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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS DEFINED BENEFIT RETIREMENT PLANS Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified, non-contributory defined benefit retirement plans, which consist of the Duke Energy Retirement Cash Balance Plan (RCBP) and the Duke Energy Legacy Pension Plan (DELPP). These plans cover most employees using a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits based upon a percentage of current eligible earnings, age or age and years of service and interest credits. Certain employees are eligible for benefits that use a final average earnings formula. Under these final average earnings formulas, a plan participant accumulates a retirement benefit equal to the sum of percentages of their (i) highest three-, four- or five-year average earnings, (ii) highest three-, four- or five-year average earnings in excess of covered compensation per year of participation (maximum of 35 years) or (iii) highest three-year average earnings times years of participation in excess of 35 years. Duke Energy also maintains, and the Subsidiary Registrants participate in, non-qualified, non-contributory defined benefit retirement plans that cover certain executives. The qualified and non-qualified, non-contributory defined benefit plans are closed to new participants. Duke Energy uses a December 31 measurement date for its defined benefit retirement plan assets and obligations. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan assets as of December 31, 2025, were attributable to actual investment performance that exceeded expected investment performance. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2025, were primarily attributable to the decrease in the discount rate used to measure plan obligations. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2024, were primarily attributable to the increase in the discount rate used to measure plan obligations. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan assets as of December 31, 2024, were primarily attributable to actual investment performance that was less than expected investment performance. As a result of the application of settlement accounting due to total lump-sum benefit payments exceeding the settlement threshold (defined as the sum of service cost and interest cost on projected benefit obligation components of net periodic benefit costs) for one of its qualified pension plans, Duke Energy recognized settlement charges of $72 million, of which $60 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets and $12 million was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of, and for the year ended, December 31, 2024. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, which represent amounts allocated by Duke Energy for employees of the Subsidiary Registrants and allocated charges for their proportionate share of settlement charges for employees of Duke Energy's shared services affiliate, and recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets were $31 million for Duke Energy Carolinas, $23 million for Progress Energy, $16 million for Duke Energy Progress, $7 million for Duke Energy Florida, $3 million for Duke Energy Indiana and $4 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, recorded to Other income and expenses, net, within the 2024 Consolidated Statements of Operations were $3 million for Duke Energy Carolinas, $5 million for Progress Energy, $5 million for Duke Energy Progress, $2 million for Duke Energy Ohio and $1 million for Piedmont. The settlement charges reflect the recognition of a pro-rata portion of previously unrecognized actuarial losses, equal to the percentage of reduction in the projected benefit obligation resulting from total lump-sum benefit payments. Settlement charges recognized as a regulatory asset within Other Noncurrent Assets on the Consolidated Balance Sheets are amortized over the average remaining service period for participants in the plan. Amortization of settlement charges is disclosed in the tables below as a component of net periodic pension costs. Net periodic benefit costs disclosed in the tables below represent the cost of the respective benefit plan for the periods presented prior to capitalization of amounts reflected as Net property, plant and equipment, on the Consolidated Balance Sheets. Only the service cost component of net periodic benefit costs is eligible to be capitalized. The remaining non-capitalized portions of net periodic benefit costs are classified as either: (1) service cost, which is recorded in Operation, maintenance and other on the Consolidated Statements of Operations; or as (2) components of non-service cost, which is recorded in Other income and expenses, net on the Consolidated Statements of Operations. Amounts presented in the tables below for the Subsidiary Registrants represent the amounts of pension and other post-retirement benefit cost allocated by Duke Energy for employees of the Subsidiary Registrants. Additionally, the Consolidated Statements of Operations of the Subsidiary Registrants also include allocated net periodic benefit costs for their proportionate share of pension and post-retirement benefit cost for employees of Duke Energy’s shared services affiliate that provide support to the Subsidiary Registrants. However, in the tables below, these amounts are only presented within the Duke Energy column (except for amortization of settlement charges). These allocated amounts are included in the governance and shared service costs discussed in Note 14. Duke Energy’s policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants. The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans.
