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Investments in Debt and Equity Securities
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments In Debt and Equity Securities INVESTMENTS IN DEBT AND EQUITY SECURITIES
Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the nuclear decommissioning trust funds (NDTF) at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as Available for Sale (AFS) and investments in equity securities as fair value through net income (FV-NI).
For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability.
Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted.
Investment Trusts
The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the guidelines set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate.
Other AFS Securities
Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of September 30, 2024, and December 31, 2023.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets.
DUKE ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $151 $— $— $133 
Equity securities6,005 11 8,224 4,942 22 7,278 
Corporate debt securities20 29 721 12 43 632 
Municipal bonds5 10 342 6 16 347 
U.S. government bonds37 46 1,824 24 65 1,575 
Other debt securities3 7 248 1 13 178 
Total NDTF Investments$6,070 $103 $11,510 $4,985 $159 $10,143 
Other Investments
Cash and cash equivalents$— $— $68 $— $— $31 
Equity securities62 — 188 33 — 158 
Corporate debt securities— 3 92 — 6 82 
Municipal bonds1 1 89 1 2 77 
U.S. government bonds— 2 55 — 2 65 
Other debt securities— 2 48 — 2 47 
Total Other Investments$63 $8 $540 $34 $12 $460 
Total Investments$6,133 $111 $12,050 $5,019 $171 $10,603 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2024, and 2023, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
FV-NI:
 Realized gains $61 $61 $256 $107 
 Realized losses19 35 64 117 
AFS:
 Realized gains10 16 22 37 
 Realized losses8 45 44 104 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $69 $— $— $51 
Equity securities3,476 8 4,729 2,886 14 4,196 
Corporate debt securities9 25 458 4 35 390 
Municipal bonds— 3 42 — 4 50 
U.S. government bonds19 25 976 13 33 826 
Other debt securities3 7 231 1 13 172 
Total NDTF Investments$3,507 $68 $6,505 $2,904 $99 $5,685 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2024, and 2023, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
FV-NI:
 Realized gains$38 $43 $163 $70 
 Realized losses 9 17 30 64 
AFS:
 Realized gains6 12 11 21 
 Realized losses5 26 22 54 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $82 $— $— $82 
Equity securities2,529 3 3,495 2,056 8 3,082 
Corporate debt securities11 4 263 8 8 242 
Municipal bonds5 7 300 6 12 297 
U.S. government bonds18 21 848 11 32 749 
Other debt securities— — 17 — — 6 
Total NDTF Investments$2,563 $35 $5,005 $2,081 $60 $4,458 
Other Investments
Cash and cash equivalents$— $— $21 $— $— $18 
Municipal bonds— — 24 — 1 23 
Total Other Investments$— $— $45 $— $1 $41 
Total Investments$2,563 $35 $5,050 $2,081 $61 $4,499 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2024, and 2023, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
FV-NI:
 Realized gains$23 $18 $93 $37 
 Realized losses10 18 34 53 
AFS:
 Realized gains4 4 11 16 
 Realized losses3 19 22 50 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $61 $— $— $55 
Equity securities2,407 3 3,361 1,956 8 2,970 
Corporate debt securities10 4 252 7 8 229 
Municipal bonds5 7 300 6 12 297 
U.S. government bonds17 13 666 10 18 518 
Other debt securities— — 16 — — 6 
Total NDTF Investments$2,439 $27 $4,656 $1,979 $46 $4,075 
Other Investments
Cash and cash equivalents$— $— $16 $— $— $14 
Total Other Investments$— $— $16 $— $— $14 
Total Investments$2,439 $27 $4,672 $1,979 $46 $4,089 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2024, and 2023, were as follows.
Three Months EndedNine Months Ended
(in millions)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
FV-NI:
 Realized gains$23 $15 $93 $34 
 Realized losses10 18 34 52 
AFS:
 Realized gains4 4 11 15 
 Realized losses3 18 21 47 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
September 30, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $21 $— $— $27 
Equity securities122 — 134 100 — 112 
Corporate debt securities1 — 11 1 — 13 
U.S. government bonds1 8 182 1 14 231 
Other debt securities— — 1 — — — 
Total NDTF Investments(a)
$124 $8 $349 $102 $14 $383 
Other Investments
Cash and cash equivalents$— $— $2 $— $— $3 
Municipal bonds— — 24 — 1 23 
Total Other Investments$— $— $26 $— $1 $26 
Total Investments$124 $8 $375 $102 $15 $409 
(a)During the nine months ended September 30, 2024, and the year ended December 31, 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2024, and 2023, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
September 30, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
Investments
Cash and cash equivalents$— $— $2 $— $— $1 
Equity securities22 — 117 4 — 98 
Corporate debt securities— — 7 — — 8 
Municipal bonds1 1 52 1 1 46 
U.S. government bonds— — 7 — — 10 
Total Investments$23 $1 $185 $5 $1 $163 
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and nine months ended September 30, 2024, and 2023, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
September 30, 2024
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$92 $9 $68 $10 $58 $7 
Due after one through five years862 347 431 326 105 20 
Due after five through 10 years712 426 234 220 14 13 
Due after 10 years1,753 925 719 678 41 26 
Total$3,419 $1,707 $1,452 $1,234 $218 $66