Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'NEXTERA ENERGY PARTNERS, LP | ' |
Entity Central Index Key | '0001603145 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,687,500 |
Condensed_Combined_Statements_
Condensed Combined Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
OPERATING REVENUES | $86,724 | $34,462 | $146,222 | $66,408 |
OPERATING EXPENSES | ' | ' | ' | ' |
Operations and maintenance | 15,485 | 5,942 | 26,701 | 14,045 |
Depreciation and amortization | 18,761 | 8,220 | 35,197 | 16,028 |
Transmission expense | 540 | 526 | 1,083 | 1,051 |
Taxes other than income taxes and other | 1,527 | 931 | 2,765 | 1,781 |
Total operating expenses | 36,313 | 15,619 | 65,746 | 32,905 |
OPERATING INCOME | 50,411 | 18,843 | 80,476 | 33,503 |
OTHER INCOME (DEDUCTIONS) | ' | ' | ' | ' |
Interest Expense | -23,619 | -9,789 | -42,367 | -19,887 |
Gain on settlement of contingent consideration of project acquisition | 0 | 4,809 | 0 | 4,809 |
Other—net | 68 | 48 | 92 | 43 |
Total other deductions—net | -23,551 | -4,932 | -42,275 | -15,035 |
INCOME BEFORE TAXES | 26,860 | 13,911 | 38,201 | 18,468 |
INCOME TAXES | 4,691 | 6,213 | 10,687 | 11,165 |
NET INCOME | 22,169 | 7,698 | 27,514 | 7,303 |
Net unrealized gains (losses) on cash flow hedges: | ' | ' | ' | ' |
Effective portion of net unrealized gains (losses) (net of income tax expense/(benefit) ($2,436), $3,395, ($4,336) and $4,725, respectively) | -5,152 | 5,279 | -8,253 | 7,626 |
Reclassification from accumulated other comprehensive loss to net income (net of income tax expense $372, $399, $748 and $754, respectively) | 577 | 588 | 1,192 | 1,215 |
Unrealized gains (losses) on foreign currency translation | 3,893 | -12,179 | -2,993 | -20,309 |
Total other comprehensive loss, net of tax | -682 | -6,312 | -10,054 | -11,468 |
COMPREHENSIVE INCOME (LOSS) | $21,487 | $1,386 | $17,460 | ($4,165) |
Condensed_Combined_Statements_1
Condensed Combined Statements of Operations and Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Effective portion of net unrealized gains (losses), tax expense (benefit) | ($2,436) | $3,395 | ($4,336) | $4,725 |
Reclassification from accumulated other comprehensive income to net income, tax expense | $372 | $399 | $748 | $754 |
Balance_SheetCondensed_Combine
Balance Sheet/Condensed Combined Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $107,095,000 | $26,580,000 |
Accounts receivable | 63,039,000 | 203,072,000 |
Restricted cash | 344,583,000 | 2,370,000 |
Prepaid expenses | 1,583,000 | 1,392,000 |
Other current assets | 7,863,000 | 6,178,000 |
Total current assets | 524,163,000 | 239,592,000 |
Non-current assets: | ' | ' |
Property, plant and equipment, net | 2,087,810,000 | 1,755,711,000 |
Construction work in progress | 164,037,000 | 542,052,000 |
Deferred income taxes | 32,955,000 | 29,010,000 |
Other non-current assets | 67,487,000 | 66,586,000 |
Total non-current assets | 2,352,289,000 | 2,393,359,000 |
TOTAL ASSETS | 2,876,452,000 | 2,632,951,000 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 37,517,000 | 42,489,000 |
Due to related parties | 32,837,000 | 15,153,000 |
Current maturities of long-term debt | 396,037,000 | 370,251,000 |
Accrued interest | 22,130,000 | 16,052,000 |
Other current liabilities | 13,376,000 | 10,333,000 |
Total current liabilities | 501,897,000 | 454,278,000 |
Non-current liabilities: | ' | ' |
Long-term debt | 1,839,241,000 | 1,429,370,000 |
Asset retirement obligation | 16,249,000 | 14,901,000 |
Other non-current liabilities | 40,841,000 | 26,986,000 |
Total non-current liabilities | 1,896,331,000 | 1,471,257,000 |
TOTAL LIABILITIES | 2,398,228,000 | 1,925,535,000 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
MEMBERS’ EQUITY: | ' | ' |
Additional paid-in capital | 417,908,000 | 664,560,000 |
Retained earnings | 85,874,000 | 58,360,000 |
Accumulated other comprehensive loss | -25,558,000 | -15,504,000 |
TOTAL MEMBERS’ EQUITY | 478,224,000 | 707,416,000 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY | 2,876,452,000 | 2,632,951,000 |
NextEra Energy Partners, LP [Member] | ' | ' |
MEMBERS’ EQUITY: | ' | ' |
General partner | 10,000 | ' |
General partner contribution receivable | -10,000 | ' |
Limited partner | 100 | ' |
Limited partner contribution receivable | -100 | ' |
TOTAL MEMBERS’ EQUITY | $0 | ' |
Condensed_Combined_Statements_2
Condensed Combined Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $27,514 | $7,303 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 35,197 | 16,028 |
Intangible amortization | -232 | -253 |
Amortization of deferred financing costs | 3,088 | 1,422 |
Deferred income taxes | 10,687 | 11,165 |
Gain on settlement of contingent consideration for project acquisition | 0 | -4,809 |
Loss on disposal of assets | 0 | 40 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -16,626 | 6,629 |
Prepaid expenses and other current assets | -2,603 | 3,162 |
Other non-current assets | 121 | -41 |
Accounts payable and accrued expenses | 1,039 | 4,343 |
Due to related parties | 13,630 | 4 |
Other current liabilities | 12,637 | -3,066 |
Other non-current liabilities | 123 | 547 |
Net cash provided by operating activities | 84,575 | 42,474 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -90,474 | -364,155 |
Proceeds from convertible investment tax credit | 306,240 | 0 |
Proceeds from asset disposals | 0 | 38 |
Changes in restricted cash | -344,011 | 207,284 |
Insurance proceeds | 321 | 4,038 |
Net cash used in investing activities | -127,924 | -152,795 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Member contributions | 362,426 | 191,412 |
Member distributions | -235,657 | -72,936 |
Issuances of long-term debt | 14,748 | 0 |
Deferred financing costs | 0 | -510 |
Retirements of long-term debt | -18,718 | -12,295 |
Payment of contingent consideration for project acquisition | 0 | -3,675 |
Net cash provided by financing activities | 122,799 | 101,996 |
Effect of exchange rate changes on cash | 1,065 | -432 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 80,515 | -8,757 |
CASH AND CASH EQUIVALENTS—BEGINNING OF PERIOD | 26,580 | 21,028 |
CASH AND CASH EQUIVALENTS—END OF PERIOD | 107,095 | 12,271 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest, net of amounts capitalized | 21,270 | 20,968 |
Members’ noncash contributions for construction costs and other expenditures | 107,543 | 72,090 |
Members’ net distributions for CITC payments | 0 | 66,834 |
Change in accrued CITC that results in a reduction to property, plant and equipment | 149,945 | 0 |
Members’ noncash distributions | 480,964 | 8,424 |
New asset retirement obligation additions | 986 | 272 |
Net change in accrued but not paid for capital expenditures | ($19,033) | $126,036 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Entity Information [Line Items] | ' | ||||||||||||
Organization and Nature of Business | ' | ||||||||||||
ORGANIZATION AND NATURE OF BUSINESS | |||||||||||||
NEP was formed as a Delaware limited partnership on March 6, 2014 as an indirect wholly owned subsidiary of NEE, a Florida corporation. NEP was formed to be a growth-oriented limited partnership that would own, operate and acquire clean and contracted generation assets with stable long-term cash flows. | |||||||||||||
