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Summary of Significant Accou�F'2. Employee Retirement Benefits�:�(3. Derivative Instruments�<�*4. Fair Value Measurements�8�,5. Financial Instruments�&�.6. Income Taxes�6�07. Comprehensive Income�F�28. Jointly-Owned Electric Plant�B�49. Variable Interest Entities�F�610. Investments in Partnerships�D�811. Common and Preferred Stock��:12. Debt�Fs<13. Asset Retirement Obligation�Ff>14. Commitments and Contingenci�6Y@15. Segment Information�FLB16. Summarized Financial Inform�,?D17. Quarterly Data�02FDocument Information�,�HEntity Information��T�� )CONSOLIDATED STATEMENTS OF INCOME (USD $)"In Millions, except Per Share data 12 Months Ended Dec. 31, 2009 12 Months Ended Dec. 31, 2008 12 Months Ended Dec. 31, 2007 Income Statement [Abstract]OPERATING REVENUESOPERATING EXPENSES%Fuel, purchased power and interchange Other operations and maintenanceDepreciation and amortization'Taxes other than income taxes and otherTotal operating expensesOPERATING INCOMEOTHER INCOME (DEDUCTIONS)Interest expense-Equity in earnings of equity method investees3Allowance for equity funds used during constructionInterest income!Gains on disposal of assets - netZOther than temporary impairment losses on securities held in nuclear decommissioning fundsOther - netTotal other deductions - netINCOME BEFORE INCOME TAXESINCOME TAXES NET INCOME#Earnings per share of common stock:BasicAssuming dilution#Dividends per share of common stock5Weighted-average number of common shares outstanding:#CONSOLIDATED BALANCE SHEETS (USD $)In MillionsDec. 31, 2009 Dec. 31, 2008 PROPERTY, PLANT AND EQUIPMENT4Electric utility plant in service and other propertyNuclear fuelConstruction work in progress.Less accumulated depreciation and amortization)Total property, plant and equipment - netCURRENT ASSETSCash and cash equivalentsCustomer receivables, netOther receivables, net-Materials, supplies and fossil fuel inventoryRegulatory Assets:&Deferred clause and franchise expenses Securitized storm-recovery costsDerivativesPensionOtherTotal current assetsOTHER ASSETSSpecial use fundsOther investmentsPrepaid benefit costsDeferred clause expenses#Unamortized loss on reacquired debtTotal other assetsTOTAL ASSETSCAPITALIZATIONCommon shareholders' equityLong-term debtTotal capitalizationCURRENT LIABILITIESCommercial paper Notes payable$Current maturities of long-term debtAccounts payableCustomer depositsAccrued interest and taxesRegulatory Liabilities:&Deferred clause and franchise revenuesTotal current liabilities&OTHER LIABILITIES AND DEFERRED CREDITSAsset retirement obligations!Accumulated deferred income taxesAccrued asset removal costs9Asset retirement obligation regulatory expense difference,Total other liabilities and deferred creditsCOMMITMENTS AND CONTINGENCIES$TOTAL CAPITALIZATION AND LIABILITIES9PARENTHETICAL DATA TO CONSOLIDATED BALANCE SHEETS (USD $)*Statement Of Financial Position [Abstract]'Customer receivables, net of allowances$Other receivables, net of allowances,CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)$CASH FLOWS FROM OPERATING ACTIVITIES Net income[Adjustments to reconcile net income to net cash provided by (used in) operating activities:Nuclear fuel amortization>Unrealized (gains) losses on marked to market energy contractsDeferred income taxes(Cost recovery clauses and franchise fees<Change in prepaid option premiums and derivative settlements6Distributions of earnings from equity method investees,Changes in operating assets and liabilities:Customer receivablesOther receivablesOther current assetsOther assetsMargin cash collateralIncome taxesInterest and other taxesOther current liabilitiesOther liabilities)Net cash provided by operating activities$CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditures of FPLIndependent power investmentsDCash grants under the American Recovery and Reinvestment Act of 20097Funds received from the spent fuel settlement agreementNuclear fuel purchasesOther capital expenditures%Sale of independent power investmentsFLoan repayments and capital distributions from equity method investees5Proceeds from sale of securities in special use funds,Purchases of securities in special use funds&Proceeds from sale of other securitiesPurchases of other securitiesFunding of loan%Net cash used in investing activities$CASH FLOWS FROM FINANCING ACTIVITIESIssuances of long-term debtRetirements of long-term debtNet change in short-term debtIssuances of common stockDividends on common stock5Change in funds held for storm-recovery bond payments)Net cash prov< ided by financing activities4Net increase (decrease) in cash and cash equivalents.Cash and cash equivalents at beginning of year(Cash and cash equivalents at end of year1SUPPLIMENTAL DISCLOSURES OF CASH FLOW INFORMATION2Cash paid for interest (net of amount capitalized) Cash paid for income taxes - netCSUPPLIMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIESPAssumption of debt in connection with the purchase of independent power projectsTCONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY AND OTHER COMPREHENSIVE INCOME (USD $)Common Stock [Member] %Additional Paid-in Capital [Member] %Unearned ESOP Compensation [Member] 8Accumulated Other Comprehensive Income (Loss) [Member] Retained Earnings [Member] Total Balance, Shares at Dec. 31, 2006Balance, Value at Dec. 31, 2006[1][2] Net Income6Issuances of common stock, net of issuance cost, Value7Issuances of common stock, net of issuance cost, SharesBExercise of stock options and other incentive plan activity, ValueCExercise of stock options and other incentive plan activity, SharesEarned compensation under ESOP!Other comprehensive income (loss)0Defined benefit pension and other benefits plans&Implementation of new accounting rules Balance, Shares at Dec. 31, 2007[3]Balance, Value at Dec. 31, 2007 Balance, Shares at Dec. 31, 2008Balance, Value at Dec. 31, 2008@Premium on publicly-traded equity units known as Corporate UnitsSUnamortized issuance costs on publicly-traded equity units known as Corporate Units Balance, Shares at Dec. 31, 2009Balance, Value at Dec. 31, 2009�[1]$0.01 par value, authorized - 800,000,000 shares; outstanding shares 413,622,436, 408,915,305 and 407,344,972 at December 31, 2009, 2008 and 2007, respectively.