Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NEXTERA ENERGY PARTNERS, LP | ||
Entity Central Index Key | 1603145 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 18,690,360 | ||
Entity Public Float | $0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ||||
OPERATING REVENUES | $301 | $142 | $93 | |
OPERATING EXPENSES | ||||
Operations and maintenance | 56 | 30 | 17 | |
Depreciation and amortization | 76 | 39 | 24 | |
Transmission | 2 | 2 | 2 | |
Taxes other than income taxes and other | 5 | 5 | 1 | |
Total operating expenses | 139 | 76 | 44 | |
OPERATING INCOME | 162 | 66 | 49 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | -93 | -42 | -43 | |
Gain on settlement of contingent consideration of project acquisition | 0 | 5 | 0 | |
Other—net | 0 | 0 | 1 | |
Total other deductions—net | -93 | -37 | -42 | |
INCOME BEFORE INCOME TAXES | 69 | 29 | 7 | |
INCOME TAX EXPENSE (BENEFIT) | 16 | 14 | -9 | |
NET INCOME | 25 | 53 | 15 | 16 |
Less net income attributable to noncontrolling interest | 22 | |||
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP SUBSEQUENT TO INITIAL PUBLIC OFFERING | $3 | $53 | $15 | $16 |
Weighted average number of common units outstanding - basic and assuming dilution | 18.7 | |||
Earnings per common unit attributable to NextEra Energy Partners, LP - basic and assuming dilution | $0.16 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||||
NET INCOME | $25 | $28 | $53 | $15 | $16 |
Net unrealized gains (losses) on cash flow hedges: | |||||
Effective portion of net unrealized gains (losses) (net of income tax (expense)/benefit of $2, ($3) and $0, respectively) | -24 | 11 | -4 | ||
Reclassification from accumulated other comprehensive income (loss) to net income (net of income tax (expense)/benefit of $0, ($1) and $0, respectively) | 4 | 3 | 0 | ||
Net unrealized gains (losses) on foreign currency translation (net of income tax (expense)/benefit of $1, $0 and $0, respectively) | -14 | -27 | 2 | ||
Total other comprehensive loss, net of tax | -20 | -14 | -34 | -13 | -2 |
COMPREHENSIVE INCOME | 5 | 14 | 19 | 2 | 14 |
Less comprehensive income attributable to noncontrolling interest | 5 | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP SUBSEQUENT TO INITIAL PUBLIC OFFERING | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Effective portion of net unrealized gains (losses), tax expense (benefit) | $2 | ($3) | $0 |
Reclassification from accumulated other comprehensive income to net income, tax expense | 0 | -1 | 0 |
Unrealized gains (losses) on foreign currency translation, tax benefit | $1 | $0 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $97 | $27 | |
Accounts receivable | 25 | 203 | |
Due from related parties | 212 | 0 | |
Restricted cash | 25 | 2 | |
Prepaid expenses | 3 | 1 | |
Other current assets | 8 | 7 | |
Total current assets | 370 | 240 | |
Non-current assets: | |||
Property, plant and equipment—net | 2,169 | 1,756 | |
Construction work in progress | 1 | 542 | |
Deferred income taxes | 124 | 29 | |
Other non-current assets | 63 | 66 | |
Total non-current assets | 2,357 | 2,393 | |
TOTAL ASSETS | 2,727 | 2,633 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 15 | 43 | |
Due to related parties | 31 | 15 | |
Current maturities of long-term debt | 78 | 370 | |
Accrued interest | 21 | 16 | |
Other current liabilities | 18 | 10 | |
Total current liabilities | 163 | 454 | |
Non-current liabilities: | |||
Long-term debt | 1,758 | 1,429 | |
Accumulated deferred income taxes | 56 | 9 | |
Asset retirement obligation | 17 | 15 | |
Other non-current liabilities | 22 | 13 | |
Total non-current liabilities | 1,853 | 1,466 | |
TOTAL LIABILITIES | 2,016 | 1,920 | |
COMMITMENTS AND CONTINGENCIES | |||
EQUITY | |||
Limited partners (common units issued and outstanding - 18.7) | 554 | 0 | |
Additional paid in capital | 0 | 665 | |
Retained earnings | 0 | 63 | |
Accumulated other comprehensive loss | -3 | -15 | |
Noncontrolling interest | 160 | 0 | |
TOTAL EQUITY | 711 | 713 | |
TOTAL LIABILITIES AND EQUITY | $2,727 | $2,633 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | |
Common Units Outstanding | 18,700,000 |
Common Units Issued | 18,700,000 |
Condensed_Combined_Statements_
Condensed Combined Statements of Changes in Equity (USD $) | Total | Capital Units [Member] | Limited Partner [Member] | Additional Paid-in-Capital and Retained Earnings [Member] | Accumulated Other Comprehensive Income Loss [Member] | Noncontrolling Interest [Member] | ||||
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Beginning balance at Dec. 31, 2011 | $280 | $280 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 16 | 16 | ||||||||
Members' contributions | 781 | 781 | ||||||||
Members' distributions | -374 | -374 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 16 | |||||||||
Other comprehensive loss | -2 | -2 | ||||||||
Ending balance at Dec. 31, 2012 | 701 | 703 | -2 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 15 | 15 | ||||||||
Members' contributions | 509 | 509 | ||||||||
Members' distributions | -499 | -499 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 15 | |||||||||
Other comprehensive loss | -13 | -13 | ||||||||
Ending balance at Dec. 31, 2013 | 713 | 728 | -15 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 28 | 28 | ||||||||
Members' contributions | 470 | 470 | ||||||||
Members' distributions | -717 | -717 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 28 | |||||||||
Other comprehensive loss | -14 | -14 | ||||||||
Ending balance at Jun. 30, 2014 | 480 | 509 | -29 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 3 | |||||||||
Members' contributions | 92 | 116 | [1] | -29 | [2] | 6 | [3] | -1 | [4] | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Transfer of equity prior to the initial public offering to noncontrolling interest | -480 | 23 | 457 | |||||||
Initial public offering, unit issuance | 438 | 438 | ||||||||
Initial public offering, unit issuance, in units | 18,700,000 | |||||||||
Acquisition of membership interest in subsidiary | -288 | -288 | ||||||||
Net Income | 25 | 3 | 22 | |||||||
Other comprehensive loss | -20 | -3 | -17 | |||||||
Related party contributions | 4 | 1 | 3 | |||||||
Related party distributions | -16 | -16 | ||||||||
Distributions to unitholders | -4 | -4 | ||||||||
Ending Balance | $711 | $554 | ($3) | $160 | ||||||
Ending balance, units outstanding at Dec. 31, 2014 | 18,700,000 | 18,700,000 | ||||||||
[1] | Deferred tax asset recognized by NEP at the time of consummation of the IPO. | |||||||||
[2] | Non-cash member contribution upon transition from predecessor accounting method net of non-cash reclassifications of distributions to due from affiliates. | |||||||||
[3] | Balance sheet adjustment related to transitioning from separate return method of accounting for income taxes. | |||||||||
[4] | Related party non-cash contributions, net, upon transition from predecessor accounting method. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $53 | $15 | $16 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 76 | 39 | 24 |
Intangible amortization | 0 | -1 | -1 |
Amortization of deferred financing costs | 6 | 4 | 2 |
Deferred income taxes | 12 | 14 | -9 |
Other - net | 3 | -5 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -6 | 7 | -7 |
Prepaid expenses and other current assets | -1 | -2 | -1 |
Other non-current assets | -1 | 0 | 0 |
Accounts payable and accrued expenses | 6 | 21 | 3 |
Due to related parties | 8 | 0 | 3 |
Other current liabilities | 14 | -8 | -2 |
Other non-current liabilities | 2 | 3 | 0 |
Net cash provided by operating activities | 172 | 87 | 28 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | -130 | -647 | -518 |
Proceeds from CITCs | 327 | 0 | 50 |
Acquisition of projects | 0 | 0 | -192 |
General sales tax reimbursement related to acquired projects | 0 | 0 | 21 |
Settlement of lien and performance holdbacks related to acquired projects | 0 | 0 | -22 |
Changes in restricted cash | -27 | 249 | 314 |
Payments to related parties under cash sweep - net | -174 | 0 | 0 |
Acquisition of membership interest in subsidiary | -288 | 0 | 0 |
Insurance proceeds | 0 | 5 | 0 |
Net cash used in investing activities | -292 | -393 | -347 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Partners/Members' contributions | 361 | 330 | 290 |
Partners/Members' distributions | -252 | -125 | -140 |
Issuances of long-term debt | 15 | 135 | 176 |
Deferred financing costs | -1 | -1 | -2 |
Retirements of long-term debt | -369 | -22 | -6 |
Proceeds from initial public offering | 438 | 0 | 0 |
Proceeds from related party note | 0 | 0 | 191 |
Retirements of related party note | 0 | 0 | -174 |
Payment of contingent consideration for project acquisition | 0 | -4 | 0 |
Net cash provided by financing activities | 192 | 313 | 335 |
Effect of exchange rate changes on cash | -2 | -1 | 1 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 70 | 6 | 17 |
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR | 27 | 21 | 4 |
CASH AND CASH EQUIVALENTS—END OF YEAR | 97 | 27 | 21 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for interest, net of amounts capitalized | 67 | 39 | 41 |
Cash paid for income taxes, net | 1 | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Members’ noncash contributions for construction costs and other expenditures | 105 | 178 | 467 |
Members’ net distributions for CITC payments | 147 | 65 | 0 |
Members' noncash contributions for the forgiveness of intercompany note and accrued interest | 0 | 0 | 24 |
Members' noncash distribution | 479 | 309 | 234 |
New asset retirement obligation additions | 2 | 5 | 7 |
Net change in accrued but not paid for capital and other expenditures | 5 | 77 | 98 |
Noncash reclassification of distributions to due from related parties | 38 | 0 | 0 |
Noncash member contribution upon transition from predecessor method | 62 | 0 | 0 |
Contingent consideration recorded for project acquisition | $0 | $0 | $9 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Organization and Nature of Business | ORGANIZATION AND NATURE OF BUSINESS | ||||||||||||
NextEra Energy Partners, LP (NEP) was formed as a Delaware limited partnership on March 6, 2014 as an indirect wholly-owned subsidiary of NextEra Energy, Inc. (NEE), a Florida corporation. NEP was formed to be a growth-oriented limited partnership that would acquire, manage and own clean and contracted generation assets with stable long-term cash flows. | |||||||||||||
On July 1, 2014, NEP completed its initial public offering by issuing 18,687,500 common units at a price to the public of $25 per unit (IPO). The proceeds from the IPO, net of underwriting discounts, commissions and structuring fees, were approximately $438 million, of which NEP used approximately $288 million to purchase 12,291,593 common units of NextEra Energy Operating Partners, LP (NEP OpCo) from NextEra Energy Equity Partners, LP (NEE Equity), a limited partnership formed under the laws of the State of Delaware and an indirect wholly-owned subsidiary of NEE, and approximately $150 million to purchase 6,395,907 NEP OpCo common units from NEP OpCo. | |||||||||||||
NEP OpCo is a limited partnership with general and limited partners. As a result of the IPO, NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. NEP owns a 20.1% limited partnership interest in NEP OpCo and NEE Equity owns a noncontrolling 79.9% limited partnership interest in NEP OpCo. | |||||||||||||
In connection with the IPO, 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 | Public Service Company of Colorado | 2029 (22 MW) / | Mountain Prairie (2030) | |||||||
2034 (152 MW) | |||||||||||||
Elk City | December 2009 | Wind | 99 | Public Service Company of Oklahoma | 2030 | Mountain Prairie (2030) | |||||||
Perrin Ranch | January 2012 | Wind | 99 | Arizona Public Service Company | 2037 | Canyon Wind (2030) | |||||||
Moore | February 2012 | Solar | 20 | Independent Electricity System Operator (IESO) | 2032 | St. Clair (2031) | |||||||
Sombra | Feb-12 | Solar | 20 | IESO | 2032 | St. Clair (2031) | |||||||
Conestogo | December 2012 | Wind | 23 | IESO | 2032 | Trillium (2033) | |||||||
Tuscola Bay | Dec-12 | Wind | 120 | DTE Electric Company | 2032 | Canyon Wind (2030) | |||||||
Summerhaven | Aug-13 | Wind | 124 | IESO | 2033 | Trillium (2033) | |||||||
Genesis | November 2013 (125 MW)/ | Solar | 250 | Pacific Gas & Electric Co. (PG&E) | 2039 | Genesis (2038) | |||||||
March 2014 (125 MW) | |||||||||||||
Bluewater | Jul-14 | Wind | 60 | IESO | 2034 | Bluewater (2032) | |||||||
Total | 989 | ||||||||||||
In January 2015, a subsidiary of NEP acquired an approximately 250 megawatt (MW) wind energy generating facility, Palo Duro, located in Hansford and Ochiltree Counties, Texas, for approximately $228 million plus the assumption of approximately $248 million in liabilities related to differential membership interests. | |||||||||||||
In October 2014, a subsidiary of NEP entered into an agreement to acquire from NextEra Energy Resources, LLC (NEER) 100% of the membership interests of Shafter Solar, LLC, which owns the development rights and facilities under construction of an approximately 20 MW solar generating facility located in Shafter, California for approximately $64 million, subject to customary working capital and other adjustments. |
Summary_of_Significant_Account
Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES |
Basis of presentation - NEP’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. For all periods prior to the IPO, the accompanying consolidated financial statements represent the combination of the net assets that NEP acquired and were prepared using NEE’s historical basis in the assets acquired and liabilities assumed. For all periods subsequent to the IPO, the accompanying consolidated financial statements represent the consolidated results of NEP. The financial statements prior to the IPO include certain allocations related to income taxes from NEE. Management believes the assumptions and methodology underlying the allocations are reasonable. However, such allocations may not be indicative of the actual level of assets, liabilities and costs that would have been incurred by the predecessor if it had operated as an independent, publicly-traded company during the periods prior to the IPO or of the costs expected to be incurred in the future. The consolidated financial statements include NEP’s accounts and operations and those of its subsidiaries in which NEP has a controlling interest. All intercompany transactions have been eliminated in consolidation. In the opinion of management, any adjustments necessary for a fair presentation of the consolidated financial statements, in accordance with GAAP, have been made. Following the IPO, NEP presents as cash in its consolidated statements of cash flows certain financing transactions with related parties where it does not directly receive the cash. | |
Use of Significant Estimates - The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
In recording transactions and balances resulting from business operations, NEP uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions and allowances, asset retirement obligations, fair value measurements, purchase price allocations, environmental liabilities and legal costs incurred in connection with recorded loss contingencies, among others. As new information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. | |
Revenue Recognition - Revenue is generated primarily from various non-affiliated parties under long-term power purchase agreements, Feed-in-Tariff (FIT) agreements and Renewable Energy Standard Offer Program (RESOP) agreements (collectively, PPAs). Certain PPAs are accounted for as operating leases. GAAP requires minimum lease payments to be recognized over the term of the lease and contingent rents to be recorded when the achievement of the contingency becomes probable. None of the operating leases have minimum lease payments, so revenue from these contracts is recognized as energy and any related renewable energy attributes are delivered. Contingent rental revenues from these contracts were approximately $211 million, $89 million and $63 million in 2014, 2013 and 2012, respectively. | |
Revenue is recognized as energy and any related renewable energy attributes are delivered, which is when revenue is earned based on energy delivered at rates stipulated in the respective PPAs. | |
Revenue recognized in 2014, 2013 and 2012 includes revenues from operations located outside of the United States (U.S.). This revenue was approximately $88 million, $51 million and $26 million in 2014, 2013 and 2012, respectively. | |
Revenue also includes the amortization of an intangible contract liability recognized as part of an acquisition and the sale of state tax credits by Elk City, which are recognized as they are generated. The revenue related to the amortization of the intangible liability was approximately $1 million, $1 million and less than $1 million in 2014, 2013 and 2012, respectively. See Note 8 for more information regarding the intangible liability. The revenue related to the sale of state tax credits was $2 million, $2 million and $3 million in 2014, 2013 and 2012, respectively. | |
In 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. | |
Interest Costs - NEP recognizes interest expense using the effective interest method over the life of the related debt. Certain of NEP’s debt obligations include escalating interest rates (see Note 7) that are incorporated into the effective interest rate for the related debt. Deferred interest includes interest expense recognized in excess of the interest payments accrued for the related debt’s stated interest payments and is recorded in other non-current liabilities on NEP’s consolidated balance sheets. | |
Income Taxes - For periods ending prior to July 1, 2014, income taxes are calculated using the separate return method for each of the project entities that are structured as corporations or as limited liability companies electing to be taxed as corporations. Income taxes are not included for entities that are structured as flow through entities (partnerships) electing to be taxed as partnerships. | |
For periods ending after July 1, 2014, taxes are calculated for NEP as a single taxpaying entity for U.S. federal and state income tax purposes (based on its election to be taxed as a corporation). Because NEP OpCo is a limited partnership electing to be taxed as a partnership for U.S. federal and state income tax purposes, NEP has only included its 20.1% proportionate share of U.S. income taxes. The U.S. income taxes on the remaining 79.9% of NEP OpCo earnings are allocated to NEE Equity and are not included in NEP's consolidated financial statements. The Canadian subsidiaries are all Canadian taxpayers subject to Canadian income tax, and therefore all Canadian taxes are included in NEP's consolidated financial statements. NEE Equity's share of Canadian taxes is included in noncontrolling interest in NEP's consolidated financial statements. | |
Harmonized Sales Taxes - For NEP’s Canadian projects, harmonized sales tax (HST) is composed of a federal and provincial component with taxes collected on sales and taxes paid on goods and services. The HST collected on sales are recorded as a HST payable while those paid on goods and services are recorded as a HST receivable. As such, these taxes have no impact on NEP’s reported earnings. The HST is payable or refundable monthly. As of December 31, 2014 and 2013, the HST receivable was approximately $0 million and $5 million, respectively, and is included in other current assets on the accompanying consolidated balance sheets. As of December 31, 2014 and 2013, the HST payable was approximately $2 million and $2 million, respectively, and is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. | |
Foreign Operations and Currency Translation - NEP’s reporting currency is the U.S. dollar. The functional currency for its Canadian project companies is the Canadian dollar because Canada is the primary economic environment in which it conducts its Canadian operations. The assets and liabilities of the Canadian project companies are translated to U.S. dollars at exchange rates at the balance sheet date. The income and expenses of the Canadian project companies are translated to U.S. dollars at exchange rates in effect during each respective period. The translation adjustment is recorded in accumulated other comprehensive income (loss) (AOCI). | |
Noncontrolling Interest - After the completion of NEP's IPO, NEP owns a controlling, non-economic general partnership interest and a 20.1% limited partnership interest in NEP OpCo and NEE Equity owns a noncontrolling 79.9% limited partnership interest in NEP OpCo. Distributions to the noncontrolling interest are reflected as Partners/Members' distributions in the consolidated statements of cash flows. | |
Equity - Equity reflects the financial position of the parties with an ownership interest in the consolidated financial statements. Prior to the IPO, NEE's ownership interest in the NEP predecessor entity is reflected as additional paid in capital, retained earnings and accumulated other comprehensive loss on the consolidated balance sheets as of December 31, 2013. | |
NextEra Energy Partner GP, Inc. has a total equity interest in NEP of $10,000 at December 31, 2014. | |
Limited partners' equity at December 31, 2014 reflects the initial investment of NEP unitholders and changes subsequent to the IPO including net income attributable to NEP, distributions of available cash to unitholders and other contributions from or distributions to NEP unitholders. Accumulated other comprehensive loss at December 31, 2014 reflects comprehensive income attributable to NEP subsequent to the IPO. | |
Noncontrolling interest at December 31, 2014 reflects the equity attributable to NEE based on the initial contribution as part of the IPO, the net income and other comprehensive income attributable to noncontrolling interest subsequent to the IPO and contributions to or distributions from NEE. | |
Earnings per common unit is reflected beginning July 1, 2014. Prior to the IPO, NEP was an indirect wholly-owned subsidiary of NEE and accordingly, had no earnings per common unit. | |
In November 2014, NEP distributed approximately $4 million to its unitholders. In addition, NEP paid approximately $4 million in distributions to its unitholders in February 2015. | |
Property, Plant and Equipment—net and Construction Work in Progress - 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. See Note 6. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expense, as incurred. | |
Convertible Investment Tax Credits (CITCs) of approximately $592 million and $445 million as of December 31, 2014 and December 31, 2013, respectively, are recorded as a reduction in property, plant and equipment—net on the consolidated balance sheets and are amortized as a corresponding reduction to depreciation expense over the estimated life of the related asset. As of December 31, 2013, NEP had recorded a CITC receivable of approximately $180 million associated with Genesis which is included in accounts receivable on NEP's consolidated balance sheets. Of this receivable, $177 million was collected in 2014 with the remaining $3 million recorded as an addition to property, plant and equipment—net. | |
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. Interest capitalized for the years ended December 31, 2014, 2013 and 2012 was approximately $4 million, $30 million and $15 million, respectively. Upon commencement of plant operations, costs associated with construction work in progress are transferred to property, plant and equipment—net. | |
Total net long-lived assets, including construction work in progress, held by operations outside the U.S. amounted to approximately $692 million and $626 million, respectively, as of December 31, 2014 and December 31, 2013. | |
Cash and Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. NEP primarily holds investments in money market funds. | |
Accounts Receivable and Allowance for Doubtful Accounts - Accounts receivables are reported at the invoiced or estimated amount adjusted for any write-offs and any estimated allowance for doubtful accounts on the accompanying consolidated balance sheets. The allowance for doubtful accounts is reviewed periodically based on amounts past due and significance. There was no allowance for doubtful accounts recorded as of December 31, 2014 and 2013. | |
The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant CITC for certain renewable energy properties. As of December 31, 2014 and 2013, accounts receivable arising from CITCs were approximately $0 million and $180 million, respectively. | |
Restricted Cash - Restricted cash consists primarily of funds related to Genesis. For the year ended December 31, 2014, of the approximately $25 million recorded on NEP's consolidated balance sheets, $22 million represents CITC proceeds received by Genesis that is due to NextEra Energy Capital Holdings, Inc. (NEECH), and is included in due to related parties on NEP's consolidated balance sheets. The remaining balances at December 31, 2014 and 2013 are held to satisfy the requirements of certain subsidiary debt agreements. These funds are held within subsidiaries pursuant to the terms of such debt agreements. These funds are used to pay for certain capital or operating expenditures and current debt service payments as well as to fund required equity contributions, pursuant to the restrictions contained in the debt agreements. These funds are reported as current assets based on the timing of the anticipated use of these funds in construction activities within the next twelve months. | |
Concentration of Credit Risk - Financial instruments which potentially subject NEP to concentrations of credit risk consist primarily of accounts receivable and derivative instruments. Accounts receivable are comprised primarily of amounts due from various non-affiliated parties who are counterparties to the PPAs. NEP has a limited number of counterparties, all of which are in the energy industry, and this concentration may impact the overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, industry or other conditions. If any of these customers’ receivable balances should be deemed uncollectible, it could have a material adverse effect on NEP’s consolidated results of operations and financial condition. However, management does not believe significant credit risk exists at December 31, 2014, because of the creditworthiness of the counterparties. All amounts due from such counterparties at December 31, 2014 and 2013 have been collected. | |
During 2014, NEP derived approximately 42% and 29% of its consolidated revenue from its contracts with PG&E and the IESO, respectively. | |
Inventories - Spare parts inventories are stated at the lower of weighted-average cost or market and are included in other current assets on NEP’s consolidated balance sheets. Spare parts inventories were approximately $8 million and $4 million as of December 31, 2014 and 2013, respectively. | |
Prepaid Expenses - Prepaid expenses primarily include prepayments for insurance and certain land lease contracts. The prepaid expense is amortized over the term of the arrangement according to the benefits the contractual arrangement provides. | |
Impairment of Long-Lived Assets - Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset’s carrying value and fair value. As of December 31, 2014 and 2013, no impairment adjustments were necessary. | |
Derivative Instruments and Hedging Activities - Derivative instruments, when required to be marked to market, are recorded on NEP’s consolidated balance sheets as either an asset or liability measured at fair value. 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. See Note 5. | |
Fair Value of Financial Instruments - The carrying amount of NEP’s financial instruments, including cash and cash equivalents, accounts receivable, restricted cash, accounts payable and certain accrued expenses approximates fair value because of the short maturity of those instruments. The fair value of cash and cash equivalents is calculated using current market prices. NEP estimates the fair value of its long-term debt using estimated current rates for similar borrowings. See Note 4. | |
