XML 156 R102.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Pension Plan Contributions The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans.
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions) EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Contributions Made:
2025$100 $27 $23 $14 $10 $6 $8 $3 
2024100 26 23 14 
2023100 26 22 13 
Fair Value and Allocation of Plan Assets
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
TargetDecember 31,
Allocation20252024
Global equity securities36 %37 %44 %
Global private equity securities%1 %%
Debt securities45 %45 %33 %
Return seeking debt securities%5 %%
Hedge funds%5 %%
Real assets and cash
%7 %10 %
Total100 %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
TargetDecember 31,
Allocation20252024
Global equity securities22 %23 %15 %
Debt securities65 %64 %79 %
Return seeking debt securities%3 %%
Hedge funds%5 %— %
Real assets and cash
%5 %%
Total100 %100 %100 %
The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2025.
Actual Allocation at
TargetDecember 31,
Allocation20252024
U.S. equity securities29 %32 %34 %
Non-U.S. equity securities14 %17 %15 %
Real estate%7 %%
Debt securities48 %28 %31 %
Cash%16 %13 %
Total100 %100 %100 %
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 FairNot
(in millions)ValueLevel 1Level 2Level 3
Categorized(b)
Equity securities$2,630 $2,428 $202 $ $ 
Corporate debt securities2,163  2,163   
Short-term investment funds355  355   
Partnership interests80   80  
Hedge funds301    301 
U.S. government securities1,609  1,609   
Governments bonds – foreign133  133   
Cash30 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 FairNot
(in millions)ValueLevel 1Level 2Level 3
Categorized(b)
Equity securities$2,461 $2,216 $231 $— $14 
Corporate debt securities2,415 — 2,415 — — 
Short-term investment funds310 — 310 — — 
Partnership interests68 — — 68 — 
Hedge funds164 — — — 164 
U.S. government securities1,398 — 1,398 — — 
Governments bonds – foreign128 — 128 — — 
Cash15 15 — — — 
Government and commercial mortgage-backed securities
— — — 
Net pending transactions and other investments11 (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 tables provide the fair value measurement amounts for VEBA trust assets.
December 31, 2025
Total Fair
(in millions)ValueLevel 2
Cash and cash equivalents$4 $4 
Real estate1 1 
Equity securities12 12 
Debt securities7 7 
Total assets$24 $24 
December 31, 2024
Total Fair
(in millions)ValueLevel 2
Cash and cash equivalents$$
Real estate
Equity securities10 10 
Debt securities
Total assets$20 $20 
Master Trust Level 3 Rollforward
The following table provides a reconciliation of beginning and ending balances of Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3).
(in millions)20252024
Balance at January 1$68 $76 
Sales(14)(10)
Total gains and other, net26 
Balance at December 31$80 $68 
Employee Savings Plan Matching Contributions
The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants.
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Years ended December 31,
2025$272 $90 $77 $47 $30 $7 $17 $15 
2024257 81 72 43 29 13 14 
2023238 75 62 40 22 13 13 
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Pension Costs
Components of Net Periodic Pension Costs
Year Ended December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$107 $36 $30 $18 $12 $3 $6 $4 
Interest cost on projected benefit obligation329 79 103 46 57 17 26 10 
Expected return on plan assets(597)(153)(220)(98)(120)(24)(40)(20)
Amortization of actuarial loss61 15 19 10 9 2 5 4 
Amortization of prior service credit(13)(1)    (2)(7)
Amortization of settlement charges
25 12 7 5 2  2 4 
Net periodic pension costs(a)(b)
$(88)$(12)$(61)$(19)$(40)$(2)$(3)$(5)
Year Ended December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$114 $37 $32 $19 $13 $$$
Interest cost on projected benefit obligation325 78 103 47 56 17 26 
Expected return on plan assets(613)(161)(217)(99)(116)(25)(42)(20)
Amortization of actuarial loss36 10 
Amortization of prior service credit(13)(1)— — — — (2)(7)
Amortization of settlement charges(c)
32 12 10 
Net periodic pension costs(a)(b)
$(119)$(27)$(62)$(18)$(40)$(2)$(6)$(6)
Year Ended December 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$117 $38 $33 $19 $13 $$$
Interest cost on projected benefit obligation344 84 107 49 57 18 27 
Expected return on plan assets(588)(160)(198)(93)(104)(24)(40)(20)
Amortization of actuarial loss10 — — 
Amortization of prior service credit(14)(1)— — — — (2)(7)
Amortization of settlement charges
19 — 
Net periodic pension costs(a)(b)
$(112)$(28)$(49)$(20)$(31)$(3)$(6)$(10)
(a)    Duke Energy amounts exclude $2 million, $2 million and $3 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.
(b)    Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.
(c)    Includes settlement charges not deferred as a regulatory asset.