�[2]Comprehensive income, which includes net income and other comprehensive income (loss), totaled approximately $1,802 million, $1,512 million and $1,313 million for 2009, 2008 and 2007, respectively.0[3]Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled approximately 6 million, 7 million and 8 million at December 31, 2009, 2008 and 2007, respectively; the original number of shares purchased and held by the ESOP Trust was approximately 25 million shares.;1. Summary of Significant Accounting and Reporting Policies.12 Months Ended Dec. 31, 2009 USD / shares (Notes To Financial Statements [Abstract]8Summary of Significant Accounting and Reporting Policies� 1.Summary of Significant Accounting and Reporting Policies Basis of Presentation - FPL Group, Inc.'s (FPL Group) operations are conducted primarily through its wholly-owned subsidiary Florida Power Light Company (FPL) and its wholly-owned indirect subsidiary NextEra Energy Resources, LLC (NextEra Energy Resources) formerly known as FPL Energy, LLC.FPL, a rate-regulated public utility, supplies electric service to approximately 4.5 million customer accounts throughout most of the east and lower west coasts of Florida.NextEra Energy Resources invests in independent power projects through both controlled and consolidated entities and non-controlling ownership interests in joint ventures essentially all of which are accounted for under the equity method. The consolidated financial statements of FPL Group and FPL include the accounts of their respective majority-owned and controlled subsidiaries.All significant intercompany balances and transactions have been eliminated in consolidation.Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation.The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities.Actual results could differ from those estimates. Regulation - FPL is subject to regulation by the Florida Public Service Commission (FPSC) and the Federal Energy Regulatory Commission (FERC).Its rates are designed to recover the cost of providing electric service to its cu< stomers including a reasonable rate of return on invested capital.As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities.Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through the various clauses, include substantially all fuel, purchased power and interchange expenses, conservation and certain environmental-related expenses, certain revenue taxes and franchise fees.Beginning in 2009, pre-construction costs and carrying charges on construction costs for new nuclear capacity and costs incurred for FPL's solar generating facilities are also recovered through cost recovery clauses.Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery.Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods.Pursuant to an FPSC order, FPL was required to refund in the form of a one-time credit to retail customers' bills the 2009 year-end estimated fuel overrecovery; in January 2010, approximately $403 million was refunded to retail customers.At December31, 2009, approximately $356 milli2. Employee Retirement BenefitsEmployee Retirement Benefits� 2.Employee Retirement Benefits Employee Benefit Plans and Other Postretirement Plan - FPL Group sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of FPL Group and its subsidiaries.FPL Group allocates net periodic pension benefit income to its subsidiaries based on the pensionable earnings of the subsidiaries' employees.FPL Group also has a supplemental executive retirement plan (SERP), which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees.FPL Group allocates net periodic SERP benefit costs to its subsidiaries based upon actuarial calculations by participant.The impact of this SERP component is included within pension benefits in the following tables, and was not material to FPL Group's financial statements for the years ended December31, 2009, 2008 and 2007.In addition to pension benefits, FPL Group sponsors a contributory postretirement plan for health care and life insurance benefits (other benefits) for retirees of FPL Group and its subsidiaries meeting certain eligibility requirements.FPL Group allocates other benefits net periodic benefit costs to its subsidiaries based upon the number of eligible employees at each subsidiary. Implementation of New Accounting Provisions Regarding Benefit Plans - Effective December31, 2006, FPL Group adopted new recognition and disclosure provisions regarding benefit plans which require recognition of the funded status of benefit plans in the balance sheet, with changes in the funded status recognized in comprehensive income within shareholders' equity in the year in which the changes occur.In addition, effective December31, 2008, the new provisions required FPL Group to measure plan assets and benefit obligations as of the fiscal year-end.Prior to 2008, FPL Group used a measurement date of September30.In lieu of remeasuring plan assets and obligations as of January1, 2008, FPL Group elected to calculate the net periodic benefit (income) cost for the fifteen-month period from September30, 2007 to December31, 2008 using the September30, 2007 measurement date.Upon adoption of the measurement date provisions, FPL Group recorded an adjustment to increase 2008 beginning retained earnings by approximately $13 million representing three-fifteenths of net periodic benefit (income) cost for the fifteen-month period from September30, 2007 to December31, 2008.