Document_Entity_Information_Do
Document Entity Information Document | 3 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'NEXTERA ENERGY INC |
Entity Central Index Key | '0000753308 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 436,118,602 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
FPL [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'FLORIDA POWER & LIGHT CO |
Entity Central Index Key | '0000037634 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
OPERATING REVENUES | $3,674 | $3,279 | ||
OPERATING EXPENSES | ' | ' | ||
Fuel, purchased power and interchange | 1,397 | 1,065 | ||
Other operations and maintenance | 756 | 756 | ||
Impairment charge | 0 | 300 | ||
Depreciation and amortization | 463 | 419 | ||
Taxes other than income taxes and other | 320 | 305 | ||
Total operating expenses | 2,936 | 2,845 | ||
OPERATING INCOME | 738 | 434 | ||
OTHER INCOME (DEDUCTIONS) | ' | ' | ||
Interest expense | -319 | -272 | ||
Benefits associated with differential membership interests - net | 65 | 40 | ||
Allowance for equity funds used during construction | 15 | 26 | ||
Interest income | 22 | 19 | ||
Gains on disposal of assets - net | 44 | 12 | ||
Gain (loss) associated with Maine fossil | 21 | -67 | ||
Other - net | -3 | -7 | ||
Total other deductions - net | -155 | -249 | ||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 583 | 185 | [1] | |
INCOME TAXES | 153 | 144 | [1] | |
INCOME FROM CONTINUING OPERATIONS | 430 | 41 | [1],[2] | |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 231 | [1],[2],[3] | |
NET INCOME | 430 | 272 | ||
Earnings per share of common stock: | ' | ' | ||
Continuing operations | $0.99 | $0.10 | ||
Discontinued operations | $0 | $0.55 | ||
Net income | $0.99 | $0.65 | ||
Continuing operations, assuming dilution | $0.98 | $0.10 | ||
Discontinued operations, assuming dilution | $0 | $0.54 | ||
Net Income | $0.98 | $0.64 | ||
Dividends per share of common stock | $0.73 | $0.66 | ||
Weighted-average number of common shares outstanding: | ' | ' | ||
Basic | 433.5 | 421 | ||
Assuming dilution | 438.2 | 423.7 | ||
FPL [Member] | ' | ' | ||
OPERATING REVENUES | 2,535 | 2,188 | ||
OPERATING EXPENSES | ' | ' | ||
Fuel, purchased power and interchange | 1,036 | 820 | ||
Other operations and maintenance | 384 | 385 | ||
Depreciation and amortization | 209 | 181 | ||
Taxes other than income taxes and other | 274 | 259 | ||
Total operating expenses | 1,903 | 1,645 | ||
OPERATING INCOME | 632 | 543 | ||
OTHER INCOME (DEDUCTIONS) | ' | ' | ||
Interest expense | -102 | -102 | ||
Allowance for equity funds used during construction | 15 | 18 | ||
Other - net | 1 | 1 | ||
Total other deductions - net | -86 | -83 | ||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 546 | 460 | ||
INCOME TAXES | 199 | 172 | ||
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 0 | ||
NET INCOME | $347 | [4] | $288 | [4] |
[1] | Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements | |||
[2] | (c)Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | |||
[3] | See Note 5. | |||
[4] | (a)FPL's comprehensive income is the same as reported net income. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' |
NET INCOME | $430 | $272 |
Net unrealized gains (losses) on cash flow hedges: | ' | ' |
Effective portion of net unrealized gains (losses) (net of $11 tax benefit and $27 tax expense, respectively) | -18 | 65 |
Reclassification from accumulated other comprehensive income to net income (net of $5 and $13 tax expense, respectively) | 9 | 21 |
Net unrealized gains (losses) on available for sale securities: | ' | ' |
Net unrealized gains on securities still held (net of $10 and $26 tax expense, respectively) | 13 | 40 |
Reclassification from accumulated other comprehensive income to net income (net of $15 and $4 tax benefit, respectively) | -25 | -6 |
Defined benefit pension and other benefits plans (net of $3 and $4 tax expense, respectively) | 5 | 7 |
Net unrealized losses on foreign currency translation (net of $8 and $5 tax benefit, respectively) | -17 | -9 |
Other comprehensive income (loss) related to equity method investee (net of $1 tax benefit in 2014) | -2 | 1 |
Total other comprehensive income (loss), net of tax | -35 | 119 |
COMPREHENSIVE INCOME | $395 | $391 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Tax expense (benefit) of unrealized gains/losses on cash flow hedges | ($11) | $27 |
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income | 5 | 13 |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | 10 | 26 |
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income | -15 | -4 |
Tax expense (benefit) of defined benefit pension and other benefits plans | 3 | 4 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -8 | -5 |
Other comprehensive income (loss) related to equity method investee, tax | ($1) | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Electric plant in service and other property | $63,428 | $62,699 |
Nuclear fuel | 2,166 | 2,059 |
Construction work in progress | 4,773 | 4,690 |
Less accumulated depreciation and amortization | -17,061 | -16,728 |
Total property, plant and equipment - net ($5,077 and $5,127 related to VIEs, respectively) | 53,306 | 52,720 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | 488 | 438 |
Customer receivables, net of allowances | 1,904 | 1,777 |
Other receivables | 647 | 512 |
Materials, supplies and fossil fuel inventory | 1,148 | 1,153 |
Regulatory assets: | ' | ' |
Deferred clause and franchise expenses | 166 | 192 |
Other | 116 | 116 |
Derivatives | 533 | 498 |
Deferred income taxes | 754 | 753 |
Other | 385 | 403 |
Total current assets | 6,141 | 5,842 |
OTHER ASSETS | ' | ' |
Special use funds | 4,866 | 4,780 |
Other investments | 1,148 | 1,121 |
Prepaid benefit costs | 1,476 | 1,456 |
Regulatory assets: | ' | ' |
Securitized storm-recovery costs ($220 and $228 related to a VIE, respectively) | 358 | 372 |
Other | 440 | 426 |
Derivatives | 984 | 1,163 |
Other | 1,612 | 1,426 |
Total other assets | 10,884 | 10,744 |
TOTAL ASSETS | 70,331 | 69,306 |
CAPITALIZATION | ' | ' |
Common stock | 4 | 4 |
Additional paid-in capital | 6,451 | 6,411 |
Retained earnings | 11,684 | 11,569 |
Accumulated other comprehensive income | 21 | 56 |
Total common shareholder's equity | 18,160 | 18,040 |
Long-term debt | 23,824 | 23,969 |
Total capitalization | 41,984 | 42,009 |
CURRENT LIABILITIES | ' | ' |
Commercial paper | 1,869 | 691 |
Current maturities of long-term debt | 3,822 | 3,766 |
Accounts payable | 1,450 | 1,200 |
Customer deposits | 452 | 452 |
Accrued interest and taxes | 555 | 473 |
Derivatives | 815 | 838 |
Accrued construction-related expenditures | 458 | 839 |
Other | 871 | 930 |
Total current liabilities | 10,292 | 9,189 |
OTHER LIABILITIES AND DEFERRED CREDITS | ' | ' |
Asset retirement obligations | 1,877 | 1,850 |
Deferred income taxes | 8,306 | 8,144 |
Regulatory liabilities: | ' | ' |
Accrued asset removal costs | 1,722 | 1,839 |
Asset retirement obligation regulatory expense difference | 2,122 | 2,082 |
Other | 457 | 462 |
Derivatives | 396 | 473 |
Deferral related to differential membership interests - VIEs | 1,933 | 2,001 |
Other | 1,242 | 1,257 |
Total other liabilities and deferred credits | 18,055 | 18,108 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
TOTAL CAPITALIZATION AND LIABILITIES | 70,331 | 69,306 |
FPL [Member] | ' | ' |
ELECTRIC UTILITY PLANT | ' | ' |
Plant in service and other property | 37,132 | 36,838 |
Nuclear fuel | 1,329 | 1,240 |
Construction work in progress | 2,241 | 1,818 |
Less accumulated depreciation and amortization | -11,085 | -10,944 |
Total electric utility plant - net | 29,617 | 28,952 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | 38 | 19 |
Customer receivables, net of allowances | 706 | 757 |
Other receivables | 111 | 137 |
Materials, supplies and fossil fuel inventory | 764 | 742 |
Regulatory assets: | ' | ' |
Deferred clause and franchise expenses | 166 | 192 |
Other | 107 | 105 |
Other | 237 | 261 |
Total current assets | 2,129 | 2,213 |
OTHER ASSETS | ' | ' |
Special use funds | 3,327 | 3,273 |
Prepaid benefit costs | 1,154 | 1,142 |
Regulatory assets: | ' | ' |
Securitized storm-recovery costs ($220 and $228 related to a VIE, respectively) | 358 | 372 |
Other | 407 | 396 |
Other | 197 | 140 |
Total other assets | 5,443 | 5,323 |
TOTAL ASSETS | 37,189 | 36,488 |
CAPITALIZATION | ' | ' |
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 6,278 | 6,179 |
Retained earnings | 5,879 | 5,532 |
Total common shareholder's equity | 13,530 | 13,084 |
Long-term debt | 8,443 | 8,473 |
Total capitalization | 21,973 | 21,557 |
CURRENT LIABILITIES | ' | ' |
Commercial paper | 324 | 204 |
Current maturities of long-term debt | 358 | 356 |
Accounts payable | 691 | 611 |
Customer deposits | 447 | 447 |
Accrued interest and taxes | 382 | 272 |
Accrued construction-related expenditures | 150 | 202 |
Other | 419 | 438 |
Total current liabilities | 2,771 | 2,530 |
OTHER LIABILITIES AND DEFERRED CREDITS | ' | ' |
Asset retirement obligations | 1,302 | 1,285 |
Deferred income taxes | 6,444 | 6,355 |
Regulatory liabilities: | ' | ' |
Accrued asset removal costs | 1,722 | 1,839 |
Asset retirement obligation regulatory expense difference | 2,122 | 2,082 |
Other | 387 | 386 |
Other | 468 | 454 |
Total other liabilities and deferred credits | 12,445 | 12,401 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
TOTAL CAPITALIZATION AND LIABILITIES | $37,189 | $36,488 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Total property, plant and equipment - net | $53,306 | $52,720 |
CURRENT ASSETS | ' | ' |
Customer receivables, allowances | 18 | 14 |
OTHER ASSETS | ' | ' |
Securitized storm-recovery costs | 358 | 372 |
CAPITALIZATION | ' | ' |
Long-term debt | 23,824 | 23,969 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Outstanding | 436,000,000 | 435,000,000 |
Related to VIEs [Member] | ' | ' |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Total property, plant and equipment - net | 5,077 | 5,127 |
OTHER ASSETS | ' | ' |
Securitized storm-recovery costs | 220 | 228 |
CAPITALIZATION | ' | ' |
Long-term debt | 1,190 | 1,207 |
FPL [Member] | ' | ' |
CURRENT ASSETS | ' | ' |
Customer receivables, allowances | 4 | 5 |
OTHER ASSETS | ' | ' |
Securitized storm-recovery costs | 358 | 372 |
CAPITALIZATION | ' | ' |
Long-term debt | 8,443 | 8,473 |
Common Stock, No Par Value | $0 | $0 |
Common Stock, Shares Authorized | 1,000 | 1,000 |
Common Stock, Shares, Outstanding | 1,000 | 1,000 |
Common Stock, Shares, Issued | 1,000 | 1,000 |
FPL [Member] | Related to VIEs [Member] | ' | ' |
OTHER ASSETS | ' | ' |
Securitized storm-recovery costs | 220 | 228 |
CAPITALIZATION | ' | ' |
Long-term debt | $300 | $331 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ||
Net income | $430 | $272 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ||
Depreciation and amortization | 463 | 419 | ||
Nuclear fuel and other amortization | 88 | 81 | ||
Impairment charge | 0 | 300 | ||
Unrealized losses on marked to market energy contracts | 124 | 42 | ||
Deferred income taxes | 190 | 363 | ||
Benefits associated with differential membership interests - net | -65 | -40 | ||
Allowance for equity funds used during construction | -15 | -26 | ||
Gains on disposal of assets - net | -44 | -12 | ||
Gain from discontinued operations, net of income taxes | 0 | -231 | [1],[2],[3] | |
Loss (gain) associated with Maine fossil | -21 | 67 | ||
Other - net | 47 | 67 | ||
Changes in operating assets and liabilities: | ' | ' | ||
Customer and other receivables | -90 | 136 | ||
Materials, supplies and fossil fuel inventory | 9 | -25 | ||
Other current assets | -24 | -10 | ||
Other assets | -97 | -25 | ||
Accounts payable and customer deposits | 162 | 42 | ||
Margin cash collateral | -84 | -2 | ||
Income taxes | -42 | -205 | ||
Interest and other taxes | 122 | 74 | ||
Other current liabilities | -161 | -219 | ||
Other liabilities | 25 | 14 | ||
Net cash provided by operating activities | 1,017 | 1,082 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ||
Capital expenditures of FPL | -999 | -810 | ||
Independent power and other investments of NEER | -752 | -972 | ||
Cash grants under the American Recovery and Reinvestment Act of 2009 | 0 | 170 | ||
Nuclear fuel purchases | -91 | -24 | ||
Other capital expenditures and other investments | -24 | -61 | ||
Sale of independent power investments | 53 | 0 | ||
Change in loan proceeds restricted for construction | -28 | 112 | ||
Proceeds from sale or maturity of securities in special use funds | 1,451 | 1,005 | ||
Purchases of securities in special use funds | -1,481 | -1,014 | ||
Other - net | 29 | 16 | ||
Net cash used in investing activities | -1,842 | -1,578 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ||
Issuances of long-term debt | 655 | 623 | ||
Retirements of long-term debt | -717 | -923 | ||
Payments to differential membership investors | -22 | -20 | ||
Net change in short-term debt | 1,179 | 966 | ||
Issuances of common stock - net | 25 | 8 | ||
Dividends | -315 | -279 | ||
Other - net | 70 | 7 | ||
Net cash provided by (used in) financing activities | 875 | 382 | ||
Net increase (decrease) in cash and cash equivalents | 50 | -114 | ||
Cash and cash equivalents at beginning of period | 438 | 329 | ||
Cash and cash equivalents at end of period | 488 | 215 | ||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ||
Accrued property additions | 802 | 674 | ||
Sale of hydropower generation plants through assumption of debt by buyer | 0 | 700 | ||
Changes in property, plant and equipment as a result of a settlement | 128 | 0 | ||
FPL [Member] | ' | ' | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ||
Net income | 347 | [4] | 288 | [4] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ||
Depreciation and amortization | 209 | 181 | ||
Nuclear fuel and other amortization | 47 | 34 | ||
Deferred income taxes | 168 | 238 | ||
Allowance for equity funds used during construction | -15 | -18 | ||
Gain from discontinued operations, net of income taxes | 0 | 0 | ||
Other - net | 10 | 23 | ||
Changes in operating assets and liabilities: | ' | ' | ||
Customer and other receivables | 68 | 106 | ||
Materials, supplies and fossil fuel inventory | -22 | -2 | ||
Other current assets | -18 | -17 | ||
Other assets | -69 | -10 | ||
Accounts payable and customer deposits | 91 | 74 | ||
Income taxes | 31 | -66 | ||
Interest and other taxes | 95 | 81 | ||
Other current liabilities | -94 | -127 | ||
Other liabilities | 27 | -9 | ||
Net cash provided by operating activities | 875 | 776 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ||
Capital expenditures of FPL | -999 | -810 | ||
Nuclear fuel purchases | -68 | -11 | ||
Proceeds from sale or maturity of securities in special use funds | 1,162 | 685 | ||
Purchases of securities in special use funds | -1,184 | -701 | ||
Other - net | 22 | -1 | ||
Net cash used in investing activities | -1,067 | -838 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ||
Retirements of long-term debt | -29 | -427 | ||
Net change in short-term debt | 120 | 800 | ||
Capital contribution from NEE | 100 | 0 | ||
Dividends | 0 | -340 | ||
Other - net | 20 | 24 | ||
Net cash provided by (used in) financing activities | 211 | 57 | ||
Net increase (decrease) in cash and cash equivalents | 19 | -5 | ||
Cash and cash equivalents at beginning of period | 19 | 40 | ||
Cash and cash equivalents at end of period | 38 | 35 | ||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ||
Accrued property additions | $317 | $339 | ||
[1] | See Note 5. | |||
[2] | (c)Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | |||
[3] | Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements | |||
[4] | (a)FPL's comprehensive income is the same as reported net income. |
Employee_Retirement_Benefits
Employee Retirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Retirement Benefits | ' | |||||||||||||||
Employee Retirement Benefits | ||||||||||||||||
NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and has a supplemental executive retirement plan, which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees (collectively, pension benefits). In addition to pension benefits, NEE sponsors a contributory postretirement plan for health care and life insurance benefits (other benefits) for retirees of NEE and its subsidiaries meeting certain eligibility requirements. | ||||||||||||||||
The components of net periodic benefit (income) cost for the plans are as follows: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Service cost | $ | 16 | $ | 18 | $ | 1 | $ | 1 | ||||||||
Interest cost | 25 | 24 | 4 | 4 | ||||||||||||
Expected return on plan assets | (60 | ) | (60 | ) | — | — | ||||||||||
Amortization of prior service cost (benefit) | 1 | 2 | (1 | ) | (1 | ) | ||||||||||
Amortization of losses | — | 1 | — | 1 | ||||||||||||
Net periodic benefit (income) cost at NEE | $ | (18 | ) | $ | (15 | ) | $ | 4 | $ | 5 | ||||||
Net periodic benefit (income) cost at FPL | $ | (11 | ) | $ | (10 | ) | $ | 3 | $ | 3 | ||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||
NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation and gas infrastructure assets. | ||||||||||||||||||||||||
With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. | ||||||||||||||||||||||||
Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause). For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in other - net in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. | ||||||||||||||||||||||||
While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, optimizing the value of NEER's power generation and gas infrastructure assets, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so. In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk. Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable. For interest rate and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life. The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income (OCI) and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur. The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period. In April 2013, NEE discontinued hedge accounting for cash flow hedges related to interest rate swaps associated with the solar projects in Spain (see Note 9 - Spain Solar Projects). At March 31, 2014, NEE's accumulated other comprehensive income (AOCI) included amounts related to interest rate cash flow hedges with expiration dates through June 2031 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $61 million of net losses included in AOCI at March 31, 2014 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made. Such amounts assume no change in interest rates, currency exchange rates or scheduled principal payments. | ||||||||||||||||||||||||
Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at March 31, 2014 and December 31, 2013, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral (see Note 3 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets. | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | ||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | ||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | |||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 4,553 | $ | 3,705 | $ | 1,441 | $ | 834 | ||||||||||||
Interest rate contracts | 76 | 125 | — | 108 | 76 | 233 | ||||||||||||||||||
Foreign currency swaps | — | 49 | — | 95 | — | 144 | ||||||||||||||||||
Total fair values | $ | 76 | $ | 174 | $ | 4,553 | $ | 3,908 | $ | 1,517 | $ | 1,211 | ||||||||||||
FPL: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 123 | $ | 3 | $ | 130 | $ | 10 | ||||||||||||
Net fair value by NEE balance sheet line item: | ||||||||||||||||||||||||
Current derivative assets(a) | $ | 533 | ||||||||||||||||||||||
Noncurrent derivative assets(b) | 984 | |||||||||||||||||||||||
Current derivative liabilities | $ | 815 | ||||||||||||||||||||||
Noncurrent derivative liabilities(c) | 396 | |||||||||||||||||||||||
Total derivatives | $ | 1,517 | $ | 1,211 | ||||||||||||||||||||
Net fair value by FPL balance sheet line item: | ||||||||||||||||||||||||
Current other assets | $ | 129 | ||||||||||||||||||||||
Noncurrent other assets | 1 | |||||||||||||||||||||||
Noncurrent other liabilities | $ | 10 | ||||||||||||||||||||||
Total derivatives | $ | 130 | $ | 10 | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Reflects the netting of approximately $165 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
(b) | Reflects the netting of approximately $88 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
(c) | Reflects the netting of approximately $12 million in margin cash collateral provided to counterparties. | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | ||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | ||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | |||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 4,543 | $ | 3,633 | $ | 1,571 | $ | 940 | ||||||||||||
Interest rate contracts | 89 | 127 | 1 | 93 | 90 | 220 | ||||||||||||||||||
Foreign currency swaps | — | 50 | — | 101 | — | 151 | ||||||||||||||||||
Total fair values | $ | 89 | $ | 177 | $ | 4,544 | $ | 3,827 | $ | 1,661 | $ | 1,311 | ||||||||||||
FPL: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 55 | $ | 9 | $ | 48 | $ | 2 | ||||||||||||
Net fair value by NEE balance sheet line item: | ||||||||||||||||||||||||
Current derivative assets(a) | $ | 498 | ||||||||||||||||||||||
Noncurrent derivative assets(b) | 1,163 | |||||||||||||||||||||||
Current derivative liabilities | $ | 838 | ||||||||||||||||||||||
Noncurrent derivative liabilities | 473 | |||||||||||||||||||||||
Total derivatives | $ | 1,661 | $ | 1,311 | ||||||||||||||||||||
Net fair value by FPL balance sheet line item: | ||||||||||||||||||||||||
Current other assets | $ | 48 | ||||||||||||||||||||||
Current other liabilities | $ | 1 | ||||||||||||||||||||||
Noncurrent other liabilities | 1 | |||||||||||||||||||||||
Total derivatives | $ | 48 | $ | 2 | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Reflects the netting of approximately $181 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
(b) | Reflects the netting of approximately $98 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, NEE had approximately $45 million and $24 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at March 31, 2014 and December 31, 2013, NEE had approximately $109 million and $42 million (none at FPL), respectively, in margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets. | ||||||||||||||||||||||||
Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest | Foreign | Total | Interest | Foreign | Total | |||||||||||||||||||
Rate | Currency | Rate | Currency | |||||||||||||||||||||
Contracts | Swaps | Contracts | Swaps | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Gains (losses) recognized in OCI | $ | (27 | ) | $ | (2 | ) | $ | (29 | ) | $ | 100 | $ | (8 | ) | $ | 92 | ||||||||
Gains (losses) reclassified from AOCI to net income | $ | (16 | ) | (a) | $ | 2 | (b) | $ | (14 | ) | $ | (15 | ) | (a) | $ | (19 | ) | (b) | $ | (34 | ) | |||
———————————— | ||||||||||||||||||||||||
(a) | Included in interest expense. | |||||||||||||||||||||||
(b) | Loss of approximately $1 million is included in interest expense and the balance is included in other - net. | |||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, NEE recorded a gain of approximately $4 million and a loss of $9 million, respectively, on fair value hedges which resulted in a corresponding increase and decrease, respectively, in the related debt. | ||||||||||||||||||||||||
Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Commodity contracts:(a) | ||||||||||||||||||||||||
Operating revenues | $ | (272 | ) | $ | (42 | ) | ||||||||||||||||||
Fuel, purchased power and interchange | (4 | ) | 3 | |||||||||||||||||||||
Foreign currency swap - other - net | 5 | (32 | ) | |||||||||||||||||||||
Interest rate contracts - interest expense | (27 | ) | — | |||||||||||||||||||||
Total | $ | (298 | ) | $ | (71 | ) | ||||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | For the three months ended March 31, 2014 and 2013, FPL recorded approximately $136 million and $144 million of gains, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. | |||||||||||||||||||||||
Notional Volumes of Derivative Instruments - The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Commodity Type | NEE | FPL | NEE | FPL | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Power | (111 | ) | MWh(a) | — | (276 | ) | MWh(a) | — | ||||||||||||||||
Natural gas | 1,333 | MMBtu(b) | 937 | MMBtu(b) | 1,140 | MMBtu(b) | 674 | MMBtu(b) | ||||||||||||||||
Oil | (9 | ) | barrels | — | (10 | ) | barrels | — | ||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Megawatt-hours | |||||||||||||||||||||||
(b) | One million British thermal units | |||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, NEE had interest rate contracts with a notional amount totaling approximately $6.8 billion and $6.5 billion, respectively, and foreign currency swaps with a notional amount totaling approximately $662 million and $662 million, respectively. | ||||||||||||||||||||||||
