |  |  | $ | 5,603 |  |  | $ | — |  |  | $ | 335 |
(a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 26%, 32%, 15%, 17%, 5%, 7% and 4%, respectively, of the Duke Energy Master Retirement Trust at December 31, 2020. 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, 2021
| Total Fair |  |  |  |  |  |
(in millions) | Value |  |  |  | Level 2 |  |
Cash and cash equivalents | $ | 14 |  |  |  |  | $ | 14 |  |  |
Real estate | 2 |  |  |  |  | 2 |  |  |
Equity securities | 18 |  |  |  |  | 18 |  |  |
Debt securities | 11 |  |  |  |  | 11 |  |  |
Total assets | $ | 45 |  |  |  |  | $ | 45 |  |  |
| December 31, 2020
| Total Fair |  |  |  |  |  |
(in millions) | Value |  |  |  | Level 2 |  |
Cash and cash equivalents | $ | 5 |  |  |  |  | $ | 5 |  |  |
Real estate | 1 |  |  |  |  | 1 |  |  |
Equity securities | 23 |  |  |  |  | 23 |  |  |
Debt securities | 19 |  |  |  |  | 19 |  |  |
Total assets | $ | 48 |  |  |  |  | $ | 48 |  |  |
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) | 2021 |  | 2020
Balance at January 1 | $ | — |  |  | $ | 11 |
Sales | — |  |  | (12) |
Total gains and other, net | — |  |  | 1 |
Transfer of Level 3 assets from other classifications | 95 |  |  | — |
Balance at December 31 | $ | 95 |  |  | $ | — |
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, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | $ | 229 |  |  | $ | 70 |  |  | $ | 60 |  |  | $ | 39 |  |  | $ | 21 |  |  | $ | 5 |  |  | $ | 12 |  |  | $ | 11 |
2020 | 213 |  |  | 67 |  |  | 57 |  |  | 38 |  |  | 19 |  |  | 5 |  |  | 11 |  |  | 13 |
2019 | 214 |  |  | 66 |  |  | 58 |  |  | 38 |  |  | 20 |  |  | 5 |  |  | 11 |  |  | 13 |
Pension Plan | Qualified Plan |
Defined Benefit Plan Disclosure [Line Items] |
Components of Net Periodic Pension Costs | Components of Net Periodic Pension Costs
| Year Ended December 31, 2021
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Service cost | $ | 176 |  |  | $ | 56 |  |  | $ | 50 |  |  | $ | 29 |  |  | $ | 21 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 6 |
Interest cost on projected benefit obligation | 220 |  |  | 51 |  |  | 70 |  |  | 30 |  |  | 39 |  |  | 13 |  |  | 18 |  |  | 7 |
Expected return on plan assets | (558) |  |  | (141) |  |  | (187) |  |  | (84) |  |  | (102) |  |  | (28) |  |  | (40) |  |  | (20) |
Amortization of actuarial loss | 133 |  |  | 29 |  |  | 38 |  |  | 18 |  |  | 20 |  |  | 7 |  |  | 13 |  |  | 10 |
Amortization of prior service credit | (29) |  |  | (8) |  |  | (2) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | (9) |
Amortization of settlement charges | 9 |  |  | 5 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net periodic pension costs(a)(b) | $ | (49) |  |  | $ | (8) |  |  | $ | (29) |  |  | $ | (6) |  |  | $ | (22) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (5) |
| Year Ended December 31, 2020
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Service cost | $ | 165 |  |  | $ | 51 |  |  | $ | 48 |  |  | $ | 27 |  |  | $ | 21 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 6 |
Interest cost on projected benefit obligation | 269 |  |  | 62 |  |  | 85 |  |  | 38 |  |  | 46 |  |  | 15 |  |  | 22 |  |  | 9 |
Expected return on plan assets | (572) |  |  | (145) |  |  | (190) |  |  | (87) |  |  | (101) |  |  | (28) |  |  | (42) |  |  | (21) |
Amortization of actuarial loss | 128 |  |  | 28 |  |  | 41 |  |  | 18 |  |  | 23 |  |  | 6 |  |  | 12 |  |  | 9 |
Amortization of prior service credit | (32) |  |  | (8) |  |  | (3) |  |  | (2) |  |  | (1) |  |  | — |  |  | (2) |  |  | (9) |
Amortization of settlement charges | 18 |  |  | 9 |  |  | 7 |  |  | 6 |  |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Net periodic pension costs(a)(b) | $ | (24) |  |  | $ | (3) |  |  | $ | (12) |  |  | $ | — |  |  | $ | (11) |  |  | $ | (2) |  |  | $ | — |  |  | $ | (5) |
| 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 charge | 6 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | — |
Net periodic pension costs(a)(b) | $ | (10) |  |  | $ | (5) |  |  | $ | 5 |  |  | $ | (3) |  |  | $ | 8 |  |  | $ | — |  |  | $ | (2) |  |  | $ | (8) |
(a) Duke Energy amounts exclude $3 million, $4 million and $4 million for the years ended December 2021, 2020 and 2019, 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 $1 million, $2 million and $2 million for the years ended December 2021, 2020 and 2019, 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, 2021
|  |  | 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 decrease | $ | (261) |  |  | $ | (57) |  |  | $ | (128) |  |  | $ | (31) |  |  | $ | (97) |  |  | $ | (17) |  |  | $ | (19) |  |  | $ | (5) |
Accumulated other comprehensive loss (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amortization of prior year service credit | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior year actuarial losses | (8) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amount recognized in accumulated other comprehensive income | $ | (6) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 2020
|  |  | 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 (decrease) increase | $ | (62) |  |  | $ | (39) |  |  | $ | (26) |  |  | $ | (30) |  |  | $ | 4 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (1) |
Accumulated other comprehensive loss (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense | $ | 2 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amortization of prior year service credit | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior year actuarial losses | (11) |  |  | — |  |  | (1) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |
Net amount recognized in accumulated other comprehensive income | $ | (8) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of Funded Status to Net Amount Recognized | Reconciliation of Funded Status to Net Amount Recognized
| Year Ended December 31, 2021
|  |  | 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 | $ | 8,634 |  |  | $ | 1,988 |  |  | $ | 2,715 |  |  | $ | 1,193 |  |  | $ | 1,507 |  |  | $ | 502 |  |  | $ | 715 |  |  | $ | 293 |
Service cost | 168 |  |  | 54 |  |  | 48 |  |  | 28 |  |  | 20 |  |  | 5 |  |  | 9 |  |  | 6 |
Interest cost | 220 |  |  | 51 |  |  | 70 |  |  | 30 |  |  | 39 |  |  | 13 |  |  | 18 |  |  | 7 |
Actuarial gain | (200) |  |  | (42) |  |  | (108) |  |  | (18) |  |  | (89) |  |  | (10) |  |  | (10) |  |  | (5) |
Benefits paid | (615) |  |  | (148) |  |  | (161) |  |  | (80) |  |  | (81) |  |  | (50) |  |  | (52) |  |  | (28) |
Transfers | — |  |  | — |  |  | (4) |  |  | — |  |  | (4) |  |  | (10) |  |  | — |  |  | — |
Obligation at measurement date | $ | 8,207 |  |  | $ | 1,903 |  |  | $ | 2,560 |  |  | $ | 1,153 |  |  | $ | 1,392 |  |  | $ | 450 |  |  | $ | 680 |  |  | $ | 273 |
Accumulated Benefit Obligation at measurement date | $ | 8,144 |  |  | $ | 1,904 |  |  | $ | 2,529 |  |  | $ | 1,154 |  |  | $ | 1,361 |  |  | $ | 439 |  |  | $ | 672 |  |  | $ | 274 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 9,337 |  |  | $ | 2,381 |  |  | $ | 3,049 |  |  | $ | 1,422 |  |  | $ | 1,605 |  |  | $ | 472 |  |  | $ | 684 |  |  | $ | 343 |
Actual return on plan assets | 513 |  |  | 132 |  |  | 169 |  |  | 79 |  |  | 90 |  |  | 26 |  |  | 37 |  |  | 19 |
Benefits paid | (615) |  |  | (148) |  |  | (161) |  |  | (80) |  |  | (81) |  |  | (50) |  |  | (52) |  |  | (28) |
Transfers | — |  |  | — |  |  | (4) |  |  | — |  |  | (4) |  |  | (10) |  |  | — |  |  | — |
Plan assets at measurement date | $ | 9,235 |  |  | $ | 2,365 |  |  | $ | 3,053 |  |  | $ | 1,421 |  |  | $ | 1,610 |  |  | $ | 438 |  |  | $ | 669 |  |  | $ | 334 |
Funded status of plan | $ | 1,028 |  |  | $ | 462 |  |  | $ | 493 |  |  | $ | 268 |  |  | $ | 218 |  |  | $ | (12) |  |  | $ | (11) |  |  | $ | 61 |
| Year Ended December 31, 2020
|  |  | 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 | $ | 8,321 |  |  | $ | 1,923 |  |  | $ | 2,608 |  |  | $ | 1,170 |  |  | $ | 1,424 |  |  | $ | 481 |  |  | $ | 693 |  |  | $ | 292 |
Service cost | 157 |  |  | 49 |  |  | 46 |  |  | 26 |  |  | 20 |  |  | 4 |  |  | 8 |  |  | 5 |
