Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NEXTERA ENERGY PARTNERS, LP | ||
Entity Central Index Key | 1,603,145 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 30,709,216 | ||
Entity Public Float | $ 833,621,520 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | [1] | Dec. 31, 2013 | ||||
Income Statement [Abstract] | |||||||
OPERATING REVENUES | $ 471 | $ 356 | $ 179 | [1] | |||
OPERATING EXPENSES | |||||||
Operations and maintenance | 83 | 67 | 42 | [1] | |||
Operations and maintenance - related party | 16 | 10 | 4 | [1] | |||
Depreciation and amortization | 141 | 97 | 55 | [1] | |||
Taxes other than income taxes and other | 16 | 5 | 6 | [1] | |||
Total operating expenses | 256 | 179 | 107 | [1] | |||
OPERATING INCOME | 215 | 177 | 72 | [1] | |||
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (117) | (100) | (49) | [1] | |||
Gain on settlement of contingent consideration of project acquisition | 0 | 0 | 5 | [1] | |||
Benefits associated with differential membership interests - net | 15 | 0 | [2] | 0 | [1],[2] | ||
Equity in earnings of equity method investees | (2) | (1) | 0 | [1] | |||
Other - net | (10) | 0 | 0 | [1] | |||
Total other deductions - net | (114) | (101) | (44) | [1] | |||
INCOME BEFORE INCOME TAXES | 101 | 76 | 28 | [1] | |||
INCOME TAX EXPENSE | 21 | 19 | 8 | [1] | |||
NET INCOME | 80 | [3],[4] | 57 | [2],[5] | 20 | [1],[2],[5] | |
Less net income prior to Initial Public Offering for NEP's initial portfolio | 0 | 28 | |||||
Less net income attributable to noncontrolling interest | [6] | 70 | 26 | ||||
NET INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP | $ 10 | $ 3 | $ 20 | [4] | |||
Weighted average number of common units outstanding - basic and assuming dilution | 22.8 | 18.7 | |||||
Earnings per common unit attributable to NextEra Energy Partners, LP - basic and assuming dilution | $ 0.46 | $ 0.16 | |||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[3] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. | ||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[5] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[6] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | [4] | Dec. 31, 2013 | [4] | |||
Statement of Comprehensive Income [Abstract] | |||||||
NET INCOME | $ 80 | [1],[2] | $ 57 | [3],[5] | $ 20 | [3],[5] | |
Net unrealized gains (losses) on cash flow hedges: | |||||||
Effective portion of net unrealized gains (losses) (net of income tax (expense)/benefit of $3, $2 and ($3), respectively) | (12) | (24) | 11 | ||||
Reclassification from accumulated other comprehensive loss to net income (net of income tax expense of $1, $1 and $1, respectively) | 5 | 5 | 4 | ||||
Net unrealized losses on foreign currency translation (net of income tax benefit of $2, $1 and $0, respectively) | (42) | (35) | (33) | ||||
Total other comprehensive loss, net of tax | (49) | [2] | (54) | (18) | [2] | ||
COMPREHENSIVE INCOME (LOSS) | 31 | 3 | $ 2 | ||||
Less comprehensive income prior to Initial Public Offering for NEP's initial portfolio | 0 | 14 | |||||
Less comprehensive income attributable to noncontrolling interest | [6] | 24 | (11) | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP | $ 7 | $ 0 | |||||
[1] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. | ||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[5] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[6] | Comprehensive income attributable to noncontrolling interest includes the pre-acquisition comprehensive income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | [1] | Dec. 31, 2013 | [1] | |
Statement of Comprehensive Income [Abstract] | |||||
Effective portion of net unrealized gains (losses), tax (expense) benefit | $ 3 | $ 2 | $ (3) | ||
Reclassification from accumulated other comprehensive loss to net income, tax expense | (1) | (1) | (1) | ||
Unrealized gains (losses) on foreign currency translation, tax benefit | $ 2 | $ 1 | $ 0 | ||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Current assets: | ||||
Cash and cash equivalents | $ 161 | $ 106 | [1],[2] | |
Accounts receivable | 72 | 41 | [1] | |
Due from related parties | 70 | 219 | [1] | |
Restricted cash ($13 and $55 related to VIEs, respectively) | 16 | 82 | [1] | |
Prepaid expenses | 6 | 4 | [1] | |
Other current assets | 17 | 34 | [1] | |
Total current assets | 342 | 486 | [1] | |
Non-current assets: | ||||
Property, plant and equipment - net ($701 and $722 related to VIEs, respectively) | 4,197 | 3,629 | [1] | |
Construction work in progress | 3 | 9 | [1] | |
Deferred income taxes | 161 | 145 | [1] | |
Investments in equity method investees - VIEs | [1] | 22 | 19 | |
Intangible assets - customer relationships | 696 | 0 | [1] | |
Goodwill | 622 | 0 | [1] | |
Other non-current assets | 49 | 49 | [1] | |
Total non-current assets | 5,750 | 3,851 | [1] | |
TOTAL ASSETS | 6,092 | 4,337 | [1] | |
Current liabilities: | ||||
Accounts payable and accrued expenses | 35 | 152 | [1] | |
Short-term debt | 12 | 0 | [1] | |
Due to related parties | 16 | 40 | [1] | |
Current maturities of long-term debt | 101 | 86 | [1] | |
Accrued interest | 28 | 23 | [1] | |
Derivatives | 22 | 6 | [1] | |
Other current liabilities | 27 | 15 | [1] | |
Total current liabilities | 241 | 322 | [1] | |
Non-current liabilities: | ||||
Long-term debt | 3,334 | 1,807 | [1] | |
Deferral related to differential membership interests - VIEs | 409 | 424 | [1] | |
Acquisition holdbacks | 375 | 0 | [1] | |
Deferred income taxes | 40 | 76 | [1] | |
Asset retirement obligation | 32 | 30 | [1] | |
Non-current due to related party | 18 | 19 | [1] | |
Other non-current liabilities | 81 | 26 | [1] | |
Total non-current liabilities | 4,289 | 2,382 | [1] | |
TOTAL LIABILITIES | $ 4,530 | $ 2,704 | [1] | |
COMMITMENTS AND CONTINGENCIES | [1] | |||
EQUITY | ||||
Limited partners (common units issued and outstanding - 30.6 and 18.7, respectively) | $ 935 | $ 551 | [1] | |
Accumulated other comprehensive loss | (6) | (3) | [1] | |
Noncontrolling interest | 633 | 1,085 | [1] | |
TOTAL EQUITY | 1,562 | 1,633 | [1] | |
TOTAL LIABILITIES AND EQUITY | $ 6,092 | $ 4,337 | [1] | |
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | [1] |
Common Units Outstanding | 30,600,000 | 18,700,000 | |
Common Units Issued | 30,600,000 | 18,700,000 | |
Restricted cash | $ 16 | $ 82 | |
Property, plant and equipment - net | 4,197 | 3,629 | |
Variable Interest Entity [Member] | |||
Restricted cash | 13 | 55 | |
Property, plant and equipment - net | $ 701 | $ 722 | |
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Capital Units [Member] | Limited Partner [Member] | Additional Paid-in-Capital and Retained Earnings [Member] | Accumulated Other Comprehensive Income Loss [Member] | Noncontrolling Interest [Member] | ||||||
Beginning balance at Dec. 31, 2012 | [1] | $ 996 | $ 1,000 | $ (4) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income | [1] | 20 | 20 | |||||||||
Members' contributions | [1] | 615 | 615 | |||||||||
Members' distributions | [1] | (518) | (518) | |||||||||
Other comprehensive loss | [1] | (18) | [2] | (18) | ||||||||
Ending balance at Dec. 31, 2013 | [1] | 1,095 | 1,117 | (22) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Limited partners/related party contribution and transition | [1] | 615 | 615 | |||||||||
NET INCOME | [2],[3],[4] | 20 | ||||||||||
Other comprehensive loss | [1] | (18) | [2] | (18) | ||||||||
Net income | [1] | 30 | 30 | |||||||||
Members' contributions | [1] | 605 | 605 | |||||||||
Members' distributions | [1] | (743) | (743) | |||||||||
Other comprehensive loss | [1] | (16) | (16) | |||||||||
Ending balance at Jun. 30, 2014 | [1] | 971 | 1,009 | (38) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Limited partners/related party contribution and transition | [1] | 605 | 605 | |||||||||
Other comprehensive loss | [1] | (16) | (16) | |||||||||
Beginning balance at Dec. 31, 2013 | [1] | 1,095 | 1,117 | (22) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net income | [3] | 3 | ||||||||||
Other comprehensive loss | [2] | (54) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
NET INCOME | [2],[3],[4] | 57 | ||||||||||
Other comprehensive loss | [2] | (54) | ||||||||||
Distributions to unitholders | $ (4) | |||||||||||
Ending balance, units outstanding at Dec. 31, 2014 | 18,700,000 | [5] | 18,700,000 | |||||||||
Beginning balance at Jun. 30, 2014 | [1] | $ 971 | 1,009 | (38) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Members' contributions | 145 | [1] | $ 113 | [6],[7] | (24) | [1],[8] | 6 | [1],[9] | $ 50 | [1],[7],[10] | ||
Other comprehensive loss | [1] | (38) | (3) | (35) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Transfer of equity prior to date of the initial public offering to noncontrolling interest | [1] | (480) | 23 | 457 | ||||||||
Transfer of equity of projects acquired subsequent to the initial public offering | [1] | (505) | 9 | 496 | ||||||||
Limited partners/related party contribution and transition | 145 | [1] | 113 | [6],[7] | $ (24) | [1],[8] | 6 | [1],[9] | 50 | [1],[7],[10] | ||
Initial public offering, unit issuance | 438 | [1] | 438 | |||||||||
Initial public offering, unit issuance, in units | 18,700,000 | |||||||||||
Acquisition of membership interests in subsidiaries | [1] | (288) | (288) | |||||||||
NET INCOME | [11] | 27 | [1] | 3 | 24 | [1] | ||||||
Other comprehensive loss | [1] | (38) | (3) | (35) | ||||||||
Related party contributions | 839 | [1] | 1 | 838 | [1] | |||||||
Related party distributions | [1] | (457) | (457) | |||||||||
Distributions to unitholders | $ (4) | [1] | (4) | |||||||||
Ending balance, units outstanding at Dec. 31, 2014 | 18,700,000 | [5] | 18,700,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Ending Balance | $ 1,633 | [1] | 551 | (3) | [1] | 1,085 | [1] | |||||
Net income | 10 | |||||||||||
Members' contributions | 54 | [1] | 51 | [6] | 3 | [1],[10] | ||||||
Other comprehensive loss | [1] | (49) | (3) | (46) | ||||||||
Limited partners/related party contribution and transition | 54 | [1] | 51 | [6] | 3 | [1],[10] | ||||||
Issuance of common units, in units | 11,900,000 | |||||||||||
Issuance of common units | 343 | [1] | 343 | |||||||||
Acquisition of membership interests in subsidiaries | [1] | (949) | (949) | |||||||||
Acquisition of noncontrolling interest | [1] | 69 | 69 | |||||||||
Related party note receivable | [1] | (28) | (28) | |||||||||
NET INCOME | [11] | 80 | [1] | 10 | 70 | [1] | ||||||
Other comprehensive loss | [1] | (49) | (3) | (46) | ||||||||
Proceeds from issuance of NEP OpCo common units to noncontrolling interest | [1] | 702 | 702 | |||||||||
Related party contributions | [1] | 213 | 213 | |||||||||
Related party distributions | [1] | (486) | (486) | |||||||||
Distributions to unitholders | $ (20) | [1] | (20) | |||||||||
Ending balance, units outstanding at Dec. 31, 2015 | 30,600,000 | 30,600,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Ending Balance | $ 1,562 | [1] | $ 935 | $ (6) | [1] | $ 633 | [1] | |||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||
[5] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||
[6] | Deferred tax asset recognized by NEP related to NEP equity issuances and acquisition of subsidiary membership interests. | |||||||||||
[7] | Includes carryover basis corrections to property, plant and equipment-net of approximately $51 million related to capitalized interest and other carryover basis adjustments to assets acquired under common control and a related decrease in deferred income taxes of approximately $3 million. | |||||||||||
[8] | Non-cash member contribution upon transition from predecessor accounting method net of non-cash reclassifications of distributions to due from or due to related parties. | |||||||||||
[9] | Balance sheet adjustment related to transitioning from separate return method of accounting for income taxes. | |||||||||||
[10] | Related party non-cash contributions, net, upon transition from predecessor accounting method. | |||||||||||
[11] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Millions | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | |||
Property, plant and equipment - net | $ 3,629 | [1] | $ 4,197 | |
Limited Partner [Member] | ||||
Decrease in deferred income taxes | [2],[3] | $ 3 | ||
Carryover Basis Corrections Related to Capitalized Interest and Other Carryover Basis Adjustments [Member] | Restatement Adjustment [Member] | Limited Partner [Member] | ||||
Property, plant and equipment - net | $ 51 | |||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||
[2] | Deferred tax asset recognized by NEP related to NEP equity issuances and acquisition of subsidiary membership interests. | |||
[3] | Includes carryover basis corrections to property, plant and equipment-net of approximately $51 million related to capitalized interest and other carryover basis adjustments to assets acquired under common control and a related decrease in deferred income taxes of approximately $3 million. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ 80 | [1],[2] | $ 57 | [3],[4],[5] | $ 20 | [3],[4],[5] | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 141 | 97 | [5] | 54 | [5] | ||
Amortization of deferred financing costs | 7 | 6 | [5] | 4 | [5] | ||
Accretion of acquisition holdbacks | 3 | 0 | [5] | 0 | [5] | ||
Unrealized gains on marked to market derivative contracts | (10) | 0 | [5] | 0 | [5] | ||
Deferred income taxes | 15 | 12 | [5] | 7 | [5] | ||
Benefits associated with differential membership interests - net | (15) | 0 | [3],[5] | 0 | [3],[5] | ||
Other - net | 2 | 3 | [5] | (3) | [5] | ||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 2 | (19) | [5] | 7 | [5] | ||
Prepaid expenses and other current assets | 13 | (29) | [5] | (2) | [5] | ||
Other non-current assets | 0 | (2) | [5] | 0 | [5] | ||
Accounts payable and accrued expenses | (6) | 34 | [5] | 21 | [5] | ||
Due to related parties | 1 | 5 | [5] | 0 | [5] | ||
Other current liabilities | 5 | 15 | [5] | (9) | [5] | ||
Other non-current liabilities | 2 | 5 | [5] | 3 | [5] | ||
Net cash provided by operating activities | 240 | 184 | [5] | 102 | [5] | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | (125) | (485) | [5] | (647) | [5] | ||
Proceeds from CITCs | 0 | 327 | [5] | 0 | [5] | ||
Changes in restricted cash | 66 | (83) | [5] | 249 | [5] | ||
Payments from (to) related parties under CSCS agreement - net | 152 | (174) | [5] | 0 | [5] | ||
Acquisition of membership interests in subsidiaries | (1,882) | (288) | [5] | 0 | [5] | ||
Insurance proceeds | 0 | 1 | [5] | 5 | [5] | ||
Net cash used in investing activities | (1,789) | (702) | [5] | (393) | [5] | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Partners/Members' contributions | 106 | 796 | [5] | 342 | [5] | ||
Partners/Members' distributions | (491) | (705) | [5] | (144) | [5] | ||
Proceeds from differential membership investors | 5 | 428 | [5] | 0 | [5] | ||
Payments to differential membership investors | (5) | 0 | [5] | 0 | [5] | ||
Proceeds from short-term debt | 325 | 0 | [5] | 0 | [5] | ||
Repayments of short-term debt | (313) | 0 | [5] | 0 | [5] | ||
Change in amounts due to related party | (20) | 0 | [5] | 0 | [5] | ||
Proceeds from issuance of NEP OpCo common units to noncontrolling interest | 702 | 0 | [5] | 0 | [5] | ||
Issuances of long-term debt | 1,369 | 15 | [5] | 135 | [5] | ||
Deferred financing costs | (15) | (1) | [5] | (1) | [5] | ||
Retirements of long-term debt | (395) | (377) | [5] | (29) | [5] | ||
Proceeds from issuance of common units - net | 343 | 438 | [5] | 0 | [5] | ||
Payment of contingent consideration for project acquisition | 0 | 0 | [5] | (4) | [5] | ||
Net cash provided by financing activities | 1,611 | 594 | [5] | 299 | [5] | ||
Effect of exchange rate changes on cash | (7) | (2) | [5] | (1) | [5] | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 55 | 74 | [5] | 7 | [5] | ||
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | [5] | 106 | [6] | 32 | 25 | ||
CASH AND CASH EQUIVALENTS - END OF YEAR | 161 | 106 | [5],[6] | 32 | [5] | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | 110 | 73 | [5] | 46 | [5] | ||
Members’ noncash contributions for construction costs and other expenditures | 101 | 708 | [5] | 269 | [5] | ||
Change in noncash contributions of investments in equity method investees - net | 5 | 12 | [5] | 5 | [5] | ||
Members’ net distributions for CITC payments | 0 | 147 | [5] | 65 | [5] | ||
Partners/Members' noncash distributions | 42 | 494 | [5] | 309 | [5] | ||
Assumption of debt and acquisition holdbacks in connection with acquisition of Texas pipelines (see Note 3) | 1,078 | 0 | [5] | 0 | [5] | ||
Change in accrued convertible investment tax credits that resulted in a reduction to property, plant and equipment - net | 13 | 0 | [5] | 0 | [5] | ||
New asset retirement obligation additions | 0 | 9 | [5] | 5 | [5] | ||
Net change in accrued but not paid for capital and other expenditures | 6 | 121 | [5] | 78 | [5] | ||
Noncash reclassification of distributions to due from related parties | 0 | 44 | [5] | 0 | [5] | ||
Noncash member contribution upon transition from predecessor method | $ 3 | $ 62 | [5] | $ 0 | [5] | ||
[1] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. | ||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[5] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||