Credit-Risk-Related Contingent Features - Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. At March 31, 2014 and December 31, 2013, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.8 billion ($4 million for FPL) and $2.1 billion ($9 million for FPL), respectively. | ||||||||||||||||||||||||
If the credit-risk-related contingent features underlying these agreements and other commodity-related contracts were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain contracts contain multiple types of credit-related triggers. To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements. If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a two level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $300 million ($20 million at FPL) as of March 31, 2014 and $400 million ($20 million at FPL) as of December 31, 2013. If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $2.2 billion ($0.4 billion at FPL) and $2.3 billion ($0.4 billion at FPL) as of March 31, 2014 and December 31, 2013, respectively. Some contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers. In the event these provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $800 million ($200 million at FPL) and $800 million ($150 million at FPL) as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At March 31, 2014 and December 31, 2013, applicable NEE subsidiaries have posted approximately $73 million (none at FPL) and $210 million (none at FPL), respectively, in the form of letters of credit which could be applied toward the collateral requirements described above. FPL and NEECH have credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities. | ||||||||||||||||||||||||
Additionally, some contracts contain certain adequate assurance provisions where a counterparty may demand additional collateral based on subjective events and/or conditions. Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 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. | |||||||||||||||||||||
Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. NEE primarily holds investments in money market funds. The fair value of these funds is calculated using current market prices. | |||||||||||||||||||||
Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. | |||||||||||||||||||||
Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date. | |||||||||||||||||||||
Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices. For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs. | |||||||||||||||||||||
NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives. The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts. | |||||||||||||||||||||
NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models. | |||||||||||||||||||||
In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value. | |||||||||||||||||||||
NEE uses interest rate contracts and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the agreements. | |||||||||||||||||||||
Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | |||||||||||||||||
(millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||
NEE - equity securities | $ | 84 | $ | — | $ | — | $ | — | $ | 84 | |||||||||||
Special use funds:(b) | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 1,235 | $ | 1,290 | (c) | $ | — | $ | — | $ | 2,525 | ||||||||||
U.S. Government and municipal bonds | $ | 617 | $ | 166 | $ | — | $ | — | $ | 783 | |||||||||||
Corporate debt securities | $ | — | $ | 612 | $ | — | $ | — | $ | 612 | |||||||||||
Mortgage-backed securities | $ | — | $ | 514 | $ | — | $ | — | $ | 514 | |||||||||||
Other debt securities | $ | 25 | $ | 44 | $ | — | $ | — | $ | 69 | |||||||||||
FPL: | |||||||||||||||||||||
Equity securities | $ | 366 | $ | 1,128 | (c) | $ | — | $ | — | $ | 1,494 | ||||||||||
U.S. Government and municipal bonds | $ | 520 | $ | 147 | $ | — | $ | — | $ | 667 | |||||||||||
Corporate debt securities | $ | — | $ | 427 | $ | — | $ | — | $ | 427 | |||||||||||
Mortgage-backed securities | $ | — | $ | 438 | $ | — | $ | — | $ | 438 | |||||||||||
Other debt securities | $ | 25 | $ | 25 | $ | — | $ | — | $ | 50 | |||||||||||
Other investments: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 44 | $ | — | $ | — | $ | — | $ | 44 | |||||||||||
Debt securities | $ | 21 | $ | 103 | $ | — | $ | — | $ | 124 | |||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,529 | $ | 1,989 | $ | 1,035 | $ | (3,112 | ) | $ | 1,441 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 76 | $ | — | $ | — | $ | 76 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 119 | $ | 4 | $ | 7 | $ | 130 | (d) | ||||||||||
Liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,434 | $ | 1,804 | $ | 467 | $ | (2,871 | ) | $ | 834 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 125 | $ | 108 | $ | — | $ | 233 | (d) | ||||||||||
Foreign currency swaps | $ | — | $ | 144 | $ | — | $ | — | $ | 144 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 2 | $ | 1 | $ | 7 | $ | 10 | (d) | ||||||||||
———————————— | |||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | ||||||||||||||||||||
(b) | Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. | ||||||||||||||||||||
(c) | Invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | ||||||||||||||||||||
(d) | See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | |||||||||||||||||
(millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||
NEE - equity securities | $ | 20 | $ | — | $ | — | $ | — | $ | 20 | |||||||||||
Special use funds:(b) | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 1,170 | $ | 1,336 | (c) | $ | — | $ | — | $ | 2,506 | ||||||||||
U.S. Government and municipal bonds | $ | 647 | $ | 180 | $ | — | $ | — | $ | 827 | |||||||||||
Corporate debt securities | $ | — | $ | 597 | $ | — | $ | — | $ | 597 | |||||||||||
Mortgage-backed securities | $ | — | $ | 479 | $ | — | $ | — | $ | 479 | |||||||||||
Other debt securities | $ | 16 | $ | 44 | $ | — | $ | — | $ | 60 | |||||||||||
FPL: | |||||||||||||||||||||
Equity securities | $ | 291 | $ | 1,176 | (c) | $ | — | $ | — | $ | 1,467 | ||||||||||
U.S. Government and municipal bonds | $ | 584 | $ | 154 | $ | — | $ | — | $ | 738 | |||||||||||
Corporate debt securities | $ | — | $ | 421 | $ | — | $ | — | $ | 421 | |||||||||||
Mortgage-backed securities | $ | — | $ | 401 | $ | — | $ | — | $ | 401 | |||||||||||
Other debt securities | $ | 16 | $ | 30 | $ | — | $ | — | $ | 46 | |||||||||||
Other investments: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 51 | $ | — | $ | — | $ | — | $ | 51 | |||||||||||
Debt securities | $ | 11 | $ | 107 | $ | — | $ | — | $ | 118 | |||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,368 | $ | 2,106 | $ | 1,069 | $ | (2,972 | ) | $ | 1,571 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 90 | $ | — | $ | — | $ | 90 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 53 | $ | 2 | $ | (7 | ) | $ | 48 | (d) | |||||||||
Liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,285 | $ | 1,994 | $ | 354 | $ | (2,693 | ) | $ | 940 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 127 | $ | 93 | $ | — | $ | 220 | (d) | ||||||||||
Foreign currency swaps | $ | — | $ | 151 | $ | — | $ | — | $ | 151 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 7 | $ | 2 | $ | (7 | ) | $ | 2 | (d) | |||||||||
———————————— | |||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | ||||||||||||||||||||
(b) | Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. | ||||||||||||||||||||
(c) | At NEE, approximately $1,300 million ($1,141 million at FPL) are invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | ||||||||||||||||||||
(d) | See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. | ||||||||||||||||||||
Significant Unobservable Inputs Used in Recurring Fair Value Measurements - The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques. | |||||||||||||||||||||
All price, volatility, correlation and customer migration inputs used in valuation are subject to validation by the Trading Risk Management group. The Trading Risk Management group performs a risk management function responsible for assessing credit, market and operational risk impact, reviewing valuation methodology and modeling, confirming transactions, monitoring approval processes and developing and monitoring trading limits. The Trading Risk Management group is separate from the transacting group. For markets where independent third-party data is readily available, validation is conducted daily by directly reviewing this market data against inputs utilized by the transacting group, and indirectly by critically reviewing daily risk reports. For markets where independent third-party data is not readily available, additional analytical reviews are performed on at least a quarterly basis. These analytical reviews are designed to ensure that all price and volatility curves used for fair valuing transactions are adequately validated each quarter, and are reviewed and approved by the Trading Risk Management group. In addition, other valuation assumptions such as implied correlations and customer migration rates are reviewed and approved by the Trading Risk Management group on a periodic basis. Newly created models used in the valuation process are also subject to testing and approval by the Trading Risk Management group prior to use and established models are reviewed annually, or more often as needed, by the Trading Risk Management group. | |||||||||||||||||||||
On a monthly basis, the Exposure Management Committee (EMC), which is comprised of certain members of senior management, meets with representatives from the Trading Risk Management group and the transacting group to discuss NEE's and FPL's energy risk profile and operations, to review risk reports and to discuss fair value issues as necessary. The EMC develops guidelines required for an appropriate risk management control infrastructure, which includes implementation and monitoring of compliance with Trading Risk Management policy. The EMC executes its risk management responsibilities through direct oversight and delegation of its responsibilities to the Trading Risk Management group, as well as to other corporate and business unit personnel. | |||||||||||||||||||||
The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2014 are as follows: | |||||||||||||||||||||
Transaction Type | Fair Value at | Valuation | Significant | Range | |||||||||||||||||
31-Mar-14 | Technique(s) | Unobservable Inputs | |||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||
(millions) | |||||||||||||||||||||
Forward contracts - power | $ | 605 | $ | 106 | Discounted cash flow | Forward price (per MWh) | $9 | — | $156 | ||||||||||||
Forward contracts - gas | 96 | 44 | Discounted cash flow | Forward price (per MMBtu) | $2 | — | $16 | ||||||||||||||
Forward contracts - other commodity related | 23 | 16 | Discounted cash flow | Forward price (various) | $1 | — | $245 | ||||||||||||||
Options - power | 79 | 84 | Option models | Implied correlations | 7% | — | 96% | ||||||||||||||
Implied volatilities | 1% | — | 271% | ||||||||||||||||||
Options - gas | 34 | 57 | Option models | Implied correlations | 7% | — | 96% | ||||||||||||||
Implied volatilities | 1% | — | 70% | ||||||||||||||||||
Full requirements and unit contingent contracts | 198 | 160 | Discounted cash flow | Forward price (per MWh) | ($10) | — | $203 | ||||||||||||||
Customer migration rate(a) | —% | — | 20% | ||||||||||||||||||
Total | $ | 1,035 | $ | 467 | |||||||||||||||||
—————————— | |||||||||||||||||||||
(a) | Applies only to full requirements contracts. | ||||||||||||||||||||
The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: | |||||||||||||||||||||
Significant Unobservable Input | Position | Impact on | |||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||
Forward price | Purchase power/gas | Increase (decrease) | |||||||||||||||||||
Sell power/gas | Decrease (increase) | ||||||||||||||||||||
Implied correlations | Purchase option | Decrease (increase) | |||||||||||||||||||
Sell option | Increase (decrease) | ||||||||||||||||||||
Implied volatilities | Purchase option | Increase (decrease) | |||||||||||||||||||
Sell option | Decrease (increase) | ||||||||||||||||||||
Customer migration rate | Sell power(a) | Decrease (increase) | |||||||||||||||||||
———————————— | |||||||||||||||||||||
(a) Assumes the contract is in a gain position. | |||||||||||||||||||||
In addition, the fair value measurement of interest rate swap liabilities related to the solar projects in Spain of approximately $108 million at March 31, 2014 includes a significant credit valuation adjustment. The credit valuation adjustment, considered an unobservable input, reflects management's assessment of non-performance risk of the subsidiaries related to the solar projects in Spain that are party to the swap agreements. | |||||||||||||||||||||
The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
NEE | FPL | NEE | FPL | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 | $ | 622 | $ | — | $ | 566 | $ | 2 | |||||||||||||
Realized and unrealized gains (losses): | |||||||||||||||||||||
Included in earnings(a) | (423 | ) | — | (3 | ) | — | |||||||||||||||
Included in regulatory assets and liabilities | 4 | 4 | 1 | 1 | |||||||||||||||||
Purchases | 4 | — | 49 | — | |||||||||||||||||
Settlements | 266 | (1 | ) | (33 | ) | (1 | ) | ||||||||||||||
Issuances | (19 | ) | — | (64 | ) | — | |||||||||||||||
Transfers in(b) | 7 | — | — | — | |||||||||||||||||
Transfers out(b) | (1 | ) | — | 6 | — | ||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at March 31 | $ | 460 | $ | 3 | $ | 522 | $ | 2 | |||||||||||||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c) | $ | (249 | ) | $ | — | $ | 32 | $ | — | ||||||||||||
———————————— | |||||||||||||||||||||
(a) | For the three months ended March 31, 2014, realized and unrealized losses of approximately $405 million are reflected in the condensed consolidated statements of income in operating revenues, $15 million in interest expense and the balance is reflected in fuel, purchased power and interchange. For the three months ended March 31, 2013, realized and unrealized losses are reflected in the condensed consolidated statements of income in fuel, purchased power and interchange. | ||||||||||||||||||||
(b) | Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. | ||||||||||||||||||||
(c) | For the three months ended March 31, 2014, unrealized losses of $234 million are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the three months ended March 31, 2013, unrealized gains of approximately $31 million are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | ||||||||||||||||||||
Nonrecurring Fair Value Measurements - NEE tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In February 2013, the Spanish government enacted a new law that made further changes to the economic framework of renewable energy projects including, among other things, changes that negatively affect the projected economics of the 99.8 MW of solar thermal facilities that affiliates of NEER were constructing in Spain (Spain solar projects) (see Note 9 - Spain Solar Projects). Due to the February 2013 change in law, NEER performed a recoverability analysis, considering, among other things, working with lenders to restructure the financing agreements, abandoning the projects or selling the projects, and concluded that the undiscounted cash flows of the Spain solar projects were less than the carrying value of the projects. Accordingly, NEER performed a fair value analysis based on the income approach to determine the amount of the impairment. Based on the fair value analysis, property, plant and equipment with a carrying amount of approximately $800 million were written down to their estimated fair value of approximately $500 million as of March 31, 2013, resulting in an impairment of $300 million (which is recorded as a separate line item in NEE’s condensed consolidated statements of income for the three months ended March 31, 2013) and other related charges ($342 million after-tax, see Note 4). | |||||||||||||||||||||
The estimate of the fair value was based on the discounted cash flows which were determined using a market participant view of the Spain solar projects upon completion and final commissioning of the projects. As part of the valuation, NEER used observable inputs where available, including the revised renewable energy pricing under the February 2013 change in law. Significant unobservable inputs (Level 3), including forecasts of generation, estimates of tariff escalation rates and estimated costs of debt and equity capital, were also used in the estimation of fair value. In addition, NEER made certain assumptions regarding the projected capital and maintenance expenditures based on the estimated costs to complete the Spain solar projects and ongoing capital and maintenance expenditures. An increase in the revenue and generation forecasts, a decrease in the projected capital and maintenance expenditures or a decrease in the weighted-average cost of capital each would result in an increased fair market value. Changes in the opposite direction of those unobservable inputs would result in a decreased fair market value. See Note 9 - Spain Solar Projects for a discussion of additional developments that could potentially impact the Spain solar projects. | |||||||||||||||||||||
In March 2013, NEER initiated a plan and received internal authorization to pursue the sale of its ownership interests in Maine fossil. In connection with the decision to sell Maine fossil, a loss of approximately $67 million ($43 million after-tax) was originally reflected in net gain from discontinued operations, net of income taxes in NEE's condensed consolidated statements of income for the three months ended March 31, 2013. The fair value measurement (Level 3) was based on the estimated sales price less the estimated costs to sell. The estimated sales price was estimated using an income approach based primarily on capacity revenue forecasts. In March 2014, NEER decided not to pursue the sale of Maine fossil due to the divergence between the achievable sales price and management's view of the assets' value, which increased as a result of significant market changes. Accordingly, the Maine fossil assets were written-up to management's current estimate of fair value resulting in a gain of approximately $21 million ($12 million after-tax). The fair value measurement (Level 3) was estimated using an income approach based primarily on the updated capacity revenue forecasts. Based on NEER's decision to retain Maine fossil, the $67 million loss recorded during the three months ended March 31, 2013 was reclassified from discontinued operations to income from continuing operations and together with the $21 million gain recorded during the three months ended March 31, 2014 are included as a separate line item in NEE's condensed consolidated statements of income. The carrying amount of the assets and liabilities and the operations of Maine fossil for all periods presented were not material. | |||||||||||||||||||||
Fair Value of Financial Instruments Recorded at the Carrying Amount - The carrying amounts of cash equivalents, short-term debt and commercial paper approximate their fair values. The carrying amounts and estimated fair values of other financial instruments, excluding those recorded at fair value and disclosed above in Recurring Fair Value Measurements, are as follows: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
(millions) | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Special use funds(a) | $ | 363 | $ | 363 | $ | 311 | $ | 311 | |||||||||||||
Other investments - primarily notes receivable | $ | 528 | $ | 667 | (b) | $ | 531 | $ | 627 | (b) | |||||||||||
Long-term debt, including current maturities | $ | 27,639 | $ | 28,782 | (c) | $ | 27,728 | $ | 28,612 | (c) | |||||||||||
FPL: | |||||||||||||||||||||
Special use funds(a) | $ | 251 | $ | 251 | $ | 200 | $ | 200 | |||||||||||||
Long-term debt, including current maturities | $ | 8,801 | $ | 9,384 | (c) | $ | 8,829 | $ | 9,451 | (c) | |||||||||||
———————————— | |||||||||||||||||||||
(a) | Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis. | ||||||||||||||||||||
(b) | Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of March 31, 2014 and December 31, 2013, NEE had no notes receivable reported in non-accrual status. | ||||||||||||||||||||
(c) | As of March 31, 2014 and December 31, 2013, for NEE, $18,135 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2). | ||||||||||||||||||||
Special Use Funds - The special use funds noted above and those carried at fair value (see Recurring Fair Value Measurements) consist of FPL's storm fund assets of $75 million and NEE's and FPL's nuclear decommissioning fund assets of $4,791 million and $3,252 million, respectively, at March 31, 2014. The investments held in the special use funds consist of equity and debt securities which are primarily classified as available for sale and carried at estimated fair value. The amortized cost of debt and equity securities is $1,941 million and $1,420 million, respectively, at March 31, 2014 and $1,954 million and $1,384 million, respectively, at December 31, 2013 ($1,550 million and $714 million, respectively, at March 31, 2014 and $1,595 million and $694 million, respectively, at December 31, 2013 for FPL). For FPL's special use funds, consistent with regulatory treatment, changes in fair value, including any other than temporary impairment losses, result in a corresponding adjustment to the related regulatory liability accounts. For NEE's non-rate regulated operations, changes in fair value result in a corresponding adjustment to OCI, except for unrealized losses associated with marketable securities considered to be other than temporary, including any credit losses, which are recognized as other than temporary impairment losses on securities held in nuclear decommissioning funds and included in other - net in NEE's condensed consolidated statements of income. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at March 31, 2014 of approximately six years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at March 31, 2014 of approximately three years. The cost of securities sold is determined using the specific identification method. | |||||||||||||||||||||
Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: | |||||||||||||||||||||
NEE | FPL | ||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Realized gains | $ | 77 | $ | 42 | $ | 32 | $ | 23 | |||||||||||||
Realized losses | $ | 22 | $ | 30 | $ | 17 | $ | 22 | |||||||||||||
Proceeds from sale or maturity of securities | $ | 1,401 | $ | 924 | $ | 1,162 | $ | 685 | |||||||||||||
The unrealized gains on available for sale securities are as follows: | |||||||||||||||||||||
NEE | FPL | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Equity securities | $ | 1,105 | $ | 1,125 | $ | 780 | $ | 777 | |||||||||||||
Debt securities | $ | 49 | $ | 42 | $ | 41 | $ | 36 | |||||||||||||
The unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: | |||||||||||||||||||||
NEE | FPL | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Unrealized losses(a) | $ | 12 | $ | 32 | $ | 10 | $ | 25 | |||||||||||||
Fair value | $ | 660 | $ | 1,069 | $ | 516 | $ | 844 | |||||||||||||
———————————— | |||||||||||||||||||||
(a) | Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at March 31, 2014 and December 31, 2013 were not material to NEE or FPL. | ||||||||||||||||||||
Regulations issued by the Federal Energy Regulatory Commission (FERC) and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for NEER's Seabrook Station (Seabrook), decommissioning fund contributions and withdrawals are also regulated by the Nuclear Decommissioning Financing Committee pursuant to New Hampshire law. | |||||||||||||||||||||
The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
NEE's effective income tax rates for the three months ended March 31, 2014 and 2013 were approximately 26% and 78%, respectively. The rate for the three months ended March 31, 2013 reflects the establishment of a full valuation allowance of approximately $132 million on the deferred tax assets associated with the Spain solar projects. This valuation allowance primarily related to deferred tax assets created as a result of the $300 million impairment and other related charges ($342 million after-tax) recorded for the three months ended March 31, 2013 (see Note 3 - Nonrecurring Fair Value Measurements). In addition, the rates for both periods reflect the benefit of wind production tax credits (PTCs) of approximately $49 million and $59 million, respectively, related to NEER's wind projects and deferred income tax benefits associated with grants (convertible investment tax credits (ITCs)) under the American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), of approximately $12 million and $13 million, respectively, primarily for certain wind and solar projects expected to be placed in service. | |
NEE recognizes PTCs as wind energy is generated and sold based on a per kilowatt-hour (kWh) rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the financial viability of most wind projects and a fundamental component of such wind projects' results of operations. PTCs, as well as deferred income tax benefits associated with convertible ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production (PTC roll off). |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations | 3 Months Ended |
