| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | ||
| In Millions, except Per Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
| Income Statement [Abstract] | ||
| OPERATING REVENUES | $3,622 | $3,705 |
| OPERATING EXPENSES | ||
| Fuel, purchased power and interchange | 1,349 | 1,811 |
| Other operations and maintenance | 659 | 618 |
| Depreciation and amortization | 414 | 409 |
| Taxes other than income taxes and other | 261 | 284 |
| Total operating expenses | 2,683 | 3,122 |
| OPERATING INCOME | 939 | 583 |
| OTHER INCOME (DEDUCTIONS) | ||
| Interest expense | (238) | (211) |
| Equity in earnings of equity method investees | 7 | 7 |
| Allowance for equity funds used during construction | 7 | 15 |
| Interest income | 18 | 27 |
| Gains on disposal of assets - net | 39 | 7 |
| Other than temporary impairment losses on securities held in nuclear decommissioning funds | (1) | (53) |
| Other - net | (1) | 8 |
| Total other deductions - net | (169) | (200) |
| INCOME BEFORE INCOME TAXES | 770 | 383 |
| INCOME TAXES | 214 | 19 |
| NET INCOME | $556 | $364 |
| Earnings per share of common stock: | ||
| Basic | 1.36 | 0.9 |
| Assuming dilution | 1.36 | 0.9 |
| Dividends per share of common stock | 0.5 | 0.4725 |
| Weighted-average number of common shares outstanding: | ||
| Basic | 407.5 | 402.3 |
| Assuming dilution | 410.1 | 404.8 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | ||
| In Millions | 3 Months Ended
Mar. 31, 2010 | 12 Months Ended
Dec. 31, 2009 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Electric utility plant in service and other property | $46,586 | $46,330 |
| Nuclear fuel | 1,406 | 1,414 |
| Construction work in progress | 3,275 | 2,425 |
| Less accumulated depreciation and amortization | (14,413) | (14,091) |
| Total property, plant and equipment - net | 36,854 | 36,078 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | 1,215 | 238 |
| Customer receivables, net | 1,174 | 1,431 |
| Other receivables, net | 772 | 816 |
| Materials, supplies and fossil fuel inventory | 852 | 877 |
| Regulatory Assets: | ||
| Deferred clause and franchise expenses | 86 | 69 |
| Securitized storm-recovery costs | 71 | 69 |
| Derivatives | 430 | 68 |
| Other | 3 | 3 |
| Derivatives | 611 | 357 |
| Other | 343 | 409 |
| Total current assets | 5,557 | 4,337 |
| OTHER ASSETS | ||
| Special use funds | 3,509 | 3,390 |
| Other investments | 970 | 935 |
| Prepaid benefit costs | 1,204 | 1,184 |
| Regulatory Assets: | ||
| Securitized storm-recovery costs | 617 | 644 |
| Deferred clause expenses | 23 | 0 |
| Other | 336 | 265 |
| Other | 1,872 | 1,625 |
| Total other assets | 8,531 | 8,043 |
| TOTAL ASSETS | 50,942 | 48,458 |
| CAPITALIZATION | ||
| Common stock | 4 | 4 |
| Additional paid-in capital | 5,084 | 5,055 |
| Retained earnings | 8,091 | 7,739 |
| Accumulated other comprehensive income | 157 | 169 |
| Total common shareholders' equity | 13,336 | 12,967 |
| Long-term debt | 16,601 | 16,300 |
| Total capitalization | 29,937 | 29,267 |
| CURRENT LIABILITIES | ||
| Commercial paper | 2,517 | 2,020 |
| Notes payable | 418 | 0 |
| Current maturities of long-term debt | 977 | 569 |
| Accounts payable | 937 | 992 |
| Customer deposits | 628 | 613 |
| Accrued interest and taxes | 461 | 466 |
| Regulatory Liabilities: | ||
| Deferred clause and franchise revenues | 24 | 377 |
| Pension | 2 | 2 |
| Derivatives | 772 | 221 |
| Other | 1,046 | 1,189 |
| Total current liabilities | 7,782 | 6,449 |
| OTHER LIABILITIES AND DEFERRED CREDITS | ||
| Asset retirement obligations | 2,413 | 2,418 |
| Accumulated deferred income taxes | 5,083 | 4,860 |
| Regulatory Liabilities: | ||
| Accrued asset removal costs | 2,249 | 2,251 |
| Asset retirement obligation regulatory expense difference | 714 | 671 |
| Pension | 15 | 16 |
| Other | 278 | 244 |
| Derivatives | 369 | 170 |
| Other | 2,102 | 2,112 |
| Total other liabilities and deferred credits | 13,223 | 12,742 |
| COMMITMENTS AND CONTINGENCIES | ||
| TOTAL CAPITALIZATION AND LIABILITIES | $50,942 | $48,458 |
| PARENTHETICAL DATA TO CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | ||
| In Millions | Mar. 31, 2010
| Dec. 31, 2009
|
| Statement Of Financial Position [Abstract] | ||
| Total property, plant and equipment - net (related to VIEs) | $1,176 | |
| Customer receivables, net of allowances | 14 | 23 |
| Other receivables, net of allowances | 1 | 1 |
| Securitized storm-recovery costs (related to a VIE) | 381 | |
| Long-term debt (related to VIEs) | 810 | |
| Other (related to a VIE) | $697 |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | ||
| In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | $556 | $364 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 414 | 409 |
| Nuclear fuel amortization | 72 | 60 |
