Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

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 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. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan assets on December 31, 2023, were primarily 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, 2023, were primarily attributable to the decrease in the discount rate used to measure plan obligations.

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. No settlement charges were recorded in 2023. Duke Energy recognized settlement charges of $117 million, of which $95 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Consolidated Balance Sheets and $22 million was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of, and for the year ended, December 31, 2022.

Settlement charges recognized by the Subsidiary Registrants as of December 31, 2024, which represents 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 service 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.

Settlement charges recognized by the Subsidiary Registrants as of December 31, 2022, 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 $35 million for Duke Energy Carolinas, $23 million for Progress Energy, $16 million for Duke Energy Progress, $7 million for Duke Energy Florida, $8 million for Duke Energy Indiana and $29 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2022, recorded to Other income and expenses, net, within the 2022 Consolidated Statements of Operations were $3 million for Duke Energy Carolinas, $5 million for Progress Energy, $5 million for Duke Energy Progress, $1 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $6 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.

Effective December 31, 2022, Duke Energy Florida changed its method for calculating the market related value of plan assets (MRVA) from the fair value method to a method that recognizes changes in fair value of its plan assets over a five-year period. This represents a change in regulatory treatment that will serve to mitigate the impact of market volatility on retail customer rates, resulting in the timing of net periodic pension cost recognition that is more consistent with treatment of the related cost in the ratemaking process. The three-year retrospective impact of this method change of $24 million was recognized by Duke Energy, Progress Energy and Duke Energy Florida, respectively, and was recorded to Other income and expenses, net, within the Consolidated Statement of Operations as of December 31, 2022, and has been 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 Operations, 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:
2024	$	100	$	26	$	23	$	14	$	9	$	5	$	8	$	3
2023	100		26		22		13		9		5		8		3
2022	58		15		13		8		5		3		5		2

QUALIFIED PENSION PLANS

Components of Net Periodic Pension Costs

	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)

	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	152	$	48	$	43	$	25	$	17	$	4	$	9	$	5
Interest cost on projected benefit obligation	249		59		77		35		41		13		20		8
Expected return on plan assets	(558)		(152)		(183)		(88)		(94)		(23)		(37)		(24)
Amortization of actuarial loss	81		16		23		12		12		4		9		5
Amortization of prior service credit	(18)		(3)		—		—		—		—		(2)		(7)
Amortization of settlement charges(c)	32		9		8		7		1		5		1		7
MRVA method change	24		—		24		—		24		—		—		—
Net periodic pension costs(a)(b)	$	(38)	$	(23)	$	(8)	$	(9)	$	1	$	3	$	—	$	(6)

(a)    Duke Energy amounts exclude $2 million, $3 million and $3 million for the years ended December 2024, 2023 and 2022, 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 2024, 2023 and 2022, 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, 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)	$	—

	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
Regulatory assets, net increase (decrease)	$	5	$	(14)	$	8	$	—	$	9	$	(3)	$	(2)	$	13
Accumulated other comprehensive loss (income)
Amortization of prior year actuarial losses	(2)		—		—		—		—		—		—		—
Net amount recognized in accumulated other comprehensive income	$	(2)	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Net Amount Recognized

	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

	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
Change in Projected Benefit Obligation
Obligation at prior measurement date	$	6,358	$	1,554	$	1,975	$	909	$	1,055	$	333	$	499	$	170
Service cost	110		36		30		18		12		3		6		3
Interest cost	344		84		107		49		57		18		27		9
Actuarial loss	94		11		47		18		29		2		4		9
Benefits paid	(607)		(177)		(159)		(80)		(78)		(31)		(40)		(16)
Transfers	—		6		(10)		(3)		(6)		—		—		—
Obligation at measurement date	$	6,299	$	1,514	$	1,990	$	911	$	1,069	$	325	$	496	$	175
Accumulated Benefit Obligation at measurement date	$	6,267	$	1,517	$	1,975	$	912	$	1,053	$	317	$	494	$	176
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	6,993	$	1,815	$	2,371	$	1,083	$	1,271	$	323	$	501	$	203
Employer contributions	100		26		22		13		9		5		8		3
Actual return on plan assets	676		183		229		107		120		29		45		23
Benefits paid	(607)		(177)		(159)		(80)		(78)		(31)		(40)		(16)
Transfers	—		6		(10)		(3)		(6)		—		—		—
Plan assets at measurement date	$	7,162	$	1,853	$	2,453	$	1,120	$	1,316	$	326	$	514	$	213
Funded status of plan	$	863	$	339	$	463	$	209	$	247	$	1	$	18	$	38

