Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Financial Instruments [Abstract]

Estimates of the fair value of financial instruments

The following estimates of the fair value of financial instruments have been made primarily using the market approach of using prices and other market information for identical and/or comparable assets and liabilities.  However, the use of different market assumptions or methods of valuation could result in different estimated fair values.

	September 30, 2013								December 31, 2012
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
	(millions)
NEE:
Special use funds	$	4,574		(a)	$	4,574		(a)	$	4,190		(a)	$	4,190		(a)
Other investments:
Notes receivable	$	500			$	624		(b)	$	500			$	665		(b)
Debt securities	$	121		(c)	$	121		(d)	$	111		(c)	$	111		(d)
Equity securities	$	49			$	49		(e)	$	61			$	79		(e)
Long-term debt, including current maturities	$	27,788			$	28,744		(f)	$	26,647		(g)	$	28,874		(f)
Interest rate contracts - net unrealized losses	$	(143	)		$	(143	)	(d)	$	(311	)		$	(311	)	(d)
Foreign currency swaps - net unrealized losses	$	(117	)		$	(117	)	(d)	$	(66	)		$	(66	)	(d)
FPL:
Special use funds	$	3,155		(a)	$	3,155		(a)	$	2,918		(a)	$	2,918		(a)
Long-term debt, including current maturities	$	8,829			$	9,634		(f)	$	8,782			$	10,421		(f)

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(a) At September 30, 2013, includes $234 million of investments accounted for under the equity method and $46 million of loans not measured at fair value on a recurring basis ($143 million and $33 million, respectively, for FPL).  At December 31, 2012, includes $229 million of investments accounted for under the equity method and $40 million of loans not measured at fair value on a recurring basis ($138 million and $32 million, respectively, for FPL).  For the remaining balances, see Note 3 for classification by major security type and hierarchy level.  The amortized cost of debt and equity securities is $1,758 million and $1,488 million, respectively, at September 30, 2013 and $1,679 million and $1,500 million, respectively, at December 31, 2012 ($1,411 million and $788 million, respectively, at September 30, 2013 and $1,339 million and $839 million, respectively, at December 31, 2012 for FPL).

(b) Classified as held to maturity.  Estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3).  Notes receivable bear interest at fixed rates and mature by 2029.  Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement.  The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information.  As of September 30, 2013 and December 31, 2012, NEE had no notes receivable reported in non-accrual status.

(c) Classified as trading securities.

(d) See Note 3.

(e) Primarily based on quoted prices in active markets (Level 1).  The remainder is modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).

(f) As of September 30, 2013 and December 31, 2012, $18,262 million and $18,962 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3).  For FPL, estimated using quoted market prices for the same or similar issues (Level 2).

(g) Also includes long-term debt reflected in liabilities associated with assets held for sale on the condensed consolidated balance sheets, for which the carrying amount approximates fair value.

Available-for-sale securities

Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows:

	NEE				FPL				NEE				FPL
	Three Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012		2013		2012		2013		2012
	(millions)
Realized gains	$	40	$	75	$	17	$	20	$	103	$	206	$	48	$	81
Realized losses	$	26	$	16	$	18	$	12	$	69	$	48	$	48	$	34
Proceeds from sale or maturity of securities	$	822	$	953	$	613	$	592	$	2,604	$	3,890	$	1,967	$	2,949

The unrealized gains on available for sale securities are as follows:

	NEE				FPL
	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
	(millions)
Equity securities	$	1,029	$	680	$	759	$	521
Debt securities	$	47	$	92	$	41	$	77

The unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

	NEE				FPL
	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
	(millions)
Unrealized losses(a)	$	27	$	3	$	21	$	2
Fair value	$	708	$	277	$	543	$	223

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(a) Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at September 30, 2013 and December 31, 2012 were not material to NEE or FPL.