Fair Value Measurements - 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 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. See Note 4. | |
Deferred Financing Costs - Deferred financing costs include fees and costs incurred to obtain long-term debt and are amortized over the life of the related debt using the effective interest rate established at debt issuance. NEP incurred approximately $37 million in deferred financing fees in connection with the issuance of debt prior to 2013. NEP added approximately $10 million ($2 million related to IPO) and $6 million of deferred financing costs during the years ended December 31, 2014 and 2013, respectively. Deferred financing costs net of accumulated amortization were approximately $40 million and $36 million at December 31, 2014 and 2013, respectively, and are included in other noncurrent assets on NEP’s accompanying consolidated balance sheets. The amortization of deferred financing costs totaled approximately $6 million, $4 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in interest expense in NEP’s accompanying consolidated statements of income. | |
Asset Retirement Obligations - Asset retirement obligations are those for which a legal obligation exists under laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing or method of settlement may be conditioned on a future event. | |
NEP accounts for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) in accordance with GAAP which requires that a liability for the fair value of an ARO be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived asset. The asset retirement cost is subsequently allocated to expense using a systematic and rational method over the asset’s estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in NEP’s consolidated statements of income. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when the asset retirement cost is depleted. | |
NEP recorded accretion expense of approximately $1 million, $1 million and $0 million in 2014, 2013 and 2012, respectively. Additionally, new AROs were established amounting to $2 million and $11 million in 2014 and 2013, respectively. | |
Immaterial Restatement - Subsequent to the issuance of NEP's combined financial statements as of December 31, 2013, it was determined that income tax expense and other comprehensive loss for the year ended December 31, 2013 were overstated by approximately $4 million and $1 million, respectively, and the deferred tax liability balance as of December 31, 2013 was overstated by approximately $5 million. The impact of this error had no impact on cash flows from operating, investing or financing activities. As a result, the prior periods in the accompanying financial statements have been corrected to appropriately reflect these balances in the consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of cash flows and in the Notes. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
The components of income before income taxes are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
U.S. | $ | 46 | $ | 5 | $ | (6 | ) | |||||
Foreign | 23 | 24 | 13 | |||||||||
Income before income taxes | $ | 69 | $ | 29 | $ | 7 | ||||||
The components of income tax expense (benefit) are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Federal: | ||||||||||||
Current | $ | — | $ | — | $ | — | ||||||
Deferred | 11 | 8 | (10 | ) | ||||||||
Total federal | 11 | 8 | (10 | ) | ||||||||
State: | ||||||||||||
Current | — | — | — | |||||||||
Deferred | 1 | 2 | (2 | ) | ||||||||
Total state | 1 | 2 | (2 | ) | ||||||||
Foreign: | ||||||||||||
Current | 3 | — | — | |||||||||
Deferred | 1 | 4 | 3 | |||||||||
Total foreign | 4 | 4 | 3 | |||||||||
Total income tax expense (benefit) | $ | 16 | $ | 14 | $ | (9 | ) | |||||
A reconciliation of U.S. federal income tax at the statutory rate to the project entities’ actual income taxes is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Income tax expense at 35% statutory rate | $ | 24 | $ | 10 | $ | 3 | ||||||
Increases (reductions) resulting from: | ||||||||||||
Taxes attributable to noncontrolling interest | (9 | ) | — | — | ||||||||
State income taxes, net of federal tax benefit | 1 | 1 | (2 | ) | ||||||||
CITCs(a) | (12 | ) | (32 | ) | (21 | ) | ||||||
Valuation allowance(a) | 11 | 39 | 12 | |||||||||
Effect of flow through entities and foreign tax differential(b) | — | (5 | ) | (1 | ) | |||||||
Other-net | 1 | 1 | — | |||||||||
Income tax expense (benefit) | $ | 16 | $ | 14 | $ | (9 | ) | |||||
____________________ | ||||||||||||
(a) | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to Genesis. | |||||||||||
(b) | The Summerhaven and Conestogo 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 for periods ending prior to July 1, 2014. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities for periods ending prior to July 1, 2014) at Canadian statutory rates compared to the U.S. statutory rate. | |||||||||||
The effective tax rate was approximately 23%, 48% and (125)% for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. The project entities believe that it is more likely than not that the deferred tax assets as shown below, net of the valuation allowances, will be realized due to sufficient future income. | ||||||||||||
The income tax effects of temporary differences giving rise to NEP's deferred income tax liabilities and assets are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(millions) | ||||||||||||
Deferred tax liabilities: | ||||||||||||
Property | $ | (54 | ) | $ | (186 | ) | ||||||
Net unrealized gains | — | (6 | ) | |||||||||
Withholding taxes | (6 | ) | — | |||||||||
Total deferred tax liabilities | (60 | ) | (192 | ) | ||||||||
Deferred tax asset: | ||||||||||||
Net operating loss | 31 | 227 | ||||||||||
Investment in partnership | 93 | — | ||||||||||
Property | — | 35 | ||||||||||
Tax credit carryforwards | 1 | 19 | ||||||||||
Power purchase agreements | 2 | 2 | ||||||||||
Net unrealized gains | 2 | — | ||||||||||
Intangible | — | 2 | ||||||||||
Other | — | — | ||||||||||
Valuation allowance | — | (72 | ) | |||||||||
Total deferred tax asset | 129 | 213 | ||||||||||
Net deferred tax asset | $ | 69 | $ | 21 | ||||||||
Deferred tax assets and liabilities included on the consolidated balance sheets are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(millions) | ||||||||||||
Other current assets | $ | 1 | $ | 1 | ||||||||
Deferred income taxes | 124 | 29 | ||||||||||
Other current liabilities | — | — | ||||||||||
Accumulated deferred income taxes | (56 | ) | (9 | ) | ||||||||
Net deferred income taxes | $ | 69 | $ | 21 | ||||||||
The components of deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2014 are as follows: | ||||||||||||
Amount | Expiration Dates | |||||||||||
(millions) | ||||||||||||
Net operating loss carryforwards: | ||||||||||||
Federal | $ | 27 | 2034 | |||||||||
State | 3 | 2024 - 2034 | ||||||||||
Foreign | 1 | 2028 - 2032 | ||||||||||
Net operating loss carryforwards | $ | 31 | ||||||||||
Tax credit carryforwards | $ | 1 | 2034 | |||||||||
During 2014, NEP recorded a liability of approximately $4 million related to an unrecognized tax benefit of prior year tax positions. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is approximately $4 million. At December 31, 2013, there were no uncertain tax positions. The open tax years are 2011, 2012, 2013 and 2014. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 — The fair value of money market 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. The significant inputs for the resulting fair value measurement are market-observable inputs and the measurements are reported as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||
NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 86 | $ | — | $ | 86 | $ | 27 | $ | — | $ | 27 | ||||||||||||
Restricted cash | 25 | — | 25 | 2 | — | 2 | ||||||||||||||||||
Interest rate swaps | — | 2 | 2 | — | 14 | 14 | ||||||||||||||||||
Total assets | $ | 111 | $ | 2 | $ | 113 | $ | 29 | $ | 14 | $ | 43 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | $ | — | ||||||||||||
Total liabilities | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | $ | — | ||||||||||||
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: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Notes receivable(a) | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||||||||||
Long-term debt, including current maturities(b) | $ | 1,836 | $ | 1,902 | $ | 1,799 | $ | 1,815 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
(a) | Primarily classified as held to maturity. Fair value approximates carrying amount as they bear interest primarily at variable rates and have long-term maturities (Level 2) and are included in other assets on the consolidated 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). | |||||||||||||||||||||||
Contingent Consideration - NEP accrued contingent consideration related to a 2012 acquisition. Contingent consideration is required to be reported at fair value at each reporting date. NEP determined this fair value measurement using information provided by the counterparty to the acquisition contract and its own internal cash flow estimates. The significant inputs and assumptions used in the fair value measurement included expected or modeled energy output contractually defined in the acquisition contract, the projects’ actual energy output, and the projects' contract price. This fair value measurement is sensitive to actual production from the projects. The other inputs used in the fair value measurement are known and do not change over time. This liability was settled in 2013 for approximately $4 million. The difference between the fair value at December 31, 2012 and the fair value of the consideration paid in settling the liability was reported separately in the consolidated statements of income. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013, the combined notional amounts of the swap agreements were approximately $339 million and $212 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 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 $6 million of net losses included in AOCI at December 31, 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 consolidated statements of cash flows. | ||||||||||||||||
The fair values of NEP's derivative instruments designated as cash flow hedging instruments are included on NEP's consolidated balance sheets as follows: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Other non-current assets | $ | 5 | $ | — | $ | 18 | $ | — | ||||||||
Other current liabilities | $ | 3 | $ | 3 | $ | — | $ | 4 | ||||||||
Other non-current liabilities | $ | — | $ | 7 | $ | — | $ | — | ||||||||
Gains (losses) related to NEP's cash flow hedges are recorded in NEP's consolidated financial statements as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Gains (losses) recognized in other comprehensive income | $ | (26 | ) | $ | 14 | $ | (4 | ) | ||||||||
Losses reclassified from AOCI to net income(a) | $ | 4 | $ | 4 | $ | — | ||||||||||
____________________ | ||||||||||||||||
(a) Included in interest expense. |
Property_Plant_and_Equipment_P
Property, Plant and Equipment Property, Plant and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment consists of the following as of December 31: | ||||||||||
2014 | 2013 | Range of Useful | ||||||||
Lives (in years) | ||||||||||
(millions) | ||||||||||
Power-generation assets(a) | $ | 2,157 | $ | 1,714 | 30-May | |||||
Land improvements and buildings | 95 | 81 | 25-30 | |||||||
Land | 6 | 6 | ||||||||
Other depreciable assets | 75 | 46 | 30-Mar | |||||||
Property, plant and equipment, gross | 2,333 | 1,847 | ||||||||
Accumulated depreciation | (164 | ) | (91 | ) | ||||||
Property, plant and equipment—net | $ | 2,169 | $ | 1,756 | ||||||
___________________________ | ||||||||||
(a) | Approximately 99% of power generation assets represent machinery and equipment used to generate electricity with a 30-year depreciable life. | |||||||||
Depreciation expense for the years ended 2014, 2013 and 2012 was approximately $76 million, $39 million and $24 million, respectively. Total net long-lived assets held by operations outside the U.S. amounted to approximately $692 million and $626 million, respectively, as of December 31, 2014 and 2013. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Debt | DEBT | |||||||||||||||||||||||||||||||
NEP’s long-term debt agreements require quarterly or semi-annual payments of principal and interest. The carrying value and future principal payments of NEP’s long-term debt consist of the following: | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Carrying Value | ||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | 2014 | 2013 | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Canyon Wind: | ||||||||||||||||||||||||||||||||
Term loan—maturing 2030—LIBOR(a) + 2.25—3.25% | $ | 12 | $ | 12 | $ | 12 | $ | 12 | $ | 12 | $ | 151 | $ | 211 | $ | 223 | ||||||||||||||||
Mountain Prairie: | ||||||||||||||||||||||||||||||||
Senior secured notes—maturing 2030—6.56% | 9 | 10 | 11 | 12 | 14 | 226 | 282 | 289 | ||||||||||||||||||||||||
Genesis: | ||||||||||||||||||||||||||||||||
Project note—maturing 2038—4.125% | — | — | — | — | — | 402 | 402 | 702 | ||||||||||||||||||||||||
Bank loan—maturing 2019(b)—LIBOR(a) +1.2—1.3% | 37 | 38 | 38 | — | — | — | 113 | 135 | ||||||||||||||||||||||||
Senior secured notes—maturing 2038—5.60% | — | — | — | 26 | 27 | 227 | 280 | — | ||||||||||||||||||||||||
St. Clair: | ||||||||||||||||||||||||||||||||
Canadian dollar denominated Senior secured notes—maturing 2031—4.881% | 7 | 8 | 8 | 8 | 8 | 96 | 135 | 155 | ||||||||||||||||||||||||
Trillium: | ||||||||||||||||||||||||||||||||
Canadian dollar denominated Senior secured notes—maturing 2033—5.803% | 7 | 9 | 9 | 10 | 10 | 222 | 267 | 295 | ||||||||||||||||||||||||
Bluewater: | ||||||||||||||||||||||||||||||||
