Non-Derivative Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Financial assets and liabilities and other fair value measurements

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, as well as the location of the net derivative position on the consolidated balance sheets.

	December 31, 2021
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
NEE:
Commodity contracts	$	1,896	$	5,082	$	1,401	$	(6,622)	$	1,757
Interest rate contracts	$	—	$	106	$	—	$	(30)	76
Foreign currency contracts	$	—	$	8	$	—	$	(17)	(9)
Total derivative assets									$	1,824
FPL – commodity contracts	$	—	$	3	$	13	$	(3)	$	13
Liabilities:
NEE:
Commodity contracts	$	2,571	$	4,990	$	1,231	$	(6,594)	$	2,198
Interest rate contracts	$	—	$	739	$	—	$	(30)	709
Foreign currency contracts	$	—	$	86	$	—	$	(17)	69
Total derivative liabilities									$	2,976
FPL – commodity contracts	$	—	$	8	$	5	$	(3)	$	10
Net fair value by NEE balance sheet line item:
Current derivative assets(b)									$	689
Noncurrent derivative assets(c)									1,135
Total derivative assets									$	1,824
Current derivative liabilities(d)									$	1,263
Noncurrent derivative liabilities(e)									1,713
Total derivative liabilities									$	2,976
Net fair value by FPL balance sheet line item:
Current other assets									$	13
Current other liabilities									$	9
Noncurrent other liabilities									1
Total derivative liabilities									$	10

______________________

(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.

(b)Reflects the netting of approximately $150 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $56 million in margin cash collateral received from counterparties.

(d)Reflects the netting of approximately $6 million in margin cash collateral paid to counterparties.

(e)Reflects the netting of approximately $172 million in margin cash collateral paid to counterparties.

	December 31, 2020
	Level 1		Level 2		Level 3		Netting(a)		Total
	(millions)
Assets:
NEE:
Commodity contracts	$	919	$	1,881	$	1,679	$	(2,325)	$	2,154
Interest rate contracts	$	—	$	81	$	—	$	(41)	40
Foreign currency contracts	$	—	$	57	$	—	$	(34)	23
Total derivative assets									$	2,217
FPL – commodity contracts	$	—	$	1	$	2	$	—	$	3
Liabilities:
NEE:
Commodity contracts	$	1,004	$	1,468	$	305	$	(2,277)	$	500
Interest rate contracts	$	—	$	1,042	$	—	$	(41)	1,001
Foreign currency contracts	$	—	$	43	$	—	$	(34)	9
Total derivative liabilities									$	1,510
FPL – commodity contracts	$	—	$	—	$	3	$	—	$	3
Net fair value by NEE balance sheet line item:
Current derivative assets									$	570
Noncurrent derivative assets(b)									1,647
Total derivative assets									$	2,217
Current derivative liabilities(c)									$	311
Noncurrent derivative liabilities									1,199
Total derivative liabilities									$	1,510
Net fair value by FPL balance sheet line item:
Current other assets									$	3
Current other liabilities									$	2
Noncurrent other liabilities									1
Total derivative liabilities									$	3

______________________

(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.

(b)Reflects the netting of approximately $184 million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $136 million in margin cash collateral paid to counterparties.

NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:

	December 31, 2021
	Level 1		Level 2			Level 3		Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(a)
NEE – equity securities	$	176	$	—		$	—	$	176
FPL – equity securities	$	58	$	—		$	—	$	58
Special use funds:(b)
NEE:
Equity securities	$	2,538	$	2,973	(c)	$	—	$	5,511
U.S. Government and municipal bonds	$	770	$	75		$	—	$	845
Corporate debt securities	$	7	$	955		$	—	$	962
Mortgage-backed securities	$	—	$	431		$	—	$	431
Other debt securities	$	2	$	265		$	—	$	267
FPL:
Equity securities	$	862	$	2,690	(c)	$	—	$	3,552
U.S. Government and municipal bonds	$	624	$	44		$	—	$	668
Corporate debt securities	$	6	$	720		$	—	$	726
Mortgage-backed securities	$	—	$	313		$	—	$	313
Other debt securities	$	2	$	225		$	—	$	227
Other investments:(d)
NEE:
Equity securities	$	70	$	2		$	—	$	72
Debt securities	$	111	$	162		$	12	$	285
FPL – equity securities	$	13	$	—		$	—	$	13

______________________

(a)Includes restricted cash equivalents of approximately $56 million ($53 million for FPL) in current other assets on the consolidated balance sheets.