[6] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2015 | |
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 contracted clean energy projects 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 a general partner 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. At December 31, 2015 , NEP owned an approximately 23.2% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 76.8% limited partner interest in NEP OpCo. In connection with the IPO, NEP acquired a portfolio of clean, contracted renewable energy assets (initial portfolio) which included approximately 989 megawatts (MW) of wind and solar energy generating facilities located in the United States (U.S.) and Canada. During 2015, NEP expanded its portfolio through the acquisition of additional wind and solar generating facilities from NextEra Energy Resources, LLC (NEER) as well as the acquisition of seven natural gas pipeline assets (Texas pipelines) from a third party. See Note 3. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 U.S., 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. The acquisitions from NEER described in Note 3 (the 2015 common control acquisitions) were a transfer of assets between entities under common control, which require them to be accounted for as if the transfers occurred since the inception of common control, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying consolidated financial statements have been retrospectively adjusted to include the historical results of the 2015 common control acquisitions prior to their respective acquisition dates. Adjustments related to the historical results of the 2015 common control acquisitions are attributable to noncontrolling interest for all periods prior to the date the project was acquired by NEP. All intercompany transactions have been eliminated in consolidation. Amounts included in the consolidated financial statements and the accompanying Notes have been adjusted to reflect the retrospective application of Financial Accounting Standards Board (FASB) accounting standard updates related to the presentation of debt issuance costs and deferred taxes in the financial statements. See Debt Issuance Costs and Income Taxes below. Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. 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) and natural gas transportation agreements. 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 $382 million , $257 million and $126 million in 2015 , 2014 and 2013 , 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, or natural gas transportation services are performed. In 2015 , 2014 and 2013 approximately $154 million , $95 million and $51 million respectively, of NEP's consolidated revenues were attributable to foreign countries, primarily related to its Canadian operations. In May 2014, the FASB 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. In July 2015, the FASB approved the deferral of the effective date of the standard. The standard will be effective for NEP beginning January 1, 2018 and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. NEP is currently evaluating the effect the adoption of this standard will have, if any, on its consolidated 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 9 - Debt) 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 prior to the date a project is acquired by NEP (NEP acquisition date), income taxes are calculated using the separate return method for each of the renewable energy 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 after the NEP acquisition date, 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 applicable ownership share of U.S. income taxes. The U.S. income taxes on the remaining ownership share 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. In November 2015, the FASB issued an accounting standard update which simplifies the classification of deferred taxes by eliminating the requirement to separate deferred tax assets and liabilities between current and non-current amounts, and instead requires deferred taxes to be presented as non-current on the balance sheet. NEP early adopted this standard update effective for the year ended December 31, 2015, and applied it retrospectively. The impact of NEP retrospectively adopting the standard update resulted in a reclassification of less than $1 million for the year ended December 31, 2014. 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. At December 31, 2015 and 2014 , the HST receivable was less than $1 million and approximately $26 million , respectively, and is included in other current assets on the accompanying consolidated balance sheets. At both December 31, 2015 and 2014 , the HST payable was approximately $3 million 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 loss (AOCI). Noncontrolling Interest - After the completion of NEP's IPO and as of December 31, 2014, NEP owned a controlling, non-economic general partner interest and an approximately 20.1% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 79.9% limited partner interest in NEP OpCo. Distributions to the noncontrolling interest are reflected as Partners/Members' distributions in the consolidated statements of cash flows. NEP's limited partner interest in NEP OpCo increased to approximately 23.2% as of December 31, 2015 . See Note 9. In addition, as part of the acquisition of the Texas pipelines, a subsidiary of NEP acquired a 90% controlling interest in one of the pipelines and a non-affiliated party owns the remaining 10% interest. See Note 3. 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 and retained earnings and accumulated other comprehensive loss on the consolidated statements of changes in equity. NextEra Energy Partner GP, Inc. has a total equity interest in NEP of $10,000 at December 31, 2015 and 2014 . Limited partners' equity at December 31, 2015 and 2014 reflects the investment of NEP unitholders, changes to 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, 2015 and 2014 reflects comprehensive income attributable to NEP. Noncontrolling interest at December 31, 2015 and 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 noncontrolling interest. 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 - 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, transmission lines and pipeline facilities. Property, plant and equipment, excluding land and perpetual rights-of-way, is recorded at cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to 50 years , commencing on the date the assets are placed in service or acquired. See Note 7. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expense, as incurred. Convertible Investment Tax Credits (CITCs) of approximately $699 million and $678 million as of December 31, 2015 and 2014 , 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. At December 31, 2013, NEP had recorded a CITC receivable of approximately $180 million associated with one of its solar projects. Of this receivable, $177 million was collected in 2014 with the remaining $3 million recorded as an adjustment 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, 2015 , 2014 and 2013 was less than $1 million , approximately $4 million and $30 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 located in Canada amounted to approximately $879 million and $1,075 million as of December 31, 2015 and 2014 , respectively. 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 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, 2015 and 2014 . Restricted Cash - At December 31, 2015 and 2014 , approximately $13 million and $55 million , respectively, of current restricted cash on NEP's consolidated balance sheets represents cash to fund certain construction costs. In addition, at December 31, 2014, approximately $22 million of current restricted cash, also included in due to related parties on NEP's consolidated balance sheets, represents CITC proceeds due to NextEra Energy Capital Holdings, Inc. (NEECH). The remaining current restricted cash and approximately $3 million of other non-current assets on NEP's consolidated balance sheets at both December 31, 2015 and 2014 are held by certain subsidiaries to pay for certain capital or operating expenditures, as well as to fund required equity contributions pursuant to restrictions contained in the subsidiaries' debt agreements. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds. 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 or natural gas transportation agreements. 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, 2015 , because of the creditworthiness of the counterparties. All amounts due from such counterparties at December 31, 2015 and 2014 have been collected. During 2015 , NEP derived approximately 28% and 23% of its consolidated revenue from its contracts with Pacific Gas & Electric Co. and the Independent Electricity System Operator, 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 $13 million and $10 million as of December 31, 2015 and 2014 , 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 and Finite-Lived Intangible Assets - Long-lived assets that are held and used and finite-lived intangible assets 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. At December 31, 2015 and 2014 , no impairment adjustments were necessary. Business Combinations - For projects acquired in a business combination, NEP allocates the cost of the acquisition to assets acquired and liabilities assumed based on fair values as of the acquisition date. Goodwill acquired in connection with business combinations represents the excess of consideration over the fair value of net assets acquired. Certain assumptions and estimates are employed in determining the fair value of assets acquired and evaluating the fair value of liabilities assumed. See Note 3. Goodwill and Indefinite-Lived Intangible Assets - During 2015 , NEP recorded goodwill of approximately $622 million related to the acquisition of NET Holdings Management, LLC discussed in Note 3. Goodwill and indefinite-lived intangible assets are assessed for impairment at least annually by applying a fair value-based analysis. NEP will complete the annual impairment test for goodwill and indefinite-lived intangibles using an assessment date of October 1. As the acquisition closed on October 1, 2015 and there were no indicators of impairment, impairment tests for goodwill and indefinite-lived intangibles were not performed in 2015. Intangible Asset - Customer Relationships - At December 31, 2015 , NEP's consolidated balance sheets reflect intangible asset - customer relationships of approximately $696 million related to the acquisition of NET Holdings Management, LLC discussed in Note 3. Intangible asset - customer relationships are amortized on a straight-line basis over the estimated useful life of approximately 40 years . For the year ended December 31, 2015 , amortization expense was approximately $4 million and is expected to be approximately $18 million in each of the next five years. 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 designated as cash flow hedges, 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 6. 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 5. 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 5. Debt Issuance Costs - Debt issuance 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. Effective December 31, 2015, NEP retrospectively adopted an accounting standard update which changed the presentation of debt issuance costs in the consolidated financial statements. This update requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs was not affected by this standard. Upon adoption, NEP reclassified debt issuance costs, net of accumulated amortization, of approximately $40 million as of December 31, 2014 from non-current other assets to long-term debt. NEP added approximately $16 million and $10 million of debt issuance costs during the years ended December 31, 2015 and 2014 , respectively. The amortization of debt issuance costs totaled approximately $7 million , $6 million and $4 million for the years ended December 31, 2015 , 2014 and 2013 , 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 $2 million , $1 million and $1 million in 2015 , 2014 and 2013 , respectively. Additionally, new AROs were established amounting to approximately $9 million in 2014 . Investments in Equity Method Investees - NEP accounts for the investments in its unconsolidated entities under the equity method. NEP’s share of earnings (loss) in the unconsolidated entities is included in equity in earnings of equity method investees in the consolidated statements of income. NEP records losses of the unconsolidated entities only to the extent of its investment. All equity in earnings of the equity method investees is allocated to net income attributable to noncontrolling interest. See Note 3 and Note 8. Sale of Differential Membership Interests - In December 2014, subsidiaries of NEER sold their Class B membership interests in two wind projects to third-party tax equity investors for a total of approximately $428 million. The holders of the Class B membership interests will receive a portion of the economic attributes of the facilities, including income tax attributes, for ten years . The tax equity investors will also make ongoing deferred contingent capital contributions based on the production and sale of electricity that generates production tax credits under Section 45 of the Internal Revenue Code of 1986, as amended. The transactions are not treated as a sale, but as a financing, under the accounting rules and the proceeds received are deferred and recorded as a liability in deferral related to differential membership interests - VIEs on NEP's consolidated balance sheets. Effective December 31, 2015, NEP retrospectively adopted an accounting standard update which requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Upon adoption, NEP reclassified deferred financing costs, net of accumulated amortization, of approximately $4 million as of December 31, 2014 from non-current other assets to deferral related to differential membership interests - VIEs. As of December 31, 2015, this liability includes approximately $3 million of deferred financing costs, net of accumulated amortization. The deferred amount is being recognized in benefits associated with differential membership interests - net in NEP's consolidated statements of income as the Class B members receive their portion of the economic attributes. NEP operates and manages the two wind projects, and consolidates the entities that directly and indirectly own the two wind projects. Variable Interest Entities (VIEs) - An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. NEP evaluates whether an entity is a VIE whenever reconsideration events as defined by the accounting guidance occur. See Note 8. Amendments to the Consolidation Analysis - In February 2015, the FASB issued a new accounting standard that will modify current consolidation guidance. The standard makes changes to both the variable interest entity model and the voting interest entity model, including modifying the evaluation of whether limited partnerships or similar legal entities are VIEs or voting interest entities and amending the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs. The standard is effective for NEP beginning January 1, 2016. NEP continues to evaluate the effect the adoption of this standard will have, if any, on its consolidated financial statements. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS In January 2015, a subsidiary of NEP completed the acquisition from NEER of Palo Duro Wind Project Holdings, LLC, which indirectly owns an approximately 250 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. Palo Duro commenced commercial operations in December 2014. In February 2015, a subsidiary of NEP completed the acquisition from NEER of the development rights and facilities under construction of Shafter Holdings, LLC, which indirectly owns a 20 MW solar generating facility, Shafter, located in Shafter, California, for approximately $64 million . Shafter commenced commercial operations in May 2015. In April 2015, a subsidiary of NEP made an equity method investment in three NEER solar projects under construction in California. Once completed, the solar projects are expected to have a total generating capacity of 277 MW, of which approximately 153 MW have been placed in service as of December 31, 2015. Through a series of transactions, a subsidiary of NEP issued 1,000,000 NEP OpCo Class B Units, Series 1 and 1,000,000 NEP OpCo Class B Units, Series 2, to NEER for approximately 50% of the ownership interests in the three solar projects. NEER, as holder of the Class B Units, will retain 100% of the economic rights in the projects to which the respective Class B Units relate, including the right to all distributions paid by the project subsidiaries that own the projects to NEP OpCo. NEER has agreed to indemnify NEP against all risks relating to NEP’s ownership of the projects and construction of the projects until NEER offers to sell economic interests to NEP and NEP accepts such offer, if NEP chooses to do so. NEER has also agreed to continue to manage the construction and operation of the projects at its own cost, and to contribute to the projects any capital necessary for the construction and operation of the projects, until NEER offers to sell economic interests to NEP and NEP accepts such offer. In May 2015, a subsidiary of NEP completed the acquisition from NEER of (1) Ashtabula Wind III, LLC, a project company that owns an approximately 62 MW wind generating facility located in North Dakota; (2) Baldwin Wind Holdings, LLC, which indirectly owns an approximately 102 MW wind generating facility located in North Dakota; (3) Mammoth Plains Wind Project Holdings, LLC, which indirectly owns an approximately 199 MW wind generating facility located in Oklahoma; and (4) FPL Energy Stateline Holdings, L.L.C., which indirectly owns a 300 MW wind generating facility located in Oregon and Washington, collectively the May 2015 project acquisitions, for total consideration of approximately $427 million in cash consideration and the assumption of approximately $269 million in existing debt and deferrals related to differential membership interests. In October 2015, a subsidiary of NEP completed the acquisition from NEER of Jericho Wind BC Holdings, ULC, which indirectly owns a 149 MW wind generating facility, Jericho, located in Ontario, Canada, for approximately $229 million , plus the assumption of approximately CAD $392 million in existing debt. As part of this acquisition and included in the cash consideration, a subsidiary of NEP acquired an approximately CAD $43 million receivable from a subsidiary of NEER (related party note receivable) relating to operational performance issues at this facility. The related party note receivable is intended to compensate NEP for the operational performance issues and is supported in full by corrective actions or compensation expected from an equipment vendor under an undertaking the vendor has with NEER. The related party note receivable can be settled, in part or in whole, to the extent the operational performance issues are improved or resolved by the vendor by the end of 2016. This receivable bears interest at 7.1% per annum and matures in September 2035. In December 2015, the related receivable agreement was amended such that the principal payments are now payable annually in December, accompanied by the next twelve months' interest. Under the amended agreement, NEP received a payment of approximately CAD $5 million in December 2015, of which approximately CAD $3 million represented amounts that would have been payable in 2016. The related party note receivable, interest and related payments are reflected in noncontrolling interest on the consolidated financial statements. The acquisitions from NEER discussed above are collectively referred to as the 2015 common control acquisitions. The 2015 common control acquisitions were transfers of assets between entities under common control, which require them to be accounted for as if the transfers occurred since the inception of common control, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying consolidated financial statements have been retrospectively adjusted to include the historical results and financial position of the 2015 common control acquisitions prior to their respective acquisition dates. As part of its growth strategy, on October 1, 2015, a subsidiary of NEP acquired 100% of the membership interests in NET Holdings Management, LLC (Texas pipeline business), a developer, owner and operator of a portfolio of seven long-term contracted natural gas pipeline assets located in Texas. One of the acquired pipelines is subject to a 10% noncontrolling interest. The aggregate purchase price of approximately $2 billion included approximately $934 million in cash consideration and the assumption of approximately $706 million in existing debt of the Texas pipeline business and its subsidiaries at closing and excluded post-closing working capital adjustments of approximately $2 million . The purchase price is subject to (i) a $200 million holdback payable, in whole or in part, upon satisfaction of financial performance and capital expenditure thresholds relating to planned expansion projects (contingent holdback) and (ii) a $200 million holdback retained to satisfy any indemnification obligations of the sellers through April 2017. The $200 million indemnity holdback may be reduced by up to $10 million depending on certain post-closing employee retention thresholds. If successful, NEP may spend up to an additional $100 million of capital expenditures for the planned expansion projects, bringing the total transaction size of the acquisition to approximately $2.1 billion . NEP incurred approximately $13 million in acquisition-related costs during the year ended December 31, 2015 which are reflected in other - net in the consolidated statements of income. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on October 1, 2015 based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interest, were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future market prices. The excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed was recognized as goodwill at the acquisition date. The goodwill arising from the acquisition consists largely of growth opportunities from the Texas pipeline business. Upon full settlement of the contingent holdback, all of the goodwill is expected to be deductible for income tax purposes over a 15 year period. The contingent holdback discussed above will be payable if the Texas pipelines enter into one or more written contracts by December 31, 2016 related to the financial performance and capital expenditure thresholds discussed above. A liability of approximately $186 million was recognized as of the acquisition date for each of the contingent holdback and the indemnity holdback, reflecting the fair value of the expected future payments and is reflected as acquisition holdbacks on the consolidated balance sheets. Upon closing of the acquisition, a subsidiary of NEP assigned gas commodity agreements acquired in the transaction to a subsidiary of NEER. See Note 12 - Transportation and Fuel Management Agreements. The assignment is reflected as a related party distribution on the consolidated statements of changes in equity. The valuation of the acquired net assets is subject to change as NEP obtains additional information for its estimates during the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to identifiable intangible assets and residual goodwill. The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed for the acquisition of the Texas pipeline business: Amounts Recognized (millions) Assets Cash $ 1 Accounts receivable and prepaid expenses 21 Property, plant and equipment 806 Intangible assets - customer relationships 700 Gas commodity contracts 20 Goodwill 622 Total assets $ 2,170 Liabilities Accounts payable, accrued expenses and other current liabilities $ 46 Long-term debt, including current portion 706 Acquisition holdbacks 372 Derivatives 43 Total liabilities 1,167 Less: Noncontrolling interest at fair value 69 Total cash consideration $ 934 The amounts of the Texas pipelines' revenues, operating income, net income and net income attributable to NEP included in NEP’s consolidated statements of income for the period from October 1, 2015 through December 31, 2015 are as follows: (millions) Revenues $ 37 Operating income $ 22 Net income $ 18 Net income attributable to NEP $ 4 Supplemental Unaudited Pro forma Results of Operations NEP’s pro forma results of operations in the combined entity had the acquisition of the Texas pipeline business been completed on January 1, 2014 are as follows: Years Ended December 31, 2015 2014 (millions) Unaudited pro forma results of operations: Pro forma revenues $ 548 $ 403 Pro forma operating income $ 252 $ 174 Pro forma net income (loss) $ 72 $ (13 ) Pro forma net income (loss) attributable to NEP $ 9 $ (6 ) The unaudited pro forma consolidated results of operations include adjustments to: • reflect the historical results of the Texas pipeline business beginning on January 1, 2014, excluding certain operations which were not acquired by NEP; • reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment - net and the intangible assets - customer relationships; • reflect additional interest expense related to financing transactions to fund the acquisition; and • reflect related income tax effects. The unaudited pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been made at the beginning of the periods presented or the future results of the consolidated operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income before income taxes are as follows: Years Ended December 31, 2015 2014 2013 (millions) U.S. $ 53 $ 48 $ 4 Foreign 48 28 24 Income before income taxes $ 101 $ 76 $ 28 The components of income tax expense are as follows: Years Ended December 31, 2015 2014 2013 (millions) Federal: Current $ 1 $ 4 $ 1 Deferred 3 9 2 Total federal 4 13 3 State: Current — — — Deferred 8 1 1 Total state 8 1 1 Foreign: Current 5 3 — Deferred 4 2 4 Total foreign 9 5 4 Total income tax expense $ 21 $ 19 $ 8 A reconciliation of U.S. federal income tax at the statutory rate to the actual income taxes is as follows: Years Ended December 31, 2015 2014 2013 (millions) Income tax expense at 35% statutory rate $ 35 $ 27 $ 10 Increases (reductions) resulting from: Taxes attributable to U.S. noncontrolling interest (13 ) (6 ) — State income taxes, net of federal tax benefit 4 1 — CITCs (a) (1 ) (12 ) (32 ) PTCs — (3 ) — Valuation allowance (a) — 13 34 Effect of flow through entities and foreign tax differential (4 ) (4 ) (5 ) U.S. taxes on foreign earnings 2 1 — Withholding taxes, net of federal tax benefit (3 ) 1 — Change in tax status — 2 — Other-net 1 (1 ) 1 Income tax expense $ 21 $ 19 $ 8 ____________________ (a) The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to a solar project. The effective tax rate was approximately 21% , 25% and 29% for the years ended December 31, 2015 , 2014 and 2013 , 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. NEP believes 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, 2015 2014 (millions) Deferred tax liabilities: Property $ (44 ) $ (165 ) Withholding taxes (4 ) (6 ) Other (2 ) — Total deferred tax liabilities (50 ) (171 ) Deferred tax asset: Net operating loss 78 107 Investment in partnership 83 90 Tax credit carryforwards 2 75 Power purchase agreements 2 2 Net unrealized gains 5 4 Other 1 5 Valuation allowance — (43 ) Total deferred tax asset 171 240 Net deferred tax asset $ 121 $ 69 Deferred tax assets and liabilities included on the consolidated balance sheets are as follows: December 31, 2015 2014 (millions) Deferred income taxes - assets $ 161 $ 145 Deferred income taxes - liabilities (40 ) (76 ) Net deferred income taxes $ 121 $ 69 The components of deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2015 are as follows: Amount Expiration Dates (millions) Net operating loss carryforwards: Federal $ 70 2034 - 2035 State 8 2024 - 2035 Total net operating loss carryforwards $ 78 Tax credit carryforwards $ 2 2034 - 2035 During 2014, NEP recorded a liability related to an unrecognized tax benefit of prior year tax positions of approximately $4 million . Due to foreign currency translation, such liability was approximately $3 million at December 31, 2015. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is approximately $3 million . The open tax years in all jurisdictions are 2011, 2012, 2013 and 2014. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 Equivalents - The fair value of money market funds that are included in cash and cash equivalents, restricted cash and other non-current assets on the consolidated balance sheets is estimated using a market approach based on current observable market prices. Interest Rate and Foreign Currency Swaps - NEP estimates the fair value of its derivatives using an income approach, or a discounted cash flows valuation technique, based on the net amount of estimated future cash inflows and outflows related to the agreements. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates, foreign currency exchange 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: December 31, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total (millions) Assets: Cash equivalents $ 63 $ — $ 63 $ 74 $ — $ 74 Restricted cash equivalents 5 — 5 30 — 30 Foreign currency swaps — 2 2 — — — Interest rate swaps — 2 2 — 2 2 Total assets $ 68 $ 4 $ 72 $ 104 $ 2 $ 106 Liabilities: Interest rate swaps $ — $ 68 $ 68 $ — $ 11 $ 11 Total liabilities $ — $ 68 $ 68 $ — $ 11 $ 11 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: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (millions) Notes receivable (a) $ — $ — $ 20 $ 20 Long-term debt, including current maturities (b) $ 3,435 $ 3,532 $ 1,893 $ 1,968 ____________________ (a) 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 non-current assets on the consolidated balance sheets. (b) Fair value is estimated based on the borrowing rates as of each date for similar issuances of debt with similar remaining maturities (Level 2). Contingent Consideration - NEP recorded a liability related to a contingent holdback as part of the Texas pipelines acquisition. See Note 3. Contingent consideration is required to be reported at fair value at each reporting date. NEP determined this fair value measurement based on management's probability assessment. The significant inputs and assumptions used in the fair value measurement included the estimated probability of executing contracts related to financial performance and capital expenditure thresholds as well as the appropriate discount rate. Subsequent to the acquisition, the fair value of the contingent consideration increased by less than $1 million related to the accretion of the discount. NEP accrued contingent consideration related to a 2012 acquisition. 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 Hedg
Derivative Instruments and Hedging Activity | 12 Months Ended |
Dec. 31, 2015 | |
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 certain of its debt financings, 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, with maturity dates through 2033. At December 31, 2015 and 2014 , the combined notional amounts of the swap agreements were approximately $1,277 million and $361 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 designated as cash flow hedges, 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. In January 2016, NEP discontinued hedge accounting for its cash flow hedges related to interest rate swap derivative instruments. Approximately $9 million of net losses included in AOCI at December 31, 2015 , 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. During 2015, NEP entered into certain foreign currency exchange contracts to economically hedge its cash flows from foreign currency rate fluctuations. As of December 31, 2015 , the notional amount of the foreign currency contracts was approximately $54 million . During 2015, NEP recorded approximately $3 million of gains related to the foreign currency contracts in other - net in the consolidated statements of income. Fair Value of Derivative Instruments - The tables below present NEP's gross derivative positions at December 31, 2015 and December 31, 2014, as required by disclosure rules, as well as the location of the net derivative position on the consolidated balance sheets. December 31, 2015 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) Interest rate swaps $ 1 $ 22 $ 1 $ 46 $ 5 $ 71 Foreign currency swaps — — 2 — 2 — Total fair values $ 1 $ 22 $ 3 $ 46 $ 7 $ 71 Net fair value by balance sheet line item: Other current assets $ 2 Other non-current assets 5 Current derivative liabilities $ 22 Other non-current liabilities 49 Total derivatives $ 7 $ 71 December 31, 2014 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) Interest rate swaps $ 2 $ 11 $ — $ — $ 5 $ 14 Total fair values $ 2 $ 11 $ — $ — $ 5 $ 14 Net fair value by balance sheet line item: Other current assets $ — Other non-current assets 5 Current derivative liabilities $ 6 Other non-current liabilities 8 Total derivatives $ 5 $ 14 Income Statement Impact of Derivative Instruments - Gains (losses) related to NEP's cash flow hedges are recorded in NEP's consolidated financial statements as follows: Years Ended December 31, 2015 2014 2013 (millions) Interest rate swaps: Gains (losses) recognized in other comprehensive income (15 ) (26 ) $ 14 Losses reclassified from AOCI to net income (a) $ 6 $ 6 $ 5 ____________________ (a) Included in interest expense. During 2015, NEP recorded approximately $8 million of gains related to its interest rate swap agreements which were not designated as cash flow hedges. Such gains were reflected in interest expense in the consolidated statements of income. |
Property, Plant and Equipment P
