Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | NEXTERA ENERGY INC | ||
Entity Central Index Key | 753,308 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 44,190,491,194 | ||
Entity Common Stock, Shares Outstanding | 460,599,691 | ||
FPL [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | FLORIDA POWER & LIGHT CO | ||
Entity Central Index Key | 37,634 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 1,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
OPERATING REVENUES | $ 17,486 | $ 17,021 | $ 15,136 | |
OPERATING EXPENSES | ||||
Fuel, purchased power and interchange | 5,327 | 5,602 | 4,958 | |
Other operations and maintenance | 3,269 | 3,149 | 3,194 | |
Impairment charges | 2 | 11 | 300 | |
Merger-related | 26 | 0 | 0 | |
Depreciation and amortization | 2,831 | 2,551 | 2,163 | |
Taxes other than income taxes and other | 1,399 | 1,324 | 1,280 | |
Total operating expenses | 12,854 | 12,637 | 11,895 | |
OPERATING INCOME | 4,632 | 4,384 | 3,241 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | (1,211) | (1,261) | (1,121) | |
Benefits associated with differential membership interests - net | 216 | 199 | 165 | |
Equity in earnings of equity method investees | 107 | 93 | 25 | |
Allowance for equity funds used during construction | 70 | 37 | 63 | |
Interest income | 86 | 80 | 78 | |
Gains on disposal of assets - net | 90 | 105 | 54 | |
Gain (loss) associated with Maine fossil | 0 | 21 | (67) | |
Other than temporary impairment losses on securities held in nuclear decommissioning funds | (40) | (13) | (11) | |
Other - net | 40 | 0 | 27 | |
Total other deductions - net | (642) | (739) | (787) | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 3,990 | 3,645 | 2,454 | |
INCOME TAXES | 1,228 | 1,176 | 777 | |
INCOME FROM CONTINUING OPERATIONS | 2,762 | 2,469 | 1,677 | |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 0 | 231 | |
NET INCOME | 2,762 | 2,469 | 1,908 | |
Net income attributable to noncontrolling interest | 10 | 4 | 0 | |
Net income attributable to parent | $ 2,752 | $ 2,465 | $ 1,908 | |
Earnings per share attributable to NEE - basic: | ||||
Basic EPS - Continuing operations | $ 6.11 | $ 5.67 | $ 3.95 | |
Basic EPS - Discontinued operations | 0 | 0 | 0.55 | |
Total | 6.11 | 5.67 | 4.50 | |
Earnings per share attributable to NEE - assuming dilution: | ||||
Diluted EPS - Continuing operations | 6.06 | 5.60 | 3.93 | |
Basic EPS - Discontinued operations | 0 | 0 | 0.54 | |
Total | $ 6.06 | $ 5.60 | $ 4.47 | |
Weighted-average number of common shares outstanding: | ||||
Basic | 450.5 | 434.4 | 424.2 | |
Assuming dilution | 454 | 440.1 | 427 | |
FPL [Member] | ||||
OPERATING REVENUES | $ 11,651 | $ 11,421 | $ 10,445 | |
OPERATING EXPENSES | ||||
Fuel, purchased power and interchange | 4,276 | 4,375 | 3,925 | |
Other operations and maintenance | 1,617 | 1,620 | 1,699 | |
Depreciation and amortization | 1,576 | 1,432 | 1,159 | |
Taxes other than income taxes and other | 1,205 | 1,166 | 1,123 | |
Total operating expenses | 8,674 | 8,593 | 7,906 | |
OPERATING INCOME | 2,977 | 2,828 | 2,539 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | (445) | (439) | (415) | |
Allowance for equity funds used during construction | 68 | 36 | 55 | |
Other - net | 5 | 2 | 5 | |
Total other deductions - net | (372) | (401) | (355) | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,605 | 2,427 | 2,184 | |
INCOME TAXES | 957 | 910 | 835 | |
Net income attributable to parent | [1] | $ 1,648 | $ 1,517 | $ 1,349 |
[1] | FPL's comprehensive income is the same as reported net income |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 2,762 | $ 2,469 | $ 1,908 |
Effective portion of net unrealized gains (losses) (net of $37 and $80 tax benefit and $45 tax expense, respectively) | (88) | (141) | 84 |
Reclassification from accumulated other comprehensive income to net income (net of $25, $57 and $38 tax expense, respectively) | 63 | 98 | 67 |
Net unrealized gains (losses) on securities still held (net of $8 tax benefit, $45 and $84 tax expense, respectively) | (7) | 62 | 118 |
Reclassification from accumulated other comprehensive income to net income (net of $33, $26 and $10 tax benefit, respectively) | (37) | (41) | (17) |
Defined benefit pension and other benefits plans (net of $26 and $27 tax benefit and $61 tax expense, respectively) | (42) | (43) | 97 |
Net unrealized losses on foreign currency translation (net of $2, $12 and $22 tax benefit, respectively) | (27) | (25) | (45) |
Other comprehensive income (loss) related to equity method investee (net of $5 tax benefit and $5 tax expense, respectively) | 0 | (8) | 7 |
Total other comprehensive income (loss), net of tax | (138) | (98) | 311 |
COMPREHENSIVE INCOME | 2,624 | 2,371 | 2,219 |
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1) | 2 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 2,625 | $ 2,369 | $ 2,219 |
CONSOLIDATED STATEMENTS OF COM4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow Hedges - Effective portion of net unrealized gains (tax (benefit) expense) | $ (37) | $ (80) | $ 45 |
Cash Flow Hedges - Reclassification from AOCI to net income (tax (benefit) expense) | 25 | 57 | 38 |
Available for Sale - Net unrealized gains on securities still held (tax (benefit) expense) | (8) | 45 | 84 |
Available for Sale - Reclassification from AOCI to net income (tax (benefit) expense) | (33) | (26) | (10) |
Defined benefit pension and other benefits plans (tax (benefit) expense) | (26) | (27) | 61 |
Net unrealized gains on foreign currency translation (tax (benefit) expense) | (2) | (12) | (22) |
Other comprehensive income (loss) related to equity method investee, tax | $ 0 | $ (5) | $ 5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 72,606 | $ 68,042 |
Nuclear fuel | 2,067 | 2,006 |
Construction work in progress | 5,657 | 3,591 |
Accumulated depreciation and amortization | (18,944) | (17,934) |
Total property, plant and equipment - net | 61,386 | 55,705 |
CURRENT ASSETS | ||
Cash and cash equivalents | 571 | 577 |
Customer receivables, net of allowances | 1,784 | 1,805 |
Other receivables | 481 | 354 |
Materials, supplies and fossil fuel inventory | 1,259 | 1,292 |
Regulatory assets: | ||
Deferred clause and franchise expenses | 75 | 268 |
Derivatives | 218 | 364 |
Other | 210 | 116 |
Derivatives | 712 | 990 |
Deferred income taxes | 0 | 739 |
Assets held for sale | 1,009 | 0 |
Other | 476 | 439 |
Total current assets | 6,795 | 6,944 |
OTHER ASSETS | ||
Special use funds | 5,138 | 5,166 |
Other investments | 1,786 | 1,399 |
Prepaid benefit costs | 1,155 | 1,244 |
Regulatory assets: | ||
Purchased power agreement termination | 726 | 0 |
Securitized storm-recovery costs | 208 | 294 |
Other | 844 | 657 |
Derivatives | 1,202 | 1,009 |
Other | 3,239 | 2,187 |
Total other assets | 14,298 | 11,956 |
TOTAL ASSETS | 82,479 | 74,605 |
CAPITALIZATION | ||
Common stock | 5 | 4 |
Additional paid-in capital | 8,596 | 7,179 |
Retained earnings | 14,140 | 12,773 |
Accumulated other comprehensive loss | (167) | (40) |
Total common shareholders' equity | 22,574 | 19,916 |
Noncontrolling interests | 538 | 252 |
Total equity | 23,112 | 20,168 |
Long-term debt | 26,681 | 24,044 |
Total capitalization | 49,793 | 44,212 |
CURRENT LIABILITIES | ||
Commercial paper | 374 | 1,142 |
Notes payable | 412 | 0 |
Current maturities of long-term debt | 2,220 | 3,515 |
Accounts payable | 2,529 | 1,354 |
Customer deposits | 473 | 462 |
Accrued interest and taxes | 449 | 474 |
Derivatives | 882 | 1,289 |
Accrued construction-related expenditures | 921 | 676 |
Liabilities associated with assets held for sale | 992 | 0 |
Other | 855 | 751 |
Total current liabilities | 10,107 | 9,663 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,469 | 1,986 |
Deferred income taxes | 9,827 | 9,261 |
Regulatory liabilities: | ||
Accrued asset removal costs | 1,930 | 1,904 |
Asset retirement obligation regulatory expense difference | 2,182 | 2,257 |
Other | 494 | 476 |
Derivatives | 530 | 466 |
Deferral related to differential membership interests - VIEs | 3,142 | 2,704 |
Other | 2,005 | 1,676 |
Total other liabilities and deferred credits | $ 22,579 | $ 20,730 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 82,479 | $ 74,605 |
FPL [Member] | ||
ELECTRIC UTILITY PLANT | ||
Plant in service and other property | 41,227 | 39,027 |
Nuclear fuel | 1,306 | 1,217 |
Construction work in progress | 2,850 | 1,694 |
Accumulated depreciation and amortization | (11,862) | (11,282) |
Total electric utility plant - net | 33,521 | 30,656 |
CURRENT ASSETS | ||
Cash and cash equivalents | 23 | 14 |
Customer receivables, net of allowances | 849 | 773 |
Other receivables | 123 | 136 |
Materials, supplies and fossil fuel inventory | 826 | 848 |
Regulatory assets: | ||
Deferred clause and franchise expenses | 75 | 268 |
Derivatives | 218 | 364 |
Other | 209 | 111 |
Deferred income taxes | 0 | 0 |
Other | 184 | 120 |
Total current assets | 2,507 | 2,634 |
OTHER ASSETS | ||
Special use funds | 3,504 | 3,524 |
Prepaid benefit costs | 1,243 | 1,189 |
Regulatory assets: | ||
Purchased power agreement termination | 726 | 0 |
Securitized storm-recovery costs | 208 | 294 |
Other | 579 | 468 |
Other | 235 | 457 |
Total other assets | 6,495 | 5,932 |
TOTAL ASSETS | 42,523 | 39,222 |
CAPITALIZATION | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 7,733 | 6,279 |
Retained earnings | 6,447 | 5,499 |
Total common shareholders' equity | 15,553 | 13,151 |
Total equity | 15,553 | 13,151 |
Long-term debt | 9,956 | 9,328 |
Total capitalization | 25,509 | 22,479 |
CURRENT LIABILITIES | ||
Commercial paper | 56 | 1,142 |
Notes payable | 100 | 0 |
Current maturities of long-term debt | 64 | 60 |
Accounts payable | 664 | 647 |
Customer deposits | 469 | 458 |
Accrued interest and taxes | 279 | 245 |
Derivatives | 222 | 370 |
Accrued construction-related expenditures | 240 | 233 |
Other | 355 | 331 |
Total current liabilities | 2,449 | 3,486 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 1,822 | 1,355 |
Deferred income taxes | 7,730 | 6,835 |
Regulatory liabilities: | ||
Accrued asset removal costs | 1,921 | 1,898 |
Asset retirement obligation regulatory expense difference | 2,182 | 2,257 |
Other | 492 | 476 |
Other | 418 | 436 |
Total other liabilities and deferred credits | $ 14,565 | $ 13,257 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 42,523 | $ 39,222 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Total property, plant and equipment - net | $ 61,386 | $ 55,705 |
Customer receivables, net of allowances | 13 | 27 |
Securitized storm-recovery costs | $ 208 | $ 294 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, outstanding (in shares) | 461,000,000 | 443,000,000 |
Long-term debt | $ 26,681 | $ 24,044 |
Related to VIEs [Member] | ||
Total property, plant and equipment - net | 7,966 | 6,414 |
Securitized storm-recovery costs | 128 | 180 |
Long-term debt | 684 | 1,077 |
FPL [Member] | ||
Customer receivables, net of allowances | 3 | 5 |
Securitized storm-recovery costs | $ 208 | $ 294 |
Common stock, authorized (in shares) | 1,000 | 1,000 |
Common stock, par value | $ 0 | $ 0 |
Common stock, issued (in shares) | 1,000 | 1,000 |
Common stock, outstanding (in shares) | 1,000 | 1,000 |
Long-term debt | $ 9,956 | $ 9,328 |
FPL [Member] | Related to VIEs [Member] | ||
Securitized storm-recovery costs | 128 | 180 |
Long-term debt | $ 210 | $ 273 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 2,762 | $ 2,469 | $ 1,908 | |
NET INCOME | 2,752 | 2,465 | 1,908 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 2,831 | 2,551 | 2,163 | |
Nuclear fuel and other amortization | 372 | 345 | 358 | |
Impairment charges | 2 | 11 | 300 | |
Unrealized gains on marked to market energy contracts | (337) | (411) | (10) | |
Deferred income taxes | 1,162 | 1,205 | 853 | |
Cost recovery clauses and franchise fees | 176 | (67) | (166) | |
Purchased power agreement termination | (521) | 0 | 0 | |
Benefits associated with differential membership interests - net | (216) | (199) | (165) | |
Gain from discontinued operations, net of income taxes | 0 | 0 | (231) | |
Other - net | (23) | 134 | 144 | |
Changes in operating assets and liabilities: | ||||
Customer and other receivables | 90 | (7) | (268) | |
Materials, supplies and fossil fuel inventory | 17 | (135) | (81) | |
Other current assets | (34) | (30) | 8 | |
Other assets | (106) | (220) | 8 | |
Accounts payable and customer deposits | (206) | 110 | 122 | |
Margin cash collateral | 81 | (59) | 156 | |
Income taxes | 28 | (75) | (56) | |
Other current liabilities | 161 | (110) | 143 | |
Other liabilities | (123) | (12) | (84) | |
Net cash provided by operating activities | 6,116 | 5,500 | 5,102 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (3,428) | (3,067) | (2,691) | |
Independent power and other investments of NEER | (4,505) | (3,588) | (3,478) | |
Cash grants under the American Recovery and Reinvestment Act of 2009 | 8 | 343 | 165 | |
Nuclear fuel purchases | (361) | (287) | (371) | |
Other capital expenditures and other investments | (83) | (75) | (142) | |
Sale of independent power and other investments of NEER | 52 | 307 | 165 | |
Change in loan proceeds restricted for construction | (9) | (40) | 228 | |
Proceeds from sale or maturity of securities in special use funds and other investments | 4,851 | 4,621 | 4,405 | |
Purchases of securities in special use funds and other investments | (4,982) | (4,767) | (4,470) | |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 345 | 438 | 0 | |
Other - net | 107 | (246) | 66 | |
Net cash used in investing activities | (8,005) | (6,361) | (6,123) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 5,772 | 5,054 | 4,371 | |
Retirements of long-term debt | (3,972) | (4,750) | (2,396) | |
Proceeds from differential membership investors | 761 | 978 | 448 | |
Payments to differential membership investors | (92) | (71) | (63) | |
Proceeds from Notes Payable | 1,225 | 500 | 0 | |
Repayments of Notes Payable | (813) | (500) | (200) | |
Net change in commercial paper | (768) | 451 | (520) | |
Issuances of common stock - net | 1,298 | 633 | 842 | |
Dividends on common stock | (1,385) | (1,261) | (1,122) | |
Other - net | (143) | (34) | (230) | |
Net cash provided by (used in) financing activities | 1,883 | 1,000 | 1,130 | |
Net increase (decrease) in cash and cash equivalents | (6) | 139 | 109 | |
Cash and cash equivalents at beginning of year | 577 | 438 | 329 | |
Cash and cash equivalents at end of year | 571 | 577 | 438 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||
Cash paid for interest (net of amount capitalized) | 1,143 | 1,181 | 1,070 | |
Cash paid (received) for income taxes - net | 33 | 46 | (20) | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 2,616 | 956 | 1,098 | |
Sale of hydropower generation plants through assumption of debt by buyer | 0 | 0 | 700 | |
Assumption of debt and acquisition holdbacks in connection with the acquisition of the Texas pipeline business | 1,078 | 0 | 0 | |
Decrease (increase) in property, plant and equipment as a result of a settlement | (45) | 181 | 0 | |
FPL [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
NET INCOME | [1] | 1,648 | 1,517 | 1,349 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,576 | 1,432 | 1,159 | |
Nuclear fuel and other amortization | 209 | 201 | 184 | |
Deferred income taxes | 504 | 601 | 617 | |
Cost recovery clauses and franchise fees | 176 | (67) | (166) | |
Purchased power agreement termination | (521) | 0 | 0 | |
Other - net | (56) | 94 | 46 | |
Changes in operating assets and liabilities: | ||||
Customer and other receivables | (79) | (10) | (5) | |
Materials, supplies and fossil fuel inventory | 22 | (106) | (16) | |
Other current assets | (32) | (9) | 15 | |
Other assets | (53) | (103) | (12) | |
Accounts payable and customer deposits | (72) | 28 | (1) | |
Income taxes | 14 | (34) | 384 | |
Other current liabilities | 98 | (64) | 11 | |
Other liabilities | (41) | (26) | (7) | |
Net cash provided by operating activities | 3,393 | 3,454 | 3,558 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (3,428) | (3,067) | (2,691) | |
Nuclear fuel purchases | (205) | (174) | (212) | |
Proceeds from sale or maturity of securities in special use funds and other investments | 3,731 | 3,349 | 3,342 | |
Purchases of securities in special use funds and other investments | (3,792) | (3,414) | (3,389) | |
Other - net | 19 | (268) | 30 | |
Net cash used in investing activities | (3,675) | (3,574) | (2,920) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 1,084 | 997 | 497 | |
Retirements of long-term debt | (551) | (355) | (453) | |
Proceeds from Notes Payable | 100 | 0 | 0 | |
Net change in commercial paper | (1,086) | 938 | 99 | |
Capital contributions from NEE | 1,454 | 100 | 275 | |
Dividends on common stock | (700) | (1,550) | (1,070) | |
Other - net | (10) | (15) | (7) | |
Net cash provided by (used in) financing activities | 291 | 115 | (659) | |
Net increase (decrease) in cash and cash equivalents | 9 | (5) | (21) | |
Cash and cash equivalents at beginning of year | 14 | 19 | 40 | |
Cash and cash equivalents at end of year | 23 | 14 | 19 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||
Cash paid for interest (net of amount capitalized) | 435 | 417 | 410 | |
Cash paid (received) for income taxes - net | 439 | 342 | (166) | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | $ 474 | $ 404 | $ 386 | |
[1] | FPL's comprehensive income is the same as reported net income |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Compensation [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total common Shareholders' Equity [Member] | Noncontrolling Interest [Member] | FPL [Member] | FPL [Member]Common Stock [Member] | FPL [Member]Additional Paid-in Capital [Member] | FPL [Member]Retained Earnings [Member] | |||
Balances (in shares) at Dec. 31, 2012 | [1] | 424,000,000 | |||||||||||||
Beginning Balance at Dec. 31, 2012 | $ 16,068 | $ 4 | $ 5,575 | $ (39) | $ (255) | $ 10,783 | $ 16,068 | $ 0 | |||||||
BEGINNING BALANCE at Dec. 31, 2012 | $ 12,530 | $ 1,373 | $ 5,903 | $ 5,254 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 1,908 | 1,908 | 1,908 | ||||||||||||
NET INCOME | 1,908 | 1,349 | [2] | 1,349 | |||||||||||
Issuances of common stock, net of issuance cost of less than $1 | 823 | 4 | 827 | ||||||||||||
Issuances of common stock, net of issuance cost (in shares) | 10,000,000 | ||||||||||||||
Exercise of stock options and other incentive plan activity | 74 | 74 | |||||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | ||||||||||||||
Dividends on common stock | [3] | (1,122) | (1,122) | ||||||||||||
Earned compensation under ESOP | 37 | 9 | 46 | ||||||||||||
Premium on equity units | (62) | (62) | |||||||||||||
Other comprehensive income (loss) | 311 | 311 | 311 | ||||||||||||
Issuance costs on equity units | (10) | (10) | |||||||||||||
Capital contributions from NEE | 275 | 275 | |||||||||||||
Dividends to NEE | (1,070) | ||||||||||||||
Other | 1 | (1) | |||||||||||||
ENDING BALANCE at Dec. 31, 2013 | 13,084 | 1,373 | 6,179 | 5,532 | |||||||||||
Ending Balance at Dec. 31, 2013 | 18,040 | $ 4 | 6,437 | (26) | 56 | 11,569 | 18,040 | 0 | |||||||
Balance (in shares) at Dec. 31, 2013 | [1] | 435,000,000 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 2,469 | 2,465 | 2,465 | 4 | |||||||||||
NET INCOME | 2,465 | 1,517 | [2] | 1,517 | |||||||||||
Issuances of common stock, net of issuance cost of less than $1 | 604 | 3 | 607 | ||||||||||||
Issuances of common stock, net of issuance cost (in shares) | 7,000,000 | ||||||||||||||
Exercise of stock options and other incentive plan activity | 102 | 102 | |||||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | ||||||||||||||
Dividends on common stock | [3] | (1,261) | (1,261) | ||||||||||||
Earned compensation under ESOP | 50 | 9 | 59 | ||||||||||||
Other comprehensive income (loss) | (98) | (96) | (96) | (2) | |||||||||||
NEP acquisition of limited partner interest in NEP OpCo | 232 | ||||||||||||||
Capital contributions from NEE | 100 | 100 | |||||||||||||
Dividends to NEE | (1,550) | ||||||||||||||
Other | 18 | ||||||||||||||
ENDING BALANCE at Dec. 31, 2014 | 19,916 | 13,151 | 1,373 | 6,279 | 5,499 | ||||||||||
Ending Balance at Dec. 31, 2014 | $ 20,168 | $ 4 | 7,193 | (14) | (40) | 12,773 | 19,916 | 252 | $ 13,151 | ||||||
Balance (in shares) at Dec. 31, 2014 | 443,000,000 | 443,000,000 | [1] | 1,000 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | $ 2,762 | 2,752 | 2,752 | 10 | |||||||||||
NET INCOME | 2,752 | $ 1,648 | [2] | 1,648 | |||||||||||
Issuances of common stock, net of issuance cost of less than $1 | $ 1 | 1,302 | 4 | 1,307 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 17,000,000 | ||||||||||||||
Exercise of stock options and other incentive plan activity | 56 | 56 | |||||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | ||||||||||||||
Dividends on common stock | [3] | (1,385) | (1,385) | ||||||||||||
Earned compensation under ESOP | 54 | 9 | 63 | ||||||||||||
Premium on equity units | (80) | (80) | |||||||||||||
Other comprehensive income (loss) | (138) | (127) | (127) | (11) | |||||||||||
Issuance costs on equity units | (16) | (16) | |||||||||||||
Sale of NEER Assets to NEP | 88 | 88 | 252 | ||||||||||||
Distributions to noncontrolling interests | (20) | ||||||||||||||
Capital contributions from NEE | 1,454 | 1,454 | |||||||||||||
Dividends to NEE | (700) | ||||||||||||||
Other | 55 | ||||||||||||||
ENDING BALANCE at Dec. 31, 2015 | 22,574 | 15,553 | $ 1,373 | $ 7,733 | $ 6,447 | ||||||||||
Ending Balance at Dec. 31, 2015 | $ 23,112 | $ 5 | $ 8,597 | $ (1) | $ (167) | $ 14,140 | $ 22,574 | $ 538 | $ 15,553 | ||||||
Balance (in shares) at Dec. 31, 2015 | 461,000,000 | 461,000,000 | [1] | 1,000 | |||||||||||
[1] | Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled less than 1 million, approximately 1 million and 2 million at December 31, 2015, 2014 and 2013, respectively; the original number of shares purchased and held by the ESOP Trust was approximately 25 million shares. | ||||||||||||||
[2] | FPL's comprehensive income is the same as reported net income | ||||||||||||||
[3] | Dividends per share were $3.08, $2.90 and $2.64 for the years ended December 31, 2015, 2014 and 2013, respectively. |
CONSOLIDATED STATEMENTS OF COM9
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||||
Common stock issuance cost | $ 1 | $ 1 | $ 1 | ||
Dividends per share of common stock (in dollars per share) | $ 0.770 | $ 0.725 | $ 3.08 | $ 2.90 | $ 2.64 |
Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust (in shares) | 1 | 1 | 1 | 1 | 2 |
Original number of shares purchased and held by the ESOP Trust (in shares) | 25 | 25 | 25 | 25 | 25 |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Basis of Presentation - The operations of NextEra Energy, Inc. (NEE) are conducted primarily through its wholly owned subsidiary Florida Power & Light Company (FPL) and its wholly owned indirect subsidiary NextEra Energy Resources, LLC (NEER). FPL, a rate-regulated electric utility, supplies electric service to approximately 4.8 million customer accounts throughout most of the east and lower west coasts of Florida. NEER invests in independent power projects through both controlled and consolidated entities and noncontrolling ownership interests in joint ventures essentially all of which are accounted for under the equity method. NEER also participates in natural gas, natural gas liquids and oil production through non-operating ownership interests and in pipeline infrastructure through either wholly owned subsidiaries or noncontrolling or joint venture interests. See Note 15 for a discussion of the movement of the natural gas pipeline projects to the NEER segment from Corporate and Other. The consolidated financial statements of NEE and FPL include the accounts of their respective majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Amounts included in the consolidated financial statements and the accompanying Notes have been adjusted to reflect the retrospective application of a Financial Accounting Standards Board (FASB) accounting standard update related to the presentation of debt issuance costs in the financial statements. See Debt Issuance Costs below. In addition, certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. NextEra Energy Partners, LP - NEE, through NEER, formed NextEra Energy Partners, LP (NEP) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows through a limited partner interest in NextEra Energy Operating Partners, LP (NEP OpCo). On July 1, 2014, NEP closed its initial public offering (IPO) by issuing 18,687,500 common units representing limited partner interests. The proceeds from the sale of the common units, net of underwriting discounts, commissions and structuring fees, were approximately $ 438 million . NEP used such proceeds to purchase 18,687,500 common units of NEP OpCo, of which approximately $ 288 million was used to purchase common units from an indirect wholly owned subsidiary of NEE and $ 150 million was used to purchase common units from NEP OpCo. Through an indirect wholly owned subsidiary, NEE retained 74,440,000 units of NEP OpCo representing a 79.9% interest in NEP's operating projects. Additionally, NEE owns a controlling general partner interest in NEP and consolidates this entity for financial reporting purposes and presents NEP's limited partner interest as a noncontrolling interest in NEE's consolidated financial statements. Certain equity and asset transactions between NEP, NEER and NEP OpCo involve the exchange of cash, energy projects and ownership interests in NEP OpCo. These exchanges are accounted for under the profit sharing method and resulted in a profit sharing liability of approximately $ 447 million and $ 299 million at December 31, 2015 and 2014, respectively, which is reflected in noncurrent other liabilities on NEE's consolidated balance sheets. The profit sharing liability will be amortized into income on a straight-line basis over the estimated useful lives of the underlying energy projects held by NEP OpCo. During the purchase price adjustment period associated with the IPO, which is expected to extend into the fourth quarter of 2016, approximately $288 million of the profit sharing liability is subject to potential adjustment and will not be amortized. During 2015, NEP sold an additional 11,857,925 common units and purchased an additional 11,857,925 NEP OpCo common units. Also, in 2015, a subsidiary of NEE purchased 27,000,000 of NEP OpCo's common units. After giving effect to these transactions, NEE’s interest in NEP's operating projects is approximately 76.8% as of December 31, 2015. As of December 31, 2015, NEP, through NEER's contribution of energy projects to NEP OpCo, owns a portfolio of 19 wind and solar projects with generating capacity totaling approximately 2,210 megawatts (MW), as well as a portfolio of seven long-term contracted natural gas pipeline assets located in Texas. Rate Regulation - FPL is subject to rate regulation by the Florida Public Service Commission (FPSC) and the Federal Energy Regulatory Commission (FERC). Its rates are designed to recover the cost of providing electric service to its customers including a reasonable rate of return on invested capital. As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through various clauses, include substantially all fuel, purchased power and interchange expense, certain construction-related costs for FPL's planned additional nuclear units at Turkey Point and FPL's solar generation facilities, and conservation and certain environmental-related costs. Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery. Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods. In September 2015, FPL assumed ownership of a 250 MW coal-fired generation facility located in Jacksonville, Florida (Cedar Bay) and terminated its long-term purchased power agreement for substantially all of the facility’s capacity and energy for a purchase price of approximately $521 million . The FPSC approved a stipulation and settlement between the State of Florida Office of Public Counsel and FPL regarding issues relating to the ratemaking treatment for Cedar Bay. Key elements of the settlement included, among other things, the following: • FPL will recover the purchase price and associated income tax gross-up as a regulatory asset which will be amortized over approximately nine years . Approximately $709 million will be recovered through the capacity clause with a return on the portion of the unamortized balance associated with the purchase price and $138 million will be recovered through base rates until FPL's next test year for a general base rate proceeding, at which time the unamortized balance will be transferred to the capacity clause for continued recovery until fully amortized. At December 31, 2015, the regulatory assets, net of amortization, totaled approximately $817 million and are included in purchased power agreement termination and current other regulatory assets on NEE’s and FPL’s consolidated balance sheets. • The reserve amount that is available for amortization under the 2012 rate agreement, which is effective through December 2016, was reduced by $30 million to $370 million , unless FPL needs the entire $400 million reserve to maintain a minimum regulatory ROE of 9.50% . See Revenues and Rates - FPL Rates Effective January 2013 through December 2016 below. In October 2015, the Florida Industrial Power Users Group filed a notice of appeal challenging the FPSC's approval of this settlement, which is pending before the Florida Supreme Court. If FPL were no longer subject to cost-based rate regulation, the existing regulatory assets and liabilities would be written off unless regulators specify an alternative means of recovery or refund. In addition, the FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred. The continued applicability of regulatory accounting is assessed at each reporting period. Revenues and Rates - FPL's retail and wholesale utility rate schedules are approved by the FPSC and the FERC, respectively. FPL records unbilled base revenues for the estimated amount of energy delivered to customers but not yet billed. FPL's unbilled base revenues are included in customer receivables on NEE's and FPL's consolidated balance sheets and amounted to approximately $246 million and $223 million at December 31, 2015 and 2014 , respectively. FPL's operating revenues also include amounts resulting from cost recovery clauses (see Rate Regulation above), franchise fees, gross receipts taxes and surcharges related to storm-recovery bonds (see Note 9 - FPL). Franchise fees and gross receipts taxes are imposed on FPL; however, the FPSC allows FPL to include in the