< Included in the adjustment to retained earnings is approximately $1 million related to the reduction in accumulated other comprehensive income (AOCI) and approximately $3 million related to the reduction in net regulatory liabilities.Effective December31, 2009, FPL Group adopted new accounting disclosure provisions which require expanded disclosure of plan assets and fair value measurement techniques.See Note 4. Since FPL Group is the plan sponsor, and its subsidiaries do not have separate rights to the plan assets or direct obligations to their employees, the results of implementing the new accounting provisions are reflected at FPL Group and not allocated to the subsidiaries.The portion of p3. Derivative InstrumentsDerivative Instruments� 3.Derivative Instruments FPL Group and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with long-term debt. With respect to commodities related to FPL Group's competitive energy business, NextEra Energy Resources employs rigorous risk management procedures in order to optimize the value of its power generation assets, provide full energy and capacity requirements services primarily to distribution utilities, and engage in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets.These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices.Transactions in derivative instruments are executed on recognized exchanges or via the over the counter markets, depending on the most favorable credit and market execution factors.For NextEra Energy Resources' power generation assets, derivative instruments are used to hedge the commodity price risk associated with the fuel inputs for requirements of the assets, where applicable, as well as to hedge the expected energy output of these assets for the portion of the output that is not covered by long term power purchase agreements (PPA).These hedges protect NextEra Energy Resources against adverse changes in the wholesale forward commodity markets associated with its generation assets.With regard to full energy and capacity requirements services, NextEra Energy Resources is required to vary the quantity of energy and related services based on the load demands of the customer served by the distribution utility.For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and protect against unfavorable changes in the forward energy markets.Additionally, NextEra Energy Resources takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions.NextEra Energy Resources uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on FPL Group's and FPL's consolidated balance sheets as either an asset or liability measured at fair value.At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause) or the capacity clause.For FPL Group's non-rate regulated operations, predominantly NextEra Energy Resources, essentially all changes in the derivatives' fair value for power purchases and sales and trading activities are recognized on4. Fair Value MeasurementsFair Value Measurements� 4.Fair Value Measurements FPL Group and FPL use several different valuation techniques to mea< sure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured on a recurring basis.Certain derivatives and financial instruments are valued using option pricing models and take into consideration multiple inputs including commodity prices, volatility factors and discount rates, as well as counterparty credit ratings and credit enhancements.Additionally, when observable market data is not sufficient, valuation models are developed that incorporate FPL Group's and FPL's proprietary views of market factors and conditions.FPL Group's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. FPL Group's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: December31, 2009 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Netting (a) Total (millions) Assets: Cash equivalents: FPL Group - equity securities $ - $ 79 $ - $ - $ 79 FPL - equity securities $ - $ 43 $ - $ - $ 43 Special use funds: FPL Group: Equity securities $ 657 $ 1,048 (b) $ - $ - $ 1,705 U.S. Government and municipal bonds $ 275 $ 299 $ - $ - $ 574 Corporate debt securities $ - $ 452 $ - $ - $ 452 Mortgage-backed securities $ - $ 618 $ - $ - $ 618 Other debt securities $ - $ 41 $ - $ - $ 41 FPL: Equity securities $ 104 $ 920 (b) $ - $ - $ 1,024 U.S. Government and municipal bonds $ 230 $ 278 $ - $ - $ 508 Corporate debt securities $ - $ 346 $ - $ - $ 346 Mortgage-backed securities $ - $ 503 $ - $ - $ 503 Other debt securities $ - $ 27 5. Financial InstrumentsFinancial Instruments� 5.Financial Instruments FPL Group and FPL adopted new accounting and disclosure provisions related to other than temporary impairments and the fair value of financial instruments beginning April1, 2009.Under the new accounting provisions, an investment in a debt security is required to be assessed for an other than temporary impairment based on whether the entity has an intent to sell or more likely than not will be required to sell the debt security before recovery of its amortized cost basis.Additionally, if the entity does not expect to recover the amortized cost of a debt security, an impairment is recognized in earnings equal to the estimated credit loss.For debt securities held as of April1, 2009 for which an other than temporary impairment had been previously recognized but for which assessment under the new accounting provisions indicates the impairment is temporary, FPL Group recorded an adjustment to increase April1, 2009 retaine< d earnings by approximately $5 million with a corresponding reduction in AOCI. The carrying amounts of cash equivalents, notes payable and commercial paper approximate their fair values.At both December31, 2009 and 2008, other investments of FPL Group, not included in the table below, included financial instruments of approximately $39 million, which primarily consist of notes receivable that are carried at estimated fair value or cost, which approximates fair value.See Note10. 