XML 96 R53.htm IDEA: XBRL DOCUMENT v3.25.1

Investments in Debt and Equity Securities

3 Months Ended

Mar. 31, 2025

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 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 March 31, 2025, and December 31, 2024.

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.

			March 31, 2025																		December 31, 2024
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized						Estimated						Unrealized						Unrealized						Estimated
			Holding						Holding						Fair						Holding						Holding						Fair
(in millions)			Gains						Losses						Value						Gains						Losses						Value
NDTF
Cash and cash equivalents			$	—					$	—					$	128					$	—					$	—					$	139
Equity securities			5,430						85						7,828						5,753						61						8,233
Corporate debt securities			8						29						793						6						33						673
Municipal bonds			1						18						341						2						14						342
U.S. government bonds			15						55						1,904						3						84						1,806
Other debt securities			2						7						250						1						8						239
Total NDTF Investments			$	5,456					$	194					$	11,244					$	5,765					$	200					$	11,432
Other Investments
Cash and cash equivalents			$	—					$	—					$	195					$	—					$	—					$	47
Equity securities			36						3						113						39						4						160
Corporate debt securities			—						4						77						—						5						79
Municipal bonds			—						1						63						—						1						83
U.S. government bonds			—						4						57						—						5						59
Other debt securities			—						3						43						—						4						45
Total Other Investments			$	36					$	15					$	548					$	39					$	19					$	473
Total Investments			$	5,492					$	209					$	11,792					$	5,804					$	219					$	11,905

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.

									Three Months Ended
(in millions)															March 31, 2025						March 31, 2024
FV-NI:
Realized gains															$	126					$	68
Realized losses															41						18
AFS:
Realized gains															10						10
Realized losses															20						14

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.

			March 31, 2025																		December 31, 2024
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized						Estimated						Unrealized						Unrealized						Estimated
			Holding						Holding						Fair						Holding						Holding						Fair
(in millions)			Gains						Losses						Value						Gains						Losses						Value
NDTF
Cash and cash equivalents			$	—					$	—					$	53					$	—					$	—					$	62
Equity securities			3,185						40						4,512						3,386						33						4,751
Corporate debt securities			3						24						494						2						27						401
Municipal bonds			—						6						34						—						4						36
U.S. government bonds			8						32						1,049						—						50						991
Other debt securities			2						7						234						1						8						223
Total NDTF Investments			$	3,198					$	109					$	6,376					$	3,389					$	122					$	6,464

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.

									Three Months Ended
(in millions)															March 31, 2025						March 31, 2024
FV-NI:
Realized gains															$	82					$	53
Realized losses															22						6
AFS:
Realized gains															7						4
Realized losses															14						6

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.

			March 31, 2025																		December 31, 2024
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized						Estimated						Unrealized						Unrealized						Estimated
			Holding						Holding						Fair						Holding						Holding						Fair
(in millions)			Gains						Losses						Value						Gains						Losses						Value
NDTF
Cash and cash equivalents			$	—					$	—					$	75					$	—					$	—					$	77
Equity securities			2,245						45						3,316						2,367						28						3,482
Corporate debt securities			5						5						299						4						6						272
Municipal bonds			1						12						307						2						10						306
U.S. government bonds			7						23						855						3						34						815
Other debt securities			—						—						16						—						—						16
Total NDTF Investments			$	2,258					$	85					$	4,868					$	2,376					$	78					$	4,968
Other Investments
Cash and cash equivalents			$	—					$	—					$	21					$	—					$	—					$	23
Municipal bonds			—						—						24						—						—						24
Total Other Investments			$	—					$	—					$	45					$	—					$	—					$	47
Total Investments			$	2,258					$	85					$	4,913					$	2,376					$	78					$	5,015

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.

						Three Months Ended
(in millions)															March 31, 2025						March 31, 2024
FV-NI:
Realized gains															$	44					$	15
Realized losses															19						12
AFS:
Realized gains															3						6
Realized losses															6						8

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.

			March 31, 2025																		December 31, 2024
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized						Estimated						Unrealized						Unrealized						Estimated
			Holding						Holding						Fair						Holding						Holding						Fair
(in millions)			Gains						Losses						Value						Gains						Losses						Value
NDTF
Cash and cash equivalents			$	—					$	—					$	62					$	—					$	—					$	54
Equity securities			2,139						45						3,201						2,256						28						3,362
Corporate debt securities			5						5						283						4						6						256
Municipal bonds			1						12						307						2						10						306
U.S. government bonds			7						17						696						3						26						645
Other debt securities			—						—						14						—						—						14
Total NDTF Investments			$	2,152					$	79					$	4,563					$	2,265					$	70					$	4,637
Other Investments
Cash and cash equivalents			$	—					$	—					$	14					$	—					$	—					$	16
Total Other Investments			$	—					$	—					$	14					$	—					$	—					$	16
Total Investments			$	2,152					$	79					$	4,577					$	2,265					$	70					$	4,653

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were as follows.

						Three Months Ended
(in millions)															March 31, 2025						March 31, 2024
FV-NI:
Realized gains															$	44					$	15
Realized losses															19						12
AFS:
Realized gains															3						6
Realized losses															6						8

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.

			March 31, 2025																		December 31, 2024
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized						Estimated						Unrealized						Unrealized						Estimated
			Holding						Holding						Fair						Holding						Holding						Fair
(in millions)			Gains						Losses						Value						Gains						Losses						Value
NDTF
Cash and cash equivalents			$	—					$	—					$	13					$	—					$	—					$	23
Equity securities			106						—						115						111						—						120
Corporate debt securities			—						—						16						—						—						16
U.S. government bonds			—						6						159						—						8						170
Other debt securities			—						—						2						—						—						2
Total NDTF Investments(a)			$	106					$	6					$	305					$	111					$	8					$	331
Other Investments
Cash and cash equivalents			$	—					$	—					$	3					$	—					$	—					$	3
Municipal bonds			—						—						24						—						—						24
Total Other Investments			$	—					$	—					$	27					$	—					$	—					$	27
Total Investments			$	106					$	6					$	332					$	111					$	8					$	358

(a)During the three months ended March 31, 2025, and the year ended December 31, 2024, 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 months ended March 31, 2025, and 2024, 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.

			March 31, 2025																		December 31, 2024
			Gross						Gross												Gross						Gross
			Unrealized						Unrealized						Estimated						Unrealized						Unrealized						Estimated
			Holding						Holding						Fair						Holding						Holding						Fair
(in millions)			Gains						Losses						Value						Gains						Losses						Value
Investments
Cash and cash equivalents			$	—					$	—					$	2					$	—					$	—					$	1
Equity securities			—						3						43						—						4						89
Corporate debt securities			—						—						1						—						—						6
Municipal bonds			—						1						23						—						1						43
U.S. government bonds			—						—						2						—						—						7
Total Investments			$	—					$	4					$	71					$	—					$	5					$	146

Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three months ended March 31, 2025, and 2024, were immaterial.

DEBT SECURITY MATURITIES

The table below summarizes the maturity date for debt securities.

			March 31, 2025
									Duke												Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Indiana
Due in one year or less			$	83					$	5					$	75					$	19					$	56					$	1
Due after one through five years			921						441						414						334						80						8
Due after five through 10 years			610						286						273						258						15						7
Due after 10 years			1,914						1,079						739						689						50						10
Total			$	3,528					$	1,811					$	1,501					$	1,300					$	201					$	26

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

+ Details

Name:	us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration