Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The tables below present NEE's and FPL's gross derivative positions at June 30, 2019 and December 31, 2018, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral (see Note 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets.

	June 30, 2019
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	5,152	$	3,594	$	2,399	$	629
Interest rate contracts	14		574		9		569
Foreign currency contracts	23		37		23		37
Total fair values	$	5,189	$	4,205	$	2,431	$	1,235
FPL:
Commodity contracts	$	8	$	19	$	6	$	17
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	805
Noncurrent derivative assets					1,626
Current derivative liabilities(b)							$	343
Noncurrent derivative liabilities(c)							892
Total derivatives					$	2,431	$	1,235
Net fair value by FPL balance sheet line item:
Current other assets					$	6
Current other liabilities							$	13
Noncurrent other liabilities							4
Total derivatives					$	6	$	17

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(a) Reflects the netting of approximately $8 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $177 million in margin cash collateral paid to counterparties.

(c) Reflects the netting of approximately $43 million in margin cash collateral paid to counterparties.

	December 31, 2018
	Gross Basis				Net Basis
	Assets		Liabilities		Assets		Liabilities
	(millions)
NEE:
Commodity contracts	$	4,651	$	3,305	$	1,840	$	683
Interest rate contracts	56		472		49		465
Foreign currency contracts	17		30		30		43
Total fair values	$	4,724	$	3,807	$	1,919	$	1,191
FPL:
Commodity contracts	$	2	$	43	$	—	$	41
Net fair value by NEE balance sheet line item:
Current derivative assets(a)					$	564
Noncurrent derivative assets(b)					1,355
Current derivative liabilities							$	675
Noncurrent derivative liabilities							516
Total derivatives					$	1,919	$	1,191
Net fair value by FPL balance sheet line item:
Current other liabilities							$	32
Noncurrent other liabilities							9
Total derivatives					$	—	$	41

———————————————

(a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties.

(b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties.

Net Notional Volumes

NEE and FPL had derivative commodity contracts for the following net notional volumes:

	June 30, 2019					December 31, 2018
Commodity Type	NEE			FPL		NEE			FPL
	(millions)
Power	(93	)	MWh	1	MWh	(100	)	MWh	1	MWh
Natural gas	(1,460	)	MMBtu	250	MMBtu	(491	)	MMBtu	231	MMBtu
Oil	(20	)	barrels	—		(30	)	barrels	—

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(millions)
Commodity contracts(a) - operating revenues	$	276		$	42		$	272		$	180
Foreign currency contracts - interest expense	11			(25		)	(8		)	20
Interest rate contracts - interest expense	(204		)	(83		)	(530		)	(27		)
Losses reclassified from AOCI to interest expense:
Interest rate contracts	(6		)	(8		)	(18		)	(17		)
Foreign currency contracts	(1		)	(1		)	(2		)	(2		)
Total	$	76		$	(75	)	$	(286	)	$	154

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(a) For the three and six months ended June 30, 2019, FPL recorded gains of approximately $1 million and $4 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and six months ended June 30, 2018, FPL recorded losses of approximately $1 million and gains of $3 million, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets.