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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative [Line Items]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring 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, as well as the location of the net derivative position on the consolidated balance sheets.
December 31, 2023
Level 1Level 2Level 3
Netting(a)
Total
(millions)
Assets:
NEE:
Commodity contracts$2,640 $4,741 $1,925 $(6,171)$3,135 
Interest rate contracts$— $304 $— $81 385 
Foreign currency contracts$— $— $— $— — 
Total derivative assets$3,520 
FPL – commodity contracts
$— $1 $29 $(3)$27 
Liabilities:
NEE:
Commodity contracts$3,796 $4,664 $974 $(6,531)$2,903 
Interest rate contracts$— $553 $— $81 634 
Foreign currency contracts$— $49 $— $— 49 
Total derivative liabilities$3,586 
FPL – commodity contracts
$— $13 $5 $(3)$15 
Net fair value by NEE balance sheet line item:
Current derivative assets(b)
$1,730 
Noncurrent derivative assets(c)
1,790 
Total derivative assets$3,520 
Current derivative liabilities(d)
$845 
Noncurrent derivative liabilities
2,741 
Total derivative liabilities$3,586 
Net fair value by FPL balance sheet line item:
Current other assets$13 
Noncurrent other assets14 
Total derivative assets$27 
Current other liabilities$9 
Noncurrent other liabilities6 
Total derivative liabilities$15 
______________________
(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 $148 million in margin cash collateral received from counterparties.
(c)Reflects the netting of approximately $307 million in margin cash collateral received from counterparties.
(d)Reflects the netting of approximately $815 million in margin cash collateral paid to counterparties.
December 31, 2022
Level 1Level 2Level 3
Netting(a)
Total
(millions)
Assets:
NEE:
Commodity contracts$5,372 $7,559 $2,094 $(12,030)$2,995 
Interest rate contracts$— $583 $— $(49)534 
Foreign currency contracts$— $— $— $(4)(4)
Total derivative assets$3,525 
FPL – commodity contracts
$— $11 $25 $(7)$29 
Liabilities:
NEE:
Commodity contracts$7,185 $7,620 $2,948 $(13,010)$4,743 
Interest rate contracts$— $191 $— $(49)142 
Foreign currency contracts$— $130 $— $(4)126 
Total derivative liabilities$5,011 
FPL – commodity contracts
$— $4 $16 $(7)$13 
Net fair value by NEE balance sheet line item:
Current derivative assets(b)
$1,590 
Noncurrent derivative assets(c)
1,935 
Total derivative assets$3,525 
Current derivative liabilities(d)
$2,102 
Noncurrent derivative liabilities(e)
2,909 
Total derivative liabilities$5,011 
Net fair value by FPL balance sheet line item:
Current other assets$19 
Noncurrent other assets10 
Total derivative assets
$29 
Current other liabilities$12 
Noncurrent other liabilities1 
Total derivative liabilities$13 
______________________
(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 $299 million in margin cash collateral received from counterparties.
(c)Reflects the netting of approximately $262 million in margin cash collateral received from counterparties.
(d)Reflects the netting of approximately $328 million in margin cash collateral paid to counterparties.
(e)Reflects the netting of approximately $1,213 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, 2023
 Level 1Level 2 Level 3Total
 (millions)
Assets:     
Cash equivalents and restricted cash equivalents:(a)
     
NEE – equity securities
$1,972 $—  $— $1,972 
FPL – equity securities
$12 $—  $— $12 
Special use funds:(b)
  
NEE:  
Equity securities$2,349 $2,742 
(c)
$199 $5,290 
U.S. Government and municipal bonds$700 $57  $— $757 
Corporate debt securities$3 $620  $— $623 
Asset-backed securities$— $822  $— $822 
Other debt securities$6 $14  $— $20 
FPL:  
Equity securities$863 $2,474 
(c)
$199 $3,536 
U.S. Government and municipal bonds$556 $27  $— $583 
Corporate debt securities$3 $455  $— $458 
Asset-backed securities$— $606  $— $606 
Other debt securities$5 $6  $— $11 
Other investments:(d)
  
NEE:  
Equity securities$50 $— $— $50 
U.S. Government and municipal bonds$288 $3 $— $291 
Corporate debt securities$— $408 $115 $523 
Other debt securities
$— $196 $15 $211 
FPL:
Equity securities
$9 $— $— $9 
______________________
(a)Includes restricted cash equivalents of approximately $34 million ($11 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, 2022
Level 1Level 2Level 3Total
(millions)
Assets:     
Cash equivalents and restricted cash equivalents:(a)
     
NEE – equity securities
$961 $— $— $961 
FPL – equity securities
$36 $— $— $36 
Special use funds:(b)
     