Mar. 31, 2014 | |
Discontinued Operations [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
Discontinued Operations | |
In March 2013, a subsidiary of NEER completed the sale of its ownership interest in a portfolio of hydropower generation plants and related assets (hydro sale) with a total generating capacity of 351 MW located in Maine and New Hampshire. The sales price primarily included the assumption by the buyer of $700 million in related debt. In connection with the sale, a gain of approximately $372 million ($231 million after-tax) is reflected in gain from discontinued operations, net of income taxes in NEE's condensed consolidated statements of income for the three months ended March 31, 2013. The operations of the hydropower generation plants, exclusive of the gain, were not material to NEE's condensed consolidated statements of income for the three months ended March 31, 2013. | |
See Note 3 - Nonrecurring Fair Value Measurements for a discussion of the decision not to pursue the sale of Maine fossil and the related financial statement impacts. |
Variable_Interest_Entities_VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2014 | |
Variable Interest Entities [Abstract] | ' |
Variable Interest Entities (VIEs) | ' |
Variable Interest Entities (VIEs) | |
As of March 31, 2014, NEE has fourteen VIEs which it consolidates and has interests in certain other VIEs which it does not consolidate. | |
FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a VIE that is a wholly-owned bankruptcy remote special purpose subsidiary that it formed in 2007 for the sole purpose of issuing storm-recovery bonds pursuant to the securitization provisions of the Florida Statutes and a financing order of the FPSC. FPL is considered the primary beneficiary because FPL has the power to direct the significant activities of the VIE, and its equity investment, which is subordinate to the bondholder's interest in the VIE, is at risk. Storm restoration costs incurred by FPL during 2005 and 2004 exceeded the amount in FPL's funded storm and property insurance reserve, resulting in a storm reserve deficiency. In 2007, the VIE issued $652 million aggregate principal amount of senior secured bonds (storm-recovery bonds), primarily for the after-tax equivalent of the total of FPL's unrecovered balance of the 2004 storm restoration costs, the 2005 storm restoration costs and to reestablish FPL's storm and property insurance reserve. In connection with this financing, net proceeds, after debt issuance costs, to the VIE (approximately $644 million) were used to acquire the storm-recovery property, which includes the right to impose, collect and receive a storm-recovery charge from all customers receiving electric transmission or distribution service from FPL under rate schedules approved by the FPSC or under special contracts, certain other rights and interests that arise under the financing order issued by the FPSC and certain other collateral pledged by the VIE that issued the bonds. The storm-recovery bonds are payable only from and are secured by the storm-recovery property. The bondholders have no recourse to the general credit of FPL. The assets of the VIE were approximately $290 million and $324 million at March 31, 2014 and December 31, 2013, respectively, and consisted primarily of storm-recovery property, which are included in securitized storm-recovery costs on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $360 million and $394 million at March 31, 2014 and December 31, 2013, respectively, and consisted primarily of storm-recovery bonds, which are included in long-term debt on NEE's and FPL's condensed consolidated balance sheets. | |
FPL identified a potential VIE, which is considered a qualifying facility as defined by the Public Utility Regulatory Policies Act of 1978, as amended (PURPA). PURPA requires utilities, such as FPL, to purchase the electricity output of a qualifying facility. FPL entered into a purchased power agreement effective in 1994 with this 250 MW coal-fired qualifying facility to purchase substantially all of the facility's capacity and electrical output over a substantial portion of its estimated useful life. FPL absorbs a portion of the facility's variability related to changes in the market price of coal through the price it pays per MWh (energy payment). After making exhaustive efforts, FPL was unable to obtain the information from the facility necessary to determine whether the facility is a VIE or whether FPL is the primary beneficiary of the facility. The purchased power agreement with the facility contains no provision which legally obligates the facility to release this information to FPL. The energy payments paid by FPL will fluctuate as coal prices change. This fluctuation does not expose FPL to losses since the energy payments paid by FPL to the facility are recovered through the fuel clause as approved by the FPSC. Notwithstanding the fact that FPL's energy payments are recovered through the fuel clause, if the facility was determined to be a VIE, the absorption of some of the facility's fuel price variability might cause FPL to be considered the primary beneficiary. During the three months ended March 31, 2014 and 2013, FPL purchased 128,940 MWh and 79,210 MWh, respectively, from the facility at a total cost of approximately $36 million and $35 million, respectively. | |
Additionally, FPL entered into a purchased power agreement effective in 1995 with a 330 MW coal-fired qualifying facility to purchase substantially all of the facility's electrical output over a substantial portion of its estimated useful life. The facility is considered a VIE because FPL absorbs a portion of the facility’s variability related to changes in the market price of coal through the energy payment. Since FPL does not control the most significant activities of the facility, including operations and maintenance, FPL is not the primary beneficiary and does not consolidate this VIE. The energy payments paid by FPL will fluctuate as coal prices change. This fluctuation does not expose FPL to losses since the energy payments paid by FPL to the facility are recovered through the fuel clause as approved by the FPSC. | |
NEER - NEE consolidates thirteen NEER VIEs. NEER is considered the primary beneficiary of these VIEs since NEER controls the most significant activities of these VIEs, including operations and maintenance, and through its 100% equity ownership has the obligation to absorb expected losses of these VIEs. | |
A NEER VIE consolidates two entities which own and operate natural gas/oil electric generating facilities with the capability of producing 110 MW. This VIE sells its electric output under power sales contracts to a third party, with expiration dates in 2018 and 2020. The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel. This VIE uses third-party debt and equity to finance its operations. The debt is secured by liens against the generating facilities and the other assets of these entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of the VIE were approximately $90 million and $65 million, respectively, at March 31, 2014 and $85 million and $63 million, respectively, at December 31, 2013, and consisted primarily of property, plant and equipment and long-term debt. | |
The other twelve NEER VIEs consolidate several entities which own and operate wind electric generating facilities with the capability of producing a total of 3,541 MW. Ten of these VIEs sell their electric output under power sales contracts to third parties with expiration dates ranging from 2018 through 2038; the other two VIEs sell their electric output in the spot market. The VIEs use third-party debt and/or equity to finance their operations. Certain investors that hold no equity interest in the VIEs hold differential membership interests, which give them the right to receive a portion of the economic attributes of the generating facilities, including certain tax attributes. The debt is secured by liens against the generating facilities and the other assets of these entities or by pledges of NEER's ownership interest in these entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs totaled approximately $5.2 billion and $3.3 billion, respectively, at March 31, 2014 and $5.3 billion and $3.3 billion, respectively, at December 31, 2013. At March 31, 2014 and December 31, 2013, the assets and liabilities of the VIEs consisted primarily of property, plant and equipment, deferral related to differential membership interests and long-term debt. | |
Other - As of March 31, 2014 and December 31, 2013, several NEE subsidiaries have investments totaling approximately $700 million ($541 million at FPL) and $668 million ($505 million at FPL), respectively, in certain special purpose entities, which consisted primarily of investments in mortgage-backed securities. These investments are included in special use funds and other investments on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. As of March 31, 2014, NEE subsidiaries are not the primary beneficiary and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities |
Common_Shareholders_Equity
Common Shareholders' Equity | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Common Shareholders' Equity | ' | |||||||||||||||||||||||
Common Shareholders' Equity | ||||||||||||||||||||||||
Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share of common stock from continuing operations is as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(millions, except per share amounts) | ||||||||||||||||||||||||
Numerator - income from continuing operations | $ | 430 | $ | 41 | ||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding - basic | 433.5 | 421 | ||||||||||||||||||||||
Performance share awards, equity units, options, forward sale agreement and restricted stock(a) | 4.7 | 2.7 | ||||||||||||||||||||||
Weighted-average number of common shares outstanding - assuming dilution | 438.2 | 423.7 | ||||||||||||||||||||||
Earnings per share of common stock from continuing operations: | ||||||||||||||||||||||||
Basic | $ | 0.99 | $ | 0.1 | ||||||||||||||||||||
Assuming dilution | $ | 0.98 | $ | 0.1 | ||||||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. | |||||||||||||||||||||||
Common shares issuable pursuant to stock options and performance shares awards and restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 0.1 million and 0.4 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension and Other Benefits Plans | Net Unrealized Gains (Losses) on Foreign Currency Translation | Other Comprehensive Income (Loss) Related to Equity Method Investee | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balances, December 31, 2013 | $ | (115 | ) | $ | 197 | $ | 23 | $ | (33 | ) | $ | (16 | ) | $ | 56 | |||||||||
Other comprehensive income (loss) before reclassifications | (18 | ) | 13 | 4 | (17 | ) | (2 | ) | (20 | ) | ||||||||||||||
Amounts reclassified from AOCI | 9 | (a) | (25 | ) | (b) | 1 | — | — | (15 | ) | ||||||||||||||
Net other comprehensive income (loss) | (9 | ) | (12 | ) | 5 | (17 | ) | (2 | ) | (35 | ) | |||||||||||||
Balances, March 31, 2014 | $ | (124 | ) | $ | 185 | $ | 28 | $ | (50 | ) | $ | (18 | ) | $ | 21 | |||||||||
———————————— | ||||||||||||||||||||||||
(a) | Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. | |||||||||||||||||||||||
(b) | Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension and Other Benefits Plans | Net Unrealized Gains (Losses) on Foreign Currency Translation | Other Comprehensive Income (Loss) Related to Equity Method Investee | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balances, December 31, 2012 | $ | (266 | ) | $ | 96 | $ | (74 | ) | $ | 12 | $ | (23 | ) | $ | (255 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 65 | 40 | 6 | (9 | ) | 1 | 103 | |||||||||||||||||
Amounts reclassified from AOCI | 21 | (a) | (6 | ) | (b) | 1 | — | — | 16 | |||||||||||||||
Net other comprehensive income (loss) | 86 | 34 | 7 | (9 | ) | 1 | 119 | |||||||||||||||||
Balances, March 31, 2013 | $ | (180 | ) | $ | 130 | $ | (67 | ) | $ | 3 | $ | (22 | ) | $ | (136 | ) | ||||||||
———————————— | ||||||||||||||||||||||||
(a) | Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. | |||||||||||||||||||||||
(b) | Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. | |||||||||||||||||||||||
Debt
Debt | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt | ' | |||||||||||||
Debt | ||||||||||||||
Significant long-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2014 were as follows: | ||||||||||||||
Date Issued | Company | Debt Issuances/Borrowings | Interest | Principal | Maturity | |||||||||
Rate | Amount | Date | ||||||||||||
(millions) | ||||||||||||||
January - March 2014 | NEER subsidiary | Canadian revolving credit agreements | Variable | (a) | $ | 245 | Various | |||||||
Jan-14 | NEER subsidiary | Senior secured limited-recourse term loan | Variable | (a) | $ | 44 | 2019 | |||||||
Mar-14 | NEECH | Debentures | 2.7 | % | (b) | $ | 350 | 2019 | ||||||
———————————— | ||||||||||||||
(a) | Variable rate is based on an underlying index plus a margin. | |||||||||||||
(b) | An interest rate swap agreement has been entered into with respect to this issuance. See Note 2. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction or acquisition of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities and the procurement of nuclear fuel. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects and the procurement of nuclear fuel. Capital expenditures for Corporate and Other primarily include the cost for construction of a natural gas pipeline system for new natural gas transportation infrastructure in Florida, as well as the cost to meet customer-specific requirements and maintain the fiber-optic network for the fiber-optic telecommunications business (FPL FiberNet) and the cost to maintain existing transmission facilities at NextEra Energy Transmission, LLC (NEET). | ||||||||||||||||||||||||
At March 31, 2014, estimated capital expenditures for the remainder of 2014 through 2018 were as follows: | ||||||||||||||||||||||||
Remainder of 2014 | 2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Generation:(a) | ||||||||||||||||||||||||
New(b)(c) | $ | 475 | $ | 295 | $ | 70 | $ | — | $ | — | $ | 840 | ||||||||||||
Existing | 565 | 680 | 610 | 580 | 545 | 2,980 | ||||||||||||||||||
Transmission and distribution | 1,055 | 1,200 | 1,125 | 955 | 1,025 | 5,360 | ||||||||||||||||||
Nuclear fuel | 80 | 210 | 220 | 190 | 180 | 880 | ||||||||||||||||||
General and other | 130 | 155 | 120 | 165 | 160 | 730 | ||||||||||||||||||
Total(d) | $ | 2,305 | $ | 2,540 | $ | 2,145 | $ | 1,890 | $ | 1,910 | $ | 10,790 | ||||||||||||
NEER: | ||||||||||||||||||||||||
Wind(e) | $ | 1,505 | $ | 610 | $ | 25 | $ | 10 | $ | 15 | $ | 2,165 | ||||||||||||
Solar(f) | 480 | 750 | 520 | — | — | 1,750 | ||||||||||||||||||
Nuclear(g) | 265 | 275 | 295 | 255 | 265 | 1,355 | ||||||||||||||||||
Other(h) | 345 | 20 | 75 | 40 | 75 | 555 | ||||||||||||||||||
Total | $ | 2,595 | $ | 1,655 | $ | 915 | $ | 305 | $ | 355 | $ | 5,825 | ||||||||||||
Corporate and Other(i) | $ | 190 | $ | 445 | $ | 795 | $ | 225 | $ | 95 | $ | 1,750 | ||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Includes allowance for funds used during construction (AFUDC) of approximately $28 million, $53 million and $17 million for the remainder of 2014 through 2016, respectively. | |||||||||||||||||||||||
(b) | Includes land, generating structures, transmission interconnection and integration and licensing. | |||||||||||||||||||||||
(c) | Consists of projects that have received FPSC approval. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit. | |||||||||||||||||||||||
(d) | FPL has identified $1.5 billion to $2.5 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above. | |||||||||||||||||||||||
(e) | Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,815 MW, including approximately 465 MW in Canada, that have received applicable internal approvals. NEER expects to add new U.S. wind generation of 2,000 MW to 2,500 MW in 2013 through 2015, including 325 MW added to date, at a total cost of up to $3.5 billion to $4.5 billion. | |||||||||||||||||||||||
(f) | Consists of capital expenditures for new solar projects and related transmission totaling approximately 600 MW that have received applicable internal approvals, including equity contributions associated with a 50% equity investment in a 550 MW solar project. Includes approximately $1 billion of total estimated costs associated with the pending acquisition of the development rights for a 250 MW solar project that is expected to close in mid-2014, subject to certain conditions precedent, and construction of the project, which is expected to be completed in 2016. Excludes solar projects requiring internal approvals with generation totaling 47 MW with an estimated cost of approximately $120 million. | |||||||||||||||||||||||
(g) | Includes nuclear fuel. | |||||||||||||||||||||||
(h) | Consists of capital expenditures that have received applicable internal approvals. | |||||||||||||||||||||||
(i) | Includes capital expenditures totaling approximately $1.4 billion for the remainder of 2014 through 2018 for construction of a natural gas pipeline system that has received applicable internal approvals, including approximately $885 million of equity contributions associated with a 33% equity investment in the northern portion of the natural gas pipeline system and $525 million for the southern portion, which includes AFUDC of approximately $1 million, $7 million, $20 million and $12 million for the remainder of 2014 through 2017, respectively. The natural gas pipeline system is subject to certain conditions, including FERC approval. A FERC decision is expected in 2015. See Contracts below. | |||||||||||||||||||||||
The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates. | ||||||||||||||||||||||||
Contracts - In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has commitments under long-term purchased power and fuel contracts. As of March 31, 2014, FPL is obligated under take-or-pay purchased power contracts with JEA and with subsidiaries of The Southern Company (Southern subsidiaries) to pay for approximately 1,330 MW annually through 2015 and 375 MW annually thereafter through 2021. FPL also has various firm pay-for-performance contracts to purchase approximately 705 MW from certain cogenerators and small power producers (qualifying facilities) with expiration dates ranging from 2024 through 2034. The purchased power contracts provide for capacity and energy payments. Energy payments are based on the actual power taken under these contracts. Capacity payments for the pay-for-performance contracts are subject to the qualifying facilities meeting certain contract conditions. FPL has contracts with expiration dates through 2036 for the purchase and transportation of natural gas and coal, and storage of natural gas. In addition, FPL has entered into 25-year natural gas transportation agreements with each of Sabal Trail Transmission, LLC (Sabal Trail, an entity in which a NEECH subsidiary has a 33% ownership interest), and Florida Southeast Connection, LLC (Florida Southeast Connection, a wholly-owned NEECH subsidiary), each of which will build, own and operate a pipeline that will be part of a natural gas pipeline system, for a quantity of 400,000 MMBtu/day beginning on May 1, 2017 and increasing to 600,000 MMBtu/day on May 1, 2020. These agreements contain firm commitments that are contingent upon the occurrence of certain events, including FERC approval and completion of construction of the pipeline to be built by each of Sabal Trail and Florida Southeast Connection. See Commitments above. | ||||||||||||||||||||||||
As of March 31, 2014, NEER has entered into contracts with expiration dates ranging from June 2014 through 2030 primarily for the purchase of wind turbines, wind towers and solar modules and related construction and development activities, as well as for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel. Approximately $2.4 billion of commitments under such contracts are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the purchase, transportation and storage of natural gas and firm transmission service with expiration dates ranging from October 2014 through 2033. | ||||||||||||||||||||||||
Included in Corporate and Other in the table below is the remaining commitment by a NEECH subsidiary to invest over $900 million in Sabal Trail for the construction of the northern portion of the natural gas pipeline system. Amounts committed for the remainder of 2014 through 2018 are also included in the estimated capital expenditures table in Commitments above. | ||||||||||||||||||||||||
The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2014 were estimated as follows: | ||||||||||||||||||||||||
Remainder of 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Capacity charges:(a) | ||||||||||||||||||||||||
Qualifying facilities | $ | 210 | $ | 290 | $ | 250 | $ | 255 | $ | 260 | $ | 1,965 | ||||||||||||
JEA and Southern subsidiaries | $ | 165 | $ | 195 | $ | 70 | $ | 50 | $ | 10 | $ | 5 | ||||||||||||
Minimum charges, at projected prices:(b) | ||||||||||||||||||||||||
Natural gas, including transportation and storage(c) | $ | 1,485 | $ | 855 | $ | 685 | $ | 745 | $ | 825 | $ | 14,520 | ||||||||||||
Coal | $ | 50 | $ | 40 | $ | 20 | $ | — | $ | — | $ | — | ||||||||||||
NEER | $ | 1,590 | $ | 600 | $ | 175 | $ | 105 | $ | 105 | $ | 475 | ||||||||||||
Corporate and Other(d)(e) | $ | 130 | $ | 250 | $ | 515 | $ | 50 | $ | 25 | $ | 50 | ||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Capacity charges under these contracts, substantially all of which are recoverable through the capacity cost recovery clause, totaled approximately $123 million and $126 million for the three months ended March 31, 2014 and 2013, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $56 million and $23 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
(b) | Recoverable through the fuel clause. | |||||||||||||||||||||||
(c) | Includes approximately $200 million, $295 million and $8,535 million in 2017, 2018 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. | |||||||||||||||||||||||
(d) | Includes an approximately $50 million commitment to invest in clean power and technology businesses through 2021. | |||||||||||||||||||||||
(e) | Excludes approximately $320 million and $200 million in 2014 and 2015, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. | |||||||||||||||||||||||
Insurance - Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $375 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $13.2 billion of liability insurance coverage per incident at any nuclear reactor in the United States. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $1.0 billion ($509 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the United States, payable at a rate not to exceed $152 million ($76 million for FPL) per incident per year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold Energy Center (Duane Arnold) and St. Lucie Unit No. 2, which approximates $15 million, $38 million and $19 million, plus any applicable taxes, per incident, respectively. | ||||||||||||||||||||||||
NEE participates in a nuclear insurance mutual company that provides $2.75 billion of limited insurance coverage per occurrence per site for property damage, decontamination and premature decommissioning risks at its nuclear plants and a sublimit of $1.5 billion for non-nuclear perils. The proceeds from such insurance, however, must first be used for reactor stabilization and site decontamination before they can be used for plant repair. NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident. In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $175 million ($106 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $5 million and $4 million, plus any applicable taxes, respectively. | ||||||||||||||||||||||||
Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of its transmission and distribution property and has no property insurance coverage for FPL FiberNet's fiber-optic cable. Should FPL's future storm restoration costs exceed the reserve amount established through the issuance of storm-recovery bonds by a VIE in 2007, FPL may recover storm restoration costs, subject to prudence review by the FPSC, either through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. | ||||||||||||||||||||||||
In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL or Lone Star Transmission, LLC (Lone Star), would be borne by NEE and/or FPL and/or Lone Star, as the case may be, and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. | ||||||||||||||||||||||||