On July 1, 2014, NEP completed its Offering by issuing 18,687,500 common units at a price to the public of $25 per unit. The proceeds from the Offering, net of underwriting discounts, commissions and structuring fees, were approximately $438.3 million, of which NEP used approximately $288.3 million to purchase 12,291,593 common units of NEP OpCo from NEE Equity and approximately $150 million to purchase 6,395,907 NEP OpCo common units from NEP OpCo, which will use the net proceeds for general corporate purposes, including to fund future acquisition opportunities. After the application of the net proceeds from the Offering, NEP owns a 20.1% limited partnership interest in NEP OpCo. | |||||||||||||
In connection with the Offering, NEP acquired the following portfolio of clean, contracted renewable energy assets (initial portfolio): | |||||||||||||
Project | Commercial | Resource | MW | Counterparty | Contract | Project Financing | |||||||
Operation Date | Expiration | (Maturity) | |||||||||||
Northern Colorado | September 2009 | Wind | 174.3 | Public Service Company of Colorado | 2029 (22.5 MW) / | Mountain Prairie (2030) | |||||||
2034 (151.8 MW) | |||||||||||||
Elk City | December 2009 | Wind | 98.9 | Public Service Company of Oklahoma | 2030 | Mountain Prairie (2030) | |||||||
Moore | February 2012 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Sombra | Feb-12 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Perrin Ranch | January 2012 | Wind | 99.2 | Arizona Public Service Company | 2037 | Canyon Wind (2030) | |||||||
Conestogo | December 2012 | Wind | 22.9 | Ontario Power Authority | 2032 | Trillium (2033) | |||||||
Tuscola Bay | Dec-12 | Wind | 120 | DTE Electric Company | 2032 | Canyon Wind (2030) | |||||||
Summerhaven | Aug-13 | Wind | 124.4 | Ontario Power Authority | 2033 | Trillium (2033) | |||||||
Genesis | November 2013 (125.0 MW)/ | Solar | 250 | Pacific Gas & Electric Co. | 2039 | Genesis (2038) | |||||||
March 2014 (125.0 MW) | |||||||||||||
Bluewater | Jul-14 | Wind | 59.9 | Ontario Power Authority | 2034 | Bluewater (2032) | |||||||
Total | 989.6 | ||||||||||||
NextEra Energy Partners, LP [Member] | ' | ||||||||||||
Entity Information [Line Items] | ' | ||||||||||||
Organization and Nature of Business | ' | ||||||||||||
ORGANIZATION AND NATURE OF BUSINESS | |||||||||||||
NEP was formed as a Delaware limited partnership on March 6, 2014 as an indirect wholly owned subsidiary of NEE, a Florida corporation. NEP was formed to be a growth-oriented limited partnership that would own, operate and acquire clean and contracted generation assets with stable long-term cash flows. On July 1, 2014, NEP completed its initial public offering (Offering) of common units, representing limited partner interests. NEP's outstanding common units after the Offering are described in Note 3. Immediately prior to the completion of the Offering, NEP acquired a portfolio of contracted renewable energy assets totaling approximately 990 megawatts (MW). |
Summary_of_Significant_Account
Summary of Significant Accounting and Reporting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Entity Information [Line Items] | ' |
Summary of Significant Accounting and Reporting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | |
Revenue—Revenue recognized for the three and six months ended June 30, 2014 and 2013, includes revenues from operations located outside of the U.S. This revenue was approximately $19.0 million and $10.9 million for the three months ended June 30, 2014 and 2013, respectively, and $41.0 million and $17.7 million for the six months ended June 30, 2014 and 2013, respectively. | |
In May 2014, the Financial Accounting Standards Board issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard is effective for NEP beginning January 1, 2017. NEP is currently evaluating the effect the adoption of this standard will have, if any, on its financial statements. | |
Inventories— Spare parts inventories are stated at the lower of weighted average cost or market and are included in other current assets in NEP’s condensed combined balance sheets. Spare parts inventory was $5.6 million and $4.3 million as of June 30, 2014 and December 31, 2013, respectively. | |
Property, Plant and Equipment, net—Property, plant and equipment consists primarily of development, engineering and construction costs for the renewable energy assets, equipment, land, substations and transmission lines. Property, plant and equipment, excluding land, is recorded at cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to 30 years, commencing on the date the assets are placed in service. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expenses, as incurred. | |
Convertible Investment Tax Credits (CITCs) of $595.1 million and $445.1 million as of June 30, 2014 and December 31, 2013, respectively, are recorded as a reduction in property, plant and equipment, net in the condensed combined balance sheets and are amortized as a corresponding reduction to depreciation expense over the estimated life of the related asset. As of June 30, 2014, NEP had recorded a CITC receivable of $24.1 million associated with the Genesis project, which is included in accounts receivable on NEP's condensed combined balance sheets. | |
Total net long-lived assets held by operations outside the U.S. amounted to approximately $753.0 million and $625.9 million, respectively, as of June 30, 2014 and December 31, 2013. | |
Construction Work in Progress—Construction work in progress includes construction materials, turbine generators, solar panel assemblies and other equipment, third-party engineering costs, capitalized interest and other costs directly associated with the development and construction of the various projects. Upon commencement of plant operations, costs associated with construction work in progress are transferred to property, plant and equipment, net. | |
Construction work in progress decreased and property, plant and equipment, net and CITCs increased at June 30, 2014, primarily due to the second unit of the Genesis facility going into service in March 2014. | |
NextEra Energy Partners, LP [Member] | ' |
Entity Information [Line Items] | ' |
Summary of Significant Accounting and Reporting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES | |
Basis of presentation— NEP’s balance sheet has been prepared in accordance with accounting principles generally accepted in the U.S. Separate statements of income, changes in partners’ equity and cash flows have not been presented in the financial statements because there have been no activities of NEP other than those related to its formation. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair financial statement presentation have been made. |
Initial_Public_Offering
Initial Public Offering (NextEra Energy Partners, LP [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
NextEra Energy Partners, LP [Member] | ' |
Entity Information [Line Items] | ' |
Initial Public Offering | ' |
INITIAL PUBLIC OFFERING | |
On July 1, 2014, NEP completed its Offering by issuing 18,687,500 common units at a price to the public of $25 per common unit. The proceeds from the Offering, net of underwriting discounts, commissions and structuring fees, were approximately $438.3 million, of which NEP used approximately $288.3 million to purchase 12,291,593 common units of NEP OpCo from NextEra Energy Equity Partners, LP (NEE Equity) and approximately $150 million to purchase 6,395,907 NEP OpCo common units from NEP OpCo, which will use the net proceeds for general corporate purposes, including to fund future acquisition opportunities. After the application of the net proceeds from the Offering, NEP owns a 20.1% limited partnership interest in NEP OpCo. | |
