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Derivatives and Hedging | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives and Hedging | DERIVATIVES AND HEDGING The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt. All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities o n the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments ex ecuted under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities or financing activities on the Condensed Consolidated Statements of Cash Flows consistent with the classification of the hedged transaction. 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 or Treasury locks 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. 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 impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2024, and 2023, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting. Undesignated Contracts Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting. Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income. The following tables show notional amounts of outstanding derivatives related to interest rate risk.
| March 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Indiana |  | Ohio
Cash flow hedges | $ | 2,550 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undesignated contracts | 2,402 |  |  | 850 |  |  | 1,325 |  |  | 875 |  |  | 450 |  |  | 200 |  |  | 27 |
Total notional amount | $ | 4,952 |  |  | $ | 850 |  |  | $ | 1,325 |  |  | $ | 875 |  |  | $ | 450 |  |  | $ | 200 |  |  | $ | 27 |
| December 31, 2023
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Indiana |  | Ohio
Cash flow hedges | $ | 2,300 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undesignated contracts | 2,727 |  |  | 1,050 |  |  | 1,250 |  |  | 925 |  |  | 325 |  |  | 400 |  |  | 27 |
Total notional amount | $ | 5,027 |  |  | $ | 1,050 |  |  | $ | 1,250 |  |  | $ | 925 |  |  | $ | 325 |  |  | $ | 400 |  |  | $ | 27 |
COMMODITY PRICE RISK The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements. Undesignated Contracts Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting. For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers. Volumes The tables below include 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.
| March 31, 2024
|  |  | Duke |  |  |  | Duke |  |  |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  |  |  | Energy |  | Energy |  |
| Energy |  | Carolinas |  | Energy |  | Progress |  |  |  | Ohio |  | Indiana |  | Piedmont
Electricity (GWh) | 4,981 |  |  | — |  |  | — |  |  | — |  |  |  |  | 669 |  |  | 4,312 |  |  | — |
Natural gas (millions of dekatherms) | 813 |  |  | 266 |  |  | 259 |  |  | 259 |  |  |  |  | — |  |  | 35 |  |  | 253 |
| December 31, 2023
|  |  | Duke |  |  |  | Duke |  |  |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  |  |  | Energy |  | Energy |  |
| Energy |  | Carolinas |  | Energy |  | Progress |  |  |  | Ohio |  | Indiana |  | Piedmont
Electricity (GWh) | 13,608 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,616 |  |  | 11,992 |  |  | — |
Natural gas (millions of dekatherms) | 846 |  |  | 279 |  |  | 274 |  |  | 274 |  |  |  |  | — |  |  | 30 |  |  | 263 |
FOREIGN CURRENCY RISK Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Fair Value Hedges Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss. The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at March 31, 2024.
|  |  |  |  |  |  |  | Fair Value Gain (Loss)(a)
|  |  |  |  |  |  |  |  | (in millions)
| Pay Notional |  | Receive Notional | Receive | Hedge |  |  | Three Months Ended March 31, |
| (in millions) | Pay Rate | (in millions) | Rate | Maturity Date |  |  |  | 2024 | 2023 |
Fair value hedges |  |  |  |  |  |  |  |  |  |  |  |
| $ | 645 |  | 4.75 | % | 600 |  | euros | 3.10 | % | June 2028 |  |  |  | $ | 2 |  | $ | 5 |  |
| 537 |  | 5.31 | % | 500 |  | euros | 3.85 | % | June 2034 |  |  |  | 2 |  | 5 |  |
Total notional amount | $ | 1,182 |  |  | 1,100 |  | euros |  |  |  |  |  | $ | 4 |  | $ | 10 |  |
(a) Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded. In April 2024, Duke Energy issued 750 million euros aggregate principal amount of 3.75% senior notes due 2031. The notes were effectively converted to fixed-rate U.S. dollars at issuance for $815 million at 5.648%. See Note 6 for additional information. LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONDENS ED CONSOLIDATED BALANCE SHEETS The following tables show the fair value and balance sheet location of derivative instruments. 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 |  | March 31, 2024
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 21 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 1 |