(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's consolidated balance sheets.

	December 31, 2020
	Level 1		Level 2			Level 3		Total
	(millions)
Assets:
Cash equivalents and restricted cash equivalents:(a)
NEE – equity securities	$	742	$	—		$	—	$	742
FPL – equity securities	$	137	$	—		$	—	$	137
Special use funds:(b)
NEE:
Equity securities	$	2,237	$	2,489	(c)	$	—	$	4,726
U.S. Government and municipal bonds	$	590	$	127		$	—	$	717
Corporate debt securities	$	1	$	870		$	—	$	871
Mortgage-backed securities	$	—	$	422		$	—	$	422
Other debt securities	$	—	$	124		$	—	$	124
FPL:
Equity securities	$	752	$	2,260	(c)	$	—	$	3,012
U.S. Government and municipal bonds	$	449	$	87		$	—	$	536
Corporate debt securities	$	—	$	627		$	—	$	627
Mortgage-backed securities	$	—	$	335		$	—	$	335
Other debt securities	$	—	$	119		$	—	$	119
Other investments:(d)
NEE:
Equity securities	$	62	$	—		$	—	$	62
Debt securities	$	91	$	127		$	—	$	218
FPL - equity securities	$	12	$	—		$	—	$	12

______________________

(a)Includes restricted cash equivalents of approximately $111 million ($91 million for FPL) in current other assets and $42 million ($42 million for FPL) in noncurrent other assets on the consolidated balance sheets.

(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's consolidated balance sheets.

Fair Value, by Balance Sheet Grouping

The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows:

	December 31, 2021					December 31, 2020
	Carrying Amount		Estimated Fair Value			Carrying Amount		Estimated Fair Value
	(millions)
NEE:
Special use funds(a)	$	906	$	907		$	919	$	920
Other investments(b)	$	102	$	102		$	29	$	29
Long-term debt, including current portion	$	52,745	$	57,290	(c)	$	46,082	$	51,525	(c)
FPL:
Special use funds(a)	$	672	$	672		$	718	$	719
Long-term debt, including current portion	$	18,510	$	21,379	(c)	$	17,236	$	21,178	(c)

______________________

(a)Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).

(b)Included in noncurrent other assets on NEE's consolidated balance sheets.

(c)At December 31, 2021 and 2020, substantially all is Level 2 for NEE and FPL.

Unrealized Gains (Losses) Recognized On Equity Securities

Unrealized gains (losses) recognized on equity securities held at December 31, 2021, 2020 and 2019 are as follows:

	NEE						FPL
	Years Ended December 31,						Years Ended December 31,
	2021		2020		2019		2021		2020		2019
	(millions)
Unrealized gains	$	981	$	627	$	780	$	652	$	444	$	510

Debt Securities, Available-for-sale

Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows:

	NEE						FPL
	Years Ended December 31,						Years Ended December 31,
	2021		2020		2019		2021		2020		2019
	(millions)
Realized gains	$	78	$	110	$	68	$	59	$	83	$	44
Realized losses	$	73	$	70	$	48	$	57	$	56	$	29
Proceeds from sale or maturity of securities	$	1,831	$	2,541	$	3,005	$	1,330	$	2,162	$	2,539

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

	NEE				FPL
	December 31,				December 31,
	2021		2020		2021		2020
			(millions)
Unrealized gains	$	76	$	134	$	63	$	104
Unrealized losses(a)	$	19	$	9	$	15	$	9
Fair value	$	1,100	$	201	$	857	$	150

______________________

(a)Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2021 and 2020 were not material to NEE or FPL.