Spain Solar Projects - On March 28, 2013 and May 3, 2013, events of default occurred under the project-level financing agreements for the Spain solar projects (project-level financing) as a result of changes of law that occurred in December 2012 and February 2013. These changes of law negatively affected the projected economics of the projects and have caused the project-level financing to be unsupportable by expected future project cash flows. Under the project-level financing, events of default provide for, among other things, a right by the lenders (which they did not exercise for the project-level financing) to accelerate the payment of the project-level debt. Accordingly, in 2013, the project-level debt and the associated derivative liabilities related to interest rate swaps were classified as current maturities of long-term debt and current derivative liabilities, respectively, with balances of $792 million and $108 million, respectively, on NEE's condensed consolidated balance sheets as of March 31, 2014. In July 2013, the Spanish government published a new law that created a new economic framework for the Spanish renewable energy sector. Additional regulatory pronouncements from the Spanish government are needed to complete and implement the framework. In February 2014, a draft of the regulatory pronouncements was made public. It is uncertain when the final regulatory pronouncements will be issued. At this time, NEE is unable to assess the framework's ultimate impact on the Spain solar projects which could include further impairment of the Spain solar projects and/or a partial refund of tariff revenues collected since July 2013. | ||||||||||||||||||||||||
As part of a settlement agreement reached on December 20, 2013 between NEECH, NextEra Energy España, S.L. (NEE España), which is the NEER subsidiary in Spain that is the direct shareholder of the project-level subsidiaries, the project-level subsidiaries and the lenders, the future recourse of the lenders under the project-level financing agreements is effectively limited to the letters of credit described below and to the assets of NEE España and the project-level subsidiaries. Under the settlement agreement, the lenders, among other things, irrevocably waived events of default related to changes of law, including those described above, and agreed not to exercise any rights with respect to any additional events of default that may occur with respect to implementing existing changes of law between the settlement date through June 1, 2014 and NEECH affiliates provided for the project-level subsidiaries to post approximately €37 million (approximately $51 million as of March 31, 2014) in letters of credit to fund operating and debt service reserves under the project-level financing agreements and €10 million (approximately $14 million as of March 31, 2014) in a letter of credit to provide support for a performance guarantee under the project-level financing agreements. Additionally, NEE España, the project-level subsidiaries and the lenders have agreed to use commercially reasonable efforts to seek to restructure the project-level financing on or before June 1, 2014. There can be no assurance that the project-level financing will be successfully restructured. | ||||||||||||||||||||||||
Legal Proceedings - In November 1999, the Attorney General of the United States, on behalf of the U.S. Environmental Protection Agency (EPA), brought an action in the U.S. District Court for the Northern District of Georgia against Georgia Power Company and other subsidiaries of The Southern Company for certain alleged violations of the Prevention of Significant Deterioration (PSD) provisions and the New Source Performance Standards (NSPS) of the Clean Air Act. In May 2001, the EPA amended its complaint to allege, among other things, that Georgia Power Company constructed and is continuing to operate Scherer Unit No. 4, in which FPL owns an interest of approximately 76%, without obtaining a PSD permit, without complying with NSPS requirements, and without applying best available control technology for nitrogen oxides, sulfur dioxides and particulate matter as required by the Clean Air Act. It also alleges that unspecified major modifications have been made at Scherer Unit No. 4 that require its compliance with the aforementioned Clean Air Act provisions. The EPA seeks injunctive relief requiring the installation of best available control technology and civil penalties. Under the EPA's civil penalty rules, the EPA could assess up to $25,000 per day for each violation from an unspecified date after June 1, 1975 through January 30, 1997, up to $27,500 per day for each violation from January 31, 1997 through March 15, 2004, up to $32,500 per day for each violation from March 16, 2004 through January 12, 2009 and up to $37,500 per day for each violation thereafter. Georgia Power Company has answered the amended complaint, asserting that it has complied with all requirements of the Clean Air Act, denying the plaintiff's allegations of liability, denying that the plaintiff is entitled to any of the relief that it seeks and raising various other defenses. In June 2001, a federal district court stayed discovery and administratively closed the case and the EPA has not yet moved to reopen the case. In April 2007, the U.S. Supreme Court in a separate unrelated case rejected an argument that a "major modification" occurs at a plant only when there is a resulting increase in the hourly rate of air emissions. Georgia Power Company has made a similar argument in defense of its case, but has other factual and legal defenses that are unaffected by the U.S. Supreme Court's decision. | ||||||||||||||||||||||||
In 1995 and 1996, NEE, through an indirect subsidiary, purchased from Adelphia Communications Corporation (Adelphia) 1,091,524 shares of Adelphia common stock and 20,000 shares of Adelphia preferred stock (convertible into 2,358,490 shares of Adelphia common stock) for an aggregate price of approximately $35,900,000. On January 29, 1999, Adelphia repurchased all of these shares for $149,213,130 in cash. In June 2004, Adelphia, Adelphia Cablevision, L.L.C. and the Official Committee of Unsecured Creditors of Adelphia filed a complaint against NEE and its indirect subsidiary in the U.S. Bankruptcy Court, Southern District of New York. The complaint alleges that the repurchase of these shares by Adelphia was a fraudulent transfer, in that at the time of the transaction Adelphia (i) was insolvent or was rendered insolvent, (ii) did not receive reasonably equivalent value in exchange for the cash it paid, and (iii) was engaged or about to engage in a business or transaction for which any property remaining with Adelphia had unreasonably small capital. The complaint seeks the recovery for the benefit of Adelphia's bankruptcy estate of the cash paid for the repurchased shares, plus interest from January 29, 1999. NEE has filed an answer to the complaint. NEE believes that the complaint is without merit because, among other reasons, Adelphia will be unable to demonstrate that (i) Adelphia's repurchase of shares from NEE, which repurchase was at the market value for those shares, was not for reasonably equivalent value, (ii) Adelphia was insolvent at the time of the repurchase, or (iii) the repurchase left Adelphia with unreasonably small capital. The trial was completed in May 2012 and closing arguments were heard in July 2012. | ||||||||||||||||||||||||
In 2004, TXU Portfolio Management Company (TXU) served several NEER affiliates as defendants in a civil action filed in the District Court in Dallas County, Texas. The petition alleged that the NEER affiliates had contractual obligations to produce and sell to TXU a minimum quantity of energy and renewable energy credits each year during the period from 2002 through 2005 and that the NEER affiliates failed to meet this obligation. TXU asserted claims for breach of contract and declaratory judgment and sought damages of approximately $34 million plus attorneys' fees, costs and interest. Following a jury trial in 2007, the trial court issued a final judgment holding that the contracts were not terminated and neither party was entitled to recover any damages, which judgment was appealed by TXU. In 2010, the appellate court reversed portions of the trial court's judgment, ruling that the contracts' liquidated damage provision is an enforceable liquidated damages clause. In 2011, the NEER affiliates filed a petition for review of the appellate court decision with the Texas Supreme Court. In March 2014, the Texas Supreme Court, among other things, reversed the appellate court decision by ruling that the liquidated damages clause was an unenforceable penalty. | ||||||||||||||||||||||||
NEE and FPL are vigorously defending, and believe that they or their affiliates have meritorious defenses to, the lawsuits described above. In addition to the legal proceedings discussed above, NEE and its subsidiaries, including FPL, are involved in other legal and regulatory proceedings, actions and claims in the ordinary course of their businesses. Generating plants in which subsidiaries of NEE, including FPL, have an ownership interest are also involved in legal and regulatory proceedings, actions and claims, the liabilities from which, if any, would be shared by such subsidiary. In the event that NEE and FPL, or their affiliates, do not prevail in the lawsuits described above or these other legal and regulatory proceedings, actions and claims, there may be a material adverse effect on their financial statements. While management is unable to predict with certainty the outcome of the lawsuits described above or these other legal and regulatory proceedings, actions and claims, based on current knowledge it is not expected that their ultimate resolution, individually or collectively, will have a material adverse effect on the financial statements of NEE or FPL. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||
NEE's reportable segments are FPL, a rate-regulated electric utility, and NEER, a competitive energy business. NEER's segment information includes an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs. Corporate and Other represents other business activities, other segments that are not separately reportable and eliminating entries. NEE's segment information is as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
FPL | NEER(a) | Corporate | NEE | FPL | NEER(a) | Corporate | NEE | |||||||||||||||||||||||||
and Other | Consoli- | and Other | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 2,535 | $ | 1,034 | $ | 105 | $ | 3,674 | $ | 2,188 | $ | 1,016 | $ | 75 | $ | 3,279 | ||||||||||||||||
Operating expenses | $ | 1,903 | $ | 952 | $ | 81 | $ | 2,936 | $ | 1,645 | $ | 1,149 | (b) | $ | 51 | $ | 2,845 | |||||||||||||||
Income (loss) from continuing operations(c) | $ | 347 | $ | 86 | (d) | $ | (3 | ) | $ | 430 | $ | 288 | $ | (256 | ) | (d) | $ | 9 | $ | 41 | ||||||||||||
Gain from discontinued operations, net of income taxes(c)(e) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 216 | $ | 15 | $ | 231 | ||||||||||||||||
Net income (loss) | $ | 347 | $ | 86 | (d) | $ | (3 | ) | $ | 430 | $ | 288 | $ | (40 | ) | (d) | $ | 24 | $ | 272 | ||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate and Other. | |||||||||||||||||||||||||||||||
(b) | Includes an impairment charge on NEER's Spain solar projects of $300 million. See Note 3 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||
(c) | Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||
(d) | Includes NEER's tax benefits related to PTCs and in 2013 also includes after-tax charges of $342 million associated with the impairment of the Spain solar projects. See Note 3 - Nonrecurring Fair Value Measurements and Note 4. | |||||||||||||||||||||||||||||||
(e) | See Note 5. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
FPL | NEER | Corporate | NEE | FPL | NEER | Corporate | NEE | |||||||||||||||||||||||||
and Other | Consoli- | and Other | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Total assets | $ | 37,189 | $ | 30,335 | $ | 2,807 | $ | 70,331 | $ | 36,488 | $ | 30,154 | $ | 2,664 | $ | 69,306 | ||||||||||||||||
Summarized_Financial_Informati
Summarized Financial Information of Capital Holdings | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Summarized Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||
Summarized Financial Information of Capital Holdings | ' | |||||||||||||||||||||||||||||||
11. Summarized Financial Information of NEECH | ||||||||||||||||||||||||||||||||
NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL. Most of NEECH's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows: | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013(a) | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(b) | NEE | NEE | NEECH | Other(b) | NEE | |||||||||||||||||||||||||
(Guarantor) | Consoli- | (Guarantor) | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Operating revenues | $ | — | $ | 1,142 | $ | 2,532 | $ | 3,674 | $ | — | $ | 1,094 | $ | 2,185 | $ | 3,279 | ||||||||||||||||
Operating expenses | (4 | ) | (1,032 | ) | (1,900 | ) | (2,936 | ) | (3 | ) | (1,200 | ) | (1,642 | ) | (2,845 | ) | ||||||||||||||||
Interest expense | (2 | ) | (216 | ) | (101 | ) | (319 | ) | (2 | ) | (170 | ) | (100 | ) | (272 | ) | ||||||||||||||||
Equity in earnings of subsidiaries | 435 | — | (435 | ) | — | 249 | — | (249 | ) | — | ||||||||||||||||||||||
Other income (deductions) - net | 1 | 148 | 15 | 164 | (2 | ) | 5 | 20 | 23 | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 430 | 42 | 111 | 583 | 242 | (271 | ) | 214 | 185 | |||||||||||||||||||||||
Income tax expense (benefit) | — | (46 | ) | 199 | 153 | (15 | ) | (16 | ) | 175 | 144 | |||||||||||||||||||||
Income (loss) from continuing operations | 430 | 88 | (88 | ) | 430 | 257 | (255 | ) | 39 | 41 | ||||||||||||||||||||||
Gain from discontinued operations, net of income taxes | — | — | — | — | 15 | 216 | — | 231 | ||||||||||||||||||||||||
Net income (loss) | $ | 430 | $ | 88 | $ | (88 | ) | $ | 430 | $ | 272 | $ | (39 | ) | $ | 39 | $ | 272 | ||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | ||||||||||||||||||||||||||||||||
(b) Represents FPL and consolidating adjustments. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||
(Guarantor) | Consoli- | (Guarantor) | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 395 | $ | 48 | $ | (48 | ) | $ | 395 | $ | 391 | $ | 73 | $ | (73 | ) | $ | 391 | ||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||
tor) | dated | tor) | dated | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||||||||||
Electric plant in service and other property | $ | 31 | $ | 29,634 | $ | 40,702 | $ | 70,367 | $ | 31 | $ | 29,511 | $ | 39,906 | $ | 69,448 | ||||||||||||||||
Less accumulated depreciation and amortization | (11 | ) | (5,965 | ) | (11,085 | ) | (17,061 | ) | (10 | ) | (5,774 | ) | (10,944 | ) | (16,728 | ) | ||||||||||||||||
Total property, plant and equipment - net | 20 | 23,669 | 29,617 | 53,306 | 21 | 23,737 | 28,962 | 52,720 | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 5 | 445 | 38 | 488 | — | 418 | 20 | 438 | ||||||||||||||||||||||||
Receivables | 121 | 2,107 | 323 | 2,551 | 78 | 1,542 | 669 | 2,289 | ||||||||||||||||||||||||
Other | 210 | 1,623 | 1,269 | 3,102 | 6 | 1,814 | 1,295 | 3,115 | ||||||||||||||||||||||||
Total current assets | 336 | 4,175 | 1,630 | 6,141 | 84 | 3,774 | 1,984 | 5,842 | ||||||||||||||||||||||||
OTHER ASSETS | ||||||||||||||||||||||||||||||||
Investment in subsidiaries | 17,962 | — | (17,962 | ) | — | 17,910 | — | (17,910 | ) | — | ||||||||||||||||||||||
Other | 764 | 5,129 | 4,991 | 10,884 | 694 | 5,129 | 4,921 | 10,744 | ||||||||||||||||||||||||
Total other assets | 18,726 | 5,129 | (12,971 | ) | 10,884 | 18,604 | 5,129 | (12,989 | ) | 10,744 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 19,082 | $ | 32,973 | $ | 18,276 | $ | 70,331 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||
CAPITALIZATION | ||||||||||||||||||||||||||||||||
Common shareholders' equity | $ | 18,160 | $ | 4,432 | $ | (4,432 | ) | $ | 18,160 | $ | 18,040 | $ | 4,816 | $ | (4,816 | ) | $ | 18,040 | ||||||||||||||
Long-term debt | — | 15,381 | 8,443 | 23,824 | — | 15,496 | 8,473 | 23,969 | ||||||||||||||||||||||||
Total capitalization | 18,160 | 19,813 | 4,011 | 41,984 | 18,040 | 20,312 | 3,657 | 42,009 | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||
Debt due within one year | — | 5,009 | 682 | 5,691 | — | 3,896 | 561 | 4,457 | ||||||||||||||||||||||||
Accounts payable | — | 758 | 692 | 1,450 | — | 589 | 611 | 1,200 | ||||||||||||||||||||||||
Other | 390 | 1,864 | 897 | 3,151 | 199 | 2,203 | 1,130 | 3,532 | ||||||||||||||||||||||||
Total current liabilities | 390 | 7,631 | 2,271 | 10,292 | 199 | 6,688 | 2,302 | 9,189 | ||||||||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||||||||||||||||||||||||||||||
Asset retirement obligations | — | 575 | 1,302 | 1,877 | — | 565 | 1,285 | 1,850 | ||||||||||||||||||||||||
Deferred income taxes | 251 | 1,982 | 6,073 | 8,306 | 166 | 1,963 | 6,015 | 8,144 | ||||||||||||||||||||||||
Other | 281 | 2,972 | 4,619 | 7,872 | 304 | 3,112 | 4,698 | 8,114 | ||||||||||||||||||||||||
Total other liabilities and deferred credits | 532 | 5,529 | 11,994 | 18,055 | 470 | 5,640 | 11,998 | 18,108 | ||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | $ | 19,082 | $ | 32,973 | $ | 18,276 | $ | 70,331 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||
tor) | dated | tor) | dated | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 428 | $ | 147 | $ | 442 | $ | 1,017 | $ | 350 | $ | 295 | $ | 437 | $ | 1,082 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | — | (798 | ) | (1,068 | ) | (1,866 | ) | — | (1,046 | ) | (821 | ) | (1,867 | ) | ||||||||||||||||||
Capital contribution to FPL | (100 | ) | — | 100 | — | — | — | — | — | |||||||||||||||||||||||
Cash grants under the Recovery Act | — | — | — | — | — | 170 | — | 170 | ||||||||||||||||||||||||
Change in loan proceeds restricted for construction | — | (28 | ) | — | (28 | ) | — | 112 | — | 112 | ||||||||||||||||||||||
Other - net | — | 58 | (6 | ) | 52 | (52 | ) | 29 | 30 | 7 | ||||||||||||||||||||||
Net cash used in investing activities | (100 | ) | (768 | ) | (974 | ) | (1,842 | ) | (52 | ) | (735 | ) | (791 | ) | (1,578 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||
Issuances of long-term debt | — | 655 | — | 655 | — | 623 | — | 623 | ||||||||||||||||||||||||
Retirements of long-term debt | — | (688 | ) | (29 | ) | (717 | ) | — | (496 | ) | (427 | ) | (923 | ) | ||||||||||||||||||
Net change in short-term debt | — | 1,059 | 120 | 1,179 | — | 166 | 800 | 966 | ||||||||||||||||||||||||
Dividends on common stock | (315 | ) | — | — | (315 | ) | (279 | ) | — | — | (279 | ) | ||||||||||||||||||||
Other - net | (8 | ) | (378 | ) | 459 | 73 | (21 | ) | 39 | (23 | ) | (5 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (323 | ) | 648 | 550 | 875 | (300 | ) | 332 | 350 | 382 | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 5 | 27 | 18 | 50 | (2 | ) | (108 | ) | (4 | ) | (114 | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 418 | 20 | 438 | 2 | 287 | 40 | 329 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 5 | $ | 445 | $ | 38 | $ | 488 | $ | — | $ | 179 | $ | 36 | $ | 215 | ||||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. |
Derivative_Instruments_Policie
Derivative Instruments (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivatives, Policy [Policy Text Block] | ' |
NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation and gas infrastructure assets. | |
With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. | |
Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause). For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in other - net in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. | |
While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, optimizing the value of NEER's power generation and gas infrastructure assets, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so. In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk. Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable. For interest rate and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life. The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of other comprehensive income (OCI) and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur. The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period. |
Fair_Value_Measurements_Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
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. NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. 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. | |
Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. NEE primarily holds investments in money market funds. The fair value of these funds is calculated using current market prices. | |
Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. | |
Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date. | |
Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices. For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs. | |
NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives. The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts. | |
NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models. | |
In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value. | |
NEE uses interest rate contracts and foreign currency swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the agreements. |
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Net periodic benefit (income) cost | ' | |||||||||||||||
The components of net periodic benefit (income) cost for the plans are as follows: | ||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(millions) | ||||||||||||||||
Service cost | $ | 16 | $ | 18 | $ | 1 | $ | 1 | ||||||||
Interest cost | 25 | 24 | 4 | 4 | ||||||||||||
Expected return on plan assets | (60 | ) | (60 | ) | — | — | ||||||||||
Amortization of prior service cost (benefit) | 1 | 2 | (1 | ) | (1 | ) | ||||||||||
Amortization of losses | — | 1 | — | 1 | ||||||||||||
Net periodic benefit (income) cost at NEE | $ | (18 | ) | $ | (15 | ) | $ | 4 | $ | 5 | ||||||
Net periodic benefit (income) cost at FPL | $ | (11 | ) | $ | (10 | ) | $ | 3 | $ | 3 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | ||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | ||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | |||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 4,553 | $ | 3,705 | $ | 1,441 | $ | 834 | ||||||||||||
Interest rate contracts | 76 | 125 | — | 108 | 76 | 233 | ||||||||||||||||||
Foreign currency swaps | — | 49 | — | 95 | — | 144 | ||||||||||||||||||
Total fair values | $ | 76 | $ | 174 | $ | 4,553 | $ | 3,908 | $ | 1,517 | $ | 1,211 | ||||||||||||
FPL: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 123 | $ | 3 | $ | 130 | $ | 10 | ||||||||||||
Net fair value by NEE balance sheet line item: | ||||||||||||||||||||||||
Current derivative assets(a) | $ | 533 | ||||||||||||||||||||||
Noncurrent derivative assets(b) | 984 | |||||||||||||||||||||||
Current derivative liabilities | $ | 815 | ||||||||||||||||||||||
Noncurrent derivative liabilities(c) | 396 | |||||||||||||||||||||||
Total derivatives | $ | 1,517 | $ | 1,211 | ||||||||||||||||||||
Net fair value by FPL balance sheet line item: | ||||||||||||||||||||||||
Current other assets | $ | 129 | ||||||||||||||||||||||
Noncurrent other assets | 1 | |||||||||||||||||||||||
Noncurrent other liabilities | $ | 10 | ||||||||||||||||||||||
Total derivatives | $ | 130 | $ | 10 | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Reflects the netting of approximately $165 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
(b) | Reflects the netting of approximately $88 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
(c) | Reflects the netting of approximately $12 million in margin cash collateral provided to counterparties. | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | ||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | ||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | |||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 4,543 | $ | 3,633 | $ | 1,571 | $ | 940 | ||||||||||||
Interest rate contracts | 89 | 127 | 1 | 93 | 90 | 220 | ||||||||||||||||||
Foreign currency swaps | — | 50 | — | 101 | — | 151 | ||||||||||||||||||
Total fair values | $ | 89 | $ | 177 | $ | 4,544 | $ | 3,827 | $ | 1,661 | $ | 1,311 | ||||||||||||
FPL: | ||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 55 | $ | 9 | $ | 48 | $ | 2 | ||||||||||||
Net fair value by NEE balance sheet line item: | ||||||||||||||||||||||||
Current derivative assets(a) | $ | 498 | ||||||||||||||||||||||
Noncurrent derivative assets(b) | 1,163 | |||||||||||||||||||||||
Current derivative liabilities | $ | 838 | ||||||||||||||||||||||
Noncurrent derivative liabilities | 473 | |||||||||||||||||||||||
Total derivatives | $ | 1,661 | $ | 1,311 | ||||||||||||||||||||
Net fair value by FPL balance sheet line item: | ||||||||||||||||||||||||
Current other assets | $ | 48 | ||||||||||||||||||||||
Current other liabilities | $ | 1 | ||||||||||||||||||||||
Noncurrent other liabilities | 1 | |||||||||||||||||||||||
Total derivatives | $ | 48 | $ | 2 | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Reflects the netting of approximately $181 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