Noncurrent |  | 54 |  |  | 25 |  |  | 29 |  |  | 29 |  |  | — |  |  | — |  |  | — |  |  | — |
Total Derivative Assets – Commodity Contracts |  | $ | 75 |  |  | $ | 26 |  |  | $ | 40 |  |  | $ | 30 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 1 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 74 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 40 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent |  | 43 |  |  | 9 |  |  | 17 |  |  | 17 |  |  | — |  |  | — |  |  | 17 |  |  | — |
Total Derivative Assets – Interest Rate Contracts |  | $ | 157 |  |  | $ | 9 |  |  | $ | 17 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Foreign Currency Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Assets – Foreign Currency Contracts |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Assets |  | $ | 255 |  |  | $ | 35 |  |  | $ | 57 |  |  | $ | 47 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 1 |
Derivative Liabilities |  | March 31, 2024
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 335 |  |  | $ | 175 |  |  | $ | 126 |  |  | $ | 126 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | 14 |
Noncurrent |  | 213 |  |  | 53 |  |  | 48 |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 112 |
Total Derivative Liabilities – Commodity Contracts |  | $ | 548 |  |  | $ | 228 |  |  | $ | 174 |  |  | $ | 174 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | 126 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent |  | 21 |  |  | 6 |  |  | 14 |  |  | 7 |  |  | 7 |  |  | 1 |  |  | — |  |  | — |
Total Derivative Liabilities – Interest Rate Contracts |  | $ | 46 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Foreign Currency Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Liabilities – Foreign Currency Contracts |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Liabilities |  | $ | 612 |  |  | $ | 234 |  |  | $ | 188 |  |  | $ | 181 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 19 |  |  | $ | 126 |
Derivative Assets |  | December 31, 2023
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 25 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 18 |  |  | $ | 1 |
Noncurrent |  | 57 |  |  | 26 |  |  | 31 |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | — |
Total Derivative Assets – Commodity Contracts |  | $ | 82 |  |  | $ | 27 |  |  | $ | 34 |  |  | $ | 32 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 18 |  |  | $ | 1 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 5 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 10 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |
Total Derivative Assets – Interest Rate Contracts |  | $ | 63 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Foreign Currency Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Assets – Foreign Currency Contracts |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Assets |  | $ | 189 |  |  | $ | 35 |  |  | $ | 34 |  |  | $ | 32 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 25 |  |  | $ | 1 |
Derivative Liabilities |  | December 31, 2023
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Commodity Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 354 |  |  | $ | 177 |  |  | $ | 138 |  |  | $ | 138 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 20 |
Noncurrent |  | 255 |  |  | 67 |  |  | 61 |  |  | 61 |  |  | — |  |  | — |  |  | — |  |  | 127 |
Total Derivative Liabilities – Commodity Contracts |  | $ | 609 |  |  | $ | 244 |  |  | $ | 199 |  |  | $ | 199 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 147 |
Interest Rate Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 26 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 13 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Noncurrent |  | 39 |  |  | 14 |  |  | 24 |  |  | 9 |  |  | 15 |  |  | 1 |  |  | — |  |  | — |
Total Derivative Liabilities – Interest Rate Contracts |  | $ | 103 |  |  | $ | 16 |  |  | $ | 35 |  |  | $ | 20 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Foreign Currency Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Liabilities – Foreign Currency Contracts |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total Derivative Liabilities |  | $ | 729 |  |  | $ | 260 |  |  | $ | 234 |  |  | $ | 219 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | 18 |  |  | $ | 147 |
OFFSETTING ASSETS AND LIABILITIES The following tables present the line items on the Condensed Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The amounts shown are 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 |  | March 31, 2024
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 95 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 1 |
Offset |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Current Assets: Other |  | $ | 94 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 1 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 160 |  |  | $ | 34 |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Offset |  | (31) |  |  | (11) |  |  | (20) |  |  | (20) |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Assets: Other |  | $ | 129 |  |  | $ | 23 |  |  | $ | 26 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Derivative Liabilities |  | March 31, 2024
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 367 |  |  | $ | 175 |  |  | $ | 126 |  |  | $ | 126 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | 14 |
Offset |  | (1) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash collateral posted |  | (85) |  |  | (39) |  |  | (26) |  |  | (26) |  |  | — |  |  | — |  |  | (19) |  |  | — |
Net amounts presented in Current Liabilities: Other |  | $ | 281 |  |  | $ | 135 |  |  | $ | 99 |  |  | $ | 99 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 245 |  |  | $ | 59 |  |  | $ | 62 |  |  | $ | 55 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 112 |
Offset |  | (31) |  |  | (11) |  |  | (20) |  |  | (20) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash collateral posted |  | $ | (52) |  |  | $ | (30) |  |  | $ | (21) |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net amounts presented in Other Noncurrent Liabilities: Other |  | $ | 162 |  |  | $ | 18 |  |  | $ | 21 |  |  | $ | 14 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 112 |
Derivative Assets |  | December 31, 2023
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 61 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 18 |  |  | $ | 1 |
Offset |  | (2) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Current Assets: Other |  | $ | 59 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 18 |  |  | $ | 1 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 128 |  |  | $ | 29 |  |  | $ | 31 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Offset |  | (37) |  |  | (14) |  |  | (22) |  |  | (22) |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Assets: Other |  | $ | 91 |  |  | $ | 15 |  |  | $ | 9 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |
Derivative Liabilities |  | December 31, 2023
|  |  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
|  | Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) |  | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 409 |  |  | $ | 179 |  |  | $ | 149 |  |  | $ | 149 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 20 |
Offset |  | (2) |  |  | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash collateral posted |  | (96) |  |  | (48) |  |  | (30) |  |  | (30) |  |  | — |  |  | — |  |  | (18) |  |  | — |
Net amounts presented in Current Liabilities: Other |  | $ | 311 |  |  | $ | 130 |  |  | $ | 118 |  |  | $ | 118 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross amounts recognized |  | $ | 320 |  |  | $ | 81 |  |  | $ | 85 |  |  | $ | 70 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 127 |
Offset |  | (37) |  |  | (14) |  |  | (22) |  |  | (22) |  |  | — |  |  | — |  |  | — |  |  | — |
Cash collateral posted |  | (66) |  |  | (38) |  |  | (28) |  |  | (28) |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts presented in Other Noncurrent Liabilities: Other |  | $ | 217 |  |  | $ | 29 |  |  | $ | 35 |  |  | $ | 20 |  |  | $ | 15 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 127 |
OBJECTIVE CREDIT CONTINGENT FEATURES Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit 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.
| March 31, 2024 |
|  |  | Duke |  |  |  | Duke |  |  |  |  |
| Duke |  | Energy |  | Progress |  | Energy |  |  |  |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  |  |  |  |
Aggregate fair value of derivatives in a net liability position | $ | 314 |  |  | $ | 167 |  |  | $ | 147 |  |  | $ | 147 |  |  |  |  |  |
Fair value of collateral already posted | 117 |  |  | 70 |  |  | 48 |  |  | 48 |  |  |  |  |  |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | $ | 197 |  |  | $ | 97 |  |  | $ | 99 |  |  | $ | 99 |  |  |  |  |  |
| December 31, 2023
|  |  | Duke |  |  |  | Duke |  |  |  |
| Duke |  | Energy |  | Progress |  | Energy |  |  |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  |  |  |
Aggregate fair value of derivatives in a net liability position | $ | 342 |  |  | $ | 175 |  |  | $ | 166 |  |  | $ | 166 |  |  |  |  |
Fair value of collateral already posted | 144 |  |  | 86 |  |  | 58 |  |  | 58 |  |  |  |  |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | $ | 198 |  |  | $ | 89 |  |  | $ | 108 |  |  | $ | 108 |  |  |  |  |
The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement.

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