| Unrealized gains on marked to market energy contracts | (324) | (75) |
| Deferred income taxes | 270 | (18) |
| Cost recovery clauses and franchise fees | (392) | 266 |
| Change in prepaid option premiums and derivative settlements | 164 | 47 |
| Equity in earnings of equity method investees | (7) | (7) |
| Changes in operating assets and liabilities: | ||
| Customer receivables | 257 | 162 |
| Other receivables | (6) | 31 |
| Materials, supplies and fossil fuel inventory | 26 | 97 |
| Other current assets | (12) | (8) |
| Other assets | (30) | (30) |
| Accounts payable | (22) | (130) |
| Customer deposits | 15 | 13 |
| Margin cash collateral | 16 | (185) |
| Income taxes | (75) | 45 |
| Interest and other taxes | 16 | 72 |
| Other current liabilities | (40) | (100) |
| Other liabilities | 9 | (3) |
| Other - net | (11) | 33 |
| Net cash provided by operating activities | 896 | 1,043 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Capital expenditures of FPL | (794) | (575) |
| Independent power investments | (567) | (422) |
| Cash grants under the American Recovery and Reinvestment Act of 2009 | 99 | 0 |
| Nuclear fuel purchases | (37) | (70) |
| Other capital expenditures | (15) | (9) |
| Sale of independent power investments | 0 | 5 |
| Proceeds from sale of securities in special use funds | 1,900 | 875 |
| Purchases of securities in special use funds | (1,937) | (892) |
| Proceeds from sale of other securities | 244 | 17 |
| Purchases of other securities | (253) | (26) |
| Other - net | (1) | 1 |
| Net cash used in investing activities | (1,361) | (1,096) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Issuances of long-term debt | 800 | 1,508 |
| Retirements of long-term debt | (102) | (359) |
| Net change in short-term debt | 916 | (1,220) |
| Issuances of common stock | 12 | 49 |
| Dividends on common stock | (204) | (191) |
| Other - net | 20 | 7 |
| Net cash provided by (used in) financing activities | 1,442 | (206) |
| Net increase (decrease) in cash and cash equivalents | 977 | (259) |
| Cash and cash equivalents at beginning of period | 238 | 535 |
| Cash and cash equivalents at end of period | 1,215 | 276 |
| SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
| Accrued property additions | $571 | $610 |
| Employee Retirement Benefits | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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 and 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 (collectively, pension benefits).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 Three Months Ended March31, Three Months Ended March31, 2010 2009 2010 2009 (millions) Service cost $ 15 $ 13 $ 1 $ 2 Interest cost 26 27 6 6 Expected return on plan assets (60 ) (60 ) (1 ) (1 ) Amortization of transition obligation - - 1 1 Amortization of prior service benefit (1 ) (1 ) - - Amortization of gains - (5 ) - - Net periodic benefit (income) cost at FPL Group $ (20 ) $ (26 ) $ 7 $ 8 Net periodic benefit (income) cost at FPL $ (14 ) $ (18 ) $ 6 $ 6 |
| Derivative Instruments | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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, and to optimize the value of NextEra Energy Resources, LLC's (NextEra Energy Resources) power generation assets. 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 terms 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 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 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 NextE |
| Fair Value Measurements | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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 at fair value on a recurring basis.FPL Group's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less.FPL Group and FPL primarily hold investments in money market funds.The fair value of these funds is calculated using current market prices. Special Use Funds and Other Investments - FPL Group and FPL hold primarily debt and equity securities directly as well as equity securities indirectly through commingled funds.Substantially all equity securities are valued by the custodian at their quoted market prices.Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives.The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities.Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market.For debt securities, the custodian obtains multiple prices and price types from pricing vendors whenever possible, which enables cross-provider validations.A primary price source is identified by the custodian based on asset type, class or issue of each security. Derivative Instruments - FPL Group and FPL measure the fair value of commodity contracts on a daily basis using prices observed on commodities exchanges and in the over-the-counter markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs.The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.Non-performance risk is also considered in the determination of fair value for all derivative assets and liabilities, including the consideration of a credit valuation adjustment. Exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices.For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using significant other observable inputs. FPL Group and FPL also enter into over-the-counter commodity contract derivatives.The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices |
| Financial Instruments | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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 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 indicated the impairment was 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 March31, 2010 and December31, 2009, other investments of FPL Group, not included in the table below, included financial instruments of approximately $38 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. March31, 2010 December31, 2009 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) FPL Group: Special use funds $ 3,509 (a) $ 3,509 (b) $ 3,390 (a) $ 3,390 (b) Other investments: Notes receivable $ 530 $ 573 (c) $ 534 $ 556 (c) Debt securities $ 134 (d) $ 134 (b) $ 104 (d) $ 104 (b) Equity securities $ 45 $ 105 (e) $ 45 $ 105 (e) Long-term debt, including current maturities $ 17,578 $ 17,984 (f) $ 16,869 $ 17,256 (f) Interest rate swaps - net unrealized losses $ (34 ) $ (34 )(g) $ (17 ) $ (17 )(g) Foreign currency swaps - net unrealized losses $ (5 ) $ (5 )(g) $ (1 ) $ (1 )(g) FPL: Special use funds $ 2,485 (a) $ 2,485 (b) $ 2,408 (a) $ 2,408 (b) Long-term debt, including current maturities $ 6,318 $ 6,438 (f) $ 5,836 $ 6,055 (f) (a) At March31, 2010, includes cash of $50 million and loans of $9 million ($50 million and $6 million, respectively, at FPL) not measured at fair value on a recurring basis.For remaining balance, see Note3 for classification by major security type.The amortized cost of debt and equity securities is $1,664 million and $1,390 million, respectively, at March31, 2010 and $1,63 |
| Income Taxes | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| Income Taxes | 5.Income Taxes FPL Group's effective income tax rate for the three months ended March31, 2010 and 2009 was approximately 27.8% and 4.9%, respectively.The reduction from the federal statutory rate mainly reflects the benefit of wind production tax credits (PTCs) of approximately $75 million and $72 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. 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 March31, 2010 also reflects a $14 million deferred tax benefit associated with grants (convertible investment tax credits (ITCs)) under the American Recovery and Reinvestment Act of 2009 (Recovery Act) for certain wind projects expected to be placed in service in 2010. FPL Group's effective income tax rate for the three months ended March31, 2009 reflected 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 $15 million deferred tax benefit associated with convertible ITCs. |
| Comprehensive Income | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| Comprehensive Income | 6.Comprehensive Income FPL Group's comprehensive income is as follows: Three Months Ended March31, 2010 2009 (millions) Net income of FPL Group $ 556 $ 364 Net unrealized gains (losses) on commodity cash flow hedges: Effective portion of net unrealized gains (net of $8 and $61 tax expense, respectively) 12 90 Reclassification from AOCI to net income (net of $14 and $8 tax benefit, respectively) (21 ) (13 ) Net unrealized gains (losses) on interest rate cash flow hedges: Effective portion of net unrealized losses (net of $13 and $2 tax benefit, respectively) (21 ) (3 ) Reclassification from AOCI to net income (net of $6 and $3 tax expense, respectively) 10 6 Net unrealized gains (losses) on foreign currency cash flow hedge: Effective portion of net unrealized losses (net of $1 tax benefit) (3 ) - Reclassification from AOCI to net income (net of $1 tax expense) 2 - Net unrealized gains (losses) on available for sale securities: Net unrealized gains on securities still held (net of $16 and $1 tax expense, respectively) 19 1 Reclassification from AOCI to net income (net of $7 and $2 tax benefit, respectively) (9 ) (3 ) Defined benefit pension and other benefits plans (net of $1 tax benefit) - (1 ) Net unrealized losses on foreign currency translation (net of $1 and $1 tax benefit, respectively) (1 ) (3 ) Comprehensive income of FPL Group $ 544 $ 438 Approximately $28 million of gains included in FPL Group's AOCI at March31, 2010, related to derivative instruments, are expected to be reclassified into earnings within the next twelve months as either the hedged fuel is consumed, electricity is sold or principal and/or interest payments are made.Such amount assumes no change in fuel prices, power prices, interest rates or scheduled principal payments.AOCI is separately displayed on the condensed consolidated balance sheets of FPL Group.FPL's comprehensive income is the same as its reported net income. |