On July 1, 2014, NEP OpCo and its direct subsidiaries (Loan Parties) entered into a $250 million variable rate, senior secured revolving credit facility that expires in July 2019 (revolving credit facility). The revolving credit facility includes borrowing capacity for letters of credit and incremental commitments to increase the revolving credit facility to up to $1 billion in the aggregate, subject to certain conditions. Borrowings under the revolving credit facility can be used by the Loan Parties to fund working capital and expansion projects, to make acquisitions and for general business purposes. Loans outstanding in U.S. dollars under the revolving credit facility will bear interest at either (i) a base rate, which will be the highest of (x) the federal funds rate plus 0.50%, (y) the administrative agent’s prime rate or (z) the one-month London Interbank Offered Rate (LIBOR) plus 1.0%, in each case, plus an applicable margin; or (ii) one-, two-, three- or six-month LIBOR plus an applicable margin. Loans outstanding in Canadian dollars will bear interest at either (i) a Canadian prime rate, which will be the higher of (x) the Canadian prime rate of a Canadian branch of the administrative agent and (y) the one-month Canadian Dealer Offered Rate (CDOR) plus 1.0%, in each case, plus an applicable margin; or (ii) one-, two-, three- or six-month CDOR plus an applicable margin. The revolving credit facility will be subject to a facility fee ranging from 0.375% to 0.50% per annum depending on NEP OpCo’s leverage ratio (as defined in the revolving credit facility). The revolving credit facility is secured by liens on the assets of NEP OpCo, and certain other assets of, and the ownership interest in, one of its direct subsidiaries, including wind and solar generating facilities with a total generating capability of approximately 990 megawatts. The revolving credit facility contains default and related acceleration provisions relating to the failure to make required payments or to observe other covenants in the revolving credit facility and related documents. Additionally, NEP OpCo and one of its direct subsidiaries are required to comply with certain financial covenants on a quarterly basis and NEP OpCo's ability to pay cash distributions is subject to certain other restrictions. All borrowings under the revolving credit facility are guaranteed by NEP OpCo and NEP, and must be repaid by the end of the revolving credit term. | |
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
During the second quarter of 2014, subsidiaries of NEP issued approximately $280 million principal amount of 5.60% limited-recourse senior secured amortizing notes maturing in September 2038 related to the Genesis project. The proceeds were used primarily to reimburse NEER for a portion of the costs associated with the construction of the solar thermal generating facility, and are included as noncash activity in NEP's condensed combined statements of cash flows.. The notes are secured by liens on the equity interests in Genesis Solar Funding, LLC and its wholly-owned subsidiary, which indirectly owns the Genesis Solar project, a 250 megawatt utility-scale concentrating solar thermal generating facility located in California. | |
In June 2014, subsidiaries of NEP also entered into and borrowed approximately C$170 million (approximately $157 million) under a Canadian limited-recourse senior secured variable rate term loan agreement related to its Bluewater project that matures in 2032. Interest on the loan is based on the applicable Canadian Dealer Offered Rate plus a specified margin and is payable quarterly. Principal on the loan will be payable semi-annually. In connection with the borrowing, Bluewater entered into an interest rate swap to hedge against interest rate movements with respect to substantially all interest payments on the loan. Substantially all of the loan proceeds were used to repay, in part, a loan from a Canadian subsidiary of NEER, and are included as noncash activity in NEP's condensed combined statements of cash flows. The loan is secured by liens on the wind generating facility's assets and certain other assets of, and the ownership interest in, Bluewater, which owns the facility. | |
Both debt agreements contain default and related acceleration provisions relating to the failure to make required payments or to observe other covenants in the loan agreement and related documents, actions by the NEP subsidiaries or by other parties under specified agreements relating to the generating facility or the debt agreements, the termination of certain of such specified agreements and certain bankruptcy-related events. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative Instruments and Hedging Activity | ' | |||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITY | ||||||||||||||||
NEP recognizes all derivative instruments, when required to be marked to market, on the balance sheet as either assets or liabilities and measures them at fair value each reporting period. In connection with its debt financings in September 2012 and June 2014, NEP entered into interest rate swap agreements to manage interest rate cash flow risk. Under the interest rate swap agreements, NEP pays a fixed rate of interest and receives a floating rate of interest over the term of the agreements without the exchange of the underlying notional amounts. These agreements allow NEP to offset the variability of its floating-rate loan interest cash flows with the variable interest cash flows received from the interest rate swap agreements. The commencement and termination dates of the interest rate swap agreements and the related hedging relationship coincide with the corresponding dates of the underlying variable-rate debt instruments, which mature in 2030 and 2032. As of June 30, 2014 and December 31, 2013, the combined notional amounts of the swap agreements were approximately $355.7 million and $211.8 million, respectively. In order to apply hedge accounting, the transactions must be designated as hedges and must be highly effective in offsetting the hedged risk. For interest rate swaps, generally NEP assesses a hedging instrument’s effectiveness by using non-statistical 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. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout the hedge’s life. The effective portion of changes in the fair value of derivatives accounted for as cash flow hedges are deferred and recorded as a component of accumulated other comprehensive income (AOCI). The amounts deferred in AOCI are recognized in earnings when the hedged transactions occur. Any amounts excluded from the assessment of hedge effectiveness, as well as the ineffective portion of the gain or loss, is reported in current earnings. | ||||||||||||||||
Approximately $5.1 million of net losses included in AOCI at June 30, 2014, is expected to be reclassified into interest expense within the next 12 months as interest payments are made. Such amount assumes no change in interest rates. Cash flows from these interest rate swap contracts are reported in cash flows from operating activities in NEP's condensed combined statements of cash flows. | ||||||||||||||||
The fair values of NEP's derivative instruments designated as cash flow hedging instruments are included in NEP's condensed combined balance sheets as follows: | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Other non-current assets | $ | 11.2 | $ | — | $ | 18.2 | $ | — | ||||||||
