Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Estimates of the Fair Value of Financial Instruments

The following estimates of the fair value of financial instruments have been made primarily using available market information. However, the use of different market assumptions or methods of valuation could result in different estimated fair values.



	December 31, 2011								December 31, 2010
	Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
	(millions)
NEE:
Special use funds	$	3,867		^(a)	$	3,867		^(b)	$	3,742		^(a)	$	3,742		^(b)
Other investments:
Notes receivable	$	503			$	535		^(c)	$	525			$	583		^(c)
Debt securities	$	89		^(d)	$	89		^(b)	$	114		^(d)	$	114		^(b)
Equity securities	$	80			$	159		^(e)	$	57			$	125		^(e)
Long-term debt, including current maturities	$	21,614			$	23,699		^(f)	$	19,929			$	20,756		^(f)
Interest rate swaps - net unrealized losses	$	(283	)		$	(283	)	^(g)	$	(16	)		$	(16	)	^(g)
Foreign currency swaps - net unrealized gains	$	18			$	18		^(g)	$	44			$	44		^(g)
FPL:
Special use funds	$	2,737		^(a)	$	2,737		^(b)	$	2,637		^(a)	$	2,637		^(b)
Long-term debt, including current maturities	$	7,533			$	9,078		^(f)	$	6,727			$	7,236		^(f)

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(a)

At December 31, 2011, includes $164 million of investments accounted for under the equity method and $39 million of loans not measured at fair value on a recurring basis ($112 million and $24 million, respectively, for FPL). At December 31, 2010, includes $76 million of investments accounted for under the equity method and $17 million of loans not measured at fair value on a recurring basis ($94 million and $11 million, respectively, for FPL). For the remaining balance, see Note 4 for classification by major security type. The amortized cost of debt and equity securities is $1,638 million and $1,425 million, respectively, at December 31, 2011 and $1,616 million and $1,489 million, respectively, at December 31, 2010 ($1,321 million and $864 million, respectively, at December 31, 2011 and $1,281 million and $943 million, respectively, at December 31, 2010 for FPL).


(b)	Based on quoted market prices for these or similar issues.

(c)

Classified as held to maturity. Based on market prices provided by external sources. Notes receivable bear interest primarily at fixed rates and mature from 2014 to 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit standings and ratings and market-related information. As of December 31, 2011, neither NEE nor FPL had any notes receivable reported in non-accrual status.


(d)	Classified as trading securities.


(e)	Modeled internally based on latest market data.


(f)	Provided by external sources based on market prices indicative of market conditions.


(g)	Modeled internally based on market values using discounted cash flow analysis and credit valuation adjustment.

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,
	2011		2010		2009		2011		2010		2009
	(millions)
Realized gains	$	183	$	106	$	108	$	74	$	49	$	48
Realized losses	$	88	$	30	$	30	$	62	$	22	$	25
Proceeds from sale or maturity of securities	$	4,348	$	6,726	$	4,592	$	2,988	$	5,079	$	3,270

Unrealized losses on available for sale debt securities at December 31, 2011 and 2010 were not material to NEE or FPL. The unrealized gains on available for sale securities are as follows:



	NEE				FPL
	December 31,				December 31,
	2011		2010		2011		2010
			(millions)
Equity securities	$	546	$	612	$	376	$	384
U.S. Government and municipal bonds	$	46	$	15	$	43	$	15
Corporate debt securities	$	31	$	23	$	24	$	19
Mortgage-backed securities	$	27	$	20	$	24	$	18
Other debt securities	$	3	$	2	$	3	$	1

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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