Debt

12 Months Ended

Dec. 31, 2024

Long-term debt consists of the following:


	December 31,
	2024					2023
	Maturity Date	Balance		Weighted- Average Interest Rate		Balance		Weighted- Average Interest Rate
		(millions)				(millions)
FPL:
First mortgage bonds – fixed	2025-2054	$	21,990	4.41	%	$	19,790	4.26	%

Pollution control, solid waste disposal and industrial development revenue bonds – variable(a)	2027-2054	1,663		2.98	%	1,319		3.75	%
Senior unsecured notes – primarily variable(b)(c)	2026-2074	3,194		4.30	%	4,027		5.04	%
Other long-term debt – primarily fixed	2026-2046	167		6.08	%	387		4.74	%
Unamortized debt issuance costs and discounts		(269)				(249)
Total long-term debt of FPL		26,745				25,274
Less current portion of long-term debt		1,719				1,665
Long-term debt of FPL, excluding current portion		25,026				23,609







NEER:

NextEra Energy Resources:
Senior secured limited-recourse long-term debt – variable(c)(d)	2026-2035	8,399		6.47	%	5,943		7.53	%
Senior secured limited-recourse long-term loans – fixed	2029-2049	1,667		5.29	%	2,350		3.45	%


Other long-term debt – primarily variable(c)(d)	2026-2048	3,231		6.62	%	1,183		7.19	%

NEET – long-term debt – primarily fixed(d)	2025-2054	2,058		5.35	%	2,524		5.38	%
Unamortized debt issuance costs, discounts, and premiums		(266)				(174)
Total long-term debt of NEER		15,089				11,826
Less current portion of long-term debt		700				1,031
Long-term debt of NEER, excluding current portion		14,389				10,795
NEECH:
Debentures – fixed	2025-2062	24,280		4.29	%	24,365		4.06	%
Debentures – variable(c)	2026	600		5.34	%	400		6.40	%
Debentures, related to NEE's equity units – fixed	2027-2029	5,500		6.30	%	2,000		4.60	%
Junior subordinated debentures – primarily fixed(d)	2054-2082	5,923		5.84	%	3,723		5.47	%

Canadian dollar denominated long-term debt – fixed(e)	2031	697		4.85	%	—		—	%
Australian dollar denominated long-term debt – fixed(e)	2026	308		2.20	%	339		2.20	%
Other long-term debt – fixed(e)	2025-2030	1,210		2.73	%	228		1.45	%
Other long-term debt – variable(c)	2027	300		5.44	%	300		6.02	%

Unamortized debt issuance costs, discounts, and premiums		(206)				(149)
Total long-term debt of NEECH		38,612				31,206
Less current portion of long-term debt		5,642				4,205
Long-term debt of NEECH, excluding current portion		32,970				27,001
Total long-term debt		$	72,385			$	61,405

______________________

(a)Includes tax exempt bonds that permit individual bondholders to tender the bonds for purchase at any time prior to maturity. In the event these tax exempt bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase these tax exempt bonds. At December 31, 2024, these tax exempt bonds totaled approximately $1,663 million. All tax exempt bonds tendered for purchase have been successfully remarketed. FPL's syndicated revolving credit facilities are available to support the purchase of the tax exempt bonds. Variable interest rate is established at various intervals by the remarketing agent.

(b)At December 31, 2024, includes approximately $1,979 million of floating rate notes that permit individual noteholders to require repayment at specified dates prior to maturity. FPL’s syndicated revolving credit facilities are available to support the purchase of the floating rate notes.

(c)Variable rate is based on an underlying index plus a specified margin.

(d)Interest rate contracts, primarily swaps, have been entered into with respect to certain of these debt issuances. See Note 3.

(e)Foreign currency contracts have been entered into with respect to certain of these debt issuances. See Note 3.

As of December 31, 2024, minimum annual maturities of long-term debt for NEE are approximately $8,064 million, $3,358 million, $11,519 million, $7,357 million and $9,919 million for 2025, 2026, 2027, 2028 and 2029, respectively. The respective amounts for FPL are approximately $1,720 million, $641 million, $328 million, $1,992 million and $948 million.

At December 31, 2024 and 2023, short-term borrowings had a weighted-average interest rate of 4.82% (4.59% for FPL) and 5.62% (5.50% for FPL), respectively. Subsidiaries of NEE, including FPL, had credit facilities with total capacity at December 31, 2024 of approximately $22.3 billion ($4.5 billion for FPL) which provide for the funding of loans and/or issuance of letters of

credit. At December 31, 2024, letters of credit outstanding under these credit facilities totaled approximately $3.6 billion ($4.0 million for FPL). There were no borrowings outstanding under these facilities at December 31, 2024.

NEE has guaranteed certain payment obligations of NEECH, including most of those under NEECH's debt, including all of its debentures and commercial paper issuances, as well as most of its payment guarantees and indemnifications. NEECH has guaranteed certain debt and other obligations of subsidiaries within the NEER segment.

In August 2022, NEECH completed a remarketing of $1.5 billion aggregate principal amount of its Series J Debentures due September 1, 2024 that were issued in September 2019 as components of equity units issued concurrently by NEE (September 2019 equity units). The debentures were fully and unconditionally guaranteed by NEE. In connection with the remarketing of the debentures, the interest rate on the debentures was reset to 4.255% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2022. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the September 2019 equity units, on September 1, 2022, NEE issued approximately 21.6 million shares of common stock in exchange for $1.5 billion.