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Contributions Made: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 | $ | 100 |  |  | $ | 27 |  |  | $ | 23 |  |  | $ | 14 |  |  | $ | 10 |  |  | $ | 6 |  |  | $ | 8 |  |  | $ | 3 |
2024 | 100 |  |  | 26 |  |  | 23 |  |  | 14 |  |  | 9 |  |  | 5 |  |  | 8 |  |  | 3 |
2023 | 100 |  |  | 26 |  |  | 22 |  |  | 13 |  |  | 9 |  |  | 5 |  |  | 8 |  |  | 3 |
QUALIFIED PENSION PLANS Components of Net Periodic Pension Costs
| Year Ended December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Service cost | $ | 107 |  |  | $ | 36 |  |  | $ | 30 |  |  | $ | 18 |  |  | $ | 12 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 4 |
Interest cost on projected benefit obligation | 329 |  |  | 79 |  |  | 103 |  |  | 46 |  |  | 57 |  |  | 17 |  |  | 26 |  |  | 10 |
Expected return on plan assets | (597) |  |  | (153) |  |  | (220) |  |  | (98) |  |  | (120) |  |  | (24) |  |  | (40) |  |  | (20) |
Amortization of actuarial loss | 61 |  |  | 15 |  |  | 19 |  |  | 10 |  |  | 9 |  |  | 2 |  |  | 5 |  |  | 4 |
Amortization of prior service credit | (13) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (7) |
Amortization of settlement charges | 25 |  |  | 12 |  |  | 7 |  |  | 5 |  |  | 2 |  |  | — |  |  | 2 |  |  | 4 |
Net periodic pension costs(a)(b) | $ | (88) |  |  | $ | (12) |  |  | $ | (61) |  |  | $ | (19) |  |  | $ | (40) |  |  | $ | (2) |  |  | $ | (3) |  |  | $ | (5) |
| Year Ended December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Service cost | $ | 114 |  |  | $ | 37 |  |  | $ | 32 |  |  | $ | 19 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 4 |
Interest cost on projected benefit obligation | 325 |  |  | 78 |  |  | 103 |  |  | 47 |  |  | 56 |  |  | 17 |  |  | 26 |  |  | 9 |
Expected return on plan assets | (613) |  |  | (161) |  |  | (217) |  |  | (99) |  |  | (116) |  |  | (25) |  |  | (42) |  |  | (20) |
Amortization of actuarial loss | 36 |  |  | 8 |  |  | 10 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | 4 |  |  | 3 |
Amortization of prior service credit | (13) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (7) |
Amortization of settlement charges(c) | 32 |  |  | 12 |  |  | 10 |  |  | 9 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 5 |
Net periodic pension costs(a)(b) | $ | (119) |  |  | $ | (27) |  |  | $ | (62) |  |  | $ | (18) |  |  | $ | (40) |  |  | $ | (2) |  |  | $ | (6) |  |  | $ | (6) |
| Year Ended 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
Service cost | $ | 117 |  |  | $ | 38 |  |  | $ | 33 |  |  | $ | 19 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 4 |
Interest cost on projected benefit obligation | 344 |  |  | 84 |  |  | 107 |  |  | 49 |  |  | 57 |  |  | 18 |  |  | 27 |  |  | 9 |
Expected return on plan assets | (588) |  |  | (160) |  |  | (198) |  |  | (93) |  |  | (104) |  |  | (24) |  |  | (40) |  |  | (20) |
Amortization of actuarial loss | 10 |  |  | 2 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Amortization of prior service credit | (14) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (7) |
Amortization of settlement charges | 19 |  |  | 9 |  |  | 5 |  |  | 3 |  |  | 1 |  |  | — |  |  | 1 |  |  | 4 |
Net periodic pension costs(a)(b) | $ | (112) |  |  | $ | (28) |  |  | $ | (49) |  |  | $ | (20) |  |  | $ | (31) |  |  | $ | (3) |  |  | $ | (6) |  |  | $ | (10) |
(a) Duke Energy amounts exclude $2 million, $2 million and $3 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (b) Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (c) Includes settlement charges not deferred as a regulatory asset. Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets
| Year Ended December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Regulatory assets, net decrease | $ | (202) |  |  | $ | (46) |  |  | $ | (84) |  |  | $ | (40) |  |  | $ | (43) |  |  | $ | (8) |  |  | $ | (6) |  |  | $ | (9) |
Accumulated other comprehensive loss (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax benefit | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amortization of prior year actuarial (losses) gains | (17) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amount recognized in accumulated other comprehensive income | $ | (14) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Regulatory assets, net increase | $ | 147 |  |  | $ | 39 |  |  | $ | 33 |  |  | $ | 1 |  |  | $ | 31 |  |  | $ | 11 |  |  | $ | 6 |  |  | $ | 16 |
Accumulated other comprehensive loss (income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax benefit | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Amortization of prior year service credit | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior year actuarial losses | (12) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |
Net amount recognized in accumulated other comprehensive income | $ | (8) |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | — |
Reconciliation of Funded Status to Net Amount Recognized
| Year Ended December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligation at prior measurement date | $ | 5,980 |  |  | $ | 1,444 |  |  | $ | 1,875 |  |  | $ | 838 |  |  | $ | 1,027 |  |  | $ | 309 |  |  | $ | 471 |  |  | $ | 181 |
Service cost | 100 |  |  | 34 |  |  | 28 |  |  | 17 |  |  | 11 |  |  | 2 |  |  | 5 |  |  | 3 |
Interest cost | 329 |  |  | 79 |  |  | 103 |  |  | 46 |  |  | 57 |  |  | 17 |  |  | 26 |  |  | 10 |
Actuarial loss (gain) | 86 |  |  | 32 |  |  | 39 |  |  | 16 |  |  | 23 |  |  | 2 |  |  | 8 |  |  | (2) |
Benefits paid | (624) |  |  | (181) |  |  | (186) |  |  | (103) |  |  | (81) |  |  | (26) |  |  | (50) |  |  | (16) |