Canadian dollar denominated term loan—maturing 2032—CDOR(c) + 2.00—3.25% | 6 | 6 | 6 | 6 | 6 | 116 | 146 | — | ||||||||||||||||||||||||
Less: Total current maturities of long-term debt | 78 | 370 | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 78 | $ | 83 | $ | 84 | $ | 74 | $ | 77 | $ | 1,440 | $ | 1,758 | $ | 1,429 | ||||||||||||||||
________________________ | ||||||||||||||||||||||||||||||||
(a) | LIBOR, London InterBank Offered Rate, is three-month LIBOR for Canyon Wind and six-month LIBOR for Genesis. | |||||||||||||||||||||||||||||||
(b) | Principal payments represent accelerated payment schedule under the Bank loan to the extent Genesis has sufficient available cash, which would result in the repayment in full by August 2017. | |||||||||||||||||||||||||||||||
(c) | CDOR, Canadian Dealer Offered Rate. | |||||||||||||||||||||||||||||||
The long-term debt agreements listed above all contain provisions which, under certain conditions, restrict the payment of dividends and other distributions. As of December 31, 2014 no such conditions exist and, as of December 31, 2014 and 2013, NEP was in compliance with all financial debt covenants. | ||||||||||||||||||||||||||||||||
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. 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 higher of (x) the federal funds rate plus 0.50%, (y) the administrative agent's prime rate or (z) the one-month 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 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 certain of the assets of NEP OpCo, and certain other assets of, and the ownership interest in, one of its direct subsidiaries. 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. As of December 31, 2014, no amounts had been drawn under the revolving credit facility. As of February 20, 2015, $58 million has been drawn under the revolving credit facility. | ||||||||||||||||||||||||||||||||
This credit facility contains various covenants and restrictive provisions that limit NEP OpCo’s ability to, among other things: | ||||||||||||||||||||||||||||||||
•incur or guarantee additional debt; | ||||||||||||||||||||||||||||||||
•make distributions on or redeem or repurchase common units; | ||||||||||||||||||||||||||||||||
•make certain investments and acquisitions; | ||||||||||||||||||||||||||||||||
•incur certain liens or permit them to exist; | ||||||||||||||||||||||||||||||||
•enter into certain types of transactions with affiliates; | ||||||||||||||||||||||||||||||||
•merge or consolidate with another company; and | ||||||||||||||||||||||||||||||||
•transfer, sell or otherwise dispose of projects. |
Intangible_Liabilities
Intangible Liabilities | 12 Months Ended |
Dec. 31, 2014 | |
Other Liabilities Disclosure [Abstract] | |
Intangible Liabilities | INTANGIBLE LIABILITIES |
NEP’s intangible liability is the result of a 2012 acquisition that resulted in St. Clair 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 through February 2032, according to the cash flow benefits or detriments associated with the contracts as determined at acquisition. The liabilities as of December 31, 2014 and 2013 were approximately $7 million and $8 million, respectively and are included in other non-current liabilities on the accompanying consolidated balance sheets. NEP recorded approximately $1 million of amortization for each of the years ended December 31, 2014 and 2013. Estimated amortization over the next five years is approximately $1 million in each year. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||
Dec. 31, 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) | |||||||||||||||
Balances, December 31, 2011 | $ | — | $ | — | $ | — | |||||||||
Other comprehensive income (loss) before reclassification | (4 | ) | 2 | (2 | ) | ||||||||||
Balances, December 31, 2012 | (4 | ) | 2 | (2 | ) | ||||||||||
Other comprehensive income (loss) before reclassification | 11 | (27 | ) | (16 | ) | ||||||||||
Amounts reclassified from AOCI to interest expense | 3 | — | 3 | ||||||||||||
Net other comprehensive income (loss) | 14 | (27 | ) | (13 | ) | ||||||||||
Balances, December 31, 2013 | 10 | (25 | ) | (15 | ) | ||||||||||
Other comprehensive loss before reclassification | (24 | ) | (14 | ) | (38 | ) | |||||||||
Amounts reclassified from AOCI to interest expense | 4 | — | 4 | ||||||||||||
Net other comprehensive loss | (20 | ) | (14 | ) | (34 | ) | |||||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | — | 6 | ||||||||||||
Balances, December 31, 2014 | $ | (4 | ) | $ | (39 | ) | $ | (43 | ) | ||||||
AOCI attributable to noncontrolling interest | $ | (4 | ) | $ | (36 | ) | $ | (40 | ) | ||||||
AOCI attributable to NextEra Energy Partners, December 31, 2014 | $ | — | $ | (3 | ) | $ | (3 | ) |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
Each project entered into operations and maintenance (O&M) and administrative services agreements with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with certain services performed under these agreements. These services include O&M and administrative services. NEP’s operating expenses for the years ended December 31, 2014, 2013 and 2012 include approximately $4 million, $2 million and $1 million, respectively, related to such services. Additionally, Northern Colorado pays an affiliate for transmission services. NEP’s transmission expense for the years ended December 31, 2014, 2013 and 2012 represents the fees paid for these services. The net payables at December 31, 2014 and 2013, for these services as well as for payroll and other payments made on behalf of these projects, were approximately $7 million and $15 million, respectively, and are included in due to related parties on NEP’s consolidated balance sheets. | |
Management Services Agreement (MSA) - Effective July 1, 2014, subsidiaries of NEP entered into a MSA with indirect wholly-owned subsidiaries of NEE, under which operational, management and administrative services are provided to NEP, including managing NEP’s day to day affairs and providing individuals to act as NEP GP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and administrative services agreements described above between NEER subsidiaries and NEP subsidiaries. NEP OpCo will pay NEE an annual management fee equal to the greater of 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the most recently ended fiscal year and $4 million (as adjusted for inflation beginning in 2016), which will be paid in quarterly installments of $1 million with an additional payment each January to the extent 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the preceding fiscal year exceeds $4 million (as adjusted for inflation beginning in 2016). NEP OpCo will also make certain payments to NEE based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders (incentive distribution rights, or IDRs). NEP’s O&M expenses for the year ended December 31, 2014 include approximately $2 million related to payments made under the MSA. There was no expense for the years ended December 31, 2013 and 2012 related to the MSA. | |
Cash Sweep and Credit Support Agreement (cash sweep agreement) - Effective July 1, 2014, NEP OpCo entered into a cash sweep agreement with NEER, under which NEER and certain of its subsidiaries may provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. NEP OpCo will pay NEER an annual credit support fee based on the level and cost of the credit support provided, payable in quarterly installments. NEP’s expense for the year ended December 31, 2014 includes less than $1 million related to payments made under the cash sweep agreement. There was no expense for the years ended December 31, 2013 and 2012 related to the cash sweep agreement. | |
NEER and certain of its subsidiaries may withdraw funds received by NEP OpCo under the cash sweep agreement, or its subsidiaries in connection with certain of the long-term debt agreements, (Project Sweeps), and hold those funds in accounts belonging to NEER or its subsidiaries to the extent the funds are not required to pay project costs or otherwise required to be maintained by NEP's subsidiaries. NEER and its subsidiaries may keep the funds until the financing agreements permit distributions to be made, or, in the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs or NEP OpCo otherwise demands the return of such funds. If NEER fails to return withdrawn funds when required by NEP's subsidiaries’ financing agreements, the lenders will be entitled to draw on credit support provided by NEER in the amount of such withdrawn funds. If NEER or one of its affiliates realizes any earnings on the withdrawn funds prior to the return of such funds, it will be permitted to retain those earnings. The cash sweep amount held in accounts belonging to NEER or its subsidiaries as of December 31, 2014, was approximately $211 million and is included in due from related parties on NEP’s consolidated balance sheet. The cash sweep amount held in accounts belonging to NEER or its subsidiaries as of December 31, 2013 was approximately $12 million, and was accounted for as a members' distribution in the accompanying consolidated statement of changes in equity. | |
Guarantees and letters of credit entered into by related parties - Certain PPAs include requirements of the project entities to meet certain performance obligations. NEECH has provided letters of credit or guarantees for certain of these performance obligations and payment of any obligations from the transactions contemplated by the PPAs. In addition, certain of the financing agreements require cash and cash equivalents to be reserved for various purposes. In accordance with the terms of these financing agreements, guarantees from NEECH have been substituted in place of these cash and cash equivalents reserve requirements. NEECH also guarantees the Project Sweep amounts held in accounts belonging to NEER as described above. As of December 31, 2014, NEECH guaranteed or provided letters of credit totaling approximately $485 million related to these obligations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||
Dec. 31, 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 various periods. 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 approximately $11 million, $6 million and $3 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is classified as operations and maintenance expenses in NEP’s accompanying consolidated statements of income. | |||||||
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. In connection with the terms of this lease, Genesis obtained a surety bond from a non-affiliated party in favor of the BLM for $23 million. The surety bond remains in effect until the BLM is satisfied that there is no outstanding liability on the bond or satisfactory replacement bond coverage is furnished. | |||||||
The related minimum and varying lease payments are based on fair value. These payments are considered contingent rent and, therefore, expense is recognized as incurred. | |||||||
The total minimum non-cancelable rental commitments at December 31, 2014 under these land use agreements are as follows: | |||||||
Year Ending December 31, | Land Use | ||||||
Commitments | |||||||
(millions) | |||||||
2015 | $ | 4 | |||||
2016 | 4 | ||||||
2017 | 4 | ||||||
2018 | 4 | ||||||
2019 | 4 | ||||||
Thereafter | 107 | ||||||
Total minimum land use payments | $ | 127 | |||||
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 approximately $83 million, with a maturity date of August 15, 2017. | |||||||
The purpose and amounts of letters of credit outstanding as of December 31, 2014 are as follows: | |||||||
LOC Facility Purpose | Amount | Outstanding Dates | |||||
(millions) | |||||||
PPA security | $ | 25 | September 2011 - Maturity | ||||
Large generator interconnection agreement obligations | 12 | September 2011 - Maturity | |||||
O&M reserve | 10 | December 2013 - Maturity | |||||
Debt service reserve | 35 | August 2014 - Maturity | |||||
Total | $ | 82 | |||||
Canadian FIT Contracts - The FIT contracts relating to Summerhaven, Conestogo and Bluewater require suppliers to source a minimum percentage of their equipment and services from Ontario resident suppliers to meet the minimum required domestic content level (MRDCL). The MRDCL for Summerhaven and Conestogo is 25% and the MRDCL for Bluewater is 50%. Following their respective CODs, Summerhaven and Conestogo submitted reports to the IESO summarizing how they achieved the MRDCL for their respective projects (domestic content reports) and the IESO issued letters to Summerhaven and Conestogo acknowledging the completeness of their domestic content reports. Bluewater achieved COD on July 19, 2014 and submitted a domestic content report to the IESO on September 17, 2014, which was subsequently amended. On January 12, 2015, the IESO requested additional information and supporting documentation from Bluewater. The IESO may not deem the Bluewater domestic content report complete as required under the terms of the Bluewater FIT contract and may request additional information from Bluewater and supporting documentation related to the activities that Bluewater undertook in order to meet its MRDCL. The IESO has the right to audit the Summerhaven and Conestogo projects for a period of up to 7 years post-COD to confirm that they complied with the domestic content requirements under their respective FIT contracts and achieved their respective MRDCLs, and will have the same audit right following the issuance of a letter acknowledging the completeness of the domestic content reports for Bluewater. The failure by any of these projects to achieve its MRDCL could result in a default by such project under its FIT contract, which default may not be possible to cure and could result in a termination of its FIT contract, without compensation, by the IESO. A termination of the FIT contract for Summerhaven, Conestogo or Bluewater could negatively affect revenues generated by such project and have a material adverse effect on NEP's business, financial condition, results of operations and ability to make cash distributions to its unitholders. |
