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Investments in Debt and Equity Securities
 12 Months Ended
Dec. 31, 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 NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as 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 objectives 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 December 31, 2024, and 2023.
Other Investments amounts are recorded in Other within Other Noncurrent Assets on the 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.
December 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $139 $— $— $133 
Equity securities 5,753 61 8,233 4,942 22 7,278 
Corporate debt securities 6 33 673 12 43 632 
Municipal bonds 2 14 342 6 16 347 
U.S. government bonds 3 84 1,806 24 65 1,575 
Other debt securities 1 8 239 1 13 178 
Total NDTF Investments$5,765 $200 $11,432 $4,985 $159 $10,143 
Other Investments       
Cash and cash equivalents $— $— $47 $— $— $31 
Equity securities 39 4 160 33 — 158 
Corporate debt securities — 5 79 — 6 82 
Municipal bonds — 1 83 1 2 77 
U.S. government bonds — 5 59 — 2 65 
Other debt securities — 4 45 — 2 47 
Total Other Investments$39 $19 $473 $34 $12 $460 
Total Investments $5,804 $219 $11,905 $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 years ended December 31, 2024, 2023 and 2022, were as follows.
Years Ended December 31,
(in millions)202420232022
FV-NI:
Realized gains$600 $129 $201 
Realized losses85 146 316 
AFS:
Realized gains28 44 28 
Realized losses67 140 151 
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.
 December 31, 2024 December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $62 $— $— $51 
Equity securities 3,386 33 4,751 2,886 14 4,196 
Corporate debt securities 2 27 401 4 35 390 
Municipal bonds — 4 36 — 4 50 
U.S. government bonds — 50 991 13 33 826 
Other debt securities 1 8 223 1 13 172 
Total NDTF Investments$3,389 $122 $6,464 $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 years ended December 31, 2024, 2023 and 2022, were as follows.
Years Ended December 31,
(in millions)202420232022
FV-NI:
Realized gains$298 $82 $124 
Realized losses40 79 177 
AFS:
Realized gains14 22 22 
Realized losses40 65 86 
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.
December 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $77 $— $— $82 
Equity securities 2,367 28 3,482 2,056 8 3,082 
Corporate debt securities 4 6 272 8 8 242 
Municipal bonds 2 10 306 6 12 297 
U.S. government bonds 3 34 815 11 32 749 
Other debt securities — — 16 — — 6 
Total NDTF Investments$2,376 $78 $4,968 $2,081 $60 $4,458 
Other Investments       
Cash and cash equivalents $— $— $23 $— $— $18 
Municipal bonds — — 24 — 1 23 
Total Other Investments$— $— $47 $— $1 $41 
Total Investments $2,376 $78 $5,015 $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 years ended December 31, 2024, 2023 and 2022, were as follows.
Years Ended December 31,
(in millions)202420232022
FV-NI:
Realized gains$302 $47 $77 
Realized losses45 67 139 
AFS:
Realized gains14 22 6 
Realized losses27 75 48 
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.
 December 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF       
Cash and cash equivalents $— $— $54 $— $— $55 
Equity securities 2,256 28 3,362 1,956 8 2,970 
Corporate debt securities 4 6 256 7 8 229 
Municipal bonds 2 10 306 6 12 297 
U.S. government bonds 3 26 645 10 18 518 
Other debt securities — — 14 — — 6 
Total NDTF Investments$2,265 $70 $4,637 $1,979 $46 $4,075 
Other Investments    
Cash and cash equivalents $— $— $16 $— $— $14 
Total Other Investments$— $— $16 $— $— $14 
Total Investments $2,265 $70 $4,653 $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 years ended December 31, 2024, 2023 and 2022, were as follows.
Years Ended December 31,
(in millions)202420232022
FV-NI:
Realized gains$288 $44 $76 
Realized losses44 66 136 
AFS:
Realized gains13 20 6 
Realized losses26 70 44 
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.
 December 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
NDTF        
Cash and cash equivalents $— $— $23 $— $— $27 
Equity securities 111 — 120 100 — 112 
Corporate debt securities — — 16 1 — 13 
U.S. government bonds — 8 170 1 14 231 
Other debt securities — — 2 — — — 
Total NDTF Investments(a)
$111 $8 $331 $102 $14 $383 
Other Investments    
Cash and cash equivalents $— $— $3 $— $— $3 
Municipal bonds — — 24 — 1 23 
Total Other Investments$— $— $27 $— $1 $26 
Total Investments $111 $8 $358 $102 $15 $409 
(a)    During the years ended December 31, 2024, and 2023, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2024, 2023 and 2022, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
 December 31, 2024December 31, 2023
GrossGrossGrossGross
UnrealizedUnrealizedUnrealizedUnrealized
HoldingHoldingEstimatedHoldingHoldingEstimated
(in millions) GainsLossesFair ValueGainsLossesFair Value
Investments       
Cash and cash equivalents$— $— $1 $— $— $1 
Equity securities — 4 89 4 — 98 
Corporate debt securities — — 6 — — 8 
Municipal bonds — 1 43 1 1 46 
U.S. government bonds — — 7 — — 10 
Total Investments $— $5 $146 $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 years ended December 31, 2024, 2023 and 2022, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
December 31, 2024
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$89 $9 $62 $12 $50 $4 
Due after one through five years791 303 408 310 98 20 
Due after five through 10 years721 441 234 219 15 12 
Due after 10 years1,725 898 729 680 49 20 
Total$3,326 $1,651 $1,433 $1,221 $212 $56