Amounts Recognized in the Consolidated Balance Sheets

	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 (liability) 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	$	—	$	—	$	—	$	—	$	—

	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
Prefunded pension(a)	$	863	$	339	$	463	$	209	$	247	$	74	$	105	$	38
Noncurrent pension liability(b)	$	—	$	—	$	—	$	—	$	—	$	73	$	87	$	—
Net asset (liability) recognized	$	863	$	339	$	463	$	209	$	247	$	1	$	18	$	38
Regulatory assets	$	2,021	$	531	$	678	$	353	$	325	$	89	$	176	$	97
Accumulated other comprehensive (income) loss
Deferred income tax benefit	$	(27)	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—
Prior service credit	(1)		—		—		—		—		—		—		—
Net actuarial loss	127		—		3		—		—		—		2		—
Net amounts recognized in accumulated other comprehensive loss	$	99	$	—	$	2	$	—	$	—	$	—	$	2	$	—

(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, 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

	December 31, 2023
		Duke		Duke
		Energy		Energy
(in millions)		Ohio		Indiana
Projected benefit obligation		$	105	$	208
Accumulated benefit obligation		100		203
Fair value of plan assets		31		121

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 12 years for Duke Energy and Duke Energy Florida, 14 years for Duke Energy Ohio, 13 years for Duke Energy Indiana, 11 years for Duke Energy Carolinas, Progress Energy and Duke Energy Progress and nine years for Piedmont.

The following tables present the assumptions or range of assumptions used for pension benefit accounting.

	December 31,
	2024					2023				2022
Benefit Obligations
Discount rate				5.70%					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%
Net Periodic Benefit Cost
Discount rate	5.00	%	–	5.40%					5.60%	2.90	%	–	5.70%
Interest crediting rate				4.15%					4.35%				4.00%
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	%	6.50		–	8.25%				6.50%

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,
2025	$	628	$	173	$	183	$	98	$	84	$	31	$	43	$	19
2026	606		161		179		91		87		30		42		18
2027	586		153		175		87		87		29		42		17
2028	572		149		173		85		87		29		41		17
2029	546		138		167		79		87		29		42		16
2030-2034	2,407		567		762		338		420		129		197		73

NON-QUALIFIED PENSION PLANS

The accumulated benefit obligation, which equals the projected benefit obligation for non-qualified pension plans, was $203 million for Duke Energy, $8 million for Duke Energy Carolinas, $72 million for Progress Energy, $22 million for Duke Energy Progress, $27 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, 2024.

Employer contributions, which equal benefits paid for non-qualified pension plans, were $30 million for Duke Energy, $2 million for Duke Energy Carolinas, $8 million for Progress Energy, $3 million for Duke Energy Progress and $3 million for Duke Energy Florida for the year ended December 31, 2024. Employer contributions were not material for Duke Energy Ohio, Duke Energy Indiana or Piedmont for the year ended December 31, 2024.

Net periodic pension costs for non-qualified pension plans were not material for the years ended December 31, 2024, 2023 or 2022.

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, 2024, 2023 or 2022.