| Variable Interest Entities | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| Variable Interest Entities | 7.Variable Interest Entities Effective January 1, 2010, FPL Group and FPL adopted new accounting guidance which modified the consolidation model in previous guidance and expanded the disclosures related to variable interest entities (VIE).An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity 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.A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.The adoption of this new accounting guidance did not result in FPL Group or FPL consolidating any additional VIEs or deconsolidating any VIEs.As of March31, 2010, FPL Group has four VIEs which it consolidates and has interests in certain other VIEs which it does not consolidate. FPL - 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 financing order of the Florida Public Service Commission (FPSC).FPL is considered the primary beneficiary because FPL has the power to direct the significant activities of the VIE, and its equity investment, which is subordinate to the bondholder's interest in the VIE, is at risk.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.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 bondholders have no recourse to the general credit of FPL.The assets of the VIE were approximately $451 million at March31, 2010 and consisted primarily of storm-recover |
| Common Stock | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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 March31, 2010 2009 (millions, except per share amounts) Numerator - net income $ 556 $ 364 Denominator: Weighted-average number of common shares outstanding - basic 407.5 402.3 Restricted stock, performance share awards, options and warrants(a) 2.6 2.5 Weighted-average number of common shares outstanding - assuming dilution 410.1 404.8 Earnings per share of common stock: Basic $ 1.36 $ 0.90 Assuming dilution $ 1.36 $ 0.90 (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 and equity units which were not included in the denominator above due to their antidilutive effect were approximately 8.3 million and 1.1 million for the three months ended March31, 2010 and 2009, respectively. |
| Debt | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| Debt | 9.Debt As of April30, 2010, long-term debt issuances and borrowings by subsidiaries of FPL Group during 2010 were as follows: Date Issued Company Debt Issued Interest Rate Principal Amount Maturity Date (millions) February 2010 FPL First mortgage bonds 5.69% $ 500 2040 March 2010 NextEra Energy Resources subsidiary Limited-recourse senior secured notes 6.56% $ 305 2030 April 2010 FPL Group Capital Term loan Variable (a) $ 100 2013 April 2010 FPL Group Capital Term loan Variable (a) $ 100 2013 April 2010 NextEra Energy Resources subsidiary Limited-recourse senior secured notes Variable (a) $ 255 2027 (a) Variable rate is based on an underlying index plus a margin.Interest rate swap agreements were entered into with respect to the limited-recourse senior secured notes. |
| Commitments and Contingencies | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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 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 March31, 2010, estimated planned capital expenditures for the remainder of 2010 through 2014 were as follows: 2010 2011 2012 2013 2014 Total (millions) FPL: Generation:(a) New(b)(c) $ 845 $ 1,430 $ 1,720 $ 460 $ 160 $ 4,615 Existing 480 545 490 490 465 2,470 Transmission and distribution 480 600 695 710 545 3,030 Nuclear fuel 85 200 175 250 205 915 General and other 65 100 120 60 125 470 Total $ 1,955 $ 2,875 $ 3,200 $ 1,970 $ 1,500 $ 11,500 NextEra Energy Resources: Wind(d) $ 300 $ 25 $ 10 $ 10 $ 10 $ 355 Nuclear(e) 375 440 315 250 230 1,610 Natural gas 70 75 70 45 20 280 Solar(f) 150 435 460 90 - 1,135 Other(g) 55 70 40 50 50 265 Total $ 950 $ 1,045 $ 895 $ 445 $ 310 $ 3,645 Corporate and Other(h) $ 20 $ 20 $ 20 $ 20 $ 20 $ 100 (a) Includes allowance for funds used during construction (AFUDC) of approximately $39 million, $48 million, $77 million, $81 million and $30 million in 2010 to 2014, respectively. (b) Includes land, generating structures, transmission interconnection and integration and licensing. (c) Includes projects that have received FPSC