In March 2023, NEECH completed a remarketing of $2.5 billion aggregate principal amount of its Series K Debentures due March 1, 2025 that were issued in February 2020 as components of equity units issued concurrently by NEE (February 2020 equity units). The debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the debentures, the interest rate on the debentures was reset to 6.051% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2023. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the February 2020 equity units, on March 1, 2023, NEE issued approximately 33.4 million shares of common stock in exchange for $2.5 billion.

In August 2023, NEECH completed a remarketing of $2.0 billion aggregate principal amount of its Series L Debentures due September 1, 2025 that were issued in September 2020 as components of equity units issued concurrently by NEE (September 2020 equity units). The debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the debentures, the interest rate on the debentures was reset to 5.749% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2023. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the September 2020 equity units, on September 1, 2023, NEE issued approximately 27.3 million shares of common stock in exchange for $2.0 billion.

In March 2024, NEECH issued $1.0 billion principal amount of its exchangeable senior notes due 2027 (the notes). A holder may exchange all or a portion of its notes at any time prior to the maturity date in accordance with the related indenture. Upon exchange, NEECH will pay cash up to the aggregate principal amount of the notes being exchanged and has the right, at its sole discretion, to pay or deliver cash, shares of NEE common stock or a combination of both, in respect of the remainder, if any, of NEECH's exchange obligation in excess of the aggregate principal amount of the notes being exchanged. At December 31, 2024, the exchange rate, which is subject to certain adjustments as set forth in the indenture, is 14.6927 shares of NEE common stock per $1,000 in principal amount of notes, which is equivalent to an exchange price of approximately $68.06 per share of NEE common stock.

NEECH used $52 million of the net proceeds from the sale of the notes to enter into capped call transactions. Under the capped call transactions, NEECH purchased capped call options with an initial strike price of $68.06 and an initial cap price of $83.34 in each case per share of NEE common stock and subject to adjustment in certain circumstances. The capped call transactions may be settled with cash or, at NEE's election, with shares of NEE common stock. Any capped call settlement value is expected to offset the value to be delivered upon exchange of the notes as a result of share price improvement up to the cap price.

In September 2022, NEE sold $2.0 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series M Debenture due September 1, 2027, issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than September 1, 2025 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range described in the following sentence. If purchased on the final settlement date, as of December 31, 2024, the number of shares issued per equity unit would (subject to antidilution adjustments) range from 0.5670 shares if the applicable market value of a share of NEE common stock is less than or equal to $88.88 (the reference price) to 0.4534 shares if the applicable market value of a share is equal to or greater than $111.10 (the threshold appreciation price), with the applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending August 27, 2025. Total annual distributions on the equity units are at the rate of 6.926%, consisting of interest on the debentures (4.60% per year) and payments under the stock purchase contracts (2.326% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2025. A holder of an equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase

contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE.

In June 2024, NEE sold $2.0 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series N Debenture due June 1, 2029, issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than June 1, 2027 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments), based on a price per share range described in the following sentence. If purchased on the final settlement date, as of December 31, 2024, the number of shares issued per equity unit would (subject to antidilution adjustments) range from 0.6915 shares if the applicable market value of a share of NEE common stock is less than or equal to $72.31 (the reference price) to 0.5532 shares if the applicable market value of a share is equal to or greater than $90.38 (the threshold appreciation price), with the applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending on May 26, 2027. Total annual distributions on the equity units are at the rate of 7.299%, consisting of interest on the debentures (5.15% per year) and payments under the stock purchase contracts (2.149% per year). The interest rate on the debentures is expected to be reset on or after December 1, 2026. A holder of an equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE.

In October 2024, NEE sold $1.5 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series O Debenture due November 1, 2029, issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than November 1, 2027 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments), based on a price per share range described in the following sentence. If purchased on the final settlement date, as of December 31, 2024, the number of shares issued per equity unit would (subject to antidilution adjustments) range from 0.6034 shares if the applicable market value of a share of NEE common stock is less than or equal to $82.87 (the reference price) to 0.4827 shares if the applicable market value of a share is equal to or greater than $103.58 (the threshold appreciation price), with the applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending on October 27, 2027. Total annual distributions on the equity units are at the rate of 7.234%, consisting of interest on the debentures (4.635% per year) and payments under the stock purchase contracts (2.599% per year). The interest rate on the debentures is expected to be reset on or after May 1, 2027. A holder of an equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE.

Prior to the issuance of NEE’s common stock, the stock purchase contracts, if dilutive, will be reflected in NEE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of NEE common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon settlement of the stock purchase contracts over the number of shares that could be purchased by NEE in the market, at the average market price during the period, using the proceeds receivable upon settlement.

On February 4, 2025, NEECH sold a total of $4.5 billion principal amount of its fixed-rate debentures, with interest rates ranging from 4.85% to 5.90% and maturity dates ranging from 2028 to 2055, and $500 million of its floating-rate debentures due in 2028.

On February 6, 2025, NEECH sold $1.5 billion principal amount of its Series S Junior Subordinated Debentures due August 15, 2055 and $1.0 billion principal amount of its Series T Junior Subordinated Debentures due August 15, 2055, bearing interest at a rate of 6.375% to August 15, 2030 and 6.50% to August 15, 2035, respectively, and thereafter will bear interest based on an underlying index plus a specified margin, reset every five years, provided that the interest rate will not be lower than the respective initial interest rate.