Property, Plant and Equipment Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Range of Useful (millions) Power-generation assets (a) $ 3,511 $ 3,642 5 - 30 Pipeline assets, including temporary rights-of-way 765 — 50 Land improvements and buildings 129 127 25 - 30 Land, including perpetual rights-of-way 73 20 Other depreciable assets 201 200 3 - 30 Property, plant and equipment, gross 4,679 3,989 Accumulated depreciation (482 ) (360 ) Property, plant and equipment - net $ 4,197 $ 3,629 ___________________________ (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 December 31, 2015 , 2014 and 2013 was approximately $135 million , $95 million and $55 million , respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES At December 31, 2015 , NEP has two VIEs which it consolidates. Certain investors that hold no equity interest in these VIEs hold differential membership interests, which give them the right to receive a portion of the economic attributes of these wind electric generating facilities, including certain tax attributes. The assets and liabilities of the VIEs, consisting primarily of property, plant and equipment and deferral related to differential membership interests, totaled approximately $751 million and $455 million at December 31, 2015 , respectively, and $808 million and $551 million at December 31, 2014 , respectively. At December 31, 2015 and 2014 , the equity investment described in Note 3 totaled approximately $22 million and $19 million , respectively, and is reflected as investments in equity method investees - VIEs on the consolidated balance sheets and is attributable to noncontrolling interest. All equity in earnings of the equity method investees is allocated to net income attributable to noncontrolling interest. NEP is not the primary beneficiary and therefore does not consolidate these entities because it does not control any of the ongoing activities of these entities, was not involved in the initial design of these entities and does not have a controlling interest in these entities. |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Capitalization | Debt - NEP’s long-term debt agreements require quarterly or semi-annual payments of principal and interest. The carrying value of NEP’s long-term debt consists of the following: December 31, 2015 2014 Maturity Interest Rate Balance Balance (millions) NEP OpCo: Term loan - variable 2018 LIBOR (a) $ 600 $ — Revolving credit facility - variable (b) 2019 LIBOR (a) 29 — Project level: Senior secured limited-recourse debt - fixed 2030 - 2038 4.125 - 6.56% 1,383 1,440 Senior secured limited-recourse debt - variable 2019 - 2033 LIBOR (a) + 1.2 - 3.25% (c) + 2.0 - 3.25% 755 493 Long-term bank loan 2020 LIBOR (a) + 2% 200 — Non-recourse notes payable - fixed 2028 0.063% 25 — Construction loan credit facility - variable (d) 2022 LIBOR (a) 491 — Unamortized debt issuance costs (e) (51 ) (40 ) Unamortized discount 3 — Total long-term debt 3,435 1,893 Less current maturities of long-term debt 101 86 Long-term debt, excluding current maturities $ 3,334 $ 1,807 ________________________ (a) LIBOR, London InterBank Offered Rate, ranges from three- to six-month interest rate periods. (b) In January 2016, the $29 million outstanding on the revolving credit facility was repaid. (c) CDOR, Canadian Dealer Offered Rate. (d) Construction loan credit facility assumed in the Texas pipelines acquisition consists of a construction loan commitment up to $604 million to be utilized for certain costs related to a pipeline construction project, which converts to a term loan in March 2016. Any current maturities are expected to be paid with funds available under a revolving credit facility or other long-term financing. (e) Debt issuance costs were reclassified from non-current other assets to long-term debt to reflect the retrospective adoption of a standard update. See Note 2 - Debt Issuance Costs. Minimum annual maturities of long-term debt are approximately $101 million , $124 million , $717 million , $148 million and $429 million for 2016, 2017, 2018, 2019 and 2020, respectively. The long-term debt agreements listed above all contain provisions which, under certain conditions, restrict the payment of dividends and other distributions. At December 31, 2015, NEP's subsidiaries were in compliance with all financial debt covenants under their project financings however, one project was unable to fully fund its debt reserve by approximately $2 million . 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 is 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. On April 28, 2015, the Loan Parties entered into an amendment to the revolving credit facility. The amendment provides, among other things, that the Loan Parties may incur secured and unsecured indebtedness from lenders outside of the revolving credit facility, provided, among other things, that such indebtedness is at most equal in priority of payment and security with the loans made pursuant to the revolving credit facility. In addition, the amendment eliminates certain conditions to the exercise of the option to increase the commitments 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. In connection with the May 2015 project acquisitions discussed in Note 3 , a subsidiary of NEP entered into a $313 million term loan due May 6, 2016. In September 2015, the subsidiary of NEP repaid the term loan. See Equity below. On June 5, 2015, a subsidiary of NEP borrowed approximately $12 million under a short-term cash grant bridge loan agreement. Interest on this loan is priced at the three-month LIBOR + 0.775% and is payable quarterly. This loan matures in 2016. On October 1, 2015, a subsidiary of NEP borrowed $600 million under several variable rate senior secured term loan agreements that mature in 2018. The term loans are secured by liens on certain of the assets of NEP OpCo and certain other assets, and the direct ownership interest in one of NEP OpCo's direct subsidiaries. All borrowings under the term loans are guaranteed by NEP and NEP OpCo. On December 14, 2015, a subsidiary of NEP (borrower), entered into an amended and restated limited-recourse senior secured variable rate loan agreement (loan agreement), pursuant to which an existing revolving loan facility was amended to, among other things, convert a loan in the amount of approximately $200 million under the existing revolving loan facility into a term loan maturing in December 2020. Under the terms of the loan agreement, the lenders also have committed to provide up to an additional $150 million of revolving credit loans if certain conditions are satisfied, including, among other things, maintaining a leverage ratio at the time of any borrowing that does not exceed a specified ratio. The revolving credit facility expires in December 2020. Interest on amounts outstanding under the term loan and any revolving credit loans (collectively, loans) is based on LIBOR plus a specified margin, with interest payable at the end of each interest period, which can range from one to six months, as selected by the borrower, or, if requested by the borrower and approved by the lenders, nine or twelve months. The loans are secured by liens on certain of the borrower’s assets and certain of the borrower’s subsidiaries’ assets as well as the ownership interest in the borrower. The loan agreement contains default and related acceleration provisions relating to the failure to make required payments or to observe other covenants in the loan agreement, including financial covenants relating to the maximum leverage ratio and a minimum interest coverage ratio, and certain bankruptcy-related events. No amounts were borrowed under the revolving credit facility at December 31, 2015. Equity - During 2015 and 2014, NEP distributed approximately $20 million and $4 million , respectively, to its unitholders. In addition, NEP paid approximately $9 million in distributions to its unitholders in February 2016. In May 2015, NEP sold 2,594,948 common units representing limited partner interests in NEP in a private placement for an aggregate purchase price of approximately $109 million , or $41.87 per common unit. NEP used the proceeds, net of approximately $3 million in fees and expenses relating to the offering, from this private placement to fund a portion of the purchase price payable in the May 2015 project acquisitions discussed in Note 3. The issuance of additional common units resulted in the increase of NEP's limited partner interest in NEP OpCo to 22.2% . In September 2015, NEP sold 8,375,907 common units representing limited partner interests in NEP in a public offering at an aggregate price to the public of $218 million , or $26.00 per common unit. NEP used the proceeds, net of approximately $5 million in fees and expenses relating to the offering, to repay, in part, amounts owed under a $313 million term loan. Also in September 2015, a subsidiary of NEE purchased 27,000,000 of NEP OpCo's common units for $702 million . Approximately $110 million of the proceeds were used to repay the balance of the amounts owed under the $313 million term loan and the balance of the proceeds was used to finance a portion of the acquisition of the Texas pipeline business discussed in Note 3 and for general business purposes. After giving effect to the issuance of additional NEP common units and the sale of NEP OpCo common units to NEE, NEP's limited partner interest in NEP OpCo increased to 22.6% . In November 2015, NEP established an at-the-market equity issuance program (ATM program) pursuant to which NEP may issue, from time to time, up to $150 million of its common units which gives NEP the flexibility to issue new units when the price is acceptable. During the year ended December 31, 2015 , NEP issued 887,070 common units under the ATM program for gross proceeds of approximately $26 million . Fees related to the ATM program totaled less than $1 million in 2015. The issuance of common units under the ATM program resulted in an increase of NEP's limited partner interest in NEP OpCo to approximately 23.2% as of December 31, 2015. If at any time, NEP GP and its affiliates own more than 80% of the sum of NEP's outstanding common units and special voting units, NEP GP will have the right, but not the obligation, to purchase all of the outstanding common units, other than those owned by NEP GP and its affiliates, at a price not less than the greater of the then-current market price of such common units and the highest price paid by NEP GP or its affiliates for such units during the preceding 90-day period. At December 31, 2015, NEP GP and its affiliates controlled approximately 76.9% of the voting power of NEP's outstanding common units. |
Intangible Liabilities
Intangible Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Intangible Liabilities | INTANGIBLE LIABILITIES NEP’s intangible liability is the result of a 2012 acquisition that resulted in a subsidiary of NEP 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 being 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, 2015 and 2014 were approximately $6 million and $7 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, 2015 , 2014 and 2013 . Estimated amortization is less than $1 million in each the next five years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Foreign Currency Translation Total (millions) Balances, December 31, 2012 $ (6 ) $ 2 $ (4 ) Other comprehensive income (loss) before reclassification 11 (33 ) (22 ) Amounts reclassified from AOCI to interest expense 4 — 4 Net other comprehensive income (loss) 15 (33 ) (18 ) Balances, December 31, 2013 9 (31 ) (22 ) Other comprehensive loss before reclassification (24 ) (35 ) (59 ) Amounts reclassified from AOCI to interest expense 5 — 5 Net other comprehensive loss (19 ) (35 ) (54 ) Balance sheet adjustment related to transitioning from separate return method (see Note 3) 6 — 6 Balances, December 31, 2014 (4 ) (66 ) (70 ) Other comprehensive loss before reclassification (12 ) (42 ) (54 ) Amounts reclassified from AOCI to interest expense 5 — 5 Net other comprehensive loss (7 ) (42 ) (49 ) Balances, December 31, 2015 $ (11 ) $ (108 ) $ (119 ) AOCI attributable to noncontrolling interest $ (11 ) $ (102 ) $ (113 ) AOCI attributable to NextEra Energy Partners, December 31, 2015 $ — $ (6 ) $ (6 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Each project entered into operations and maintenance (O&M) and administrative services agreements (ASAs) with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with certain O&M and administrative services performed under these agreements. These services are reflected as operations and maintenance - related party in NEP's consolidated statements of income. Additionally, a NEP subsidiary pays an affiliate for transmission services which are reflected as operations and maintenance - related party in NEP's consolidated statements of income. Certain projects have also entered into various types of agreements including those related to shared facilities and transmission lines, transmission line easements, technical support and construction coordination with subsidiaries of NEER whereby certain fees or cost reimbursements are paid to, or received by, certain subsidiaries of NEER. At December 31, 2015 and 2014 , the net payables for these services, as well as for payroll and other payments made on behalf of these projects, were approximately $8 million and $14 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 ASAs 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. NEP’s operations and maintenance - related party for the years ended December 31, 2015 and 2014 include approximately $6 million and $2 million , respectively, related to payments made under the MSA. There was no expense for the year ended December 31, 2013 related to the MSA. Cash Sweep and Credit Support Agreement (CSCS agreement) - Effective July 1, 2014, NEP OpCo entered into a CSCS 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 operations and maintenance - related party for the years ended December 31, 2015 and 2014 include approximately $2 million and less than $1 million , respectively, related to payments made under the CSCS agreement. There was no expense for the year ended December 31, 2013 related to the CSCS agreement. NEER and certain of its subsidiaries may withdraw funds (Project Sweeps) received by NEP OpCo under the CSCS agreement, or its subsidiaries in connection with certain of the long-term debt agreements, 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 amounts held in accounts belonging to NEER or its subsidiaries as of December 31, 2015 and 2014 , was approximately $66 million and $218 million , respectively, and are included in due from related parties on NEP’s consolidated balance sheets. The cash sweep amount held in accounts belonging to NEER or its subsidiaries as of December 31, 2013 was approximately $16 million, and was accounted for as a members' distribution in the accompanying consolidated statements 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. In addition, certain interconnection agreements and site certificates require letters of credit or a bond to secure certain payment or restoration obligations related to those agreements. NEECH also guarantees the Project Sweep amounts held in accounts belonging to NEER as described above. At December 31, 2015 , NEECH guaranteed or provided letters of credit or bonds totaling approximately $565 million related to these obligations. Agreements related to the sale of differential membership interests require NEER to guarantee payment of construction-related expenses that were not yet paid before the sale of the differential membership interests in VIEs as well as payments due by the VIEs and the indemnifications to the VIEs' respective investors. As of December 31, 2015 , NEER guaranteed a total of approximately $35 million related to these obligations. Non-current Due to Related Party - At December 31, 2015 and 2014 , approximately $18 million and $16 million , respectively, reported in non-current due to related party on NEP's consolidated balance sheets represents amounts due from certain of its wind projects to NEER to refund NEER for certain transmission costs paid on behalf of the wind projects. Amounts will be paid to NEER as the wind projects receive payments from third parties for related notes receivable recorded in other non-current assets on NEP’s consolidated balance sheets. At December 31, 2014 , the remaining balance reported in non-current due to related party on NEP's consolidated balance sheets represents amounts owed to NEER or NEER subsidiaries for reimbursement of certain costs as well as for fees related to O&M agreements and ASAs discussed above. Development, Engineering and Construction Commitments - During the years ended December 31, 2015 and 2014 , NEER purchased and contributed approximately $24 million and $1 million , respectively, under several engineering, procurement and construction contracts related to the procurement of materials and services for certain NEP assets and for which costs were capitalized in construction work in progress. There were no such purchases or contributions in the year ended December 31, 2013. Transportation and Fuel Management Agreements - In connection with the acquisition of the Texas pipeline business described in Note 3, a subsidiary of NEP assigned to a subsidiary of NEER certain gas commodity agreements in exchange for entering into transportation agreements and a fuel management agreement whereby the benefits of the gas commodity agreements (net of transportation paid to the NEP subsidiary) are passed back to the NEP subsidiary. During the year ended December 31, 2015 , NEP recognized approximately $6 million in revenues related to the transportation and fuel management agreements. At December 31, 2015 , approximately $2 million included in due from related parties reflects amounts due from the NEER subsidiary under the transportation and fuel management agreements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 $17 million , $15 million and $8 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, and is classified as operations and maintenance expenses in NEP’s accompanying consolidated statements of income. One of NEP’s solar project's 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 the solar project's option and will be subject to the regulations existing at the time of renewal. In connection with the terms of this lease, the solar project 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. Certain of these payments are considered contingent rent and, therefore, expense is recognized as incurred. The total minimum non-cancelable rental commitments at December 31, 2015 under these land use agreements are as follows: Year Ending December 31, Land Use Commitments (millions) 2016 $ 8 2017 8 2018 8 2019 8 2020 8 Thereafter 212 Total minimum land use payments $ 252 Letter of Credit Facility - One of NEP's solar projects entered into a letter of credit (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, 2015 are as follows: LOC Facility Purpose Amount Outstanding Dates (millions) PPA security $ 25 September 2011 - Maturity Large generator interconnection agreement obligations 8 September 2011 - Maturity O&M reserve 10 December 2013 - Maturity Debt service reserve 35 August 2014 - Maturity Total $ 78 Canadian FIT Contracts - The FIT contracts relating to NEP's wind projects located in Canada (Canadian projects) 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 two projects is 25% and the MRDCL for the other two projects is 50%. Following their respective commercial operation dates (CODs), the Canadian projects submitted reports to the IESO summarizing how they achieved the MRDCL for their respective projects (domestic content reports) and the IESO issued letters to the Canadian projects acknowledging the completeness of their domestic content reports. The IESO has the right to audit the Canadian 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. 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 any of these Canadian projects 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. Acquisition Holdbacks - At December 31, 2015, NEP's consolidated balance sheets include acquisition holdbacks related to certain contingent payments for the acquisition of the Texas pipeline business. See Note 3. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 Operating revenues (b) $ 102 $ 119 $ 109 $ 141 Operating income (b) $ 43 $ 58 $ 48 $ 64 Net income (b) $ 14 $ 26 $ 12 $ 24 Net income attributable to NEP (b) $ 2 $ 4 $ 1 $ 5 Earnings per unit - basic and assuming dilution (b) $ 0.08 $ 0.16 $ 0.05 $ 0.16 Distributions per unit $ 0.20 $ 0.21 $ 0.24 $ 0.27 High-low common unit sales prices $45.25 - $33.70 $48.23 - $39.62 $41.26 - $19.34 $31.67 - $20.99 2014 Operating revenues (b) $ 71 $ 99 $ 97 $ 89 Operating income (b) $ 34 $ 54 $ 53 $ 36 Net income (b) $ 7 $ 23 $ 26 $ 1 Net income attributable to NEP (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 $ — $ 0.19 High-low common unit sales prices n/a $33.90 - $31.32 $37.99 - $31.90 $38.81 - $28.95 ______________________ (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, and in 2015 reflect the acquisition of the Texas pipeline business on October 1, 2015. (b) The sum of the quarterly amounts may not equal the total for the year due to rounding. |
Summary of Significant Accoun24
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 U.S., 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. The acquisitions from NEER described in Note 3 (the 2015 common control acquisitions) were a transfer of assets between entities under common control, which require them to be accounted for as if the transfers occurred since the inception of common control, with prior periods retrospectively adjusted to furnish comparative information. Accordingly, the accompanying consolidated financial statements have been retrospectively adjusted to include the historical results of the 2015 common control acquisitions prior to their respective acquisition dates. Adjustments related to the historical results of the 2015 common control acquisitions are attributable to noncontrolling interest for all periods prior to the date the project was acquired by NEP. All intercompany transactions have been eliminated in consolidation. Amounts included in the consolidated financial statements and the accompanying Notes have been adjusted to reflect the retrospective application of Financial Accounting Standards Board (FASB) accounting standard updates related to the presentation of debt issuance costs and deferred taxes in the financial statements. See Debt Issuance Costs and Income Taxes below. Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. 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) and natural gas transportation agreements. 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 $382 million , $257 million and $126 million in 2015 , 2014 and 2013 , 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, or natural gas transportation services are performed. In 2015 , 2014 and 2013 approximately $154 million , $95 million and $51 million respectively, of NEP's consolidated revenues were attributable to foreign countries, primarily related to its Canadian operations. In May 2014, the FASB 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. In July 2015, the FASB approved the deferral of the effective date of the standard. The standard will be effective for NEP beginning January 1, 2018 and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. NEP is currently evaluating the effect the adoption of this standard will have, if any, on its consolidated 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 9 - Debt) 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 prior to the date a project is acquired by NEP (NEP acquisition date), income taxes are calculated using the separate return method for each of the renewable energy 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 after the NEP acquisition date, 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 applicable ownership share of U.S. income taxes. The U.S. income taxes on the remaining ownership share 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. In November 2015, the FASB issued an accounting standard update which simplifies the classification of deferred taxes by eliminating the requirement to separate deferred tax assets and liabilities between current and non-current amounts, and instead requires deferred taxes to be presented as non-current on the balance sheet. NEP early adopted this standard update effective for the year ended December 31, 2015, and applied it retrospectively. The impact of NEP retrospectively adopting the standard update resulted in a reclassification of less than $1 million for the year ended December 31, 2014. |
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. At December 31, 2015 and 2014 , the HST receivable was less than $1 million and approximately $26 million , respectively, and is included in other current assets on the accompanying consolidated balance sheets. At both December 31, 2015 and 2014 , the HST payable was approximately $3 million 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 loss (AOCI). |
Noncontrolling Interest | Noncontrolling Interest - After the completion of NEP's IPO and as of December 31, 2014, NEP owned a controlling, non-economic general partner interest and an approximately 20.1% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 79.9% limited partner interest in NEP OpCo. Distributions to the noncontrolling interest are reflected as Partners/Members' distributions in the consolidated statements of cash flows. NEP's limited partner interest in NEP OpCo increased to approximately 23.2% as of December 31, 2015 . See Note 9. In addition, as part of the acquisition of the Texas pipelines, a subsidiary of NEP acquired a 90% controlling interest in one of the pipelines and a non-affiliated party owns the remaining 10% interest. See Note 3. |
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 and retained earnings and accumulated other comprehensive loss on the consolidated statements of changes in equity. NextEra Energy Partner GP, Inc. has a total equity interest in NEP of $10,000 at December 31, 2015 and 2014 . Limited partners' equity at December 31, 2015 and 2014 reflects the investment of NEP unitholders, changes to 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, 2015 and 2014 reflects comprehensive income attributable to NEP. Noncontrolling interest at December 31, 2015 and 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 noncontrolling interest. 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, transmission lines and pipeline facilities. Property, plant and equipment, excluding land and perpetual rights-of-way, is recorded at cost and depreciated on a straight-line basis over their estimated useful lives ranging from three to 50 years , commencing on the date the assets are placed in service or acquired. See Note 7. Maintenance and repairs of property, plant and equipment are charged to operations and maintenance expense, as incurred. Convertible Investment Tax Credits (CITCs) of approximately $699 million and $678 million as of December 31, 2015 and 2014 , 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. At December 31, 2013, NEP had recorded a CITC receivable of approximately $180 million associated with one of its solar projects. Of this receivable, $177 million was collected in 2014 with the remaining $3 million recorded as an adjustment 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, 2015 , 2014 and 2013 was less than $1 million , approximately $4 million and $30 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 located in Canada amounted to approximately $879 million and $1,075 million as of December 31, 2015 and 2014 , respectively. |
Cash and Cash Equivalents | 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 receivable 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, 2015 and 2014 . |
Restricted Cash | Restricted Cash - At December 31, 2015 and 2014 , approximately $13 million and $55 million , respectively, of current restricted cash on NEP's consolidated balance sheets represents cash to fund certain construction costs. In addition, at December 31, 2014, approximately $22 million of current restricted cash, also included in due to related parties on NEP's consolidated balance sheets, represents CITC proceeds due to NextEra Energy Capital Holdings, Inc. (NEECH). The remaining current restricted cash and approximately $3 million of other non-current assets on NEP's consolidated balance sheets at both December 31, 2015 and 2014 are held by certain subsidiaries to pay for certain capital or operating expenditures, as well as to fund required equity contributions pursuant to restrictions contained in the subsidiaries' debt agreements. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds. |
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 or natural gas transportation agreements. 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, 2015 , because of the creditworthiness of the counterparties. All amounts due from such counterparties at December 31, 2015 and 2014 have been collected. During 2015 , NEP derived approximately 28% and 23% of its consolidated revenue from its contracts with Pacific Gas & Electric Co. and the Independent Electricity System Operator, 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 $13 million and $10 million as of December 31, 2015 and 2014 , 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 and Finite-Lived Intangible Assets - Long-lived assets that are held and used and finite-lived intangible assets 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. At December 31, 2015 and 2014 , no impairment adjustments were necessary. |
Business Combinations | Business Combinations - For projects acquired in a business combination, NEP allocates the cost of the acquisition to assets acquired and liabilities assumed based on fair values as of the acquisition date. Goodwill acquired in connection with business combinations represents the excess of consideration over the fair value of net assets acquired. Certain assumptions and estimates are employed in determining the fair value of assets acquired and evaluating the fair value of liabilities assumed. See Note 3. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets - During 2015 , NEP recorded goodwill of approximately $622 million related to the acquisition of NET Holdings Management, LLC discussed in Note 3. Goodwill and indefinite-lived intangible assets are assessed for impairment at least annually by applying a fair value-based analysis. NEP will complete the annual impairment test for goodwill and indefinite-lived intangibles using an assessment date of October 1. As the acquisition closed on October 1, 2015 and there were no indicators of impairment, impairment tests for goodwill and indefinite-lived intangibles were not performed in 2015. |
Intangible Asset - Customer Relationships | Intangible Asset - Customer Relationships - At December 31, 2015 , NEP's consolidated balance sheets reflect intangible asset - customer relationships of approximately $696 million related to the acquisition of NET Holdings Management, LLC discussed in Note 3. Intangible asset - customer relationships are amortized on a straight-line basis over the estimated useful life of approximately 40 years . For the year ended December 31, 2015 , amortization expense was approximately $4 million and is expected to be approximately $18 million in each of the next five years. |
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 designated as cash flow hedges, 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 6. 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 designated as cash flow hedges, 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 5. |
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 5. |
Deferred Financing Costs | Debt Issuance Costs - Debt issuance 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. Effective December 31, 2015, NEP retrospectively adopted an accounting standard update which changed the presentation of debt issuance costs in the consolidated financial statements. This update requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs was not affected by this standard. Upon adoption, NEP reclassified debt issuance costs, net of accumulated amortization, of approximately $40 million as of December 31, 2014 from non-current other assets to long-term debt. NEP added approximately $16 million and $10 million of debt issuance costs during the years ended December 31, 2015 and 2014 , respectively. The amortization of debt issuance costs totaled approximately $7 million , $6 million and $4 million for the years ended December 31, 2015 , 2014 and 2013 , 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 $2 million , $1 million and $1 million in 2015 , 2014 and 2013 , respectively. Additionally, new AROs were established amounting to approximately $9 million in 2014 . |
Investments in Equity Method Investees | Investments in Equity Method Investees - NEP accounts for the investments in its unconsolidated entities under the equity method. NEP’s share of earnings (loss) in the unconsolidated entities is included in equity in earnings of equity method investees in the consolidated statements of income. NEP records losses of the unconsolidated entities only to the extent of its investment. All equity in earnings of the equity method investees is allocated to net income attributable to noncontrolling interest. See Note 3 and Note 8. |
Sale of Differential Membership Interests | Sale of Differential Membership Interests - In December 2014, subsidiaries of NEER sold their Class B membership interests in two wind projects to third-party tax equity investors for a total of approximately $428 million. The holders of the Class B membership interests will receive a portion of the economic attributes of the facilities, including income tax attributes, for ten years . The tax equity investors will also make ongoing deferred contingent capital contributions based on the production and sale of electricity that generates production tax credits under Section 45 of the Internal Revenue Code of 1986, as amended. The transactions are not treated as a sale, but as a financing, under the accounting rules and the proceeds received are deferred and recorded as a liability in deferral related to differential membership interests - VIEs on NEP's consolidated balance sheets. Effective December 31, 2015, NEP retrospectively adopted an accounting standard update which requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Upon adoption, NEP reclassified deferred financing costs, net of accumulated amortization, of approximately $4 million as of December 31, 2014 from non-current other assets to deferral related to differential membership interests - VIEs. As of December 31, 2015, this liability includes approximately $3 million of deferred financing costs, net of accumulated amortization. The deferred amount is being recognized in benefits associated with differential membership interests - net in NEP's consolidated statements of income as the Class B members receive their portion of the economic attributes. NEP operates and manages the two wind projects, and consolidates the entities that directly and indirectly own the two wind projects. |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) - An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. NEP evaluates whether an entity is a VIE whenever reconsideration events as defined by the accounting guidance occur. See Note 8. |