Interest cost | 269 |  |  | 62 |  |  | 85 |  |  | 38 |  |  | 46 |  |  | 15 |  |  | 22 |  |  | 9 |
Actuarial loss | 433 |  |  | 83 |  |  | 144 |  |  | 50 |  |  | 93 |  |  | 21 |  |  | 46 |  |  | 14 |
Benefits paid | (541) |  |  | (137) |  |  | (160) |  |  | (83) |  |  | (76) |  |  | (34) |  |  | (49) |  |  | (27) |
Benefits paid – settlements | (5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |
Transfers | — |  |  | 8 |  |  | (8) |  |  | (8) |  |  | — |  |  | 15 |  |  | — |  |  | — |
Obligation at measurement date | $ | 8,634 |  |  | $ | 1,988 |  |  | $ | 2,715 |  |  | $ | 1,193 |  |  | $ | 1,507 |  |  | $ | 502 |  |  | $ | 715 |  |  | $ | 293 |
Accumulated Benefit Obligation at measurement date | $ | 8,577 |  |  | $ | 1,989 |  |  | $ | 2,684 |  |  | $ | 1,194 |  |  | $ | 1,476 |  |  | $ | 493 |  |  | $ | 709 |  |  | $ | 294 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 8,910 |  |  | $ | 2,263 |  |  | $ | 2,898 |  |  | $ | 1,364 |  |  | $ | 1,515 |  |  | $ | 443 |  |  | $ | 667 |  |  | $ | 335 |
Actual return on plan assets | 973 |  |  | 247 |  |  | 319 |  |  | 149 |  |  | 166 |  |  | 48 |  |  | 71 |  |  | 35 |
Benefits paid | (541) |  |  | (137) |  |  | (160) |  |  | (83) |  |  | (76) |  |  | (34) |  |  | (49) |  |  | (27) |
Benefits paid – settlements | (5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |
Transfers | — |  |  | 8 |  |  | (8) |  |  | (8) |  |  | — |  |  | 15 |  |  | — |  |  | — |
Plan assets at measurement date | $ | 9,337 |  |  | $ | 2,381 |  |  | $ | 3,049 |  |  | $ | 1,422 |  |  | $ | 1,605 |  |  | $ | 472 |  |  | $ | 684 |  |  | $ | 343 |
Funded status of plan | $ | 703 |  |  | $ | 393 |  |  | $ | 334 |  |  | $ | 229 |  |  | $ | 98 |  |  | $ | (30) |  |  | $ | (31) |  |  | $ | 50 |
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets
| December 31, 2021
|  |  | 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) | $ | 1,071 |  |  | $ | 462 |  |  | $ | 494 |  |  | $ | 268 |  |  | $ | 219 |  |  | $ | 74 |  |  | $ | 100 |  |  | $ | 61 |
Noncurrent pension liability(b) | $ | 43 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 86 |  |  | $ | 111 |  |  | $ | — |
Net asset (liability) recognized | $ | 1,028 |  |  | $ | 462 |  |  | $ | 493 |  |  | $ | 268 |  |  | $ | 218 |  |  | $ | (12) |  |  | $ | (11) |  |  | $ | 61 |
Regulatory assets | $ | 1,649 |  |  | $ | 324 |  |  | $ | 563 |  |  | $ | 252 |  |  | $ | 311 |  |  | $ | 93 |  |  | $ | 190 |  |  | $ | 75 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax benefit | $ | (20) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Prior service credit | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net actuarial loss | 92 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive loss | $ | 71 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| December 31, 2020
|  |  | 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) | $ | 780 |  |  | $ | 393 |  |  | $ | 379 |  |  | $ | 229 |  |  | $ | 143 |  |  | $ | 58 |  |  | $ | 79 |  |  | $ | 50 |
Noncurrent pension liability(b) | $ | 77 |  |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | 45 |  |  | $ | 88 |  |  | $ | 110 |  |  | $ | — |
Net asset (liability) recognized | $ | 703 |  |  | $ | 393 |  |  | $ | 334 |  |  | $ | 229 |  |  | $ | 98 |  |  | $ | (30) |  |  | $ | (31) |  |  | $ | 50 |
Regulatory assets | $ | 1,910 |  |  | $ | 381 |  |  | $ | 691 |  |  | $ | 283 |  |  | $ | 408 |  |  | $ | 110 |  |  | $ | 209 |  |  | $ | 80 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax benefit | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Prior service credit | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net actuarial loss | 100 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive loss | $ | 77 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(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 | Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets
|  |  |  |  |  |  | December 31, 2021 |  |  |  |  |  |
|  |  |  |  |  |  | Duke |  | Duke |  |  |  |  |  |
