Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

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.

	December 31, 2012								December 31, 2011
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
	(millions)
NEE:
Special use funds	$	4,190		(a)	$	4,190		(a)	$	3,867		(a)	$	3,867		(a)
Other investments:
Notes receivable	$	500			$	665		(b)	$	503			$	535		(b)
Debt securities	$	111		(c)	$	111		(d)	$	89		(c)	$	89		(d)
Equity securities	$	61			$	79		(e)	$	80			$	159		(e)
Long-term debt, including current maturities	$	26,647		(f)	$	28,874		(g)	$	21,614			$	23,699		(g)
Interest rate swaps - net unrealized losses	$	(311	)		$	(311	)	(d)	$	(283	)		$	(283	)	(d)
Foreign currency swaps - net unrealized gains (losses)	$	(66	)		$	(66	)	(d)	$	18			$	18		(d)
FPL:
Special use funds	$	2,918		(a)	$	2,918		(a)	$	2,737		(a)	$	2,737		(a)
Long-term debt, including current maturities	$	8,782			$	10,421		(g)	$	7,533			$	9,078		(g)

______________________

(a) 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).  At December 31, 2011, includes $164 million of investments accounted for under the equity method and $39 million of loans not measured at fair value on a recurring basis ($112 million and $24 million, respectively, for FPL). For the remaining balance, see Note 4 for classification by major security type and hierarchy level.  The amortized cost of debt and equity securities is $1,679 million and $1,500 million, respectively, at December 31, 2012 and $1,638 million and $1,425 million, respectively, at December 31, 2011 ($1,339 million and $839 million, respectively, at December 31, 2012 and $1,321 million and $864 million, respectively, at December 31, 2011 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 primarily 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 December 31, 2012, NEE had no notes receivable reported in non-accrual status.

(c) Classified as trading securities.

(d) See Note 4.

(e) Primarily modeled internally based on recent market information including, among other things, private offerings of the securities (Level 3).

(f) Also includes long-term debt reflected in liabilities associated with assets held for sale on the consolidated balance sheets for which the carrying amount approximates fair value. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.

(g) As of December 31, 2012 and 2011, $18,962 million and $15,035 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).

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
	Years Ended December 31,						Years Ended December 31,
	2012		2011		2010		2012		2011		2010
	(millions)
Realized gains	$	252	$	183	$	106	$	98	$	74	$	49
Realized losses	$	67	$	88	$	30	$	46	$	62	$	22
Proceeds from sale or maturity of securities	$	5,028	$	4,348	$	6,726	$	3,790	$	2,988	$	5,079

Unrealized losses on available for sale debt securities at December 31, 2012 and 2011 were not material to NEE or FPL.  The unrealized gains on available for sale securities are as follows:

	NEE				FPL
	December 31,				December 31,
	2012		2011		2012		2011
			(millions)
Equity securities	$	680	$	546	$	521	$	376
Debt securities	$	92	$	107	$	77	$	94