v3.7.0.1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative [Line Items]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at June 30, 2017 and December 31, 2016, 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 3 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets.
 
June 30, 2017
 
Gross Basis
 
Net Basis
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(millions)
NEE:
 
 
 
 
 
 
 
Commodity contracts
$
4,409

 
$
2,883

 
$
1,814

 
$
429

Interest rate contracts
154

 
306

 
152

 
304

Foreign currency contracts
—

 
43

 
8

 
51

Total fair values
$
4,563

 
$
3,232

 
$
1,974

 
$
784

 
 
 
 
 
 
 
 
FPL:
 
 
 
 
 
 
 
Commodity contracts
$
27

 
$
11

 
$
18

 
$
2

 
 
 
 
 
 
 
 
Net fair value by NEE balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets(a)
 
 
 
 
$
546

 
 
Noncurrent derivative assets(b)
 
 
 
 
1,428

 
 
Current derivative liabilities
 
 
 
 
 
 
$
277

Noncurrent derivative liabilities
 
 
 
 
 
 
507

Total derivatives
 
 
 
 
$
1,974

 
$
784

 
 
 
 
 
 
 
 
Net fair value by FPL balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets
 
 
 
 
$
18

 
 
Current other liabilities
 
 
 
 
 
 
$
2

Total derivatives
 
 
 
 
$
18

 
$
2

———————————————
(a)
Reflects the netting of approximately $125 million in margin cash collateral received from counterparties.
(b)
Reflects the netting of approximately $16 million in margin cash collateral received from counterparties.
 
December 31, 2016
 
Gross Basis
 
Net Basis
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
(millions)
NEE:
 
 
 
 
 
 
 
Commodity contracts
$
4,590

 
$
2,968

 
$
1,938

 
$
483

Interest rate contracts
288

 
284

 
296

 
292

Foreign currency contracts
1

 
106

 
1

 
106

Total fair values
$
4,879

 
$
3,358

 
$
2,235

 
$
881

 
 
 
 
 
 
 
 
FPL:
 
 
 
 
 
 
 
Commodity contracts
$
212

 
$
4

 
$
209

 
$
1

 
 
 
 
 
 
 
 
Net fair value by NEE balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets(a)
 
 
 
 
$
885

 
 
Noncurrent derivative assets(b)
 
 
 
 
1,350

 
 
Current derivative liabilities
 
 
 
 
 
 
$
404

Noncurrent derivative liabilities
 
 
 
 
 
 
477

Total derivatives
 
 
 
 
$
2,235

 
$
881

 
 
 
 
 
 
 
 
Net fair value by FPL balance sheet line item:
 
 
 
 
 
 
 
Current derivative assets
 
 
 
 
$
209

 
 
Current other liabilities
 
 
 
 
 
 
$
1

Total derivatives
 
 
 
 
$
209

 
$
1


———————————————
(a)
Reflects the netting of approximately $96 million in margin cash collateral received from counterparties.
(b)
Reflects the netting of approximately $71 million in margin cash collateral received from counterparties.
Net Notional Volumes
NEE and FPL had derivative commodity contracts for the following net notional volumes:
 
 
June 30, 2017
 
December 31, 2016
Commodity Type
 
NEE
 
FPL
 
NEE
 
FPL
 
 
(millions)
Power
 
(80
)
 
MWh
 
—

 
 
 
(84
)
 
MWh
 
—

 
 
Natural gas
 
1,033

 
MMBtu
 
466

 
MMBtu
 
1,002

 
MMBtu
 
618

 
MMBtu
Oil
 
(16
)
 
barrels
 
—

 
 
 
(7
)
 
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
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(millions)
Commodity contracts:(a)
 
 
 
 
 
 
 
Operating revenues
$
132

 
$
(92
)
 
$
424

 
$
238

Fuel, purchased power and interchange
—

 
(4
)
 
—

 
(2
)
Foreign currency contracts - interest expense
36


52

 
57

 
81

Foreign currency contracts - other - net
(2
)
 
1

 
(2
)
 
3

Interest rate contracts - interest expense
(145
)
 
(278
)
 
(190
)
 
(457
)
Losses reclassified from AOCI to interest expense:
 
 
 
 
 
 
 
Interest rate contracts
(13
)
 
(25
)
 
(23
)
 
(53
)
Foreign currency contracts
(77
)
 
(3
)
 
(79
)
 
(6
)
Total
$
(69
)
 
$
(349
)
 
$
187

 
$
(196
)
———————————————
(a)
For the three and six months ended June 30, 2017, FPL recorded losses of approximately $47 million and $152 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. For the three and six months ended June 30, 2016, FPL recorded gains of approximately $178 million and $70 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.