v3.26.3
Non-Derivative Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
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, 2026
Level 1Level 2Level 3Total
(millions)
Assets:
Cash equivalents and restricted cash equivalents:(a)
NEE – equity securities
$2,132 $— $— $2,132 
FPL – equity securities
$839 $— $— $839 
Special use funds:(b)
NEE:
Equity securities$3,304 $4,291 
(c)
$223 $7,818 
U.S. Government and municipal bonds$722 $27 $— $749 
Corporate debt securities$5 $666 $— $671 
Asset-backed securities$— $900 $— $900 
Other debt securities$(5)$19 $— $14 
FPL:
Equity securities$1,332 $3,905 
(c)
$199 $5,436 
U.S. Government and municipal bonds$561 $21 $— $582 
Corporate debt securities$5 $496 $— $501 
Asset-backed securities$— $709 $— $709 
Other debt securities$(5)$13 $— $8 
Other investments:(d)
NEE:
Equity securities$55 $— $61 $116 
U.S. Government and municipal bonds$15 $— $— $15 
Corporate debt securities$— $1,330 $5 $1,335 
Other debt securities$— $393 $139 $532 
FPL:
Equity securities$6 $— $— $6 

———————————————
(a)Includes restricted cash equivalents of approximately $38 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, 2025
Level 1Level 2Level 3Total
(millions)
Assets:
Cash equivalents and restricted cash equivalents:(a)
NEE – equity securities
$1,873 $— $— $1,873 
FPL – equity securities
$40 $— $— $40 
Special use funds:(b)
NEE:
Equity securities$2,948 $3,828 
(c)
$231 $7,007 
U.S. Government and municipal bonds$721 $65 $— $786 
Corporate debt securities$10 $722 $— $732 
Asset-backed securities$— $918 $— $918 
Other debt securities$— $17 $— $17 
FPL:
Equity securities$1,148 $3,486 
(c)
$206 $4,840 
U.S. Government and municipal bonds$588 $40 $— $628 
Corporate debt securities$11 $539 $— $550 
Asset-backed securities$— $697 $— $697 
Other debt securities$— $10 $— $10 
Other investments:(d)
NEE:
Equity securities$49 $— $82 $131 
U.S. Government and municipal bonds$33 $1 $— $34 
Corporate debt securities$— $1,299 $120 $1,419 
Other debt securities$— $264 $28 $292 
FPL:
Equity securities$7 $— $— $7 
———————————————
(a)Includes restricted cash equivalents of approximately $39 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.
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, 2026December 31, 2025
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
(millions)
NEE:
Special use funds(a)
$1,525 $1,526 $1,494 $1,495 
Other receivables, net of allowances(b)
$451 $451 $535 $535 
Long-term debt, including current portion$105,958 $99,023 
(c)
$93,056 

$91,614 
(c)
FPL:
Special use funds(a)
$922 $923 $959 $960 
Long-term debt, including current portion$30,520 $26,994 
(c)
$28,682 $27,354 
(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 $307 million and $340 million is included in current other assets and $144 million and $195 million is included in noncurrent other assets on NEE's condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively (primarily Level 3).
(c)As of September 30, 2026 and December 31, 2025, substantially all is Level 2 for NEE and FPL.
Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date
Unrealized gains (losses) recognized on equity securities held as of September 30, 2026 and 2025 are as follows:
NEEFPL
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
20262025202620252026202520262025
(millions)
Unrealized gains (losses)$(667)$431 $(39)$737 $(672)$304 $(261)$515 
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,
20262025202620252026202520262025
(millions)
Realized gains$9 $25 $39 $56 $5 $22 $30 $49 
Realized losses$19 $17 $51 $58 $14 $14 $37 $45 
Proceeds from sale or maturity of securities$762 $877 $2,598 $2,854 $544 $494 $1,724 $1,735 

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, 2026December 31, 2025September 30, 2026December 31, 2025
(millions)
Unrealized gains$6 $62 $5 $34 
Unrealized losses(a)
$245 $68 $132 $37 
Fair value$3,687 $1,344 $1,618 $709 
———————————————
(a)    Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months as of September 30, 2026 and December 31, 2025 were not material to NEE or FPL.