amounts charged to customers the amount of the gross receipts tax for all customers and the franchise amount for those customers located in the jurisdiction that imposes the fee. Accordingly, franchise fees and gross receipts taxes are reported gross in operating revenues and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income and were approximately $722 million , $716 million and $680 million in 2015, 2014 and 2013 , respectively. The revenues from the surcharges related to storm-recovery bonds included in operating revenues in NEE's and FPL's consolidated statements of income were approximately $115 million , $109 million and $108 million in 2015, 2014 and 2013 , respectively. FPL also collects municipal utility taxes which are reported gross in customer receivables and accounts payable on NEE's and FPL's consolidated balance sheets. FPL Rates Effective January 2013 through December 2016 - In January 2013, the FPSC issued a final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding (2012 rate agreement). Key elements of the 2012 rate agreement, which is effective from January 2013 through December 2016, include, among other things, the following: • New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis. • FPL's allowed regulatory return on common equity (ROE) is 10.50% , with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50% , FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50% , any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates. • Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational. (Cape Canaveral and Riviera Beach became operational in April 2013 and April 2014, respectively, and Port Everglades is expected to be operational by April 2016.) • Cost recovery of FPL's West County Energy Center (WCEC) Unit No. 3 will continue to occur through the capacity cost recovery clause (capacity clause) (reported as retail base revenues). • Subject to certain conditions, FPL may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under a previous rate agreement (approximately $224 million ) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50% . See Rate Regulation above regarding a subsequent reduction in the reserve amount. • Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kilowatt-hours (kWh) of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million . • An incentive mechanism whereby customers will receive 100% of certain gains, including but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold. The gains exceeding that specified threshold will be shared by FPL and its customers. 2016 Base Rate Proceeding - In January 2016, FPL filed a formal notification with the FPSC indicating its intent to initiate a base rate proceeding, consisting of a four-year rate plan that would begin in January 2017 following the expiration of the 2012 rate agreement at the end of 2016. The notification stated that, based on preliminary estimates, FPL expects to request an increase to base annual revenue requirements of (i) approximately $860 million effective January 2017, (ii) approximately $265 million effective January 2018, and (iii) approximately $200 million effective when the proposed natural gas-fired combined-cycle unit in Okeechobee County, Florida becomes operational, which is expected to occur in mid-2019 assuming it receives approval by the Siting Board (comprised of the governor and cabinet) under the Florida Electrical Power Plant Siting Act. Under the proposed rate plan, FPL commits that if its requested adjustments to base annual revenue requirements are approved, it will not request further adjustments for 2020. In addition, FPL expects to propose an allowed regulatory return on common equity midpoint of 11.50% , which includes a 50 basis point performance adder. FPL expects to file its formal request to initiate a base rate proceeding in March 2016. NEER's revenue is recorded on the basis of commodities delivered, contracts settled or services rendered and includes estimated amounts yet to be billed to customers. Certain commodity contracts for the purchase and sale of power that meet the definition of a derivative are recorded at fair value with subsequent changes in fair value recognized as revenue. See Energy Trading below and Note 3. In May 2014, the FASB issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard will be effective for NEE and FPL beginning January 1, 2018 and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements. Electric Plant, Depreciation and Amortization - The cost of additions to units of property of FPL and NEER is added to electric plant in service. In accordance with regulatory accounting, the cost of FPL's units of utility property retired, less estimated net salvage value, is charged to accumulated depreciation. Maintenance and repairs of property as well as replacements and renewals of items determined to be less than units of utility property are charged to other operations and maintenance (O&M) expenses. At December 31, 2015 , the electric generation, transmission, distribution and general facilities of FPL represented approximately 50% , 11% , 33% and 6% , respectively, of FPL's gross investment in electric utility plant in service and other property. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. A number of NEER's generation and pipeline facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $13.9 billion at December 31, 2015 . The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant (convertible investment tax credits (ITCs)) for certain renewable energy property (renewable property). Convertible ITCs are recorded as a reduction in property, plant and equipment on NEE's and FPL's consolidated balance sheets and are amortized as a reduction to depreciation and amortization expense over the estimated life of the related property. At December 31, 2015 and 2014 , convertible ITCs, net of amortization, were approximately $1.8 billion ( $153 million at FPL) and $1.6 billion ( $159 million at FPL). At December 31, 2015 and 2014 , approximately $207 million and $1 million , respectively, of such convertible ITCs are included in other receivables on NEE's consolidated balance sheets. Depreciation of FPL's electric property is primarily provided on a straight-line average remaining life basis. FPL includes in depreciation expense a provision for fossil and solar plant dismantlement, interim asset removal costs, accretion related to asset retirement obligations (see Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below), storm recovery amortization and amortization of pre-construction costs associated with planned nuclear units recovered through a cost recovery clause. For substantially all of FPL's property, depreciation studies are typically performed and filed with the FPSC at least every four years. As part of a previous rate agreement, the FPSC approved new depreciation rates which became effective January 1, 2010. In accordance with the 2012 rate agreement, FPL is not required to file depreciation studies during the effective period of the agreement and the previously approved depreciation rates remain in effect. As discussed in Revenues and Rates above, the use of reserve amortization is permitted under the 2012 rate agreement. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time assuming normal weather. This forecast establishes a fixed targeted regulatory ROE. In order to earn the targeted regulatory ROE in each reporting period under the 2012 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by reserve amortization or its reversal to earn the targeted regulatory ROE. In accordance with the 2012 rate agreement, FPL recorded approximately $(15) million , $(33) million and $155 million of reserve (reversal) amortization in 2015, 2014 and 2013 , respectively. The reserve is amortized as a reduction of (or reversed as an increase to) regulatory liabilities - accrued asset removal costs on NEE's and FPL's consolidated balance sheets. The weighted annual composite depreciation and amortization rate for FPL's electric utility plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed above, was approximately 3.3% , 3.3% and 3.4% for 2015, 2014 and 2013 , respectively. NEER's electric plant in service less salvage value, if any, are depreciated primarily using the straight-line method over their estimated useful lives. At December 31, 2015 and 2014 , wind, nuclear, natural gas and solar plants represented approximately 62% and 63% , 11% and 12% , 3% and 8% , and 9% and 7% , respectively, of NEER's depreciable electric plant in service and other property. The estimated useful lives of NEER's plants range primarily from 25 to 30 years for wind, natural gas and solar plants and from 25 to 47 years for nuclear plants. NEER reviews the estimated useful lives of its fixed assets on an ongoing basis. NEER's oil and gas production assets, representing approximately 7% and 6% , respectively, of NEER's depreciable electric plant in service and other property at December 31, 2015 and 2014 , are accounted for under the successful efforts method. Depletion expenses for the acquisition of reserve rights and development costs are recognized using the unit of production method. Nuclear Fuel - FPL and NEER have several contracts for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel. See Note 14 - Contracts. FPL's and NEER's nuclear fuel costs are charged to fuel expense on a unit of production method. Construction Activity - Allowance for funds used during construction (AFUDC) is a non-cash item which represents the allowed cost of capital, including an ROE, used to finance FPL construction projects. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of interest expense and the remainder is recorded as other income. FPSC rules limit the recording of AFUDC to projects that have an estimated cost in excess of 0.5% of a utility's plant in service balance and require more than one year to complete. FPSC rules allow construction projects below the 0.5% threshold as a component of rate base. During 2015, 2014 and 2013 , FPL capitalized AFUDC at a rate of 6.34% , 6.34% and 6.52% , respectively, which amounted to approximately $88 million , $50 million and $81 million , respectively. See Note 14 - Commitments. FPL's construction work in progress includes construction materials, progress payments on major equipment contracts, engineering costs, AFUDC and other costs directly associated with the construction of various projects. Upon completion of the projects, these costs are transferred to electric utility plant in service and other property. Capitalized costs associated with construction activities are charged to O&M expenses when recoverability is no longer probable. See Rate Regulation above for information on recovery of costs associated with new nuclear capacity and solar generation facilities. NEER capitalizes project development costs once it is probable that such costs will be realized through the ultimate construction of a power plant or sale of development rights. At December 31, 2015 and 2014 , NEER's capitalized development costs totaled approximately $133 million and $122 million , respectively, which are included in noncurrent other assets on NEE's consolidated balance sheets. These costs include land rights and other third-party costs directly associated with the development of a new project. Upon commencement of construction, these costs either are transferred to construction work in progress or remain in other assets, depending upon the nature of the cost. Capitalized development costs are charged to O&M expenses when it is no longer probable that these costs will be realized. NEER's construction work in progress includes construction materials, progress payments on major equipment contracts, third-party engineering costs, capitalized interest and other costs directly associated with the construction and development of various projects. Interest capitalized on construction projects amounted to approximately $100 million , $104 million and $109 million during 2015, 2014 and 2013 , respectively. Interest expense allocated from NextEra Energy Capital Holdings, Inc. (NEECH) to NEER is based on a deemed capital structure of 70% debt. Upon commencement of plant operation, costs associated with construction work in progress are transferred to electric plant in service and other property. Asset Retirement Obligations - NEE and FPL each account for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets. The asset retirement cost is subsequently allocated to expense, for NEE's non-rate regulated operations, and regulatory liability, for FPL, using a systematic and rational method over the asset’s estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in the consolidated statements of income for NEE's non-rate regulated operations, and ARO and regulatory liability, in the case of FPL. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when asset retirement cost is depleted, in the case of NEE's non-rate regulated operations, and ARO and regulatory liability, in the case of FPL. See Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below and Note 13. Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs - For ratemaking purposes, FPL accrues for the cost of end of life retirement and disposal of its nuclear, fossil and solar plants over the expected service life of each unit based on nuclear decommissioning and fossil and solar dismantlement studies periodically filed with the FPSC. In addition, FPL accrues for interim removal costs over the life of the related assets based on depreciation studies approved by the FPSC. As approved by the FPSC, FPL previously suspended its annual decommissioning accrual. For financial reporting purposes, FPL recognizes decommissioning and dismantlement liabilities in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. Any differences between expense recognized for financial reporting purposes and the amount recovered through rates are reported as a regulatory liability in accordance with regulatory accounting. See Revenues and Rates, Electric Plant, Depreciation and Amortization, Asset Retirement Obligations above and Note 13. Nuclear decommissioning studies are performed at least every five years and are submitted to the FPSC for approval. FPL filed updated nuclear decommissioning studies with the FPSC in December 2015. These studies reflect FPL's current plans, under the operating licenses, for prompt dismantlement of Turkey Point Units Nos. 3 and 4 following the end of plant operation with decommissioning activities commencing in 2032 and 2033, respectively, and provide for St. Lucie Unit No. 1 to be mothballed beginning in 2036 with decommissioning activities to be integrated with the prompt dismantlement of St. Lucie Unit No. 2 in 2043. These studies also assume that FPL will be storing spent fuel on site pending removal to a United States (U.S.) government facility. The studies indicate FPL's portion of the ultimate costs of decommissioning its four nuclear units, including costs associated with spent fuel storage above what is expected to be refunded by the U.S. Department of Energy (DOE) under a spent fuel settlement agreement, to be approximately $7.5 billion , or $2.9 billion expressed in 2015 dollars. Restricted funds for the payment of future expenditures to decommission FPL's nuclear units are included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's and FPL's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. See Note 4. FPL does not currently make contributions to the decommissioning funds, other than the reinvestment of dividends and interest. Fund earnings, consisting of dividends, interest and realized gains and losses, as well as any changes in unrealized gains and losses are not recognized in income and are reflected as a corresponding offset in the related regulatory liability accounts. During 2015, 2014 and 2013 fund earnings on decommissioning funds were approximately $96 million , $91 million and $167 million , respectively. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. Fossil and solar plant dismantlement studies are typically performed at least every four years and are submitted to the FPSC for approval. FPL's latest fossil and solar plant dismantlement studies became effective January 1, 2010 and resulted in an annual expense of $18 million which is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. At December 31, 2015 , FPL's portion of the ultimate cost to dismantle its fossil and solar units is approximately $752 million , or $411 million expressed in 2015 dollars. In accordance with the 2012 rate agreement, FPL is not required to file fossil and solar dismantlement studies during the effective period of the agreement. NEER records nuclear decommissioning liabilities for Seabrook Station (Seabrook), Duane Arnold Energy Center (Duane Arnold) and Point Beach Nuclear Power Plant (Point Beach) in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. The liability is being accreted using the interest method through the date decommissioning activities are expected to be complete. See Note 13. At December 31, 2015 and 2014 , NEER's ARO related to nuclear decommissioning was approximately $423 million and $462 million , respectively, and was determined using various internal and external data and applying a probability percentage to a variety of scenarios regarding the life of the plant and timing of decommissioning. NEER's portion of the ultimate cost of decommissioning its nuclear plants, including costs associated with spent fuel storage above what is expected to be refunded by the DOE under a spent fuel settlement agreement, is estimated to be approximately $11.8 billion , or $1.9 billion expressed in 2015 dollars. Seabrook files a comprehensive nuclear decommissioning study with the New Hampshire Nuclear Decommissioning Financing Committee (NDFC) every four years; the most recent study was filed in 2015. Seabrook's decommissioning funding plan is also subject to annual review by the NDFC. Currently, there are no ongoing decommissioning funding requirements for Seabrook, Duane Arnold and Point Beach, however, the U.S. Nuclear Regulatory Commission (NRC), and in the case of Seabrook, the NDFC, has the authority to require additional funding in the future. NEER's portion of Seabrook's, Duane Arnold's and Point Beach's restricted funds for the payment of future expenditures to decommission these plants is included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. Market adjustments result in a corresponding adjustment to other comprehensive income (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 in NEE's consolidated statements of income. Fund earnings are recognized in income and are reinvested in the funds. See Note 4. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. Major Maintenance Costs - FPL recognizes costs associated with planned major nuclear maintenance in accordance with regulatory treatment and records the related accrual as a regulatory liability. FPL expenses costs associated with planned fossil maintenance as incurred. FPL's estimated nuclear maintenanc |
Employee Retirement Benefits
Employee Retirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits Employee Pension Plan and Other Benefits Plans - NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries. NEE also has a supplemental executive retirement plan (SERP), which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees, and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The total accrued benefit cost of the SERP and postretirement plans is approximately $321 million ( $230 million for FPL) and $355 million ( $237 million for FPL) at December 31, 2015 and 2014, respectively. Plan Assets, Benefit Obligations and Funded Status - The changes in assets, benefit obligations and the funded status of the pension plan are as follows: 2015 2014 (millions) Change in plan assets: Fair value of plan assets at January 1 $ 3,698 $ 3,692 Actual return on plan assets (8 ) 203 Benefit payments (127 ) (197 ) Fair value of plan assets at December 31 $ 3,563 $ 3,698 Change in benefit obligation: Obligation at January 1 $ 2,454 $ 2,236 Service cost 70 61 Interest cost 97 101 Plan amendments — (9 ) Actuarial losses (gains) - net (86 ) 262 Benefit payments (127 ) (197 ) Obligation at December 31 (a) $ 2,408 $ 2,454 Funded status: Prepaid benefit costs at NEE at December 31 $ 1,155 $ 1,244 Prepaid benefit costs at FPL at December 31 $ 1,243 $ 1,189 ______________________ (a) NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2015 and 2014 was approximately $ 2,366 million and $ 2,400 million , respectively. NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid pension cost are as follows: 2015 2014 (millions) Components of AOCI: Unrecognized prior service cost (net of $1 and $1 tax benefit, respectively) $ (2 ) $ (2 ) Unrecognized losses (net of $38 and $10 tax benefit, respectively) (60 ) (16 ) Total $ (62 ) $ (18 ) NEE's unrecognized amounts included in regulatory assets yet to be recognized as components of net prepaid pension cost are as follows: 2015 2014 (millions) Unrecognized prior service cost $ 9 $ 10 Unrecognized losses 232 128 Total $ 241 $ 138 The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic income in the following year. 2015 2014 Discount rate 4.35 % 3.95 % Salary increase 4.10 % 4.10 % NEE's investment policy for the pension plan recognizes the benefit of protecting the plan's funded status, thereby avoiding the necessity of future employer contributions. Its broad objectives are to achieve a high rate of total return with a prudent level of risk taking while maintaining sufficient liquidity and diversification to avoid large losses and preserve capital over the long term. The NEE pension plan fund's current target asset allocation, which is expected to be reached over time, is 45% equity investments, 32% fixed income investments, 13% alternative investments and 10% convertible securities. The pension fund's investment strategy emphasizes traditional investments, broadly diversified across the global equity and fixed income markets, using a combination of different investment styles and vehicles. The pension fund's equity and fixed income holdings consist of both directly held securities as well as commingled investment arrangements such as common and collective trusts, pooled separate accounts, registered investment companies and limited partnerships. The pension fund's convertible security assets are principally direct holdings of convertible securities and includes a convertible security oriented limited partnership. The pension fund's alternative investment holdings consist of absolute return oriented limited partnerships that use a broad range of investment strategies on a global basis as well as other alternative investments, such as private equity, income and real estate oriented investments in limited partnerships. The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows: December 31, 2015 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 910 $ 21 $ 1 $ 932 Equity commingled vehicles (c) — 792 — 792 U.S. Government and municipal bonds 110 13 — 123 Corporate debt securities (d) 2 277 1 280 Asset-backed securities — 167 — 167 Debt security commingled vehicles — 21 — 21 Convertible securities (e) 16 258 — 274 Total investments in the fair value hierarchy $ 1,038 $ 1,549 $ 2 2,589 Total investments measured at net asset value (f) 974 Total fair value of plan assets $ 3,563 ______________________ (a) See Note 4 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 384 million . (c) Includes foreign investments of $ 249 million . (d) Includes foreign investments of $ 68 million . (e) Includes foreign investments of $ 23 million . (f) Includes foreign investments of $ 283 million . Reflects the adoption of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy. December 31, 2014 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 984 $ 31 $ — $ 1,015 Equity commingled vehicles (c) — 767 — 767 U.S. Government and municipal bonds 144 20 — 164 Corporate debt securities (d) — 355 — 355 Asset-backed securities — 223 — 223 Debt security commingled vehicles — 21 — 21 Convertible securities 45 229 — 274 Total investments in the fair value hierarchy $ 1,173 $ 1,646 $ — 2,819 Total investments measured at net asset value (e) 879 Total fair value of plan assets $ 3,698 ______________________ (a) See Note 4 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 321 million . (c) Includes foreign investments of $ 306 million . (d) Includes foreign investments of $ 88 million . (e) Includes foreign investments of $ 200 million . Reflects the retrospective application of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy. Expected Cash Flows - The following table provides information about benefit payments expected to be paid by the pension plan for each of the following calendar years (in millions): 2016 $ 144 2017 $ 150 2018 $ 155 2019 $ 160 2020 $ 163 2021 - 2025 $ 865 Net Periodic (Income) Cost - The components of net periodic (income) cost for the plans is as follows: Pension Benefits Postretirement Benefits 2015 2014 2013 2015 2014 2013 (millions) Service cost $ 70 $ 61 $ 72 $ 3 $ 3 $ 4 Interest cost 97 101 94 13 16 14 Expected return on plan assets (253 ) (241 ) (238 ) (1 ) (1 ) (1 ) Amortization of prior service cost (benefit) 1 5 7 (3 ) (3 ) (2 ) Amortization of losses — — 2 2 — 2 Special termination benefits — — 46 — — — Net periodic (income) cost at NEE $ (85 ) $ (74 ) $ (17 ) $ 14 $ 15 $ 17 Net periodic (income) cost at FPL $ (55 ) $ (47 ) $ (7 ) $ 11 $ 11 $ 13 Other Comprehensive Income - The components of net periodic income (cost) recognized in OCI for the pension plan is as follows: 2015 2014 2013 (millions) Prior service benefit (net of $3 tax expense) $ — $ 4 $ — Net gains (losses) (net of $27 and $29 tax benefit and $58 tax expense, respectively) (44 ) (45 ) 91 Amortization of prior service benefit — 1 2 Total $ (44 ) $ (40 ) $ 93 Regulatory Assets (Liabilities) - The components of net periodic (income) cost recognized during the year in regulatory assets (liabilities) for the pension plan is as follows: 2015 2014 (millions) Prior service benefit $ — $ (12 ) Unrecognized losses 104 226 Amortization of prior service benefit (1 ) (3 ) Total $ 103 $ 211 The assumptions used to determine net periodic income for the pension plan are as follows: 2015 2014 2013 Discount rate 3.95 % 4.80 % 4.00 % Salary increase 4.10 % 4.00 % 4.00 % Expected long-term rate of return (a)(b) 7.35 % 7.75 % 7.75 % ______________________ (a) In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns. (b) In 2015, an expected long-term rate of return of 7.75% is presented net of investment management fees. Employee Contribution Plans - NEE offers employee retirement savings plans which allow eligible participants to contribute a percentage of qualified compensation through payroll deductions. NEE makes matching contributions to participants' accounts. Defined contribution expense pursuant to these plans was approximately $ 63 million , $ 59 million and $ 46 million for NEE ($ 40 million , $ 37 million and $ 30 million for FPL) for the years ended December 31, 2015 , 2014 and 2013 , respectively. See Note 11 - Employee Stock Ownership Plan. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments [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 primarily with outstanding and forecasted debt issuances and borrowings, 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 over-the-counter (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 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 equity in earnings of equity method investees in NEE's consolidated statements of income. Settlement gains and losses are included within the line items in the 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 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 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 borrowings and managing foreign currency exchange 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 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 14 - Spain Solar Projects). At December 31, 2015 , NEE's AOCI included amounts related to interest rate cash flow hedges with expiration dates through October 2036 and foreign currency cash flow hedges with expiration dates through September 2030 . Approximately $50 million of net losses included in AOCI at December 31, 2015 is expected to be reclassified into earnings within the next 12 months as principal and/or interest payments are made. Such amounts assume no change in interest rates, currency exchange rates or scheduled principal payments. In January 2016, NEE discontinued hedge accounting for its cash flow and fair value hedges related to interest rate and foreign currency derivative instruments. Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at December 31, 2015 and December 31, 2014 , 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 4 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the consolidated balance sheets. December 31, 2015 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ — $ — $ 5,906 $ 4,580 $ 1,937 $ 982 Interest rate contracts 33 155 2 160 34 319 Foreign currency swaps — 132 — — — 127 Total fair values $ 33 $ 287 $ 5,908 $ 4,740 $ 1,971 $ 1,428 FPL: Commodity contracts $ — $ — $ 7 $ 225 $ 4 $ 222 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 712 Assets held for sale 57 Noncurrent derivative assets (b) 1,202 Current derivative liabilities (c) $ 882 Liabilities associated with assets held for sale 16 Noncurrent derivative liabilities (d) 530 Total derivatives $ 1,971 $ 1,428 Net fair value by FPL balance sheet line item: Current other assets $ 3 Noncurrent other assets 1 Current derivative liabilities $ 222 Total derivatives $ 4 $ 222 ______________________ (a) Reflects the netting of approximately $279 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $151 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $46 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $13 million in margin cash collateral paid to counterparties. December 31, 2014 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ — $ — $ 6,145 $ 5,290 $ 1,949 $ 1,358 Interest rate contracts 35 126 — 125 50 266 Foreign currency swaps — 131 — — — 131 Total fair values $ 35 $ 257 $ 6,145 $ 5,415 $ 1,999 $ 1,755 FPL: Commodity contracts $ — $ — $ 8 $ 371 $ 7 $ 370 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 990 Noncurrent derivative assets (b) 1,009 Current derivative liabilities (c) $ 1,289 Noncurrent derivative liabilities (d) 466 Total derivatives $ 1,999 $ 1,755 Net fair value by FPL balance sheet line item: Current other assets $ 6 Noncurrent other assets 1 Current derivative liabilities $ 370 Total derivatives $ 7 $ 370 ______________________ (a) Reflects the netting of approximately $197 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $97 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties. At December 31, 2015 and 2014 , NEE had approximately $27 million and $60 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 consolidated balance sheets. Additionally, at December 31, 2015 and 2014 , NEE had approximately $116 million and $122 million (none at FPL), respectively, in margin cash collateral paid 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 consolidated balance sheets. Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's consolidated financial statements (none at FPL) as follows: Year Ended Year Ended Year Ended Interest Rate Contracts Foreign Currency Swaps Total Interest Rate Contracts Foreign Currency Swaps Total Interest Rate Contracts Foreign Currency Swaps Total (millions) Gains (losses) recognized in OCI $ (113 ) $ (12 ) $ (125 ) $ (132 ) $ (89 ) $ (221 ) $ 150 $ (21 ) $ 129 Losses reclassified from AOCI to net income $ (73 ) (a) $ (15 ) (b) $ (88 ) $ (77 ) (a) $ (78 ) (b) $ (155 ) $ (61 ) (a) $ (44 ) (b) $ (105 ) ______________________ (a) Included in interest expense. (b) For 2015, 2014 and 2013, losses of approximately $11 million , $8 million and $4 million , respectively, are included in interest expense and the balances are included in other - net. For the years ended December 31, 2015 , 2014 and 2013 , NEE recorded gains (losses) of approximately $(4) million , $20 million and $(65) million , respectively, on fair value hedges which resulted in corresponding increases (decreases) in the related debt. Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's consolidated statements of income as follows: Years Ended December 31, 2015 2014 2013 (millions) Commodity contracts: (a) Operating revenues $ 932 $ 420 $ 76 Fuel, purchased power and interchange 8 1 — Foreign currency swap - other - net — (1 ) (72 ) Interest rate contracts - interest expense 8 (64 ) 3 Total $ 948 $ 356 $ 7 ______________________ (a) For the years ended December 31, 2015 , 2014 and 2013 , FPL recorded gains (losses) of approximately $(326) million , $(289) million and $81 million , respectively, related to commodity contracts as regulatory liabilities (assets) on its 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 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: December 31, 2015 December 31, 2014 Commodity Type NEE FPL NEE FPL (millions) Power (112 ) MWh (a) — (73 ) MWh (a) — Natural gas 1,321 MMBtu (b) 833 MMBtu (b) 1,436 MMBtu (b) 845 MMBtu (b) Oil (9 ) barrels — (11 ) barrels — ______________________ (a) Megawatt-hours (b) One million British thermal units At December 31, 2015 and 2014 , NEE had interest rate contracts with notional amounts totaling approximately $8.3 billion and $7.4 billion , respectively, and foreign currency swaps with notional amounts totaling $715 million and $661 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 December 31, 2015 and 2014 , the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $2.2 billion ( $224 million for FPL) and $2.7 billion ( $369 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 $250 million ( $20 million at FPL) as of December 31, 2015 and $700 million ( $130 million at FPL) as of December 31, 2014 . 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 $2.5 billion ( $0.6 billion at FPL) and $2.8 billion ( $0.7 billion at FPL) as of December 31, 2015 and 2014 , 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 $660 million ( $120 million at FPL) and $850 million ( $200 million at FPL) as of December 31, 2015 and 2014 , respectively. Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At December 31, 2015 , applicable NEE subsidiaries have posted approximately $123 million ( $3 million at FPL) in the form of letters of credit which could be applied toward the collateral requirements described above. At December 31, 2014 , applicable NEE subsidiaries have posted approximately $20 million ( none at FPL) in cash and $236 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 | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. 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 and Restricted Cash - 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 exchange exposure related primarily 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: December 31, 2015 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 312 $ — $ — $ 312 FPL - equity securities $ 36 $ — $ — $ 36 Special use funds: (c) NEE: Equity securities $ 1,320 $ 1,354 (d) $ — $ 2,674 U.S. Government and municipal bonds $ 446 $ 166 $ — $ 612 Corporate debt securities $ — $ 713 $ — $ 713 Mortgage-backed securities $ — $ 412 $ — $ 412 Other debt securities $ — $ 52 $ — $ 52 FPL: Equity securities $ 364 $ 1,234 (d) $ — $ 1,598 U.S. Government and municipal bonds $ 335 $ 145 $ — $ 480 Corporate debt securities $ — $ 531 $ — $ 531 Mortgage-backed securities $ — $ 327 $ — $ 327 Other debt securities $ — $ 40 $ — $ 40 Other investments: NEE: Equity securities $ 30 $ 10 $ — $ 40 Debt securities $ 39 $ 132 $ — $ 171 Derivatives: NEE: Commodity contracts $ 2,187 $ 2,540 $ 1,179 $ (3,969 ) $ 1,937 (e) Interest rate contracts $ — $ 35 $ — $ (1 ) $ 34 (e) FPL - commodity contracts $ — $ 1 $ 6 $ (3 ) $ 4 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 2,153 $ 1,887 $ 540 $ (3,598 ) $ 982 (e) Interest rate contracts $ — $ 214 $ 101 $ 4 $ 319 (e) Foreign currency swaps $ — $ 132 $ — $ (5 ) $ 127 (e) FPL - commodity contracts $ — $ 219 $ 6 $ (3 ) $ 222 (e) ______________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of 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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash of approximately $61 million ( $36 million for FPL) in other current assets on the consolidated balance sheets. (c) 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. (d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (e) See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. December 31, 2014 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents: NEE - equity securities $ 32 $ — $ — $ 32 Special use funds: (b) NEE: Equity securities $ 1,217 $ 1,417 (c) $ — $ 2,634 U.S. Government and municipal bonds $ 520 $ 191 $ — $ 711 Corporate debt securities $ — $ 704 $ — $ 704 Mortgage-backed securities $ — $ 493 $ — $ 493 Other debt securities $ 25 $ 32 $ — $ 57 FPL: Equity securities $ 324 $ 1,237 (c) $ — $ 1,561 U.S. Government and municipal bonds $ 435 $ 165 $ — $ 600 Corporate debt securities $ — $ 501 $ — $ 501 Mortgage-backed securities $ — $ 422 $ — $ 422 Other debt securities $ 25 $ 20 $ — $ 45 Other investments: NEE: Equity securities $ 35 $ 1 $ — $ 36 Debt securities $ 5 $ 170 $ — $ 175 Derivatives: NEE: Commodity contracts $ 1,801 $ 3,177 $ 1,167 $ (4,196 ) $ 1,949 (d) Interest rate contracts $ — $ 35 $ — $ 15 $ 50 (d) FPL - commodity contracts $ — $ 2 $ 6 $ (1 ) $ 7 (d) Liabilities: Derivatives: NEE: Commodity contracts $ 1,720 $ 3,150 $ 420 $ (3,932 ) $ 1,358 (d) Interest rate contracts $ — $ 126 $ 125 $ 15 $ 266 (d) Foreign currency swaps $ — $ 131 $ — $ — $ 131 (d) FPL - commodity contracts $ — $ 370 $ 1 $ (1 ) $ 370 (d) ______________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of 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 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) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's 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 December 31, 2015 are as follows: Transaction Type Fair Value at December 31, 2015 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 636 $ 252 Discounted cash flow Forward price (per MWh) $6 — $113 Forward contracts - gas 24 25 Discounted cash flow Forward price (per MMBtu) $1 — $6 Forward contracts - other commodity related 16 6 Discounted cash flow Forward price (various) $(18) — $55 Options - power 68 58 Option models Implied correlations (5)% — 99% Implied volatilities 1% — 308% Options - primarily gas 105 164 Option models Implied correlations (5)% — 99% Implied volatilities 1% — 195% Full requirements and unit contingent contracts 330 35 Discounted cash flow Forward price (per MWh) $(20) — $239 Customer migration rate (a) —% — 20% Total $ 1,179 $ 540 ______________________ (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 $101 million at December 31, 2015 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: Years Ended December 31, 2015 2014 2013 NEE FPL NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year $ 622 $ 5 $ 622 $ — $ 566 $ 2 Realized and unrealized gains (losses): Included in earnings (a) 451 — (77 ) — 299 — Included in other comprehensive income 11 — 18 — — — Included in regulatory assets and liabilities 3 3 7 7 — — Purchases 180 — 55 — 101 — Settlements (473 ) (8 ) 194 (2 ) (55 ) (2 ) Issuances (202 ) — (122 ) — (173 ) — Transfers in (b) (13 ) — 80 — (120 ) — Transfers out (b) (41 ) — (155 ) — 4 — Fair value of net derivatives based on significant unobservable inputs at December 31 $ 538 $ — $ 622 $ 5 $ 622 $ — 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) $ 277 $ — $ 248 $ — $ 329 $ — ______________________ (a) For the year ended December 31, 2015 , $462 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year December 31, 2014, $79 million of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year ended December 31, 2013, $302 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. (b) Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. 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 years ended December 31, 2015 , 2014, and 2013, $289 million , $328 million , and $330 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. Contingent Consideration - NEE recorded a liability related to a contingent holdback as part of the acquisition of seven long-term contracted natural gas pipeline assets located in Texas. See Note 8. 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 14 - 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 $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 consolidated statements of income for the year ended December 31, 2013) and other related charges ( $342 million after-tax, see Note 5). 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 14 - Spain Solar Projects for a discussion of additional developments that could potentially impact the Spain solar projects. In 2013, NEER initiated a plan and received internal authorization to pursue the sale of its ownership interests in oil-fired generation plants located in Maine (Maine fossil) with a total generating capacity of 796 MW. 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 consolidated statements of income for the year ended December 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 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 year ended December 31, 2013 was reclassified from discontinued operations to income from continuing operations and together with the $ 21 million gain recorded during the year ended December 31, 2014 are included as a separate line item in NEE's consolidated statements of income. Fair Value of Financial Instruments Recorded at the Carrying Amount - The carrying amounts of cash equivalents, commercial paper and notes payable 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: December 31, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 675 $ 675 $ 567 $ 567 Other investments - primarily notes receivable $ 512 $ 722 (b) $ 525 $ 679 (b) Long-term debt, including current maturities $ 28,897 (c) $ 30,412 (d) $ 27,552 $ 30,013 (d) FPL: Special use funds (a) $ 528 $ 528 $ 395 $ 395 Long-term debt, including current maturities $ 10,020 $ 11,028 (d) $ 9,388 $ 11,020 (d) ______________________ (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 December 31, 2015 and 2014 , NEE had no notes receivable reported in non-accrual status. (c) Excludes debt totaling $938 million reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheet for which the carrying amount approximates fair value. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale. (d) As of December 31, 2015 and 2014 , for NEE, approximately $18,031 million and $19,973 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, primarily 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 above) consist of FPL's storm fund assets of approximately $74 million and $ 75 million at December 31, 2015 and 2014, respectively and NEE's and FPL's nuclear decommissioning fund assets of $5,064 million and $ 5,091 million at December 31, 2015 and 2014 ( $3,430 million and $3,449 million , respectively, for FPL). 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 approximately $ 1,823 million and $ 1,505 million , respectively, at December 31, 2015 and $ 1,906 million and $ 1,366 million , respectively, at December 31, 2014 ($ 1,409 million and $ 732 million , respectively, at December 31, 2015 and $ 1,519 million and $ 664 million , respectively, at December 31, 2014 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 in NEE's consolidated statements of income. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at December 31, 2015 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at December 31, 2015 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 Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 (millions) Realized gains $ 194 $ 211 $ 246 $ 70 $ 120 $ 182 Realized losses $ 87 $ 115 $ 88 $ 43 $ 94 $ 59 Proceeds from sale or maturity of securities $ 4,643 $ 4,092 $ 4,190 $ 3,724 $ 3,349 $ 3,342 The unrealized gains on available for sale securities are as follows: NEE FPL December 31, December 31, 2015 2014 2015 2014 (millions) Equity securities $ 1,166 $ 1,267 $ 863 $ 896 Debt securities $ 17 $ 66 $ 14 $ 54 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 December 31, December 31, 2015 2014 2015 2014 (millions) Unrealized losses (a) $ 51 $ 7 $ 45 $ 5 Fair value $ 1,129 $ 542 $ 861 $ 434 ______________________ (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2015 and 2014 were not material to NEE or FPL. Regulations issued by the 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 Seabrook, decommissioning fund contributions and withdrawals are also regulated by the NDFC 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. Financial Instruments Accounting Standard Update - In January 2016, the FASB issued an accounting standard update which modifies current guidance for financial instruments. The standard requires that equity investments (except investments accounted for under the equity method and investments that are consolidated) be measured at fair value with changes in fair value recognized in net income and provides an option for those equity investments that do not have readily determinable fair values to be measured at cost minus impairment (plus or minus changes resulting from observable price changes). The standard also makes certain changes to presentation and disclosure requirements of financial instruments. The standard is effective for NEE and FPL beginning January 1, 2018 and will be applied retrospectively with the cumulative effect recognized as of the date of initial application. NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income taxes are as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 (millions) Federal: Current $ 10 $ — $ (145 ) $ 423 $ 240 $ 174 Deferred 1,194 1,077 853 399 542 540 Total federal 1,204 1,077 708 822 782 714 State: Current 31 (29 ) 69 58 68 44 Deferred (7 ) 128 — 77 60 77 Total state 24 99 69 135 128 121 Total income taxes $ 1,228 $ 1,176 $ 777 $ 957 $ 910 $ 835 A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 0.4 1.8 1.8 3.4 3.4 3.6 PTCs and ITCs - NEER (4.1 ) (5.1 ) (8.5 ) — — — Convertible ITCs - NEER (0.8 ) (1.4 ) (2.5 ) — — — Valuation allowance associated with Spain solar projects (a) — 0.7 5.2 — — — Charges associated with Canadian assets — 1.3 — — — — Other - net 0.3 — 0.7 (1.7 ) (0.9 ) (0.4 ) Effective income tax rate 30.8 % 32.3 % 31.7 % 36.7 % 37.5 % 38.2 % ______________________ (a) Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: NEE FPL December 31, December 31, 2015 2014 2015 2014 (millions) Deferred tax liabilities: Property-related $ 12,204 $ 11,700 $ 8,040 $ 7,457 Pension 455 489 480 459 Nuclear decommissioning trusts 219 258 — — Net unrealized gains on derivatives 528 390 — — Investments in partnerships and joint ventures 403 291 — — Other 1,196 769 695 435 Total deferred tax liabilities 15,005 13,897 9,215 8,351 Deferred tax assets and valuation allowance: Decommissioning reserves 438 427 386 374 Postretirement benefits 141 154 95 99 Net operating loss carryforwards 604 1,070 4 — Tax credit carryforwards 2,916 2,742 — — ARO and accrued asset removal costs 759 737 697 686 Other 836 820 303 318 Valuation allowance (a) (223 ) (323 ) — — Net deferred tax assets 5,471 5,627 1,485 1,477 Net deferred income taxes $ 9,534 $ 8,270 $ 7,730 $ 6,874 ______________________ (a) Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards. Deferred tax assets and liabilities are included on the consolidated balance sheets as follows: NEE FPL December 31, December 31, 2015 2014 2015 2014 (millions) Deferred income taxes - current assets $ — (a) $ 739 $ — (a) $ — Noncurrent other assets 293 264 — — Other current liabilities — (a) (12 ) — (a) (39 ) Deferred income taxes - noncurrent liabilities (9,827 ) (9,261 ) (7,730 ) (6,835 ) Net deferred income taxes $ (9,534 ) $ (8,270 ) $ (7,730 ) $ (6,874 ) ______________________ (a) Effective December 31, 2015, all deferred taxes are classified as noncurrent. See Note 1 - Income Taxes. The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2015 are as follows: Amount Expiration Dates (millions) Net operating loss carryforwards: Federal $ 361 2026-2035 State 153 2016-2035 Foreign 90 (a) 2017-2024 Net operating loss carryforwards $ 604 Tax credit carryforwards: Federal $ 2,585 2022-2035 State 331 (b) 2016-2037 Tax credit carryforwards $ 2,916 ______________________ (a) Includes $ 89 million of net operating loss carryforwards with an indefinite expiration period. (b) Includes $ 158 million of ITC carryforwards with an indefinite expiration period. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In 2013, a subsidiary of NEER completed the sale of its ownership interest in a portfolio of hydropower generation plants and related assets 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 consolidated statements of income for the year ended December 31, 2013 . The operations of the hydropower generation plants, exclusive of the gain, were not material to NEE's consolidated statements of income for the year ended December 31, 2013. See Note 4 - Nonrecurring Fair Value Measurements for a discussion of the decision not to pursue the sale of Maine fossil and the related financial statement impacts. |
Jointly-Owned Electric Plants
Jointly-Owned Electric Plants | 12 Months Ended |
Dec. 31, 2015 | |
Jointly-Owned Electric Plants [Abstract] | |
Jointly-Owned Electric Plants | Jointly-Owned Electric Plants Certain NEE subsidiaries own undivided interests in the jointly-owned facilities described below, and are entitled to a proportionate share of the output from those facilities. The subsidiaries are responsible for their share of the operating costs, as well as providing their own financing. Accordingly, each subsidiary includes its proportionate share of the facilities and related revenues and expenses in the appropriate balance sheet and statement of income captions. NEE's and FPL's respective shares of direct expenses for these facilities are included in fuel, purchased power and interchange expense, O&M expenses, depreciation and amortization expense and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income. NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: December 31, 2015 Ownership Interest Gross Investment (a) Accumulated Depreciation (a) Construction Work in Progress (millions) FPL: St. Lucie Unit No. 2 85 % $ 2,190 $ 777 $ 23 St. Johns River Power Park units and coal terminal 20 % $ 398 $ 207 $ 2 Scherer Unit No. 4 76 % $ 1,130 $ 378 $ — NEER: Duane Arnold 70 % $ 435 $ 126 $ 24 Seabrook 88.23 % $ 1,111 $ 239 $ 67 Wyman Station Unit No. 4 84.35 % $ 74 $ 51 $ — Corporate and Other: Transmission substation assets located in Seabrook, New Hampshire 88.23 % $ 73 $ 19 $ 3 ______________________ (a) Excludes nuclear fuel. |
Texas Pipeline Business Acquisi
Texas Pipeline Business Acquisition Texas Pipeline Business Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Texas Pipeline Business Acquisition On October 1, 2015, a subsidiary of NEP acquired 100% of the membership interests in NET Holdings Management, LLC (Texas pipeline business), a developer, owner and operator of a portfolio of seven long-term contracted natural gas pipeline assets located in Texas (Texas pipelines). One of the acquired pipelines is subject to a 10% noncontrolling interest. The aggregate purchase price of approximately $2 billion included approximately $934 million in cash consideration and the assumption of approximately $706 million in existing debt of the Texas pipeline business and its subsidiaries at closing and excluded post-closing working capital adjustments of approximately $2 million . The purchase price is subject to (i) a $200 million holdback payable, in whole or in part, upon satisfaction of financial performance and capital expenditure thresholds relating to planned expansion projects (contingent holdback) and (ii) a $200 million holdback retained to satisfy any indemnification obligations of the sellers through April 2017. The $200 million indemnity holdback may be reduced by up to $10 million depending on certain post-closing employee retention thresholds. If successful, NEP may spend up to an additional $100 million of capital expenditures for the planned expansion projects, bringing the total transaction size of the acquisition to approximately $2.1 billion . NEP incurred approximately $13 million in acquisition-related costs during the year ended December 31, 2015, which are reflected in O&M expenses in NEE's consolidated statements of income. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on October 1, 2015 based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed, including the noncontrolling interest, were based on significant estimates and assumptions, including Level 3 inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future market prices. The excess of the purchase price over the estimated fair value of assets acquired and liabilities assumed was recognized as goodwill at the acquisition date. The goodwill arising from the acquisition consists largely of growth opportunities from the Texas pipeline business. Upon full settlement of the contingent holdback, all of the goodwill is expected to be deductible for income tax purposes over a 15 year period. A liability of approximately $186 million was recognized as of the acquisition date for each of the contingent holdback and the indemnity holdback, reflecting the fair value of the expected future payments. NEP determined this fair value measurement based on management's probability assessment. The significant inputs and assumptions used in the fair value measurement included the estimated probability of executing contracts related to financial performance and capital expenditure thresholds as well as the appropriate discount rate. The valuation of the acquired net assets is subject to change as additional information related to the estimates is obtained during the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to identifiable intangible assets and residual goodwill. The following table summarizes the estimated fair value of assets acquired and liabilities assumed for the acquisition of the Texas pipeline business: Amounts Recognized (millions) Assets Property, plant and equipment $ 806 Cash 1 Other receivables and current other assets 21 Noncurrent other assets (other intangible assets, see Note 1 - Goodwill and Other Intangible Assets) 720 Noncurrent other assets (goodwill, see Note 1 - Goodwill and Other Intangible Assets) 622 Total assets $ 2,170 Liabilities Long-term debt, including current portion $ 706 Accounts payable and current other liabilities 46 Noncurrent other liabilities, primarily acquisition holdbacks 415 Total liabilities 1,167 Less noncontrolling interest at fair value 69 Total cash consideration $ 934 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities (VIEs) As of December 31, 2015 , NEE has twenty-four VIEs which it consolidates and has interests in certain other VIEs which it does not consolidate. FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a VIE that is a wholly owned bankruptcy remote special purpose subsidiary that it formed in 2007 for the sole purpose of issuing storm-recovery bonds pursuant to the securitization provisions of the Florida Statutes and a financing order of the 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 $ 230 million and $ 279 million at December 31, 2015 and 2014 , respectively, and consisted primarily of storm-recovery property, which are included in securitized storm-recovery costs on NEE's and FPL's consolidated balance sheets. The liabilities of the VIE were approximately $ 278 million and $ 338 million at December 31, 2015 and 2014 , respectively, and consisted primarily of storm-recovery bonds, which are included in long-term debt on NEE's and FPL's consolidated balance sheets. FPL entered into a purchased power agreement effective in 1995 with a 330 MW coal-fired facility to purchase substantially all of the facility's capacity and 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 price it pays per MWh (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 twenty-three 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, as well as construction, and through its 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 generation 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 generation 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 $ 84 million and $ 47 million , respectively, at December 31, 2015 and $ 85 million and $ 55 million , respectively, at December 31, 2014 , and consisted primarily of property, plant and equipment and long-term debt. Two indirect subsidiaries of NEER each contributed, to a NEP subsidiary, an approximately 50 % ownership interest in three entities which own solar PV facilities that, upon completion of construction, are expected to have a total generating capacity of 277 MW, of which approximately 153 MW have been placed in service as of December 31, 2015. Each of the two indirect subsidiaries of NEER is considered a VIE since it has insufficient equity at risk, and is consolidated by NEER. The VIEs use third-party debt and equity to finance a portion of development and construction activities and require subordinated financing from NEER to complete the facility under construction. These VIEs will sell their electric output to third parties under power sales contracts with expiration dates in 2035 and 2036 . The debt balances are secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NEER. The assets and liabilities of these VIEs were approximately $ 657 million and $ 626 million , respectively, at December 31, 2015 , and consisted primarily of property, plant and equipment and long-term debt. The other twenty NEER VIEs consolidate several entities which own and operate wind electric generation facilities with the capability of producing a total of 5,272 MW. These VIEs sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2018 through 2041 or 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 generation facilities, including certain tax attributes. The debt is secured by liens against the generation 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 $ 7.6 billion and $ 5.0 billion , respectively, at December 31, 2015 . Sixteen of the twenty were VIEs at December 31, 2014 and were consolidated; the assets and liabilities of those VIEs totaled approximately $ 6.6 billion and $ 4.1 billion , respectively, at December 31, 2014 . At December 31, 2015 and 2014 , 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 December 31, 2015 and 2014 , several NEE subsidiaries have investments totaling approximately $ 602 million ($ 476 million at FPL) and $ 716 million ($ 606 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 consolidated balance sheets and in special use funds on FPL's consolidated balance sheets. As of December 31, 2015 , NEE subsidiaries, including FPL, 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. |
Investments in Partnerships and
Investments in Partnerships and Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Partnerships and Joint Ventures [Abstract] | |
Investments in Partnerships and Joint Ventures | Investments in Partnerships and Joint Ventures Certain subsidiaries of NEE, primarily NEER, have noncontrolling non-majority owned interests in various partnerships and joint ventures, essentially all of which own electric generation facilities. At December 31, 2015 and 2014 , NEE's investments in partnerships and joint ventures totaled approximately $1,063 million and $663 million , respectively, which are included in other investments on NEE's consolidated balance sheets. NEER's interest in these partnerships and joint ventures range from approximately 29% to 50% . At December 31, 2015 and 2014, the principal entities included in NEER's investments in partnerships and joint ventures were Desert Sunlight Investment Holdings, LLC, and Northeast Energy, LP, and in 2015 also included Sabal Trail Transmission, LLC and Cedar Point II Wind, LP. Summarized combined information for these principal entities is as follows: 2015 2014 (millions) Net income $ 213 $ 171 Total assets $ 3,339 $ 2,636 Total liabilities $ 1,307 $ 1,645 Partners'/members' equity $ 2,032 $ 991 NEER's share of underlying equity in the principal entities $ 874 $ 495 Difference between investment carrying amount and underlying equity in net assets (a) (3 ) (4 ) NEER's investment carrying amount for the principal entities $ 871 $ 491 ______________________ (a) The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets. In 2004, a trust created by NEE sold $ 300 million of 5 7/8% preferred trust securities to the public and $ 9 million of common trust securities to NEE. The trust is an unconsolidated 100% -owned finance subsidiary. The proceeds from the sale of the preferred and common trust securities were used to buy 5 7/8% junior subordinated debentures maturing in March 2044 from NEECH. NEE has fully and unconditionally guaranteed the preferred trust securities and the junior subordinated debentures. |
