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Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due April 2031. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. The $815 million equivalent in U.S. dollars were used to repay a portion of a $1 billion debt maturity due April 2024, pay down short-term debt and for general corporate purposes. See Note 9 for additional information. In April 2024, Duke Energy Florida issued $173 million of First Mortgage Bonds due April 2074, with an interest rate of SOFR minus 35 basis points. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility maturing in April 2024, and for general company purposes. The terms of the indenture could require repayment in less than 12 months if exercised by the bondholders and, as such, these first mortgage bonds will be classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. In April 2024, Duke Energy Progress issued $177 million of storm recovery bonds at an interest rate of 5.404%. Proceeds were used to finance the South Carolina portion of restoration expenditures related to the following storms: Pax, Ulysses, Matthew, Florence, Michael, Dorian, Izzy and Jasper. See notes 4 and 12 for more information. SUMMARY OF SIGNIFICANT DEBT ISSUANCES The following table summarizes significant debt issuances (in millions).
|  |  |  |  | Three Months Ended March 31, 2024
|  |  |  |  |  |  | Duke |  | Duke |  | Duke |  |  |  | Duke |  | Duke |  |
| Maturity |  | Interest |  | Duke |  | Energy |  | Energy |  | Energy |  |  |  | Energy |  | Energy |  |
Issuance Date | Date |  | Rate |  | Energy |  | (Parent) |  | Carolinas |  | Progress |  |  |  | Ohio |  | Indiana |  |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2024(a) | January 2027 |  | 4.85 | % |  | $ | 600 |  |  | $ | 600 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |
January 2024(a) | January 2029 |  | 4.85 | % |  | 650 |  |  | 650 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |
First Mortgage Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2024(b) | January 2034 |  | 4.85 | % |  | $ | 575 |  |  | $ | — |  |  | $ | 575 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |
January 2024(b) | January 2054 |  | 5.40 | % |  | 425 |  |  | — |  |  | 425 |  |  | — |  |  |  |  | — |  |  | — |  |  |
March 2024(b) | March 2034 |  | 5.25 | % |  | 300 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 300 |  |  |
March 2024(c) | March 2034 |  | 5.10 | % |  | 500 |  |  | — |  |  | — |  |  | 500 |  |  |  |  | — |  |  | — |  |  |
March 2024(d) | March 2054 |  | 5.55 | % |  | 425 |  |  | — |  |  | — |  |  | — |  |  |  |  | 425 |  |  | — |  |  |
Total issuances |  |  |  |  | $ | 3,475 |  |  | $ | 1,250 |  |  | $ | 1,000 |  |  | $ | 500 |  |  |  |  | $ | 425 |  |  | $ | 300 |  |  |
(a)Proceeds were used to repay the remaining $1 billion outstanding on Duke Energy (Parent)'s variable rate Term Loan Facility due March 2024, pay down a portion of short-term debt and for general corporate purposes. Duke Energy (Parent)'s Term Loan Facility was terminated in March 2024 in conjunction with the payoff of remaining borrowings. (b)Proceeds were used to pay down a portion of short-term debt and for general company purposes. (c)Proceeds were used to fund eligible green energy projects, pay down a portion of short-term debt and for general company purposes. (d)Proceeds were used to pay down a portion of short-term debt and for general corporate purposes. CURRENT MATURITIES OF LONG-TERM DEBT The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions) | Maturity Date |  | Interest Rate |  | March 31, 2024
Unsecured Debt |  |  |  |  |
Duke Energy (Parent) | April 2024 |  | 3.750 | % |  | $ | 1,000 |
Secured Debt |  |  |  |  |
Duke Energy Florida(a) | April 2024 |  | 6.395 | % |  | 163 |
Duke Energy Florida(a) | April 2024 |  | 6.226 | % |  | 162 |
Duke Energy Carolinas(a) | January 2025 |  | 6.176 | % |  | 500 |
First Mortgage Bonds |  |  |  |  |
Duke Energy Florida(b) | October 2073 |  | 4.922 | % |  | 200 |
Other(c) |  |  |  |  | 249 |
Current maturities of long-term debt |  |  |  |  | $ | 2,274 |
(a)Debt has a floating interest rate. In April 2024, Duke Energy Florida repaid the $325 million in total borrowings outstanding under the DEFR accounts receivable securitization facility maturing in April 2024 and terminated the facility. See Note 12 for additional information. (b)While final maturity is October 2073, these first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets, based on terms of the indenture, which could require repayment in less than 12 months if exercised by the bondholders. (c)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. AVAILABLE CREDIT FACILITIES Master Credit Facility In March 2024, Duke Energy extended the termination date of its existing $9 billion Master Credit Facility to March 2029. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. An amendment in conjunction with the issuance of the Convertible Senior Notes due April 2026 clarifies that payments due as a result of a conversion of a convertible note would not constitute an event of default. The table below includes the current borrowing sublimits and available capacity under these credit facilities.
| March 31, 2024
|  |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | (Parent) |  | Carolinas |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Facility size(a) | $ | 9,000 |  |  | $ | 2,275 |  |  | $ | 1,400 |  |  | $ | 1,575 |  |  | $ | 950 |  |  | $ | 1,050 |  |  | $ | 950 |  |  | $ | 800 |
Reduction to backstop issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper(b) | (3,759) |  |  | (1,309) |  |  | (355) |  |  | (904) |  |  | (66) |  |  | (331) |  |  | (286) |  |  | (508) |
Outstanding letters of credit | (38) |  |  | (26) |  |  | (4) |  |  | (1) |  |  | (7) |  |  | — |  |  | — |  |  | — |
Tax-exempt bonds | (81) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81) |  |  | — |
Available capacity under the Master Credit Facility | $ | 5,122 |  |  | $ | 940 |  |  | $ | 1,041 |  |  | $ | 670 |  |  | $ | 877 |  |  | $ | 719 |  |  | $ | 583 |  |  | $ | 292 |
(a)Represents the sublimit of each borrower. (b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets. Duke Energy Term Loan Facility On March 26, 2024, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $700 million. Any undrawn commitments could be drawn up until April 25, 2024 (30 days after the effective date of the agreement) or are otherwise ineligible to be drawn. On April 24, 2024, $500 million was drawn under the facility with borrowings used for general corporate purposes. Borrowings can be prepaid at any time throughout the term of the facility. The terms and conditions of the facility are generally consistent with those governing Duke Energy's Master Credit Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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