v3.25.2
Investments in Debt and Equity Securities
 6 Months Ended
Jun. 30, 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 June 30, 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.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $145 $— $— $139 
Equity securities6,210 36 8,637 5,753 61 8,233 
Corporate debt securities14 24 822 6 33 673 
Municipal bonds1 20 355 2 14 342 
U.S. government bonds17 51 1,897 3 84 1,806 
Other debt securities2 6 253 1 8 239 
Total NDTF Investments$6,244 $137 $12,109 $5,765 $200 $11,432 
Other Investments
Cash and cash equivalents$— $— $138 $— $— $47 
Equity securities45 — 125 39 4 160 
Corporate debt securities— 3 77 — 5 79 
Municipal bonds— 2 67 — 1 83 
U.S. government bonds— 5 51 — 5 59 
Other debt securities— 3 43 — 4 45 
Total Other Investments$45 $13 $501 $39 $19 $473 
Total Investments$6,289 $150 $12,610 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains $41 $127 $167 $195 
 Realized losses40 27 81 45 
AFS:
 Realized gains10 2 20 12 
 Realized losses17 22 37 36 
DUKE ENERGY CAROLINAS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $60 $— $— $62 
Equity securities3,638 18 4,983 3,386 33 4,751 
Corporate debt securities6 21 501 2 27 401 
Municipal bonds— 6 38 — 4 36 
U.S. government bonds9 33 1,056 — 50 991 
Other debt securities2 6 241 1 8 223 
Total NDTF Investments$3,655 $84 $6,879 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains$22 $72 $104 $125 
 Realized losses 19 15 41 21 
AFS:
 Realized gains8 1 15 5 
 Realized losses9 11 23 17 
PROGRESS ENERGY
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $85 $— $— $77 
Equity securities2,572 18 3,654 2,367 28 3,482 
Corporate debt securities8 3 321 4 6 272 
Municipal bonds1 14 317 2 10 306 
U.S. government bonds8 18 841 3 34 815 
Other debt securities— — 12 — — 16 
Total NDTF Investments$2,589 $53 $5,230 $2,376 $78 $4,968 
Other Investments
Cash and cash equivalents$— $— $16 $— $— $23 
Municipal bonds— 1 23 — — 24 
Total Other Investments$— $1 $39 $— $— $47 
Total Investments$2,589 $54 $5,269 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains$19 $55 $63 $70 
 Realized losses21 12 40 24 
AFS:
 Realized gains2 1 5 7 
 Realized losses8 11 14 19 
DUKE ENERGY PROGRESS
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $67 $— $— $54 
Equity securities2,457 18 3,531 2,256 28 3,362 
Corporate debt securities7 3 302 4 6 256 
Municipal bonds1 14 317 2 10 306 
U.S. government bonds8 13 694 3 26 645 
Other debt securities— — 11 — — 14 
Total NDTF Investments$2,473 $48 $4,922 $2,265 $70 $4,637 
Other Investments
Cash and cash equivalents$— $— $11 $— $— $16 
Total Other Investments$— $— $11 $— $— $16 
Total Investments$2,473 $48 $4,933 $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 and six months ended June 30, 2025, and 2024, were as follows.
Three Months EndedSix Months Ended
(in millions)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
FV-NI:
 Realized gains$17 $55 $61 $70 
 Realized losses21 12 40 24 
AFS:
 Realized gains2 1 5 7 
 Realized losses7 10 13 18 
DUKE ENERGY FLORIDA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedUnrealizedEstimated
HoldingHoldingFairHoldingHoldingFair
(in millions)GainsLossesValueGainsLossesValue
NDTF
Cash and cash equivalents$— $— $18 $— $— $23 
Equity securities115 — 123 111 — 120 
Corporate debt securities1 — 19 — — 16 
U.S. government bonds— 5 147 — 8 170 
Other debt securities— — 1 — — 2 
Total NDTF Investments(a)
$116 $5 $308 $111 $8 $331 
Other Investments
Cash and cash equivalents$— $— $2 $— $— $3 
Municipal bonds— 1 23 — — 24 
Total Other Investments$— $1 $25 $— $— $27 
Total Investments$116 $6 $333 $111 $8 $358 
(a)During the six months ended June 30, 2025, and the year ended December 31, 2024, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3.
Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the three and six months ended June 30, 2025, and 2024, were immaterial.
DUKE ENERGY INDIANA
The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS.
June 30, 2025December 31, 2024
GrossGrossGross
UnrealizedUnrealizedEstimatedUnrealizedEstimated
HoldingHoldingFairHoldingFair
(in millions)GainsLossesValueLossesValue
Investments
Cash and cash equivalents$— $— $2 $— $1 
Equity securities1 — 47 4 89 
Corporate debt securities— — 1 — 6 
Municipal bonds— 1 25 1 43 
U.S. government bonds— — — — 7 
Total Investments$1 $1 $75 $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 and six months ended June 30, 2025, and 2024, were immaterial.
DEBT SECURITY MATURITIES
The table below summarizes the maturity date for debt securities.
June 30, 2025
DukeDukeDukeDuke
DukeEnergyProgressEnergyEnergyEnergy
(in millions)EnergyCarolinasEnergyProgressFloridaIndiana
Due in one year or less$87 $5 $79 $17 $62 $1 
Due after one through five years896 397 438 375 63 8 
Due after five through 10 years695 360 285 268 17 6 
Due after 10 years1,887 1,074 712 664 48 11 
Total$3,565 $1,836 $1,514 $1,324 $190 $26