Transfers | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 14 |  |  | — |
Obligation at measurement date | $ | 5,871 |  |  | $ | 1,408 |  |  | $ | 1,859 |  |  | $ | 814 |  |  | $ | 1,037 |  |  | $ | 305 |  |  | $ | 474 |  |  | $ | 176 |
Accumulated Benefit Obligation at measurement date | $ | 5,839 |  |  | $ | 1,408 |  |  | $ | 1,846 |  |  | $ | 813 |  |  | $ | 1,023 |  |  | $ | 300 |  |  | $ | 469 |  |  | $ | 176 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 6,887 |  |  | $ | 1,781 |  |  | $ | 2,376 |  |  | $ | 1,069 |  |  | $ | 1,290 |  |  | $ | 309 |  |  | $ | 498 |  |  | $ | 214 |
Employer contributions | 100 |  |  | 27 |  |  | 23 |  |  | 14 |  |  | 10 |  |  | 6 |  |  | 8 |  |  | 3 |
Actual return on plan assets | 847 |  |  | 214 |  |  | 323 |  |  | 145 |  |  | 176 |  |  | 31 |  |  | 52 |  |  | 28 |
Benefits paid | (624) |  |  | (181) |  |  | (186) |  |  | (103) |  |  | (81) |  |  | (26) |  |  | (50) |  |  | (16) |
Transfers | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 14 |  |  | — |
Plan assets at measurement date | $ | 7,210 |  |  | $ | 1,841 |  |  | $ | 2,536 |  |  | $ | 1,125 |  |  | $ | 1,395 |  |  | $ | 321 |  |  | $ | 522 |  |  | $ | 229 |
Funded status of plan | $ | 1,339 |  |  | $ | 433 |  |  | $ | 677 |  |  | $ | 311 |  |  | $ | 358 |  |  | $ | 16 |  |  | $ | 48 |  |  | $ | 53 |
| Year Ended December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligation at prior measurement date | $ | 6,299 |  |  | $ | 1,514 |  |  | $ | 1,990 |  |  | $ | 911 |  |  | $ | 1,069 |  |  | $ | 325 |  |  | $ | 496 |  |  | $ | 175 |
Service cost | 107 |  |  | 36 |  |  | 30 |  |  | 18 |  |  | 12 |  |  | 3 |  |  | 6 |  |  | 4 |
Interest cost | 325 |  |  | 78 |  |  | 103 |  |  | 47 |  |  | 56 |  |  | 17 |  |  | 26 |  |  | 9 |
Actuarial (gain)/loss | (106) |  |  | (13) |  |  | (50) |  |  | (27) |  |  | (22) |  |  | (3) |  |  | (16) |  |  | 5 |
Benefits paid | (645) |  |  | (177) |  |  | (198) |  |  | (111) |  |  | (88) |  |  | (33) |  |  | (41) |  |  | (12) |
Transfers | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Obligation at measurement date | $ | 5,980 |  |  | $ | 1,444 |  |  | $ | 1,875 |  |  | $ | 838 |  |  | $ | 1,027 |  |  | $ | 309 |  |  | $ | 471 |  |  | $ | 181 |
Accumulated Benefit Obligation at measurement date | $ | 5,948 |  |  | $ | 1,444 |  |  | $ | 1,861 |  |  | $ | 838 |  |  | $ | 1,013 |  |  | $ | 304 |  |  | $ | 466 |  |  | $ | 181 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 7,162 |  |  | $ | 1,853 |  |  | $ | 2,453 |  |  | $ | 1,120 |  |  | $ | 1,316 |  |  | $ | 326 |  |  | $ | 514 |  |  | $ | 213 |
Employer contributions | 100 |  |  | 26 |  |  | 23 |  |  | 14 |  |  | 9 |  |  | 5 |  |  | 8 |  |  | 3 |
Actual return on plan assets | 270 |  |  | 73 |  |  | 98 |  |  | 46 |  |  | 53 |  |  | 11 |  |  | 17 |  |  | 10 |
Benefits paid | (645) |  |  | (177) |  |  | (198) |  |  | (111) |  |  | (88) |  |  | (33) |  |  | (41) |  |  | (12) |
Transfers | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan assets at measurement date | $ | 6,887 |  |  | $ | 1,781 |  |  | $ | 2,376 |  |  | $ | 1,069 |  |  | $ | 1,290 |  |  | $ | 309 |  |  | $ | 498 |  |  | $ | 214 |
Funded status of plan | $ | 907 |  |  | $ | 337 |  |  | $ | 501 |  |  | $ | 231 |  |  | $ | 263 |  |  | $ | — |  |  | $ | 27 |  |  | $ | 33 |
Amounts Recognized in the Consolidated Balance Sheets
| December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Prefunded pension(a) | $ | 1,339 |  |  | $ | 433 |  |  | $ | 678 |  |  | $ | 312 |  |  | $ | 358 |  |  | $ | 89 |  |  | $ | 120 |  |  | $ | 53 |
Noncurrent pension liability(b) | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 73 |  |  | $ | 72 |  |  | $ | — |
Net asset recognized | $ | 1,339 |  |  | $ | 433 |  |  | $ | 677 |  |  | $ | 311 |  |  | $ | 358 |  |  | $ | 16 |  |  | $ | 48 |  |  | $ | 53 |
Regulatory assets | $ | 1,966 |  |  | $ | 524 |  |  | $ | 627 |  |  | $ | 314 |  |  | $ | 313 |  |  | $ | 92 |  |  | $ | 176 |  |  | $ | 104 |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax benefit | $ | (21) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial loss | 98 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive income | $ | 77 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Prefunded pension(a) | $ | 907 |  |  | $ | 337 |  |  | $ | 501 |  |  | $ | 231 |  |  | $ | 263 |  |  | $ | 74 |  |  | $ | 101 |  |  | $ | 33 |
Noncurrent pension liability(b) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 74 |  |  | $ | 74 |  |  | $ | — |
Net asset recognized | $ | 907 |  |  | $ | 337 |  |  | $ | 501 |  |  | $ | 231 |  |  | $ | 263 |  |  | $ | — |  |  | $ | 27 |  |  | $ | 33 |
Regulatory assets | $ | 2,168 |  |  | $ | 570 |  |  | $ | 711 |  |  | $ | 354 |  |  | $ | 356 |  |  | $ | 100 |  |  | $ | 182 |  |  | $ | 113 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax benefit | $ | (24) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial loss | 115 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive income | $ | 91 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a) Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. (b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets. Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets
|  |  |  |  |  | December 31, 2025 |  |  |  |  |  |
|  |  |  |  |  |  | Duke |  | Duke |  |  |  |  |  |
|  |  |  |  |  |  | Energy |  | Energy |  |  |  |  |  |
(in millions) |  |  |  |  |  |  | Ohio |  | Indiana |  |  |  |  |  |
Projected benefit obligation |  |  |  |  |  |  | $ | 112 |  |  | $ | 216 |  |  |  |  |  |  |
Accumulated benefit obligation |  |  |  |  |  |  | 107 |  |  | 211 |  |  |  |  |  |  |
