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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Financial assets and liabilities and other fair value measurements | NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows:
| December 31, 2019 |
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(a) |  | Total |
| (millions) |
Assets: |  |  |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents:(b) |  |  |  |  |  |  |  |  |  |
NEE - equity securities | $ | 363 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 363 |  |
FPL - equity securities | $ | 156 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 156 |  |
Special use funds:(c) |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 1,875 |  |  | $ | 2,088 |  | (d) | $ | — |  |  |  |  | $ | 3,963 |  |
U.S. Government and municipal bonds | $ | 567 |  |  | $ | 150 |  |  | $ | — |  |  |  |  | $ | 717 |  |
Corporate debt securities | $ | — |  |  | $ | 748 |  |  | $ | — |  |  |  |  | $ | 748 |  |
Mortgage-backed securities | $ | — |  |  | $ | 517 |  |  | $ | — |  |  |  |  | $ | 517 |  |
Other debt securities | $ | — |  |  | $ | 117 |  |  | $ | — |  |  |  |  | $ | 117 |  |
FPL: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 596 |  |  | $ | 1,895 |  | (d) | $ | — |  |  |  |  | $ | 2,491 |  |
U.S. Government and municipal bonds | $ | 429 |  |  | $ | 106 |  |  | $ | — |  |  |  |  | $ | 535 |  |
Corporate debt securities | $ | — |  |  | $ | 533 |  |  | $ | — |  |  |  |  | $ | 533 |  |
Mortgage-backed securities | $ | — |  |  | $ | 395 |  |  | $ | — |  |  |  |  | $ | 395 |  |
Other debt securities | $ | — |  |  | $ | 111 |  |  | $ | — |  |  |  |  | $ | 111 |  |
Other investments:(e) |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 34 |  |  | $ | 12 |  |  | $ | — |  |  |  |  | $ | 46 |  |
Debt securities | $ | 82 |  |  | $ | 69 |  |  | $ | — |  |  |  |  | $ | 151 |  |
Derivatives: |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 1,229 |  |  | $ | 2,082 |  |  | $ | 1,739 |  |  | $ | (2,700 | ) |  | $ | 2,350 |  | (f)
Interest rate contracts | $ | — |  |  | $ | 24 |  |  | $ | 2 |  |  | $ | (17 | ) |  | $ | 9 |  | (f)
Foreign currency contracts | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 27 |  | (f)
FPL - commodity contracts | $ | — |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | (1 | ) |  | $ | 3 |  | (f)
Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 1,365 |  |  | $ | 1,446 |  |  | $ | 390 |  |  | $ | (2,625 | ) |  | $ | 576 |  | (f)
Interest rate contracts | $ | — |  |  | $ | 598 |  |  | $ | 144 |  |  | $ | (17 | ) |  | $ | 725 |  | (f)
Foreign currency contracts | $ | — |  |  | $ | 38 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 39 |  | (f)
FPL - commodity contracts | $ | — |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | (1 | ) |  | $ | 13 |  | (f)
______________________
(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) | Includes restricted cash equivalents of approximately $60 million ($54 million for FPL) in current other assets and $64 million ($64 million for FPL) in noncurrent other assets on the consolidated balance sheets.
(c) | 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.
(d) | Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
(e) | Included in noncurrent other assets in the consolidated balance sheets.
