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Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Derivative Positions

The following tables show notional amounts of outstanding derivatives related to interest rate risk.

			June 30, 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			$	1,700					$	—					$	—					$	—					$	—					$	—					$	—
Undesignated contracts			3,052						1,150						1,675						1,125						550						200						27
Total notional amount			$	4,752					$	1,150					$	1,675					$	1,125					$	550					$	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

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.

			June 30, 2024
									Duke												Duke												Duke						Duke
			Duke						Energy						Progress						Energy												Energy						Energy
			Energy						Carolinas						Energy						Progress												Ohio						Indiana						Piedmont
Electricity (GWh)			27,518						—						—						—												2,966						24,552						—
Natural gas (millions of dekatherms)			781						249						241						241												—						38						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

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2024.

																					Fair Value Gain (Loss)(a)
																					(in millions)
			Pay Notional						Receive Notional						Receive			Hedge			Three Months Ended June 30,									Six Months Ended June 30,
			(in millions)			Pay Rate			(in millions)						Rate			Maturity Date			2024			2023						2024			2023
Fair value hedges
			$	645		4.75		%	600			euros			3.10		%	June 2028			$	(2)		$	5					$	—		$	10
			537			5.31		%	500			euros			3.85		%	June 2034			(2)			3						—			8
			815			5.648		%	750			euros			3.75		%	April 2031			(9)			—						(9)			—
Total notional amount			$	1,997					1,850			euros									$	(13)		$	8					$	(9)		$	18

(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

Location and Fair Value of Derivatives Recognized in the Condensed 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						June 30, 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						$	48					$	5					$	5					$	4					$	—					$	2					$	36					$	1
Noncurrent						53						23						29						29						—						—						—						—
Total Derivative Assets – Commodity Contracts						$	101					$	28					$	34					$	33					$	—					$	2					$	36					$	1
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent						60						—						—						—						—						—						—						—
Not Designated as Hedging Instruments
Noncurrent						70						18						30						30						1						—						22						—
Total Derivative Assets – Interest Rate Contracts						$	130					$	18					$	30					$	30					$	1					$	—					$	22					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent						16						—						—						—						—						—						—						—
Total Derivative Assets – Foreign Currency Contracts						$	16					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Assets						$	247					$	46					$	64					$	63					$	1					$	2					$	58					$	1

Derivative Liabilities						June 30, 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						$	218					$	114					$	77					$	77					$	—					$	—					$	8					$	19
Noncurrent						195						45						36						36						—						—						—						113
Total Derivative Liabilities – Commodity Contracts						$	413					$	159					$	113					$	113					$	—					$	—					$	8					$	132
Interest Rate Contracts
Designated as Hedging Instruments
Noncurrent						5						—						—						—						—						—						—						—
Not Designated as Hedging Instruments
Noncurrent						9						2						6						5						2						1						—						—
Total Derivative Liabilities – Interest Rate Contracts						$	14					$	2					$	6					$	5					$	2					$	1					$	—					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Current						31						—						—						—						—						—						—						—
Noncurrent						15						—						—						—						—						—						—						—
Total Derivative Liabilities – Foreign Currency Contracts						$	46					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Liabilities						$	473					$	161					$	119					$	118					$	2					$	1					$	8					$	132

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

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						June 30, 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						$	48					$	5					$	5					$	4					$	—					$	2					$	36					$	1
Offset						(8)						(4)						(4)						(4)						—						—						—						—
Net amounts presented in Current Assets: Other						$	40					$	1					$	1					$	—					$	—					$	2					$	36					$	1
Noncurrent
Gross amounts recognized						$	199					$	41					$	59					$	59					$	1					$	—					$	22					$	—
Offset						(36)						(17)						(19)						(19)						—						—						—						—
Net amounts presented in Other Noncurrent Assets: Other						$	163					$	24					$	40					$	40					$	1					$	—					$	22					$	—

Derivative Liabilities						June 30, 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						$	249					$	114					$	77					$	77					$	—					$	—					$	8					$	19
Offset						(8)						(4)						(4)						(4)						—						—						—						—
Cash collateral posted						(16)						(7)						(1)						(1)						—						—						(8)						—
Net amounts presented in Current Liabilities: Other						$	225					$	103					$	72					$	72					$	—					$	—					$	—					$	19
Noncurrent
Gross amounts recognized						$	224					$	47					$	42					$	41					$	2					$	1					$	—					$	113
Offset						(35)						(17)						(19)						(19)						—						—						—						—
Cash collateral posted						(9)						(8)						(1)						(1)						—						—						—						—
Net amounts presented in Other Noncurrent Liabilities: Other						$	180					$	22					$	22					$	21					$	2					$	1					$	—					$	113

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

Offsetting 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						June 30, 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						$	48					$	5					$	5					$	4					$	—					$	2					$	36					$	1
Offset						(8)						(4)						(4)						(4)						—						—						—						—
Net amounts presented in Current Assets: Other						$	40					$	1					$	1					$	—					$	—					$	2					$	36					$	1
Noncurrent
Gross amounts recognized						$	199					$	41					$	59					$	59					$	1					$	—					$	22					$	—
Offset						(36)						(17)						(19)						(19)						—						—						—						—
Net amounts presented in Other Noncurrent Assets: Other						$	163					$	24					$	40					$	40					$	1					$	—					$	22					$	—

Derivative Liabilities						June 30, 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						$	249					$	114					$	77					$	77					$	—					$	—					$	8					$	19
Offset						(8)						(4)						(4)						(4)						—						—						—						—
Cash collateral posted						(16)						(7)						(1)						(1)						—						—						(8)						—
Net amounts presented in Current Liabilities: Other						$	225					$	103					$	72					$	72					$	—					$	—					$	—					$	19
Noncurrent
Gross amounts recognized						$	224					$	47					$	42					$	41					$	2					$	1					$	—					$	113
Offset						(35)						(17)						(19)						(19)						—						—						—						—
Cash collateral posted						(9)						(8)						(1)						(1)						—						—						—						—
Net amounts presented in Other Noncurrent Liabilities: Other						$	180					$	22					$	22					$	21					$	2					$	1					$	—					$	113

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

Derivative Contracts with Contingent Credit Features

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.

			June 30, 2024
									Duke												Duke
			Duke						Energy						Progress						Energy
(in millions)			Energy						Carolinas						Energy						Progress
Aggregate fair value of derivatives in a net liability position			$	242					$	134					$	108					$	108
Fair value of collateral already posted			17						15						2						2
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered			$	225					$	119					$	106					$	106

			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

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- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
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- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
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