Fair value of plan assets |  |  |  |  |  |  | 39 |  |  | 145 |  |  |  |  |  |  |
|  | December 31, 2024
|  |  |  |  |  |  | Duke |  | Duke
|  |  |  |  |  |  | Energy |  | Energy
(in millions) |  |  |  |  |  |  | Ohio |  | Indiana
Projected benefit obligation |  |  |  |  |  |  | $ | 106 |  |  | $ | 203 |
Accumulated benefit obligation |  |  |  |  |  |  | 101 |  |  | 197 |
Fair value of plan assets |  |  |  |  |  |  | 32 |  |  | 128 |
Assumptions Used for Pension Benefits Accounting The discount rate used to determine the current year pension obligation and following year’s pension expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected. The RCBP contains a mostly active participant population while the DELPP contains a mostly inactive participant population. The average remaining service period for RCBP participants is nine years and the average life expectancy of DELPP participants is 15 years. Unrecognized net actuarial gains/losses and prior service credit are amortized over 11 years for Duke Energy and Duke Energy Carolinas, 14 years for Duke Energy Ohio, 13 years for Duke Energy Indiana, and nine years for Progress Energy, Duke Energy Progress, Duke Energy Florida and Piedmont. The following tables present the assumptions or range of assumptions used for pension benefit accounting.
|  | December 31,
|  | 2025 |  | 2024 |  | 2023
Benefit Obligations |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 5.50 | % |  |  |  | 5.70 | % |  |  |  | 5.40 | %
Interest crediting rate |  |  |  | 4.84 | % |  |  |  | 4.78 | % |  |  |  | 4.15 | %
Salary increase |  | 3.50 | % | – | 4.00 | % |  | 3.50 | % | – | 4.00 | % |  | 3.50 | % | – | 4.00 | %
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 5.70 | % |  | 5.00 | % | – | 5.40 | % |  |  |  | 5.60 | %
Interest crediting rate |  |  |  | 4.78 | % |  |  |  | 4.15 | % |  |  |  | 4.35 | %
Salary increase |  | 3.50 | % | – | 4.00 | % |  | 3.50 | % | – | 4.00 | % |  | 3.50 | % | – | 4.00 | %
Expected long-term rate of return on plan assets |  | 8.50 | % | – | 7.00 | % |  | 8.50 | % | – | 7.00 | % |  | 6.50 | % | – | 8.25 | %
Expected Benefit Payments
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Years ending December 31, |  |  |  |  |  |  |  |
2026 | $ | 596 |  | $ | 157 |  | $ | 176 |  | $ | 89 |  | $ | 86 |  | $ | 30 |  | $ | 44 |  | $ | 19 |
2027 | 578 |  | 150 |  | 173 |  | 86 |  | 87 |  | 29 |  | 43 |  | 18 |
2028 | 565 |  | 145 |  | 169 |  | 81 |  | 87 |  | 29 |  | 43 |  | 17 |
2029 | 540 |  | 135 |  | 165 |  | 77 |  | 87 |  | 28 |  | 43 |  | 16 |
2030 | 514 |  | 126 |  | 159 |  | 73 |  | 86 |  | 28 |  | 42 |  | 16 |
2031-2035 | 2,319 |  | 540 |  | 740 |  | 324 |  | 412 |  | 124 |  | 198 |  | 71 |
NON-QUALIFIED PENSION PLANS The accumulated benefit obligation, which equals the projected benefit obligation for non-qualified pension plans, was $187 million for Duke Energy, $7 million for Duke Energy Carolinas, $69 million for Progress Energy, $22 million for Duke Energy Progress, $25 million for Duke Energy Florida, $2 million for Duke Energy Ohio, $1 million for Duke Energy Indiana and $2 million for Piedmont as of December 31, 2025. Employer contributions, which equal benefits paid for non-qualified pension plans, were $29 million for Duke Energy, $1 million for Duke Energy Carolinas, $7 million for Progress Energy, $2 million for Duke Energy Progress and $3 million for Duke Energy Florida for the year ended December 31, 2025. Employer contributions were not material for Duke Energy Ohio, Duke Energy Indiana or Piedmont for the year ended December 31, 2025. Net periodic pension costs for non-qualified pension plans were not material for the years ended December 31, 2025, 2024 or 2023. OTHER POST-RETIREMENT BENEFIT PLANS Duke Energy provides, and the Subsidiary Registrants participate in, some health care and life insurance benefits for retired employees on a contributory and non-contributory basis. Employees are eligible for these benefits if they have satisfied the applicable eligibility requirements (e.g., age and service) at retirement, as defined in the plans. The health care benefits include medical, dental, vision and prescription drug coverage and are subject to certain limitations, such as deductibles and copayments. Duke Energy did not make any prefunding contributions to its other post-retirement benefit plans during the years ended December 31, 2025, 2024 or 2023. Components of Net Periodic Other Post-Retirement Benefit Costs
| Year Ended December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Service cost | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 18 |  |  | 3 |  |  | 8 |  |  | 5 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (12) |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Amortization of actuarial (gain) loss | (3) |  |  | (1) |  |  | 5 |  |  | 4 |  |  | 2 |  |  | (1) |  |  | (1) |  |  | — |
Amortization of prior service credit | (21) |  |  | (4) |  |  | (11) |  |  | (6) |  |  | (5) |  |  | — |  |  | (5) |  |  | — |
Net periodic post-retirement benefit costs (a)(b) (c) | $ | (16) |  |  | $ | (10) |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | (1) |
| Year Ended December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Service cost | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 17 |  |  | 3 |  |  | 7 |  |  | 4 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (11) |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Amortization of actuarial (gain) loss | (6) |  |  | (2) |  |  | 8 |  |  | 6 |  |  | 2 |  |  | (2) |  |  | (4) |  |  | — |