Other current liabilities | $ | — | $ | 5.1 | $ | — | $ | 3.7 | ||||||||
Other non-current liabilities | $ | — | $ | 2.3 | $ | — | $ | — | ||||||||
Gains (losses) related to NEP's cash flow hedges are recorded in NEP's condensed combined financial statements as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Gains (losses) recognized in other comprehensive income | $ | (7.6 | ) | $ | 8.7 | $ | (12.6 | ) | $ | 12.3 | ||||||
Losses reclassified from AOCI to net income(a) | $ | 0.9 | $ | 1 | $ | 1.9 | $ | 2 | ||||||||
____________________ | ||||||||||||||||
(a) Included in interest expense. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||
The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEP uses 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 or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. Certain financial instruments may be valued using multiple inputs including discount rates, counterparty credit ratings and credit enhancements. NEP’s assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the fair value measurement of its assets and liabilities and the placement of those assets and liabilities within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. All transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred. | ||||||||||||||||||||||||||||||||
Cash Equivalents and Restricted Cash — Cash equivalents and restricted cash consist of short-term, highly liquid investments with original maturities of three months or less. NEP primarily holds these investments in money market funds. The fair value of these funds is calculated using current market prices. | ||||||||||||||||||||||||||||||||
Interest Rate Swaps — NEP estimates the fair value of its derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the swap agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit spreads. | ||||||||||||||||||||||||||||||||
NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 107.1 | $ | — | $ | — | $ | 107.1 | $ | 26.6 | $ | — | $ | — | $ | 26.6 | ||||||||||||||||
Restricted cash | 346.4 | — | — | 346.4 | 2.4 | — | — | 2.4 | ||||||||||||||||||||||||
Interest rate swaps | — | 7.6 | — | 7.6 | — | 14.5 | — | 14.5 | ||||||||||||||||||||||||
Total assets | $ | 453.5 | $ | 7.6 | $ | — | $ | 461.1 | $ | 29 | $ | 14.5 | $ | — | $ | 43.5 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 3.8 | $ | — | $ | 3.8 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Total liabilities | $ | — | $ | 3.8 | $ | — | $ | 3.8 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Fair Value of Financial Instruments Recorded at the Carrying Amount — The carrying amounts of accounts receivable approximate their fair values. The carrying amounts and estimated fair values of other financial instruments, excluding assets and liabilities which are recorded at fair value and disclosed above, are as follows: | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Notes receivable(a) | $ | 3.5 | $ | 3.5 | $ | 3.7 | $ | 3.7 | ||||||||||||||||||||||||
Long-term debt, including current maturities(b) | $ | 2,235.30 | $ | 2,391.20 | $ | 1,799.60 | $ | 1,814.80 | ||||||||||||||||||||||||
____________________ | ||||||||||||||||||||||||||||||||
(a) | Primarily classified as held to maturity. Fair value approximates carrying amount as they bear interest primarily at variable rates and have short to mid-term maturities (Level 2) and are included in other assets on the condensed combined balance sheet. | |||||||||||||||||||||||||||||||
(b) | Fair value is estimated based on the borrowing rates as of each date for similar issues of debt with similar remaining maturities (Level 2). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Gains (Losses) on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Three months ended June 30, 2014 | ||||||||||||
Balances, March 31, 2014 | $ | 6.4 | $ | (31.3 | ) | $ | (24.9 | ) | ||||
Other comprehensive income (loss) before reclassification | (5.2 | ) | 3.9 | (1.3 | ) | |||||||
Amounts reclassified from AOCI to interest expense | 0.6 | — | 0.6 | |||||||||
Net other comprehensive income (loss) | (4.6 | ) | 3.9 | (0.7 | ) | |||||||
Balances, June 30, 2014 | $ | 1.8 | $ | (27.4 | ) | $ | (25.6 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Gains (Losses) on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Six months ended June 30, 2014 | ||||||||||||
Balances, December 31, 2013 | $ | 8.9 | $ | (24.4 | ) | $ | (15.5 | ) | ||||
Other comprehensive income (loss) before reclassification | (8.3 | ) | (3.0 | ) | (11.3 | ) | ||||||
Amounts reclassified from AOCI to interest expense | 1.2 | — | 1.2 | |||||||||
Net other comprehensive loss | (7.1 | ) | (3.0 | ) | (10.1 | ) | ||||||
Balances, June 30, 2014 | $ | 1.8 | $ | (27.4 | ) | $ | (25.6 | ) | ||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
INCOME TAXES | ||||||||||||||||
The effective tax rate for the three months ended June 30, 2014 and 2013, is 17.5% and 44.7%, respectively and for the six months ended June 30, 2014 and 2013 is 28.0% and 60.5%, respectively. The effective tax rate is affected by recurring items, such as the relative amount of income earned in jurisdictions, the 50% tax basis reduction due to CITCs that are recognized when assets are placed into service, and valuation allowances on deferred tax assets. | ||||||||||||||||
A reconciliation of income tax at the U.S. federal statutory rate to income tax expense is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Income tax expense at 35% statutory rate | $ | 9.4 | $ | 4.9 | $ | 13.4 | $ | 6.5 | ||||||||
Increases (reductions) resulting from: | ||||||||||||||||
State income taxes—net of federal tax benefit | 0.4 | 0.4 | 0.9 | 0.9 | ||||||||||||
CITCs(1) | (5.9 | ) | (5.5 | ) | (12.4 | ) | (10.1 | ) | ||||||||
Valuation allowance(1) | 0.4 | 7.6 | 10.9 | 15.3 | ||||||||||||
Effect of flow through entities and foreign tax differential(2) | 0.3 | (1.1 | ) | (2.2 | ) | (1.4 | ) | |||||||||
Other | 0.1 | (0.1 | ) | 0.1 | — | |||||||||||
Income tax expense | $ | 4.7 | $ | 6.2 | $ | 10.7 | $ | 11.2 | ||||||||
____________________ | ||||||||||||||||
-1 | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to Genesis. | |||||||||||||||
-2 | The Summerhaven and Conestogo project entities, as well as the Trillium entities, are Canadian limited partnerships, the partners of which are not predecessor entities and are therefore not included in the predecessor financial statements. Because of their flow through nature, no income taxes have been provided with regard to these entities. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities) at Canadian statutory rates compared to the U.S. statutory rate. |
Intangible_Liabilities
Intangible Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Other Liabilities Disclosure [Abstract] | ' |
Intangible Liabilities | ' |
INTANGIBLE LIABILITIES | |