|  |  |  |  |  |  | Energy |  | Energy |  |  |  |  |  |
(in millions) |  |  |  |  |  |  | Ohio |  | Indiana |  |  |  |  |  |
Projected benefit obligation |  |  |  |  |  |  | $ | 153 |  |  | $ | 284 |  |  |  |  |  |  |
Accumulated benefit obligation |  |  |  |  |  |  | 143 |  |  | 275 |  |  |  |  |  |  |
Fair value of plan assets |  |  |  |  |  |  | 67 |  |  | 173 |  |  |  |  |  |  |
| December 31, 2020
|  |  |  |  | Duke |  | Duke |  | Duke
| Duke |  | Progress |  | Energy |  | Energy |  | Energy
(in millions) | Energy |  | Energy |  | Florida |  | Ohio |  | Indiana
Projected benefit obligation | $ | 4,914 |  |  | $ | 828 |  |  | $ | 828 |  |  | $ | 184 |  |  | $ | 293 |
Accumulated benefit obligation | 4,856 |  |  | 796 |  |  | 796 |  |  | 176 |  |  | 285 |
Fair value of plan assets | 4,837 |  |  | 783 |  |  | 783 |  |  | 96 |  |  | 183 |
Assumptions Used for Pension Benefits Accounting | The following tables present the assumptions or range of assumptions used for pension benefit accounting.
|  | December 31,
|  | 2021 |  | 2020 |  | 2019
Benefit Obligations |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 2.90% |  |  |  | 2.60% |  |  |  | 3.30%
Interest crediting rate |  |  |  | 4.00% |  |  |  | 4.00% |  |  |  | 4.00%
Salary increase |  | 3.50 | % | – | 4.00% |  | 3.50 | % | – | 4.00% |  | 3.50 | % | – | 4.00%
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 2.60% |  |  |  | 3.30% |  |  |  | 4.30%
Interest crediting rate |  |  |  | 4.00% |  |  |  | 4.00% |  |  |  | 4.00%
Salary increase |  | 3.50 | % | – | 4.00% |  | 3.50 | % | – | 4.00% |  | 3.50 | % | – | 4.00%
Expected long-term rate of return on plan assets |  |  |  | 6.50% |  |  |  | 6.85% |  |  |  | 6.85%
Expected Benefit Payments | 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, |  |  |  |  |  |  |  |
2022 | $ | 652 |  | $ | 174 |  | $ | 177 |  | $ | 95 |  | $ | 81 |  | $ | 37 |  | $ | 48 |  | $ | 27 |
2023 | 653 |  | 173 |  | 180 |  | 97 |  | 82 |  | 36 |  | 48 |  | 24 |
2024 | 645 |  | 171 |  | 181 |  | 96 |  | 84 |  | 35 |  | 47 |  | 23 |
2025 | 632 |  | 168 |  | 180 |  | 94 |  | 85 |  | 34 |  | 47 |  | 20 |
2026 | 605 |  | 155 |  | 176 |  | 90 |  | 86 |  | 33 |  | 45 |  | 21 |
2027-2031 | 2,705 |  | 655 |  | 818 |  | 389 |  | 426 |  | 149 |  | 218 |  | 85 |
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, 2021
|  |  | 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 |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 18 |  |  | 4 |  |  | 7 |  |  | 4 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (11) |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Amortization of actuarial loss | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | — |
Amortization of prior service credit | (13) |  |  | (4) |  |  | (2) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | (2) |
Net periodic post-retirement benefit costs (a)(b) | $ | — |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 5 |  |  | $ | (3) |
| Year Ended December 31, 2020
|  |  | 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 |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 23 |  |  | 5 |  |  | 10 |  |  | 5 |  |  | 4 |  |  | 1 |  |  | 2 |  |  | 1 |
Expected return on plan assets | (13) |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Amortization of actuarial loss | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | — |
Amortization of prior service credit | (14) |  |  | (4) |  |  | (3) |  |  | (1) |  |  | (2) |  |  | (1) |  |  | (1) |  |  | (2) |
Net periodic post-retirement benefit costs(a)(b) | $ | 2 |  |  | $ | (6) |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 6 |  |  | $ | (3) |
| 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) |
(a) Duke Energy amounts exclude $5 million, $6 million and $6 million for the years ended December 2021, 2020 and 2019, 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 $1 million, $1 million and $2 million for the years ended December 2021, 2020 and 2019, 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 and Liabilities
