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v3.24.2.u1

Debt and Credit Facilities | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES SUMMARY OF SIGNIFICANT DEBT ISSUANCES The following table summarizes significant debt issuances (in millions).
|  |  |  |  | Six Months Ended June 30, 2024
|  |  |  |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Maturity |  | Interest |  | Duke |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  | Energy |  |
Issuance Date | Date |  | Rate |  | Energy |  | (Parent) |  | Carolinas |  | Progress |  | Florida |  | Ohio |  | Indiana |  |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2024(a) | January 2027 |  | 4.850 | % |  | $ | 600 |  |  | $ | 600 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
January 2024(a) | January 2029 |  | 4.850 | % |  | 650 |  |  | 650 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
April 2024(e) | April 2031 |  | 5.648 | % |  | 815 |  |  | 815 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
June 2024(d) | June 2034 |  | 5.450 | % |  | 750 |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
June 2024(d) | June 2054 |  | 5.800 | % |  | 750 |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
June 2024(h) | July 2031 |  | 5.900 | % |  | 80 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | — |  |  |
June 2024(h) | July 2034 |  | 6.000 | % |  | 95 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | — |  |  |
June 2024(h) | July 2039 |  | 6.170 | % |  | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | — |  |  |
Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 2024(f) | March 2044 |  | 5.404 | % |  | 177 |  |  | — |  |  | — |  |  | 177 |  |  | — |  |  | — |  |  | — |  |  |
First Mortgage Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2024(b) | January 2034 |  | 4.850 | % |  | $ | 575 |  |  | $ | — |  |  | $ | 575 |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  |
January 2024(b) | January 2054 |  | 5.400 | % |  | 425 |  |  | — |  |  | 425 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
March 2024(b) | March 2034 |  | 5.250 | % |  | 300 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300 |  |  |
March 2024(c) | March 2034 |  | 5.100 | % |  | 500 |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | — |  |  | — |  |  |
March 2024(d) | March 2054 |  | 5.550 | % |  | 425 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 425 |  |  | — |  |  |
April 2024(g) | April 2074 |  | 4.970 | % |  | 173 |  |  | — |  |  | — |  |  | — |  |  | 173 |  |  | — |  |  | — |  |  |
Total issuances |  |  |  |  | $ | 6,365 |  |  | $ | 3,565 |  |  | $ | 1,000 |  |  | $ | 677 |  |  | $ | 173 |  |  | $ | 650 |  |  | $ | 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. (e)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 10 for additional information. (f)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 13 for more information. (g)Debt has a floating interest rate. Proceeds were used to pay down a portion of the DEFR accounts receivable securitization facility due in April 2024, and for general company purposes. See Note 13 for more information. (h)Debt issued by Duke Energy Kentucky with proceeds 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 |  | June 30, 2024
Unsecured Debt |  |  |  |  |
Duke Energy (Parent) | April 2025 |  | 3.364 | % |  | $ | 420 |
Duke Energy (Parent) | April 2025 |  | 3.950 | % |  | 250 |
Duke Energy Ohio | June 2025 |  | 6.900 | % |  | 150 |
Secured Debt |  |  |  |  |
Duke Energy Carolinas(a) | January 2025 |  | 6.177 | % |  | 305 |
Duke Energy Carolinas(a) | January 2025 |  | 5.973 | % |  | 195 |
Duke Energy Progress(a) | April 2025 |  | 6.199 | % |  | 240 |
Duke Energy Progress(a) | April 2025 |  | 6.177 | % |  | 160 |
First Mortgage Bonds |  |  |  |  |
Duke Energy Florida(a)(b) | October 2073 |  | 4.998 | % |  | 200 |
Duke Energy Florida(a)(b) | April 2074 |  | 4.970 | % |  | 173 |
Other(c) |  |  |  |  | 247 |
Current maturities of long-term debt |  |  |  |  | $ | 2,340 |
(a)Debt has a floating interest rate. (b)These first mortgage bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets based on terms of the indentures, 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.
| June 30, 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 |  |  | $ | 1,500 |  |  | $ | 875 |  |  | $ | 1,050 |  |  | $ | 950 |  |  | $ | 950 |
Reduction to backstop issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper(b) | (3,271) |  |  | (803) |  |  | (307) |  |  | (813) |  |  | (227) |  |  | (348) |  |  | (150) |  |  | (623) |
Outstanding letters of credit | (38) |  |  | (26) |  |  | (4) |  |  | (1) |  |  | (7) |  |  | — |  |  | — |  |  | — |
Tax-exempt bonds | (81) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81) |  |  | — |
Available capacity under the Master Credit Facility | $ | 5,610 |  |  | $ | 1,446 |  |  | $ | 1,089 |  |  | $ | 686 |  |  | $ | 641 |  |  | $ | 702 |  |  | $ | 719 |  |  | $ | 327 |
(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 could be prepaid at any time throughout the term of the facility and the terms and conditions of the facility were generally consistent with those governing Duke Energy's Master Credit Facility. During the second quarter of 2024, Duke Energy (Parent) terminated the facility and repaid the $500 million in outstanding borrowings

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