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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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 December 31, 2018 and December 31, 2017, 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 consolidated balance sheets.
 
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.

 
December 31, 2017
 
Gross Basis
 
Net Basis
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(millions)
NEE:
 
 
 
 
 
 
 
Commodity contracts
$
3,962

 
$
2,792

 
$
1,737

 
$
567

Interest rate contracts
50

 
275

 
55

 
280

Foreign currency contracts
—

 
40

 
12

 
52

Total fair values
$
4,012

 
$
3,107

 
$
1,804

 
$
899

 
 
 
 
 
 
 
 
FPL:
 
 
 
 
 
 
 
Commodity contracts
$
3

 
$
3

 
$
2

 
$
2

 
 
 
 
 
 
 
 
Net fair value by NEE balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets(a)
 
 
 
 
$
489

 
 
Noncurrent derivative assets
 
 
 
 
1,315

 
 
Current derivative liabilities
 
 
 
 
 
 
$
364

Noncurrent derivative liabilities(b)
 
 
 
 
 
 
535

Total derivatives
 
 
 
 
$
1,804

 
$
899

 
 
 
 
 
 
 
 
Net fair value by FPL balance sheet line item:
 
 
 
 
 
 
 
Current other assets
 
 
 
 
$
2

 
 
Current other liabilities
 
 
 
 
 
 
$
2

Total derivatives
 
 
 
 
$
2

 
$
2

______________________
(a)
Reflects the netting of approximately $39 million in margin cash collateral received from counterparties.
(b)
Reflects the netting of approximately $39 million in margin cash collateral paid to counterparties.
Net notional volumes
NEE and FPL had derivative commodity contracts for the following net notional volumes:
 
 
December 31, 2018
 
December 31, 2017
Commodity Type
 
NEE
 
FPL
 
NEE
 
FPL
 
 
(millions)
Power
 
(100
)
 
MWh(a)
 
1

 
 
 
(109
)
 
MWh(a)
 
—

 
 
Natural gas
 
(491
)
 
MMBtu(b)
 
231

 
MMBtu(b)
 
(74
)
 
MMBtu(b)
 
142

 
MMBtu(b)
Oil
 
(30
)
 
barrels
 
—

 
 
 
(15
)
 
barrels
 
—

 
 
______________________
(a)
Megawatt-hours
(b)
One million British thermal units
Not Designated as Hedging Instrument [Member]  
Derivative [Line Items]  
Derivative instruments, gain (loss) in statement of financial performance
Gains (losses) related to NEE's derivatives are recorded in NEE's consolidated statements of income as follows:
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
(millions)
Commodity contracts:(a)
 
 
 
 
 
Operating revenues
$
377

 
$
454

 
$
459

Fuel, purchased power and interchange
(2
)

—


(1
)
Foreign currency contracts - interest expense
19

 
55

 
14

Foreign currency contracts - other - net
—

 
(4
)
 
(1
)
Interest rate contracts - interest expense
(280
)
 
(223
)
 
181

Losses reclassified from AOCI to interest expense:
 
 
 
 
 
Interest rate contracts
(30
)
 
(48
)
 
(90
)
Foreign currency contracts
(4
)
 
(81
)
 
(11
)
Total
$
80

 
$
153

 
$
551

______________________
(a)
For the years ended December 31, 2018, 2017 and 2016, FPL recorded gains (losses) of approximately $(31) million, $(169) million and $203 million, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets.