XML 47 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2012
Derivative [Line Items]  
Net fair values of mark-to-market derivative instrument assets (liabilities)
The net fair values of NEE's and FPL's mark-to-market derivative instrument assets (liabilities) are included on the condensed consolidated balance sheets as follows:

 
 
NEE
 
FPL
 
 
 
June 30, 2012
 
December 31, 2011
 
June 30, 2012
 
December 31, 2011
 
 
 
(millions)
 
Current derivative assets(a)
 
$
632

 
$
611

 
$
11

(b) 
$
10

(b) 
Noncurrent derivative assets(c)
 
1,158

 
973

 
14

(d) 
2

(d) 
Current derivative liabilities(e)
 
(882
)
 
(1,090
)
 
(327
)
 
(512
)
 
Noncurrent derivative liabilities(f)
 
(633
)
 
(541
)
 

 
(1
)
(g) 
Total mark-to-market derivative instrument assets (liabilities)
 
$
275

 
$
(47
)
 
$
(302
)
 
$
(501
)
 
————————————
(a)
At June 30, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $77 million and $106 million (none at FPL), respectively, in margin cash collateral received from counterparties.
(b)
Included in current other assets on FPL's condensed consolidated balance sheets.
(c)
At June 30, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $181 million and $109 million (none at FPL), respectively, in margin cash collateral received from counterparties.
(d)
Included in noncurrent other assets on FPL's condensed consolidated balance sheets.
(e)
At June 30, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $82 million and $112 million (none at FPL), respectively, in margin cash collateral provided to counterparties.
(f)
At June 30, 2012 and December 31, 2011, NEE's balances reflect the netting of approximately $29 million and $79 million (none at FPL), respectively, in margin cash collateral provided to counterparties.
(g)
Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.
Net notional volumes
At June 30, 2012, NEE and FPL had derivative commodity contracts for the following net notional volumes:

Commodity Type
 
NEE
 
FPL
 
 
(millions)
Power
 
(39
)
 
mwh(a)
 

 
 
Natural gas
 
1,310

 
mmbtu(b)
 
932

 
 mmbtu(b)
Oil
 
(4
)
 
barrels
 

 
 
————————————
(a)
Megawatt-hours
(b)
One million British thermal units
Cash Flow Hedging [Member]
 
Derivative [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The fair values of NEE's derivatives designated as hedging instruments for accounting purposes (none at FPL) are presented below as gross asset and liability values, as required by disclosure rules.

 
 
June 30, 2012
 
December 31, 2011
 
 
Derivative
Assets
 
Derivative
Liabilities
 
Derivative
Assets
 
Derivative
Liabilities
 
 
(millions)
Interest rate swaps:
 
 
 
 
 
 
 
 
Current derivative assets
 
$
27

 
$

 
$
22

 
$

Current derivative liabilities
 

 
64

 

 
60

Noncurrent derivative assets
 
41

 

 
15

 

Noncurrent derivative liabilities
 

 
285

 

 
260

Foreign currency swap:
 
 

 
 

 
 

 
 

Current derivative liabilities
 

 
3

 

 
3

Noncurrent derivative liabilities
 

 
11

 

 
3

Total
 
$
68

 
$
363

 
$
37

 
$
326

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows:

 
Three Months Ended June 30,
 
2012
 
2011
 
Commodity
Contracts
 
Interest
Rate
Swaps
 
Foreign
Currency
Swap
 
Total
 
Commodity
Contracts
 
Interest
Rate
Swaps
 
Foreign
Currency
Swaps
 
Total
 
(millions)
Gains (losses) recognized in OCI
$

 
$
(66
)
 
$

 
$
(66
)
 
$

 
$
(119
)
 
$
10

 
$
(109
)
Gains (losses) reclassified from AOCI to net income(a)
$
3

 
$
(14
)
 
$
4

(b) 
$
(7
)
 
$
14

 
$
(24
)
 
$
7

(b) 
$
(3
)
————————————
(a)
Included in operating revenues for commodity contracts and interest expense for interest rate swaps.
(b)
Loss of approximately $1 million is included in interest expense and the balance is included in other - net.

 
Six Months Ended June 30,
 
2012
 
2011
 
Commodity
Contracts
 
Interest
Rate
Swaps
 
Foreign
Currency
Swap
 
Total
 
Commodity
Contracts
 
Interest
Rate
Swaps
 
Foreign
Currency
Swaps
 
Total
 
(millions)
Gains (losses) recognized in OCI
$

 
$
(65
)
 
$
(10
)
 
$
(75
)
 
$

 
$
(118
)
 
$
(6
)
 
$
(124
)
Gains (losses) reclassified from AOCI to net income(a)
$
4

 
$
(30
)
 
$
(6
)
(b) 
$
(32
)
 
$
19

 
$
(43
)
 
$
(4
)
(c) 
$
(28
)
————————————
(a)
Included in operating revenues for commodity contracts and interest expense for interest rate swaps.
(b)
Loss of approximately $2 million is included in interest expense and the balance is included in other - net.
Not Designated as Hedging Instrument [Member]
 
Derivative [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The fair values of NEE's and FPL's derivatives not designated as hedging instruments for accounting purposes are presented below as gross asset and liability values, as required by disclosure rules.  However, the majority of the underlying contracts are subject to master netting arrangements and would not be contractually settled on a gross basis.

 
June 30, 2012
 
December 31, 2011
 
 
NEE
 
FPL
 
NEE
 
FPL
 
 
Derivative
Assets
 
Derivative
Liabilities
 
Derivative
Assets
 
Derivative
Liabilities
 
Derivative
Assets
 
Derivative
Liabilities
 
Derivative
Assets
 
Derivative
Liabilities
 
 
(millions)
 
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current derivative assets
$
1,412

 
$
730

 
$
11

(a) 
$

 
$
1,127

 
$
432

 
$
11

(a) 
$
1

(a) 
Current derivative liabilities
2,939

 
3,833

 
5


332


3,358

 
4,494

 
1


513


Noncurrent derivative assets
1,721

 
429

 
16

(b) 
2

(b) 
1,290

 
250

 
2

(b) 

 
Noncurrent derivative liabilities
1,096

 
1,462

 

 


1,222

 
1,579

 


1

(c) 
Foreign currency swap:

 

 





 

 




Current derivative liabilities

 
3

 





 
3

 




Noncurrent derivative assets
6

 

 




27

 

 




Total
$
7,174

 
$
6,457

 
$
32


$
334


$
7,024

 
$
6,758

 
$
14


$
515


————————————
(a)
Included in current other assets on FPL's condensed consolidated balance sheets.
(b)
Included in noncurrent other assets on FPL's condensed consolidated balance sheets.
(c)
Included in noncurrent other liabilities on FPL's condensed consolidated balance sheets.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income (none at FPL) as follows:

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
 
(millions)
Commodity contracts(a):
 
 
 
 
 
 
 
Operating revenues
$
130

 
$
154

 
$
320

 
$
2

Fuel, purchased power and interchange
51

 
23

 
40

 
(2
)
Foreign currency swap - other - net
15


2

 
(22
)
 
(3
)
Interest rate contracts - other - net

 
4

 

 
4

Total
$
196

 
$
183

 
$
338

 
$
1

————————————
(a)
For the three months ended June 30, 2012 and 2011, FPL recorded approximately $76 million of gains and $68 million of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets, respectively, on its condensed consolidated balance sheets.  For the six months ended June 30, 2012 and 2011, FPL recorded approximately $176 million and $68 million of losses, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets.