v3.25.3
Non-Derivative Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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:
 September 30, 2025
 Level 1Level 2 Level 3Total
 (millions)
Assets:     
Cash equivalents and restricted cash equivalents:(a)
     
NEE – equity securities
$1,326 $— $— $1,326 
FPL – equity securities
$39 $— $— $39 
Special use funds:(b)
 
NEE: 
Equity securities$2,926 $3,751 
(c)
$230 $6,907 
U.S. Government and municipal bonds$664 $65 $— $729 
Corporate debt securities$10 $699 $— $709 
Asset-backed securities$— $950 $— $950 
Other debt securities$1 $17 $— $18 
FPL:     
Equity securities$1,166 $3,415 
(c)
$205 $4,786 
U.S. Government and municipal bonds$550 $40 $— $590 
Corporate debt securities$9 $510 $— $519 
Asset-backed securities$— $718 $— $718 
Other debt securities$1 $10 $— $11 
Other investments:(d)
     
NEE:     
Equity securities$51 $1 $52 $104 
U.S. Government and municipal bonds$96 $3 $— $99 
Corporate debt securities$— $1,169 $121 $1,290 
Other debt securities$— $281 $30 $311 
FPL:
Equity securities$7 $— $— $7 

———————————————
(a)Includes restricted cash equivalents of approximately $45 million ($37 million for FPL) in current 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, 2024
 Level 1Level 2 Level 3Total
 (millions)
Assets:     
Cash equivalents and restricted cash equivalents:(a)
     
NEE – equity securities
$677 $— $— $677 
FPL – equity securities
$101 $— $— $101 
Special use funds:(b)
 
NEE: 
Equity securities$2,614 $3,321 
(c)
$229 $6,164 
U.S. Government and municipal bonds$663 $59 $— $722 
Corporate debt securities$5 $680 $— $685 
Asset-backed securities$— $873 $— $873 
Other debt securities$— $14 $— $14 
FPL: 
Equity securities$1,028 $2,987 
(c)
$204 $4,219 
U.S. Government and municipal bonds$522 $39 $— $561 
Corporate debt securities$4 $506 $— $510 
Asset-backed securities$— $660 $— $660 
Other debt securities$— $10 $— $10 
Other investments:(d)
     
NEE:     
Equity securities$48 $1 $— $49 
U.S. Government and municipal bonds$158 $3 $— $161 
Corporate debt securities$— $758 $111 $869 
Other debt securities$— $295 $53 $348 
FPL:
Equity securities$8 $— $— $8 
———————————————
(a)Includes restricted cash equivalents of approximately $109 million ($101 million for FPL) in current 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.
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:
 September 30, 2025 December 31, 2024 
 Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value		 
 (millions) 
NEE:  
Special use funds(a)
$1,457 $1,458 $1,342 $1,343 
Other receivables, net of allowances(b)
$554 $554 $629 $629 
Long-term debt, including current portion$87,760 $85,990 
(c)
$80,446 

$76,428 
(c)
FPL:     
Special use funds(a)
$952 $953 $915 $916 
Long-term debt, including current portion$27,512 $25,802 
(c)
$26,745 $24,718 
(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)Approximately $348 million and $396 million is included in current other assets and $206 million and $233 million is included in noncurrent other assets on NEE's condensed consolidated balance sheets at September 30, 2025 and December 31, 2024, respectively (primarily Level 3).
(c)At September 30, 2025 and December 31, 2024, substantially all is Level 2 for NEE and FPL.
Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date
Unrealized gains recognized on equity securities held at September 30, 2025 and 2024 are as follows:
 NEEFPL
 Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
 20252024202520242025202420252024
 (millions)
Unrealized gains
$431 $313 $737 $857 $304 $206 $515 $591 
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:
 NEEFPL
 Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
 20252024202520242025202420252024
 (millions)
Realized gains$25 $21 $56 $40 $22 $19 $49 $35 
Realized losses$17 $17 $58 $45 $14 $14 $45 $33 
Proceeds from sale or maturity of securities$877 $597 $2,854 $1,812 $494 $451 $1,735 $1,390 

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:
 NEEFPL
 September 30, 2025December 31, 2024September 30, 2025December 31, 2024
 (millions)
Unrealized gains$64 $25 $36 $16 
Unrealized losses(a)
$64 $119 $30 $61 
Fair value$1,139 $2,224 $661 $1,160 
———————————————
(a)    Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2025 and December 31, 2024 were not material to NEE or FPL.