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. December31, 2009 December31, 2008 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) FPL Group: Special use funds $ 3,390 (a) $ 3,390 (b) $ 2,947 $ 2,947 (b) Other investments: Notes receivable $ 534 $ 556 (c) $ 534 $ 524 (c) Debt securities $ 104 (d) $ 104 (b) $ 105 (d) $ 105 (b) Equity securities $ 45 $ 105 (e) $ 27 $ 43 (e) Long-term debt, including current maturities $ 16,869 $ 17,256 (f) $ 15,221 $ 15,152 (f) Interest rate swaps - net unrealized losses $ (17 ) $ (17 )(g) $ (78 ) $ (78 )(g) Foreign currency swaps - net unrealized losses $ (1 ) $ (1 )(g) $ (4 ) $ (4 )(g) FPL: Special use funds $ 2,408 (a) $ 2,408 (b) $ 2,158 $ 2,158 (b) Long-term debt, including current maturities $ 5,836 $ 6,055 (f) $ 5,574 $ 5,652 (f) (a) See Note4 for classification by major security type.The amortized cost of debt and equity securities is $1,638 million and $6. Income TaxesIncome Taxes� 6.Income Taxes The components of income taxes are as follows: FPL Group FPL Years Ended December31, Years Ended December31, 2009 2008 2007 2009 2008 2007 (millions) Federal: Current (a) $ (18 ) $ (132 ) $ (35 ) $ 63 $ 117 $ 98 Deferred 298 557 356 350 274 302 Amortization of ITCs - FPL (8 ) (15 ) (15 ) (8 ) (15 ) (15 ) Total federal 272 410 306 405 376 385 State: Current (a) 77 29 16 57 34 22 Deferred (22 ) 11 46 11 33 44 Total state 55 40 62 68 67 66 Total income taxes $ 327 $ 450 $ 368 $ 473 $ 443 $ 451 (a) Includes provision for unrecognized tax benefits. A reconciliation between the effective income tax rates and the applicable statutory rates is as follows: FPL Group FPL Years Ended December31, Years Ended December31, 2009 2008 2007 2009 2008 2007 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 1.9 1.3 2.4 3.4 3.5 3.4 Allowance for other funds used during construction (1.0 ) (0.6 ) (0.6 ) (1.5 ) (1.1 ) (0.8 ) Amortization of ITCs - FPL (0.4 ) (0.7 ) (0.9 ) (0.6 < ) (1.2 ) (1.2 ) PTCs and ITCs - NextEra Energy Resources (13.1 ) (12.7 ) (13.7 ) - - - Convertible ITCs - NextEra Energy Resources (4.3 ) - - - - - Manufacturers' deduction - - - - - (0.1 ) Amortization of deferred regulatory credit - income taxes (0.3 ) (0.2 ) (0.2 ) (0.5 ) (0.3 ) (0.3 ) Other - net (0.9 ) (0.5 ) (0.1 ) 0.5 - (0.9 ) Effective income tax rate 16.9 % 21.6 % 21.9 % 36.3 % 35.9 % 35.1 % The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: FPL Group FPL December31, December31, 2009 2008 2009 2008 (millions) Deferred tax liabilities: Property-related $ 6,968 $ 5,650 $ 4,202 $ 3,687 Investment-related - 139 - - Pension 457 354 392 373 Regulatory asset - pension and other benefits 14 49 - - Deferred fuel costs - 99 - 99 Storm reserve deficiency 279 312 279 7. Comprehensive IncomeComprehensive Income� 7.Comprehensive Income The components of FPL Group's comprehensive income and accumulated other comprehensive income (loss) are as follows: Accumulated Other Comprehensive Income (Loss) Net Income Net Unrealized Gains (Losses) On Cash Flow Hedges Pension and Other Benefits Other Total Comprehensive Income (millions) Balances, December31, 2006 $ (25 ) $ 98 $ 42 $ 115 Net income of FPL Group $ 1,312 $ 1,312 Net unrealized gains (losses) on commodity cash flow hedges: Effective portion of net unrealized losses (net of $37 tax benefit) (55 ) - - (55 ) (55 ) Reclassification from OCI to net income (net of $16 tax expense) 23 - - 23 23 Net unrealized gains (losses) on interest rate cash flow hedges: Effective portion of net unrealized losses (net of $13 tax benefit) (19 ) - - (19 ) (19 ) Reclassification from OCI to net income (net of $2 tax benefit) (5 ) - - (5 ) (5 ) Net unrealized gains on available for sale securities (net of $8 tax expense) - - 12 12 12 Defined benefit pension and other benefit plans (net of $28 tax expense) - 45 - 45 45 Balances, December31, 2007 (81 ) 143 54 116 $ 1,313 Net income of FPL Group $ 1,639 $ 1,639 Net unrealized gains (losses) on commodity cash flow hedges: Effective portion of net unrealized gains (net of $31 tax expense) 45 - - 45 45 Reclassification from OCI to net income (net of $62 tax expense) 84 - - 84 84 Net unrealized gains (losses) on interest rate cash flow hedges: Effective portion of net unrealized losses (net of $31 tax benefit) (49 ) - - (49 ) (49 ) Reclassification from OCI to net income (net of $4 tax expense) 6 - - 6 6 Net unrealized losses on available for sale securities < (net of $30 tax benefit) - - (46 ) (46 ) (46 ) Reclassification from AOCI to retained earnings - - (1 ) (1 ) - Defined benefit pension and other benefit plans (net of $104 tax benefit) - (168 ) - (168 ) (167 ) Balances, December31, 2008 5 (25 ) 7 (13 ) $ 1,512 Net income of 8. Jointly-Owned Electric PlantsJointly-Owned Electric Plants� 8.Jointly-Owned Electric Plants Certain FPL Group subsidiaries own undivided interests in the jointly-owned facilities described below, and are entitled to a proportionate share of the output from those facilities.FPL and NextEra Energy Resources are responsible for their share of the operating costs, as well as providing their own financing.Accordingly, each subsidiary includes its proportionate share of the facilities and related revenues and expenses in the appropriate balance sheet and statement of income captions.FPL Group's and FPL's respective shares of direct expenses for these facilities are included in fuel, purchased power and interchange, OM expenses, depreciation and amortization expense and taxes other than income taxes and other on FPL Group's and