| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | ||||
| In Millions, except Per Share data | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
| OPERATING REVENUES | $4,473 | $5,387 | $11,988 | $12,407 |
| OPERATING EXPENSES | ||||
| Fuel, purchased power and interchange | 2,164 | 2,728 | 5,773 | 6,418 |
| Other operations and maintenance | 682 | 633 | 1,972 | 1,926 |
| Storm cost amortization | 3 | 20 | 29 | 46 |
| Depreciation and amortization | 430 | 348 | 1,248 | 1,025 |
| Taxes other than income taxes | 345 | 342 | 929 | 919 |
| Total operating expenses | 3,624 | 4,071 | 9,951 | 10,334 |
| OPERATING INCOME | 849 | 1,316 | 2,037 | 2,073 |
| OTHER INCOME (DEDUCTIONS) | ||||
| Interest expense | (204) | (203) | (631) | (597) |
| Equity in earnings of equity method investees | 29 | 46 | 49 | 85 |
| Allowance for equity funds used during construction | 15 | 9 | 46 | 22 |
| Interest income | 15 | 13 | 58 | 49 |
| Other than temporary impairment losses on securities held in nuclear decommissioning funds | 0 | (40) | (54) | (60) |
| Other - net | 11 | (6) | 34 | 2 |
| Total other deductions - net | (134) | (181) | (498) | (499) |
| INCOME BEFORE INCOME TAXES | 715 | 1,135 | 1,539 | 1,574 |
| INCOME TAXES | 182 | 361 | 272 | 342 |
| NET INCOME | $533 | $774 | $1,267 | $1,232 |
| Earnings per share of common stock: | ||||
| Basic | 1.32 | 1.93 | 3.14 | 3.08 |
| Assuming dilution | 1.31 | 1.92 | 3.12 | 3.06 |
| Dividends per share of common stock | 0.4725 | 0.445 | 1.4175 | 1.335 |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 405.1 | 400.4 | 403.7 | 399.8 |
| Assuming dilution | 408 | 403 | 406.4 | 402.5 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | ||
| In Millions | Sep. 30, 2009
| Dec. 31, 2008
|
| PROPERTY, PLANT AND EQUIPMENT | ||
| Electric utility plant in service and other property | $43,456 | $41,638 |
| Nuclear fuel | 1,499 | 1,260 |
| Construction work in progress | 4,270 | 2,630 |
| Less accumulated depreciation and amortization | (14,009) | (13,117) |
| Total property, plant and equipment - net | 35,216 | 32,411 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | 164 | 535 |
| Customer receivables, net | 1,594 | 1,443 |
| Other receivables, net | 304 | 264 |
| Materials, supplies and fossil fuel inventory - at average cost | 884 | 968 |
| Regulatory Assets: | ||
| Deferred clause and franchise expenses | 68 | 248 |
| Securitized storm-recovery costs | 68 | 64 |
| Derivatives | 344 | 1,109 |
| Pension | 19 | 19 |
| Other | 4 | 4 |
| Derivatives | 435 | 433 |
| Other | 292 | 305 |
| Total current assets | 4,176 | 5,392 |
| OTHER ASSETS | ||
| Special use funds | 3,322 | 2,947 |
| Other investments | 979 | 923 |
| Prepaid benefit costs | 975 | 914 |
| Regulatory Assets: | ||
| Securitized storm-recovery costs | 669 | 697 |
| Deferred clause expenses | 0 | 79 |
| Pension | 114 | 100 |
| Unamortized loss on reacquired debt | 30 | 32 |
| Other | 165 | 138 |
| Other | 1,509 | 1,188 |
| Total other assets | 7,763 | 7,018 |
| TOTAL ASSETS | 47,155 | 44,821 |
| CAPITALIZATION | ||
| Common stock | 4 | 4 |
| Additional paid-in capital | 5,013 | 4,805 |
| Retained earnings | 7,583 | 6,885 |
| Accumulated other comprehensive income (loss) | 132 | (13) |
| Total common shareholders' equity | 12,732 | 11,681 |
| Long-term debt | 15,601 | 13,833 |
| Total capitalization | 28,333 | 25,514 |
| CURRENT LIABILITIES | ||
| Commercial paper | 1,581 | 1,835 |
| Notes payable | 0 | 30 |
| Current maturities of long-term debt | 662 | 1,388 |
| Accounts payable | 1,057 | 1,062 |
| Customer deposits | 601 | 575 |
| Accrued interest and taxes | 605 | 374 |
| Regulatory liabilities - deferred clause and franchise revenues | 168 | 11 |
| Derivatives | 519 | 1,300 |
| Other | 1,364 | 1,114 |
| Total current liabilities | 6,557 | 7,689 |
| OTHER LIABILITIES AND DEFERRED CREDITS | ||
| Asset retirement obligations | 2,384 | 2,283 |