Common Shareholders' Equity
Common Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Shareholders' Equity | Common Shareholders' Equity Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE from continuing operations is as follows: Years Ended December 31, 2015 2014 2013 (millions, except per share amounts) Numerator - income from continuing operations attributable to NEE (a) $ 2,752 $ 2,465 $ 1,677 Denominator: Weighted-average number of common shares outstanding - basic 450.5 434.4 424.2 Equity units, performance share awards, options, forward sale agreements and restricted stock (b) 3.5 5.7 2.8 Weighted-average number of common shares outstanding - assuming dilution 454.0 440.1 427.0 Earnings per share attributable to NEE from continuing operations: Basic $ 6.11 $ 5.67 $ 3.95 Assuming dilution $ 6.06 $ 5.60 $ 3.93 ______________________ (a) Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income. (b) 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 equity units, the forward sale agreement described below, stock options and performance share awards and restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 3.5 million , 2.6 million and 7.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Issuance of Common Stock and Forward Sale Agreement - In November 2013, NEE sold 4.5 million shares of its common stock at a price of $88.03 per share, and a forward counterparty borrowed and sold 6.6 million shares of NEE's common stock in connection with a forward sale agreement. In December 2014, NEE physically settled the forward sale agreement by delivering 6.6 million shares of its common stock to the forward counterparty in exchange for cash proceeds of approximately $552 million . The forward sale price used to determine the cash proceeds received by NEE was calculated based on the initial forward sale price of $88.03 per share less certain adjustments as specified in the forward sale agreement. Prior to the settlement date, the forward sale agreement had a dilutive effect on NEE’s earnings per share when the average market price per share of NEE’s common stock was above the adjusted forward sale price per share. Common Stock Dividend Restrictions - NEE's charter does not limit the dividends that may be paid on its common stock. FPL's mortgage securing FPL's first mortgage bonds contains provisions which, under certain conditions, restrict the payment of dividends and other distributions to NEE. These restrictions do not currently limit FPL's ability to pay dividends to NEE. Employee Stock Ownership Plan - The employee retirement savings plans of NEE include a leveraged ESOP feature. Shares of common stock held by the trust for the employee retirement savings plans (Trust) are used to provide all or a portion of the employers' matching contributions. Dividends received on all shares, along with cash contributions from the employers, are used to pay principal and interest on an ESOP loan held by a subsidiary of NEECH. Dividends on shares allocated to employee accounts and used by the Trust for debt service are replaced with shares of common stock, at prevailing market prices, in an equivalent amount. For purposes of computing basic and fully diluted earnings per share, ESOP shares that have been committed to be released are considered outstanding. ESOP-related compensation expense was approximately $ 63 million , $ 59 million and $ 46 million in 2015 , 2014 and 2013 , respectively. The related share release was based on the fair value of shares allocated to employee accounts during the period. Interest income on the ESOP loan is eliminated in consolidation. ESOP-related unearned compensation included as a reduction of common shareholders' equity at December 31, 2015 was approximately $ 1 million , representing unallocated shares at the original issue price. The fair value of the ESOP-related unearned compensation account using the closing price of NEE common stock at December 31, 2015 was approximately $ 11 million . Stock-Based Compensation - Net income for the years ended December 31, 2015 , 2014 and 2013 includes approximately $ 60 million , $ 60 million and $ 67 million , respectively, of compensation costs and $ 23 million , $ 23 million and $ 26 million , respectively, of income tax benefits related to stock-based compensation arrangements. Compensation cost capitalized for the years ended December 31, 2015 , 2014 and 2013 was not material. As of December 31, 2015 , there were approximately $ 70 million of unrecognized compensation costs related to nonvested/nonexercisable stock-based compensation arrangements. These costs are expected to be recognized over a weighted-average period of 1.8 years. At December 31, 2015 , approximately 17 million shares of common stock were authorized for awards to officers, employees and non-employee directors of NEE and its subsidiaries under NEE's: (a) Amended and Restated 2011 Long Term Incentive Plan, (b) 2007 Non-Employee Directors Stock Plan and (c) earlier equity compensation plans under which shares are reserved for issuance under existing grants, but no additional shares are available for grant under the earlier plans. NEE satisfies restricted stock and performance share awards by issuing new shares of its common stock or by purchasing shares of its common stock in the open market. NEE satisfies stock option exercises by issuing new shares of its common stock. NEE generally grants most of its stock-based compensation awards in the first quarter of each year. Restricted Stock and Performance Share Awards - Restricted stock typically vests within three years after the date of grant and is subject to, among other things, restrictions on transferability prior to vesting. The fair value of restricted stock is measured based upon the closing market price of NEE common stock as of the date of grant. Performance share awards are typically payable at the end of a three -year performance period if the specified performance criteria are met. The fair value of performance share awards is estimated primarily based upon the closing market price of NEE common stock as of the date of grant less the present value of expected dividends, multiplied by an estimated performance multiple which is subsequently trued up based on actual performance. The activity in restricted stock and performance share awards for the year ended December 31, 2015 was as follows: Shares Weighted- Average Grant Date Fair Value Per Share Restricted Stock: Nonvested balance, January 1, 2015 579,497 $ 75.65 Granted 303,150 $ 103.58 Vested (274,620 ) $ 73.92 Forfeited (44,367 ) $ 99.99 Nonvested balance, December 31, 2015 563,660 $ 89.60 Performance Share Awards: Nonvested balance, January 1, 2015 996,227 $ 67.19 Granted 567,437 $ 77.12 Vested (609,321 ) $ 53.55 Forfeited (39,144 ) $ 79.36 Nonvested balance, December 31, 2015 915,199 $ 81.90 The weighted-average grant date fair value per share of restricted stock granted for the years ended December 31, 2014 and 2013 was $ 93.46 and $ 74.02 respectively. The weighted-average grant date fair value per share of performance share awards granted for the years ended December 31, 2014 and 2013 was $ 71.52 and $ 58.53 , respectively. The total fair value of restricted stock and performance share awards vested was $ 108 million , $ 85 million and $ 82 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Options - Options typically vest within three years after the date of grant and have a maximum term of ten years. The exercise price of each option granted equals the closing market price of NEE common stock on the date of grant. The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions: 2015 2014 2013 Expected volatility (a) 18.91% 20.32% 20.08 - 20.15% Expected dividends 3.11% 3.11% 3.28 - 3.64% Expected term (years) (b) 7.0 7.0 7.0 Risk-free rate 1.84% 2.17% 1.15 - 1.40% ______________________ (a) Based on historical experience. (b) Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. Option activity for the year ended December 31, 2015 was as follows: Shares Underlying Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Balance, January 1, 2015 2,825,035 $ 59.04 Granted 229,158 $ 103.62 Exercised (187,692 ) $ 47.03 Forfeited — — Expired — — Balance, December 31, 2015 2,866,501 $ 63.39 5.3 $ 116 Exercisable, December 31, 2015 2,415,194 $ 57.62 4.7 $ 112 The weighted-average grant date fair value of options granted was $ 13.62 , $ 14.09 and $ 9.20 per share for the years ended December 31, 2015 , 2014 and 2013 , respectively. The total intrinsic value of stock options exercised was approximately $ 11 million , $ 30 million and $ 14 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Cash received from option exercises was approximately $ 9 million , $ 26 million and $ 14 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The tax benefits realized from options exercised were approximately $4 million , $ 11 million and $ 5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Preferred Stock - NEE's charter authorizes the issuance of 100 million shares of serial preferred stock, $ 0.01 par value, none of which are outstanding. FPL's charter authorizes the issuance of 10,414,100 shares of preferred stock, $ 100 par value, 5 million shares of subordinated preferred stock, no par value, and 5 million shares of preferred stock, no par value, none of which are outstanding. 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, 2012 $ (266 ) $ 96 $ (74 ) $ 12 $ (23 ) $ (255 ) Other comprehensive income (loss) before reclassifications 84 118 95 (45 ) 7 259 Amounts reclassified from AOCI 67 (a) (17 ) (b) 2 — — 52 Net other comprehensive income (loss) 151 101 97 (45 ) 7 311 Balances, December 31, 2013 (115 ) 197 23 (33 ) (16 ) 56 Other comprehensive income (loss) before reclassifications (141 ) 62 (44 ) (25 ) (8 ) (156 ) Amounts reclassified from AOCI 98 (a) (41 ) (b) 1 — — 58 Net other comprehensive income (loss) (43 ) 21 (43 ) (25 ) (8 ) (98 ) Less other comprehensive loss attributable to noncontrolling interests (2 ) — — — — (2 ) Balances, December 31, 2014 (156 ) 218 (20 ) (58 ) (24 ) (40 ) Other comprehensive income (loss) before reclassifications (88 ) (7 ) (42 ) (27 ) — (164 ) Amounts reclassified from AOCI 63 (a) (37 ) (b) — — — 26 Net other comprehensive income (loss) (25 ) (44 ) (42 ) (27 ) — (138 ) Less other comprehensive loss attributable to noncontrolling interests (11 ) — — — — (11 ) Balances, December 31, 2015 $ (170 ) $ 174 $ (62 ) $ (85 ) $ (24 ) $ (167 ) ———————————— (a) Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligations [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations FPL's ARO relates primarily to the nuclear decommissioning obligation of its nuclear units. FPL's AROs other than nuclear decommissioning are not significant. The accounting provisions result in timing differences in the recognition of legal asset retirement costs for financial reporting purposes and the method the FPSC allows FPL to recover in rates. NEER's ARO relates primarily to the nuclear decommissioning obligation of its nuclear plants and obligations for the dismantlement of its wind facilities located on leased property. See Note 1 - Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs. A rollforward of NEE's and FPL's ARO is as follows: FPL NEER NEE (millions) Balances, December 31, 2013 $ 1,285 $ 565 $ 1,850 Liabilities incurred 1 29 30 Accretion expense 70 38 108 Liabilities settled — (1 ) (1 ) Revision in estimated cash flows - net (1 ) — (1 ) Balances, December 31, 2014 1,355 631 1,986 Liabilities incurred 5 46 51 Accretion expense 73 43 116 Liabilities settled (20 ) (2 ) (22 ) Revision in estimated cash flows - net 409 (a) (71 ) (b) 338 Balances, December 31, 2015 $ 1,822 $ 647 $ 2,469 ______________________ (a) Primarily reflects the effect of revised cost estimates for decommissioning FPL's nuclear units consistent with the updated nuclear decommissioning studies filed with the FPSC in December 2015. (b) Primarily reflects the effect of revised cost estimates for decommissioning NEER’s nuclear units and a change in assumptions relating to spent fuel costs, partly offset by increased escalation rates. Restricted funds for the payment of future expenditures to decommission NEE's and FPL's nuclear units included in special use funds on NEE's and FPL's consolidated balance sheets are as follows (see Note 4 - Special Use Funds): FPL NEER NEE (millions) Balances, December 31, 2015 $ 3,430 $ 1,634 $ 5,064 Balances, December 31, 2014 $ 3,449 $ 1,642 $ 5,091 NEE and FPL have identified but not recognized ARO liabilities related to electric transmission and distribution and telecommunications assets resulting from easements over property not owned by NEE or FPL. These easements are generally perpetual and only require retirement action upon abandonment or cessation of use of the property or facility for its specified purpose. The ARO liability is not estimable for such easements as NEE and FPL intend to use these properties indefinitely. In the event NEE and FPL decide to abandon or cease the use of a particular easement, an ARO liability would be recorded at that time. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [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, as well as the investment in the development and construction of its natural gas pipeline assets. Capital expenditures for Corporate and Other primarily include 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. At December 31, 2015 , estimated capital expenditures for 2016 through 2020 for which applicable internal approvals (and also FPSC approvals for FPL, if required) have been received were as follows: 2016 2017 2018 2019 2020 Total (millions) FPL: Generation: (a) New (b)(c) $ 1,085 $ 45 $ — $ — $ — $ 1,130 Existing 620 960 680 520 550 3,330 Transmission and distribution 1,930 1,990 1,985 2,485 2,335 10,725 Nuclear fuel 170 125 190 170 210 865 General and other 245 265 240 185 185 1,120 Total $ 4,050 $ 3,385 $ 3,095 $ 3,360 $ 3,280 $ 17,170 NEER: Wind (d) $ 2,040 $ 75 $ 30 $ 25 $ 25 $ 2,195 Solar (e) 1,240 10 — — — 1,250 Nuclear, including nuclear fuel 300 240 270 310 265 1,385 Natural gas pipelines (f) 1,020 740 465 35 15 2,275 Other 495 60 75 50 65 745 Total $ 5,095 $ 1,125 $ 840 $ 420 $ 370 $ 7,850 Corporate and Other $ 215 $ 160 $ 115 $ 140 $ 135 $ 765 ______________________ (a) Includes AFUDC of approximately $ 76 million , $ 14 million and $11 million for 2016 through 2018, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Excludes capital expenditures of approximately $1.0 billion for the natural gas-fired combined-cycle unit in Okeechobee County, Florida for the period from the end of 2016 (when approval by the Florida Power Plant Siting Board (Siting Board), comprised of the Florida governor and cabinet is expected) through 2019. Also 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 and maintain an NRC license for each unit. (d) Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,365 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 1,045 MW. (f) Includes capital expenditures for construction of three natural gas pipelines, including equity contributions associated with equity investments in joint ventures for two pipelines and AFUDC associated with the third pipeline. The natural gas pipelines are subject to certain conditions. 