FPL's consolidated statements of income. FPL Group's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: December 31, 2009 Ownership Interest Gross Investment (a) Accumulated Depreciation (a) Construction Work in Progress (millions) FPL: St. Lucie Unit No. 2 85 % $ 1,345 $ 672 $ 101 St. Johns River Power Park units and coal terminal 20 % $ 391 $ 218 $ 1 Scherer Unit No. 4 76 % $ 599 $ 405 $ 227 Transmission substation assets located in Seabrook, New Hampshire 88.23 % $ 66 $ 11 $ 11 NextEra Energy Resources: Duane Arnold 70 % $ 345 $ 48 $ 29 Seabrook 88.23 % $ 823 $ 122 $ 53 Wyman Station Unit No.4 84.35 % $ 103 $ 36 $ 1 (a) Excludes nuclear fuel. 9. Variable Interest EntitiesVariable Interest Entities� 9.Variable Interest Entities Accounting guidance requires the consolidation of entities which are determined to be VIEs when the reporting company determines that it will absorb a majority of the VIE's expected losses, receive a majority of the VIE's residual returns, or both.The company that is required to consolidate the VIE is called the primary beneficiary.Conversely, the reporting company would not consolidate VIEs in which it has a majority ownership interest when the company is not considered to be the primary beneficiary.Variable interests are contractual, ownership or other monetary interests in an entity that change as the fair value of the entity's net assets, excluding variable interests, change.An entity is considered to be a VIE when its capital is insufficient to permit it to finance its activities without additional subordinated financial support or its equity investors, as a group, lack the characteristics of having a controlling financial interest.As of December31, 2009, FPL Group has two VIEs which it consolidates. FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a VIE from which it leases nuclear fuel for its nuclear units.FPL is considered the primary beneficiary of this VIE because in the case of default by the VIE on its debt, FPL would be required to purchase the VIE's nuclear fuel and because FPL guarantees the VIE's debt.For ratemaking purposes, these leases are treated as operating leases.For financial reporting, the cost of nuclear fuel is capitalized a< nd amortized to fuel expense on a unit of production method except for the interest component, which is recorded as interest expense.These charges, as well as a charge for spent nuclear fuel, are recovered through the fuel clause.FPL makes quarterly payments to the lessor for the lease commitments.The lessor has issued commercial paper to fund the procurement of nuclear fuel and FPL has provided a $600 million guarantee to support the commercial paper program.Under certain lease termination circumstances, the associated debt, which consists primarily of commercial paper (approximately $425 million and $347 million at December31, 2009 and 2008, respectively) would become due.The consolidated assets of the VIE consist primarily of nuclear fuel, which had a net carrying value of approximately $389 million and $338 million at December31, 2009 and 2008, respectively. FPL is considered the primary beneficiary of, and therefore consolidates, a VIE that is a wholly-owned bankruptcy remote special purpose subsidiary that it formed in 2007 for the sole purpose of issuing storm-recovery bonds pursuant to the securitization provisions of the Florida Statutes and an FPSC financing order.Four hurricanes in 2005 and three hurricanes in 2004 caused major damage in parts of FPL's service territory.Storm restoration costs incurred by FPL during 2005 and 2004 exceeded the amount in FPL's funded storm and property insurance reserve, resulting in a storm reserve deficiency.In 2007, the VIE issued $652 million aggregate principal amount of senior secured bonds (storm-recovery bonds), primarily for the after-tax equivalent of the total of FPL's un210. Investments in Partnerships and Joint Ventures.Investments in Partnerships and Joint Ventures� 10.Investments in Partnerships and Joint Ventures NextEra Energy Resources- NextEra Energy Resources has non-controlling non-majority owned interests in various partnerships and joint ventures, essentially all of which are electricity producers.At December31, 2009 and 2008, NextEra Energy Resources' investment in partnerships and joint ventures totaled approximately $173 million and $189 million, respectively, which is included in other investments on FPL Group's consolidated balance sheets.NextEra Energy Resources' interest in these partnerships and joint ventures range from approximately 5.5% to 50%.At December31, 2009, the principal operating entities included in NextEra Energy Resources' investments in partnerships and joint ventures were Northeast Energy, LP, Luz Solar Partners Ltd., V, Mojave 16/17/18 LLC, Luz Solar Partners Ltd., III, and Luz Solar Partners Ltd., IV and in 2008 also included TPC Windfarms LLC. Summarized combined information for these principal entities is as follows: 2009 2008 (millions) Net income $ 74 $ 145 Total assets $ 716 $ 841 Total liabilities $ 353 $ 435 Partners'/members' equity $ 363 $ 407 NextEra Energy Resources' share of underlying equity in the principal entities $ 179 $ 202 Difference between investment carrying amount and underlying equity in net assets (a) (14 ) (18 ) NextEra Energy Resources' investment carrying amount for the principal entities $ 165 $ 184 (a) The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets. Certain subsidiaries of NextEra Energy Resources provide services to the partnerships and joint ventures, including operations and maintenance and business management services.FPL Group's operating revenues for the years ended December31, 2009, 2008 and 2007 include approximately $21 million, $21 million and $20 million, respectively, related