| Accumulated deferred income taxes | 4,493 | 4,231 |
| Regulatory Liabilities: | ||
| Accrued asset removal costs | 2,231 | 2,142 |
| Asset retirement obligation regulatory expense difference | 655 | 520 |
| Other | 251 | 218 |
| Derivatives | 206 | 218 |
| Other | 2,045 | 2,006 |
| Total other liabilities and deferred credits | 12,265 | 11,618 |
| COMMITMENTS AND CONTINGENCIES | ||
| TOTAL CAPITALIZATION AND LIABILITIES | $47,155 | $44,821 |
| PARENTHETICAL DATA TO CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | ||
| In Millions | Sep. 30, 2009
| Dec. 31, 2008
|
| Customer receivables, net of allowances | $23 | $29 |
| Other receivables, net of allowances | $1 | $2 |
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | ||
| In Millions | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $1,267 | $1,232 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 1,248 | 1,025 |
| Nuclear fuel amortization | 186 | 146 |
| Recoverable storm-related costs of FPL | (16) | 47 |
| Storm Cost Amortization | 29 | 46 |
| Unrealized (gains) losses on marked to market energy contracts | 63 | (170) |
| Deferred income taxes | 182 | 508 |
| Cost recovery clauses and franchise fees | 417 | (465) |
| Change in prepaid option premiums and derivative settlements | 11 | (6) |
| Equity in earnings of equity method investees | (49) | (85) |
| Distributions of earnings from equity method investees | 33 | 50 |
| Changes in operating assets and liabilities: | ||
| Customer receivables | (146) | (235) |
| Other receivables | 14 | (6) |
| Materials, supplies and fossil fuel inventory | 74 | (156) |
| Other current assets | (32) | (47) |
| Other assets | (44) | (108) |
| Accounts payable | (99) | 234 |
| Customer deposits | 26 | 27 |
| Margin cash collateral | (191) | 28 |
| Income taxes | 39 | (173) |
| Interest and other taxes | 229 | 242 |
| Other current liabilities | (61) | 73 |
| Other liabilities | 8 | (15) |
| Other - net | 138 | 167 |
| Net cash provided by operating activities | 3,326 | 2,359 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Capital expenditures of FPL | (1,841) | (1,665) |
| Independent power investments | (1,884) | (1,854) |
| Funds received from the spent fuel settlement agreement | 86 | 0 |
| Nuclear fuel purchases | (278) | (164) |
| Other capital expenditures | (37) | (32) |
| Sale of independent power investments | 15 | 0 |
| Proceeds from sale of securities in special use funds | 2,713 | 1,718 |
| Purchases of securities in special use funds | (2,783) | (1,797) |
| Proceeds from sale of other securities | 542 | 84 |
| Purchases of other securities | (556) | (188) |
| Other - net | 5 | 41 |
| Net cash used in investing activities | (4,018) | (3,857) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Issuances of long-term debt | 2,389 | 2,587 |
| Retirements of long-term debt | (1,412) | (1,324) |
| Net change in short-term debt | (284) | 2,023 |
| Issuances of common stock | 186 | 32 |
| Dividends on common stock | (574) | (535) |
| Change in funds held for storm-recovery bond payments | 18 | 14 |
| Other - net | (2) | 3 |
| Net cash provided by financing activities | 321 | 2,800 |
| Net increase (decrease) in cash and cash equivalents | (371) | 1,302 |
| Cash and cash equivalents at beginning of period | 535 | 290 |
| Cash and cash equivalents at end of period | $164 | $1,592 |
| Employee Retirement Benefits | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 1. Employee Retirement Benefits | 1.Employee Retirement Benefits FPL Group sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of FPL Group and its subsidiaries.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.The cost of this SERP component is included in the determination of net periodic benefit income for pension benefits in the following table and was not material to FPL Group's financial statements for the three and nine months ended September30, 2009 and 2008.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. The components of net periodic benefit (income) cost for the plans are as follows: Pension Benefits Other Benefits Pension Benefits Other Benefits Three Months Ended September30, Nine Months Ended September30, 2009 2008 2009 2008 2009 2008 2009 2008 (millions) Service cost $ 13 $ 13 $ 2 $ 1 $ 38 $ 40 $ 4 $ 4 Interest cost 27 26 6 6 82 77 18 19 Expected return on plan assets (60 ) (60 ) (1 ) - (179 ) (180 ) (2 ) (3 ) Amortization of transition obligation - - 1 1 - - 3 3 Amortization of prior service benefit (1 ) (1 ) - - (3 ) (3 ) - - Amortization of gains (5 ) (7 ) - - (17 ) (21 ) - - Net periodic benefit (income) cost at FPL Group $ (26 ) $ (29 ) $ 8 $ 8 $ (79 ) $ (87 ) $ 23 $ 23 Net periodic benefit (income) cost at FPL $ (18 ) $ (21 ) $ 6 $ 6 $ (55 ) $ (63 ) $ 17 $ 18 |
| Derivative Instruments | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 2. Derivative Instruments | 2.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.In addition, FPL Group, through NextEra Energy Resources, uses derivatives to optimize the value of power generation assets.NextEra Energy Resources also provides full energy and capacity requirements services primarily to distribution utilities, which include load-following services and various ancillary services, in certain markets and engages in energy trading activities to take advantage of expected future favorable price movements.Derivative instruments, when required to be marked to market, are recorded on FPL Group's and FPL's condensed 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 cost recovery clause (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 on a net basis in operating revenues; fuel purchases and sales are recognized on a net basis in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in FPL Group's condensed consolidated statements of income unless hedge accounting is applied.While most of NextEra Energy Resources' derivative transactions are entered into for the purpose of managing commodity price risk, and to reduce the impact of volatility in interest rates stemming from changes in variable interest rates on outstanding debt, hedge accounting is only applied where specific criteria are met and it is practicable to do so.In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk.Additionally, for hedges of commodity price risk, physical delivery for forecasted commodity transactions must be probable.FPL Group believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes.Transactions for which physical delivery is deemed not to have occurred are presented on a net basis.Generally, the hedging instrument's effectiveness is assessed using regression analysis for commodity contracts, and nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item, for interest rate swaps.Hedge effectiveness is tested at the inception of the hedge and on at least a |
| Fair Value Measurements | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 3. Fair Value Measurements | 3.Fair Value Measurements FPL Group and FPL use several different valuation techniques to measure 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: As of September30, 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 $ 9 $ 27 $ - $ - $ 36 FPL - equity securities $ 1 $ - $ - $ - $ 1 Special use funds: FPL Group: Equity securities $ 543 $ 943 (b) $ - $ - $ 1,486 U.S. Government and municipal bonds $ 178 $ 759 $ - $ - $ 937 Corporate debt securities $ - $ 346 $ - $ - $ 346 Mortgage-backed securities $ - $ 505 $ - $ - $ 505 Other debt securities $ - $ 48 $ - $ - $ 48 FPL: Equity securities $ - $ 836 (b) $ - $ - $ 836 U.S. Government and municipal bonds $ 124 $ 738 $ - $ - $ 862 Corporate debt securities $ - $ 249 $ - $ - $ 249 Mortgage-backed securities $ - $ 393 $ - $ - $ 393 Other debt securities $ - $ 35 $ - $ - $ 35 Other |