Quarterly_Data_Unaudited_Quart
Quarterly Data (Unaudited) Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Data (Unaudited) | QUARTERLY DATA (Unaudited) | |||||||||||||||
Condensed consolidated quarterly financial information is as follows: | ||||||||||||||||
March 31(a) | June 30(a) | September 30(a) | December 31(a) | |||||||||||||
(millions, except per unit amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenues(b) | $ | 59 | $ | 87 | $ | 89 | $ | 66 | ||||||||
Operating income(b) | $ | 30 | $ | 50 | $ | 52 | $ | 29 | ||||||||
Net income(b) | $ | 6 | $ | 22 | $ | 24 | $ | 1 | ||||||||
Net income attributable to NEP subsequent to initial public offering(b) | n/a | n/a | $ | 3 | $ | — | ||||||||||
Earnings per unit - basic and assuming dilution(b) | n/a | n/a | $ | 0.17 | $ | (0.01 | ) | |||||||||
Distributions per unit | n/a | n/a | $ | — | $ | 0.1875 | ||||||||||
High-low common unit sales prices | n/a | $33.90 - $31.32 | $37.99 - $31.90 | $38.81 - $28.95 | ||||||||||||
2013 | ||||||||||||||||
Operating revenues(b) | $ | 32 | $ | 34 | $ | 28 | $ | 48 | ||||||||
Operating income(b) | $ | 15 | $ | 19 | $ | 9 | $ | 23 | ||||||||
Net income(b) | $ | — | $ | 10 | $ | (2 | ) | $ | 7 | |||||||
______________________ | ||||||||||||||||
(a) | In the opinion of NEP, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. Variations in operations reported on a quarterly basis primarily reflect the seasonal nature of NEP's business. | |||||||||||||||
(b) | The sum of the quarterly amounts may not equal the total for the year due to rounding. |
Summary_of_Significant_Account1
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation - NEP’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. For all periods prior to the IPO, the accompanying consolidated financial statements represent the combination of the net assets that NEP acquired and were prepared using NEE’s historical basis in the assets acquired and liabilities assumed. For all periods subsequent to the IPO, the accompanying consolidated financial statements represent the consolidated results of NEP. The financial statements prior to the IPO include certain allocations related to income taxes from NEE. Management believes the assumptions and methodology underlying the allocations are reasonable. However, such allocations may not be indicative of the actual level of assets, liabilities and costs that would have been incurred by the predecessor if it had operated as an independent, publicly-traded company during the periods prior to the IPO or of the costs expected to be incurred in the future. The consolidated financial statements include NEP’s accounts and operations and those of its subsidiaries in which NEP has a controlling interest. All intercompany transactions have been eliminated in consolidation. In the opinion of management, any adjustments necessary for a fair presentation of the consolidated financial statements, in accordance with GAAP, have been made. Following the IPO, NEP presents as cash in its consolidated statements of cash flows certain financing transactions with related parties where it does not directly receive the cash. |
Use of Significant Estimates | Use of Significant Estimates - The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
In recording transactions and balances resulting from business operations, NEP uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions and allowances, asset retirement obligations, fair value measurements, purchase price allocations, environmental liabilities and legal costs incurred in connection with recorded loss contingencies, among others. As new information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. | |
Revenue Recognition | Revenue Recognition - Revenue is generated primarily from various non-affiliated parties under long-term power purchase agreements, Feed-in-Tariff (FIT) agreements and Renewable Energy Standard Offer Program (RESOP) agreements (collectively, PPAs). Certain PPAs are accounted for as operating leases. GAAP requires minimum lease payments to be recognized over the term of the lease and contingent rents to be recorded when the achievement of the contingency becomes probable. None of the operating leases have minimum lease payments, so revenue from these contracts is recognized as energy and any related renewable energy attributes are delivered. Contingent rental revenues from these contracts were approximately $211 million, $89 million and $63 million in 2014, 2013 and 2012, respectively. |
Revenue is recognized as energy and any related renewable energy attributes are delivered, which is when revenue is earned based on energy delivered at rates stipulated in the respective PPAs. | |
Revenue recognized in 2014, 2013 and 2012 includes revenues from operations located outside of the United States (U.S.). This revenue was approximately $88 million, $51 million and $26 million in 2014, 2013 and 2012, respectively. | |
Revenue also includes the amortization of an intangible contract liability recognized as part of an acquisition and the sale of state tax credits by Elk City, which are recognized as they are generated. The revenue related to the amortization of the intangible liability was approximately $1 million, $1 million and less than $1 million in 2014, 2013 and 2012, respectively. See Note 8 for more information regarding the intangible liability. The revenue related to the sale of state tax credits was $2 million, $2 million and $3 million in 2014, 2013 and 2012, respectively. | |
In 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. | |
Interest Costs | Interest Costs - NEP recognizes interest expense using the effective interest method over the life of the related debt. Certain of NEP’s debt obligations include escalating interest rates (see Note 7) that are incorporated into the effective interest rate for the related debt. Deferred interest includes interest expense recognized in excess of the interest payments accrued for the related debt’s stated interest payments and is recorded in other non-current liabilities on NEP’s consolidated balance sheets. |
Income Taxes | Income Taxes - For periods ending prior to July 1, 2014, income taxes are calculated using the separate return method for each of the project entities that are structured as corporations or as limited liability companies electing to be taxed as corporations. Income taxes are not included for entities that are structured as flow through entities (partnerships) electing to be taxed as partnerships. |
For periods ending after July 1, 2014, taxes are calculated for NEP as a single taxpaying entity for U.S. federal and state income tax purposes (based on its election to be taxed as a corporation). Because NEP OpCo is a limited partnership electing to be taxed as a partnership for U.S. federal and state income tax purposes, NEP has only included its 20.1% proportionate share of U.S. income taxes. The U.S. income taxes on the remaining 79.9% of NEP OpCo earnings are allocated to NEE Equity and are not included in NEP's consolidated financial statements. The Canadian subsidiaries are all Canadian taxpayers subject to Canadian income tax, and therefore all Canadian taxes are included in NEP's consolidated financial statements. NEE Equity's share of Canadian taxes is included in noncontrolling interest in NEP's consolidated financial statements. | |
Harmonized Sales Taxes | Harmonized Sales Taxes - For NEP’s Canadian projects, harmonized sales tax (HST) is composed of a federal and provincial component with taxes collected on sales and taxes paid on goods and services. The HST collected on sales are recorded as a HST payable while those paid on goods and services are recorded as a HST receivable. As such, these taxes have no impact on NEP’s reported earnings. The HST is payable or refundable monthly. As of December 31, 2014 and 2013, the HST receivable was approximately $0 million and $5 million, respectively, and is included in other current assets on the accompanying consolidated balance sheets. As of December 31, 2014 and 2013, the HST payable was approximately $2 million and $2 million, respectively, and is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. |
Foreign Operations and Currency Translation | Foreign Operations and Currency Translation - NEP’s reporting currency is the U.S. dollar. The functional currency for its Canadian project companies is the Canadian dollar because Canada is the primary economic environment in which it conducts its Canadian operations. The assets and liabilities of the Canadian project companies are translated to U.S. dollars at exchange rates at the balance sheet date. The income and expenses of the Canadian project companies are translated to U.S. dollars at exchange rates in effect during each respective period. The translation adjustment is recorded in accumulated other comprehensive income (loss) (AOCI). |
Noncontrolling Interest | Noncontrolling Interest - After the completion of NEP's IPO, NEP owns a controlling, non-economic general partnership interest and a 20.1% limited partnership interest in NEP OpCo and NEE Equity owns a noncontrolling 79.9% limited partnership interest in NEP OpCo. |
Equity | Equity - Equity reflects the financial position of the parties with an ownership interest in the consolidated financial statements. Prior to the IPO, NEE's ownership interest in the NEP predecessor entity is reflected as additional paid in capital, retained earnings and accumulated other comprehensive loss on the consolidated balance sheets as of December 31, 2013. |
NextEra Energy Partner GP, Inc. has a total equity interest in NEP of $10,000 at December 31, 2014. | |
Limited partners' equity at December 31, 2014 reflects the initial investment of NEP unitholders and changes subsequent to the IPO including net income attributable to NEP, distributions of available cash to unitholders and other contributions from or distributions to NEP unitholders. Accumulated other comprehensive loss at December 31, 2014 reflects comprehensive income attributable to NEP subsequent to the IPO. | |
Noncontrolling interest at December 31, 2014 reflects the equity attributable to NEE based on the initial contribution as part of the IPO, the net income and other comprehensive income attributable to noncontrolling interest subsequent to the IPO and contributions to or distributions from NEE. | |
Earnings per common unit is reflected beginning July 1, 2014. Prior to the IPO, NEP was an indirect wholly-owned subsidiary of NEE and accordingly, had no earnings per common unit. | |
Property, Plant and Equipment | Property, Plant and Equipment—net and Construction Work in Progress - 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. See Note 6. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expense, as incurred. |
Convertible Investment Tax Credits (CITCs) of approximately $592 million and $445 million as of December 31, 2014 and December 31, 2013, respectively, are recorded as a reduction in property, plant and equipment—net on the consolidated balance sheets and are amortized as a corresponding reduction to depreciation expense over the estimated life of the related asset. As of December 31, 2013, NEP had recorded a CITC receivable of approximately $180 million associated with Genesis which is included in accounts receivable on NEP's consolidated balance sheets. Of this receivable, $177 million was collected in 2014 with the remaining $3 million recorded as an addition to property, plant and equipment—net. | |
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. Interest capitalized for the years ended December 31, 2014, 2013 and 2012 was approximately $4 million, $30 million and $15 million, respectively. Upon commencement of plant operations, costs associated with construction work in progress are transferred to property, plant and equipment—net. | |
Total net long-lived assets, including construction work in progress, held by operations outside the U.S. amounted to approximately $692 million and $626 million, respectively, as of December 31, 2014 and December 31, 2013. | |
Cash and Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. NEP primarily holds investments in money market funds. | |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts - Accounts receivables are reported at the invoiced or estimated amount adjusted for any write-offs and any estimated allowance for doubtful accounts on the accompanying consolidated balance sheets. The allowance for doubtful accounts is reviewed periodically based on amounts past due and significance. There was no allowance for doubtful accounts recorded as of December 31, 2014 and 2013. |
The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant CITC for certain renewable energy properties. As of December 31, 2014 and 2013, accounts receivable arising from CITCs were approximately $0 million and $180 million, respectively. | |
Restricted Cash | Restricted Cash - Restricted cash consists primarily of funds related to Genesis. For the year ended December 31, 2014, of the approximately $25 million recorded on NEP's consolidated balance sheets, $22 million represents CITC proceeds received by Genesis that is due to NextEra Energy Capital Holdings, Inc. (NEECH), and is included in due to related parties on NEP's consolidated balance sheets. The remaining balances at December 31, 2014 and 2013 are held to satisfy the requirements of certain subsidiary debt agreements. These funds are held within subsidiaries pursuant to the terms of such debt agreements. These funds are used to pay for certain capital or operating expenditures and current debt service payments as well as to fund required equity contributions, pursuant to the restrictions contained in the debt agreements. These funds are reported as current assets based on the timing of the anticipated use of these funds in construction activities within the next twelve months. |
Concentration Credit Risk | Concentration of Credit Risk - Financial instruments which potentially subject NEP to concentrations of credit risk consist primarily of accounts receivable and derivative instruments. Accounts receivable are comprised primarily of amounts due from various non-affiliated parties who are counterparties to the PPAs. NEP has a limited number of counterparties, all of which are in the energy industry, and this concentration may impact the overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, industry or other conditions. If any of these customers’ receivable balances should be deemed uncollectible, it could have a material adverse effect on NEP’s consolidated results of operations and financial condition. However, management does not believe significant credit risk exists at December 31, 2014, because of the creditworthiness of the counterparties. All amounts due from such counterparties at December 31, 2014 and 2013 have been collected. |
During 2014, NEP derived approximately 42% and 29% of its consolidated revenue from its contracts with PG&E and the IESO, respectively. | |
Inventories | Inventories - Spare parts inventories are stated at the lower of weighted-average cost or market and are included in other current assets on NEP’s consolidated balance sheets. Spare parts inventories were approximately $8 million and $4 million as of December 31, 2014 and 2013, respectively. |
Prepaid Expenses | Prepaid Expenses - Prepaid expenses primarily include prepayments for insurance and certain land lease contracts. The prepaid expense is amortized over the term of the arrangement according to the benefits the contractual arrangement provides. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset’s carrying value and fair value. As of December 31, 2014 and 2013, no impairment adjustments were necessary. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities - Derivative instruments, when required to be marked to market, are recorded on NEP’s consolidated balance sheets as either an asset or liability measured at fair value. 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. See Note 5. |
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 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. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - The carrying amount of NEP’s financial instruments, including cash and cash equivalents, accounts receivable, restricted cash, accounts payable and certain accrued expenses approximates fair value because of the short maturity of those instruments. The fair value of cash and cash equivalents is calculated using current market prices. NEP estimates the fair value of its long-term debt using estimated current rates for similar borrowings. See Note 4. |
Fair Value Measurements | Fair Value Measurements - 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 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. See Note 4. |
Deferred Financing Costs | Deferred Financing Costs - Deferred financing costs include fees and costs incurred to obtain long-term debt and are amortized over the life of the related debt using the effective interest rate established at debt issuance. NEP incurred approximately $37 million in deferred financing fees in connection with the issuance of debt prior to 2013. NEP added approximately $10 million ($2 million related to IPO) and $6 million of deferred financing costs during the years ended December 31, 2014 and 2013, respectively. Deferred financing costs net of accumulated amortization were approximately $40 million and $36 million at December 31, 2014 and 2013, respectively, and are included in other noncurrent assets on NEP’s accompanying consolidated balance sheets. The amortization of deferred financing costs totaled approximately $6 million, $4 million and $2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in interest expense in NEP’s accompanying consolidated statements of income. |
Asset Retirement Obligations | Asset Retirement Obligations - Asset retirement obligations are those for which a legal obligation exists under laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing or method of settlement may be conditioned on a future event. |
NEP accounts for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) in accordance with GAAP which requires that a liability for the fair value of an ARO be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived asset. The asset retirement cost is subsequently allocated to expense using a systematic and rational method over the asset’s estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in NEP’s consolidated statements of income. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when the asset retirement cost is depleted. | |
NEP recorded accretion expense of approximately $1 million, $1 million and $0 million in 2014, 2013 and 2012, respectively. Additionally, new AROs were established amounting to $2 million and $11 million in 2014 and 2013, respectively. | |
Immaterial Restatement | Immaterial Restatement - Subsequent to the issuance of NEP's combined financial statements as of December 31, 2013, it was determined that income tax expense and other comprehensive loss for the year ended December 31, 2013 were overstated by approximately $4 million and $1 million, respectively, and the deferred tax liability balance as of December 31, 2013 was overstated by approximately $5 million. The impact of this error had no impact on cash flows from operating, investing or financing activities. As a result, the prior periods in the accompanying financial statements have been corrected to appropriately reflect these balances in the consolidated statements of income, consolidated statements of comprehensive income, consolidated balance sheets, consolidated statements of cash flows and in the Notes. |
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Schedule of clean, contracted renewable assets acquired | In connection with the IPO, 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 | Public Service Company of Colorado | 2029 (22 MW) / | Mountain Prairie (2030) | |||||||
2034 (152 MW) | |||||||||||||
Elk City | December 2009 | Wind | 99 | Public Service Company of Oklahoma | 2030 | Mountain Prairie (2030) | |||||||
Perrin Ranch | January 2012 | Wind | 99 | Arizona Public Service Company | 2037 | Canyon Wind (2030) | |||||||
Moore | February 2012 | Solar | 20 | Independent Electricity System Operator (IESO) | 2032 | St. Clair (2031) | |||||||
Sombra | Feb-12 | Solar | 20 | IESO | 2032 | St. Clair (2031) | |||||||
Conestogo | December 2012 | Wind | 23 | IESO | 2032 | Trillium (2033) | |||||||
Tuscola Bay | Dec-12 | Wind | 120 | DTE Electric Company | 2032 | Canyon Wind (2030) | |||||||
Summerhaven | Aug-13 | Wind | 124 | IESO | 2033 | Trillium (2033) | |||||||
Genesis | November 2013 (125 MW)/ | Solar | 250 | Pacific Gas & Electric Co. (PG&E) | 2039 | Genesis (2038) | |||||||
March 2014 (125 MW) | |||||||||||||
Bluewater | Jul-14 | Wind | 60 | IESO | 2034 | Bluewater (2032) | |||||||
Total | 989 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of income before income taxes | The components of income before income taxes are as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
U.S. | $ | 46 | $ | 5 | $ | (6 | ) | |||||
Foreign | 23 | 24 | 13 | |||||||||
Income before income taxes | $ | 69 | $ | 29 | $ | 7 | ||||||
Components of income tax expense (benefit) | The components of income tax expense (benefit) are as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Federal: | ||||||||||||
Current | $ | — | $ | — | $ | — | ||||||
Deferred | 11 | 8 | (10 | ) | ||||||||
Total federal | 11 | 8 | (10 | ) | ||||||||
State: | ||||||||||||
Current | — | — | — | |||||||||
Deferred | 1 | 2 | (2 | ) | ||||||||
Total state | 1 | 2 | (2 | ) | ||||||||
Foreign: | ||||||||||||
Current | 3 | — | — | |||||||||
Deferred | 1 | 4 | 3 | |||||||||
Total foreign | 4 | 4 | 3 | |||||||||
Total income tax expense (benefit) | $ | 16 | $ | 14 | $ | (9 | ) | |||||
Schedule of reconciliation of U.S. federal income tax at the statutory rate to income tax expense | A reconciliation of U.S. federal income tax at the statutory rate to the project entities’ actual income taxes is as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(millions) | ||||||||||||
Income tax expense at 35% statutory rate | $ | 24 | $ | 10 | $ | 3 | ||||||
Increases (reductions) resulting from: | ||||||||||||
Taxes attributable to noncontrolling interest | (9 | ) | — | — | ||||||||
State income taxes, net of federal tax benefit | 1 | 1 | (2 | ) | ||||||||
CITCs(a) | (12 | ) | (32 | ) | (21 | ) | ||||||
Valuation allowance(a) | 11 | 39 | 12 | |||||||||
Effect of flow through entities and foreign tax differential(b) | — | (5 | ) | (1 | ) | |||||||
Other-net | 1 | 1 | — | |||||||||
Income tax expense (benefit) | $ | 16 | $ | 14 | $ | (9 | ) | |||||
____________________ | ||||||||||||
(a) | The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to Genesis. | |||||||||||
(b) | The Summerhaven and Conestogo 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 for periods ending prior to July 1, 2014. Foreign tax differential is the difference in taxes calculated on Canadian income from Canadian projects (excluding flow through entities for periods ending prior to July 1, 2014) at Canadian statutory rates compared to the U.S. statutory rate. | |||||||||||
Deferred tax assets and liabilities | The income tax effects of temporary differences giving rise to NEP's deferred income tax liabilities and assets are as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(millions) | ||||||||||||
Deferred tax liabilities: | ||||||||||||
Property | $ | (54 | ) | $ | (186 | ) | ||||||
Net unrealized gains | — | (6 | ) | |||||||||
Withholding taxes | (6 | ) | — | |||||||||
Total deferred tax liabilities | (60 | ) | (192 | ) | ||||||||
Deferred tax asset: | ||||||||||||
Net operating loss | 31 | 227 | ||||||||||
Investment in partnership | 93 | — | ||||||||||
Property | — | 35 | ||||||||||
Tax credit carryforwards | 1 | 19 | ||||||||||
Power purchase agreements | 2 | 2 | ||||||||||
Net unrealized gains | 2 | — | ||||||||||
Intangible | — | 2 | ||||||||||
Other | — | — | ||||||||||
Valuation allowance | — | (72 | ) | |||||||||
Total deferred tax asset | 129 | 213 | ||||||||||
Net deferred tax asset | $ | 69 | $ | 21 | ||||||||
Deferred tax assets and liabilities included on the consolidated balance sheets are as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(millions) | ||||||||||||
Other current assets | $ | 1 | $ | 1 | ||||||||
Deferred income taxes | 124 | 29 | ||||||||||
Other current liabilities | — | — | ||||||||||
Accumulated deferred income taxes | (56 | ) | (9 | ) | ||||||||
Net deferred income taxes | $ | 69 | $ | 21 | ||||||||
Components of deferred tax assets relating to operating loss and tax credit carryforwards | The components of deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2014 are as follows: | |||||||||||
Amount | Expiration Dates | |||||||||||
(millions) | ||||||||||||
Net operating loss carryforwards: | ||||||||||||
Federal | $ | 27 | 2034 | |||||||||
State | 3 | 2024 - 2034 | ||||||||||
Foreign | 1 | 2028 - 2032 | ||||||||||
Net operating loss carryforwards | $ | 31 | ||||||||||
Tax credit carryforwards | $ | 1 | 2034 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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: | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 86 | $ | — | $ | 86 | $ | 27 | $ | — | $ | 27 | ||||||||||||
Restricted cash | 25 | — | 25 | 2 | — | 2 | ||||||||||||||||||
Interest rate swaps | — | 2 | 2 | — | 14 | 14 | ||||||||||||||||||
Total assets | $ | 111 | $ | 2 | $ | 113 | $ | 29 | $ | 14 | $ | 43 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | $ | — | ||||||||||||
Total liabilities | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | $ | — | ||||||||||||
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: | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Notes receivable(a) | $ | 4 | $ | 4 | $ | 4 | $ | 4 | ||||||||||||||||
Long-term debt, including current maturities(b) | $ | 1,836 | $ | 1,902 | $ | 1,799 | $ | 1,815 | ||||||||||||||||
____________________ | ||||||||||||||||||||||||
(a) | Primarily classified as held to maturity. Fair value approximates carrying amount as they bear interest primarily at variable rates and have long-term maturities (Level 2) and are included in other assets on the consolidated 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). |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 on NEP's consolidated balance sheets as follows: | |||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Other non-current assets | $ | 5 | $ | — | $ | 18 | $ | — | ||||||||
Other current liabilities | $ | 3 | $ | 3 | $ | — | $ | 4 | ||||||||
Other non-current liabilities | $ | — | $ | 7 | $ | — | $ | — | ||||||||
Schedule of gains (losses) related to cash flow hedges | Gains (losses) related to NEP's cash flow hedges are recorded in NEP's consolidated financial statements as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(millions) | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Gains (losses) recognized in other comprehensive income | $ | (26 | ) | $ | 14 | $ | (4 | ) | ||||||||
Losses reclassified from AOCI to net income(a) | $ | 4 | $ | 4 | $ | — | ||||||||||
____________________ | ||||||||||||||||
(a) Included in interest expense. |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following as of December 31: | |||||||||
2014 | 2013 | Range of Useful | ||||||||
Lives (in years) | ||||||||||
(millions) | ||||||||||
Power-generation assets(a) | $ | 2,157 | $ | 1,714 | 30-May | |||||
Land improvements and buildings | 95 | 81 | 25-30 | |||||||
Land | 6 | 6 | ||||||||
Other depreciable assets | 75 | 46 | 30-Mar | |||||||
Property, plant and equipment, gross | 2,333 | 1,847 | ||||||||
Accumulated depreciation | (164 | ) | (91 | ) | ||||||
Property, plant and equipment—net | $ | 2,169 | $ | 1,756 | ||||||
___________________________ | ||||||||||
(a) | Approximately 99% of power generation assets represent machinery and equipment used to generate electricity with a 30-year depreciable life. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Carrying value and future principal payments of long-term debt | The carrying value and future principal payments of NEP’s long-term debt consist of the following: | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Carrying Value | ||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | 2014 | 2013 | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Canyon Wind: | ||||||||||||||||||||||||||||||||
Term loan—maturing 2030—LIBOR(a) + 2.25—3.25% | $ | 12 | $ | 12 | $ | 12 | $ | 12 | $ | 12 | $ | 151 | $ | 211 | $ | 223 | ||||||||||||||||
Mountain Prairie: | ||||||||||||||||||||||||||||||||
Senior secured notes—maturing 2030—6.56% | 9 | 10 | 11 | 12 | 14 | 226 | 282 | 289 | ||||||||||||||||||||||||
Genesis: | ||||||||||||||||||||||||||||||||
Project note—maturing 2038—4.125% | — | — | — | — | — | 402 | 402 | 702 | ||||||||||||||||||||||||
Bank loan—maturing 2019(b)—LIBOR(a) +1.2—1.3% | 37 | 38 | 38 | — | — | — | 113 | 135 | ||||||||||||||||||||||||
Senior secured notes—maturing 2038—5.60% | — | — | — | 26 | 27 | 227 | 280 | — | ||||||||||||||||||||||||
St. Clair: | ||||||||||||||||||||||||||||||||
Canadian dollar denominated Senior secured notes—maturing 2031—4.881% | 7 | 8 | 8 | 8 | 8 | 96 | 135 | 155 | ||||||||||||||||||||||||
Trillium: | ||||||||||||||||||||||||||||||||
Canadian dollar denominated Senior secured notes—maturing 2033—5.803% | 7 | 9 | 9 | 10 | 10 | 222 | 267 | 295 | ||||||||||||||||||||||||
Bluewater: | ||||||||||||||||||||||||||||||||
Canadian dollar denominated term loan—maturing 2032—CDOR(c) + 2.00—3.25% | 6 | 6 | 6 | 6 | 6 | 116 | 146 | — | ||||||||||||||||||||||||
Less: Total current maturities of long-term debt | 78 | 370 | ||||||||||||||||||||||||||||||
Total long-term debt | $ | 78 | $ | 83 | $ | 84 | $ | 74 | $ | 77 | $ | 1,440 | $ | 1,758 | $ | 1,429 | ||||||||||||||||
________________________ | ||||||||||||||||||||||||||||||||
(a) | LIBOR, London InterBank Offered Rate, is three-month LIBOR for Canyon Wind and six-month LIBOR for Genesis. | |||||||||||||||||||||||||||||||
(b) | Principal payments represent accelerated payment schedule under the Bank loan to the extent Genesis has sufficient available cash, which would result in the repayment in full by August 2017. | |||||||||||||||||||||||||||||||
(c) | CDOR, Canadian Dealer Offered Rate. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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) | |||||||||||||||
Balances, December 31, 2011 | $ | — | $ | — | $ | — | |||||||||
Other comprehensive income (loss) before reclassification | (4 | ) | 2 | (2 | ) | ||||||||||
Balances, December 31, 2012 | (4 | ) | 2 | (2 | ) | ||||||||||
Other comprehensive income (loss) before reclassification | 11 | (27 | ) | (16 | ) | ||||||||||
Amounts reclassified from AOCI to interest expense | 3 | — | 3 | ||||||||||||
Net other comprehensive income (loss) | 14 | (27 | ) | (13 | ) | ||||||||||
Balances, December 31, 2013 | 10 | (25 | ) | (15 | ) | ||||||||||
Other comprehensive loss before reclassification | (24 | ) | (14 | ) | (38 | ) | |||||||||
Amounts reclassified from AOCI to interest expense | 4 | — | 4 | ||||||||||||
Net other comprehensive loss | (20 | ) | (14 | ) | (34 | ) | |||||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | — | 6 | ||||||||||||
Balances, December 31, 2014 | $ | (4 | ) | $ | (39 | ) | $ | (43 | ) | ||||||
AOCI attributable to noncontrolling interest | $ | (4 | ) | $ | (36 | ) | $ | (40 | ) | ||||||
AOCI attributable to NextEra Energy Partners, December 31, 2014 | $ | — | $ | (3 | ) | $ | (3 | ) |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||
Minimum rental commitments under land use agreements | The total minimum non-cancelable rental commitments at December 31, 2014 under these land use agreements are as follows: | ||||||
Year Ending December 31, | Land Use | ||||||
Commitments | |||||||
(millions) | |||||||
2015 | $ | 4 | |||||
2016 | 4 | ||||||
2017 | 4 | ||||||
2018 | 4 | ||||||
2019 | 4 | ||||||
Thereafter | 107 | ||||||
Total minimum land use payments | $ | 127 | |||||
Schedule of the purpose and amounts of contemplated letters of credit | The purpose and amounts of letters of credit outstanding as of December 31, 2014 are as follows: | ||||||
LOC Facility Purpose | Amount | Outstanding Dates | |||||
(millions) | |||||||
PPA security | $ | 25 | September 2011 - Maturity | ||||
Large generator interconnection agreement obligations | 12 | September 2011 - Maturity | |||||
O&M reserve | 10 | December 2013 - Maturity | |||||
Debt service reserve | 35 | August 2014 - Maturity | |||||
Total | $ | 82 | |||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of quarterly financial data | Condensed consolidated quarterly financial information is as follows: | |||||||||||||||
March 31(a) | June 30(a) | September 30(a) | December 31(a) | |||||||||||||
(millions, except per unit amounts) | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenues(b) | $ | 59 | $ | 87 | $ | 89 | $ | 66 | ||||||||
Operating income(b) | $ | 30 | $ | 50 | $ | 52 | $ | 29 | ||||||||
Net income(b) | $ | 6 | $ | 22 | $ | 24 | $ | 1 | ||||||||
Net income attributable to NEP subsequent to initial public offering(b) | n/a | n/a | $ | 3 | $ | — | ||||||||||
Earnings per unit - basic and assuming dilution(b) | n/a | n/a | $ | 0.17 | $ | (0.01 | ) | |||||||||
Distributions per unit | n/a | n/a | $ | — | $ | 0.1875 | ||||||||||
High-low common unit sales prices | n/a | $33.90 - $31.32 | $37.99 - $31.90 | $38.81 - $28.95 | ||||||||||||
2013 | ||||||||||||||||
Operating revenues(b) | $ | 32 | $ | 34 | $ | 28 | $ | 48 | ||||||||
Operating income(b) | $ | 15 | $ | 19 | $ | 9 | $ | 23 | ||||||||
Net income(b) | $ | — | $ | 10 | $ | (2 | ) | $ | 7 | |||||||
______________________ | ||||||||||||||||
(a) | In the opinion of NEP, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. Variations in operations reported on a quarterly basis primarily reflect the seasonal nature of NEP's business. | |||||||||||||||
(b) | The sum of the quarterly amounts may not equal the total for the year due to rounding. |
Organization_and_Nature_of_Bus2
Organization and Nature of Business - Additional Disclosures (Details) (USD $) | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jul. 01, 2014 | Dec. 31, 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 (in dollars per share) | $25 | |
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | $438 | |
NextEra Energy Equity Partners, LP [Member] | NEP OpCo [Member] | ||
Schedule of Limited Partnership Activity [Line Items] | ||
Payments to acquire limited partner interests | 288 | |
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 | |
NEP OpCo [Member] | ||
Schedule of Limited Partnership Activity [Line Items] | ||
Noncontrolling interest, percent ownership | 20.10% | |
Noncontrolling interest, percent ownership by noncontrolling owners | 79.90% |
Organization_and_Nature_of_Bus3
Organization and Nature of Business - Renewable Energy Assets Acquired (Details) | Jul. 01, 2014 |
MW | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 989 |
Northern Colorado Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 174 |
Northern Colorado Project, Expiring in 2029 [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 22 |
Northern Colorado Project, Expiring in 2034 [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 152 |
Elk City Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 99 |
Perrin Ranch Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 99 |
Moore Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 20 |
Sombra Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 20 |
Conestogo Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 23 |
Tuscola Bay Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 120 |
Summerhaven Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 124 |
Genesis Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 250 |
Genesis Project, Operation Date November 2013 [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 125 |
Genesis Project, Operation Date March 2014 [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 125 |
Bluewater Project [Member] | |
Renewable Energy Assets Acquired [Line Items] | |
Renewable energy assets, power capacity (megawatts) | 60 |
Organization_and_Nature_of_Bus4
Organization and Nature of Business - Projected Acquisitions (Details) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2014 | Jan. 31, 2015 | Jul. 01, 2014 |
MW | MW | ||
Business Acquisition [Line Items] | |||
Renewable energy assets, power capacity (megawatts) | 989 | ||
Shafter Solar, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $64 | ||
Percent of membership interest acquired | 100.00% | ||
Shafter, California [Member] | Shafter Solar, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Renewable energy assets, power capacity (megawatts) | 20 | ||
Subsequent Event [Member] | Hansford and Ochiltree Countries, Texas [Member] | Palo Duro WInd Project Holdings, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Renewable energy assets, power capacity (megawatts) | 250 | ||
Consideration transferred | 228 | ||
Assumed liabilities in acquisition | $248 |
Summary_of_Significant_Account2
Summary of Significant Accounting and Reporting Policies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Nov. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Contingent rental revenues | $211,000,000 | $89,000,000 | $63,000,000 | |||||||||||
Revenue | 66,000,000 | 89,000,000 | 87,000,000 | 59,000,000 | 48,000,000 | 28,000,000 | 34,000,000 | 32,000,000 | 301,000,000 | 142,000,000 | 93,000,000 | |||
Revenue related to the amortization of intangible liabilities | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||
Revenue Related to the Sale of State Tax Credits | 2,000,000 | 2,000,000 | 3,000,000 | |||||||||||
Distributions to unitholders | 4,000,000 | 4,000,000 | ||||||||||||
Harmonized sales tax receivable | 0 | 5,000,000 | 0 | 0 | 5,000,000 | |||||||||
Harmonized sales tax payable | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||
CITC | 592,000,000 | 445,000,000 | 592,000,000 | 592,000,000 | 445,000,000 | |||||||||
CITC receivable | 0 | 180,000,000 | 0 | 0 | 180,000,000 | |||||||||
Property, plant and equipment—net | 2,169,000,000 | 1,756,000,000 | 2,169,000,000 | 2,169,000,000 | 1,756,000,000 | |||||||||
Restricted cash | 25,000,000 | 25,000,000 | 25,000,000 | |||||||||||
Restricted cash, CITC | 22,000,000 | 22,000,000 | 22,000,000 | |||||||||||
Spare parts inventories | 8,000,000 | 4,000,000 | 8,000,000 | 8,000,000 | 4,000,000 | |||||||||
Deferred financing costs | 10,000,000 | 6,000,000 | 10,000,000 | 10,000,000 | 6,000,000 | 37,000,000 | ||||||||
Deferred financing costs related to IPO | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Deferred financing costs, net | 40,000,000 | 36,000,000 | 40,000,000 | 40,000,000 | 36,000,000 | |||||||||
Amortization of deferred financing costs | 6,000,000 | 4,000,000 | 2,000,000 | |||||||||||
Accretion expense | 1,000,000 | 1,000,000 | 0 | |||||||||||
Asset retirement obligations | 2,000,000 | 11,000,000 | 2,000,000 | 2,000,000 | 11,000,000 | |||||||||
Foreign Countries [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Revenue | 88,000,000 | 51,000,000 | 26,000,000 | |||||||||||
Property, plant and equipment—net | 692,000,000 | 626,000,000 | 692,000,000 | 692,000,000 | 626,000,000 | |||||||||
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 | |||||||||||||
PG&E [Member] | Revenue [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Percentage of consolidated revenue, by customer | 42.00% | |||||||||||||
IESO [Member] | Revenue [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Percentage of consolidated revenue, by customer | 29.00% | |||||||||||||
NextEra Energy Partner GP [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Total equity interest | 10,000 | 10,000 | 10,000 | |||||||||||
Subsequent Event [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Distributions to unitholders | 4,000,000 | |||||||||||||
Power-generation assets [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Useful life of property, plant, and equipment | 30 years | |||||||||||||
Power-generation assets [Member] | Minimum [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Useful life of property, plant, and equipment | 5 years | 5 years | ||||||||||||
Power-generation assets [Member] | Maximum [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Useful life of property, plant, and equipment | 30 years | 30 years | ||||||||||||
Construction work in progress [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
Interest capitalized during period | 4,000,000 | 30,000,000 | 15,000,000 | |||||||||||
Genesis [Member] | Power-generation assets [Member] | ||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||
CITC receivable | 180,000,000 | 180,000,000 | ||||||||||||
CITC receivable collected | 177,000,000 | |||||||||||||
Addition to property, plant, and equipment | $3,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting and Reporting Policies - Noncontrolling Interest (Details) (NEP OpCo [Member]) | Dec. 31, 2014 |
NEP OpCo [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest, percent ownership | 20.10% |
Noncontrolling interest, percent ownership by noncontrolling owners | 79.90% |
Summary_of_Significant_Account4
Summary of Significant Accounting and Reporting Policies - Immaterial Restatement (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax expense, overstatement adjustment | ($16) | ($14) | $9 | ||
Other comprehensive loss, overstatement adjustment | -20 | -14 | -34 | -13 | -2 |
Deferred tax liabilities, overstatement adjustment | -56 | -56 | -9 | ||
Restatement Adjustment [Member] | |||||
Income tax expense, overstatement adjustment | 4 | ||||
Other comprehensive loss, overstatement adjustment | 1 | ||||
Deferred tax liabilities, overstatement adjustment | $5 |
Income_Taxes_Additional_Disclo
Income Taxes - Additional Disclosures (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $4 | ||
Unrecognized tax benefit that would impact effective tax rate | $4 | ||
Effective tax rate | 23.00% | 48.00% | -125.00% |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income, before Income Tax (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. | $46 | $5 | ($6) |
Foreign | 23 | 24 | 13 |
Income before income taxes | $69 | $29 | $7 |
Income_Taxes_Components_of_Inc1
Income Taxes - Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal: | |||
Current | $0 | $0 | $0 |
Deferred | 11 | 8 | -10 |
Total federal | 11 | 8 | -10 |
State: | |||
Current | 0 | 0 | 0 |
Deferred | 1 | 2 | -2 |
Total state | 1 | 2 | -2 |
Foreign: | |||
Current | 3 | 0 | 0 |
Deferred | 1 | 4 | 3 |
Total foreign | 4 | 4 | 3 |
Total income tax expense (benefit) | $16 | $14 | ($9) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Income Tax to Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Income tax expense at 35% statutory rate | $24 | $10 | $3 |
Increases (reductions) resulting from: | |||
Taxes attributable to noncontrolling interest | -9 | 0 | 0 |
State income taxes, net of federal tax benefit | 1 | 1 | -2 |
CITCs | -12 | -32 | -21 |
Valuation allowance | 11 | 39 | 12 |
Effect of flow through entity and foreign tax differential | 0 | -5 | -1 |
Other-net | 1 | 1 | 0 |
Total income tax expense (benefit) | $16 | $14 | ($9) |
Income_Taxes_Tax_Effects_Defer
Income Taxes - Tax Effects, Deferred Income Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities: | ||
Net unrealized gains | ($54) | ($186) |
Net unrealized gains | 0 | -6 |
Withholding taxes | -6 | 0 |
Total deferred tax liabilities | -60 | -192 |
Deferred tax asset: | ||
Net operating loss | 31 | 227 |
Investment in partnership | 93 | 0 |
Property | 0 | 35 |
Tax credit carryforwards | 1 | 19 |
Power purchase agreements | 2 | 2 |
Net unrealized gains | 2 | 0 |
Intangible | 0 | 2 |
Other | 0 | 0 |
Valuation allowance | 0 | -72 |
Total deferred tax asset | 129 | 213 |
Net deferred tax asset | $69 | $21 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities on Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Other current assets | $1 | $1 |
Deferred income taxes | 124 | 29 |
Other current liabilities | 0 | 0 |
Accumulated deferred income taxes | -56 | -9 |
Net deferred tax asset | $69 | $21 |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Loss Carryforwards (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $31 |
Tax credit carryforwards | 1 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 27 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 3 |
Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $1 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) (Recurring Basis [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Cash equivalents | $86 | $27 |
Restricted cash | 25 | 2 |
Interest rate swaps | 2 | 14 |
Total assets | 113 | 43 |
Liabilities: | ||
Interest rate swaps | 10 | 0 |
Total liabilities | 10 | 0 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 86 | 27 |
Restricted cash | 25 | 2 |
Interest rate swaps | 0 | 0 |
Total assets | 111 | 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 | 2 | 14 |
Total assets | 2 | 14 |
Liabilities: | ||
Interest rate swaps | 10 | 0 |
Total liabilities | $10 | $0 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liability | $4 | |
Level 2 [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 4 | 4 |
Long-term debt, including current maturities | 1,836 | 1,799 |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 4 | 4 |
Long-term debt, including current maturities | $1,902 | $1,815 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activity - Additional Disclosures (Details) (Interest Rate Swap [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $339 | $212 |
Net losses included in AOCI expected to be reclassified into interest expense within the next 12 months | $6 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | $5 | $18 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 3 | |
Fair value of derivative instruments, liabilities | 3 | 4 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, liabilities | $7 |
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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in other comprehensive income | ($26) | $14 | ($4) |
Losses reclassified from AOCI to net income | $4 | $4 | $0 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $2,333 | $1,847 | |
Accumulated depreciation | -164 | -91 | |
Property, plant and equipment—net | 2,169 | 1,756 | |
Depreciation expense | 76 | 39 | 24 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 30 years | ||
Power-generation assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,157 | 1,714 | |
Useful life of property, plant, and equipment | 30 years | ||
Percentage of assets | 99.00% | ||
Power-generation assets [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 5 years | 5 years | |
Power-generation assets [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 30 years | 30 years | |
Land improvements and buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 95 | 81 | |
Land improvements and buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 25 years | 25 years | |
Land improvements and buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 30 years | 30 years | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 6 | 6 | |
Other depreciable assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 75 | 46 | |
Other depreciable assets [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 3 years | 3 years | |
Other depreciable assets [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of property, plant, and equipment | 30 years | 30 years | |
Outside United States [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Long-Lived Assets, Net | $692 | $626 |
Debt_Details
Debt (Details) (NEP OpCo [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 01, 2014 | Feb. 20, 2015 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $250,000,000 | ||
Revolving Credit Facility, Letters of Credit, and Incremental Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | 1,000,000,000 | ||
Federal Funds Rate [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.50% | ||
LIBOR [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Canadian Dealer Offered Rate [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.00% | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 0.38% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 0.50% | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Amount drawn under the revolving credit facility | $58,000,000 |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
2015 | 78 | |
2016 | 83 | |
2017 | 84 | |
2018 | 74 | |
2019 | 77 | |
Thereafter | 1,440 | |
Less: Total current maturities of long-term debt | 78 | 370 |
Total long-term debt | 1,758 | 1,429 |
Canyon Wind [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 12 | |
2016 | 12 | |
2017 | 12 | |
2018 | 12 | |
2019 | 12 | |
Thereafter | 151 | |
Carrying value | 211 | 223 |
Mountain Prairie [Member] | Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 9 | |
2016 | 10 | |
2017 | 11 | |
2018 | 12 | |
2019 | 14 | |
Thereafter | 226 | |
Carrying value | 282 | 289 |
Interest rate percentage | 6.56% | 6.56% |
Genesis [Member] | Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 26 | |
2019 | 27 | |
Thereafter | 227 | |
Carrying value | 280 | 0 |
Interest rate percentage | 5.60% | 5.60% |
Genesis [Member] | Project Note [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 402 | |
Carrying value | 402 | 702 |
Interest rate percentage | 4.13% | 4.13% |
Genesis [Member] | Bank Loan [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 37 | |
2016 | 38 | |
2017 | 38 | |
2018 | 0 | |
2019 | 0 | |
Thereafter | 0 | |
Carrying value | 113 | 135 |
Saint Clair [Member] | Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 7 | |
2016 | 8 | |
2017 | 8 | |
2018 | 8 | |
2019 | 8 | |
Thereafter | 96 | |
Carrying value | 135 | 155 |
Interest rate percentage | 4.88% | 4.88% |
Trillium [Member] | Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 7 | |
2016 | 9 | |
2017 | 9 | |
2018 | 10 | |
2019 | 10 | |
Thereafter | 222 | |
Carrying value | 267 | 295 |
Interest rate percentage | 5.80% | 5.80% |
Bluewater [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
2015 | 6 | |
2016 | 6 | |
2017 | 6 | |
2018 | 6 | |
2019 | 6 | |
Thereafter | 116 | |
Carrying value | 146 | 0 |
Minimum [Member] | Canyon Wind [Member] | Term Loan [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | 2.25% |
Minimum [Member] | Genesis [Member] | Bank Loan [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.20% | 1.20% |
Minimum [Member] | Bluewater [Member] | Term Loan [Member] | CDOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.00% |
Maximum [Member] | Canyon Wind [Member] | Term Loan [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.25% | 3.25% |
Maximum [Member] | Genesis [Member] | Bank Loan [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.30% | 1.30% |
Maximum [Member] | Bluewater [Member] | Term Loan [Member] | CDOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.25% | 3.25% |
Intangible_Liabilities_Details
Intangible Liabilities (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Other Liabilities Disclosure [Abstract] | ||
Intangible liabilities | $7 | $8 |
Amortization of intangible liabilities | 1 | |
Future estimated amortization: | ||
Amortization, next year | 1 | |
Amortization. year two | 1 | |
Amortization, year three | 1 | |
Amortization, year four | 1 | |
Amortization, year five | $1 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning of period | ($15) | ($15) | ($2) | $0 | |
Other comprehensive loss before reclassification | -38 | -16 | -2 | ||
Amounts reclassified from AOCI to interest expense | 4 | 3 | |||
Net other comprehensive income (loss) | -20 | -14 | -34 | -13 | -2 |
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | ||||
Balance, end of period | -43 | -43 | -15 | -2 | |
AOCI attributable to noncontrolling interest | -40 | -40 | |||
AOCI attributable to NextEra Energy Partners | -3 | -3 | -15 | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning of period | 10 | 10 | -4 | 0 | |
Other comprehensive loss before reclassification | -24 | 11 | -4 | ||
Amounts reclassified from AOCI to interest expense | 4 | 3 | |||
Net other comprehensive income (loss) | -20 | 14 | |||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | ||||
Balance, end of period | -4 | -4 | 10 | -4 | |
AOCI attributable to noncontrolling interest | -4 | -4 | |||
AOCI attributable to NextEra Energy Partners | 0 | 0 | |||
Net Unrealized Gains (Losses) on Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning of period | -25 | -25 | 2 | 0 | |
Other comprehensive loss before reclassification | -14 | -27 | 2 | ||
Amounts reclassified from AOCI to interest expense | 0 | 0 | |||
Net other comprehensive income (loss) | -14 | -27 | |||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 0 | ||||
Balance, end of period | -39 | -39 | -25 | 2 | |
AOCI attributable to noncontrolling interest | -36 | -36 | |||
AOCI attributable to NextEra Energy Partners | ($3) | ($3) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||
Due from related parties | $212 | $0 | $212 | |
Subsidiaries of NEER [Member] | Operations, Maintenance,and Administrative Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 4 | 2 | 1 | |
Subsidiaries of NEER [Member] | Operations, Maintenance,and Administrative Services, as well as Payroll and Other Payments [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 7 | 15 | ||
NextEra Energy, Inc. [Member] | Management Services Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related party | 2 | |||
NEER [Member] | Cash Sweep and Credit Support Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest expense, less than $1 million | 1 | |||
Due from related parties | 211 | 12 | 211 | |
NEP OpCo [Member] | NextEra Energy, Inc. [Member] | Management Services Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual management fee | 4 | |||
Management fee, percent of EBITDA | 1.00% | |||
Annual management fee, quarterly installments | 1 | |||
Management fee, additional payment threshold, minimum EBITDA | 4 | |||
NEECH [Member] | Guarantees and letters of credit [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total letters of credit | $485 | $485 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Lease expense | $11 | $6 | $3 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 4 | ||
2016 | 4 | ||
2017 | 4 | ||
2018 | 4 | ||
2019 | 4 | ||
Thereafter | 107 | ||
Total minimum land use payments | 127 | ||
Genesis [Member] | Surety Bond [Member] | |||
Operating Leased Assets [Line Items] | |||
Surety bond | $23 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Letters of Credit (Details) (Genesis [Member], Standby Letters of Credit [Member], USD $) | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |
Credit facility, maximum borrowing capacity | $83,000,000 |
Credit facility, amount outstanding | 82,000,000 |
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 | 12,000,000 |
Operations & Maintenance Reserve [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, amount outstanding | 10,000,000 |
Debt service reserve [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, amount outstanding | $35,000,000 |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Revenue | $66 | $89 | $87 | $59 | $48 | $28 | $34 | $32 | $301 | $142 | $93 | ||
Operating Income | 29 | 52 | 50 | 30 | 23 | 9 | 19 | 15 | 162 | 66 | 49 | ||
Net Income | 1 | 24 | 22 | 6 | 7 | -2 | 10 | 0 | 25 | 28 | 53 | 15 | 16 |
Net income attributable to NEP subsequent to initial public offering | $0 | $3 | $3 | $28 | $53 | $15 | $16 | ||||||
Earnings per unit - basic and assuming dilution | ($0.01) | $0.17 | $0.16 | ||||||||||
Distributions per unit | $0.19 | $0 | |||||||||||
High [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Common unit sales price, per share | $38.81 | $37.99 | $33.90 | $38.81 | $33.90 | $38.81 | |||||||
Low [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Common unit sales price, per share | $28.95 | $31.90 | $31.32 | $28.95 | $31.32 | $28.95 |