(f) | See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
| December 31, 2018 |
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(a) |  | Total |
| (millions) |
Assets: |  |  |  |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents:(b) |  |  |  |  |  |  |  |  |  |
NEE - equity securities | $ | 486 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 486 |  |
FPL - equity securities | $ | 206 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 206 |  |
Special use funds:(c) |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 1,445 |  |  | $ | 1,601 |  | (d) | $ | — |  |  |  |  | $ | 3,046 |  |
U.S. Government and municipal bonds | $ | 449 |  |  | $ | 155 |  |  | $ | — |  |  |  |  | $ | 604 |  |
Corporate debt securities | $ | — |  |  | $ | 728 |  |  | $ | — |  |  |  |  | $ | 728 |  |
Mortgage-backed securities | $ | — |  |  | $ | 478 |  |  | $ | — |  |  |  |  | $ | 478 |  |
Other debt securities | $ | — |  |  | $ | 145 |  |  | $ | 1 |  |  |  |  | $ | 146 |  |
FPL: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 398 |  |  | $ | 1,452 |  | (d) | $ | — |  |  |  |  | $ | 1,850 |  |
U.S. Government and municipal bonds | $ | 350 |  |  | $ | 120 |  |  | $ | — |  |  |  |  | $ | 470 |  |
Corporate debt securities | $ | — |  |  | $ | 544 |  |  | $ | — |  |  |  |  | $ | 544 |  |
Mortgage-backed securities | $ | — |  |  | $ | 367 |  |  | $ | — |  |  |  |  | $ | 367 |  |
Other debt securities | $ | — |  |  | $ | 131 |  |  | $ | 1 |  |  |  |  | $ | 132 |  |
Other investments:(e) |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 13 |  |  | $ | 11 |  |  | $ | — |  |  |  |  | $ | 24 |  |
Debt securities | $ | 36 |  |  | $ | 90 |  |  | $ | — |  |  |  |  | $ | 126 |  |
Derivatives: |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 1,379 |  |  | $ | 1,923 |  |  | $ | 1,349 |  |  | $ | (2,811 | ) |  | $ | 1,840 |  | (f)
Interest rate contracts | $ | — |  |  | $ | 56 |  |  | $ | — |  |  | $ | (7 | ) |  | $ | 49 |  | (f)
Foreign currency contracts | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 30 |  | (f)
FPL - commodity contracts | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |  | (f)
Liabilities: |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 1,329 |  |  | $ | 1,410 |  |  | $ | 566 |  |  | $ | (2,622 | ) |  | $ | 683 |  | (f)
Interest rate contracts | $ | — |  |  | $ | 336 |  |  | $ | 136 |  |  | $ | (7 | ) |  | $ | 465 |  | (f)
Foreign currency contracts | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 43 |  | (f)
FPL - commodity contracts | $ | — |  |  | $ | 7 |  |  | $ | 36 |  |  | $ | (2 | ) |  | $ | 41 |  | (f)
______________________
(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) | Includes restricted cash equivalents of approximately $85 million ($81 million for FPL) in current other assets on the consolidated balance sheets.
(c) | 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.
(d) | Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
(e) | Included in noncurrent other assets in the consolidated balance sheets.
(f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to 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, 2019 are as follows:
Transaction Type |  | Fair Value at December 31, 2019 |  | Valuation Technique(s) |  | Significant Unobservable Inputs |  | Range
|  | Assets |  | Liabilities |  |  |  |  |  |  |  |
|  | (millions) |  |  |  |  |  |  |  |
Forward contracts - power |  | $ | 858 |  |  | $ | 52 |  |  | Discounted cash flow |  | Forward price (per MWh) |  | $(14) | — | $258
Forward contracts - gas |  | 195 |  |  | 22 |  |  | Discounted cash flow |  | Forward price (per MMBtu) |  | $2 | — | $6
Forward contracts - other commodity related |  | 3 |  |  | 2 |  |  | Discounted cash flow |  | Forward price (various) |  | $— | — | $70
Options - power |  | 42 |  |  | 11 |  |  | Option models |  | Implied correlations |  | 1% | — | 88%
|  |  |  |  |  |  |  | Implied volatilities |  | 6% | — | 502%
Options - primarily gas |  | 152 |  |  | 148 |  |  | Option models |  | Implied correlations |  | 1% | — | 88%
|  |  |  |  |  |  |  | Implied volatilities |  | 1% | — | 218%
Full requirements and unit contingent contracts |  | 489 |  |  | 155 |  |  | Discounted cash flow |  | Forward price (per MWh) |  | $(20) | — | $949