| Financial Instruments | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 4. Financial Instruments | 4.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 the quarter ended June30, 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 retained 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 September30, 2009 and December31, 2008, other investments of FPL Group, not included in the table below, included financial instruments of approximately $43 million and $39 million, respectively, which primarily consist of notes receivable that are carried at estimated fair value or cost, which approximates fair value. 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. September30, 2009 December31, 2008 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) FPL Group: Other current assets $ 4 $ 4 (a) $ 9 $ 9 (a) Special use funds $ 3,322 (b) $ 3,322 (a) $ 2,947 $ 2,947 (a) Other investments: Notes receivable $ 534 $ 533 (c) $ 534 $ 524 (c) Debt securities $ 127 (d) $ 127 (a) $ 105 (d) $ 105 (a) Equity securities $ 35 $ 51 (e) $ 27 $ 43 (e) Long-term debt, including current maturities $ 16,263 $ 17,033 (f) $ 15,221 $ 15,152 (f) Interest rate swaps - net unrealized losses $ (41 ) $ (41 )(g) $ (78 ) $ (78 )(g) Foreign currency swaps - net unrealized gains (losses) $ 7 $ 7 (g) $ (4 ) $ (4 )(g) FPL: Special use funds $ 2,375 (b) $ 2,375 (a) $ 2,158 $ 2,158 (a) Long-term debt, including current maturities $ 5,824 $ 6,389 (f) $ 5,574 $ 5,652 (f) (a) |
| Income Taxes | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 5. Income Taxes | 5.Income Taxes FPL Group's effective income tax rate for the three months ended September30, 2009 and 2008 was approximately 25.5% and 31.8%, respectively.The reduction from the federal statutory rate mainly reflects the benefit of wind production tax credits (PTCs) of approximately $50 million and $94 million, respectively, related to NextEra Energy Resources' wind projects.PTCs can significantly affect FPL Group's effective income tax rate depending on the amount of pretax income and wind generation.The corresponding rates and amounts for the nine months ended September30, 2009 and 2008 were approximately 17.7% and 21.7%, respectively, and approximately $190 million and $193 million, respectively. FPL Group recognizes PTCs as wind energy is generated and sold based on a per kilowatt-hour (kwh) rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year.FPL Group uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the financial viability of most wind projects and a fundamental component of such wind projects' results of operations. FPL Group's effective income tax rate for the three months ended September30, 2009 also reflects a $26 million benefit (convertible investment tax credits (ITCs) tax benefit) related to the effect on the estimated annual effective income tax rate of expected book/tax basis differences resulting from additional incentives NextEra Energy Resources expects to receive under the American Recovery and Reinvestment Act of 2009 (Recovery Act) for certain wind projects expected to be placed in service in 2009. FPL Group's effective income tax rate for the nine months ended September30, 2009 also reflects the following: an approximately $18 million benefit (foreign tax benefit) reflecting the reduction of previously deferred income taxes resulting from an additional equity investment in Canadian operations; a $17 million benefit (state tax benefit) related to a change in state tax law that extended the carry forward period of ITCs on certain wind projects; and a $58 million convertible ITCs tax benefit. |
| Comprehensive Income | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 6. Comprehensive Income | 6.Comprehensive Income FPL Group's comprehensive income is as follows: Three Months Ended September30, 2009 2008 (millions) Net income of FPL Group $ 533 $ 774 Net unrealized gains (losses) on commodity cash flow hedges: Effective portion of net unrealized gains (net of $9 and $167 tax expense, respectively) 13 256 Reclassification from AOCI to net income (net of $25 tax benefit and $39 tax expense, respectively) (37 ) 50 Net unrealized gains (losses) on interest rate cash flow hedges: Effective portion of net unrealized losses (net of $14 and $6 tax benefit, respectively) (22 ) (8 ) Reclassification from AOCI to net income (net of $6 and $3 tax expense, respectively) 10 4 Net unrealized gains (losses) on foreign currency cash flow hedge: Effective portion of net unrealized gains (net of $3 tax expense) 5 - Reclassification from AOCI to net income (net of $4 tax benefit) (6 ) - Net unrealized gains (losses) on available for sale securities (net of $33 tax expense and $7 tax benefit, respectively) 50 (11 ) Defined benefit pension and other benefits plans (net of $1 and $0.8 tax benefit, respectively) (1 ) (1 ) Net unrealized gains on foreign currency translation (net of $3 tax expense) 6 - Comprehensive income of FPL Group $ 551 $ 1,064 Nine Months Ended September30, 2009 2008 (millions) Net income of FPL Group $ 1,267 $ 1,232 Net unrealized gains (losses) on commodity cash flow hedges: Effective portion of net unrealized gains (losses) (net of $72 tax expense and $38 tax benefit, respectively) 106 (49 ) Reclassification from AOCI to net income (net of $58 tax benefit and $59 tax expense, respectively) (85 ) 80 Net unrealized gains (losses) on interest rate cash flow hedges: Effective portion of net unrealized gains (losses) (net of $5 tax expense and $5 tax benefit, respectively) 7 (8 ) Reclassification from AOCI to net income (net of $11 and $4 tax expense, respectively) 19 6 Net unrealized gains (losses) on foreign currency cash flow hedge: Effective portion of net unrealized gains (net of $3 tax expense) 5 - Reclassification from AOCI to net income (net of $3 tax benefit) (5 ) - Net unrealized gains (losses) on available for sale securities (net of $66 tax expense and $23 tax benefit, respectively) 97 (36 ) Defined benefit pension and other benefits plans (net of $2 and $2 tax benefit, respectively) (3 ) (4 ) Net unrealized gains on foreign currency translation (net of $4 tax expense) 9 - Comprehensive income of FPL Group $ 1,417 $ 1,221 Approximately $36 million of gains included in FPL Group's AOCI at September30, 2009 is expected to be reclassified into earnings within the next twelve months as either the hedged fuel is consumed, ele |
| Variable Interest Entities | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 7. Variable Interest Entities | 7.Variable Interest Entities FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a variable interest entity (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.The VIE 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 $392 million and $347 million at September30, 2009 and December31, 2008, respectively) would become due.The consolidated assets of the VIE consist primarily of nuclear fuel, which had a net carrying value of approximately $392 million and $338 million at September30, 2009 and December31, 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 a Florida Public Service Commission (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 unrecovered balance of the 2004 storm restoration costs, the 2005 storm restoration costs and approximately $200 million to reestablish FPL's storm and property insurance reserve.The storm-recovery bonds outstanding at September30, 2009 and December31, 2008 were approximately $573 million and $611 million, respectively, which are included in long-term debt and current maturities of long-term debt on FPL Group's and FPL's condensed consolidated balance sheets.In connection with this financing, net proceeds, after debt issuance