Components of Net Periodic Other Post-Retirement Benefit Costs

	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)

	Year Ended December 31, 2022
			Duke				Duke		Duke		Duke		Duke
	Duke		Energy		Progress		Energy		Energy		Energy		Energy
(in millions)	Energy		Carolinas		Energy		Progress		Florida		Ohio		Indiana		Piedmont
Service cost	$	3	$	1	$	—	$	—	$	—	$	—	$	—	$	—
Interest cost on accumulated post-retirement benefit obligation	17		4		7		4		3		1		1		1
Expected return on plan assets	(10)		(6)		—		—		—		—		—		(2)
Amortization of actuarial loss	2		—		1		1		1		—		—		—
Amortization of prior service credit	(8)		(3)		(2)		(1)		(1)		—		—		(2)
Net periodic post-retirement benefit costs(a)(b)	$	4	$	(4)	$	6	$	4	$	3	$	1	$	1	$	(3)

(a)    Duke Energy amounts exclude $4 million, $4 million and $4 million for the years ended December 2024, 2023 and 2022, 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 2024, 2023 and 2022, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006.

Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities

	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	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	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
Regulatory assets, net increase (decrease)	$	73	$	79	$	(7)	$	(5)	$	—	$	(2)	$	(2)	$	1
Regulatory liabilities, net increase (decrease)	$	41	$	62	$	—	$	—	$	—	$	(4)	$	(8)	$	—
Accumulated other comprehensive (income) loss
Amortization of prior year service credit	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Amortization of prior year actuarial gain	$	—	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—
Net amount recognized in accumulated other comprehensive income	$	1	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—

Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs

	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
Accumulated 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)
Accumulated 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

	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
Change in Benefit Obligation
Accumulated post-retirement benefit obligation at prior measurement date	$	437	$	112	$	168	$	95	$	69	$	20	$	30	$	21
Service cost	2		1		—		—		—		—		—		—
Interest cost	22		5		9		5		4		1		1		1
Plan participants' contributions	4		1		1		1		1		—		—		—
Actuarial (gains) losses	(10)		(2)		(10)		(6)		(4)		1		(1)		1
Transfers	(50)		(34)		—		—		—		—		—		(6)
Benefits paid	(58)		(14)		(22)		(11)		(10)		(3)		(6)		(2)
Accumulated post-retirement benefit obligation at measurement date	$	347	$	69	$	146	$	84	$	60	$	19	$	24	$	15
Change in Fair Value of Plan Assets
Plan assets at prior measurement date	$	162	$	105	$	—	$	(2)	$	(2)	$	7	$	3	$	31
401(h) asset transfers	—		(8)		—		—		—		—		—		—
Actual return on plan assets	19		8		—		—		—		1		—		4
Benefits paid	(58)		(14)		(22)		(11)		(10)		(3)		(6)		(2)
Transfers	(13)		4		—		—		—		—		—		(7)
Employer contributions	42		6		20		11		10		2		6		1
Plan participants' contributions	4		1		1		1		1		—		—		—
Plan assets at measurement date	$	156	$	102	$	(1)	$	(1)	$	(1)	$	7	$	3	$	27
Funded status of plan	$	(191)	$	33	$	(147)	$	(85)	$	(61)	$	(12)	$	(21)	$	12

Amounts Recognized in the Consolidated Balance Sheets

	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)	$	—	$	—	$	—	$	—	$	—

	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
Prefunded post-retirement benefit(a)	$	—	$	61	$	—	$	—	$	—	$	1	$	—	$	12
Current post-retirement liability(b)	12		3		5		3		2		1		—		—
Noncurrent post-retirement liability(c)	179		25		142		82		59		12		21		—
Net liability (asset) recognized	$	191	$	(33)	$	147	$	85	$	61	$	12	$	21	$	(12)
Regulatory assets	$	123	$	79	$	39	$	29	$	11	$	2	$	23	$	1
Regulatory liabilities	$	230	$	106	$	—	$	—	$	—	$	17	$	74	$	—
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)	$	—	$	—	$	—	$	—	$	—

(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 Duke Energy Ohio, Duke Energy Indiana and Piedmont and five years for Progress Energy and Duke Energy Progress.

The following tables present the assumptions used for other post-retirement benefits accounting.