to such services.The net receivables at December31, 2009 and 2008, for these services, as well as for affiliate energy commodity transactions, payroll and other payments made on behalf of these investees, were approximately $29 million< and $33 million, respectively, and are included in other current assets on FPL Group's consolidated balance sheets. Notes receivable (long- and short-term) include approximately $16 million and $24 million at December31, 2009 and 2008, respectively, due from partnerships and joint ventures in which NextEra Energy Resources has an ownership interest.Approximately $6 million of the notes receivable balance at December31, 2009 mature in 2011 and bear interest at a fixed rate of 8.5%.The remaining $10 million mature in 2014 and bear interest at a variable rate which averaged approximately 10.4% in 2009.Approximately $11 million of the notes receivable balance at December31, 2008 mature in 2011 and bear interest at a fixed rate of 8.5%.The remaining $13 million mature in 2014 and bear interest at a variable rate which averaged approxima11. Common and Preferred StockCommon and Preferred Stock� 11.Common and Preferred Stock Earnings Per Share - The reconciliation of FPL Group's basic and diluted earnings per share of common stock is as follows: Years Ended December31, 2009 2008 2007 (millions, except per share amounts) Numerator - net income $ 1,615 $ 1,639 $ 1,312 Denominator: Weighted-average number of common shares outstanding - basic 404.4 400.1 397.7 Restricted stock, performance share awards, options, warrants and equity units (a) 2.8 2.6 2.9 Weighted-average number of common shares outstanding - assuming dilution 407.2 402.7 400.6 Earnings per share of common stock: Basic $ 3.99 $ 4.10 $ 3.30 Assuming dilution $ 3.97 $ 4.07 $ 3.27 (a) Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.Restricted stock, performance share awards, options, warrants and equity units are included in diluted weighted-average number of common shares outstanding by applying the treasury stock method. Restricted stock, performance share awards and common shares issuable upon the exercise of stock options which were not included in the denominator above due to their antidilutive effect were approximately 0.8 million, 0.5 million and 0.2 million for the years ended December31, 2009, 2008 and 2007, respectively. On January 1, 2009, FPL Group adopted accounting guidance which required companies to treat unvested stock-based payment awards that have non-forfeitable rights to dividends or dividend equivalents as participating securities.Therefore, these participating securities had to be included in the computation of earnings per share, pursuant to the two-class method described in the accounting guidance.The effect of the retrospective application of the new accounting guidance was a reduction of less than $0.01 per share on FPL Group's earnings per share, assuming dilution, for the years ended December31, 2008 and 2007. Common Stock Dividend Restrictions - FPL Group's charter does not limit the dividends that may be paid on its common stock.FPL's mortgage securing FPL's first mortgage bonds contains provisions which, under certain conditions, restrict the payment of dividends and other distributions to FPL Group.These restrictions do not currently limit FPL's ability to pay dividends to FPL Group. Employee Stock Ownership Plan - The employee retirement savings plans of FPL Group include a leveraged ESOP feature.Shares of common stock held by the trust for the employee retirement savings plans (Trust) are used to provide all or a portion of the employers' matching contributions.Dividends received on all shares, along with cash contributions from the employers, are used to pay principal and interest on an ESOP loan held by a subsidiary of FPL Group Capital.Dividends on shares allocated to employee accounts and used by the Trust for debt service are rep< 12. DebtDebt� 12.Debt Long-term debt consists of the following: December31, 2009 2008 (millions) FPL: First mortgage bonds: Maturing 2013 through 2017 - 4.85% to 5.55% $ 700 $ 925 Maturing 2033 through 2039 - 4.95% to 6.20% 3,940 3,440 Storm-recovery bonds - maturing 2013 through 2021 - 5.0440% to 5.2555% (a) 572 611 Pollution control, solid waste disposal and industrial development revenue bonds - maturing 2020 through 2029 - variable, 0.2% and 1.3% weighted-average interest rates, respectively (b) 633 633 Other long-term debt - maturing 2011 through 2040 - 4.000% to 5.250% 24 - Unamortized discount (33 ) (35 ) Total long-term debt of FPL 5,836 5,574 Less current maturities of long-term debt 42 263 Long-term debt of FPL, excluding current maturities 5,794 5,311 FPL Group Capital: Debentures - maturing 2011 through 2019 - 5.35% to 77/8% 1,850 1,975 Debentures - maturing 2011 through 2012 - variable, 0.9% and 2.8% weighted-average interest rate, respectively (c) 450 250 Debentures, related to FPL Group's equity units - maturing 2014 - 3.60% 350 - Junior Subordinated Debentures - maturing 2044 through 2069 - 5 7/8% to 8.75% 2,353 2,009 Senior secured bonds - maturing 2030 - 7.500% (d) 500 - Term loans - maturing 2010 through 2011 - variable, 1.0% and 1.5% weighted-average interest rate, respectively (c) 910 1,070 Japanese yen denominated term loan - maturing 2011 - variable, 3.3% and 3.7% weighted-average interest rate, respectively (c) 287 138 Fair value swap 14 21 Unamortized premium (discount) (3 ) 1 Total long-term debt of FPL Group Capital 6,711 5,464 Less current maturities of long-term debt 200 835 Long-term debt of FPL Group Capital, excluding current maturities 6,511 4,629 NextEra Energy Resources: Senior secured limited recourse bonds - maturing 2017 through 2024 - 5.608% to 7.52% 815 903 Senior secured limited recourse notes - maturing 2013 