costs, to the VIE (approximately $644 million) were used to acquire the storm-recovery property, which includes the right to impose, collect and receive a storm-recovery charge from all customers receiving electric transmission or distribution service from FPL under rate schedules approved by the FPSC or under special contracts, certain other rights and interests that arise under the financing order issued by the FPSC and certain other collateral pledged by the VIE that issued the bonds.The storm-recovery bonds are payable only from and secured by the storm-recovery property.The consolidated assets of the VIE were approximately $581 million and $628 million at September30, 2009 and December31, 2008, respectively, and consisted primarily of storm-recovery property, which is included in securitized storm-recovery costs on FPL Group's |
| Common Stock | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 8. Common Stock | 8.Common Stock Earnings Per Share - The reconciliation of FPL Group's basic and diluted earnings per share of common stock is as follows: Three Months Ended September30, Nine Months Ended September30, 2009 2008 2009 2008 (millions, except per share amounts) Numerator - net income $ 533 $ 774 $ 1,267 $ 1,232 Denominator: Weighted-average number of common shares outstanding - basic 405.1 400.4 403.7 399.8 Restricted stock, performance share awards, options, warrants and equity units (a) 2.9 2.6 2.7 2.7 Weighted-average number of common shares outstanding - assuming dilution 408.0 403.0 406.4 402.5 Earnings per share of common stock: Basic $ 1.32 $ 1.93 $ 3.14 $ 3.08 Assuming dilution $ 1.31 $ 1.92 $ 3.12 $ 3.06 (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 0.5 million and 0.6 million for the three months ended September30, 2009 and 2008, respectively, and 0.8 million and 0.5 million for the nine months ended September30, 2009 and 2008, respectively. Continuous Offering of FPL Group Common Stock - In January 2009, FPL Group entered into an agreement under which FPL Group may offer and sell, from time to time, FPL Group common stock having a gross sales price of up to $400 million.During the three and nine months ended September30, 2009, FPL Group received gross proceeds through the sale and issuance of common stock under this agreement of approximately $95 million and $160 million, respectively, consisting of 1,680,000 shares and 2,890,000 shares, respectively, at an average price of $56.66 and $55.53 per share, respectively. |
| Debt | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 9. Debt | 9.Debt As of October29, 2009, debt issuances and borrowings by subsidiaries of FPL Group during 2009 were as follows: Date Issued Company Debt Issued Interest Rate Principal Amount Maturity Date (millions) January2009 NextEra Energy Resources subsidiary Canadian dollar denominated limited-recourse senior secured term loan Variable $ 76 2023 (a) January2009 FPL Group Capital Term loan Variable $ 72 2011 March2009 FPL Group Capital Debentures 6.00% $ 500 2019 March2009 FPL First mortgage bonds 5.96% $ 500 2039 March2009 FPL Group Capital Junior subordinated debentures 8.75% $ 375 2069 March2009 NextEra Energy Resources subsidiary Limited-recourse senior secured notes Variable $ 22 2016 (b) May2009 NextEra Energy Resources subsidiary Limited-recourse senior secured term loan Variable $ 343 2017 (b) May2009 FPL Group Capital Debentures related to FPL Group's equity units 3.60% $ 350 2014 June2009 FPL Group Capital Japanese yen denominated term loan Variable $ 146 2011 June2009 FPL Group Capital Term loan Variable $ 50 2011 October 2009 FPL Group Capital subsidiary Senior secured bonds 7.500% $ 500 2030 (b)(c) (a) Proceeds from this loan were used to repay a portion of the NextEra Energy Resources subsidiary's Canadian dollar denominated variable rate term loan maturing in 2011.In March 2009, the remaining