Amortization of prior service credit | (21) |  |  | (4) |  |  | (11) |  |  | (6) |  |  | (5) |  |  | — |  |  | (5) |  |  | — |
Net periodic post-retirement benefit costs(a)(b) | $ | (19) |  |  | $ | (11) |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (1) |
| Year Ended 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
Service cost | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on accumulated post-retirement benefit obligation | 22 |  |  | 5 |  |  | 9 |  |  | 5 |  |  | 4 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (11) |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Amortization of actuarial (gain) loss | (6) |  |  | (3) |  |  | 8 |  |  | 5 |  |  | 2 |  |  | (2) |  |  | (3) |  |  | — |
Amortization of prior service credit | (23) |  |  | (5) |  |  | (11) |  |  | (6) |  |  | (5) |  |  | — |  |  | (5) |  |  | — |
Net periodic post-retirement benefit costs(a)(b) | $ | (16) |  |  | $ | (9) |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | (7) |  |  | $ | (1) |
(a) Duke Energy amounts exclude $3 million, $4 million and $4 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (b) Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (c) Duke Energy and Duke Energy Indiana amounts exclude $5 million for the year ended December 2025 of net periodic post-retirement benefit costs associated with a regulatory adjustment. Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities
| Year Ended December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Regulatory assets, net (decrease) increase | $ | (11) |  |  | $ | (17) |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | — |  |  | $ | (3) |  |  | $ | (1) |
Regulatory liabilities, net (decrease) increase | $ | (30) |  |  | $ | (17) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |  |  | $ | (9) |  |  | $ | 1 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior year actuarial gain | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amount recognized in accumulated other comprehensive income | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Year Ended December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Regulatory assets, net (decrease) increase | $ | (42) |  |  | $ | (62) |  |  | $ | 23 |  |  | $ | 17 |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | (3) |  |  | $ | — |
Regulatory liabilities, net (decrease) increase | $ | (76) |  |  | $ | (71) |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | (3) |  |  | $ | (12) |  |  | $ | — |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of prior year actuarial gain | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net amount recognized in accumulated other comprehensive income | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs
| Year Ended December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Post-retirement benefit obligation at prior measurement date | $ | 334 |  |  | $ | 63 |  |  | $ | 146 |  |  | $ | 87 |  |  | $ | 60 |  |  | $ | 18 |  |  | $ | 20 |  |  | $ | 15 |
Service cost | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | 18 |  |  | 3 |  |  | 8 |  |  | 5 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 1 |
Plan participants' contributions | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Actuarial losses (gains) | 1 |  |  | (1) |  |  | 2 |  |  | 2 |  |  | 1 |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (35) |  |  | (8) |  |  | (14) |  |  | (8) |  |  | (6) |  |  | (2) |  |  | (3) |  |  | (2) |
Post-retirement benefit obligation at measurement date | $ | 321 |  |  | $ | 57 |  |  | $ | 142 |  |  | $ | 86 |  |  | $ | 58 |  |  | $ | 17 |  |  | $ | 19 |  |  | $ | 15 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 161 |  |  | $ | 107 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 29 |
Actual return on plan assets | 18 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 4 |
Benefits paid | (35) |  |  | (8) |  |  | (14) |  |  | (8) |  |  | (6) |  |  | (2) |  |  | (3) |  |  | (2) |
Employer contributions | 26 |  |  | 3 |  |  | 13 |  |  | 8 |  |  | 6 |  |  | 2 |  |  | 3 |  |  | 1 |
Plan participants' contributions | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan assets at measurement date | $ | 171 |  |  | $ | 112 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | 32 |
Funded status of plan | $ | (150) |  |  | $ | 55 |  |  | $ | (144) |  |  | $ | (86) |  |  | $ | (58) |  |  | $ | (9) |  |  | $ | (19) |  |  | $ | 17 |
| Year Ended December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Post-retirement benefit obligation at prior measurement date | $ | 347 |  |  | $ | 69 |  |  | $ | 146 |  |  | $ | 84 |  |  | $ | 60 |  |  | $ | 19 |  |  | $ | 24 |  |  | $ | 15 |
Service cost | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | 17 |  |  | 3 |  |  | 7 |  |  | 4 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 1 |
Plan participants' contributions | 3 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Actuarial losses (gains) | 2 |  |  | (2) |  |  | 7 |  |  | 5 |  |  | 3 |  |  | — |  |  | (2) |  |  | — |
Benefits paid | (37) |  |  | (8) |  |  | (15) |  |  | (6) |  |  | (6) |  |  | (2) |  |  | (3) |  |  | (1) |
Post-retirement benefit obligation at measurement date | $ | 334 |  |  | $ | 63 |  |  | $ | 146 |  |  | $ | 87 |  |  | $ | 60 |  |  | $ | 18 |  |  | $ | 20 |  |  | $ | 15 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets at prior measurement date | $ | 156 |  |  | $ | 102 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | 7 |  |  | $ | 3 |  |  | $ | 27 |
Actual return on plan assets | 7 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Benefits paid | (37) |  |  | (8) |  |  | (15) |  |  | (6) |  |  | (6) |  |  | (2) |  |  | (3) |  |  | (1) |