| Year Ended December 31, 2021
|  |  | 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 (decrease) increase | $ | (15) |  |  | $ | — |  |  | $ | (18) |  |  | $ | (9) |  |  | $ | (9) |  |  | $ | 4 |  |  | $ | (4) |  |  | $ | — |
Regulatory liabilities, net increase | $ | 23 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 2 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior year actuarial gain | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net amount recognized in accumulated other comprehensive income | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 2020
|  |  | 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) | $ | 9 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | — |  |  | $ | (4) |  |  | $ | — |
Regulatory liabilities, net decrease | $ | (10) |  |  | $ | (7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior year service credit | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net amount recognized in accumulated other comprehensive income | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of Funded Status to Net Amount Recognized | Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs
| Year Ended December 31, 2021
|  |  | 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 | $ | 709 |  |  | $ | 174 |  |  | $ | 299 |  |  | $ | 166 |  |  | $ | 130 |  |  | $ | 27 |  |  | $ | 61 |  |  | $ | 30 |
Service cost | 4 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Interest cost | 18 |  |  | 4 |  |  | 7 |  |  | 4 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 1 |
Plan participants' contributions | 14 |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |
Actuarial gains | (47) |  |  | (14) |  |  | (20) |  |  | (10) |  |  | (10) |  |  | (1) |  |  | (2) |  |  | (2) |
Benefits paid | (73) |  |  | (19) |  |  | (29) |  |  | (16) |  |  | (13) |  |  | (3) |  |  | (9) |  |  | (2) |
Accumulated post-retirement benefit obligation at measurement date | $ | 625 |  |  | $ | 149 |  |  | $ | 263 |  |  | $ | 147 |  |  | $ | 112 |  |  | $ | 25 |  |  | $ | 54 |  |  | $ | 27 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 237 |  |  | $ | 139 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 37 |
Actual return on plan assets | 15 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Benefits paid | (73) |  |  | (19) |  |  | (29) |  |  | (16) |  |  | (13) |  |  | (3) |  |  | (9) |  |  | (2) |
Employer contributions | 18 |  |  | 3 |  |  | 24 |  |  | 13 |  |  | 10 |  |  | 1 |  |  | 6 |  |  | 1 |
Plan participants' contributions | 14 |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |
Plan assets at measurement date | $ | 211 |  |  | $ | 135 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 39 |
Funded status of plan | $ | (414) |  |  | $ | (14) |  |  | $ | (264) |  |  | $ | (149) |  |  | $ | (114) |  |  | $ | (16) |  |  | $ | (48) |  |  | $ | 12 |
| Year Ended December 31, 2020
|  |  | 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 | $ | 723 |  |  | $ | 175 |  |  | $ | 303 |  |  | $ | 168 |  |  | $ | 135 |  |  | $ | 29 |  |  | $ | 64 |  |  | $ | 30 |
Service cost | 4 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Interest cost | 23 |  |  | 5 |  |  | 10 |  |  | 5 |  |  | 4 |  |  | 1 |  |  | 2 |  |  | 1 |
Plan participants' contributions | 15 |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |
Actuarial losses | 19 |  |  | 8 |  |  | 8 |  |  | 5 |  |  | 2 |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (75) |  |  | (18) |  |  | (28) |  |  | (15) |  |  | (13) |  |  | (4) |  |  | (9) |  |  | (2) |
Accumulated post-retirement benefit obligation at measurement date | $ | 709 |  |  | $ | 174 |  |  | $ | 299 |  |  | $ | 166 |  |  | $ | 130 |  |  | $ | 27 |  |  | $ | 61 |  |  | $ | 30 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 220 |  |  | $ | 130 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | 9 |  |  | $ | 5 |  |  | $ | 34 |
Actual return on plan assets | 24 |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 4 |
Benefits paid | (75) |  |  | (18) |  |  | (28) |  |  | (15) |  |  | (13) |  |  | (4) |  |  | (9) |  |  | (2) |