	December 31,
	2024					2023					2022
Benefit Obligations
Discount rate				5.70	%				5.40	%	5.60	%
Net Periodic Benefit Cost
Discount rate				5.40	%				5.60	%	2.90	%
Expected long-term rate of return on plan assets	6.50	%	–	8.25	%	6.50	%	–	8.25	%	6.50	%

Assumed Health Care Cost Trend Rate

	December 31,
	2024		2023
Health care cost trend rate assumed for next year – pre-65 trend	7.00	%	6.50	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	4.75	%	4.75	%
Year that rate reaches ultimate trend	2034-2035		2031-2032

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,
2025	$	52	$	13	$	18	$	11	$	8	$	3	$	4	$	2
2026	45		11		16		10		7		3		3		2
2027	41		9		16		9		7		2		3		2
2028	38		8		15		9		6		2		3		2
2029	35		7		14		8		6		2		2		2
2030-2034	124		21		59		35		24		6		8		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, 2024, and 2023. 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, 2024, 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, 2025, the target asset allocation for the RCBP assets is 35% liability hedging and 65% return-seeking assets and the target asset allocation for the DELPP assets is 80% liability hedging assets and 20% return-seeking assets. Duke Energy periodically reviews its asset allocation targets, and over time, as the funded status of the benefit plans increase, the level of asset risk relative to plan liabilities may be reduced to better manage Duke Energy's benefit plan liabilities and reduce funded status volatility.

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, 2024, and the actual asset allocations for the RCBP assets.

			Actual Allocation at
	Target		December 31,
	Allocation		2024		2023
Global equity securities	45	%	44	%	45	%
Global private equity securities	2	%	1	%	2	%
Debt securities	35	%	33	%	35	%
Return seeking debt securities	7	%	7	%	6	%
Hedge funds	4	%	5	%	4	%
Real estate and cash	7	%	10	%	8	%
Total	100	%	100	%	100	%

The following table includes the target asset allocations by asset class at December 31, 2024, and the actual asset allocations for the DELPP assets.

			Actual Allocation at
	Target		December 31,
	Allocation		2024		2023
Global equity securities	14	%	15	%	14	%
Global private equity securities	1	%	—	%	—	%
Debt securities	80	%	79	%	79	%
Return seeking debt securities	2	%	2	%	2	%
Hedge funds	1	%	—	%	2	%
Real estate and cash	2	%	4	%	3	%
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, 2024.

			Actual Allocation at
	Target		December 31,
	Allocation		2024		2023
U.S. equity securities	29	%	34	%	30	%
Non-U.S. equity securities	15	%	15	%	15	%
Real estate	5	%	7	%	7	%
Debt securities	47	%	31	%	30	%
Cash	4	%	13	%	18	%
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, 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.

	December 31, 2023
	Total Fair								Not
(in millions)	Value		Level 1		Level 2		Level 3		Categorized(b)
Equity securities	$	2,221	$	1,995	$	211	$	—	$	15
Corporate debt securities	2,807		—		2,807		—		—
Short-term investment funds	233		—		233		—		—
Partnership interests	76		—		—		76		—
Hedge funds	164		—		—		—		164
U.S. government securities	1,571		—		1,571		—		—
Governments bonds – foreign	107		—		107		—		—
Cash	7		7		—		—		—
Government and commercial mortgage-backed securities	1		—		1		—		—
Net pending transactions and other investments	54		40		14		—		—
Total assets(a)	$	7,241	$	2,042	$	4,944	$	76	$	179

(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, 2023. 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)	2024		2023
Balance at January 1	$	76	$	62
Sales	(10)		(8)
Total gains and other, net	2		22
Balance at December 31	$	68	$	76

Other post-retirement assets

The following tables provide the fair value measurement amounts for VEBA trust assets.

	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

	December 31, 2023
	Total Fair
(in millions)	Value		Level 2
Cash and cash equivalents	$	4	$	4
Real estate	1		1
Equity securities	9		9
Debt securities	6		6
Total assets	$	20	$	20

EMPLOYEE SAVINGS PLANS

Retirement Savings Plan

Duke Energy Corporation sponsors, and the Subsidiary Registrants participate in, employee savings plans that cover 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,
2024	$	257	$	81	$	72	$	43	$	29	$	6	$	13	$	14
2023	238		75		62		40		22		6		13		13
2022	246		76		65		43		22		6		12		13