(b) | Reflects the netting of approximately $98 million in margin cash collateral received from counterparties. | |||||||||||||||||||||||
Net notional volumes | ' | |||||||||||||||||||||||
NEE and FPL had derivative commodity contracts for the following net notional volumes: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Commodity Type | NEE | FPL | NEE | FPL | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Power | (111 | ) | MWh(a) | — | (276 | ) | MWh(a) | — | ||||||||||||||||
Natural gas | 1,333 | MMBtu(b) | 937 | MMBtu(b) | 1,140 | MMBtu(b) | 674 | MMBtu(b) | ||||||||||||||||
Oil | (9 | ) | barrels | — | (10 | ) | barrels | — | ||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Megawatt-hours | |||||||||||||||||||||||
(b) | One million British thermal units | |||||||||||||||||||||||
Cash Flow Hedging [Member] | ' | |||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||||||||
Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest | Foreign | Total | Interest | Foreign | Total | |||||||||||||||||||
Rate | Currency | Rate | Currency | |||||||||||||||||||||
Contracts | Swaps | Contracts | Swaps | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Gains (losses) recognized in OCI | $ | (27 | ) | $ | (2 | ) | $ | (29 | ) | $ | 100 | $ | (8 | ) | $ | 92 | ||||||||
Gains (losses) reclassified from AOCI to net income | $ | (16 | ) | (a) | $ | 2 | (b) | $ | (14 | ) | $ | (15 | ) | (a) | $ | (19 | ) | (b) | $ | (34 | ) | |||
———————————— | ||||||||||||||||||||||||
(a) | Included in interest expense. | |||||||||||||||||||||||
(b) | Loss of approximately $1 million is included in interest expense and the balance is included in other - net. | |||||||||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | |||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||||||||||||
Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Commodity contracts:(a) | ||||||||||||||||||||||||
Operating revenues | $ | (272 | ) | $ | (42 | ) | ||||||||||||||||||
Fuel, purchased power and interchange | (4 | ) | 3 | |||||||||||||||||||||
Foreign currency swap - other - net | 5 | (32 | ) | |||||||||||||||||||||
Interest rate contracts - interest expense | (27 | ) | — | |||||||||||||||||||||
Total | $ | (298 | ) | $ | (71 | ) | ||||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | For the three months ended March 31, 2014 and 2013, FPL recorded approximately $136 million and $144 million of gains, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Financial assets and liabilities and other fair value measurements | ' | ||||||||||||||||||||
Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | |||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | |||||||||||||||||
(millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||
NEE - equity securities | $ | 84 | $ | — | $ | — | $ | — | $ | 84 | |||||||||||
Special use funds:(b) | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 1,235 | $ | 1,290 | (c) | $ | — | $ | — | $ | 2,525 | ||||||||||
U.S. Government and municipal bonds | $ | 617 | $ | 166 | $ | — | $ | — | $ | 783 | |||||||||||
Corporate debt securities | $ | — | $ | 612 | $ | — | $ | — | $ | 612 | |||||||||||
Mortgage-backed securities | $ | — | $ | 514 | $ | — | $ | — | $ | 514 | |||||||||||
Other debt securities | $ | 25 | $ | 44 | $ | — | $ | — | $ | 69 | |||||||||||
FPL: | |||||||||||||||||||||
Equity securities | $ | 366 | $ | 1,128 | (c) | $ | — | $ | — | $ | 1,494 | ||||||||||
U.S. Government and municipal bonds | $ | 520 | $ | 147 | $ | — | $ | — | $ | 667 | |||||||||||
Corporate debt securities | $ | — | $ | 427 | $ | — | $ | — | $ | 427 | |||||||||||
Mortgage-backed securities | $ | — | $ | 438 | $ | — | $ | — | $ | 438 | |||||||||||
Other debt securities | $ | 25 | $ | 25 | $ | — | $ | — | $ | 50 | |||||||||||
Other investments: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 44 | $ | — | $ | — | $ | — | $ | 44 | |||||||||||
Debt securities | $ | 21 | $ | 103 | $ | — | $ | — | $ | 124 | |||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,529 | $ | 1,989 | $ | 1,035 | $ | (3,112 | ) | $ | 1,441 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 76 | $ | — | $ | — | $ | 76 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 119 | $ | 4 | $ | 7 | $ | 130 | (d) | ||||||||||
Liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,434 | $ | 1,804 | $ | 467 | $ | (2,871 | ) | $ | 834 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 125 | $ | 108 | $ | — | $ | 233 | (d) | ||||||||||
Foreign currency swaps | $ | — | $ | 144 | $ | — | $ | — | $ | 144 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 2 | $ | 1 | $ | 7 | $ | 10 | (d) | ||||||||||
———————————— | |||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | ||||||||||||||||||||
(b) | Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. | ||||||||||||||||||||
(c) | Invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | ||||||||||||||||||||
(d) | See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | |||||||||||||||||
(millions) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||
NEE - equity securities | $ | 20 | $ | — | $ | — | $ | — | $ | 20 | |||||||||||
Special use funds:(b) | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 1,170 | $ | 1,336 | (c) | $ | — | $ | — | $ | 2,506 | ||||||||||
U.S. Government and municipal bonds | $ | 647 | $ | 180 | $ | — | $ | — | $ | 827 | |||||||||||
Corporate debt securities | $ | — | $ | 597 | $ | — | $ | — | $ | 597 | |||||||||||
Mortgage-backed securities | $ | — | $ | 479 | $ | — | $ | — | $ | 479 | |||||||||||
Other debt securities | $ | 16 | $ | 44 | $ | — | $ | — | $ | 60 | |||||||||||
FPL: | |||||||||||||||||||||
Equity securities | $ | 291 | $ | 1,176 | (c) | $ | — | $ | — | $ | 1,467 | ||||||||||
U.S. Government and municipal bonds | $ | 584 | $ | 154 | $ | — | $ | — | $ | 738 | |||||||||||
Corporate debt securities | $ | — | $ | 421 | $ | — | $ | — | $ | 421 | |||||||||||
Mortgage-backed securities | $ | — | $ | 401 | $ | — | $ | — | $ | 401 | |||||||||||
Other debt securities | $ | 16 | $ | 30 | $ | — | $ | — | $ | 46 | |||||||||||
Other investments: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Equity securities | $ | 51 | $ | — | $ | — | $ | — | $ | 51 | |||||||||||
Debt securities | $ | 11 | $ | 107 | $ | — | $ | — | $ | 118 | |||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,368 | $ | 2,106 | $ | 1,069 | $ | (2,972 | ) | $ | 1,571 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 90 | $ | — | $ | — | $ | 90 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 53 | $ | 2 | $ | (7 | ) | $ | 48 | (d) | |||||||||
Liabilities: | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Commodity contracts | $ | 1,285 | $ | 1,994 | $ | 354 | $ | (2,693 | ) | $ | 940 | (d) | |||||||||
Interest rate contracts | $ | — | $ | 127 | $ | 93 | $ | — | $ | 220 | (d) | ||||||||||
Foreign currency swaps | $ | — | $ | 151 | $ | — | $ | — | $ | 151 | (d) | ||||||||||
FPL - commodity contracts | $ | — | $ | 7 | $ | 2 | $ | (7 | ) | $ | 2 | (d) | |||||||||
———————————— | |||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | ||||||||||||||||||||
(b) | Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. | ||||||||||||||||||||
(c) | At NEE, approximately $1,300 million ($1,141 million at FPL) are invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | ||||||||||||||||||||
(d) | See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. | ||||||||||||||||||||
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | ' | ||||||||||||||||||||
The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2014 are as follows: | |||||||||||||||||||||
Transaction Type | Fair Value at | Valuation | Significant | Range | |||||||||||||||||
31-Mar-14 | Technique(s) | Unobservable Inputs | |||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||
(millions) | |||||||||||||||||||||
Forward contracts - power | $ | 605 | $ | 106 | Discounted cash flow | Forward price (per MWh) | $9 | — | $156 | ||||||||||||
Forward contracts - gas | 96 | 44 | Discounted cash flow | Forward price (per MMBtu) | $2 | — | $16 | ||||||||||||||
Forward contracts - other commodity related | 23 | 16 | Discounted cash flow | Forward price (various) | $1 | — | $245 | ||||||||||||||
Options - power | 79 | 84 | Option models | Implied correlations | 7% | — | 96% | ||||||||||||||
Implied volatilities | 1% | — | 271% | ||||||||||||||||||
Options - gas | 34 | 57 | Option models | Implied correlations | 7% | — | 96% | ||||||||||||||
Implied volatilities | 1% | — | 70% | ||||||||||||||||||
Full requirements and unit contingent contracts | 198 | 160 | Discounted cash flow | Forward price (per MWh) | ($10) | — | $203 | ||||||||||||||
Customer migration rate(a) | —% | — | 20% | ||||||||||||||||||
Total | $ | 1,035 | $ | 467 | |||||||||||||||||
—————————— | |||||||||||||||||||||
(a) | Applies only to full requirements contracts. | ||||||||||||||||||||
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs | ' | ||||||||||||||||||||
The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
NEE | FPL | NEE | FPL | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 | $ | 622 | $ | — | $ | 566 | $ | 2 | |||||||||||||
Realized and unrealized gains (losses): | |||||||||||||||||||||
Included in earnings(a) | (423 | ) | — | (3 | ) | — | |||||||||||||||
Included in regulatory assets and liabilities | 4 | 4 | 1 | 1 | |||||||||||||||||
Purchases | 4 | — | 49 | — | |||||||||||||||||
Settlements | 266 | (1 | ) | (33 | ) | (1 | ) | ||||||||||||||
Issuances | (19 | ) | — | (64 | ) | — | |||||||||||||||
Transfers in(b) | 7 | — | — | — | |||||||||||||||||
Transfers out(b) | (1 | ) | — | 6 | — | ||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at March 31 | $ | 460 | $ | 3 | $ | 522 | $ | 2 | |||||||||||||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c) | $ | (249 | ) | $ | — | $ | 32 | $ | — | ||||||||||||
———————————— | |||||||||||||||||||||
(a) | For the three months ended March 31, 2014, realized and unrealized losses of approximately $405 million are reflected in the condensed consolidated statements of income in operating revenues, $15 million in interest expense and the balance is reflected in fuel, purchased power and interchange. For the three months ended March 31, 2013, realized and unrealized losses are reflected in the condensed consolidated statements of income in fuel, purchased power and interchange. | ||||||||||||||||||||
(b) | Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. | ||||||||||||||||||||
(c) | For the three months ended March 31, 2014, unrealized losses of $234 million are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the three months ended March 31, 2013, unrealized gains of approximately $31 million are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | ||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||
Fair Value of Financial Instruments Recorded at the Carrying Amount - The carrying amounts of cash equivalents, short-term debt and commercial paper approximate their fair values. The carrying amounts and estimated fair values of other financial instruments, excluding those recorded at fair value and disclosed above in Recurring Fair Value Measurements, are as follows: | |||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||
(millions) | |||||||||||||||||||||
NEE: | |||||||||||||||||||||
Special use funds(a) | $ | 363 | $ | 363 | $ | 311 | $ | 311 | |||||||||||||
Other investments - primarily notes receivable | $ | 528 | $ | 667 | (b) | $ | 531 | $ | 627 | (b) | |||||||||||
Long-term debt, including current maturities | $ | 27,639 | $ | 28,782 | (c) | $ | 27,728 | $ | 28,612 | (c) | |||||||||||
FPL: | |||||||||||||||||||||
Special use funds(a) | $ | 251 | $ | 251 | $ | 200 | $ | 200 | |||||||||||||
Long-term debt, including current maturities | $ | 8,801 | $ | 9,384 | (c) | $ | 8,829 | $ | 9,451 | (c) | |||||||||||
———————————— | |||||||||||||||||||||
(a) | Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis. | ||||||||||||||||||||
(b) | Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of March 31, 2014 and December 31, 2013, NEE had no notes receivable reported in non-accrual status. | ||||||||||||||||||||
(c) | As of March 31, 2014 and December 31, 2013, for NEE, $18,135 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2). | ||||||||||||||||||||
Available-for-sale Securities | ' | ||||||||||||||||||||
Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: | |||||||||||||||||||||
NEE | FPL | ||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Realized gains | $ | 77 | $ | 42 | $ | 32 | $ | 23 | |||||||||||||
Realized losses | $ | 22 | $ | 30 | $ | 17 | $ | 22 | |||||||||||||
Proceeds from sale or maturity of securities | $ | 1,401 | $ | 924 | $ | 1,162 | $ | 685 | |||||||||||||
The unrealized gains on available for sale securities are as follows: | |||||||||||||||||||||
NEE | FPL | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Equity securities | $ | 1,105 | $ | 1,125 | $ | 780 | $ | 777 | |||||||||||||
Debt securities | $ | 49 | $ | 42 | $ | 41 | $ | 36 | |||||||||||||
The unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: | |||||||||||||||||||||
NEE | FPL | ||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||
(millions) | |||||||||||||||||||||
Unrealized losses(a) | $ | 12 | $ | 32 | $ | 10 | $ | 25 | |||||||||||||
Fair value | $ | 660 | $ | 1,069 | $ | 516 | $ | 844 | |||||||||||||
———————————— | |||||||||||||||||||||
(a) | Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at March 31, 2014 and December 31, 2013 were not material to NEE or FPL. |
Common_Shareholders_Equity_Tab
Common Shareholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of basic and diluted earnings per share of common stock | ' | |||||||||||||||||||||||
Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share of common stock from continuing operations is as follows: | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(millions, except per share amounts) | ||||||||||||||||||||||||
Numerator - income from continuing operations | $ | 430 | $ | 41 | ||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding - basic | 433.5 | 421 | ||||||||||||||||||||||
Performance share awards, equity units, options, forward sale agreement and restricted stock(a) | 4.7 | 2.7 | ||||||||||||||||||||||
Weighted-average number of common shares outstanding - assuming dilution | 438.2 | 423.7 | ||||||||||||||||||||||
Earnings per share of common stock from continuing operations: | ||||||||||||||||||||||||
Basic | $ | 0.99 | $ | 0.1 | ||||||||||||||||||||
Assuming dilution | $ | 0.98 | $ | 0.1 | ||||||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension and Other Benefits Plans | Net Unrealized Gains (Losses) on Foreign Currency Translation | Other Comprehensive Income (Loss) Related to Equity Method Investee | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balances, December 31, 2013 | $ | (115 | ) | $ | 197 | $ | 23 | $ | (33 | ) | $ | (16 | ) | $ | 56 | |||||||||
Other comprehensive income (loss) before reclassifications | (18 | ) | 13 | 4 | (17 | ) | (2 | ) | (20 | ) | ||||||||||||||
Amounts reclassified from AOCI | 9 | (a) | (25 | ) | (b) | 1 | — | — | (15 | ) | ||||||||||||||
Net other comprehensive income (loss) | (9 | ) | (12 | ) | 5 | (17 | ) | (2 | ) | (35 | ) | |||||||||||||
Balances, March 31, 2014 | $ | (124 | ) | $ | 185 | $ | 28 | $ | (50 | ) | $ | (18 | ) | $ | 21 | |||||||||
———————————— | ||||||||||||||||||||||||
(a) | Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. | |||||||||||||||||||||||
(b) | Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. | |||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension and Other Benefits Plans | Net Unrealized Gains (Losses) on Foreign Currency Translation | Other Comprehensive Income (Loss) Related to Equity Method Investee | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balances, December 31, 2012 | $ | (266 | ) | $ | 96 | $ | (74 | ) | $ | 12 | $ | (23 | ) | $ | (255 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 65 | 40 | 6 | (9 | ) | 1 | 103 | |||||||||||||||||
Amounts reclassified from AOCI | 21 | (a) | (6 | ) | (b) | 1 | — | — | 16 | |||||||||||||||
Net other comprehensive income (loss) | 86 | 34 | 7 | (9 | ) | 1 | 119 | |||||||||||||||||
Balances, March 31, 2013 | $ | (180 | ) | $ | 130 | $ | (67 | ) | $ | 3 | $ | (22 | ) | $ | (136 | ) | ||||||||
———————————— | ||||||||||||||||||||||||
(a) | Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. | |||||||||||||||||||||||
(b) | Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. |
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Long-term debt issuances and borrowings | ' | |||||||||||||
Significant long-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2014 were as follows: | ||||||||||||||
Date Issued | Company | Debt Issuances/Borrowings | Interest | Principal | Maturity | |||||||||
Rate | Amount | Date | ||||||||||||
(millions) | ||||||||||||||
January - March 2014 | NEER subsidiary | Canadian revolving credit agreements | Variable | (a) | $ | 245 | Various | |||||||
Jan-14 | NEER subsidiary | Senior secured limited-recourse term loan | Variable | (a) | $ | 44 | 2019 | |||||||
Mar-14 | NEECH | Debentures | 2.7 | % | (b) | $ | 350 | 2019 | ||||||
———————————— | ||||||||||||||
(a) | Variable rate is based on an underlying index plus a margin. | |||||||||||||
(b) | An interest rate swap agreement has been entered into with respect to this issuance. See Note 2. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||||||||||||||
Schedule of Planned Capital Expenditures | ' | |||||||||||||||||||||||
At March 31, 2014, estimated capital expenditures for the remainder of 2014 through 2018 were as follows: | ||||||||||||||||||||||||
Remainder of 2014 | 2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Generation:(a) | ||||||||||||||||||||||||
New(b)(c) | $ | 475 | $ | 295 | $ | 70 | $ | — | $ | — | $ | 840 | ||||||||||||
Existing | 565 | 680 | 610 | 580 | 545 | 2,980 | ||||||||||||||||||
Transmission and distribution | 1,055 | 1,200 | 1,125 | 955 | 1,025 | 5,360 | ||||||||||||||||||
Nuclear fuel | 80 | 210 | 220 | 190 | 180 | 880 | ||||||||||||||||||
General and other | 130 | 155 | 120 | 165 | 160 | 730 | ||||||||||||||||||
Total(d) | $ | 2,305 | $ | 2,540 | $ | 2,145 | $ | 1,890 | $ | 1,910 | $ | 10,790 | ||||||||||||
NEER: | ||||||||||||||||||||||||
Wind(e) | $ | 1,505 | $ | 610 | $ | 25 | $ | 10 | $ | 15 | $ | 2,165 | ||||||||||||
Solar(f) | 480 | 750 | 520 | — | — | 1,750 | ||||||||||||||||||
Nuclear(g) | 265 | 275 | 295 | 255 | 265 | 1,355 | ||||||||||||||||||
Other(h) | 345 | 20 | 75 | 40 | 75 | 555 | ||||||||||||||||||
Total | $ | 2,595 | $ | 1,655 | $ | 915 | $ | 305 | $ | 355 | $ | 5,825 | ||||||||||||
Corporate and Other(i) | $ | 190 | $ | 445 | $ | 795 | $ | 225 | $ | 95 | $ | 1,750 | ||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Includes allowance for funds used during construction (AFUDC) of approximately $28 million, $53 million and $17 million for the remainder of 2014 through 2016, respectively. | |||||||||||||||||||||||
(b) | Includes land, generating structures, transmission interconnection and integration and licensing. | |||||||||||||||||||||||
(c) | Consists of projects that have received FPSC approval. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit. | |||||||||||||||||||||||
(d) | FPL has identified $1.5 billion to $2.5 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above. | |||||||||||||||||||||||
(e) | Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,815 MW, including approximately 465 MW in Canada, that have received applicable internal approvals. NEER expects to add new U.S. wind generation of 2,000 MW to 2,500 MW in 2013 through 2015, including 325 MW added to date, at a total cost of up to $3.5 billion to $4.5 billion. | |||||||||||||||||||||||
(f) | Consists of capital expenditures for new solar projects and related transmission totaling approximately 600 MW that have received applicable internal approvals, including equity contributions associated with a 50% equity investment in a 550 MW solar project. Includes approximately $1 billion of total estimated costs associated with the pending acquisition of the development rights for a 250 MW solar project that is expected to close in mid-2014, subject to certain conditions precedent, and construction of the project, which is expected to be completed in 2016. Excludes solar projects requiring internal approvals with generation totaling 47 MW with an estimated cost of approximately $120 million. | |||||||||||||||||||||||
(g) | Includes nuclear fuel. | |||||||||||||||||||||||
(h) | Consists of capital expenditures that have received applicable internal approvals. | |||||||||||||||||||||||
(i) | Includes capital expenditures totaling approximately $1.4 billion for the remainder of 2014 through 2018 for construction of a natural gas pipeline system that has received applicable internal approvals, including approximately $885 million of equity contributions associated with a 33% equity investment in the northern portion of the natural gas pipeline system and $525 million for the southern portion, which includes AFUDC of approximately $1 million, $7 million, $20 million and $12 million for the remainder of 2014 through 2017, respectively. The natural gas pipeline system is subject to certain conditions, including FERC approval. A FERC decision is expected in 2015. See Contracts below. | |||||||||||||||||||||||
Required capacity and/or minimum payments under contracts | ' | |||||||||||||||||||||||
The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2014 were estimated as follows: | ||||||||||||||||||||||||
Remainder of 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Capacity charges:(a) | ||||||||||||||||||||||||
Qualifying facilities | $ | 210 | $ | 290 | $ | 250 | $ | 255 | $ | 260 | $ | 1,965 | ||||||||||||
JEA and Southern subsidiaries | $ | 165 | $ | 195 | $ | 70 | $ | 50 | $ | 10 | $ | 5 | ||||||||||||
Minimum charges, at projected prices:(b) | ||||||||||||||||||||||||
Natural gas, including transportation and storage(c) | $ | 1,485 | $ | 855 | $ | 685 | $ | 745 | $ | 825 | $ | 14,520 | ||||||||||||
Coal | $ | 50 | $ | 40 | $ | 20 | $ | — | $ | — | $ | — | ||||||||||||
NEER | $ | 1,590 | $ | 600 | $ | 175 | $ | 105 | $ | 105 | $ | 475 | ||||||||||||
Corporate and Other(d)(e) | $ | 130 | $ | 250 | $ | 515 | $ | 50 | $ | 25 | $ | 50 | ||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Capacity charges under these contracts, substantially all of which are recoverable through the capacity cost recovery clause, totaled approximately $123 million and $126 million for the three months ended March 31, 2014 and 2013, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $56 million and $23 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
(b) | Recoverable through the fuel clause. | |||||||||||||||||||||||
(c) | Includes approximately $200 million, $295 million and $8,535 million in 2017, 2018 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. | |||||||||||||||||||||||
(d) | Includes an approximately $50 million commitment to invest in clean power and technology businesses through 2021. | |||||||||||||||||||||||
(e) | Excludes approximately $320 million and $200 million in 2014 and 2015, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Segment information | ' | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
FPL | NEER(a) | Corporate | NEE | FPL | NEER(a) | Corporate | NEE | |||||||||||||||||||||||||
and Other | Consoli- | and Other | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Operating revenues | $ | 2,535 | $ | 1,034 | $ | 105 | $ | 3,674 | $ | 2,188 | $ | 1,016 | $ | 75 | $ | 3,279 | ||||||||||||||||
Operating expenses | $ | 1,903 | $ | 952 | $ | 81 | $ | 2,936 | $ | 1,645 | $ | 1,149 | (b) | $ | 51 | $ | 2,845 | |||||||||||||||
Income (loss) from continuing operations(c) | $ | 347 | $ | 86 | (d) | $ | (3 | ) | $ | 430 | $ | 288 | $ | (256 | ) | (d) | $ | 9 | $ | 41 | ||||||||||||
Gain from discontinued operations, net of income taxes(c)(e) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 216 | $ | 15 | $ | 231 | ||||||||||||||||
Net income (loss) | $ | 347 | $ | 86 | (d) | $ | (3 | ) | $ | 430 | $ | 288 | $ | (40 | ) | (d) | $ | 24 | $ | 272 | ||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate and Other. | |||||||||||||||||||||||||||||||
(b) | Includes an impairment charge on NEER's Spain solar projects of $300 million. See Note 3 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||
(c) | Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||
(d) | Includes NEER's tax benefits related to PTCs and in 2013 also includes after-tax charges of $342 million associated with the impairment of the Spain solar projects. See Note 3 - Nonrecurring Fair Value Measurements and Note 4. | |||||||||||||||||||||||||||||||
(e) | See Note 5. | |||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
FPL | NEER | Corporate | NEE | FPL | NEER | Corporate | NEE | |||||||||||||||||||||||||
and Other | Consoli- | and Other | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Total assets | $ | 37,189 | $ | 30,335 | $ | 2,807 | $ | 70,331 | $ | 36,488 | $ | 30,154 | $ | 2,664 | $ | 69,306 | ||||||||||||||||
Summarized_Financial_Informati1
Summarized Financial Information of Capital Holdings (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Summarized Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||
Condensed Consolidating Statements | ' | |||||||||||||||||||||||||||||||
Condensed consolidating financial information is as follows: | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013(a) | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(b) | NEE | NEE | NEECH | Other(b) | NEE | |||||||||||||||||||||||||
(Guarantor) | Consoli- | (Guarantor) | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Operating revenues | $ | — | $ | 1,142 | $ | 2,532 | $ | 3,674 | $ | — | $ | 1,094 | $ | 2,185 | $ | 3,279 | ||||||||||||||||
Operating expenses | (4 | ) | (1,032 | ) | (1,900 | ) | (2,936 | ) | (3 | ) | (1,200 | ) | (1,642 | ) | (2,845 | ) | ||||||||||||||||
Interest expense | (2 | ) | (216 | ) | (101 | ) | (319 | ) | (2 | ) | (170 | ) | (100 | ) | (272 | ) | ||||||||||||||||
Equity in earnings of subsidiaries | 435 | — | (435 | ) | — | 249 | — | (249 | ) | — | ||||||||||||||||||||||
Other income (deductions) - net | 1 | 148 | 15 | 164 | (2 | ) | 5 | 20 | 23 | |||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 430 | 42 | 111 | 583 | 242 | (271 | ) | 214 | 185 | |||||||||||||||||||||||
Income tax expense (benefit) | — | (46 | ) | 199 | 153 | (15 | ) | (16 | ) | 175 | 144 | |||||||||||||||||||||
Income (loss) from continuing operations | 430 | 88 | (88 | ) | 430 | 257 | (255 | ) | 39 | 41 | ||||||||||||||||||||||
Gain from discontinued operations, net of income taxes | — | — | — | — | 15 | 216 | — | 231 | ||||||||||||||||||||||||
Net income (loss) | $ | 430 | $ | 88 | $ | (88 | ) | $ | 430 | $ | 272 | $ | (39 | ) | $ | 39 | $ | 272 | ||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | ||||||||||||||||||||||||||||||||
(b) Represents FPL and consolidating adjustments. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||
(Guarantor) | Consoli- | (Guarantor) | Consoli- | |||||||||||||||||||||||||||||
dated | dated | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 395 | $ | 48 | $ | (48 | ) | $ | 395 | $ | 391 | $ | 73 | $ | (73 | ) | $ | 391 | ||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||
tor) | dated | tor) | dated | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||||||||||
Electric plant in service and other property | $ | 31 | $ | 29,634 | $ | 40,702 | $ | 70,367 | $ | 31 | $ | 29,511 | $ | 39,906 | $ | 69,448 | ||||||||||||||||
Less accumulated depreciation and amortization | (11 | ) | (5,965 | ) | (11,085 | ) | (17,061 | ) | (10 | ) | (5,774 | ) | (10,944 | ) | (16,728 | ) | ||||||||||||||||
Total property, plant and equipment - net | 20 | 23,669 | 29,617 | 53,306 | 21 | 23,737 | 28,962 | 52,720 | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 5 | 445 | 38 | 488 | — | 418 | 20 | 438 | ||||||||||||||||||||||||
Receivables | 121 | 2,107 | 323 | 2,551 | 78 | 1,542 | 669 | 2,289 | ||||||||||||||||||||||||
Other | 210 | 1,623 | 1,269 | 3,102 | 6 | 1,814 | 1,295 | 3,115 | ||||||||||||||||||||||||
Total current assets | 336 | 4,175 | 1,630 | 6,141 | 84 | 3,774 | 1,984 | 5,842 | ||||||||||||||||||||||||
OTHER ASSETS | ||||||||||||||||||||||||||||||||
Investment in subsidiaries | 17,962 | — | (17,962 | ) | — | 17,910 | — | (17,910 | ) | — | ||||||||||||||||||||||
Other | 764 | 5,129 | 4,991 | 10,884 | 694 | 5,129 | 4,921 | 10,744 | ||||||||||||||||||||||||
Total other assets | 18,726 | 5,129 | (12,971 | ) | 10,884 | 18,604 | 5,129 | (12,989 | ) | 10,744 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 19,082 | $ | 32,973 | $ | 18,276 | $ | 70,331 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||
CAPITALIZATION | ||||||||||||||||||||||||||||||||
Common shareholders' equity | $ | 18,160 | $ | 4,432 | $ | (4,432 | ) | $ | 18,160 | $ | 18,040 | $ | 4,816 | $ | (4,816 | ) | $ | 18,040 | ||||||||||||||
Long-term debt | — | 15,381 | 8,443 | 23,824 | — | 15,496 | 8,473 | 23,969 | ||||||||||||||||||||||||
Total capitalization | 18,160 | 19,813 | 4,011 | 41,984 | 18,040 | 20,312 | 3,657 | 42,009 | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||
Debt due within one year | — | 5,009 | 682 | 5,691 | — | 3,896 | 561 | 4,457 | ||||||||||||||||||||||||
Accounts payable | — | 758 | 692 | 1,450 | — | 589 | 611 | 1,200 | ||||||||||||||||||||||||
Other | 390 | 1,864 | 897 | 3,151 | 199 | 2,203 | 1,130 | 3,532 | ||||||||||||||||||||||||
Total current liabilities | 390 | 7,631 | 2,271 | 10,292 | 199 | 6,688 | 2,302 | 9,189 | ||||||||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||||||||||||||||||||||||||||||
Asset retirement obligations | — | 575 | 1,302 | 1,877 | — | 565 | 1,285 | 1,850 | ||||||||||||||||||||||||
Deferred income taxes | 251 | 1,982 | 6,073 | 8,306 | 166 | 1,963 | 6,015 | 8,144 | ||||||||||||||||||||||||
Other | 281 | 2,972 | 4,619 | 7,872 | 304 | 3,112 | 4,698 | 8,114 | ||||||||||||||||||||||||
Total other liabilities and deferred credits | 532 | 5,529 | 11,994 | 18,055 | 470 | 5,640 | 11,998 | 18,108 | ||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | $ | 19,082 | $ | 32,973 | $ | 18,276 | $ | 70,331 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||
tor) | dated | tor) | dated | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 428 | $ | 147 | $ | 442 | $ | 1,017 | $ | 350 | $ | 295 | $ | 437 | $ | 1,082 | ||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | — | (798 | ) | (1,068 | ) | (1,866 | ) | — | (1,046 | ) | (821 | ) | (1,867 | ) | ||||||||||||||||||
Capital contribution to FPL | (100 | ) | — | 100 | — | — | — | — | — | |||||||||||||||||||||||
Cash grants under the Recovery Act | — | — | — | — | — | 170 | — | 170 | ||||||||||||||||||||||||
Change in loan proceeds restricted for construction | — | (28 | ) | — | (28 | ) | — | 112 | — | 112 | ||||||||||||||||||||||
Other - net | — | 58 | (6 | ) | 52 | (52 | ) | 29 | 30 | 7 | ||||||||||||||||||||||
Net cash used in investing activities | (100 | ) | (768 | ) | (974 | ) | (1,842 | ) | (52 | ) | (735 | ) | (791 | ) | (1,578 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||
Issuances of long-term debt | — | 655 | — | 655 | — | 623 | — | 623 | ||||||||||||||||||||||||
Retirements of long-term debt | — | (688 | ) | (29 | ) | (717 | ) | — | (496 | ) | (427 | ) | (923 | ) | ||||||||||||||||||
Net change in short-term debt | — | 1,059 | 120 | 1,179 | — | 166 | 800 | 966 | ||||||||||||||||||||||||
Dividends on common stock | (315 | ) | — | — | (315 | ) | (279 | ) | — | — | (279 | ) | ||||||||||||||||||||
Other - net | (8 | ) | (378 | ) | 459 | 73 | (21 | ) | 39 | (23 | ) | (5 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (323 | ) | 648 | 550 | 875 | (300 | ) | 332 | 350 | 382 | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 5 | 27 | 18 | 50 | (2 | ) | (108 | ) | (4 | ) | (114 | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 418 | 20 | 438 | 2 | 287 | 40 | 329 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 5 | $ | 445 | $ | 38 | $ | 488 | $ | — | $ | 179 | $ | 36 | $ | 215 | ||||||||||||||||
———————————— | ||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. |
Employee_Retirement_Benefits_D
Employee Retirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits [Member] | ' | ' |
Net periodic benefit (income) cost [Abstract] | ' | ' |
Service cost | $16 | $18 |
Interest cost | 25 | 24 |
Expected return on plan assets | -60 | -60 |
Amortization of prior service cost (benefit) | 1 | 2 |
Amortization of losses | 0 | 1 |
Net periodic benefit (income) cost | -18 | -15 |
Other Benefits [Member] | ' | ' |
Net periodic benefit (income) cost [Abstract] | ' | ' |
Service cost | 1 | 1 |
Interest cost | 4 | 4 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost (benefit) | -1 | -1 |
Amortization of losses | 0 | 1 |
Net periodic benefit (income) cost | 4 | 5 |
FPL [Member] | Pension Benefits [Member] | ' | ' |
Net periodic benefit (income) cost [Abstract] | ' | ' |
Net periodic benefit (income) cost | -11 | -10 |
FPL [Member] | Other Benefits [Member] | ' | ' |
Net periodic benefit (income) cost [Abstract] | ' | ' |
Net periodic benefit (income) cost | $3 | $3 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Maximum length of time hedged in interest rate cash flow hedges | 'through June 2031 | ' |
Maximum Length of Time Hedged in Foreign Currency Cash Flow Hedge | '16 years 6 months | ' |
Margin cash collateral received from counterparties that was not offset against derivative assets | $45 | $24 |
Margin cash collateral provided to counterparties that was not offset against derivative liabilities | 109 | 42 |
Total gain (loss) to be reclassified during next 12 months | ($61) | ' |
Derivative_Instruments_Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | $1,517 | $1,661 | ||
Derivative Liability | 1,211 | 1,311 | ||
Current derivative assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 165 | 181 | ||
Derivative Asset | 533 | [1] | 498 | [2] |
Current derivative liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability | 815 | 838 | ||
Non Current Derivative Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 88 | 98 | ||
Derivative Asset | 984 | [3] | 1,163 | [4] |
Noncurrent derivative liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 12 | ' | ||
Derivative Liability | 396 | [5] | 473 | |
Commodity Contract [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 1,441 | 1,571 | ||
Derivative Liability | 834 | 940 | ||
Interest Rate Contract [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 76 | 90 | ||
Derivative Liability | 233 | 220 | ||
Foreign Exchange Contract [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 0 | 0 | ||
Derivative Liability | 144 | 151 | ||
FPL [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 130 | 48 | ||
Derivative Liability | 10 | 2 | ||
FPL [Member] | Current derivative assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 129 | 48 | ||
FPL [Member] | Current derivative liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability | ' | 1 | ||
FPL [Member] | Non Current Derivative Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 1 | ' | ||
FPL [Member] | Noncurrent derivative liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability | 10 | 1 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 4,553 | 4,544 | ||
Derivative Liability, Fair Value, Gross Liability | 3,908 | 3,827 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 76 | 89 | ||
Derivative Liability, Fair Value, Gross Liability | 174 | 177 | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 95 | 101 | ||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 49 | 50 | ||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 1 | ||
Derivative Liability, Fair Value, Gross Liability | 108 | 93 | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 76 | 89 | ||
Derivative Liability, Fair Value, Gross Liability | 125 | 127 | ||
Commodity Contract [Member] | FPL [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset | 130 | 48 | ||
Derivative Liability | 10 | 2 | ||
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 4,553 | 4,543 | ||
Derivative Liability, Fair Value, Gross Liability | 3,705 | 3,633 | ||
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | FPL [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 123 | 55 | ||
Derivative Liability, Fair Value, Gross Liability | 3 | 9 | ||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | FPL [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | $0 | $0 | ||
[1] | Reflects the netting of approximately $165 million in margin cash collateral received from counterparties. | |||
[2] | Reflects the netting of approximately $181 million in margin cash collateral received from counterpar | |||
[3] | Reflects the netting of approximately $88 million in margin cash collateral received from counterparties. | |||
[4] | Reflects the netting of approximately $98 million in margin cash collateral received from counterpar | |||
[5] | Reflects the netting of approximately $12 million in margin cash collateral provided to counterparties. |
Derivative_Instruments_Income_
Derivative Instruments (Income Statement Disclosure) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($29) | $92 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -14 | -34 | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -298 | -71 | ||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | 136 | 144 | ||
Commodity Contract [Member] | Gains (losses) included in operating revenues [Member] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -272 | -42 | ||
Commodity Contract [Member] | Gains (losses) included in fuel, purchased power and interchange [Member] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -4 | 3 | ||
Interest Rate Contract [Member] | ' | ' | ||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -27 | 100 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -16 | [1] | -15 | [1] |
Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -27 | 0 | ||
Foreign Exchange Contract [Member] | ' | ' | ||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ' | ' | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | -2 | -8 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | [2] | -19 | [2] |
Foreign Exchange Contract [Member] | Gains (losses) included in Other - net [Member] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ' | ' | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5 | -32 | ||
Fair Value Hedging [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge | 4 | -9 | ||
Cash Flow Hedging [Member] | Currency Swap [Member] | Gains (losses) included in interest expense [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($1) | ($1) | ||
[1] | Included in interest expense. | |||
[2] | Loss of approximately $1 million is included in interest expense and the balance is included in other - net. |
Derivative_Instruments_Net_Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | MWh | MWh |
Commodity contract - Power [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Non-monetary net notional volumes | -111,000,000 | -276,000,000 |
Commodity contract - Natural gas [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Non-monetary net notional volumes | 1,333,000,000 | 1,140,000,000 |
Commodity contract - Oil [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Non-monetary net notional volumes | -9,000,000 | -10,000,000 |
Interest rate contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | 6,800 | 6,500 |
Currency Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | 662 | 662 |
FPL [Member] | Commodity contract - Power [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Non-monetary net notional volumes | 0 | 0 |
FPL [Member] | Commodity contract - Natural gas [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Non-monetary net notional volumes | 937,000,000 | 674,000,000 |
FPL [Member] | Commodity contract - Oil [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Non-monetary net notional volumes | 0 | 0 |
Derivative_Instruments_CreditR
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ' | ' |
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $1,800,000,000 | $2,100,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 300,000,000 | 400,000,000 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 2,200,000,000 | 2,300,000,000 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 800,000,000 | 800,000,000 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | 73,000,000 | 210,000,000 |
FPL [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 4,000,000 | 9,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 20,000,000 | 20,000,000 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 400,000,000 | 400,000,000 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 200,000,000 | 150,000,000 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) (Fair value measurements made on a recurring basis [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Cash equivalents: | ' | ' | ||
Equity securities | $84 | $20 | ||
Special use funds: | ' | ' | ||
Equity securities | 2,525 | [1] | 2,506 | [1] |
U.S. Government and municipal bonds | 783 | [1] | 827 | [1] |
Corporate debt securities | 612 | [1] | 597 | [1] |
Mortgage-backed securities | 514 | [1] | 479 | [1] |
Other debt securities | 69 | [1] | 60 | [1] |
Fair value of investments in commingled funds whose underlying investments would be Level 1 if those investments were held directly by the registrant | ' | 1,300 | ||
Other investments: | ' | ' | ||
Equity Securities | 44 | 51 | ||
Debt securities | 124 | 118 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1,441 | [2] | 1,571 | [2] |
Interest rate contracts | 76 | [2] | 90 | [2] |
Derivatives: | ' | ' | ||
Commodity contracts | 834 | [2] | 940 | [2] |
Interest rate swaps | 233 | [2] | 220 | [2] |
Foreign currency swaps | 144 | [2] | 151 | [2] |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' | ||
Cash equivalents: | ' | ' | ||
Equity securities | 84 | 20 | ||
Special use funds: | ' | ' | ||
Equity securities | 1,235 | [1] | 1,170 | [1] |
U.S. Government and municipal bonds | 617 | [1] | 647 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 25 | [1] | 16 | [1] |
Other investments: | ' | ' | ||
Equity Securities | 44 | 51 | ||
Debt securities | 21 | 11 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1,529 | 1,368 | ||
Interest rate contracts | 0 | 0 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1,434 | 1,285 | ||
Interest rate swaps | 0 | 0 | ||
Foreign currency swaps | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Cash equivalents: | ' | ' | ||
Equity securities | 0 | 0 | ||
Special use funds: | ' | ' | ||
Equity securities | 1,290 | [1],[3] | 1,336 | [1],[4] |
U.S. Government and municipal bonds | 166 | [1] | 180 | [1] |
Corporate debt securities | 612 | [1] | 597 | [1] |
Mortgage-backed securities | 514 | [1] | 479 | [1] |
Other debt securities | 44 | [1] | 44 | [1] |
Other investments: | ' | ' | ||
Equity Securities | 0 | 0 | ||
Debt securities | 103 | 107 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1,989 | 2,106 | ||
Interest rate contracts | 76 | 90 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1,804 | 1,994 | ||
Interest rate swaps | 125 | 127 | ||
Foreign currency swaps | 144 | 151 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Cash equivalents: | ' | ' | ||
Equity securities | 0 | 0 | ||
Special use funds: | ' | ' | ||
Equity securities | 0 | [1] | 0 | [1] |
U.S. Government and municipal bonds | 0 | [1] | 0 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 0 | [1] | 0 | [1] |
Other investments: | ' | ' | ||
Equity Securities | 0 | 0 | ||
Debt securities | 0 | 0 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1,035 | 1,069 | ||
Interest rate contracts | 0 | 0 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 467 | 354 | ||
Interest rate swaps | 108 | 93 | ||
Foreign currency swaps | 0 | 0 | ||
Netting [Member] | ' | ' | ||
Cash equivalents: | ' | ' | ||
Equity securities | 0 | [5] | 0 | [5] |
Special use funds: | ' | ' | ||
Equity securities | 0 | [1],[5] | 0 | [1],[5] |
U.S. Government and municipal bonds | 0 | [1],[5] | 0 | [1],[5] |
Corporate debt securities | 0 | [1],[5] | 0 | [1],[5] |
Mortgage-backed securities | 0 | [1],[5] | 0 | [1],[5] |
Other debt securities | 0 | [1],[5] | 0 | [1],[5] |
Other investments: | ' | ' | ||
Equity Securities | 0 | [5] | 0 | [5] |
Debt securities | 0 | [5] | 0 | [5] |
Derivatives: | ' | ' | ||
Commodity contracts | -3,112 | [5] | -2,972 | [5] |
Interest rate contracts | 0 | [5] | 0 | [5] |
Derivatives: | ' | ' | ||
Commodity contracts | -2,871 | [5] | -2,693 | [5] |
Interest rate swaps | 0 | [5] | 0 | [5] |
Foreign currency swaps | 0 | [5] | 0 | [5] |
FPL [Member] | ' | ' | ||
Special use funds: | ' | ' | ||
Equity securities | 1,494 | [1] | 1,467 | [1] |
U.S. Government and municipal bonds | 667 | [1] | 738 | [1] |
Corporate debt securities | 427 | [1] | 421 | [1] |
Mortgage-backed securities | 438 | [1] | 401 | [1] |
Other debt securities | 50 | [1] | 46 | [1] |
Fair value of investments in commingled funds whose underlying investments would be Level 1 if those investments were held directly by the registrant | ' | 1,141 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 130 | [2] | 48 | [2] |
Derivatives: | ' | ' | ||
Commodity contracts | 10 | [2] | 2 | [2] |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ' | ' | ||
Special use funds: | ' | ' | ||
Equity securities | 366 | [1] | 291 | [1] |
U.S. Government and municipal bonds | 520 | [1] | 584 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 25 | [1] | 16 | [1] |
Derivatives: | ' | ' | ||
Commodity contracts | 0 | 0 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 0 | 0 | ||
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Special use funds: | ' | ' | ||
Equity securities | 1,128 | [1],[3] | 1,176 | [1],[4] |
U.S. Government and municipal bonds | 147 | [1] | 154 | [1] |
Corporate debt securities | 427 | [1] | 421 | [1] |
Mortgage-backed securities | 438 | [1] | 401 | [1] |
Other debt securities | 25 | [1] | 30 | [1] |
Derivatives: | ' | ' | ||
Commodity contracts | 119 | 53 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 2 | 7 | ||
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Special use funds: | ' | ' | ||
Equity securities | 0 | [1] | 0 | [1] |
U.S. Government and municipal bonds | 0 | [1] | 0 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 0 | [1] | 0 | [1] |
Derivatives: | ' | ' | ||
Commodity contracts | 4 | 2 | ||
Derivatives: | ' | ' | ||
Commodity contracts | 1 | 2 | ||
FPL [Member] | Netting [Member] | ' | ' | ||
Special use funds: | ' | ' | ||
Equity securities | 0 | [1],[5] | 0 | [1],[5] |
U.S. Government and municipal bonds | 0 | [1],[5] | 0 | [1],[5] |
Corporate debt securities | 0 | [1],[5] | 0 | [1],[5] |
Mortgage-backed securities | 0 | [1],[5] | 0 | [1],[5] |
Other debt securities | 0 | [1],[5] | 0 | [1],[5] |
Derivatives: | ' | ' | ||
Commodity contracts | 7 | [5] | -7 | [5] |
Derivatives: | ' | ' | ||
Commodity contracts | $7 | [5] | ($7) | [5] |
[1] | Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. | |||
[2] | See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. | |||
[3] | Invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | |||
[4] | At NEE, approximately $1,300 million ($1,141 million at FPL) are invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | |||
[5] | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. |
Fair_Value_Measurements_Signif
Fair Value Measurements (Significant Unobservable Inputs Used in Valuation of Contracts) (Details) (Level 3 [Member], USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | $1,035 | |
Liabilities, Fair Value Disclosure | 467 | |
Forward Contracts - power [Member] | Discounted Cash Flow Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | 605 | |
Liabilities, Fair Value Disclosure | 106 | |
Forward Contracts - power [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $9 | |
Forward Contracts - power [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $156 | |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | 96 | |
Liabilities, Fair Value Disclosure | 44 | |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $2 | |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $16 | |
Forward contracts - other commodity related [Member] | Discounted Cash Flow Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | 23 | |
Liabilities, Fair Value Disclosure | 16 | |
Forward contracts - other commodity related [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $1 | |
Forward contracts - other commodity related [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $245 | |
Options - Power [Member] | Option Models [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | 79 | |
Liabilities, Fair Value Disclosure | 84 | |
Options - Power [Member] | Option Models [Member] | Implied Correlations [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 7.00% | |
Options - Power [Member] | Option Models [Member] | Implied Correlations [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 96.00% | |
Options - Power [Member] | Option Models [Member] | Implied Volatilities [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 1.00% | |
Options - Power [Member] | Option Models [Member] | Implied Volatilities [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 271.00% | |
Options - Gas [Member] | Option Models [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | 34 | |
Liabilities, Fair Value Disclosure | 57 | |
Options - Gas [Member] | Option Models [Member] | Implied Correlations [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 7.00% | |
Options - Gas [Member] | Option Models [Member] | Implied Correlations [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 96.00% | |
Options - Gas [Member] | Option Models [Member] | Implied Volatilities [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 1.00% | |
Options - Gas [Member] | Option Models [Member] | Implied Volatilities [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 70.00% | |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Assets, Fair Value Disclosure | 198 | |
