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Non-Derivative Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Financial assets and liabilities and other fair value measurements | 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:
| March 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (millions)
Assets: |  |  |  |  |  |  |
Cash equivalents and restricted cash equivalents:(a) |  |  |  |  |  |  |
NEE - equity securities | $ | 699 |  |  | $ | — |  |  | $ | — |  |  | $ | 699 |
FPL - equity securities | $ | 97 |  |  | $ | — |  |  | $ | — |  |  | $ | 97 |
Special use funds:(b) |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |
Equity securities | $ | 2,329 |  |  | $ | 2,650 |  | (c) | $ | — |  |  | $ | 4,979 |
U.S. Government and municipal bonds | $ | 712 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 775 |
Corporate debt securities | $ | 1 |  |  | $ | 829 |  |  | $ | — |  |  | $ | 830 |
Mortgage-backed securities | $ | — |  |  | $ | 434 |  |  | $ | — |  |  | $ | 434 |
Other debt securities | $ | — |  |  | $ | 139 |  |  | $ | — |  |  | $ | 139 |
FPL: |  |  |  |  |  |  |
Equity securities | $ | 791 |  |  | $ | 2,405 |  | (c) | $ | — |  |  | $ | 3,196 |
U.S. Government and municipal bonds | $ | 558 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 605 |
Corporate debt securities | $ | — |  |  | $ | 618 |  |  | $ | — |  |  | $ | 618 |
Mortgage-backed securities | $ | — |  |  | $ | 328 |  |  | $ | — |  |  | $ | 328 |
Other debt securities | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | 126 |
Other investments:(d) |  |  |  |  |  |  |
NEE: |  |  |  |  |  |  |
Equity securities | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | 70 |
Debt securities | $ | 104 |  |  | $ | 120 |  |  | $ | 15 |  |  | $ | 239 |
FPL - equity securities | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |
——————————————— (a)Includes restricted cash equivalents of approximately $85 million ($84 million for FPL) in current other assets and $9 million ($9 million for FPL) in noncurrent other assets on the condensed 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 condensed 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 condensed 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 condensed consolidated balance sheets.
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2021 are as follows:
|  | Fair Value at |  | Valuation |  | Significant |  |  |  |  |  | Weighted-
Transaction Type |  | March 31, 2021 |  | Technique(s) |  | Unobservable Inputs |  | Range |  | average(a)
|  | Assets |  | Liabilities |  |  |  |  |  |  |  |  |  |
|  | (millions) |  |  |  |  |  |  |  |  |  |
Forward contracts - power |  | $ | 703 |  |  | $ | 92 |  |  | Discounted cash flow |  | Forward price (per MWh) |  | $1 | — | $133 |  | $30
Forward contracts - gas |  | 277 |  |  | 34 |  |  | Discounted cash flow |  | Forward price (per MMBtu) |  | $1 | — | $8 |  | $3
Forward contracts - congestion |  | 23 |  |  | 5 |  |  | Discounted cash flow |  | Forward price (per MWh) |  | $(8) | — | $75 |  | $—
Options - power |  | 38 |  |  | 9 |  |  | Option models |  | Implied correlations |  | 39% | — | 85% |  | 54%
|  |  |  |  |  |  |  | Implied volatilities |  | 7% | — | 236% |  | 59%
Options - primarily gas |  | 137 |  |  | 120 |  |  | Option models |  | Implied correlations |  | 39% | — | 85% |  | 54%
|  |  |  |  |  |  |  | Implied volatilities |  | 16% | — | 115% |  | 29%
Full requirements and unit contingent contracts |  | 295 |  |  | 70 |  |  | Discounted cash flow |  | Forward price (per MWh) |  | $5 | — | $318 |  | $50
|  |  |  |  |  |  |  | Customer migration rate(b) |  | —% | — | 49% |  | 1%
Forward contracts - other |  | 26 |  |  | 12 |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,499 |  |  | $ | 342 |  |  |  |  |  |  |  |  |  |  |
——————————————— (a)Unobservable inputs were weighted by volume. (b)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 Input |  | Position |  | Impact on Fair Value Measurement
Forward price |  | Purchase power/gas |  | Increase (decrease)
|  | Sell power/gas |  | Decrease (increase)
Implied correlations |  | Purchase option |  | Decrease (increase)
|  | Sell option |  | Increase (decrease)
Implied volatilities |  | Purchase option |  | Increase (decrease)
|  | Sell option |  | Decrease (increase)
Customer migration rate |  | Sell power(a) |  | Decrease (increase)
——————————————— (a)Assumes the contract is in a gain position.
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:
| March 31, 2021 |  | December 31, 2020 |
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value |
| (millions) |
NEE: |  |
Special use funds(a) | $ | 853 |  |  | $ | 854 |  |  | $ | 919 |  |  | $ | 920 |  |
Other investments(b) | $ | 28 |  |  | $ | 28 |  |  | $ | 29 |  |  | $ | 29 |  |
Long-term debt, including current portion | $ | 49,902 |  |  | $ | 53,173 |  | (c) | $ | 46,082 |  |  | $ | 51,525 |  | (c)
FPL: |  |  |  |  |  |  |  |
Special use funds(a) | $ | 644 |  |  | $ | 645 |  |  | $ | 718 |  |  | $ | 719 |  |
Long-term debt, including current portion | $ | 17,421 |  |  | $ | 19,859 |  | (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 condensed consolidated balance sheets. (c)At March 31, 2021 and December 31, 2020, substantially all is Level 2 for NEE and FPL.
Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date | Unrealized gains (losses) recognized on equity securities held at March 31, 2021 and 2020 are as follows:
|  |  |  |  | NEE |  |  |  |  |  | FPL
|  |  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020 |  |  |  |  |  | 2021 |  | 2020
|  |  |  |  | (millions)
Unrealized gains (losses) |  |  |  |  | $ | 247 |  |  | $ | (808) |  |  |  |  |  |  | $ | 161 |  |  | $ | (502) |
Gains and Losses on Available-for-sale Debt Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows:
|  |  |  |  | NEE |  |  |  |  |  | FPL
|  |  | Three Months Ended March 31, |  |  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020 |  |  |  |  |  | 2021 |  | 2020
|  |  |  |  | (millions)
Realized gains |  |  |  |  | $ | 18 |  |  | $ | 30 |  |  |  |  |  |  | $ | 12 |  |  | $ | 25 |
Realized losses |  |  |  |  | $ | 14 |  |  | $ | 17 |  |  |  |  |  |  | $ | 13 |  |  | $ | 15 |
Proceeds from sale or maturity of securities |  |  |  |  | $ | 548 |  |  | $ | 738 |  |  |  |  |  |  | $ | 390 |  |  | $ | 607 |
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
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
| (millions)
Unrealized gains | $ | 72 |  |  | $ | 134 |  |  | $ | 56 |  |  | $ | 104 |
Unrealized losses(a) | $ | 29 |  |  | $ | 9 |  |  | $ | 21 |  |  | $ | 9 |
Fair value | $ | 747 |  |  | $ | 201 |  |  | $ | 537 |  |  | $ | 150 |
——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2021 and December 31, 2020 were not material to NEE or FPL.

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