Employer contributions | 53 |  |  | 10 |  |  | 23 |  |  | 11 |  |  | 10 |  |  | 3 |  |  | 8 |  |  | 1 |
Plan participants' contributions | 15 |  |  | 3 |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |
Plan assets at measurement date | $ | 237 |  |  | $ | 139 |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 37 |
Funded status of plan | $ | (472) |  |  | $ | (35) |  |  | $ | (300) |  |  | $ | (168) |  |  | $ | (131) |  |  | $ | (18) |  |  | $ | (54) |  |  | $ | 7 |
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets
| December 31, 2021
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Prefunded post-retirement benefit | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 12 |
Current post-retirement liability(a) | 9 |  |  | — |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |
Noncurrent post-retirement liability(b) | 417 |  |  | 14 |  |  | 259 |  |  | 146 |  |  | 112 |  |  | 16 |  |  | 48 |  |  | — |
Net liability (asset) recognized | $ | 414 |  |  | $ | 14 |  |  | $ | 264 |  |  | $ | 149 |  |  | $ | 114 |  |  | $ | 16 |  |  | $ | 48 |  |  | $ | (12) |
Regulatory assets | $ | 129 |  |  | $ | — |  |  | $ | 126 |  |  | $ | 79 |  |  | $ | 47 |  |  | $ | 4 |  |  | $ | 28 |  |  | $ | — |
Regulatory liabilities | $ | 162 |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |  |  | $ | 63 |  |  | $ | 5 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Prior service credit | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net actuarial gain | (14) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive income | $ | (12) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| December 31, 2020
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Prefunded post-retirement benefit | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 7 |
Current post-retirement liability(a) | 9 |  |  | — |  |  | 6 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Noncurrent post-retirement liability(b) | 471 |  |  | 35 |  |  | 294 |  |  | 164 |  |  | 129 |  |  | 17 |  |  | 54 |  |  | — |
Net liability (asset) recognized | $ | 472 |  |  | $ | 35 |  |  | $ | 300 |  |  | $ | 168 |  |  | $ | 131 |  |  | $ | 18 |  |  | $ | 54 |  |  | $ | (7) |
Regulatory assets | $ | 144 |  |  | $ | — |  |  | $ | 144 |  |  | $ | 88 |  |  | $ | 56 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |
Regulatory liabilities | $ | 139 |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | 62 |  |  | $ | 3 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Prior service credit | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net actuarial gain | (13) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive income | $ | (11) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(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,
|  | 2021 |  | 2020 |  | 2019
Benefit Obligations |  |  |  |  |  |
Discount rate |  | 2.90 | % |  | 2.60 | % |  | 3.30 | %
Net Periodic Benefit Cost |  |  |  |  |  |
Discount rate |  | 2.60 | % |  | 3.30 | % |  | 4.30 | %
Expected long-term rate of return on plan assets |  | 6.50 | % |  | 6.85 | % |  | 6.85 | %
Expected Benefit Payments | 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, |  |  |  |  |  |  |  |
2022 | $ | 70 |  | $ | 17 |  | $ | 26 |  | $ | 15 |  | $ | 12 |  | $ | 3 |  | $ | 7 |  | $ | 2 |
2023 | 62 |  | 15 |  | 25 |  | 14 |  | 11 |  | 3 |  | 6 |  | 2 |
2024 | 58 |  | 14 |  | 23 |  | 13 |  | 11 |  | 3 |  | 6 |  | 2 |
2025 | 54 |  | 13 |  | 22 |  | 12 |  | 10 |  | 2 |  | 5 |  | 2 |
2026 | 50 |  | 12 |  | 21 |  | 12 |  | 9 |  | 2 |  | 5 |  | 2 |
2027-2031 | 207 |  | 50 |  | 87 |  | 49 |  | 38 |  | 8 |  | 19 |  | 10 |
Assumed Health Care Cost Trend Rate | Assumed Health Care Cost Trend Rate
| December 31,
| 2021 |  | 2020
Health care cost trend rate assumed for next year | 6.25 | % |  | 6.25 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75 | % |  | 4.75 | %
Year that rate reaches ultimate trend | 2028 |  | 2028

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