Liabilities, Fair Value Disclosure | 160 | |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | ($10) | |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Foward Price [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (in dollars per unit) | $203 | |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Customer Migration Rate [Member] | Minimum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 0.00% | [1] |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Customer Migration Rate [Member] | Maximum [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Expected rates (as a percentage) | 20.00% | [1] |
NextEra Energy Resources [Member] | Interest rate contracts [Member] | ' | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | |
Liabilities, Fair Value Disclosure | $108 | |
[1] | Applies only to full requirements contracts. |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Changes in the Fair Value of Derivatives) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Realized and unrealized gains (losses): [Abstract] | ' | ' | ||
Realized and unrealized gains (losses) reflected in operating revenues | ($405) | ($1) | ||
Realized and unrealized gains (losses) reflected in interest expense | -15 | ' | ||
Unrealized gains (losses) reflected in operating revenues related to derivatives still held at the reporting date | -234 | 31 | ||
Derivative Financial Instruments, Net [Member] | ' | ' | ||
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs Roll Forward [Abstract] | ' | ' | ||
Fair value of net derivatives based on significant unobservable inputs, beginning balance | 622 | 566 | ||
Realized and unrealized gains (losses): [Abstract] | ' | ' | ||
Included in Earnings | -423 | [1] | -3 | [1] |
Included in regulatory assets and liabilities | 4 | 1 | ||
Purchases | 4 | 49 | ||
Settlements | 266 | -33 | ||
Issuances | -19 | -64 | ||
Transfers in | 7 | [2] | 0 | [2] |
Transfers out | -1 | [2] | 6 | [2] |
Fair value of net derivatives based on significant unobservable inputs, ending balance | 460 | 522 | ||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date | -249 | [3] | 32 | [3] |
FPL [Member] | Derivative Financial Instruments, Net [Member] | ' | ' | ||
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs Roll Forward [Abstract] | ' | ' | ||
Fair value of net derivatives based on significant unobservable inputs, beginning balance | 0 | 2 | ||
Realized and unrealized gains (losses): [Abstract] | ' | ' | ||
Included in Earnings | 0 | 0 | ||
Included in regulatory assets and liabilities | 4 | 1 | ||
Purchases | 0 | 0 | ||
Settlements | -1 | -1 | ||
Issuances | 0 | 0 | ||
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | ||
Fair value of net derivatives based on significant unobservable inputs, ending balance | 3 | 2 | ||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date | $0 | $0 | ||
[1] | For the three months ended March 31, 2014, realized and unrealized losses of approximately $405 million are reflected in the condensed consolidated statements of income in operating revenues, $15 million in interest expense and the balance is reflected in fuel, purchased power and interchange. For the three months ended March 31, 2013, realized and unrealized losses are reflected in the condensed consolidated statements of income in fuel, purchased power and interchange. | |||
[2] | Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. | |||
[3] | For the three months ended March 31, 2014, unrealized losses of $234 million are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the three months ended March 31, 2013, unrealized gains of approximately $31 million are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. |
Fair_Value_Measurements_Nonrec
Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Gain (loss) on assets previously held for sale | $21 | ($67) |
Impairment of Long-Lived Assets Held-for-use | 0 | 300 |
Impairment Of Long Lived Assets Held For Use After Tax | ' | 342 |
NextEra Energy Resources [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Planned capacity of Spain Solar projects - in megawatts | ' | 99.8 |
Carrying value of property, plant, and equipment prior to impairment charge | ' | 800 |
Property, Plant, and Equipment, Fair Value Disclosure | ' | 500 |
Impairment of Long-Lived Assets Held-for-use | ' | 300 |
Impairment Of Long Lived Assets Held For Use After Tax | ' | 342 |
Maine fossil [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Gain (loss) on assets previously held for sale | 21 | -67 |
After-tax gain (loss) on assets previously held for sale | $12 | ($43) |
Capacity associated with assets previously held for sale (in megawatts) | 796 | ' |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value of Instruments Recorded at Carrying Amount) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Held To Maturity Notes Receivable Maturity Date High | '2029 | ' | ||
Special Use Funds Storm Fund Assets | $75 | ' | ||
Special use funds: nuclear decommissioning fund assets | 4,791 | ' | ||
Available for sale debt securities amortized cost | 1,941 | 1,954 | ||
Available For Sale Securities Equity Securities Amortized Cost | 1,420 | 1,384 | ||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | '6 years | ' | ||
Special Use Funds Storm Fund Weighted Average Maturity | '3 years | ' | ||
Carrying Amount [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Special Use Funds Recorded at Carrying Amount Fair Value Disclosure | 363 | [1] | 311 | [1] |
Other Investments Notes Receivable Fair Value Disclosure | 528 | 531 | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 27,639 | 27,728 | ||
Estimated Fair Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Special Use Funds Recorded at Carrying Amount Fair Value Disclosure | 363 | [1] | 311 | [1] |
Other Investments Notes Receivable Fair Value Disclosure | 667 | [2] | 627 | [2] |
Long Term Debt Including Current Maturities Fair Value Disclosure | 28,782 | [3] | 28,612 | [3] |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 18,135 | 17,921 | ||
FPL [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Special use funds: nuclear decommissioning fund assets | 3,252 | ' | ||
Available for sale debt securities amortized cost | 1,550 | 1,595 | ||
Available For Sale Securities Equity Securities Amortized Cost | 714 | 694 | ||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | '6 years | ' | ||
FPL [Member] | Carrying Amount [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Special Use Funds Recorded at Carrying Amount Fair Value Disclosure | 251 | [1] | 200 | [1] |
Long Term Debt Including Current Maturities Fair Value Disclosure | 8,801 | 8,829 | ||
FPL [Member] | Estimated Fair Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Special Use Funds Recorded at Carrying Amount Fair Value Disclosure | 251 | [1] | 200 | [1] |
Long Term Debt Including Current Maturities Fair Value Disclosure | $9,384 | [3] | $9,451 | [3] |
[1] | Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis. | |||
[2] | Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of MarchB 31, 2014 and DecemberB 31, 2013, NEE had no notes receivable reported in non-accrual status. | |||
[3] | As of MarchB 31, 2014 and DecemberB 31, 2013, for NEE, $18,135 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (LevelB 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2). |
Fair_Value_Measurements_Availa
Fair Value Measurements (Available for Sale Securities) (Details) (USD $) | 3 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||||
FPL [Member] | FPL [Member] | Available For Sale Securities: Special Use Funds - Equity Securities [Member] | Available For Sale Securities: Special Use Funds - Equity Securities [Member] | Available For Sale Securities: Special Use Funds - Equity Securities [Member] | Available For Sale Securities: Special Use Funds - Equity Securities [Member] | available for sale securities: Special Use Funds - Debt Securities [Member] | available for sale securities: Special Use Funds - Debt Securities [Member] | available for sale securities: Special Use Funds - Debt Securities [Member] | available for sale securities: Special Use Funds - Debt Securities [Member] | |||||||
FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | |||||||||||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Unrealized Loss | ' | ' | ' | ' | ' | ' | ' | ' | $12 | [1] | $32 | [1] | $10 | [1] | $25 | [1] |
Unrealized gains | ' | ' | ' | ' | 1,105 | 1,125 | 780 | 777 | 49 | 42 | 41 | 36 | ||||
Realized Gains | 77 | 42 | 32 | 23 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Realized Losses | 22 | 30 | 17 | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Proceeds from Sale and Maturity of Available-for-sale Securities | 1,401 | 924 | 1,162 | 685 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | $660 | $1,069 | $516 | $844 | ||||
[1] | Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at MarchB 31, 2014 and DecemberB 31, 2013 were not material to NEE or FPL. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate (as a percent) | 26.00% | 78.00% |
Valuation Allowances and Reserves, Charged to Cost and Expense | ' | $132 |
Impairment of Long-Lived Assets Held-for-use | 0 | 300 |
Impairment Of Long Lived Assets Held For Use After Tax | ' | 342 |
Production tax credits | 49 | 59 |
Deferred income tax benefit associated with convertible investment tax credits | $12 | $13 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Sale of hydropower generation plants through assumption of debt by buyer | $0 | $700 |
Maine Hydro [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Capacity associated with discontinued operations (in megawatts) | ' | 351 |
Sale of hydropower generation plants through assumption of debt by buyer | ' | 700 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | 372 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | $231 |
Variable_Interest_Entities_VIE1
Variable Interest Entities (VIEs) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Other variable interest entities [Member] | Other variable interest entities [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | |
Bankruptcy remote special purpose subsidiary [Member] | Bankruptcy remote special purpose subsidiary [Member] | Bankruptcy remote special purpose subsidiary [Member] | Qualifying facility 1 [Member] | Qualifying facility 1 [Member] | Qualifying facility 2 [Member] | Other variable interest entities [Member] | Other variable interest entities [Member] | Gas and/or oil variable interest entities [Member] | Gas and/or oil variable interest entities [Member] | Wind variable interest entities [Member] | Wind variable interest entities [Member] | |||||
MWh | MWh | MW | MW | MW | ||||||||||||
MW | entities | entities | ||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of consolidated variable interest entities | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 1 | ' | 12 | 12 |
Storm-recovery bonds aggregate principal amount issued | ' | ' | ' | ' | ' | $652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of storm-recovery bonds | ' | ' | ' | ' | ' | 644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of assets, consolidated variable interest entity | ' | ' | ' | 290 | 324 | ' | ' | ' | ' | ' | ' | ' | 90 | 85 | 5,200 | 5,300 |
Carrying amount of liabilities, consolidated variable interest entity | ' | ' | ' | 360 | 394 | ' | ' | ' | ' | ' | ' | ' | 65 | 63 | 3,300 | 3,300 |
Coal fired generating facility capacity (in megawatts) | ' | ' | ' | ' | ' | ' | 250 | ' | 330 | ' | ' | ' | ' | ' | ' | ' |
Quantity of electricity purchased (in megawatt-hours) | ' | ' | ' | ' | ' | ' | 128,940 | 79,210 | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of electricity purchased | ' | ' | ' | ' | ' | ' | 36 | 35 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Natural gas and or oil electric generating facility capacity (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' |
Expiration date of power sales contracts with third parties, low range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | ' | '2018 | ' |
Expiration date of power sales contracts with third parties, high range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2020 | ' | '2038 | ' |
Wind electric generating facility capability (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,541 | ' |
Total number of consolidated VIEs sell electric output under power sales contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Total number of consolidated VIEs sell in spot market | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Investments in special purpose entities | ' | $700 | $668 | ' | ' | ' | ' | ' | ' | $541 | $505 | ' | ' | ' | ' | ' |
Common_Shareholders_Equity_Ear
Common Shareholders' Equity (Earnings Per Share) (Details) (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ' | ' | ||
Income (loss) from continuing operations | $430 | $41 | [1],[2] | |
Denominator: | ' | ' | ||
Weighted-average number of common shares outstanding - basic (in shares) | 433.5 | 421 | ||
Performance share awards, options, equity units and restricted stock (in shares) | 4.7 | [3] | 2.7 | [3] |
Weighted-average number of common shares outstanding - assuming dilution (in shares) | 438.2 | 423.7 | ||
Earnings per share of common stock from continuing operations: | ' | ' | ||
Basic | $0.99 | $0.10 | ||
Assuming dilution | $0.98 | $0.10 | ||
Antidilutive securities (in shares) | 0.1 | 0.4 | ||
[1] | (c)Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | |||
[2] | Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements | |||
[3] | Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. |
Common_Shareholders_Equity_Acc
Common Shareholders' Equity (Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning balance | $56 | ($255) | ||
Other comprehensive income (loss) before reclassifications | -20 | 103 | ||
Amounts reclassified from AOCI | -15 | 16 | ||
Net other comprehensive income (loss) | -35 | 119 | ||
Ending balance | 21 | -136 | ||
Net Unrealized Gains (Losses) on Available for Sale Securities | ' | ' | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning balance | 197 | 96 | ||
Other comprehensive income (loss) before reclassifications | 13 | 40 | ||
Amounts reclassified from AOCI | -25 | [1] | -6 | [1] |
Net other comprehensive income (loss) | -12 | 34 | ||
Ending balance | 185 | 130 | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges | ' | ' | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning balance | -115 | -266 | ||
Other comprehensive income (loss) before reclassifications | -18 | 65 | ||
Amounts reclassified from AOCI | 9 | [2] | 21 | [2] |
Net other comprehensive income (loss) | -9 | 86 | ||
Ending balance | -124 | -180 | ||
Defined Benefit Pension and Other Benefits Plans | ' | ' | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning balance | 23 | -74 | ||
Other comprehensive income (loss) before reclassifications | 4 | 6 | ||
Amounts reclassified from AOCI | 1 | 1 | ||
Net other comprehensive income (loss) | 5 | 7 | ||
Ending balance | 28 | -67 | ||
Net Unrealized Gains (Losses) on Foreign Currency Translation | ' | ' | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning balance | -33 | 12 | ||
Other comprehensive income (loss) before reclassifications | -17 | -9 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net other comprehensive income (loss) | -17 | -9 | ||
Ending balance | -50 | 3 | ||
Other Comprehensive Income (Loss) Related to Equity Method Investee | ' | ' | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ||
Beginning balance | -16 | -23 | ||
Other comprehensive income (loss) before reclassifications | -2 | 1 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Net other comprehensive income (loss) | -2 | 1 | ||
Ending balance | ($18) | ($22) | ||
[1] | Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. | |||
[2] | Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Capital Holdings [Member] | Debentures [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | [1] |
Principal Amount | $350 | |
NextEra Energy Resources subsidiary [Member] | Canadian revolving credit agreements [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate Terms | 'Variable | [2] |
Proceeds from Issuance of Debt | 245 | |
NextEra Energy Resources subsidiary [Member] | senior secured limited-recourse term loan due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate Terms | 'Variable | [2] |
Principal Amount | $44 | |
[1] | An interest rate swap agreement has been entered into with respect to this issuance. See Note 2. | |
[2] | Variable rate is based on an underlying index plus a margin. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Planned Capital Expenditures) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
MW | ||
FPL [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | $2,305,000,000 | [1] |
2015 | 2,540,000,000 | [1] |
2016 | 2,145,000,000 | [1] |
2017 | 1,890,000,000 | [1] |
2018 | 1,910,000,000 | [1] |
Total | 10,790,000,000 | [1] |
Incremental Capital Expenditures Low Range | 1,500,000,000 | |
Incremental Capital Expenditures High Range | 2,500,000,000 | |
FPL [Member] | New Generation Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 475,000,000 | [2],[3],[4] |
2015 | 295,000,000 | [2],[3],[4] |
2016 | 70,000,000 | [2],[3],[4] |
2017 | 0 | [2],[3],[4] |
2018 | 0 | [2],[3],[4] |
Total | 840,000,000 | [2],[3],[4] |
FPL [Member] | Existing Generation Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 565,000,000 | [2] |
2015 | 680,000,000 | [2] |
2016 | 610,000,000 | [2] |
2017 | 580,000,000 | [2] |
2018 | 545,000,000 | [2] |
Total | 2,980,000,000 | [2] |
FPL [Member] | Transmission And Distribution Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 1,055,000,000 | |
2015 | 1,200,000,000 | |
2016 | 1,125,000,000 | |
2017 | 955,000,000 | |
2018 | 1,025,000,000 | |
Total | 5,360,000,000 | |
FPL [Member] | Nuclear Fuel Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 80,000,000 | |
2015 | 210,000,000 | |
2016 | 220,000,000 | |
2017 | 190,000,000 | |
2018 | 180,000,000 | |
Total | 880,000,000 | |
FPL [Member] | General And Other Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 130,000,000 | |
2015 | 155,000,000 | |
2016 | 120,000,000 | |
2017 | 165,000,000 | |
2018 | 160,000,000 | |
Total | 730,000,000 | |
FPL [Member] | Generation Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Allowance for funds used during construction (AFUDC) - remainder of 2014 | 28,000,000 | |
Allowance for funds used during construction (AFUDC) - 2015 | 53,000,000 | |
Allowance for funds used during construction (AFUDC) - 2016 | 17,000,000 | |
NextEra Energy Resources [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 2,595,000,000 | |
2015 | 1,655,000,000 | |
2016 | 915,000,000 | |
2017 | 305,000,000 | |
2018 | 355,000,000 | |
Total | 5,825,000,000 | |
NextEra Energy Resources [Member] | Wind Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 1,505,000,000 | [5] |
2015 | 610,000,000 | [5] |
2016 | 25,000,000 | [5] |
2017 | 10,000,000 | [5] |
2018 | 15,000,000 | [5] |
Total | 2,165,000,000 | [5] |
Planned New Wind Generation To Be Added over 5 Years (in megawatts) | 1,815 | |
Planned new wind generation added to date (in megawatts) | 325 | |
NextEra Energy Resources [Member] | Wind Expenditures [Member] | CANADA | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Planned New Wind Generation To Be Added over 5 Years (in megawatts) | 465 | |
NextEra Energy Resources [Member] | Wind Expenditures [Member] | Minimum [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Expected New Wind Projects, Three-Year Period, Capacity | 2,000 | |
Expected New Wind Projects, Three-Year Period, Expected Costs | 3,500,000,000 | |
NextEra Energy Resources [Member] | Wind Expenditures [Member] | Maximum [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Expected New Wind Projects, Three-Year Period, Capacity | 2,500 | |
Expected New Wind Projects, Three-Year Period, Expected Costs | 4,500,000,000 | |
NextEra Energy Resources [Member] | Solar Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 480,000,000 | [6] |
2015 | 750,000,000 | [6] |
2016 | 520,000,000 | [6] |
2017 | 0 | [6] |
2018 | 0 | [6] |
Total | 1,750,000,000 | [6] |
Planned new solar generation over 5 year period (in megawatts) | 600 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
Planned New Solar Capacity of Equity Method Investment (in megawatts) | 550 | |
NextEra Energy Resources [Member] | Solar Expenditures [Member] | Expected to Close Mid 2014 [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Planned new solar generation over 5 year period (in megawatts) | 250 | |
Planned New Solar Generation Over Five Year Period, Expected Costs | 1,000,000,000 | |
NextEra Energy Resources [Member] | Solar Expenditures [Member] | Requiring Internal Approvals [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Planned new solar generation over 5 year period (in megawatts) | 47 | |
Planned New Solar Generation Over Five Year Period, Expected Costs | 120,000,000 | |
NextEra Energy Resources [Member] | Nuclear Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 265,000,000 | [7] |
2015 | 275,000,000 | [7] |
2016 | 295,000,000 | [7] |
2017 | 255,000,000 | [7] |
2018 | 265,000,000 | [7] |
Total | 1,355,000,000 | [7] |
NextEra Energy Resources [Member] | Other Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 345,000,000 | [8] |
2015 | 20,000,000 | [8] |
2016 | 75,000,000 | [8] |
2017 | 40,000,000 | [8] |
2018 | 75,000,000 | [8] |
Total | 555,000,000 | [8] |
Corporate and Other [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Remainder Current Year | 190,000,000 | [9] |
2015 | 445,000,000 | [9] |
2016 | 795,000,000 | [9] |
2017 | 225,000,000 | [9] |
2018 | 95,000,000 | [9] |
Total | 1,750,000,000 | [9] |
Corporate and Other [Member] | Natural Gas Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Allowance for funds used during construction (AFUDC) - remainder of 2014 | 1,000,000 | |
Allowance for funds used during construction (AFUDC) - 2015 | 7,000,000 | |
Allowance for funds used during construction (AFUDC) - 2016 | 20,000,000 | |
Allowance for funds used during construction (AFUDC) - 2017 | 12,000,000 | |
Potential Capital Expenditures For Natural Gas Pipeline | 1,400,000,000 | |
Sabal Trail Transmission, LLC [Member] | Corporate and Other [Member] | Natural Gas Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Equity method investment in natural gas pipeline, through 2018 | 885,000,000 | |
Sabal Trail Transmission, LLC [Member] | Corporate and Other [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Equity Method Investment, Ownership Percentage | 33.00% | |
Florida Southeast Connection, LLC [Member] | Corporate and Other [Member] | Natural Gas Expenditures [Member] | ' | |
Planned Capital Expenditures [Line Items] | ' | |
Planned capital expenditures for natural gas pipeline | $525,000,000 | |
[1] | FPL has identified $1.5 billion to $2.5 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above. | |
[2] | Includes allowance for funds used during construction (AFUDC) of approximately $28 million, $53 million and $17 million for the remainder of 2014 through 2016, respectively. | |
[3] | Consists of projects that have received FPSC approval. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit. | |
[4] | Includes land, generating structures, transmission interconnection and integration and licensing. | |
[5] | Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,815 MW, including approximately 465 MW in Canada, that have received applicable internal approvals. NEER expects to add new U.S. wind generation of 2,000 MW to 2,500 MW in 2013 through 2015, including 325 MW added to date, at a total cost of up to $3.5 billion to $4.5 billion. | |
[6] | Consists of capital expenditures for new solar projects and related transmission totaling approximately 600 MW that have received applicable internal approvals, including equity contributions associated with a 50% equity investment in a 550 MW solar project. Includes approximately $1 billion of total estimated costs associated with the pending acquisition of the development rights for a 250 MW solar project that is expected to close in mid-2014, subject to certain conditions precedent, and construction of the project, which is expected to be completed in 2016. Excludes solar projects requiring internal approvals with generation totaling 47 MW with an estimated cost of approximately $120 million. | |
[7] | Includes nuclear fuel. | |
[8] | Consists of capital expenditures that have received applicable internal approvals. | |
[9] | Includes capital expenditures totaling approximately $1.4 billion for the remainder of 2014 through 2018 for construction of a natural gas pipeline system that has received applicable internal approvals, including approximately $885 million of equity contributions associated with a 33% equity investment in the northern portion of the natural gas pipeline system and $525 million for the southern portion, which includes AFUDC of approximately $1 million, $7 million, $20 million and $12 million for the remainder of 2014 through 2017, respectively. The natural gas pipeline system is subject to certain conditions, including FERC approval. A FERC decision is expected in 2015. See Contracts below. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Long-term Purchase Commitment) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 1-May-17 | Mar. 31, 2014 | Mar. 31, 2014 | |||||
NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | Corporate and Other [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Scenario, Forecast [Member] | Sabal Trail Transmission, LLC [Member] | Sabal Trail and Florida Southeast Connection [Member] | ||||||
Contract Group 1 [Member] | Jea And Southern Subsidiaries Contract Range 1 [Member] | Jea And Southern Subsidiaries Contract Range 2 [Member] | Qualifying Facilities Contracts [Member] | Natural Gas, Coal, And Oil, Including Transportation And Storage [Member] | Qualifying Facilities Capacity Payments [Member] | Jea And Southern Subsidiaries Capacity Payments [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | Coal Contract Minimum Payments [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | NextEra Energy Resources [Member] | FPL [Member] | Corporate and Other [Member] | FPL [Member] | ||||||||||
MW | MW | MW | Contract Group 1 [Member] | Contract Group 2 [Member] | Contract Group 1 [Member] | Contract Group 2 [Member] | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | |||||||||||||||||
Long-term Commitment (Excluding Unconditional Purchase Obligation) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Minimum annual purchase commitments (in megawatts) | ' | ' | ' | ' | 1,330 | 375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Time period under contracts | ' | ' | ' | ' | 'through 2015 | 'through 2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25-year | ' | ' | |||||
Minimum total purchase commitments (in megawatts) | ' | ' | ' | ' | ' | ' | 705 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Expiration dates of purchase commitments | ' | ' | ' | ' | ' | ' | '2024 through 2034 | 'through 2036 | ' | ' | ' | ' | ' | 'June 2014 | 'October 2014 | '2030 | '2033 | ' | ' | ' | |||||
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | |||||
Long Term Purchase Commiment, Initial Quantity Per Day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | |||||
Long Term Purchase Commitment, Increased Volume Required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | |||||
Commitment amount included in capital expenditures | ' | $2,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Required capacity and/or minimum payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Remainder of 2014 | 1,590,000,000 | ' | ' | ' | ' | ' | ' | ' | 210,000,000 | [1] | 165,000,000 | [1] | 1,485,000,000 | [2],[3] | 50,000,000 | [2] | 130,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' |
2015 | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | 290,000,000 | [1] | 195,000,000 | [1] | 855,000,000 | [2],[3] | 40,000,000 | [2] | 250,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' |
2016 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | [1] | 70,000,000 | [1] | 685,000,000 | [2],[3] | 20,000,000 | [2] | 515,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' |
2017 | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | 255,000,000 | [1] | 50,000,000 | [1] | 745,000,000 | [2],[3] | 0 | [2] | 50,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | 200,000,000 |
2018 | 105,000,000 | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | [1] | 10,000,000 | [1] | 825,000,000 | [2],[3] | 0 | [2] | 25,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | 295,000,000 |
Thereafter | 475,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,965,000,000 | [1] | 5,000,000 | [1] | 14,520,000,000 | [2],[3] | 0 | [2] | 50,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | 8,535,000,000 |
Capacity payments | ' | ' | 123,000,000 | 126,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Energy payments | ' | ' | 56,000,000 | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Commitment to invest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||
Joint Obligations of NEECH and NEER Included in NEER Amounts, remainder of current year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||
Joint Obligations Of NEECH and NEER included NEER Amounts due in the second year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Capacity charges under these contracts, substantially all of which are recoverable through the capacity cost recovery clause, totaled approximately $123 million and $126 million for the three months ended March 31, 2014 and 2013, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $56 million and $23 million for the three months ended March 31, 2014 and 2013, respectively | ||||||||||||||||||||||||
[2] | Recoverable through the fuel clause. | ||||||||||||||||||||||||
[3] | Includes approximately $200 million, $295 million and $8,535 million in 2017, 2018 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. | ||||||||||||||||||||||||
[4] | Excludes approximately $320 million and $200 million in 2014 and 2015, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. | ||||||||||||||||||||||||
[5] | Includes an approximately $50 million commitment to invest in clean power and technology businesses through 2021. |
Commitments_and_Contingencies_3
Commitments and Contingencies (Spain Solar Projects) (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | NextEra Energy Resources [Member] | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Performance Guarantee [Member] | Performance Guarantee [Member] |
USD ($) | Capital Holdings [Member] | Capital Holdings [Member] | Capital Holdings [Member] | Capital Holdings [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | $51 | € 37 | $14 | € 10 |
Amount of debt outstanding under financing agreements related to Spain solar projects | 792 | ' | ' | ' | ' |
Amount of noncurrent derivative liability classified as current derivative liability due to event of default | $108 | ' | ' | ' | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies (Insurance and Legal Proceedings) (Details) (USD $) | 3 Months Ended | 24 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 1996 | Oct. 31, 2004 | Jan. 29, 1999 | |
Insurance [Abstract] | ' | ' | ' | ' |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $375,000,000 | ' | ' | ' |
Amount of secondary financial protection liability insurance coverage per incident | 13,200,000,000 | ' | ' | ' |
Potential Retrospective Assessments Under Secondary Financial Protection System | 1,000,000,000 | ' | ' | ' |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 152,000,000 | ' | ' | ' |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750,000,000 | ' | ' | ' |
Amount of sublimit for nonnuclear perils per occurence per site under nuclear inusurance mutal companies for property damage decontamination and premature decommissioning risks | 1,500,000,000 | ' | ' | ' |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 175,000,000 | ' | ' | ' |
Legal Proceedings [Abstract] | ' | ' | ' | ' |
FPL's interest owned in generation facility Scherer Unit No. 4 | 76.00% | ' | ' | ' |
Maximum amount of civil penalties per day - Clean Air Act from June 1, 1975 through January 30, 1997 | 25,000 | ' | ' | ' |
Maximum amount of civil penalties per day - Clean Air Act from January 31, 1997 through March 15, 2004 | 27,500 | ' | ' | ' |
Maximum amount of civil penalties per day - Clean Air Act from March 16, 2004 through January 12, 2009 | 32,500 | ' | ' | ' |
Maximum amount of civil penalties per day - Clean Air Act from January 13, 2009 forward | 37,500 | ' | ' | ' |
Shares of Adelphia common stock purchased (in shares) | ' | 1,091,524 | ' | ' |
Shares of Adelphia preferred stock purchased (in shares) | ' | 20,000 | ' | ' |
Shares of Adelphia common stock if Adelphia preferred stock converted to Adelphia common stock (in shares) | ' | 2,358,490 | ' | ' |
Aggregate price paid for Adelphia common and preferred stock | ' | 35,900,000 | ' | ' |
Cash paid by Adelphia for repurchase of Adelphia acquired shares | ' | ' | ' | 149,213,130 |
Damages asserted for breach of contract | ' | ' | 34,000,000 | ' |
Seabrook Station Insurance [Member] | ' | ' | ' | ' |
Insurance [Abstract] | ' | ' | ' | ' |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 15,000,000 | ' | ' | ' |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 2,000,000 | ' | ' | ' |
Duane Arnold Energy Center Insurance [Member] | ' | ' | ' | ' |
Insurance [Abstract] | ' | ' | ' | ' |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 38,000,000 | ' | ' | ' |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 5,000,000 | ' | ' | ' |
St Lucie Unit No 2 Insurance [Member] | ' | ' | ' | ' |
Insurance [Abstract] | ' | ' | ' | ' |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 19,000,000 | ' | ' | ' |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 4,000,000 | ' | ' | ' |
FPL [Member] | ' | ' | ' | ' |
Insurance [Abstract] | ' | ' | ' | ' |
Potential Retrospective Assessments Under Secondary Financial Protection System | 509,000,000 | ' | ' | ' |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 76,000,000 | ' | ' | ' |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | $106,000,000 | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
OPERATING REVENUES | $3,674 | $3,279 | ' | ||
Operating expenses | 2,936 | 2,845 | ' | ||
Income (loss) from continuing operations | 430 | 41 | [1],[2] | ' | |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 231 | [1],[2],[3] | ' | |
Net income (loss) | 430 | 272 | ' | ||
Total assets | 70,331 | ' | 69,306 | ||
Deemed capital structure of NextEra Energy Resources | 70.00% | ' | ' | ||
Impairment charge | 0 | 300 | ' | ||
Impairment Of Long Lived Assets Held For Use After Tax | ' | 342 | ' | ||
NextEra Energy Resources [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Operating revenues | 1,034 | [4] | 1,016 | [4] | ' |
Operating expenses | 952 | [4] | 1,149 | [4],[5] | ' |
Income (loss) from continuing operations | 86 | [4],[6] | -256 | [1],[4],[6] | ' |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | [4] | 216 | [1],[3],[4] | ' |
Net income (loss) | 86 | [4],[6] | -40 | [4],[6] | ' |
Total assets | 30,335 | ' | 30,154 | ||
Corporate and Other [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Operating revenues | 105 | 75 | ' | ||
Operating expenses | 81 | 51 | ' | ||
Income (loss) from continuing operations | -3 | 9 | [1] | ' | |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 15 | [1],[3] | ' | |
Net income (loss) | -3 | 24 | ' | ||
Total assets | 2,807 | ' | 2,664 | ||
NextEra Energy Resources [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Impairment charge | ' | 300 | ' | ||
Impairment Of Long Lived Assets Held For Use After Tax | ' | 342 | ' | ||
FPL [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
OPERATING REVENUES | 2,535 | 2,188 | ' | ||
Operating expenses | 1,903 | 1,645 | ' | ||
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 0 | ' | ||
Net income (loss) | 347 | [7] | 288 | [7] | ' |
Total assets | $37,189 | ' | $36,488 | ||
[1] | (c)Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | ||||
[2] | Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements | ||||
[3] | See Note 5. | ||||
[4] | Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual non-utility interest expense is included in Corporate and Other. | ||||
[5] | (b)Includes an impairment charge on NEER's Spain solar projects of $300 million. See Note 3 - Nonrecurring Fair Value Measurements. | ||||
[6] | (d)Includes NEER's tax benefits related to PTCs and in 2013 also includes after-tax charges of $342 million associated with the impairment of the Spain solar projects. See Note 3 - Nonrecurring Fair Value Measurements and Note 4. | ||||
[7] | (a)FPL's comprehensive income is the same as reported net income. |
Summarized_Financial_Informati2
Summarized Financial Information of Capital Holdings (Details) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |||
NEECH a 100% owned subsidiary of NEE | 100.00% | ' | ' | |||
Condensed Consolidating Statements of Income | ' | ' | ' | |||
Operating revenues | $3,674 | $3,279 | ' | |||
Operating expenses | -2,936 | -2,845 | ' | |||
Interest expense | -319 | -272 | ' | |||
Equity in earnings of subsidiaries | 0 | 0 | ' | |||
Other income (deductions) - net | 164 | 23 | [1] | ' | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 583 | 185 | [1] | ' | ||
Income tax expense (benefit) | 153 | 144 | [1] | ' | ||
Income (loss) from continuing operations | 430 | 41 | [1],[2] | ' | ||
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 231 | [1],[2],[3] | ' | ||
Net income (loss) | 430 | 272 | ' | |||
COMPREHENSIVE INCOME | 395 | 391 | ' | |||
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | |||
Electric plant in service and other property | 70,367 | ' | 69,448 | |||
Less accumulated depreciation and amortization | -17,061 | ' | -16,728 | |||
Total property, plant and equipment - net | 53,306 | ' | 52,720 | |||
CURRENT ASSETS | ' | ' | ' | |||
Cash and cash equivalents | 488 | 215 | ' | |||
Receivables | 2,551 | ' | 2,289 | |||
Other | 3,102 | ' | 3,115 | |||
Total current assets | 6,141 | ' | 5,842 | |||
OTHER ASSETS | ' | ' | ' | |||
Investment in subsidiaries | 0 | ' | 0 | |||
Other | 10,884 | ' | 10,744 | |||
Total other assets | 10,884 | ' | 10,744 | |||
TOTAL ASSETS | 70,331 | ' | 69,306 | |||
CAPITALIZATION | ' | ' | ' | |||
Common shareholders' equity | 18,160 | ' | 18,040 | |||
Long-term debt | 23,824 | ' | 23,969 | |||
Total capitalization | 41,984 | ' | 42,009 | |||
CURRENT LIABILITIES | ' | ' | ' | |||
Debt due within one year | 5,691 | ' | 4,457 | |||
Accounts payable | 1,450 | ' | 1,200 | |||
Other | 3,151 | ' | 3,532 | |||
Total current liabilities | 10,292 | ' | 9,189 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | ' | ' | ' | |||
Asset retirement obligations | 1,877 | ' | 1,850 | |||
Deferred income taxes | 8,306 | ' | 8,144 | |||
Other | 7,872 | ' | 8,114 | |||
Total other liabilities and deferred credits | 18,055 | ' | 18,108 | |||
COMMITMENTS AND CONTINGENCIES | ' | ' | ' | |||
TOTAL CAPITALIZATION AND LIABILITIES | 70,331 | ' | 69,306 | |||
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,017 | 1,082 | ' | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -1,866 | -1,867 | ' | |||
Capital contribution to FPL | 0 | 0 | ' | |||
Cash grants under the Recovery Act | 0 | 170 | ' | |||
Change in loan proceeds restricted for construction | -28 | 112 | ' | |||
Other - net | 52 | 7 | ' | |||
Net cash used in investing activities | -1,842 | -1,578 | ' | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | |||
Issuances of long-term debt | 655 | 623 | ' | |||
Retirements of long-term debt | -717 | -923 | ' | |||
Net change in short-term debt | 1,179 | 966 | ' | |||
Issuances of common stock | 25 | 8 | ' | |||
Dividends on common stock | -315 | -279 | ' | |||
Other Financing Activities, Not Otherwise Separately Disclosed | 73 | -5 | ' | |||
Proceeds from (Payments for) Other Financing Activities | 70 | 7 | ' | |||
Net cash provided by (used in) financing activities | 875 | 382 | ' | |||
Net increase (decrease) in cash and cash equivalents | 50 | -114 | ' | |||
Cash and cash equivalents at beginning of period | 438 | 329 | ' | |||
Cash and cash equivalents at end of period | 488 | 215 | ' | |||
NextEra Energy (Guarantor) [Member] | ' | ' | ' | |||
Condensed Consolidating Statements of Income | ' | ' | ' | |||
Operating revenues | 0 | 0 | ' | |||
Operating expenses | -4 | -3 | ' | |||
Interest expense | -2 | -2 | ' | |||
Equity in earnings of subsidiaries | 435 | 249 | ' | |||
Other income (deductions) - net | 1 | -2 | [1] | ' | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 430 | 242 | [1] | ' | ||
Income tax expense (benefit) | 0 | -15 | ' | |||
Income (loss) from continuing operations | 430 | 257 | [1] | ' | ||
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 15 | [1] | ' | ||
Net income (loss) | 430 | 272 | ' | |||
COMPREHENSIVE INCOME | 395 | 391 | ' | |||
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | |||
Electric plant in service and other property | 31 | ' | 31 | |||
Less accumulated depreciation and amortization | -11 | ' | -10 | |||
Total property, plant and equipment - net | 20 | ' | 21 | |||
CURRENT ASSETS | ' | ' | ' | |||
Cash and cash equivalents | 5 | 0 | ' | |||
Receivables | 121 | ' | 78 | |||
Other | 210 | ' | 6 | |||
Total current assets | 336 | ' | 84 | |||
OTHER ASSETS | ' | ' | ' | |||
Investment in subsidiaries | 17,962 | ' | 17,910 | |||
Other | 764 | ' | 694 | |||
Total other assets | 18,726 | ' | 18,604 | |||
TOTAL ASSETS | 19,082 | ' | 18,709 | |||
CAPITALIZATION | ' | ' | ' | |||
Common shareholders' equity | 18,160 | ' | 18,040 | |||
Long-term debt | 0 | ' | 0 | |||
Total capitalization | 18,160 | ' | 18,040 | |||
CURRENT LIABILITIES | ' | ' | ' | |||
Debt due within one year | 0 | ' | 0 | |||
Accounts payable | 0 | ' | 0 | |||
Other | 390 | ' | 199 | |||
Total current liabilities | 390 | ' | 199 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | ' | ' | ' | |||
Asset retirement obligations | 0 | ' | 0 | |||
Deferred income taxes | 251 | ' | 166 | |||
Other | 281 | ' | 304 | |||
Total other liabilities and deferred credits | 532 | ' | 470 | |||
TOTAL CAPITALIZATION AND LIABILITIES | 19,082 | ' | 18,709 | |||
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 428 | 350 | ' | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 0 | 0 | ' | |||
Capital contribution to FPL | -100 | 0 | ' | |||
Cash grants under the Recovery Act | 0 | 0 | ' | |||
Change in loan proceeds restricted for construction | 0 | 0 | ' | |||
Other - net | 0 | -52 | ' | |||
Net cash used in investing activities | -100 | -52 | ' | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | |||
Issuances of long-term debt | 0 | 0 | ' | |||
Retirements of long-term debt | 0 | 0 | ' | |||
Net change in short-term debt | 0 | 0 | ' | |||
Dividends on common stock | -315 | -279 | ' | |||
Proceeds from (Payments for) Other Financing Activities | -8 | -21 | ' | |||
Net cash provided by (used in) financing activities | -323 | -300 | ' | |||
Net increase (decrease) in cash and cash equivalents | 5 | -2 | ' | |||
Cash and cash equivalents at beginning of period | 0 | 2 | ' | |||
Cash and cash equivalents at end of period | 5 | 0 | ' | |||
Capital Holdings Consolidated [Member] | ' | ' | ' | |||
Condensed Consolidating Statements of Income | ' | ' | ' | |||
Operating revenues | 1,142 | 1,094 | ' | |||
Operating expenses | -1,032 | -1,200 | ' | |||
Interest expense | -216 | -170 | ' | |||
Equity in earnings of subsidiaries | 0 | 0 | ' | |||
Other income (deductions) - net | 148 | 5 | [1] | ' | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 42 | -271 | [1] | ' | ||
Income tax expense (benefit) | -46 | -16 | [1] | ' | ||
Income (loss) from continuing operations | 88 | -255 | [1] | ' | ||
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 216 | [1] | ' | ||
Net income (loss) | 88 | -39 | ' | |||
COMPREHENSIVE INCOME | 48 | 73 | ' | |||
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | |||
Electric plant in service and other property | 29,634 | ' | 29,511 | |||
Less accumulated depreciation and amortization | -5,965 | ' | -5,774 | |||
Total property, plant and equipment - net | 23,669 | ' | 23,737 | |||
CURRENT ASSETS | ' | ' | ' | |||
Cash and cash equivalents | 445 | 179 | ' | |||
Receivables | 2,107 | ' | 1,542 | |||
Other | 1,623 | ' | 1,814 | |||
Total current assets | 4,175 | ' | 3,774 | |||
OTHER ASSETS | ' | ' | ' | |||
Investment in subsidiaries | 0 | ' | 0 | |||
Other | 5,129 | ' | 5,129 | |||
Total other assets | 5,129 | ' | 5,129 | |||
TOTAL ASSETS | 32,973 | ' | 32,640 | |||
CAPITALIZATION | ' | ' | ' | |||
Common shareholders' equity | 4,432 | ' | 4,816 | |||
Long-term debt | 15,381 | ' | 15,496 | |||
Total capitalization | 19,813 | ' | 20,312 | |||
CURRENT LIABILITIES | ' | ' | ' | |||
Debt due within one year | 5,009 | ' | 3,896 | |||
Accounts payable | 758 | ' | 589 | |||
Other | 1,864 | ' | 2,203 | |||
Total current liabilities | 7,631 | ' | 6,688 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | ' | ' | ' | |||
Asset retirement obligations | 575 | ' | 565 | |||
Deferred income taxes | 1,982 | ' | 1,963 | |||
Other | 2,972 | ' | 3,112 | |||
Total other liabilities and deferred credits | 5,529 | ' | 5,640 | |||
TOTAL CAPITALIZATION AND LIABILITIES | 32,973 | ' | 32,640 | |||
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 147 | 295 | ' | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -798 | -1,046 | ' | |||
Capital contribution to FPL | 0 | 0 | ' | |||
Cash grants under the Recovery Act | 0 | 170 | ' | |||
Change in loan proceeds restricted for construction | -28 | 112 | ' | |||
Other - net | 58 | 29 | ' | |||
Net cash used in investing activities | -768 | -735 | ' | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | |||
Issuances of long-term debt | 655 | 623 | ' | |||
Retirements of long-term debt | -688 | -496 | ' | |||
Net change in short-term debt | 1,059 | 166 | ' | |||
Dividends on common stock | 0 | 0 | ' | |||
Proceeds from (Payments for) Other Financing Activities | -378 | 39 | ' | |||
Net cash provided by (used in) financing activities | 648 | 332 | ' | |||
Net increase (decrease) in cash and cash equivalents | 27 | -108 | ' | |||
Cash and cash equivalents at beginning of period | 418 | 287 | ' | |||
Cash and cash equivalents at end of period | 445 | 179 | ' | |||
Other Consolidated Entity And Consolidation Eliminations [Member] | ' | ' | ' | |||
Condensed Consolidating Statements of Income | ' | ' | ' | |||
Operating revenues | 2,532 | [4] | 2,185 | [4] | ' | |
Operating expenses | -1,900 | [4] | -1,642 | [4] | ' | |
Interest expense | -101 | [4] | -100 | [4] | ' | |
Equity in earnings of subsidiaries | -435 | [4] | -249 | [4] | ' | |
Other income (deductions) - net | 15 | [4] | 20 | [1],[4] | ' | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 111 | [4] | 214 | [1],[4] | ' | |
Income tax expense (benefit) | 199 | [4] | 175 | [1],[4] | ' | |
Income (loss) from continuing operations | -88 | [4] | 39 | [4] | ' | |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | [4] | 0 | [4] | ' | |
Net income (loss) | -88 | [4] | 39 | [4] | ' | |
COMPREHENSIVE INCOME | -48 | [4] | -73 | [4] | ' | |
PROPERTY, PLANT AND EQUIPMENT | ' | ' | ' | |||
Electric plant in service and other property | 40,702 | [4] | ' | 39,906 | [4] | |
Less accumulated depreciation and amortization | -11,085 | [4] | ' | -10,944 | [4] | |
Total property, plant and equipment - net | 29,617 | [4] | ' | 28,962 | [4] | |
CURRENT ASSETS | ' | ' | ' | |||
Cash and cash equivalents | 38 | [4] | 36 | [4] | ' | |
Receivables | 323 | [4] | ' | 669 | [4] | |
Other | 1,269 | [4] | ' | 1,295 | [4] | |
Total current assets | 1,630 | [4] | ' | 1,984 | [4] | |
OTHER ASSETS | ' | ' | ' | |||
Investment in subsidiaries | -17,962 | [4] | ' | -17,910 | [4] | |
Other | 4,991 | [4] | ' | 4,921 | [4] | |
Total other assets | -12,971 | [4] | ' | -12,989 | [4] | |
TOTAL ASSETS | 18,276 | [4] | ' | 17,957 | [4] | |
CAPITALIZATION | ' | ' | ' | |||
Common shareholders' equity | -4,432 | [4] | ' | -4,816 | [4] | |
Long-term debt | 8,443 | [4] | ' | 8,473 | [4] | |
Total capitalization | 4,011 | [4] | ' | 3,657 | [4] | |
CURRENT LIABILITIES | ' | ' | ' | |||
Debt due within one year | 682 | [4] | ' | 561 | [4] | |
Accounts payable | 692 | [4] | ' | 611 | [4] | |
Other | 897 | [4] | ' | 1,130 | [4] | |
Total current liabilities | 2,271 | [4] | ' | 2,302 | [4] | |
OTHER LIABILITIES AND DEFERRED CREDITS | ' | ' | ' | |||
Asset retirement obligations | 1,302 | [4] | ' | 1,285 | [4] | |
Deferred income taxes | 6,073 | [4] | ' | 6,015 | [4] | |
Other | 4,619 | [4] | ' | 4,698 | [4] | |
Total other liabilities and deferred credits | 11,994 | [4] | ' | 11,998 | [4] | |
TOTAL CAPITALIZATION AND LIABILITIES | 18,276 | [4] | ' | 17,957 | [4] | |
Condensed Consolidating Statements of Cash Flows | ' | ' | ' | |||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 442 | [4] | 437 | [4] | ' | |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -1,068 | [4] | -821 | [4] | ' | |
Capital contribution to FPL | 100 | [4] | 0 | [4] | ' | |
Cash grants under the Recovery Act | 0 | [4] | 0 | [4] | ' | |
Change in loan proceeds restricted for construction | 0 | [4] | 0 | [4] | ' | |
Other - net | -6 | [4] | 30 | [4] | ' | |
Net cash used in investing activities | -974 | [4] | -791 | [4] | ' | |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | |||
Issuances of long-term debt | 0 | [4] | 0 | [4] | ' | |
Retirements of long-term debt | -29 | [4] | -427 | [4] | ' | |
Net change in short-term debt | 120 | [4] | 800 | [4] | ' | |
Dividends on common stock | 0 | [4] | 0 | [4] | ' | |
Proceeds from (Payments for) Other Financing Activities | 459 | [4] | -23 | [4] | ' | |
Net cash provided by (used in) financing activities | 550 | [4] | 350 | [4] | ' | |
Net increase (decrease) in cash and cash equivalents | 18 | [4] | -4 | [4] | ' | |
Cash and cash equivalents at beginning of period | 20 | [4] | 40 | [4] | ' | |
Cash and cash equivalents at end of period | $38 | [4] | $36 | [4] | ' | |
[1] | Certain amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements | |||||
[2] | (c)Prior year amounts were restated to conform to current year's presentation. See Note 3 - Nonrecurring Fair Value Measurements. | |||||
[3] | See Note 5. | |||||
[4] | Represents FPL and consolidating adjustments. |