balance of the term loan maturing in 2011 was paid off. (b) Partially amortizing with a balloon payment at maturity. (c) Collateralized by a note receivable of a wholly-owned subsidiary of FPL Group Capital. In May 2009, FPL Group sold $350 million of equity units (initially consisting of Corporate Units).Each equity unit has a stated amount of $50 and consists of a purchase contract issued by FPL Group and, initially, a 1/20, or 5%, undivided beneficial ownership interest in $1,000 principal amount of a Series C Debenture due June1, 2014 issued by FPL Group Capital (see table above).Total annual distributions on the equity units will be at the rate of 8.375%, consisting of interest on the debentures (3.60% per year) and payments under the stock purchase contracts (4.775% per year).The interest rate on the debentures is expected to be reset on or after December1, 2011.Each stock purchase contract will require the holder to purchase FPL Group common stock for cash, which can be satisfied from proceeds raised from remarketing the FPL Group Capital debentures, based on a price per share range of $55.67 to $66.80 no later than the settlement date of June1, 2012.The debentures are fully and unconditionally guaranteed by FPL Group. In 2008, FPL entered into a reclaimed water a |
| Commitments and Contingencies | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 10. Commitments and Contingencies | 10.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 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 September30, 2009, planned capital expenditures for the remainder of 2009 through 2013 were estimated as follows: 2009 2010 2011 2012 2013 Total (millions) FPL: Generation: (a) New (b) (c) (d) $ 420 $ 1,280 $ 1,520 $ 640 $ 165 $ 4,025 Existing 180 645 600 515 415 2,355 Transmission and distribution 155 865 925 930 975 3,850 Nuclear fuel 40 135 215 220 265 875 General and other 50 290 315 300 240 1,195 Total $ 845 $ 3,215 $ 3,575 $ 2,605 $ 2,060 $ 12,300 NextEra Energy Resources: Wind (e) $ 645 $ 25 $ 10 $ 10 $ 10 $ 700 Nuclear (f) 105 495 315 305 280 1,500 Natural gas 25 85 80 80 50 320 Other 50 65 60 45 40 260 Total $ 825 $ 670 $ 465 $ 440 $ 380 $ 2,780 FPL FiberNet $ 15 $ 30 $ 20 $ 20 $ 20 $ 105 (a) Includes allowance for funds used during construction (AFUDC) of approximately $12 million, $52 million, $45 million, $56 million and $27 million in 2009 to 2013, respectively. (b) Includes land, generating structures, transmission interconnection and integration and licensing. (c) Includes pre-construction costs and carrying charges (equal to the pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $23 million, $146 million, $390 million and $38 million in 2009 to 2012, respectively. (d) Excludes capital expenditures of approximately $1.1 billion for the modernization of the Riviera power plant for the period from late-November 2009 (when final project approval is expected) through 2013 and construction costs of approximately $2.5 billion during the period 2012 to 2013 for the two additional nuclear units at FPL's Turkey Point site (construction costs will not begin until license approval is received from the NRC, which is expected no earlier than 2012). (e) Includes capital expenditures for |
| Segment Information | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 11. Segment Information | 11.