|  |  |  |  |  |  |  | Customer migration rate(a) |  | —% | — | 14%
Total |  | $ | 1,739 |  |  | $ | 390 |  |  |  |  |  |  |  |  |
______________________ (a) Applies only to full requirements contracts.
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,
| 2019 |  | 2018 |  | 2017
| NEE |  | FPL |  | NEE |  | FPL |  | NEE |  | FPL
| (millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year | $ | 647 |  |  | $ | (36 | ) |  | $ | 566 |  |  | $ | — |  |  | $ | 578 |  |  | $ | 1 |
Realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings(a) | 923 |  |  | — |  |  | 35 |  |  | (1 | ) |  | 376 |  |  | — |
Included in other comprehensive income (loss)(b) | 5 |  |  | — |  |  | 7 |  |  | — |  |  | (18 | ) |  | — |
Included in regulatory assets and liabilities | 1 |  |  | 1 |  |  | (18 | ) |  | (18 | ) |  | — |  |  | — |
Purchases | 141 |  |  | — |  |  | 152 |  |  | (16 | ) |  | 126 |  |  | — |
Settlements | (356 | ) |  | 25 |  |  | 28 |  |  | (2 | ) |  | (317 | ) |  | (1 | )
Issuances | (87 | ) |  | — |  |  | (115 | ) |  | — |  |  | (197 | ) |  | — |
Impact of adoption of revenue standard | — |  |  | — |  |  | (30 | ) |  | — |  |  | — |  |  | — |
Transfers in(c) | (5 | ) |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |
Transfers out(c) | (62 | ) |  | 2 |  |  | 22 |  |  | 1 |  |  | 1 |  |  | — |
Fair value of net derivatives based on significant unobservable inputs at December 31 | $ | 1,207 |  |  | $ | (8 | ) |  | $ | 647 |  |  | $ | (36 | ) |  | $ | 566 |  |  | $ | — |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date(d) | $ | 611 |  |  | $ | — |  |  | $ | 100 |  |  | $ | (1 | ) |  | $ | 277 |  |  | $ | — |
______________________
(a) | For the years ended December 31, 2019, 2018 and 2017, approximately $956 million, $48 million and $379 million of realized and unrealized gains are included in the consolidated statements of income in operating revenues and the balance is included in interest expense.
(b) | Included in net unrealized gains (losses) on foreign currency translation in the consolidated statements of comprehensive income.
(c) | 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. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
(d) For the years ended December 31, 2019, 2018 and 2017, approximately $638 million, $112 million and $281 million of unrealized gains are included in the consolidated statements of income in operating revenues and the balance is included in interest expense.
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, 2019 |  | December 31, 2018 |
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value |
| (millions) |
NEE: |  |
Special use funds(a) | $ | 892 |  |  | $ | 891 |  |  | $ | 884 |  |  | $ | 883 |  |
Other investments(b) | $ | 30 |  |  | $ | 30 |  |  | $ | 54 |  |  | $ | 54 |  |
Long-term debt, including current portion(c) | $ | 39,667 |  |  | $ | 42,928 |  | (d) | $ | 29,498 |  |  | $ | 30,043 |  | (d)
FPL: |  |  |  |  |  |  |  |
Special use funds(a) | $ | 706 |  |  | $ | 705 |  |  | $ | 693 |  |  | $ | 692 |  |
Long-term debt, including current portion | $ | 14,161 |  |  | $ | 16,448 |  | (d) | $ | 11,783 |  |  | $ | 12,613 |  | (d)
______________________
(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) | Excludes debt totaling approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets, for which the carrying amount approximates fair value. See Note 1 - Disposal of Businesses/Assets.
(d) | At December 31, 2019 and 2018, substantially all is Level 2 for NEE and all is Level 2 for FPL.
Available-for-sale Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows:
| NEE |  | FPL
| Years Ended December 31, |  | Years Ended December 31,
| 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
| (millions)
Realized gains | $ | 68 |  |  | $ | 51 |  |  | $ | 178 |  |  | $ | 44 |  |  | $ | 31 |  |  | $ | 75 |
Realized losses | $ | 48 |  |  | $ | 75 |  |  | $ | 83 |  |  | $ | 29 |  |  | $ | 49 |  |  | $ | 50 |
Proceeds from sale or maturity of securities | $ | 3,005 |  |  | $ | 2,551 |  |  | $ | 2,817 |  |  | $ | 2,539 |  |  | $ | 2,100 |  |  | $ | 1,902 |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
|  |  | (millions) |  |
Unrealized gains | $ | 75 |  |  | $ | 14 |  |  | $ | 58 |  |  | $ | 11 |
Unrealized losses(a) | $ | 7 |  |  | $ | 52 |  |  | $ | 7 |  |  | $ | 41 |
Fair value | $ | 314 |  |  | $ | 1,273 |  |  | $ | 240 |  |  | $ | 961 |
______________________ (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2019 and 2018 were not material to NEE or FPL.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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