Amounts Recognized in AOCI and Regulatory Assets and Liabilities
Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets
Year Ended December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Regulatory assets, net decrease
$(202)$(46)$(84)$(40)$(43)$(8)$(6)$(9)
Accumulated other comprehensive loss (income)
Deferred income tax benefit
$3 $ $ $ $ $ $ $ 
Amortization of prior year actuarial (losses) gains
(17) (1)     
Net amount recognized in accumulated other comprehensive income
$(14)$ $(1)$ $ $ $ $ 
Year Ended December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Regulatory assets, net increase
$147 $39 $33 $$31 $11 $$16 
Accumulated other comprehensive loss (income)
Deferred income tax benefit
$$— $— $— $— $— $— $— 
Amortization of prior year service credit— — — — — — — 
Amortization of prior year actuarial losses(12)— — — — (2)— 
Net amount recognized in accumulated other comprehensive income
$(8)$— $$— $— $— $(2)$— 
Reconciliation of Funded Status to Net Amount Recognized
Reconciliation of Funded Status to Net Amount Recognized
Year Ended December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date $5,980 $1,444 $1,875 $838 $1,027 $309 $471 $181 
Service cost100 34 28 17 11 2 5 3 
Interest cost329 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 contributions100 27 23 14 10 6 8 3 
Actual return on plan assets847 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
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Change in Projected Benefit Obligation
Obligation at prior measurement date $6,299 $1,514 $1,990 $911 $1,069 $325 $496 $175 
Service cost107 36 30 18 12 
Interest cost325 78 103 47 56 17 26 
Actuarial (gain)/loss
(106)(13)(50)(27)(22)(3)(16)
Benefits paid(645)(177)(198)(111)(88)(33)(41)(12)
Transfers— — — — — — — 
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 contributions100 26 23 14 
Actual return on plan assets270 73 98 46 53 11 17 10 
Benefits paid(645)(177)(198)(111)(88)(33)(41)(12)
Transfers— — — — — — — 
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 Sheet
Amounts Recognized in the Consolidated Balance Sheets
December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Prefunded pension(a)
$1,339 $433 $678 $312 $358 $89 $120 $53 
Noncurrent pension liability(b)
$— $— $$$— $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 loss98 — — — — — — 
Net amounts recognized in accumulated other comprehensive income
$77 $— $$— $— $— $— $— 
December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Prefunded pension(a)
$907 $337 $501 $231 $263 $74 $101 $33 
Noncurrent pension liability(b)
$— $— $— $— $— $74 $74 $— 
Net asset recognized
$907 $337 $501 $231 $263 $— $27 $33 
Regulatory assets$2,168 $570 $711 $354 $356 $100 $182 $113 
Accumulated other comprehensive (income) loss
Deferred income tax benefit$(24)$— $(1)$— $— $— $— $— 
Net actuarial loss115 — — — — — — 
Net amounts recognized in accumulated other comprehensive income
$91 $— $$— $— $— $— $— 
(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
Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets
December 31, 2025
DukeDuke
EnergyEnergy
(in millions)OhioIndiana
Projected benefit obligation$112 $216 
Accumulated benefit obligation107 211 
Fair value of plan assets39 145 
December 31, 2024
DukeDuke
EnergyEnergy
(in millions)OhioIndiana
Projected benefit obligation$106 $203 
Accumulated benefit obligation101 197 
Fair value of plan assets32 128 
Assumptions Used for Pension Benefits Accounting
The following tables present the assumptions or range of assumptions used for pension benefit accounting.
December 31,
202520242023
Benefit Obligations
Discount rate5.50 %5.70 %5.40 %
Interest crediting rate4.84 %4.78 %4.15 %
Salary increase 3.50 %4.00 %3.50 %4.00 %3.50 %4.00 %
Net Periodic Benefit Cost
Discount rate5.70 %5.00 %5.40 %5.60 %
Interest crediting rate4.78 %4.15 %4.35 %
Salary increase3.50 %4.00 %3.50 %4.00 %3.50 %4.00 %
Expected long-term rate of return on plan assets8.50 %7.00 %8.50 %7.00 %6.50 %8.25 %
Expected Benefit Payments
Expected Benefit Payments
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Years ending December 31,
2026$596 $157 $176 $89 $86 $30 $44 $19 
2027578 150 173 86 87 29 43 18 
2028565 145 169 81 87 29 43 17 
2029540 135 165 77 87 28 43 16 
2030514 126 159 73 86 28 42 16 
2031-2035
2,319 540 740 324 412 124 198 71 
Other Post-Retirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Components of Net Periodic Pension Costs
Components of Net Periodic Other Post-Retirement Benefit Costs
Year Ended December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$2 $ $ $ $ $ $ $ 
Interest cost on accumulated post-retirement benefit obligation18 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
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$$— $— $— $— $— $— $— 
Interest cost on accumulated post-retirement benefit obligation17 
Expected return on plan assets(11)(8)— — — — — (2)
Amortization of actuarial (gain) loss
(6)(2)(2)(4)— 
Amortization of prior service credit(21)(4)(11)(6)(5)— (5)— 
Net periodic post-retirement benefit costs(a)(b)
$(19)$(11)$$$— $(1)$(8)$(1)
Year Ended December 31, 2023
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Service cost$$$— $— $— $— $— $— 
Interest cost on accumulated post-retirement benefit obligation22 
Expected return on plan assets(11)(7)— — — — — (2)
Amortization of actuarial (gain) loss
(6)(3)(2)(3)— 
Amortization of prior service credit(23)(5)(11)(6)(5)— (5)— 
Net periodic post-retirement benefit costs(a)(b)
$(16)$(9)$$$$(1)$(7)$(1)
(a)    Duke Energy amounts exclude $3 million, $4 million and $4 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.