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 segment information is as follows: Three Months Ended September30, 2009 2008 FPL NextEra Energy Resources (a) Corporate Other FPL Group Consoli- dated FPL NextEra Energy Resources (a) Corporate Other FPL Group Consoli- dated (millions) Operating revenues $ 3,301 $ 1,136 $ 36 $ 4,473 $ 3,423 $ 1,916 $ 48 $ 5,387 Operating expenses $ 2,747 $ 840 $ 37 $ 3,624 $ 2,874 $ 1,150 $ 47 $ 4,071 Net income (loss) (b) $ 306 $ 233 $ (6 ) $ 533 $ 314 $ 483 $ (23 ) $ 774 Nine Months Ended September30, 2009 2008 FPL NextEra Energy Resources (a) Corporate Other FPL Group Consoli- dated FPL NextEra Energy Resources (a) Corporate Other FPL Group Consoli- dated (millions) Operating revenues $ 8,738 $ 3,136 $ 114 $ 11,988 $ 8,829 $ 3,432 $ 146 $ 12,407 Operating expenses $ 7,525 $ 2,307 $ 119 $ 9,951 $ 7,620 $ 2,572 $ 142 $ 10,334 Net income (loss) (b) $ 646 $ 671 $ (50 ) $ 1,267 $ 638 $ 650 $ (56 ) $ 1,232 September30, 2009 December31, 2008 FPL NextEra Energy Resources Corporate Other FPL Group Consoli- dated FPL NextEra Energy Resources Corporate Other FPL Group Consoli- dated (millions) Total assets $ 26,761 $ 18,973 $ 1,421 $ 47,155 $ 26,175 $ 17,157 $ 1,489 $ 44,821 (a) NextEra Energy Resources' interest expense is based on a deemed capital structure of 50% debt for operating projects and 100% debt for projects under construction.For these purposes, the deferred credit associated with differential membership interests sold by a NextEra Energy Resources subsidiary in 2007 is included with debt.Residual non-utility interest expense is included in Corporate and Other. (b) See Note5 for a discussion of NextEra |
| Summarized Financial Information of FPL Group Capital | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Notes To Financial Statements [Abstract] | |
| 12. Summarized Financial Information of FPL Group Capital | 12.Summarized Financial Information of FPL Group Capital FPL Group Capital, a 100% owned subsidiary of FPL Group, provides funding for and holds ownership interests 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 Three Months Ended September30, 2009 2008 FPL Group (Guarantor) FPL Group Capital Other(a) FPL Group Consoli- dated FPL Group (Guarantor) FPL Group Capital Other(a) FPL Group Consoli- dated (millions) Operating revenues $ - $ 1,174 $ 3,299 $ 4,473 $ - $ 1,965 $ 3,422 $ 5,387 Operating expenses - (879 ) (2,745 ) (3,624 ) 1 (1,199 ) (2,873 ) (4,071 ) Interest expense (4 ) (126 ) (74 ) (204 ) (4 ) (120 ) (79 ) (203 ) Other income (deductions) - net 526 64 (520 ) 70 784 17 (779 ) 22 Income (loss) before income taxes 522 233 (40 ) 715 781 663 (309 ) 1,135 Income tax expense (benefit) (11 ) 13 180 182 7 192 162 361 Net income (loss) $ 533 $ 220 $ (220 ) $ 533 $ 774 $ 471 $ (471 ) $ 774 (a) Represents FPL and consolidating adjustments. Nine Months Ended September30, 2009 2008 FPL Group (Guarantor) FPL Group Capital Other(a) FPL Group Consoli- dated FPL Group (Guarantor) FPL Group Capital Other(a) FPL Group Consoli- dated (millions) Operating revenues $ - $ 3,258 $ 8,730 $ 11,988 $ - $ 3,584 $ 8,823 $ 12,407 Operating expenses (1 ) (2,433 ) (7,517 ) (9,951 ) - (2,720 ) (7,614 ) (10,334 ) Interest expense (12 ) (396 ) (223 ) (631 ) (14 ) (344 ) (239 ) (597 ) Other income (deductions) - net 1,282 96 (1,245 ) 133 1,259 82 (1,243 ) 98 Income (loss) before income taxes 1,269 525 (255 ) 1,539 1,245 602 (273 ) 1,574 Income tax expense (benefit) 2 (98 ) 368 272 13 (13 ) 342 342 Net income (loss) $ 1,267 $ 623 $ (623 ) $ 1,267 $ 1,232 $ 615 $ (615 ) $ 1,232 (a) Represents FPL and consolidating adjustments. Condensed Consolidating Balance Sheets September30, 2009 December31, 2008 FPL Group (Guaran- tor) FPL Group Capital Other(a) FPL Group Cons |
| Document Information | |
| 9 Months Ended
Sep. 30, 2009 USD / shares | |
| Document Information [Line Items] | |
| DocumentType | 10-Q |
| Document Period End Date | 2009-09-30 |
| Amendment Flag | false |
| Entity Information (USD $) | ||
| 9 Months Ended
Sep. 30, 2009 | Jun. 30, 2008
| |
| Entity Information [Line Items] | ||
| Entity Registrant Name | FPL GROUP INC | |
| Entity Central Index Key | 0000753308 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well Known Seasoned Issuer | Yes | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Public Float | $26,714,502,227 | |
| Entity Common Stock Shares Outstanding | 413,347,264 |
