Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Net fair values of mark-to-market derivative instrument assets (liabilities)

The net fair values of NEE's and FPL's mark-to-market derivative instrument assets (liabilities) are included on the consolidated balance sheets as follows:



	NEE						FPL
	December 31,						December 31,
	2011			2010			2011				2010
	(millions)
Current derivative assets^(a)	$	611		$	506		$	10		^(b)	$	8		^(b)
Noncurrent derivative assets^(c)	973			589			2			^(d)	1			^(d)
Current derivative liabilities^(e)	(1,090		)	(536		)	(512		)		(245		)
Noncurrent derivative liabilities^(f)	(541		)	(243		)	(1		)	^(g)	—
Total mark-to-market derivative instrument assets (liabilities)	$	(47	)	$	316		$	(501	)		$	(236	)

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(a)	At December 31, 2011 and 2010, NEE's balances reflect the netting of approximately $106 million and $23 million (none at FPL), respectively, in margin cash collateral received from counterparties.


(b)	Included in current other assets on FPL's consolidated balance sheets.


(c)	At December 31, 2011 and 2010, NEE's balances reflect the netting of approximately $109 million and $43 million (none at FPL), respectively, in margin cash collateral received from counterparties.


(d)	Included in noncurrent other assets on FPL's consolidated balance sheets.


(e)	At December 31, 2011 and 2010, NEE's balances reflect the netting of approximately $112 million and $23 million (none at FPL), respectively, in margin cash collateral provided to counterparties.


(f)	At December 31, 2011 and 2010, NEE's balances reflect the netting of approximately $79 million and $72 million (none at FPL) in margin cash collateral provided to counterparties.


(g)	Included in noncurrent other liabilities on FPL's consolidated balance sheets.

Net notional volumes

At December 31, 2011, NEE and FPL had derivative commodity contracts for the following net notional volumes:



Commodity Type	NEE			FPL
	(millions)
Power	(121	)	mwh^(a)	—
Natural gas	1,132		mmbtu^(b)	775	mmbtu^(b)
Oil	(3	)	barrels	—

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(a)	Megawatt-hours


(b)	One million British thermal units

Cash Flow Hedging [Member]

Derivative [Line Items]

Schedule of derivative instruments in statement of financial position, fair value

The fair values of NEE's derivatives designated as hedging instruments for accounting purposes (none at FPL) are presented below as gross asset and liability values, as required by disclosure rules.



	December 31, 2011				December 31, 2010
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(millions)
Interest rate swaps:
Current derivative assets	$	22	$	—	$	16	$	—
Current derivative liabilities	—		60		—		64
Noncurrent derivative assets	15		—		91		—
Noncurrent derivative liabilities	—		260		—		59
Foreign currency swaps:
Current derivative assets	—		—		24		—
Current derivative liabilities	—		3		—		4
Noncurrent derivative assets	—		—		11		—
Noncurrent derivative liabilities	—		3		—		—
Total	$	37	$	326	$	142	$	127

Derivative instruments, gain (loss) in statement of financial performance

Gains (losses) related to NEE's cash flow hedges are recorded on NEE's consolidated financial statements (none at FPL) as follows:



	Year Ended December 31, 2011												Year Ended December 31, 2010											Year Ended December 31, 2009
	Commodity Contracts		Interest Rate Swaps			Foreign Currency Swaps				Total			Commodity Contracts		Interest Rate Swaps			Foreign Currency Swaps			Total			Commodity Contracts		Interest Rate Swaps			Foreign Currency Swap			Total
	(millions)
Gains (losses) recognized in OCI	$	—	$	(383	)	$	(17	)		$	(400	)	$	20	$	(52	)	$	24		$	(8	)	$	197	$	28		$	3		$	228
Gains (losses) reclassified from AOCI to net income^(a)	$	41	$	(76	)	$	1		^(b)	$	(34	)	$	118	$	(65	)	$	20	^(b)	$	73		$	164	$	(39	)	$	4	^(c)	$	129
Gains (losses) recognized in income^(d)	$	—	$	—		$	—			$	—		$	1	$	—		$	—		$	1		$	29	$	—		$	—		$	29

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(a)	Included in operating revenues for commodity contracts and interest expense for interest rate swaps. In 2011, excludes approximately $21 million of net losses related to the discontinuance of certain cash flow hedges. See further discussion above.


(b)	Loss of approximately $4 million is included in interest expense and the balance is included in other - net.


(c)	Loss of approximately $1 million is included in interest expense and the balance is included in other - net.


(d)	Represents the ineffective portion of the hedging instrument included in operating revenues.

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

Schedule of derivative instruments in statement of financial position, fair value

The fair values of NEE's and FPL's derivatives not designated as hedging instruments for accounting purposes are presented below as gross asset and liability values, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting arrangements and would not be contractually settled on a gross basis.



	December 31, 2011										December 31, 2010
	NEE				FPL						NEE				FPL
	Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities			Derivative Assets		Derivative Liabilities		Derivative Assets			Derivative Liabilities
	(millions)
Commodity contracts:
Current derivative assets	$	1,127	$	432	$	11	^(a)	$	1	^(a)	$	754	$	278	$	9	^(a)	$	1	^(a)
Current derivative liabilities	3,358		4,494		1			513			1,848		2,339		12			257
Noncurrent derivative assets	1,290		250		2		^(b)	—			687		157		1		^(b)	—
Noncurrent derivative liabilities	1,222		1,579		—			1		^(c)	828		1,084		—			—
Foreign currency swap:
Current derivative assets	—		—		—			—			13		—		—			—
Current derivative liabilities	—		3		—			—			—		—		—			—
Noncurrent derivative assets	27		—		—			—			—		—		—			—
Total	$	7,024	$	6,758	$	14		$	515		$	4,130	$	3,858	$	22		$	258

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(a)	Included in current other assets on FPL's consolidated balance sheets.


(b)	Included in noncurrent other assets on FPL's consolidated balance sheets.


(c)	Included in noncurrent other liabilities on FPL's consolidated balance sheets.

Gains (losses) related to derivatives not designated as hedging instruments

Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's consolidated statements of income (none at FPL) as follows:



	Years Ended December 31,
	2011				2010			2009
	(millions)
Commodity contracts:
Operating revenues	$	473		^(a)	$	531	^(a)	279			^(a)
Fuel, purchased power and interchange	—				1			28
Foreign currency swap - other - net	22				18			(3		)
Interest rate contracts - other - net	(11		)		—			—
Total	$	484			$	550		$	304

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(a)	In addition, for the years ended December 31, 2011, 2010 and 2009, FPL recorded approximately $646 million, $665 million and $688 million of losses, respectively, related to commodity contracts as regulatory assets on its consolidated balance sheets.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details