approval.Includes pre-construction costs and carrying charges (equal to a pretax AFUDC rate) on construction costs recoverable through the capacity clause of approximately $66 million, $72 million, $60 million and $24 million in 2010 to 2013, respectively.Excludes capital expenditures for the 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. (d) Consists of capital expenditures for planned new wind projects that have received applicable internal approvals, and related transmission.NextEra Energy Resources plans to add new wind generation of approximately 3,500 mw to 5,000 mw in 2010 through 2014, including 600 mw to 850 mw in 2010, at a total cost of approximately $7 billion to $10 billion. (e) Includes nuclear fuel. (f) Consists of capital expenditures for planned new solar projects that have received applicable internal approvals.NextEra Energy Resources plans to add new solar generation of approximately 400 mw to 600 mw in 2010 through 2014 at a |
| Segment Information | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| Segment Information | 11.Segment Information FPL Group's reportable segments include FPL, a rate-regulated utility, and NextEra Energy Resources, a competitive energy business.Beginning in 2010, NextEra Energy Resources' financial statements include non-utility interest expense on a deemed capital structure of 70% debt and allocated shared service costs.These changes were made to reflect an expected average capital structure at FPL Group Capital and more accurately reflect NextEra Energy Resources' operating costs.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 March31, 2010 2009 FPL NextEra Energy Resources(a) Corporate Other FPL Group Consoli- dated FPL NextEra Energy Resources(a)(c) Corporate Other(c) FPL Group Consoli- dated (millions) Operating revenues $ 2,328 $ 1,247 $ 47 $ 3,622 $ 2,573 $ 1,089 $ 43 $ 3,705 Operating expenses $ 1,935 $ 711 $ 37 $ 2,683 $ 2,311 $ 776 $ 35 $ 3,122 Net income (loss)(b) $ 191 $ 367 $ (2 ) $ 556 $ 127 $ 228 $ 9 $ 364 March31, 2010 December31, 2009 FPL NextEra Energy Resources Corporate Other FPL Group Consoli- dated FPL NextEra Energy Resources Corporate Other FPL Group Consoli- dated (millions) Total assets $ 28,053 $ 20,908 $ 1,981 $ 50,942 $ 26,812 $ 20,136 $ 1,510 $ 48,458 (a) NextEra Energy Resources' interest expense is based on a deemed capital structure of 70% debt.For this purpose, 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 Energy Resources' tax benefits related to PTCs. (c) Segment information restated for the changes listed above. |
| Summarized Financial Information of FPL Group Capital | |
| 3 Months Ended
Mar. 31, 2010 | |
| Notes to Financial Statements [Abstract] | |
| 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 March31, 2010 2009 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 $ - $ 1,297 $ 2,325 $ 3,622 $ - $ 1,135 $ 2,570 $ 3,705 Operating expenses (1 ) (751 ) (1,931 ) (2,683 ) - (813 ) (2,309 ) (3,122 ) Interest expense (4 ) (151 ) (83 ) (238 ) (4 ) (134 ) (73 ) (211 ) Other income (deductions) - net 564 68 (563 ) 69 373 (9 ) (353 ) 11 Income (loss) before income taxes 559 463 (252 ) 770 369 179 (165 ) 383 Income tax expense (benefit) 3 91 120 214 5 (57 ) 71 19 Net income (loss) $ 556 $ 372 $ (372 ) $ 556 $ 364 $ 236 $ (236 ) $ 364 (a) Represents FPL and consolidating adjustments. Condensed Consolidating Balance Sheets March31, 2010 December31, 2009 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 $ 19,770 $ 31,495 $ 51,267 $ 2 $ 19,185 $ 30,982 $ 50,169 Less accumulated depreciation and amortization - (3,722 ) (10,691 ) (14,413 ) - (3,513 ) (10,578 ) (14,091 ) Total property, plant and equipment - net 2 16,048 20,804 36,854 2 15,672 20,404 36,078 CURRENT ASSETS Cash and cash equivalents - 625 590 1,215 - 156 82 238 Receivables 460 1,102 384 1,946 453 1,247 547 2,247 Other 4 1,465 927 2,396 4 1,258 590 1,852 Total current assets 464 3,192 1,901 5,557 457 2,661 1,219 4,337 OTHER ASSETS Investment in subsidiaries 13,146 - (13,146 ) - 12,785 - (12,785 ) - Other 551 3,563 4,417 8,531 557 3,257 4,229 8,043 Total other assets 13,697 3,563 (8,729 ) 8,531 13,342 3,257 (8,556 ) 8,043 TOTAL ASSETS $ 14,163 $ 22,803 $ 13,976 $ 50,942 $ 13,801 $ 21,590 $ 13,067 $ 48,458 |
| Document Information | |
| 3 Months Ended
Mar. 31, 2010 | |
| Document Information [Text Block] | |
| DocumentType | 10-Q |
| Document Period End Date | 2010-03-31 |
| Amendment Flag | false |
| Entity Information (USD $) | ||
| 3 Months Ended
Mar. 31, 2010 | Jun. 30, 2009
| |
| Entity [Text Block] | ||
| 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 | $23,304,012,377 | |
| Entity Common Stock Shares Outstanding | 414,672,538 | |
| Document Fiscal Year Focus | 2,010 | |
| Document Fiscal Period Focus | Q1 |
