v3.25.4
Non-Derivative Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring NEE's and FPL's fair value measurements made on a recurring basis by fair value hierarchy level are as follows:
 December 31, 2025
 Level 1Level 2 Level 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 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 consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 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 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 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:
December 31, 2025December 31, 2024
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
 (millions)
NEE:
Special use funds(a)
$1,494 $1,495 $1,342 $1,343 
Other receivables, net of allowances(b)
$535 $535 

$629 $629 
Long-term debt, including current portion$93,056 $91,614 
(c)
$80,446 

$76,428 
(c)
FPL:
Special use funds(a)
$959 $960 $915 $916 
Long-term debt, including current portion$28,682 $27,354 
(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 $340 million and $396 million is included in current other assets and $195 million and $233 million is included in noncurrent other assets on NEE's consolidated balance sheets as of December 31, 2025 and 2024, respectively (primarily Level 3).
(c)As of December 31, 2025 and 2024, substantially all is Level 2 for NEE and FPL.
Unrealized Gains (Losses) Recognized On Equity Securities
Unrealized gains recognized on equity securities held as of December 31, 2025, 2024 and 2023 are as follows:

NEEFPL
Years Ended December 31,Years Ended December 31,
202520242023202520242023
(millions)
Unrealized gains
$748 $917 $881 $472 $668 $598 
Debt Securities, Available-for-sale
Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows:

NEEFPL
Years Ended December 31,Years Ended December 31,
202520242023202520242023
(millions)
Realized gains$80 $53 $40 $69 $46 $35 
Realized losses$78 $86 $169 $61 $71 $147 
Proceeds from sale or maturity of securities$3,189 $2,874 $2,380 $2,176 $2,274 $1,921 

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
December 31,December 31,
2025202420252024
 (millions) 
Unrealized gains$62 $25 $34 $16 
Unrealized losses(a)
$68 $119 $37 $61 
Fair value$1,344 $2,224 $709 $1,160 
______________________
(a)Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months as of December 31, 2025 and 2024 were not material to NEE or FPL.