through 2037 - 6.31% to 7.59% 1,673 1,702 Other long-term debt - maturing 2010 through 2023 - primarily limited recourse and variable, 2.4% and 4.1% weighted-average interest rates, respectively (c) 1,833 1,449 Canadian dollar denominated term loan - variable, 2.3% (c) - 128 Unamortized premium 1 - Total long-term debt of NextEra Energy Resources 4,322 4,182 Less current maturities of long-term debt 327 289 Long-term debt of NextEra Energy Resources, excluding current maturities 3,995 3,893 Total long-term debt $ 16,300 $ 13,833 (a) Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it began being paid semiannually and sequentially on February 1, 2008, when the first semiannual inte 13. Asset Retirement ObligationsAsset Retirement Obligations` 13.Asset Retirement Obligations FPL's ARO relates primarily to the nuclear decommissioning obligation of its nuclear units.FPL's AROs other than nuclear decommissioning are not significant.The accounting provisions result in timing differences in the recognition of legal asset retirement costs for financial reporting purposes and the method the FPSC allows FPL to recover in rates.NextEra Energy Resources' ARO relates primarily to the nuclear decommissioning obligation of its nuclear plants and obligations for the dismantlement of its wind facilities located on leased property.See Note1 - Decommissioning of Nuclear Plants, Dismantlements of Plants and Other Accrued Asset Removal Costs. A rollforward of FPL Group's and FPL's ARO is as follows: FPL NextEra Energy Resources FPL Group (m< illions) Balance, December31, 2007 $ 1,653 $ 504 $ 2,157 Liabilities incurred - 6 6 Accretion expense 91 33 124 Liabilities settled - (2 ) (2 ) Revision in estimated cash flows - net (1 ) (1 ) (2 ) Balance, December31, 2008 1,743 540 2,283 Liabilities incurred - 4 4 Accretion expense 96 36 132 Revision in estimated cash flows - net (6 ) 5 (1 ) Balance, December 31, 2009 $ 1,833 $ 585 $ 2,418 Restricted funds for the payment of future expenditures to decommission FPL Group's and FPL's nuclear units included in special use funds on FPL Group's and FPL's consolidated balance sheets are as follows (see Note5): FPL NextEra Energy Resources FPL Group (millions) Balance, December 31, 2009 $ 2,285 $ 982 $ 3,267 Balance, December 31, 2008 $ 2,035 $ 789 $ 2,824 FPL Group and FPL have identified but not recognized ARO liabilities related to electric transmission and distribution and telecommunications assets resulting from easements over property not owned by FPL Group or FPL.In addition, FPL Group has identified but not recognized ARO liabilities related to the majority of NextEra Energy Resources' hydro facilities.These easements are generally perpetual and, along with the hydro facilities, only require retirement action upon abandonment or cessation of use of the property or facility for its specified purpose.The ARO liability is not estimable for such easements and hydro facilities as FPL Group and FPL intend to use these properties and facilities indefinitely.In the event FPL Group and FPL decide to abandon or cease the use of a particular easement and/or hydro facility, an ARO liability would be recorded at that time.!14. Commitments and ContingenciesCommitments and Contingencies� 14.Commitments and Contingencies Commitments - FPL Group and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures.Capital expenditures at FPL include, among other things, the cost for construction or acquisition of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities.At NextEra Energy Resources, capital expenditures include, among other things, the cost, including capitalized interest, for construction of wind and solar projects and the procurement of nuclear fuel.FPL FiberNet, LLC's (FPL FiberNet) capital expenditures primarily include costs to meet customer-specific requirements and maintain its fiber-optic network. At December31, 2009, estimated planned capital expenditures for 2010 through 2014 were estimated as follows: 2010 2011 2012 2013 2014 Total (millions) FPL: Generation: (a) New (b) (c) $ 1,120 $ 985 $ 305 $ 5 $ - $ 2,415 Existing 530 490 390 320 330 2,060 Transmission and distribution 440 460 480 480 480 2,340 Nuclear fuel 105 200 175 250 205 935 General and other 260 270 270 260 130 1,190 Total (d) $ 2,455 $ 2,405 $ 1,620 $ 1,315 $ 1,145 $ 8,940 NextEra Energy Resources: Wind (e) $ 1,895 $ 15 $ 15 $ 10 $ 5 $ 1,940 Nuclear (f) 560 325 315 255 235 1,690 Natural gas 75 75 70 50 20 290 Solar 195 440 485 95 - 1,215 Other 65 60 45 45 < 50 265 Total $ 2,790 $ 915 $ 930 $ 455 $ 310 $ 5,400 FPL FiberNet $ 30 $ 20 $ 20 $ 20 $ 20 $ 110 (a) Includes AFUDC of approximately $47 million, $27 million and $4 million in 2010 to 2012, respectively. (b) Includes land, generating structures, transmission interconnection and integration and licensing. (c) Includes pre-construction costs and carrying charges (equal to a pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $147 million, $390 million and $37 million in 2010 to 2012, respectively. (d) Excludes capital expenditures of approximately $685 million in 2010, $1,310 million in 2011, $2,505 million in 2012, $2,605 million in 2013 and $1,805 million in 2014 for the following:(1) construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit, (2) modernization of the Cape Canaveral and Riviera power plants and (3) other infrastructure projects.See Note 1 - Revenue and Rates. (e) Includes capital expenditures for new wind projects that hav15. Segment InformationSegment Information� 15.Segment Information FPL Group's reportable segments include FPL, a rate-regulated utility, and NextEra Energy Resources, a competitive energy business.Corporate and Other represents other business activities, other segments that are not separately reportable and eliminating entries.FPL