NEP’s intangible liabilities are the result of an acquisition in 2012. That acquisition resulted in the St. Clair project assuming liabilities for the acquired RESOP Contracts. The acquired value represents the fair value of the RESOP Contracts, which were out-of-the-money contracts, at the acquisition date. The recorded intangible liabilities are amortized to operating revenues over the term of the RESOP Contracts through February 2032, according to the cash flow benefits or detriments associated with the contracts as determined at acquisition. The liabilities as of June 30, 2014 and December 31, 2013 were $8.1 million and $8.3 million, respectively and are included in other non-current liabilities in the accompanying condensed combined balance sheets. NEP recorded $0.1 million and $0.1 million of amortization for the three months ended June 30, 2014 and 2013, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2014 and 2013, respectively. Estimated amortization over the next five years is approximately $0.5 million in each year. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Commitments and Contingencies | ' | ||||||
COMMITMENTS AND CONTINGENCIES | |||||||
Land Use Commitments — The project owners are parties to various agreements that provide for payments to landowners for the right to use the land upon which the projects are located. These leases and easements can typically be renewed by the Project Owners for numerous terms. The annual fees range from minimum rent payments varying by lease to maximum rent payments of a certain percentage of gross revenues, varying by lease. Total lease expense was $2.9 million and $1.6 million for the three months ended June 30, 2014 and 2013, respectively and $5.5 million and $4.3 million for the six months ended, respectively, and is classified as operations and maintenance expenses in NEP's accompanying condensed combined statements of operations and comprehensive income (loss). | |||||||
Genesis’ land leases include a right-of-way lease/grant that provides for payments to the U.S. Bureau of Land Management (BLM) for the right to use the public lands upon which the project is located. The lease may be renewed at expiration at Genesis’ option and will be subject to the regulations existing at the time of renewal. As required by the terms of this lease, Genesis obtained a surety bond in favor of BLM for $23 million. The surety bond will remain in effect until the BLM is satisfied that there is no outstanding liability on the bond or satisfactory replacement bond coverage is obtained. | |||||||
As the base rent and the MW capacity fee payable to the BLM are both based on fair value, these payments are considered contingent rent and, therefore, expense is recognized as incurred. | |||||||
The total minimum rental commitments at June 30, 2014 under these land use agreements are as follows: | |||||||
Year Ending December 31, | Land Use | ||||||
Commitments | |||||||
(millions) | |||||||
2014 (Remaining) | $ | 1.9 | |||||
2015 | 3.9 | ||||||
2016 | 4 | ||||||
2017 | 4 | ||||||
2018 | 4.1 | ||||||
Thereafter | 116.9 | ||||||
Total minimum land use payments | $ | 134.8 | |||||
Development, Engineering, and Construction Commitments — Certain projects have several open engineering, procurement and construction (EPC) contracts procured to develop, engineer and construct the various solar- and wind-power generating facilities. Those contracts have varying payment terms and some include performance obligations that allow the companies to receive liquidated damages if the contractor does not perform. During the three months ended June 30, 2014, the projects purchased $27.2 million under these contracts, which costs have been capitalized in construction work in progress. At June 30, 2014, Bluewater had several open EPC contracts related to the procurement of materials and services for the related projects. As of June 30, 2014, total contract commitments were $222.6 million and the remaining commitment was $10.1 million. | |||||||
Letter of Credit Facility — Genesis entered into a letter of credit (LOC) facility (LOC facility), under which the LOC lender may issue standby letters of credit not to exceed $82.9 million, with a maturity date of August 15, 2017. | |||||||
The purpose and amounts of letters of credit outstanding as of June 30, 2014 are as follows: | |||||||
LOC Facility Purpose | Amount | Outstanding Dates | |||||
(millions) | |||||||
Operations & Maintenance Reserve | 10 | 12/2/2013—Maturity | |||||
PPA Security | 25 | 9/9/2011—Maturity | |||||
Large Generator Interconnection Agreement | 11.7 | 9/23/2011—Maturity | |||||
Total | $ | 46.7 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Entity Information [Line Items] | ' |
Revenue | ' |
Revenue—Revenue recognized for the three and six months ended June 30, 2014 and 2013, includes revenues from operations located outside of the U.S. | |
Inventory | ' |
Inventories— Spare parts inventories are stated at the lower of weighted average cost or market and are included in other current assets in NEP’s condensed combined balance sheets. | |
Property, Plant and Equipment, net and Construction Work in Progress | ' |
Property, Plant and Equipment, net—Property, plant and equipment consists primarily of development, engineering and construction costs for the renewable energy assets, equipment, land, substations and transmission lines. Property, plant and equipment, excluding land, is recorded at cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to 30 years, commencing on the date the assets are placed in service. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expenses, as incurred. | |
Construction Work in Progress—Construction work in progress includes construction materials, turbine generators, solar panel assemblies and other equipment, third-party engineering costs, capitalized interest and other costs directly associated with the development and construction of the various projects. Upon commencement of plant operations, costs associated with construction work in progress are transferred to property, plant and equipment, net. | |
Convertible Investment Tax Credits | ' |
Convertible Investment Tax Credits (CITCs) of $595.1 million and $445.1 million as of June 30, 2014 and December 31, 2013, respectively, are recorded as a reduction in property, plant and equipment, net in the condensed combined balance sheets and are amortized as a corresponding reduction to depreciation expense over the estimated life of the related asset. | |
Hedge Effectiveness | ' |
In order to apply hedge accounting, the transactions must be designated as hedges and must be highly effective in offsetting the hedged risk. For interest rate swaps, generally NEP assesses a hedging instrument’s effectiveness by using non-statistical 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. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout the hedge’s life. The effective portion of changes in the fair value of derivatives accounted for as cash flow hedges are deferred and recorded as a component of accumulated other comprehensive income (AOCI). The amounts deferred in AOCI are recognized in earnings when the hedged transactions occur. Any amounts excluded from the assessment of hedge effectiveness, as well as the ineffective portion of the gain or loss, is reported in current earnings. | |
NextEra Energy Partners, LP [Member] | ' |
Entity Information [Line Items] | ' |
Basis of Presentation | ' |
NEP’s balance sheet has been prepared in accordance with accounting principles generally accepted in the U.S. |
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Schedule of clean, contracted renewable assets acquired | ' | ||||||||||||
In connection with the Offering, NEP acquired the following portfolio of clean, contracted renewable energy assets (initial portfolio): | |||||||||||||
Project | Commercial | Resource | MW | Counterparty | Contract | Project Financing | |||||||
Operation Date | Expiration | (Maturity) | |||||||||||