(b)    Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2025, 2024 and 2023, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.
(c)    Duke Energy and Duke Energy Indiana amounts exclude $5 million for the year ended December 2025 of net periodic post-retirement benefit costs associated with a regulatory adjustment.
Amounts Recognized in AOCI and Regulatory Assets and Liabilities
Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities
Year Ended December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Regulatory assets, net (decrease) increase
$(11)$(17)$7 $2 $5 $ $(3)$(1)
Regulatory liabilities, net (decrease) increase
$(30)$(17)$(1)$(1)$ $(1)$(9)$1 
Accumulated other comprehensive (income) loss
Amortization of prior year actuarial gain(1)       
Net amount recognized in accumulated other comprehensive income
$(1)$ $ $ $ $ $ $ 
Year Ended December 31, 2024
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Regulatory assets, net (decrease) increase
$(42)$(62)$23 $17 $$(1)$(3)$— 
Regulatory liabilities, net (decrease) increase
$(76)$(71)$12 $12 $— $(3)$(12)$— 
Accumulated other comprehensive (income) loss
Amortization of prior year actuarial gain$$— $— $— $— $— $— $— 
Net amount recognized in accumulated other comprehensive income
$$— $— $— $— $— $— $— 
Reconciliation of Funded Status to Net Amount Recognized
Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs
Year Ended December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Change in Benefit Obligation
Post-retirement benefit obligation at prior measurement date
$334 $63 $146 $87 $60 $18 $20 $15 
Service cost2        
Interest cost18 3 8 5 3 1 1 1 
Plan participants' contributions1        
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 assets18 10    1  4 
Benefits paid(35)(8)(14)(8)(6)(2)(3)(2)
Employer contributions26 3 13 8 6 2 3 1 
Plan participants' contributions1        
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
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Change in Benefit Obligation
Post-retirement benefit obligation at prior measurement date
$347 $69 $146 $84 $60 $19 $24 $15 
Service cost— — — — — — — 
Interest cost17 
Plan participants' contributions— — — — — 
Actuarial losses (gains)
(2)— (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)$$$27 
Actual return on plan assets— — — — — 
Benefits paid(37)(8)(15)(6)(6)(2)(3)(1)
Tax Refund
— — — — — — 
Employer contributions27 14 — — 
Plan participants' contributions— — — — — 
Plan assets at measurement date$161 $107 $(1)$— $— $$— $29 
Funded status of plan$(173)$44 $(147)$(87)$(60)$(11)$(20)$14 
Amounts Recognized in the Consolidated Balance Sheet
Amounts Recognized in the Consolidated Balance Sheets
December 31, 2025
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
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
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Prefunded post-retirement benefit(a)
$— $44 $— $— $— $$— $14 
Current post-retirement liability(b)
— — — 
Noncurrent post-retirement liability(c)
165 — 142 84 58 11 20 — 
Net liability (asset) recognized$173 $(44)$147 $87 $60 $11 $20 $(14)
Regulatory assets$81 $17 $62 $46 $16 $$20 $
Regulatory liabilities$154 $35 $12 $12 $— $14 $62 $— 
Accumulated other comprehensive (income) loss
Deferred income tax expense$$— $— $— $— $— $— $— 
Net actuarial gain(12)— (1)— — — — — 
Net amounts recognized in accumulated other comprehensive income
$(9)$— $(1)$— $— $— $— $— 
(a)    Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. 
(b)    Included in Other within Current Liabilities on the Consolidated Balance Sheets.
(c)    Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets.
Assumptions Used for Pension Benefits Accounting
The following tables present the assumptions used for other post-retirement benefits accounting.
December 31,
202520242023
Benefit Obligations
Discount rate5.50 %5.70 %5.40 %
Net Periodic Benefit Cost
Discount rate5.70 %5.40 %5.60 %
Expected long-term rate of return on plan assets2.50 %8.50 %2.75 %8.50 %4.00 %8.25 %
Expected Benefit Payments
Expected Benefit Payments
DukeDukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaOhioIndianaPiedmont
Years ending December 31,
2026$54 $13 $18 $11 $$$$
202744 10 16 10 
202838 15 
202934 14 
203031 14 
2031-2035
121 20 58 35 23 
Assumed Health Care Cost Trend Rate
Assumed Health Care Cost Trend Rate
December 31,
20252024
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