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v3.25.1

Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2025
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).
|  |  |  |  | Three Months Ended March 31, 2025
|  |  |  |  |  |  |  |  | Duke |  | Duke |  |  |  |  |  |  |  |
| Maturity |  | Interest |  | Duke |  |  |  | Energy |  | Energy |  |  |  |  |  |  |  |
Issuance Date | Date |  | Rate |  | Energy |  |  |  | Carolinas |  | Progress |  |  |  |  |  |  |  |
First Mortgage Bonds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2025(a) | March 2030 |  | 4.85 | % |  | $ | 400 |  |  |  |  | $ | 400 |  |  | $ | — |  |  |  |  |  |  |  |  |
January 2025(a) | March 2035 |  | 5.25 | % |  | 700 |  |  |  |  | 700 |  |  | — |  |  |  |  |  |  |  |  |
March 2025(b) | March 2027 |  | 4.35 | % |  | 500 |  |  |  |  | — |  |  | 500 |  |  |  |  |  |  |  |  |
March 2025(b) | March 2035 |  | 5.05 | % |  | 850 |  |  |  |  | — |  |  | 850 |  |  |  |  |  |  |  |  |
March 2025(b) | March 2055 |  | 5.55 | % |  | 750 |  |  |  |  | — |  |  | 750 |  |  |  |  |  |  |  |  |
Total issuances |  |  |  |  | $ | 3,200 |  |  |  |  | $ | 1,100 |  |  | $ | 2,100 |  |  |  |  |  |  |  |  |
(a)Proceeds were used to pay off the $500 million DERF accounts receivable securitization facility due January 2025, to pay off short-term debt and for general company purposes. (b)Proceeds were used to pay off the $400 million DEPR accounts receivable securitization facility due April 2025, to pay off short-term debt and for general company 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 |  | March 31, 2025
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 |
Duke Energy (Parent) | September 2025 |  | 0.900 | % |  | 650 |
Piedmont | September 2025 |  | 3.600 | % |  | 150 |
Duke Energy Florida Term Loan Facility(a) | October 2025 |  | 5.068 | % |  | 800 |
Duke Energy Ohio(b) | October 2025 |  | 3.230 | % |  | 95 |
Duke Energy (Parent) | December 2025 |  | 5.000 | % |  | 500 |
First Mortgage Bonds |  |  |  |  |
Duke Energy Florida(a)(c) | October 2073 |  | 4.282 | % |  | 200 |
Duke Energy Florida(a)(c) | April 2074 |  | 4.282 | % |  | 173 |
Duke Energy Progress | August 2025 |  | 3.250 | % |  | 500 |
Other(d) |  |  |  |  | 292 |
Current maturities of long-term debt |  |  |  |  | $ | 4,180 |
(a)Debt has a floating interest rate. (b)Current maturity relates to Duke Energy Kentucky. (c)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders. (d)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 2025, Duke Energy extended the termination date of its existing Master Credit Facility to March 2030 and increased its capacity from $9 billion to $10 billion. 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. The table below includes the current borrowing sublimits and available capacity under these credit facilities.
| March 31, 2025
|  |  | 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) | $ | 10,000 |  |  | $ | 2,525 |  |  | $ | 1,300 |  |  | $ | 1,675 |  |  | $ | 1,425 |  |  | $ | 1,075 |  |  | $ | 950 |  |  | $ | 1,050 |
Reduction to backstop issuances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper(b) | (2,103) |  |  | (1,381) |  |  | (300) |  |  | (150) |  |  | — |  |  | (52) |  |  | (152) |  |  | (68) |
Outstanding letters of credit | (10) |  |  | (2) |  |  | (4) |  |  | (1) |  |  | (3) |  |  | — |  |  | — |  |  | — |
Tax-exempt bonds | (81) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81) |  |  | — |
Available capacity under the Master Credit Facility | $ | 7,806 |  |  | $ | 1,142 |  |  | $ | 996 |  |  | $ | 1,524 |  |  | $ | 1,422 |  |  | $ | 1,023 |  |  | $ | 717 |  |  | $ | 982 |
(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 Duke Energy (Parent) had a $1 billion revolving credit facility, which was terminated in March 2022 (Three-Year Revolving Credit Facility). In March 2022, Duke Energy (Parent) entered into a Term Loan Credit Facility (facility) with commitments totaling $1.4 billion maturing March 2024. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility prior to its termination and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. In December 2022, Duke Energy (Parent) repaid $400 million of the facility. In January 2024, Duke Energy (Parent) repaid the remaining $1 billion outstanding on the facility. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida Term Loan Facilities In November 2024, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida entered into term loan facilities intended to meet incremental financing needs resulting from expenditures for the restoration of service and rebuilding of infrastructure related to hurricanes Debby, Helene and Milton as described in Note 4. Duke Energy Carolinas and Duke Energy Progress entered into two-year term loan facilities with commitments totaling $700 million and $250 million, respectively. Duke Energy Florida entered into a 364-day term loan facility with commitments totaling $800 million. Amounts may be drawn for six months from the Duke Energy Carolinas and Duke Energy Progress term loan facilities and for four months from the Duke Energy Florida term loan facility. Borrowings from the term loan facilities can be prepaid at any time and may be used to fund system restoration expenses and for general corporate purposes. Additionally, the Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida term loan facilities may be increased by $300 million, $150 million and $400 million, respectively. In the fourth quarter of 2024, $455 million and $185 million were drawn under the term loan facilities for Duke Energy Carolinas and Duke Energy Progress, respectively, which were both classified as Long-Term Debt on the Consolidated Balance Sheets as of December 31, 2024. Through December 2024, $100 million was drawn under the term loan facility for Duke Energy Florida, which was classified as Current maturities of long-term debt on the Consolidated Balance Sheets as of December 31, 2024. In the first quarter of 2025, an additional $145 million, $65 million and $700 million were drawn under the term loan facilities for Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. As of March 31, 2025, total borrowings of $600 million for Duke Energy Carolinas and $250 million for Duke Energy Progress were classified as Long-Term Debt and total borrowings of $800 million for Duke Energy Florida were classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. In April 2025, Duke Energy Carolinas drew the remaining $100 million on its term loan facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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