Northern Colorado | September 2009 | Wind | 174.3 | Public Service Company of Colorado | 2029 (22.5 MW) / | Mountain Prairie (2030) | |||||||
2034 (151.8 MW) | |||||||||||||
Elk City | December 2009 | Wind | 98.9 | Public Service Company of Oklahoma | 2030 | Mountain Prairie (2030) | |||||||
Moore | February 2012 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Sombra | Feb-12 | Solar | 20 | Ontario Power Authority | 2032 | St. Clair (2031) | |||||||
Perrin Ranch | January 2012 | Wind | 99.2 | Arizona Public Service Company | 2037 | Canyon Wind (2030) | |||||||
Conestogo | December 2012 | Wind | 22.9 | Ontario Power Authority | 2032 | Trillium (2033) | |||||||
Tuscola Bay | Dec-12 | Wind | 120 | DTE Electric Company | 2032 | Canyon Wind (2030) | |||||||
Summerhaven | Aug-13 | Wind | 124.4 | Ontario Power Authority | 2033 | Trillium (2033) | |||||||
Genesis | November 2013 (125.0 MW)/ | Solar | 250 | Pacific Gas & Electric Co. | 2039 | Genesis (2038) | |||||||
March 2014 (125.0 MW) | |||||||||||||
Bluewater | Jul-14 | Wind | 59.9 | Ontario Power Authority | 2034 | Bluewater (2032) | |||||||
Total | 989.6 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Schedule of the fair values of derivative instruments designated as cash flow hedging instruments included in balance sheets | ' | |||||||||||||||
The fair values of NEP's derivative instruments designated as cash flow hedging instruments are included in NEP's condensed combined balance sheets as follows: | ||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Other non-current assets | $ | 11.2 | $ | — | $ | 18.2 | $ | — | ||||||||
Other current liabilities | $ | — | $ | 5.1 | $ | — | $ | 3.7 | ||||||||
Other non-current liabilities | $ | — | $ | 2.3 | $ | — | $ | — | ||||||||
Schedule of gains (losses) related to cash flow hedges | ' | |||||||||||||||
Gains (losses) related to NEP's cash flow hedges are recorded in NEP's condensed combined financial statements as follows: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Gains (losses) recognized in other comprehensive income | $ | (7.6 | ) | $ | 8.7 | $ | (12.6 | ) | $ | 12.3 | ||||||
Losses reclassified from AOCI to net income(a) | $ | 0.9 | $ | 1 | $ | 1.9 | $ | 2 | ||||||||
____________________ | ||||||||||||||||
(a) Included in interest expense. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of financial assets and liabilities and other fair value measurements on a recurring basis | ' | |||||||||||||||||||||||||||||||
’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 107.1 | $ | — | $ | — | $ | 107.1 | $ | 26.6 | $ | — | $ | — | $ | 26.6 | ||||||||||||||||
Restricted cash | 346.4 | — | — | 346.4 | 2.4 | — | — | 2.4 | ||||||||||||||||||||||||
Interest rate swaps | — | 7.6 | — | 7.6 | — | 14.5 | — | 14.5 | ||||||||||||||||||||||||
Total assets | $ | 453.5 | $ | 7.6 | $ | — | $ | 461.1 | $ | 29 | $ | 14.5 | $ | — | $ | 43.5 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 3.8 | $ | — | $ | 3.8 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Total liabilities | $ | — | $ | 3.8 | $ | — | $ | 3.8 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Schedule of other financial instrument, carrying amounts and estimated fair values | ' | |||||||||||||||||||||||||||||||
The carrying amounts and estimated fair values of other financial instruments, excluding assets and liabilities which are recorded at fair value and disclosed above, are as follows: | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Notes receivable(a) | $ | 3.5 | $ | 3.5 | $ | 3.7 | $ | 3.7 | ||||||||||||||||||||||||
Long-term debt, including current maturities(b) | $ | 2,235.30 | $ | 2,391.20 | $ | 1,799.60 | $ | 1,814.80 | ||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Gains (Losses) on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Three months ended June 30, 2014 | ||||||||||||
Balances, March 31, 2014 | $ | 6.4 | $ | (31.3 | ) | $ | (24.9 | ) | ||||
Other comprehensive income (loss) before reclassification | (5.2 | ) | 3.9 | (1.3 | ) | |||||||
Amounts reclassified from AOCI to interest expense | 0.6 | — | 0.6 | |||||||||
Net other comprehensive income (loss) | (4.6 | ) | 3.9 | (0.7 | ) | |||||||
Balances, June 30, 2014 | $ | 1.8 | $ | (27.4 | ) | $ | (25.6 | ) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Net Unrealized | Net Unrealized | Total | ||||||||||
Gains (Losses) on | Gains (Losses) on | |||||||||||
Cash Flow Hedges | Foreign Currency | |||||||||||
Translation | ||||||||||||
(millions) | ||||||||||||
Six months ended June 30, 2014 | ||||||||||||
Balances, December 31, 2013 | $ | 8.9 | $ | (24.4 | ) | $ | (15.5 | ) | ||||
Other comprehensive income (loss) before reclassification | (8.3 | ) | (3.0 | ) | (11.3 | ) | ||||||
Amounts reclassified from AOCI to interest expense | 1.2 | — | 1.2 | |||||||||
Net other comprehensive loss | (7.1 | ) | (3.0 | ) | (10.1 | ) | ||||||
Balances, June 30, 2014 | $ | 1.8 | $ | (27.4 | ) | $ | (25.6 | ) | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of reconciliation of U.S. federal income tax at the statutory rate to income tax expense | ' | |||||||||||||||
A reconciliation of income tax at the U.S. federal statutory rate to income tax expense is as follows: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Income tax expense at 35% statutory rate | $ | 9.4 | $ | 4.9 | $ | 13.4 | $ | 6.5 | ||||||||
Increases (reductions) resulting from: | ||||||||||||||||
State income taxes—net of federal tax benefit | 0.4 | 0.4 | 0.9 | 0.9 | ||||||||||||
CITCs(1) | (5.9 | ) | (5.5 | ) | (12.4 | ) | (10.1 | ) | ||||||||
Valuation allowance(1) | 0.4 | 7.6 | 10.9 | 15.3 | ||||||||||||
Effect of flow through entities and foreign tax differential(2) | 0.3 | (1.1 | ) | (2.2 | ) | (1.4 | ) | |||||||||
Other | 0.1 | (0.1 | ) | 0.1 | — | |||||||||||
Income tax expense | $ | 4.7 | $ | 6.2 | $ | 10.7 | $ | 11.2 | ||||||||
____________________ | ||||||||||||||||
-1 | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to Genesis. | |||||||||||||||
-2 | The Summerhaven and Conestogo project entities, as well as the Trillium entities, are Canadian limited partnerships, the partners of which are not predecessor entities and are therefore not included in the predecessor financial statements. Because of their flow through nature, no income taxes have been provided with regard to these entities. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities) at Canadian statutory rates compared to the U.S. statutory rate. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||
Minimum rental commitments under land use agreements | ' | ||||||
The total minimum rental commitments at June 30, 2014 under these land use agreements are as follows: | |||||||
Year Ending December 31, | Land Use | ||||||
Commitments | |||||||
(millions) | |||||||
2014 (Remaining) | $ | 1.9 | |||||
2015 | 3.9 | ||||||
2016 | 4 | ||||||
2017 | 4 | ||||||
2018 | 4.1 | ||||||
Thereafter | 116.9 | ||||||
Total minimum land use payments | $ | 134.8 | |||||
Schedule of the purpose and amounts of contemplated letters of credit | ' | ||||||
The purpose and amounts of letters of credit outstanding as of June 30, 2014 are as follows: | |||||||
LOC Facility Purpose | Amount | Outstanding Dates | |||||
(millions) | |||||||
Operations & Maintenance Reserve | 10 | 12/2/2013—Maturity | |||||
PPA Security | 25 | 9/9/2011—Maturity | |||||
Large Generator Interconnection Agreement | 11.7 | 9/23/2011—Maturity | |||||
Total | $ | 46.7 | |||||