Tax Refund | 5 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Employer contributions | 27 |  |  | 4 |  |  | 14 |  |  | 7 |  |  | 7 |  |  | 2 |  |  | — |  |  | — |
Plan participants' contributions | 3 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan assets at measurement date | $ | 161 |  |  | $ | 107 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 29 |
Funded status of plan | $ | (173) |  |  | $ | 44 |  |  | $ | (147) |  |  | $ | (87) |  |  | $ | (60) |  |  | $ | (11) |  |  | $ | (20) |  |  | $ | 14 |
Amounts Recognized in the Consolidated Balance Sheets
| December 31, 2025
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Prefunded post-retirement benefit(a) | $ | — |  |  | $ | 55 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 17 |
Current post-retirement liability(b) | 8 |  |  | — |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |
Noncurrent post-retirement liability(c) | 142 |  |  | — |  |  | 139 |  |  | 83 |  |  | 56 |  |  | 9 |  |  | 19 |  |  | — |
Net liability (asset) recognized | $ | 150 |  |  | $ | (55) |  |  | $ | 144 |  |  | $ | 86 |  |  | $ | 58 |  |  | $ | 9 |  |  | $ | 19 |  |  | $ | (17) |
Regulatory assets | $ | 70 |  |  | $ | — |  |  | $ | 69 |  |  | $ | 48 |  |  | $ | 21 |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | — |
Regulatory liabilities | $ | 124 |  |  | $ | 18 |  |  | $ | 11 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 53 |  |  | $ | 1 |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial gain | (13) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive income | $ | (10) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| December 31, 2024
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Prefunded post-retirement benefit(a) | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 14 |
Current post-retirement liability(b) | 8 |  |  | — |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |
Noncurrent post-retirement liability(c) | 165 |  |  | — |  |  | 142 |  |  | 84 |  |  | 58 |  |  | 11 |  |  | 20 |  |  | — |
Net liability (asset) recognized | $ | 173 |  |  | $ | (44) |  |  | $ | 147 |  |  | $ | 87 |  |  | $ | 60 |  |  | $ | 11 |  |  | $ | 20 |  |  | $ | (14) |
Regulatory assets | $ | 81 |  |  | $ | 17 |  |  | $ | 62 |  |  | $ | 46 |  |  | $ | 16 |  |  | $ | 1 |  |  | $ | 20 |  |  | $ | 1 |
Regulatory liabilities | $ | 154 |  |  | $ | 35 |  |  | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 14 |  |  | $ | 62 |  |  | $ | — |
Accumulated other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax expense | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial gain | (12) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net amounts recognized in accumulated other comprehensive income | $ | (9) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a) Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. (b) Included in Other within Current Liabilities on the Consolidated Balance Sheets. (c) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets. Assumptions Used for Other Post-Retirement Benefits Accounting The discount rate used to determine the current year other post-retirement benefits obligation and following year’s other post-retirement benefits expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected. The average remaining service period of active covered employees is seven years for Duke Energy, Duke Energy Carolinas and Duke Energy Florida, six years for Progress Energy, Duke Energy Ohio, Duke Energy Indiana and Piedmont and five years for Duke Energy Progress. The following tables present the assumptions used for other post-retirement benefits accounting.
|  | December 31,
|  | 2025 |  | 2024 |  | 2023
Benefit Obligations |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 5.50 | % |  |  |  | 5.70 | % |  |  |  | 5.40 | %
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  | 5.70 | % |  |  |  | 5.40 | % |  |  |  | 5.60 | %
Expected long-term rate of return on plan assets |  | 2.50 | % | – | 8.50 | % |  | 2.75 | % | – | 8.50 | % |  | 4.00 | % | – | 8.25 | %
Assumed Health Care Cost Trend Rate
| December 31,
| 2025 |  | 2024
Health care cost trend rate assumed for next year – pre-65 trend | 8.00 | % |  | 7.00 | %
Health care cost trend rate assumed for next year – post-65 trend | 8.00 | % |  | — | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.00 | % |  | 4.75 | %
Year that rate reaches ultimate trend | 2038 |  | 2034-2035
Expected Benefit Payments
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Years ending December 31, |  |  |  |  |  |  |  |
2026 | $ | 54 |  | $ | 13 |  | $ | 18 |  | $ | 11 |  | $ | 7 |  | $ | 3 |  | $ | 4 |  | $ | 2 |
2027 | 44 |  | 10 |  | 16 |  | 10 |  | 7 |  | 3 |  | 3 |  | 2 |
2028 | 38 |  | 8 |  | 15 |  | 9 |  | 6 |  | 2 |  | 2 |  | 2 |
2029 | 34 |  | 7 |  | 14 |  | 8 |  | 6 |  | 2 |  | 2 |  | 2 |
2030 | 31 |  | 6 |  | 14 |  | 8 |  | 5 |  | 2 |  | 2 |  | 2 |
2031-2035 | 121 |  | 20 |  | 58 |  | 35 |  | 23 |  | 6 |  | 7 |  | 6 |