Group's operating revenues derived from the sale of electricity represented approximately 98%, 96% and 98% of FPL Group's operating revenues for the years ended December31, 2009, 2008 and 2007.Less than 1% of operating revenues were from foreign sources for each of the three years ended December31, 2009, 2008 and 2007.At December31, 2009 and 2008, less than 1% of long-lived assets were located in foreign countries. FPL Group's segment information is as follows: 2009 2008 2007 FPL NextEra Energy Resources(a) Corp. and Other Total FPL NextEra Energy Resources(a) Corp. and Other Total FPL NextEra Energy Resources(a) Corp. and Other Total (millions) Operating revenues $ 11,491 $ 3,997 $ 155 $ 15,643 $ 11,649 $ 4,570 $ 191 $ 16,410 $ 11,622 $ 3,474 $ 167 $ 15,263 Operating expenses $ 9,910 $ 2,984 $ 155 $ 13,049 $ 10,120 $ 3,275 $ 190 $ 13,585 $ 10,059 $ 2,753 $ 168 $ 12,980 Interest expense $ 318 $ 354 $ 177 $ 849 $ 334 $ 311 $ 168 $ 813 $ 304 $ 312 $ 146 $ 762 Interest income $ 1 $ 23 $ 54 $ 78 $ 11 $ 27 $ 34 $ 72 $ 17 $ 40 $ 32 $ 89 Depreciation and amortization $ 1,097 $ 651 $ 17 $ 1,765 $ 860 $ 565 $ 17 $ 1,442 $ 846 $ 473 $ 16 $ 1,335 Equity in earnings of equity method investees $ - $ 52 $ - $ 52 $ - $ 93 $ - $ 93 $ - $ 68 $ - $ 68 Income tax expense (benefit)(b) $ 473 $ (102 ) $ (44 ) $ 327 $ 443 $ 80 $ (73 ) $ 450 $ 451 $ (35 ) $ (48 ) $ 368 Net income (loss) $ 831 $ 849 $ (65 ) $ 1,615 $ 789 $ 915 $ (65 ) $ 1,639 $ 836 $ 540 $ (64 ) $ 1,312 Capital expenditures, independent power investments and nuclear fuel purchases $ 2,717 $ 3,235 $ 54 $ 6,006 $ 2,367 $ 2,829 $ 40 $ 5,236 $ 2,007 $ 2,981 $ 31 $ 5,019 Property, plant and equipment $ 30,982 $ 18,844 $ 343 $ 50,169 $ 28,< 972 $ 16,268 $ 288 $ 45,528 $ 27,251 $ 13,534 $ 255 $ 41,040 Accumulated depreciation and amortization $ 10,578 $ 3,341 $ 172 $ 14,091 $ 10,189 $ 2,771 $ 157 $ 13,117 $ 10,081 $ 2,167 $ 140 $ 12,388 Total assets $ 26,812 $ 20,136 $ 1,510 $ 48,458 $ 26916. Summarized Financial Information of FPL Group Capital5Summarized Financial Information of FPL Group Capital� 16.Summarized Financial Information of FPL Group Capital FPL Group Capital, a 100% owned subsidiary of FPL Group, provides funding for and holds ownership interest in FPL Group's operating subsidiaries other than FPL.Most of FPL Group Capital's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by FPL Group.Condensed consolidating financial information is as follows: Condensed Consolidating Statements of Income Year Ended December31, 2009 Year Ended December31, 2008 Year Ended December31, 2007 FPL Group (Guaran- tor) FPL Group Capital Other(a) FPL Group Consoli- dated FPL Group (Guaran- tor) FPL Group Capital Other(a) FPL Group Consoli- dated FPL Group (Guaran- tor) FPL Group Capital Other(a) FPL Group Consoli- dated (millions) Operating revenues $ - $ 4,164 $ 11,479 $ 15,643 $ - $ 4,770 $ 11,640 $ 16,410 $ - $ 3,646 $ 11,617 $ 15,263 Operating expenses - (3,151 ) (9,898 ) (13,049 ) - (3,474 ) (10,111 ) (13,585 ) - (2,926 ) (10,054 ) (12,980 ) Interest expense (17 ) (531 ) (301 ) (849 ) (18 ) (479 ) (316 ) (813 ) (19 ) (458 ) (285 ) (762 ) Other income (deductions) - net 1,632 160 (1,595 ) 197 1,663 44 (1,630 ) 77 1,322 133 (1,296 ) 159 Income (loss) before income taxes 1,615 642 (315 ) 1,942 1,645 861 (417 ) 2,089 1,303 395 (18 ) 1,680 Income tax expense (benefit) - (145 ) 472 327 6 2 442 450 (9 ) (75 ) 452 368 Net income (loss) $ 1,615 $ 787 $ (787 ) $ 1,615 $ 1,639 $ 859 $ (859 ) $ 1,639 $ 1,312 $ 470 $ (470 ) $ 1,312 (a) Represents FPL and consolidating adjustments. Condensed Consolidating Balance Sheets December31, 2009 December31, 2008 FPL Group (Guaran- tor) FPL Group Capital Other(a) FPL Group Consoli- dated FPL Group (Guaran- tor) FPL Group Capital Other(a) FPL Group Consoli- dated (millions) PROPERTY, PLANT AND EQUIPMENT Electric utility plant in service and other property $ 2 $ 19,185 $ 30,982 $ 50,169 $ 2 $ 16,554 $ 28,972 $ 45,528 Less accumulated depreciation and amortization - (3,513 ) (10,578 ) (14,091 ) - (2,928 ) (10,189 ) (13,117 ) Total property, plant and equipment - net 2 15,672 20,404 36,078 2 13,626 18,783 32,411 CURRENT ASSETS 17. Quarterly Data (Unaudited)Quarterly Data (Unaudited)� 17.Quarterly Data (Unaudited) Condensed consolidated quarterly financial information is as follows: March 31(a) June 30(a) September30(a) December31(a) (millions, except per share amounts) FPL GROUP: 2009 Operating revenues (b) <| $ 3,705 $ 3,811 $ 4,473 $ 3,655 Operating income (b) $ 583 $ 605 $ 849 $ 557 Net income (b) $ 364 $ 370 $ 533 $ 349 Earnings per share (c) $ 0.90 $ 0.92 $ 1.32 $ 0.86 Earnings per share - assuming dilution (c) $ 0.90 $ 0.91 $ 1.31 $ 0.85 Dividends per share $ 0.4725 $ 0.4725 $ 0.4725 $ 0.4725 High-low common stock sales prices $ 53.99 - 41.48 $ 59.00 - 49.70 $ 60.61 - 53.13 $ 56.57 - 48.55 2008 Operating revenues (b) $ 3,434 $ 3,585 $ 5,387 $ 4,003 Operating income (b) $ 443 $ 313 $ 1,316 $ 752 Net income (b) $ 249 $ 209 $ 774 $ 408 Earnings per share (c) $ 0.62 $ 0.52 $ 1.93 $ 1.02 Earnings per share - assuming dilution (c) $ 0.62 $ 0.52 $ 1.92 $ 1.01 Dividends per share $ 0.445 $ 0.445 $ 0.445 $ 0.445 High-low common stock sales prices $ 73.75 - 57.21 $ 68.98 - 62.75 $ 68.76 - 49.74 $ 51.87 - 33.81 FPL: 2009 Operating revenues (b) $ 2,573 $ 2,864 $ 3,301 $ 2,753 Operating income (b) $ 262 $ 396 $ 554 $ 369 Net income (b) $ 127 $ 213 $ 306 $ 186 2008 Operating revenues (b) $ 2,534 $ 2,871 $ 3,423 $ 2,820 Operating income (b) $ 244 $ 416 $ 549 $ 320 Net income (b) $ 108 $ 217 $ 314 $ 151 (a) In the opinion of FPL Group and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made.Results of operations for an interim period generally will not give a true indication of results for the year. 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