Organization_and_Nature_of_Bus2
Organization and Nature of Business - Additional Disclosures (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jul. 01, 2014 | Jul. 01, 2014 |
MW | ||
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Renewable energy assets, power capacity (megawatts) | ' | 989.6 |
Common units sold to the public | 18,687,500 | ' |
Common units sold to the public, price per share | ' | $25 |
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | $438.30 | ' |
NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Ownership interest in Limited Partnership | 20.10% | 20.10% |
NextEra Energy Equity Partners, LP [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 288.3 | ' |
Common units purchased | 12,291,593 | ' |
NEP OpCo [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 150 | ' |
Common units purchased | 6,395,907 | ' |
NextEra Energy Partners, LP [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Renewable energy assets, power capacity (megawatts) | ' | 990 |
Common units sold to the public | 18,687,500 | ' |
Common units sold to the public, price per share | ' | $25 |
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | 438.3 | ' |
NextEra Energy Partners, LP [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Ownership interest in Limited Partnership | 20.10% | 20.10% |
NextEra Energy Partners, LP [Member] | NextEra Energy Equity Partners, LP [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 288.3 | ' |
Common units purchased | 12,291,593 | ' |
NextEra Energy Partners, LP [Member] | NEP OpCo [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | $150 | ' |
Common units purchased | 6,395,907 | ' |
Organization_and_Nature_of_Bus3
Organization and Nature of Business - Renewable Energy Assets Acquired (Details) | Jun. 30, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 |
Genesis Project [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
MW | MW | Elk City Project [Member] | Northern Colorado Project [Member] | Northern Colorado Project, Expiring in 2029 [Member] | Northern Colorado Project, Expiring in 2034 [Member] | Moore Project [Member] | Sombra Project [Member] | Perrin Ranch Project [Member] | Conestogo Project [Member] | Tuscola Bay Project [Member] | Summerhaven Project [Member] | Genesis Project [Member] | Genesis Project, Operation Date November 2013 [Member] | Genesis Project, Operation Date March 2014 [Member] | Bluewater Project [Member] | |
MW | MW | MW | MW | MW | MW | MW | MW | MW | MW | MW | MW | MW | MW | |||
Renewable Energy Assets Acquired [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewable energy assets, power capacity (megawatts) | 250 | 989.6 | 98.9 | 174.3 | 22.5 | 151.8 | 20 | 20 | 99.2 | 22.9 | 120 | 124.4 | 250 | 125 | 125 | 59.9 |
Summary_of_Significant_Account2
Summary of Significant Accounting and Reporting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | $86,724,000 | $34,462,000 | $146,222,000 | $66,408,000 | ' |
Property, plant and equipment, net | 2,087,810,000 | ' | 2,087,810,000 | ' | 1,755,711,000 |
Inventory, Net | 5,600,000 | ' | 5,600,000 | ' | 4,300,000 |
CITC receivable | 595,100,000 | ' | 595,100,000 | ' | 445,100,000 |
Convertible Investment Tax Credit Receivable | 24,100,000 | ' | 24,100,000 | ' | ' |
Foreign Countries [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Revenue | 19,000,000 | 10,900,000 | 41,000,000 | 17,700,000 | ' |
Property, plant and equipment, net | $753,000,000 | ' | $753,000,000 | ' | $625,900,000 |
Minimum [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Useful life of property, plant, and equipment | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' |
Useful life of property, plant, and equipment | ' | ' | '30 years | ' | ' |
Initial_Public_Offering_Detail
Initial Public Offering (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
Jul. 01, 2014 | Jul. 01, 2014 | |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Common units sold to the public | 18,687,500 | ' |
Common units sold to the public, price per share | ' | $25 |
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | $438,300,000 | ' |
NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Ownership interest in Limited Partnership | 20.10% | 20.10% |
NextEra Energy Equity Partners, LP [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 288,300,000 | ' |
Common units purchased | 12,291,593 | ' |
NEP OpCo [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 150,000,000 | ' |
Common units purchased | 6,395,907 | ' |
NextEra Energy Partners, LP [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Common units sold to the public | 18,687,500 | ' |
Common units sold to the public, price per share | ' | $25 |
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | 438,300,000 | ' |
NextEra Energy Partners, LP [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Ownership interest in Limited Partnership | 20.10% | 20.10% |
NextEra Energy Partners, LP [Member] | NextEra Energy Equity Partners, LP [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 288,300,000 | ' |
Common units purchased | 12,291,593 | ' |
NextEra Energy Partners, LP [Member] | NEP OpCo [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Payments to acquire limited partner interests | 150,000,000 | ' |
Common units purchased | 6,395,907 | ' |
Revolving Credit Facility [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Credit facility, maximum borrowing capacity | 250,000,000 | 250,000,000 |
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Basis spread on variable rate | 0.50% | ' |
Revolving Credit Facility [Member] | LIBOR [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Basis spread on variable rate | 1.00% | ' |
Revolving Credit Facility [Member] | Canadian Dealer Offered Rate [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Basis spread on variable rate | 1.00% | ' |
Revolving Credit Facility [Member] | Minimum [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Commitment fee percentage | 0.38% | ' |
Revolving Credit Facility [Member] | Maximum [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Commitment fee percentage | 0.50% | ' |
Revolving Credit Facility, Letters of Credit, and Incremental Commitments [Member] | NEP OpCo [Member] | ' | ' |
Schedule of Limited Partnership Activity [Line Items] | ' | ' |
Credit facility, maximum borrowing capacity | $1,000,000,000 | $1,000,000,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Senior Note Due September 2038 [Member] | Term Loan Due 2032 [Member] | Term Loan Due 2032 [Member] | Genesis Project [Member] |
Subsidiaries [Member] | Subsidiaries [Member] | Subsidiaries [Member] | MW | |
Senior Notes [Member] | Term Loan [Member] | Term Loan [Member] | ||
USD ($) | USD ($) | CAD | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Principal amount | $280 | $157 | 170 | ' |
Interest rate | 5.60% | ' | ' | ' |
Renewable energy assets, power capacity (megawatts) | ' | ' | ' | 250 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activity - Additional Disclosures (Details) (Interest Rate Swap [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | $355.70 | $211.80 |
Net losses included in AOCI expected to be reclassified into interest expense within the next 12 months | $5.10 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activity - Fair Value of Derivative Instruments Included in Balance Sheets (Details) (Cash Flow Hedges [Member], Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Noncurrent Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, assets | $11.20 | $18.20 |
Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, liabilities | 5.1 | 3.7 |
Other Noncurrent Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments, liabilities | $2.30 | ' |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activity - Gains (Losses) Related to Cash Flow Hedges (Details) (Interest Rate Swap [Member], Designated as Hedging Instrument [Member], Cash Flow Hedges [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gains (losses) recognized in other comprehensive income | ($7.60) | $8.70 | ($12.60) | $12.30 | ||||
Interest Expense [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Losses reclassified from AOCI to net income | $0.90 | [1] | $1 | [1] | $1.90 | [1] | $2 | [1] |
[1] | Included in interest expense. |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) (Recurring Basis [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $107.10 | $26.60 |
Restricted cash | 346.4 | 2.4 |
Interest rate swaps | 7.6 | 14.5 |
Total assets | 461.1 | 43.5 |
Liabilities: | ' | ' |
Interest rate swaps | 3.8 | 0 |
Total liabilities | 3.8 | 0 |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 107.1 | 26.6 |
Restricted cash | 346.4 | 2.4 |
Interest rate swaps | 0 | 0 |
Total assets | 453.5 | 29 |
Liabilities: | ' | ' |
Interest rate swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Interest rate swaps | 7.6 | 14.5 |
Total assets | 7.6 | 14.5 |
Liabilities: | ' | ' |
Interest rate swaps | 3.8 | 0 |
Total liabilities | 3.8 | 0 |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ' | ' |
Interest rate swaps | 0 | 0 |
Total liabilities | $0 | $0 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Carrying Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Notes receivable | $3.50 | [1] | $3.70 | [1] |
Long-term debt, including current maturities | 2,235.30 | [2] | 1,799.60 | [2] |
Level 2 [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Notes receivable | 3.5 | [1] | 3.7 | [1] |
Long-term debt, including current maturities | $2,391.20 | [2] | $1,814.80 | [2] |
[1] | Primarily classified as held to maturity. Fair value approximates carrying amount as they bear interest primarily at variable rates and have short to mid-term maturities (LevelB 2) and are included in other assets on the condensed combined balance sheet. | |||
[2] | Fair value is estimated based on the borrowing rates as of each date for similar issues of debt with similar remaining maturities (LevelB 2). |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning of period | ($24,900,000) | ($15,504,000) |
Other comprehensive income (loss) before reclassification | -1,300,000 | -11,300,000 |
Amounts reclassified from AOCI to interest expense | 600,000 | 1,200,000 |
Net other comprehensive income (loss) | -700,000 | -10,100,000 |
Balance, end of period | -25,558,000 | -25,558,000 |
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning of period | 6,400,000 | 8,900,000 |
Other comprehensive income (loss) before reclassification | -5,200,000 | -8,300,000 |
Amounts reclassified from AOCI to interest expense | 600,000 | 1,200,000 |
Net other comprehensive income (loss) | -4,600,000 | -7,100,000 |
Balance, end of period | 1,800,000 | 1,800,000 |
Net Unrealized Gains (Losses) on Foreign Currency Translation [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance, beginning of period | -31,300,000 | -24,400,000 |
Other comprehensive income (loss) before reclassification | 3,900,000 | -3,000,000 |
Amounts reclassified from AOCI to interest expense | 0 | 0 |
Net other comprehensive income (loss) | 3,900,000 | -3,000,000 |
Balance, end of period | ($27,400,000) | ($27,400,000) |
Income_Taxes_Additional_Disclo
Income Taxes - Additional Disclosures (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 17.50% | 44.70% | 28.00% | 60.50% |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Income Tax to Income Tax Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | ||||
Income tax expense at 35% statutory rate | $9,400,000 | $4,900,000 | $13,400,000 | $6,500,000 | ||||
Increases (reductions) resulting from: | ' | ' | ' | ' | ||||
State income taxesbnet of federal tax benefit | 400,000 | 400,000 | 900,000 | 900,000 | ||||
CITCs | -5,900,000 | [1] | -5,500,000 | [1] | -12,400,000 | [1] | -10,100,000 | [1] |
Valuation allowance | 400,000 | [1] | 7,600,000 | [1] | 10,900,000 | [1] | 15,300,000 | [1] |
Effect of flow through entity and foreign tax differential | 300,000 | [2] | -1,100,000 | [2] | -2,200,000 | [2] | -1,400,000 | [2] |
Other | 100,000 | -100,000 | 100,000 | 0 | ||||
Income tax expense | $4,691,000 | $6,213,000 | $10,687,000 | $11,165,000 | ||||
[1] | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to Genesis. | |||||||
[2] | Summerhaven and Conestogo project entities, as well as the Trillium entities, are Canadian limited partnerships, the partners of which are not predecessor entities and are therefore not included in the predecessor financial statements. Because of their flow through nature, no income taxes have been provided with regard to these entities. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities) at Canadian statutory rates compared to the U.S. statutory rate. |
Intangible_Liabilities_Details
Intangible Liabilities (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Other Liabilities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Intangible liabilities | $8,100,000 | ' | $8,100,000 | ' | $8,300,000 |
Amortization of intangible liabilities | 100,000 | 100,000 | 232,000 | 253,000 | ' |
Future estimated amortization: | ' | ' | ' | ' | ' |
Amortization, next year | 500,000 | ' | 500,000 | ' | ' |
Amortization. year two | 500,000 | ' | 500,000 | ' | ' |
Amortization, year three | 500,000 | ' | 500,000 | ' | ' |
Amortization, year four | 500,000 | ' | 500,000 | ' | ' |
Amortization, year five | $500,000 | ' | $500,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Commitments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Lease expense | $2,900,000 | $1,600,000 | $5,500,000 | $4,300,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
2014 (Remaining) | 1,900,000 | ' | 1,900,000 | ' |
2015 | 3,900,000 | ' | 3,900,000 | ' |
2016 | 4,000,000 | ' | 4,000,000 | ' |
2017 | 4,000,000 | ' | 4,000,000 | ' |
2018 | 4,100,000 | ' | 4,100,000 | ' |
Thereafter | 116,900,000 | ' | 116,900,000 | ' |
Total minimum land use payments | 134,800,000 | ' | 134,800,000 | ' |
Genesis [Member] | Surety Bond [Member] | ' | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Surety bond | 23,000,000 | ' | 23,000,000 | ' |
EPC Contracts [Member] | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Purchases under contracts | 27,200,000 | ' | ' | ' |
Total contract commitments | 222,600,000 | ' | 222,600,000 | ' |
Remaining commitment | $10,100,000 | ' | $10,100,000 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Letters of Credit (Details) (Genesis [Member], Standby Letters of Credit [Member], USD $) | Jun. 30, 2014 |
Line of Credit Facility [Line Items] | ' |
Credit facility, maximum borrowing capacity | $82,900,000 |
Credit facility, amount outstanding | 46,700,000 |
Operations & Maintenance Reserve [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | 10,000,000 |
PPA Security [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | 25,000,000 |
Large Generator Interconnection Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Credit facility, amount outstanding | $11,700,000 |