NEE:     
Equity securities$2,062 $2,375 
(c)
$— $4,437 
U.S. Government and municipal bonds$641 $63  $— $704 
Corporate debt securities$6 $716  $— $722 
Asset-backed securities$— $615  $— $615 
Other debt securities$1 $19  $— $20 
FPL:     
Equity securities$743 $2,162 
(c)
$— $2,905 
U.S. Government and municipal bonds$505 $29  $— $534 
Corporate debt securities$6 $547  $— $553 
Asset-backed securities$— $473  $— $473 
Other debt securities$1 $11  $— $12 
Other investments:(d)
     
NEE:     
Equity securities$30 $1 $— $31 
U.S. Government and municipal bonds$117 $118 $— $235 
Corporate debt securities$— $125 $108 $233 
Other debt securities$— $57 $10 $67 
FPL:
Equity securities$9 $— $— $9 
Debt securities
$— $114 $— $114 
______________________
(a)Includes restricted cash equivalents of approximately $69 million ($33 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.
Fair Value Inputs, Assets, Quantitative Information
The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at December 31, 2023 are as follows:

Transaction Type
Fair Value at
December 31, 2023
Valuation
Technique(s)		Significant
Unobservable Inputs		Range
Weighted-average(a)
AssetsLiabilities
(millions)
Forward contracts – power
$500 $470 Discounted cash flow
Forward price (per MWh(b))
$(3)—$210$49
Forward contracts – gas
377 77 Discounted cash flow
Forward price (per MMBtu(c))
$1—$13$3
Forward contracts – congestion
63 56 Discounted cash flow
Forward price (per MWh(b))
$(30)—$32$—
Options – power
48 5 Option modelsImplied correlations50%—61%57%
Implied volatilities33%—310%119%
Options – primarily gas
100 97 Option modelsImplied correlations50%—61%57%
Implied volatilities20%—233%50%
Full requirements and unit contingent contracts
674 146 Discounted cash flow
Forward price (per MWh(b))
$(2)—$340$67
Customer migration rate(d)
—%—66%4%
Forward contracts – other
163 123 
Total$1,925 $974 
______________________
(a)Unobservable inputs were weighted by volume.
(b)Megawatt-hours
(c)One million British thermal units
(d)Applies only to full requirements contracts.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows:
Significant Unobservable InputPositionImpact on
Fair Value Measurement
Forward pricePurchase power/gasIncrease (decrease)
Sell power/gasDecrease (increase)
Implied correlationsPurchase optionDecrease (increase)
Sell optionIncrease (decrease)
Implied volatilitiesPurchase optionIncrease (decrease)
Sell optionDecrease (increase)
Customer migration rate
Sell power(a)
Decrease (increase)
————————————
(a)Assumes the contract is in a gain position.
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs
The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows:
Years Ended December 31,
202320222021
NEEFPLNEEFPLNEEFPL
(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year
$(854)$9 $170 $8 $1,374 $(1)
Realized and unrealized gains (losses):
Included in operating revenues
2,792 — (2,343)— (1,488)— 
Included in regulatory assets and liabilities
23 23 158 158 8 8 
Purchases412 — 542 — 243 — 
Settlements(1,521)(11)992 (157)259 1 
Issuances(139)— (362)— (196)— 
Transfers in(a)
(129)1 (4)— 2 — 
Transfers out(a)
367 2 (7)— (32)— 
Fair value of net derivatives based on significant unobservable inputs at December 31
$951 $24 $(854)$9 $170 $8 
Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date
$1,482 $— $(1,162)$— $(924)$— 
______________________
(a)Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data.
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,
202320222021
(millions)
Commodity contracts(a) – operating revenues (including $2,502 unrealized gains, $2,346 unrealized losses and $2,235 unrealized losses, respectively)
$2,513 $(3,297)$(2,710)
Foreign currency contracts – interest expense (including $81 unrealized gains, $53 unrealized losses and $89 unrealized losses, respectively)
(62)(61)(89)
Interest rate contracts – interest expense (including $634 unrealized losses, $1,021 unrealized gains and $319 unrealized gains, respectively)
(226)1,221 264 
Losses reclassified from AOCI to interest expense:
Interest rate contracts
(1)(5)(7)
Foreign currency contracts
(2)(3)(3)
Total$2,222 $(2,145)$(2,545)
______________________
(a)For the years ended December 31, 2023, 2022 and 2021, FPL recorded gains of approximately $5 million, $211 million and $7 million, respectively, related to commodity contracts as regulatory liabilities on its consolidated balance sheets.
Net notional volumes NEE and FPL had derivative commodity contracts for the following net notional volumes:
December 31, 2023December 31, 2022
Commodity TypeNEEFPLNEEFPL
(millions)
Power(167)MWh— (104)MWh— 
Natural gas(1,452)MMBtu717 MMBtu(1,307)MMBtu258 MMBtu
Oil(42)barrels— (38)barrels—