PLAN ASSETS Description and Allocations Duke Energy Corporation Master Retirement Trust Assets for both the qualified pension and other post-retirement benefits are maintained in the Duke Energy Corporation Master Retirement Trust. Approximately 98% of the Duke Energy Corporation Master Retirement Trust assets were allocated to qualified pension plans and approximately 2% were allocated to other post-retirement plans (comprised of 401(h) accounts), as of December 31, 2025, and 2024. The investment objective of the Duke Energy Corporation Master Retirement Trust is to invest in a diverse portfolio of assets that is expected to generate positive surplus return over time (i.e., asset growth greater than liability growth) subject to a prudent level of portfolio risk, for the purpose of enhancing the security of benefits for plan participants. As of December 31, 2025, Duke Energy assumes qualified pension and other post-retirement plan assets will generate a long-term rate of return of 8.50% for the RCBP pension and RCBP 401(h) account assets and 7.00% for the DELPP pension and DELPP 401(h) account assets. The expected long-term rate of return was developed using a weighted average calculation of expected returns based primarily on future expected returns across asset classes considering the use of active asset managers, where applicable. The asset allocation targets were set after considering the investment objective and the risk profile. Equity securities are held for their higher expected returns. Debt securities are primarily held to hedge the qualified pension plan. Return seeking debt securities, hedge funds and other global securities are held for diversification. Investments within asset classes are diversified to achieve broad market participation and reduce the impact of individual managers or investments. Effective January 1, 2026, the target asset allocation for the RCBP assets is 45% liability hedging and 55% return-seeking assets and the target asset allocation for the DELPP assets is 65% liability hedging assets and 35% return-seeking assets. Duke Energy periodically reviews its asset allocation targets, and over time, as the funded status of the benefit plans change, the target asset allocations of the plans may be changed as well. Qualified pension and other post-retirement benefits for the Subsidiary Registrants are derived from the Duke Energy Corporation Master Retirement Trust, as such, each are allocated their proportionate share of the assets discussed below. The following table includes the target asset allocations by asset class at December 31, 2025, and the actual asset allocations for the RCBP assets.
|  |  | Actual Allocation at
| Target |  | December 31,
| Allocation |  | 2025 |  | 2024
Global equity securities | 36 | % |  | 37 | % |  | 44 | %
Global private equity securities | 1 | % |  | 1 | % |  | 1 | %
Debt securities | 45 | % |  | 45 | % |  | 33 | %
Return seeking debt securities | 6 | % |  | 5 | % |  | 7 | %
Hedge funds | 5 | % |  | 5 | % |  | 5 | %
Real assets and cash | 7 | % |  | 7 | % |  | 10 | %
Total | 100 | % |  | 100 | % |  | 100 | %
The following table includes the target asset allocations by asset class at December 31, 2025, and the actual asset allocations for the DELPP assets.
|  |  | Actual Allocation at
| Target |  | December 31,
| Allocation |  | 2025 |  | 2024
Global equity securities | 22 | % |  | 23 | % |  | 15 | %
Debt securities | 65 | % |  | 64 | % |  | 79 | %
Return seeking debt securities | 4 | % |  | 3 | % |  | 2 | %
Hedge funds | 5 | % |  | 5 | % |  | — | %
Real assets and cash | 4 | % |  | 5 | % |  | 4 | %
Total | 100 | % |  | 100 | % |  | 100 | %
Other post-retirement assets Duke Energy's other post-retirement assets are comprised of Voluntary Employees' Beneficiary Association (VEBA) trusts and 401(h) accounts held within the Duke Energy Corporation Master Retirement Trust. Duke Energy's investment objective is to achieve sufficient returns, subject to a prudent level of portfolio risk, for the purpose of promoting the security of plan benefits for participants. The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2025.
|  |  | Actual Allocation at
| Target |  | December 31,
| Allocation |  | 2025 |  | 2024
U.S. equity securities | 29 | % |  | 32 | % |  | 34 | %
Non-U.S. equity securities | 14 | % |  | 17 | % |  | 15 | %
Real estate | 4 | % |  | 7 | % |  | 7 | %
Debt securities | 48 | % |  | 28 | % |  | 31 | %
Cash | 5 | % |  | 16 | % |  | 13 | %
Total | 100 | % |  | 100 | % |  | 100 | %
Fair Value Measurements Duke Energy classifies recurring and nonrecurring fair value measurements based on the fair value hierarchy as discussed in Note 17. Valuation methods of the primary fair value measurements disclosed below are as follows: Investments in equity securities Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the reporting period. Principal active markets for equity prices include published exchanges such as NASDAQ and NYSE. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. Prices have not been adjusted to reflect after-hours market activity. The majority of investments in equity securities are valued using Level 1 measurements. When the price of an institutional commingled fund is unpublished, it is not categorized in the fair value hierarchy, even though the funds are readily available at the fair value. Investments in corporate debt securities and U.S. government securities Most debt investments are valued based on a calculation using interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. Most debt valuations are Level 2 measurements. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3. U.S. Treasury debt is typically Level 2. Investments in short-term investment funds Investments in short-term investment funds are valued at the net asset value of units held at year end and are readily redeemable at the measurement date. Investments in short-term investment funds with published prices are valued as Level 1. Investments in short-term investment funds with unpublished prices are valued as Level 2. Duke Energy Corporation Master Retirement Trust The following tables provide the fair value measurement amounts for the Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets.
