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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
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 September 30, 2020 and December 31, 2019, 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.
 
September 30, 2020
 
Gross Basis
 
Net Basis
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(millions)
NEE:
 
 
 
 
 
 
 
Commodity contracts
$
4,435

 
$
2,795

 
$
2,039

 
$
543

Interest rate contracts
33

 
1,324

 
5

 
1,296

Foreign currency contracts
15

 
47

 
19

 
51

Total fair values
$
4,483

 
$
4,166

 
$
2,063

 
$
1,890

 
 
 
 
 
 
 
 
FPL:
 
 
 
 
 
 
 
Commodity contracts
$
4

 
$
13

 
$
2

 
$
11

 
 
 
 
 
 
 
 
Net fair value by NEE balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets
 
 
 
 
$
441

 
 
Noncurrent derivative assets(a)
 
 
 
 
1,622

 
 
Current derivative liabilities(b)
 
 
 
 
 
 
$
310

Noncurrent derivative liabilities
 
 
 
 
 
 
1,580

Total derivatives
 
 
 
 
$
2,063

 
$
1,890

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

 
 
Current other liabilities
 
 
 
 
 
 
$
10

Noncurrent other liabilities
 
 
 
 
 
 
1

Total derivatives
 
 
 
 
$
2

 
$
11

———————————————
(a)
Reflects the netting of approximately $158 million in margin cash collateral received from counterparties.
(b)
Reflects the netting of approximately $14 million in margin cash collateral paid to counterparties.

 
December 31, 2019
 
Gross Basis
 
Net Basis
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(millions)
NEE:
 
 
 
 
 
 
 
Commodity contracts
$
5,050

 
$
3,201

 
$
2,350

 
$
576

Interest rate contracts
26

 
742

 
9

 
725

Foreign currency contracts
26

 
38

 
27

 
39

Total fair values
$
5,102

 
$
3,981

 
$
2,386

 
$
1,340

 
 
 
 
 
 
 
 
FPL:
 
 
 
 
 
 
 
Commodity contracts
$
4

 
$
14

 
$
3

 
$
13

 
 
 
 
 
 
 
 
Net fair value by NEE balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets(a)
 
 
 
 
$
762

 
 
Noncurrent derivative assets(b)
 
 
 
 
1,624

 
 
Current derivative liabilities(c)
 
 
 
 
 
 
$
344

Current other liabilities(d)
 
 
 
 
 
 
133

Noncurrent derivative liabilities
 
 
 
 
 
 
863

Total derivatives
 
 
 
 
$
2,386

 
$
1,340

 
 
 
 
 
 
 
 
Net fair value by FPL balance sheet line item:
 
 
 
 
 
 
 
Current other assets
 
 
 
 
$
3

 
 
Current other liabilities
 
 
 
 
 
 
$
12

Noncurrent other liabilities
 
 
 
 
 
 
1

Total derivatives
 
 
 
 
$
3

 
$
13


———————————————
(a)
Reflects the netting of approximately $2 million in margin cash collateral received from counterparties.
(b)
Reflects the netting of approximately $139 million in margin cash collateral received from counterparties.
(c)
Reflects the netting of approximately $66 million in margin cash collateral paid to counterparties.
(d)
See Note 11 - Disposal of Businesses.
Net Notional Volumes NEE and FPL had derivative commodity contracts for the following net notional volumes:
 
 
September 30, 2020
 
December 31, 2019
Commodity Type
 
NEE
 
FPL
 
NEE
 
FPL
 
 
(millions)
Power
 
(76
)
 
MWh
 
—

 
MWh
 
(81
)
 
MWh
 
1

 
MWh
Natural gas
 
(352
)
 
MMBtu
 
143

 
MMBtu
 
(1,723
)
 
MMBtu
 
161

 
MMBtu
Oil
 
(14
)
 
barrels
 
—

 
 
 
(13
)
 
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 September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
 
(millions)
Commodity contracts(a) - operating revenues
$
(327
)
 
$
366

 
$
245

 
$
641

Foreign currency contracts - interest expense
34

 
(13
)
 
(30
)
 
(21
)
Interest rate contracts - interest expense
131

 
(352
)
 
(710
)
 
(883
)
Losses reclassified from AOCI:
 
 
 
 
 
 
 
Interest rate contracts(b)
(3
)
 
(6
)
 
(30
)
 
(24
)
Foreign currency contracts - interest expense
(1
)
 
(1
)
 
(3
)
 
(3
)
Total
$
(166
)
 
$
(6
)
 
$
(528
)
 
$
(290
)
———————————————
(a)
For the three and nine months ended September 30, 2020, FPL recorded losses of approximately $1 million and $3 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2019, FPL recorded gains of approximately $4 million and $8 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.
(b)
For the nine months ended September 30, 2020, approximately $23 million was reclassified to gains on disposal of businesses/assets - net (see Note 11 - Disposal of Businesses); remaining balances were reclassified to interest expense on NEE's condensed consolidated statements of income.