Amendments to Consolidation Analysis | Amendments to the Consolidation Analysis - In February 2015, the FASB issued a new accounting standard that will modify current consolidation guidance. The standard makes changes to both the variable interest entity model and the voting interest entity model, including modifying the evaluation of whether limited partnerships or similar legal entities are VIEs or voting interest entities and amending the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs. The standard is effective for NEP beginning January 1, 2016. NEP continues to evaluate the effect the adoption of this standard will have, if any, on its consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed for the acquisition of the Texas pipeline business: Amounts Recognized (millions) Assets Cash $ 1 Accounts receivable and prepaid expenses 21 Property, plant and equipment 806 Intangible assets - customer relationships 700 Gas commodity contracts 20 Goodwill 622 Total assets $ 2,170 Liabilities Accounts payable, accrued expenses and other current liabilities $ 46 Long-term debt, including current portion 706 Acquisition holdbacks 372 Derivatives 43 Total liabilities 1,167 Less: Noncontrolling interest at fair value 69 Total cash consideration $ 934 |
Schedule of business acquisitions by acquisition | The amounts of the Texas pipelines' revenues, operating income, net income and net income attributable to NEP included in NEP’s consolidated statements of income for the period from October 1, 2015 through December 31, 2015 are as follows: (millions) Revenues $ 37 Operating income $ 22 Net income $ 18 Net income attributable to NEP $ 4 |
Pro forma information | NEP’s pro forma results of operations in the combined entity had the acquisition of the Texas pipeline business been completed on January 1, 2014 are as follows: Years Ended December 31, 2015 2014 (millions) Unaudited pro forma results of operations: Pro forma revenues $ 548 $ 403 Pro forma operating income $ 252 $ 174 Pro forma net income (loss) $ 72 $ (13 ) Pro forma net income (loss) attributable to NEP $ 9 $ (6 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of income before income taxes | The components of income before income taxes are as follows: Years Ended December 31, 2015 2014 2013 (millions) U.S. $ 53 $ 48 $ 4 Foreign 48 28 24 Income before income taxes $ 101 $ 76 $ 28 |
Components of income tax expense (benefit) | The components of income tax expense are as follows: Years Ended December 31, 2015 2014 2013 (millions) Federal: Current $ 1 $ 4 $ 1 Deferred 3 9 2 Total federal 4 13 3 State: Current — — — Deferred 8 1 1 Total state 8 1 1 Foreign: Current 5 3 — Deferred 4 2 4 Total foreign 9 5 4 Total income tax expense $ 21 $ 19 $ 8 |
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 actual income taxes is as follows: Years Ended December 31, 2015 2014 2013 (millions) Income tax expense at 35% statutory rate $ 35 $ 27 $ 10 Increases (reductions) resulting from: Taxes attributable to U.S. noncontrolling interest (13 ) (6 ) — State income taxes, net of federal tax benefit 4 1 — CITCs (a) (1 ) (12 ) (32 ) PTCs — (3 ) — Valuation allowance (a) — 13 34 Effect of flow through entities and foreign tax differential (4 ) (4 ) (5 ) U.S. taxes on foreign earnings 2 1 — Withholding taxes, net of federal tax benefit (3 ) 1 — Change in tax status — 2 — Other-net 1 (1 ) 1 Income tax expense $ 21 $ 19 $ 8 ____________________ (a) The changes in income tax expense resulting from CITCs and valuation allowances are primarily related to a solar project. |
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, 2015 2014 (millions) Deferred tax liabilities: Property $ (44 ) $ (165 ) Withholding taxes (4 ) (6 ) Other (2 ) — Total deferred tax liabilities (50 ) (171 ) Deferred tax asset: Net operating loss 78 107 Investment in partnership 83 90 Tax credit carryforwards 2 75 Power purchase agreements 2 2 Net unrealized gains 5 4 Other 1 5 Valuation allowance — (43 ) Total deferred tax asset 171 240 Net deferred tax asset $ 121 $ 69 Deferred tax assets and liabilities included on the consolidated balance sheets are as follows: December 31, 2015 2014 (millions) Deferred income taxes - assets $ 161 $ 145 Deferred income taxes - liabilities (40 ) (76 ) Net deferred income taxes $ 121 $ 69 |
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, 2015 are as follows: Amount Expiration Dates (millions) Net operating loss carryforwards: Federal $ 70 2034 - 2035 State 8 2024 - 2035 Total net operating loss carryforwards $ 78 Tax credit carryforwards $ 2 2034 - 2035 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities and other fair value measurements on a recurring basis | NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: December 31, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total (millions) Assets: Cash equivalents $ 63 $ — $ 63 $ 74 $ — $ 74 Restricted cash equivalents 5 — 5 30 — 30 Foreign currency swaps — 2 2 — — — Interest rate swaps — 2 2 — 2 2 Total assets $ 68 $ 4 $ 72 $ 104 $ 2 $ 106 Liabilities: Interest rate swaps $ — $ 68 $ 68 $ — $ 11 $ 11 Total liabilities $ — $ 68 $ 68 $ — $ 11 $ 11 |
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: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (millions) Notes receivable (a) $ — $ — $ 20 $ 20 Long-term debt, including current maturities (b) $ 3,435 $ 3,532 $ 1,893 $ 1,968 ____________________ (a) 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 non-current assets on the consolidated balance sheets. (b) Fair value is estimated based on the borrowing rates as of each date for similar issuances of debt with similar remaining maturities (Level 2). |
Derivative Instruments and He28
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 | Fair Value of Derivative Instruments - The tables below present NEP's gross derivative positions at December 31, 2015 and December 31, 2014, as required by disclosure rules, as well as the location of the net derivative position on the consolidated balance sheets. December 31, 2015 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) Interest rate swaps $ 1 $ 22 $ 1 $ 46 $ 5 $ 71 Foreign currency swaps — — 2 — 2 — Total fair values $ 1 $ 22 $ 3 $ 46 $ 7 $ 71 Net fair value by balance sheet line item: Other current assets $ 2 Other non-current assets 5 Current derivative liabilities $ 22 Other non-current liabilities 49 Total derivatives $ 7 $ 71 December 31, 2014 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) Interest rate swaps $ 2 $ 11 $ — $ — $ 5 $ 14 Total fair values $ 2 $ 11 $ — $ — $ 5 $ 14 Net fair value by balance sheet line item: Other current assets $ — Other non-current assets 5 Current derivative liabilities $ 6 Other non-current liabilities 8 Total derivatives $ 5 $ 14 |
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, 2015 2014 2013 (millions) Interest rate swaps: Gains (losses) recognized in other comprehensive income (15 ) (26 ) $ 14 Losses reclassified from AOCI to net income (a) $ 6 $ 6 $ 5 ____________________ (a) Included in interest expense. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consists of the following as of December 31: 2015 2014 Range of Useful (millions) Power-generation assets (a) $ 3,511 $ 3,642 5 - 30 Pipeline assets, including temporary rights-of-way 765 — 50 Land improvements and buildings 129 127 25 - 30 Land, including perpetual rights-of-way 73 20 Other depreciable assets 201 200 3 - 30 Property, plant and equipment, gross 4,679 3,989 Accumulated depreciation (482 ) (360 ) Property, plant and equipment - net $ 4,197 $ 3,629 ___________________________ (a) Approximately 99% of power generation assets represent machinery and equipment used to generate electricity with a 30 -year depreciable life. |
Capitalization (Tables)
Capitalization (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Carrying value and future principal payments of long-term debt | The carrying value of NEP’s long-term debt consists of the following: December 31, 2015 2014 Maturity Interest Rate Balance Balance (millions) NEP OpCo: Term loan - variable 2018 LIBOR (a) $ 600 $ — Revolving credit facility - variable (b) 2019 LIBOR (a) 29 — Project level: Senior secured limited-recourse debt - fixed 2030 - 2038 4.125 - 6.56% 1,383 1,440 Senior secured limited-recourse debt - variable 2019 - 2033 LIBOR (a) + 1.2 - 3.25% (c) + 2.0 - 3.25% 755 493 Long-term bank loan 2020 LIBOR (a) + 2% 200 — Non-recourse notes payable - fixed 2028 0.063% 25 — Construction loan credit facility - variable (d) 2022 LIBOR (a) 491 — Unamortized debt issuance costs (e) (51 ) (40 ) Unamortized discount 3 — Total long-term debt 3,435 1,893 Less current maturities of long-term debt 101 86 Long-term debt, excluding current maturities $ 3,334 $ 1,807 ________________________ (a) LIBOR, London InterBank Offered Rate, ranges from three- to six-month interest rate periods. (b) In January 2016, the $29 million outstanding on the revolving credit facility was repaid. (c) CDOR, Canadian Dealer Offered Rate. (d) Construction loan credit facility assumed in the Texas pipelines acquisition consists of a construction loan commitment up to $604 million to be utilized for certain costs related to a pipeline construction project, which converts to a term loan in March 2016. Any current maturities are expected to be paid with funds available under a revolving credit facility or other long-term financing. (e) Debt issuance costs were reclassified from non-current other assets to long-term debt to reflect the retrospective adoption of a standard update. See Note 2 - Debt Issuance Costs. |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Foreign Currency Translation Total (millions) Balances, December 31, 2012 $ (6 ) $ 2 $ (4 ) Other comprehensive income (loss) before reclassification 11 (33 ) (22 ) Amounts reclassified from AOCI to interest expense 4 — 4 Net other comprehensive income (loss) 15 (33 ) (18 ) Balances, December 31, 2013 9 (31 ) (22 ) Other comprehensive loss before reclassification (24 ) (35 ) (59 ) Amounts reclassified from AOCI to interest expense 5 — 5 Net other comprehensive loss (19 ) (35 ) (54 ) Balance sheet adjustment related to transitioning from separate return method (see Note 3) 6 — 6 Balances, December 31, 2014 (4 ) (66 ) (70 ) Other comprehensive loss before reclassification (12 ) (42 ) (54 ) Amounts reclassified from AOCI to interest expense 5 — 5 Net other comprehensive loss (7 ) (42 ) (49 ) Balances, December 31, 2015 $ (11 ) $ (108 ) $ (119 ) AOCI attributable to noncontrolling interest $ (11 ) $ (102 ) $ (113 ) AOCI attributable to NextEra Energy Partners, December 31, 2015 $ — $ (6 ) $ (6 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum rental commitments under land use agreements | The total minimum non-cancelable rental commitments at December 31, 2015 under these land use agreements are as follows: Year Ending December 31, Land Use Commitments (millions) 2016 $ 8 2017 8 2018 8 2019 8 2020 8 Thereafter 212 Total minimum land use payments $ 252 |
Schedule of the purpose and amounts of contemplated letters of credit | The purpose and amounts of letters of credit outstanding as of December 31, 2015 are as follows: LOC Facility Purpose Amount Outstanding Dates (millions) PPA security $ 25 September 2011 - Maturity Large generator interconnection agreement obligations 8 September 2011 - Maturity O&M reserve 10 December 2013 - Maturity Debt service reserve 35 August 2014 - Maturity Total $ 78 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 Operating revenues (b) $ 102 $ 119 $ 109 $ 141 Operating income (b) $ 43 $ 58 $ 48 $ 64 Net income (b) $ 14 $ 26 $ 12 $ 24 Net income attributable to NEP (b) $ 2 $ 4 $ 1 $ 5 Earnings per unit - basic and assuming dilution (b) $ 0.08 $ 0.16 $ 0.05 $ 0.16 Distributions per unit $ 0.20 $ 0.21 $ 0.24 $ 0.27 High-low common unit sales prices $45.25 - $33.70 $48.23 - $39.62 $41.26 - $19.34 $31.67 - $20.99 2014 Operating revenues (b) $ 71 $ 99 $ 97 $ 89 Operating income (b) $ 34 $ 54 $ 53 $ 36 Net income (b) $ 7 $ 23 $ 26 $ 1 Net income attributable to NEP (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 $ — $ 0.19 High-low common unit sales prices n/a $33.90 - $31.32 $37.99 - $31.90 $38.81 - $28.95 ______________________ (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, and in 2015 reflect the acquisition of the Texas pipeline business on October 1, 2015. (b) The sum of the quarterly amounts may not equal the total for the year due to rounding. |
Organization and Nature of Bu34
Organization and Nature of Business - Additional Disclosures (Details) $ / shares in Units, $ in Millions | Sep. 16, 2015shares | Jul. 01, 2014USD ($)$ / sharesshares | Dec. 31, 2015pipelineMW | Sep. 21, 2015 | May. 12, 2015 | Dec. 31, 2014 |
Schedule of Limited Partnership Activity [Line Items] | ||||||
Common units sold to the public | shares | 8,375,907 | 18,687,500 | ||||
Common units sold to the public, price per share (in dollars per share) | $ / shares | $ 25 | |||||
Proceeds from issuance of common units, net of underwriting discounts, commissions and structuring fees | $ | $ 438 | |||||
Noncontrolling interest, percent ownership by noncontrolling owners | 22.60% | 22.20% | ||||
Number of natural gas pipeline assets acquired | pipeline | 7 | |||||
Wind and Solar Generating Facilities [Member] | ||||||
Schedule of Limited Partnership Activity [Line Items] | ||||||
Renewable energy assets, power capacity (megawatts) | MW | 989 | |||||
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 | shares | 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 | shares | 6,395,907 | |||||
NEP OpCo [Member] | ||||||
Schedule of Limited Partnership Activity [Line Items] | ||||||
Noncontrolling interest, percent ownership | 23.20% | 20.10% | ||||
Noncontrolling interest, percent ownership by noncontrolling owners | 76.80% | 79.90% |
Summary of Significant Accoun35
Summary of Significant Accounting and Reporting Policies (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
May. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2015 | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Contingent rental revenues | $ 382,000 | $ 257,000 | $ 126,000 | ||||||||||||||||||
Revenue | $ 141,000 | $ 109,000 | $ 119,000 | $ 102,000 | $ 89,000 | $ 97,000 | $ 99,000 | $ 71,000 | 471,000 | 356,000 | [1] | 179,000 | [1] | ||||||||
Deferred taxes | $ 69,000 | 121,000 | 69,000 | $ 69,000 | 121,000 | 69,000 | |||||||||||||||
Distributions to unitholders | $ 4,000 | 4,000 | [2] | 20,000 | [2] | 4,000 | |||||||||||||||
Harmonized sales tax receivable | 26,000 | 1,000 | 26,000 | 26,000 | 1,000 | 26,000 | |||||||||||||||
Harmonized sales tax payable | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |||||||||||||||
CITC | 678,000 | 699,000 | 678,000 | 678,000 | 699,000 | 678,000 | |||||||||||||||
Property, plant and equipment - net | 3,629,000 | [3] | 4,197,000 | 3,629,000 | [3] | 3,629,000 | [3] | 4,197,000 | 3,629,000 | [3] | |||||||||||
Restricted cash | 82,000 | [3] | 16,000 | 82,000 | [3] | 82,000 | [3] | 16,000 | 82,000 | [3] | |||||||||||
Restricted cash, CITC | 22,000 | 22,000 | 22,000 | 22,000 | |||||||||||||||||
Other non-current assets | 49,000 | [3] | 49,000 | 49,000 | [3] | 49,000 | [3] | 49,000 | 49,000 | [3] | |||||||||||
Spare parts inventories | 10,000 | 13,000 | 10,000 | 10,000 | 13,000 | 10,000 | |||||||||||||||
Goodwill | 0 | [3] | 622,000 | 0 | [3] | 0 | [3] | 622,000 | 0 | [3] | |||||||||||
Amortization expense | 4,000 | ||||||||||||||||||||
Amortization next twelve months | 18,000 | 18,000 | |||||||||||||||||||
Amortization year two | 18,000 | 18,000 | |||||||||||||||||||
Amortization year three | 18,000 | 18,000 | |||||||||||||||||||
Amortization year four | 18,000 | 18,000 | |||||||||||||||||||
Amortization year five | 18,000 | 18,000 | |||||||||||||||||||
Debt issuance costs, net | 40,000 | 51,000 | 40,000 | 40,000 | 51,000 | 40,000 | |||||||||||||||
Debt issuance costs | 10,000 | 16,000 | 10,000 | 10,000 | 16,000 | 10,000 | |||||||||||||||
Amortization of deferred financing costs | 7,000 | 6,000 | [4] | 4,000 | [4] | ||||||||||||||||
Accretion expense | 2,000 | 1,000 | 1,000 | ||||||||||||||||||
Asset retirement obligations | $ 9,000 | 9,000 | 9,000 | 9,000 | |||||||||||||||||
Proceeds from differential membership investors | 5,000 | 428,000 | [4] | 0 | [4] | ||||||||||||||||
Period of receiving economic benefits | 10 years | ||||||||||||||||||||
Foreign Countries [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Revenue | 154,000 | 95,000 | 51,000 | ||||||||||||||||||
Property, plant and equipment - net | $ 1,075,000 | $ 879,000 | $ 1,075,000 | $ 1,075,000 | $ 879,000 | $ 1,075,000 | |||||||||||||||
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 | 50 years | ||||||||||||||||||||
PG&E [Member] | Revenue [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Percentage of consolidated revenue, by customer | 28.00% | ||||||||||||||||||||
IESO [Member] | Revenue [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Percentage of consolidated revenue, by customer | 23.00% | ||||||||||||||||||||
NEP OpCo [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Noncontrolling interest, percent ownership | 20.10% | 23.20% | 20.10% | 20.10% | 23.20% | 20.10% | |||||||||||||||
NextEra Energy Partner GP [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Total equity interest | $ 10 | $ 10 | |||||||||||||||||||
Subsidiary of NEP [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Other non-current assets | $ 3,000 | 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | |||||||||||||||
Subsidiaries of NEER [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Proceeds from differential membership investors | 0 | ||||||||||||||||||||
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 | $ 1,000 | $ 4,000 | 30,000 | ||||||||||||||||||
Genesis [Member] | Power-generation assets [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
CITC receivable | $ 180,000 | ||||||||||||||||||||
CITC receivable collected | 177,000 | ||||||||||||||||||||
Addition to property, plant, and equipment | 3,000 | ||||||||||||||||||||
Palo Duro WInd Project Holdings, LLC [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Restricted cash | 55,000 | 13,000 | 55,000 | 55,000 | 13,000 | 55,000 | |||||||||||||||
NET Holdings Management, LLC [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Goodwill | 622,000 | 622,000 | $ 622,000 | ||||||||||||||||||
NET Holdings Management, LLC [Member] | Subsidiary of NEP [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Noncontrolling interest, percent ownership | 10.00% | ||||||||||||||||||||
Customer Relationships [Member] | NET Holdings Management, LLC [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Intangible assets - customer relationships | 696,000 | $ 696,000 | $ 700,000 | ||||||||||||||||||
Estimated useful life, in years | 40 years | ||||||||||||||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Deferred taxes | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||||||
Debt issuance costs, net | 40,000 | 40,000 | 40,000 | 40,000 | |||||||||||||||||
Other Noncurrent Assets [Member] | Adjustments for New Accounting Pronouncement [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Debt issuance costs, net | $ 4,000 | $ 4,000 | $ 4,000 | $ 4,000 | |||||||||||||||||
Deferral Related to Differential Membership Interest - VIE [Member] | |||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||||
Debt issuance costs, net | $ 3,000 | $ 3,000 | |||||||||||||||||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||||||||||||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||||||||||||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||||||||||||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Summary of Significant Accoun36
Summary of Significant Accounting and Reporting Policies - Noncontrolling Interest (Details) | Dec. 31, 2015 | Oct. 01, 2015 | Sep. 21, 2015 | May. 12, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, percent ownership by noncontrolling owners | 22.60% | 22.20% | |||
NEP OpCo [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, percent ownership | 23.20% | 20.10% | |||
Noncontrolling interest, percent ownership by noncontrolling owners | 76.80% | 79.90% | |||
Non Affiliated Party [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, percent ownership by noncontrolling owners | 10.00% | ||||
NET Holdings Management, LLC [Member] | Subsidiary of NEP [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, percent ownership | 10.00% | ||||
Percentage of interest acquired | 90.00% | 100.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) CAD in Millions, $ in Millions | Oct. 01, 2015USD ($) | May. 12, 2015USD ($)MW | Apr. 30, 2015equity_investmentMWshares | Dec. 31, 2015CAD | Oct. 31, 2015USD ($) | Jan. 31, 2015USD ($)MW | Oct. 31, 2014USD ($)MW | Dec. 31, 2015USD ($)MW | Dec. 31, 2015USD ($)MW | Dec. 31, 2015CADMW | Oct. 31, 2015CADMW | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Indemnity holdback payable | $ 4 | ||||||||||||
Acquisition holdbacks | $ 375 | $ 375 | $ 0 | [1] | |||||||||
Other, Net [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Acquisition related costs | $ 13 | ||||||||||||
Shafter Solar, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total consideration transferred | $ 64 | ||||||||||||
NET Holdings Management, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Debt assumed in acquisition | $ 706 | ||||||||||||
Liabilities assumed in acquisition | 1,167 | ||||||||||||
Decrease in contingent consideration | $ (1) | ||||||||||||
Hansford and Ochiltree Countries, Texas [Member] | Palo Duro WInd Project Holdings, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 250 | ||||||||||||
Total consideration transferred | $ 228 | ||||||||||||
Liabilities assumed in acquisition | $ 248 | ||||||||||||
Shafter, California [Member] | Shafter Solar, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 20 | ||||||||||||
Ontario, Canada [Member] | Jericho Wind BC Holdings, ULC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash payment received from acquisition | CAD | CAD 5 | ||||||||||||
Amount previously payable in 2016 | CAD | CAD 3 | ||||||||||||
Subsidiary of NEP [Member] | Adelanto I, Adelanto II and McCoy [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 277 | 153 | 153 | 153 | |||||||||
Number of equity instruments | equity_investment | 3 | ||||||||||||
Economic rights percentage | 100.00% | ||||||||||||
Subsidiary of NEP [Member] | Ashtabula III, Baldwin, Mammoth Plains and Stateline [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration | $ 427 | ||||||||||||
Liabilities assumed in acquisition | $ 269 | ||||||||||||
Subsidiary of NEP [Member] | NET Holdings Management, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash consideration | 934 | ||||||||||||
Total consideration transferred | 2,000 | ||||||||||||
Debt assumed in acquisition | $ 706 | ||||||||||||
Percentage of interest acquired | 100.00% | 90.00% | 90.00% | 90.00% | |||||||||
Noncontrolling interest, percent ownership | 10.00% | ||||||||||||
Working capital adjustment | $ 2 | ||||||||||||
Indemnity holdback payable | 200 | ||||||||||||
Decrease in contingent consideration | 10 | ||||||||||||
Potential capital expenditures | 100 | ||||||||||||
Period goodwill is expected to be tax deductible | 15 years | ||||||||||||
Acquisition holdbacks | $ 186 | $ 186 | |||||||||||
Subsidiary of NEP [Member] | North Dakota [Member] | Ashtabula Wind III, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 62 | ||||||||||||
Subsidiary of NEP [Member] | North Dakota [Member] | Baldwin Wind Holdings, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 102 | ||||||||||||
Subsidiary of NEP [Member] | Oklahoma [Member] | Mammoth Plains Wind Project Holdings, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 199 | ||||||||||||
Subsidiary of NEP [Member] | Oregon and Washington [Member] | FPL Energy Stateline Holdings, L.L.C. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 300 | ||||||||||||
Subsidiary of NEP [Member] | Ontario, Canada [Member] | Jericho Wind BC Holdings, ULC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Renewable energy assets, power capacity (megawatts) | MW | 149 | ||||||||||||
Total consideration transferred | $ 229 | ||||||||||||
Debt assumed in acquisition | CAD | CAD 392 | ||||||||||||
Receivables acquired in acquisition | CAD | CAD 43 | ||||||||||||
Acquired receivable interest rate percentage | 7.10% | ||||||||||||
NextEra Energy Operating Partners, LP [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Percentage of interest acquired | 50.00% | ||||||||||||
Partnership Interest [Member] | NextEra Energy Operating Partners, LP [Member] | Class B Units, Series 1 [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares issued in acquisition | shares | 1,000,000 | ||||||||||||
Partnership Interest [Member] | NextEra Energy Operating Partners, LP [Member] | Class B Units, Series 2 [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of shares issued in acquisition | shares | 1,000,000 | ||||||||||||
Maximum [Member] | Subsidiary of NEP [Member] | NET Holdings Management, LLC [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total consideration transferred | $ 2,100 | ||||||||||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Acquisitions - Assets and Liabi
Acquisitions - Assets and Liabiltiies Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Oct. 01, 2015 | Dec. 31, 2014 | [1] |
Assets | ||||
Goodwill | $ 622 | $ 0 | ||
NET Holdings Management, LLC [Member] | ||||
Assets | ||||
Cash | $ 1 | |||
Accounts receivable and prepaid expenses | 21 | |||
Property, plant and equipment | 806 | |||
Gas commodity contracts | 20 | |||
Goodwill | 622 | 622 | ||
Total assets | 2,170 | |||
Liabilities | ||||
Accounts payable, accrued expenses and other current liabilities | 46 | |||
Long-term debt, including current portion | 706 | |||
Acquisition holdbacks | 372 | |||
Derivatives | 43 | |||
Total liabilities | 1,167 | |||
Less: Noncontrolling interest at fair value | 69 | |||
Total cash consideration | 934 | |||
Customer Relationships [Member] | NET Holdings Management, LLC [Member] | ||||
Assets | ||||
Intangible assets - customer relationships | $ 696 | $ 700 | ||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Acquisitions - Revenue and Net
Acquisitions - Revenue and Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | [2],[3] | Jun. 30, 2014 | [3] | Dec. 31, 2015 | Dec. 31, 2014 | [1] | Dec. 31, 2013 | |||
Business Acquisition [Line Items] | ||||||||||||||||||
Operating income | $ 64 | $ 48 | $ 58 | $ 43 | $ 36 | $ 53 | $ 54 | $ 34 | $ 215 | $ 177 | $ 72 | [1] | ||||||
Net income | 24 | 12 | 26 | 14 | 1 | 26 | $ 23 | $ 7 | $ 27 | 80 | [2],[3] | 57 | [4],[5] | 20 | [1],[4],[5] | |||
Net income attributable to NEP | 5 | $ 1 | $ 4 | $ 2 | $ 0 | $ 3 | $ 30 | $ 10 | $ 3 | $ 20 | [3] | |||||||
NET Holdings Management, LLC [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Revenues | 37 | |||||||||||||||||
Operating income | 22 | |||||||||||||||||
Net income | 18 | |||||||||||||||||
Net income attributable to NEP | $ 4 | |||||||||||||||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||||||||
[2] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. | |||||||||||||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||||||||
[5] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - NET Holdings Management, LLC [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Pro forma revenues | $ 548 | $ 403 |
Pro forma operating income | 252 | 174 |
Pro forma net income (loss) | 72 | (13) |
Pro forma net income (loss) attributable to NEP | $ 9 | $ (6) |
Income Taxes - Additional Discl
Income Taxes - Additional Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 3 | $ 4 | |
Unrecognized tax benefit that would impact effective tax rate | $ 3 | ||
Effective tax rate | 21.00% | 25.00% | 29.00% |
Income Taxes - Components of In
Income Taxes - Components of Income, before Income Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 53 | $ 48 | $ 4 |
Foreign | 48 | 28 | 24 |
Income before income taxes | $ 101 | $ 76 | $ 28 |
Income Taxes - Components of 43
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Federal: | |||||
Current | $ 1 | $ 4 | $ 1 | ||
Deferred | 3 | 9 | 2 | ||
Total federal | 4 | 13 | 3 | ||
State: | |||||
Current | 0 | 0 | 0 | ||
Deferred | 8 | 1 | 1 | ||
Total state | 8 | 1 | 1 | ||
Foreign: | |||||
Current | 5 | 3 | 0 | ||
Deferred | 4 | 2 | 4 | ||
Total foreign | 9 | 5 | 4 | ||
Income tax expense | $ 21 | $ 19 | [1] | $ 8 | [1] |
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Income Tax to Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Income Tax Disclosure [Abstract] | |||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||
Income tax expense at 35% statutory rate | $ 35 | $ 27 | $ 10 | ||
Increases (reductions) resulting from: | |||||
Taxes attributable to U.S. noncontrolling interest | (13) | (6) | 0 | ||
State income taxes, net of federal tax benefit | 4 | 1 | 0 | ||
CITCs | (1) | (12) | (32) | ||
PTCs | 0 | (3) | 0 | ||
Valuation allowance | 0 | 13 | 34 | ||
Effect of flow through entities and foreign tax differential | (4) | (4) | (5) | ||
U.S. taxes on foreign earnings | 2 | 1 | 0 | ||
Withholding taxes, net of federal tax benefit | (3) | 1 | 0 | ||
Change in tax status | 0 | 2 | 0 | ||
Other-net | 1 | (1) | 1 | ||
Income tax expense | $ 21 | $ 19 | [1] | $ 8 | [1] |
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Income Taxes - Tax Effects, Def
Income Taxes - Tax Effects, Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities: | ||
Net unrealized gains | $ (44) | $ (165) |
Withholding taxes | (4) | (6) |
Other | (2) | 0 |
Total deferred tax liabilities | (50) | (171) |
Deferred tax asset: | ||
Net operating loss | 78 | 107 |
Investment in partnership | 83 | 90 |
Tax credit carryforwards | 2 | 75 |
Power purchase agreements | 2 | 2 |
Net unrealized gains | 5 | 4 |
Other | 1 | 5 |
Valuation allowance | 0 | (43) |
Total deferred tax asset | 171 | 240 |
Net deferred tax asset | $ 121 | $ 69 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes - assets | $ 161 | $ 145 |
Deferred income taxes - liabilities | (40) | (76) |
Net deferred tax asset | $ 121 | $ 69 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carryforwards (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Loss Carryforwards [Line Items] | |
Total net operating loss carryforwards | $ 78 |
Tax credit carryforwards | 2 |
Federal [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total net operating loss carryforwards | 70 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Total net operating loss carryforwards | $ 8 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 63 | $ 74 |
Restricted cash equivalents | 5 | 30 |
Foreign currency swaps | 2 | 0 |
Interest rate swaps | 2 | 2 |
Total assets | 72 | 106 |
Liabilities: | ||
Interest rate swaps | 68 | 11 |
Total liabilities | 68 | 11 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 63 | 74 |
Restricted cash equivalents | 5 | 30 |
Foreign currency swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets | 68 | 104 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Foreign currency swaps | 2 | 0 |
Interest rate swaps | 2 | 2 |
Total assets | 4 | 2 |
Liabilities: | ||
Interest rate swaps | 68 | 11 |
Total liabilities | $ 68 | $ 11 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liability | $ 4 | |
NET Holdings Management, LLC [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Increase in contingent consideration liability | $ 1 | |
Level 2 [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 20 |
Long-term debt, including current maturities | 3,435 | 1,893 |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 20 |
Long-term debt, including current maturities | $ 3,532 | $ 1,968 |
Derivative Instruments and He50
Derivative Instruments and Hedging Activity - Additional Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 1,277 | $ 361 |
Net losses included in AOCI expected to be reclassified into interest expense within the next 12 months | 9 | |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative [Line Items] | ||
Gain on derivative | 8 | |
Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount | 54 | |
Foreign Currency Contract [Member] | Other, Net [Member] | ||
Derivative [Line Items] | ||
Gain on derivative | $ 3 |
Derivative Instruments and He51
Derivative Instruments and Hedging Activity - Fair Value of Derivative Instruments Included in Balance Sheets (Details) - Cash Flow Hedges [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | $ 7 | $ 5 |
Fair value of derivative instruments, liabilities | 71 | 14 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 2 | 0 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 5 | 5 |
Current Derivative Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, liabilities | 22 | 6 |
Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, liabilities | 49 | 8 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 5 | 5 |
Fair value of derivative instruments, liabilities | 71 | 14 |
Foreign Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 2 | |
Fair value of derivative instruments, liabilities | 0 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 1 | 2 |
Fair value of derivative instruments, liabilities | 22 | 11 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 1 | 2 |
Fair value of derivative instruments, liabilities | 22 | 11 |
Designated as Hedging Instrument [Member] | Foreign Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 0 | |
Fair value of derivative instruments, liabilities | 0 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 3 | 0 |
Fair value of derivative instruments, liabilities | 46 | 0 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 1 | 0 |
Fair value of derivative instruments, liabilities | 46 | $ 0 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments, assets | 2 | |
Fair value of derivative instruments, liabilities | $ 0 |
Derivative Instruments and He52
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 ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in other comprehensive income | $ (15) | $ (26) | $ 14 |
Losses reclassified from AOCI to net income | $ 6 | $ 6 | $ 5 |
Property, Plant and Equipment53
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 4,679 | $ 3,989 | ||
Accumulated depreciation | (482) | (360) | ||
Property, plant and equipment - net | 4,197 | 3,629 | [1] | |
Depreciation expense | $ 135 | 95 | $ 55 | |
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 | 50 years | |||
Power-generation assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 3,511 | $ 3,642 | ||
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 | ||
Pipeline assets, including temporary rights of way [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 765 | $ 0 | ||
Useful life of property, plant, and equipment | 50 years | 50 years | ||
Land improvements and buildings [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 129 | $ 127 | ||
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, including perpetual rights of way [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 73 | $ 20 | ||
Other depreciable assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $ 201 | $ 200 | ||
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 | ||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Variable Interest Entity [Line Items] | ||||
Property, plant and equipment - net | $ 4,197 | $ 3,629 | [1] | |
Deferral related to differential membership interests - VIEs | 409 | 424 | [1] | |
Investments in equity method investees - VIEs | [1] | 22 | 19 | |
Variable Interest Entity [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Property, plant and equipment - net | 701 | 722 | [1] | |
Palo Duro WInd Project Holdings, LLC [Member] | Variable Interest Entity [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Property, plant and equipment - net | 751 | 808 | ||
Deferral related to differential membership interests - VIEs | $ 455 | $ 551 | ||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Capitalization - Schedule of Lo
Capitalization - Schedule of Long Term Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ (51,000,000) | $ (40,000,000) | |
Unamortized discount | 3,000,000 | 0 | |
Total long-term debt | 3,435,000,000 | 1,893,000,000 | |
Less current maturities of long-term debt | 101,000,000 | 86,000,000 | [1] |
Long-term debt, excluding current maturities | 3,334,000,000 | 1,807,000,000 | [1] |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 600,000,000 | 0 | |
Credit Facility [Member] | Revolving Credit Facility Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 29,000,000 | 0 | |
Credit Facility [Member] | Construction Loan Credit Facility Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 491,000,000 | 0 | |
Senior Secured Notes [Member] | Limited Recourse Debt, Fixed [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 1,383,000,000 | $ 1,440,000,000 | |
Senior Secured Notes [Member] | Limited Recourse Debt, Fixed [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate percentage | 4.125% | 4.125% | |
Senior Secured Notes [Member] | Limited Recourse Debt, Fixed [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate percentage | 6.56% | 6.56% | |
Senior Secured Notes [Member] | Limited Recourse Debt, Variable [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 755,000,000 | $ 493,000,000 | |
Senior Secured Notes [Member] | Limited Recourse Debt, Variable [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.20% | 1.20% | |
Senior Secured Notes [Member] | Limited Recourse Debt, Variable [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.25% | 3.25% | |
Senior Secured Notes [Member] | Limited Recourse Debt, Variable [Member] | CDOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.00% | 2.00% | |
Senior Secured Notes [Member] | Limited Recourse Debt, Variable [Member] | CDOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.25% | 3.25% | |
Bank Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 200,000,000 | $ 0 | |
Bank Loan [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.00% | 2.00% | |
Note Payable [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 25,000,000 | $ 0 | |
Interest rate percentage | 0.063% | 0.063% | |
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Capitalization (Details)
Capitalization (Details) - USD ($) | Oct. 01, 2015 | Sep. 16, 2015 | Jun. 05, 2015 | May. 12, 2015 | Jul. 01, 2014 | Feb. 29, 2016 | Jan. 31, 2016 | May. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [2] | Dec. 14, 2015 | Nov. 30, 2015 | Sep. 30, 2015 | Sep. 21, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | ||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Amount debt reserve underfunded | $ 2,000,000 | ||||||||||||||||||||||||
Distributions to unitholders | $ 4,000,000 | $ 4,000,000 | [1] | 20,000,000 | [1] | $ 4,000,000 | |||||||||||||||||||
Number of units sold in private placement | 2,594,948 | ||||||||||||||||||||||||
Value of units issued in private placement | $ 109,000,000 | ||||||||||||||||||||||||
Common units sold to the public | 8,375,907 | 18,687,500 | |||||||||||||||||||||||
Initial public offering, unit issuance | $ 218,000,000 | $ 438,000,000 | [1] | ||||||||||||||||||||||
Proceeds from issuance of NEP OpCo common units to noncontrolling interest | 702,000,000 | $ 0 | [2] | $ 0 | |||||||||||||||||||||
Issuance of common units | [1] | $ 343,000,000 | |||||||||||||||||||||||
Ownership percentage | 22.20% | 22.60% | |||||||||||||||||||||||
NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Noncontrolling interest, percent ownership | 20.10% | 23.20% | 20.10% | ||||||||||||||||||||||
Ownership percentage | 79.90% | 76.80% | 79.90% | ||||||||||||||||||||||
NextEra Energy Partner GP [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Ownership percentage | 76.90% | ||||||||||||||||||||||||
Revolving Credit Facility [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Credit facility, maximum borrowing capacity | $ 250,000,000 | ||||||||||||||||||||||||
Revolving Credit Facility, Letters of Credit, and Incremental Commitments [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||||||||||||||||||||
Federal Funds Rate [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 0.50% | ||||||||||||||||||||||||
LIBOR [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||||
Canadian Dealer Offered Rate [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 1.00% | ||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Common unit sales price, per share | $ 28.95 | $ 20.99 | $ 28.95 | $ 19.34 | $ 39.62 | $ 33.70 | $ 31.90 | $ 31.32 | |||||||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Commitment fee percentage | 0.375% | ||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Common unit sales price, per share | $ 38.81 | $ 31.67 | $ 38.81 | $ 41.26 | $ 48.23 | $ 45.25 | $ 37.99 | $ 33.90 | |||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | NEP OpCo [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Commitment fee percentage | 0.50% | ||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Distributions to unitholders | $ 9,000,000 | ||||||||||||||||||||||||
Credit Facility [Member] | Revolving Credit Facility [Member] | Subsidiary of NEP [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Additional borrowing capacity | $ 150,000,000 | ||||||||||||||||||||||||
Credit Facility [Member] | Subsequent Event [Member] | Revolving Credit Facility Due 2019 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Outstanding amount of debt repaid | $ 29,000,000 | ||||||||||||||||||||||||
Term Loan [Member] | Subsidiary of NEP [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Credit facility, maximum borrowing capacity | $ 313,000,000 | $ 200,000,000 | |||||||||||||||||||||||
Draw on line of credit | $ 600,000,000 | ||||||||||||||||||||||||
Repayment of debt | $ 110,000,000 | ||||||||||||||||||||||||
Short-Term Cash Grant Bridge Loan [Member] | Subsidiary of NEP [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Credit facility, maximum borrowing capacity | $ 12,000,000 | ||||||||||||||||||||||||
Short-Term Cash Grant Bridge Loan [Member] | LIBOR [Member] | Subsidiary of NEP [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 0.775% | ||||||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Common unit sales price, per share | $ 41.87 | ||||||||||||||||||||||||
Stock issuance costs | $ 3,000,000 | ||||||||||||||||||||||||
Public Offering [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Common unit sales price, per share | $ 26 | ||||||||||||||||||||||||
Stock issuance costs | $ 5,000,000 | ||||||||||||||||||||||||
ATM Program [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Stock issuance costs | $ 1,000,000 | ||||||||||||||||||||||||
Value of units authorized to issue | $ 150,000,000 | ||||||||||||||||||||||||
Issuance of common units, in units | 887,070 | ||||||||||||||||||||||||
Issuance of common units | $ 26,000,000 | ||||||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Proceeds from issuance of NEP OpCo common units to noncontrolling interest | $ 702,000,000 | ||||||||||||||||||||||||
Subsidiary of NEE [Member] | Common Class A [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Initial public offering, unit issuance, in units | 27,000,000 | ||||||||||||||||||||||||
Construction Loan Commitment [Member] | Credit Facility [Member] | Construction Loan Credit Facility Due 2022 [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Loan commitment | $ 604,000,000 | ||||||||||||||||||||||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | ||||||||||||||||||||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Capitalization - Schedule of Ma
Capitalization - Schedule of Maturities (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 101 |
2,017 | 124 |
2,018 | 717 |
2,019 | 148 |
2,020 | $ 429 |
Intangible Liabilities (Details
Intangible Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Liabilities Disclosure [Abstract] | |||
Intangible liabilities | $ 6 | $ 7 | |
Amortization of intangible liabilities | 1 | $ 1 | $ 1 |
Future estimated amortization: | |||
Amortization, 2016 | 1 | ||
Amortization. 2017 | 1 | ||
Amortization, 2018 | 1 | ||
Amortization, 2019, less than | 1 | ||
Amortization, 2020, less than | $ 1 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Balance, beginning of period | $ (22) | $ (70) | $ (22) | $ (4) | ||||||
Other comprehensive loss before reclassification | (54) | (59) | (22) | |||||||
Amounts reclassified from AOCI to interest expense | 5 | 5 | 4 | |||||||
Net other comprehensive income (loss) | $ (38) | [1] | (16) | [1] | (49) | [1] | (54) | [2] | (18) | [1],[2] |
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | |||||||||
Balance, end of period | (70) | (119) | (70) | (22) | ||||||
AOCI attributable to noncontrolling interest | (113) | |||||||||
AOCI attributable to NextEra Energy Partners | (3) | [3] | (6) | (3) | [3] | |||||
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Balance, beginning of period | 9 | (4) | 9 | (6) | ||||||
Other comprehensive loss before reclassification | (12) | (24) | 11 | |||||||
Amounts reclassified from AOCI to interest expense | 5 | 5 | 4 | |||||||
Net other comprehensive income (loss) | (7) | (19) | 15 | |||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 6 | |||||||||
Balance, end of period | (4) | (11) | (4) | 9 | ||||||
AOCI attributable to noncontrolling interest | (11) | |||||||||
AOCI attributable to NextEra Energy Partners | 0 | |||||||||
Net Unrealized Gains (Losses) on Foreign Currency Translation [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Balance, beginning of period | $ (31) | (66) | (31) | 2 | ||||||
Other comprehensive loss before reclassification | (42) | (35) | (33) | |||||||
Amounts reclassified from AOCI to interest expense | 0 | 0 | 0 | |||||||
Net other comprehensive income (loss) | (42) | (35) | (33) | |||||||
Balance sheet adjustment related to transitioning from separate return method (see Note 3) | 0 | |||||||||
Balance, end of period | $ (66) | (108) | $ (66) | $ (31) | ||||||
AOCI attributable to noncontrolling interest | (102) | |||||||||
AOCI attributable to NextEra Energy Partners | $ (6) | |||||||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||
[2] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | |||||
Due from related parties | $ 70,000,000 | $ 70,000,000 | $ 219,000,000 | [1] | |
Due to related party, noncurrent | 18,000,000 | 18,000,000 | 19,000,000 | [1] | |
Transportation and Fuel Management Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 6,000,000 | ||||
Subsidiaries of NEER [Member] | Operations, Maintenance,and Administrative Services, as well as Payroll and Other Payments [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | 8,000,000 | 8,000,000 | 14,000,000 | ||
Subsidiaries of NEER [Member] | Transportation and Fuel Management Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts receivable | 2,000,000 | 2,000,000 | |||
NextEra Energy, Inc. [Member] | Management Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Expenses from transactions with related party | 6,000,000 | 2,000,000 | $ 0 | ||
NEER [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related party, noncurrent | 18,000,000 | 18,000,000 | 16,000,000 | ||
NEER [Member] | Cash Sweep and Credit Support Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest expense, less than $1 million | 2,000,000 | 1,000,000 | 0 | ||
Due from related parties | 66,000,000 | 66,000,000 | 218,000,000 | 16,000,000 | |
NEP OpCo [Member] | NextEra Energy, Inc. [Member] | Management Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual management fee | $ 4,000,000 | ||||
Management fee, percent of EBITDA | 1.00% | ||||
Annual management fee, quarterly installments | $ 1,000,000 | ||||
Management fee, additional payment threshold, minimum EBITDA | 4,000,000 | ||||
NEECH [Member] | Guarantees and letters of credit [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total letters of credit | 565,000,000 | 565,000,000 | |||
NEER [Member] | Guarantees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party obligations | $ 35,000,000 | 35,000,000 | |||
NEER [Member] | Engineering, Procurement, and Construction Contracts [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction | $ 24,000,000 | $ 1,000,000 | $ 0 | ||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |
Commitments and Contingencies -
Commitments and Contingencies - Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Lease expense | $ 17 | $ 15 | $ 8 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 8 | ||
2,017 | 8 | ||
2,018 | 8 | ||
2,019 | 8 | ||
2,020 | 8 | ||
Thereafter | 212 | ||
Total minimum land use payments | 252 | ||
Genesis [Member] | Surety Bond [Member] | |||
Operating Leased Assets [Line Items] | |||
Surety bond | $ 23 |
Commitments and Contingencies62
Commitments and Contingencies - Letters of Credit (Details) - Genesis [Member] - Standby Letters of Credit [Member] $ in Millions | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |
Credit facility, maximum borrowing capacity | $ 83 |
Credit facility, amount outstanding | 78 |
PPA Security [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, amount outstanding | 25 |
Large Generator Interconnection Agreement [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, amount outstanding | 8 |
Operations & Maintenance Reserve [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, amount outstanding | 10 |
Debt service reserve [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility, amount outstanding | $ 35 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Revenue | $ 141 | $ 109 | $ 119 | $ 102 | $ 89 | $ 97 | $ 99 | $ 71 | $ 471 | $ 356 | [1] | $ 179 | [1] | |||||
Operating income | 64 | 48 | 58 | 43 | 36 | 53 | 54 | 34 | 215 | 177 | [1] | 72 | [1] | |||||
Net income | 24 | 12 | 26 | 14 | 1 | 26 | $ 23 | $ 7 | $ 27 | [2],[3] | 80 | [2],[3] | 57 | [1],[4],[5] | 20 | [1],[4],[5] | ||
Net income attributable to NEP | $ 5 | $ 1 | $ 4 | $ 2 | $ 0 | $ 3 | $ 30 | [3] | $ 10 | $ 3 | [1] | $ 20 | [3] | |||||
Earnings per unit - basic and assuming dilution | $ 0.16 | $ 0.05 | $ 0.16 | $ 0.08 | $ (0.01) | $ 0.17 | $ 0.46 | $ 0.16 | [1] | |||||||||
Distributions per unit | 0.27 | 0.24 | 0.21 | 0.20 | 0.19 | 0 | ||||||||||||
High [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Common unit sales price, per share | 31.67 | 41.26 | 48.23 | 45.25 | 38.81 | 37.99 | $ 33.90 | $ 38.81 | $ 33.90 | 31.67 | 38.81 | |||||||
Low [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Common unit sales price, per share | $ 20.99 | $ 19.34 | $ 39.62 | $ 33.70 | $ 28.95 | $ 31.90 | $ 31.32 | $ 28.95 | $ 31.32 | $ 20.99 | $ 28.95 | |||||||
[1] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||||||||
[2] | Net income attributable to noncontrolling interest includes the pre-acquisition net income of the 2015 common control acquisitions. See Note 2 - Basis of Presentation. | |||||||||||||||||
[3] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||||||||
[4] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. | |||||||||||||||||
[5] | Prior-period financial information has been retrospectively adjusted as discussed in Note 2 - Basis of Presentation. |