| December 31, 2025
| Total Fair |  |  |  |  |  |  |  | Not
(in millions) | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Categorized(b)
Equity securities | $ | 2,630 |  |  | $ | 2,428 |  |  | $ | 202 |  |  | $ | — |  |  | $ | — |
Corporate debt securities | 2,163 |  |  | — |  |  | 2,163 |  |  | — |  |  | — |
Short-term investment funds | 355 |  |  | — |  |  | 355 |  |  | — |  |  | — |
Partnership interests | 80 |  |  | — |  |  | — |  |  | 80 |  |  | — |
Hedge funds | 301 |  |  | — |  |  | — |  |  | — |  |  | 301 |
U.S. government securities | 1,609 |  |  | — |  |  | 1,609 |  |  | — |  |  | — |
Governments bonds – foreign | 133 |  |  | — |  |  | 133 |  |  | — |  |  | — |
Cash | 30 |  |  | 30 |  |  | — |  |  | — |  |  | — |
Government and commercial mortgage-backed securities | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net pending transactions and other investments | (6) |  |  | (7) |  |  | 1 |  |  | — |  |  | — |
Total assets(a) | $ | 7,296 |  |  | $ | 2,451 |  |  | $ | 4,464 |  |  | $ | 80 |  |  | $ | 301 |
(a) Progress Energy, Duke Energy Carolinas, Duke Energy Florida, Duke Energy Progress, Duke Energy Indiana, Duke Energy Ohio and Piedmont were allocated approximately 34%, 26%, 19%, 15%, 7%, 4% and 4% respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2025. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages. (b) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy.
| December 31, 2024
| Total Fair |  |  |  |  |  |  |  | Not
(in millions) | Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Categorized(b)
Equity securities | $ | 2,461 |  |  | $ | 2,216 |  |  | $ | 231 |  |  | $ | — |  |  | $ | 14 |
Corporate debt securities | 2,415 |  |  | — |  |  | 2,415 |  |  | — |  |  | — |
Short-term investment funds | 310 |  |  | — |  |  | 310 |  |  | — |  |  | — |
Partnership interests | 68 |  |  | — |  |  | — |  |  | 68 |  |  | — |
Hedge funds | 164 |  |  | — |  |  | — |  |  | — |  |  | 164 |
U.S. government securities | 1,398 |  |  | — |  |  | 1,398 |  |  | — |  |  | — |
Governments bonds – foreign | 128 |  |  | — |  |  | 128 |  |  | — |  |  | — |
Cash | 15 |  |  | 15 |  |  | — |  |  | — |  |  | — |
Government and commercial mortgage-backed securities | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net pending transactions and other investments | 9 |  |  | 11 |  |  | (2) |  |  | — |  |  | — |
Total assets(a) | $ | 6,969 |  |  | $ | 2,242 |  |  | $ | 4,481 |  |  | $ | 68 |  |  | $ | 178 |
(a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 27%, 33%, 15%, 18%, 5%, 7% and 3%, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2024. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages. (b) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy. The following table provides a reconciliation of beginning and ending balances of Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3).
(in millions) | 2025 |  | 2024
Balance at January 1 | $ | 68 |  |  | $ | 76 |
Sales | (14) |  |  | (10) |
Total gains and other, net | 26 |  |  | 2 |
Balance at December 31 | $ | 80 |  |  | $ | 68 |
Other post-retirement assets The following tables provide the fair value measurement amounts for VEBA trust assets.
| December 31, 2025
| Total Fair |  |  |  |  |  |
(in millions) | Value |  |  |  | Level 2 |  |
Cash and cash equivalents | $ | 4 |  |  |  |  | $ | 4 |  |  |
Real estate | 1 |  |  |  |  | 1 |  |  |
Equity securities | 12 |  |  |  |  | 12 |  |  |
Debt securities | 7 |  |  |  |  | 7 |  |  |
Total assets | $ | 24 |  |  |  |  | $ | 24 |  |  |
| December 31, 2024
| Total Fair |  |  |  |  |  |
(in millions) | Value |  |  |  | Level 2 |  |
Cash and cash equivalents | $ | 3 |  |  |  |  | $ | 3 |  |  |
Real estate | 1 |  |  |  |  | 1 |  |  |
Equity securities | 10 |  |  |  |  | 10 |  |  |
Debt securities | 6 |  |  |  |  | 6 |  |  |
Total assets | $ | 20 |  |  |  |  | $ | 20 |  |  |
EMPLOYEE SAVINGS PLANS Retirement Savings Plan Duke Energy Corporation sponsors, and the Subsidiary Registrants participate in, an employee savings plan that covers substantially all U.S. employees. Most employees participate in a matching contribution formula where Duke Energy provides a matching contribution generally equal to 100% of employee before-tax and Roth 401(k) contributions of up to 6% of eligible pay per pay period. Dividends on Duke Energy shares held by the savings plans are charged to retained earnings when declared and shares held in the plans are considered outstanding in the calculation of basic and diluted EPS. For new and rehired employees who are not eligible to participate in Duke Energy’s defined benefit plans, an additional employer contribution of 4% of eligible pay per pay period, which is subject to a three-year vesting schedule, is provided to the employee’s savings plan account. The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants.
|  |  | Duke |  |  |  | Duke |  | Duke |  | Duke |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  | Energy |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  | Ohio |  | Indiana |  | Piedmont
Years ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 | $ | 272 |  |  | $ | 90 |  |  | $ | 77 |  |  | $ | 47 |  |  | $ | 30 |  |  | $ | 7 |  |  | $ | 17 |  |  | $ | 15 |
2024 | 257 |  |  | 81 |  |  | 72 |  |  | 43 |  |  | 29 |  |  | 6 |  |  | 13 |  |  | 14 |
2023 | 238 |  |  | 75 |  |  | 62 |  |  | 40 |  |  | 22 |  |  | 6 |  |  | 13 |  |  | 13 |

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