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 December 31, 2015 , FPL is obligated under a take-or-pay purchased power contract to pay for approximately 375 MW annually through 2021 . FPL also has various firm pay-for-performance contracts to purchase approximately 444 MW from certain cogenerators and small power producers with expiration dates ranging from 2025 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 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 wholly owned NEER subsidiary has a 33% ownership interest), and Florida Southeast Connection, LLC (Florida Southeast Connection, a wholly owned NEER 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 on acceptable terms and the completion of construction of the pipeline system to be built by Sabal Trail and Florida Southeast Connection. See Commitments above. As of December 31, 2015 , NEER has entered into contracts with expiration dates ranging from late February 2016 through 2032 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 and has made commitments for the construction of the natural gas pipelines. Approximately $5.2 billion of related commitments 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 March 2016 through 2033 . The required capacity and/or minimum payments under the contracts discussed above as of December 31, 2015 were estimated as follows: 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 185 $ 170 $ 140 $ 120 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 1,020 $ 930 $ 870 $ 865 $ 920 $ 13,050 Coal, including transportation $ 65 $ 40 $ — $ — $ — $ — NEER $ 3,670 $ 735 $ 625 $ 135 $ 85 $ 535 Corporate and Other (d)(e) $ 60 $ 5 $ 5 $ — $ 5 $ — ______________________ (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 434 million , $ 485 million and $ 487 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 262 million , $ 299 million and $ 263 million for the years ended December 31, 2015, 2014 and 2013 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $ 200 million , $ 295 million , $ 290 million , $360 million and $ 7,885 million in 2017, 2018, 2019, 2020 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 $35 million commitment to invest in clean power and technology businesses through 2021. (e) Excludes approximately $1,115 million , in 2016, 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 $ 13.1 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. 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 U.S., 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 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 $ 187 million ($ 112 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 $ 3 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 either its transmission and distribution property or natural gas pipeline assets, 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, would be borne by NEE and/or FPL and/or their affiliates, 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 - In March 2013 and May 2013, events of default occurred under the project-level financing agreements for the Spain solar projects 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 caused the project-level financing to be unsupportable by expected future project cash flows. Under the project-level financing, events of default (including those discussed below) provide for, among other things, a right by the lenders (which they have not exercised) 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, on NEE's consolidated balance sheets, and totaled $ 559 million and $ 101 million , respectively, as of December 31, 2015 . 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 needed to complete and implement the framework were finalized in June 2014. Based on NEE's assessment, the regulatory pronouncements do not indicate a further impairment of the Spain solar projects. However, the Spanish government's interpretation of the new remuneration scheme resulted in a reduction to 2013 revenues of approximately $ 19 million which was reflected in operating revenues for the year ended December 31, 2014 in NEE's consolidated statements of income. In December 2015, the Spanish government determined that such a reduction was not warranted and refunded approximately $ 17 million , which was reflected in operating revenues for the year ended December 31, 2015 . Since the third quarter of 2014, events of default have occurred under the project-level financing agreements related to certain debt service coverage ratio covenants not being met. The project-level subsidiaries have requested the lenders to waive the events of default related to the debt service coverage ratio. Impairments recorded due to the changes of law caused the project-level subsidiaries in Spain to have a negative net equity position on their balance sheets, which requires them under Spanish law to commence liquidation proceedings if the net equity position is not restored to specified levels. Prior to 2015, Spanish law had provided an exemption applicable to the project-level subsidiaries that enabled the exclusion of asset-related impairments in the equity calculation. Such exemption was not granted for 2015, and therefore, the project-level subsidiaries commenced liquidation on April 23, 2015. The liquidators are reviewing the liquidation balance sheets and inventory schedules and will make recommendations to NextEra Energy España, S.L. (NEE España), the NEER subsidiary in Spain that is the direct shareholder of the project-level subsidiaries, to either restructure the project-level debt or file for insolvency. The liquidation event could cause the lenders to seek to accelerate the payment of the project-related debt and/or foreclose on the project assets, which they have not done to date. However, as part of a settlement agreement reached in December 2013 between NEECH, NEE España, the project-level subsidiaries and the lenders, the future recourse of the lenders under the project-level financing is effectively limited to the letters of credit described below and to the assets of the project-level subsidiaries. Under the settlement agreement, the lenders, among other things, irrevocably waived events of default related to changes of law that existed at the time of the settlement as described above, and NEECH affiliates provided for the project-level subsidiaries to post approximately €37 million (approximately $ 40 million as of December 31, 2015 ) in letters of credit to fund operating and debt service reserves under the project-level financing, of which €14 million (approximately $ 15 million ) has been drawn as of December 31, 2015 . NEE España, the project-level subsidiaries and the lenders have been in negotiations to seek to restructure the project-level financing; however, there can be no assurance that the project-level financing will be successfully restructured or that the lenders will not exercise remedies available to them under the project financing agreements for, among other things, current and future events of default, if any, or for the commencement of liquidation by the project level subsidiaries. Legal Proceedings - 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 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 stock repurchase, or (iii) the stock repurchase left Adelphia with unreasonably small capital. The trial was completed in May 2012 and closing arguments were heard in July 2012. In May 2014, the U.S. Bankruptcy Court, Southern District of New York, issued its decision after trial, finding, among other things, that Adelphia was not insolvent, or rendered insolvent, at the time of the stock repurchase. The bankruptcy court further ruled that Adelphia was not left with inadequate capital or equitably insolvent at the time of the stock repurchase. The decision after trial represented proposed findings of fact and conclusions of law which were subject to de novo review by the U.S. District Court for the Southern District of New York. In March 2015, the U.S. District Court issued a final order which effectively affirmed the findings of the U.S. Bankruptcy Court in NEE's favor. In April 2015, Adelphia filed an appeal of the final order to the U.S. Court of Appeals for the Second Circuit. NEE and FPL are vigorously defending, and believe that they or their affiliates have meritorious defenses to, the lawsuit described above. In addition to the legal proceeding 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. Entities in which subsidiaries of NEE, including FPL, have a partial 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 lawsuit 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 lawsuit 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 | 12 Months Ended |
Dec. 31, 2015 | |
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, and eliminating entries. During the fourth quarter of 2015, the natural gas pipeline projects that were previously reported in Corporate and Other were moved to the NEER segment reflecting the overall scale of the natural gas pipeline investments and management of these projects within NEER's gas infrastructure business. Prior year amounts for NEER and Corporate and Other were adjusted to reflect this segment change. NEE's operating revenues derived from the sale of electricity represented approximately 92% , 91% and 92% of NEE's operating revenues for the years ended December 31, 2015 , 2014 and 2013 , respectively. Approximately 2% , 2% and 1% of operating revenues were from foreign sources for the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 and 2014 , approximately 3% and 4% , respectively, of long-lived assets were located in foreign countries. NEE's segment information is as follows: 2015 2014 2013 FPL NEER (a) Corp. and Other NEE Consoli- dated FPL NEER (a) Corp. and Other NEE Consoli- dated FPL NEER (a) Corp. and Other NEE Consoli- dated (millions) Operating revenues $ 11,651 $ 5,444 $ 391 $ 17,486 $ 11,421 $ 5,196 $ 404 $ 17,021 $ 10,445 $ 4,333 $ 358 $ 15,136 Operating expenses (b) $ 8,674 $ 3,865 $ 315 $ 12,854 $ 8,593 $ 3,727 $ 317 $ 12,637 $ 7,906 $ 3,730 $ 259 $ 11,895 Interest expense $ 445 $ 625 $ 141 $ 1,211 $ 439 $ 667 $ 155 $ 1,261 $ 415 $ 528 $ 178 $ 1,121 Interest income $ 7 $ 28 $ 51 $ 86 $ 3 $ 26 $ 51 $ 80 $ 6 $ 19 $ 53 $ 78 Depreciation and amortization $ 1,576 $ 1,183 $ 72 $ 2,831 $ 1,432 $ 1,051 $ 68 $ 2,551 $ 1,159 $ 949 $ 55 $ 2,163 Equity in earnings (losses) of equity method investees $ — $ 103 $ 4 $ 107 $ — $ 95 $ (2 ) $ 93 $ — $ 26 $ (1 ) $ 25 Income tax expense (benefit) (c)(d) $ 957 $ 289 $ (18 ) $ 1,228 $ 910 $ 283 $ (17 ) $ 1,176 $ 835 $ (42 ) $ (16 ) $ 777 Income (loss) from continuing operations (d) $ 1,648 $ 1,102 $ 12 $ 2,762 $ 1,517 $ 993 $ (41 ) $ 2,469 $ 1,349 $ 340 $ (12 ) $ 1,677 Gain from discontinued operations, net of income taxes (e) $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 216 $ 15 $ 231 Net income (loss) attributable to NEE (d) $ 1,648 $ 1,092 $ 12 $ 2,752 $ 1,517 $ 989 $ (41 ) $ 2,465 $ 1,349 $ 556 $ 3 $ 1,908 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 3,633 $ 4,661 $ 83 $ 8,377 $ 3,241 $ 3,701 $ 75 $ 7,017 $ 2,903 $ 3,613 $ 166 $ 6,682 Property, plant and equipment $ 45,383 $ 33,340 $ 1,607 $ 80,330 $ 41,938 $ 30,178 $ 1,523 $ 73,639 $ 39,896 $ 28,081 $ 1,471 $ 69,448 Accumulated depreciation and amortization $ 11,862 $ 6,640 $ 442 $ 18,944 $ 11,282 $ 6,268 $ 384 $ 17,934 $ 10,944 $ 5,455 $ 329 $ 16,728 Total assets (f) $ 42,523 $ 37,647 $ 2,309 $ 82,479 $ 39,222 $ 32,896 $ 2,487 $ 74,605 $ 36,420 $ 30,052 $ 2,535 $ 69,007 Investment in equity method investees $ — $ 983 $ 80 $ 1,063 $ — $ 617 $ 46 $ 663 $ — $ 388 $ 34 $ 422 _________________________ (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 NEECH corporate interest expense is included in Corporate and Other. (b) NEER includes an impairment charge of $300 million in 2013 related to the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. (c) NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes. (d) NEER includes after-tax charges of $342 million in 2013 associated with the impairment of the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. (e) See Note 6. (f) Reflects reclassification of debt issuance costs of $324 million ( $85 million for FPL) in 2014 and $298 million ( $68 million for FPL) in 2013. See Note 1 - Debt Issuance Costs. |
Summarized Financial Informatio
Summarized Financial Information of NEECH | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Financial Information [Abstract] | |
Summarized Financial Information of NEECH | 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. NEECH’s debentures and junior subordinated debentures including those that were registered pursuant to the Securities Act of 1933, as amended, are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows: Condensed Consolidating Statements of Income Year Ended Year Ended Year Ended NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Operating revenues $ — $ 5,849 $ 11,637 $ 17,486 $ — $ 5,614 $ 11,407 $ 17,021 $ — $ 4,703 $ 10,433 $ 15,136 Operating expenses (17 ) (4,142 ) (8,695 ) (12,854 ) (19 ) (4,039 ) (8,579 ) (12,637 ) (18 ) (3,983 ) (7,894 ) (11,895 ) Interest expense (4 ) (764 ) (443 ) (1,211 ) (6 ) (819 ) (436 ) (1,261 ) (8 ) (705 ) (408 ) (1,121 ) Equity in earnings of subsidiaries 2,754 — (2,754 ) — 2,494 — (2,494 ) — 1,915 — (1,915 ) — Other income (deductions) - net 1 498 70 569 1 487 34 522 2 281 51 334 Income from continuing operations before income taxes 2,734 1,441 (185 ) 3,990 2,470 1,243 (68 ) 3,645 1,891 296 267 2,454 Income tax expense (benefit) (18 ) 299 947 1,228 5 262 909 1,176 (2 ) (55 ) 834 777 Income (loss) from continuing operations 2,752 1,142 (1,132 ) 2,762 2,465 981 (977 ) 2,469 1,893 351 (567 ) 1,677 Gain from discontinued operations, net of income taxes — — — — — — — — 15 216 — 231 Net income (loss) 2,752 1,142 (1,132 ) 2,762 2,465 981 (977 ) 2,469 1,908 567 (567 ) 1,908 Less net income attributable to noncontrolling interests — 10 — 10 — 4 — 4 — — — — Net income (loss) attributable to NEE $ 2,752 $ 1,132 $ (1,132 ) $ 2,752 $ 2,465 $ 977 $ (977 ) $ 2,465 $ 1,908 $ 567 $ (567 ) $ 1,908 ______________________ (a) Represents FPL and consolidating adjustments. Condensed Consolidating Statements of Comprehensive Income Year Ended Year Ended Year Ended NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Comprehensive income (loss) attributable to NEE $ 2,625 $ 1,049 $ (1,049 ) $ 2,625 $ 2,369 $ 924 $ (924 ) $ 2,369 $ 2,219 $ 781 $ (781 ) $ 2,219 ______________________ (a) Represents FPL and consolidating adjustments. Condensed Consolidating Balance Sheets December 31, 2015 December 31, 2014 NEE (Guaran- NEECH Other (a) NEE NEE (Guaran- NEECH Other (a) NEE (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 27 $ 34,921 $ 45,382 $ 80,330 $ 27 $ 31,674 $ 41,938 $ 73,639 Accumulated depreciation and amortization (16 ) (7,067 ) (11,861 ) (18,944 ) (12 ) (6,640 ) (11,282 ) (17,934 ) Total property, plant and equipment - net 11 27,854 33,521 61,386 15 25,034 30,656 55,705 CURRENT ASSETS Cash and cash equivalents — 546 25 571 — 562 15 577 Receivables 90 1,510 665 2,265 82 1,378 699 2,159 Other 4 2,443 1,512 3,959 19 2,512 1,677 4,208 Total current assets 94 4,499 2,202 6,795 101 4,452 2,391 6,944 OTHER ASSETS Investment in subsidiaries 22,544 — (22,544 ) — 19,703 — (19,703 ) — Other 823 7,790 5,685 14,298 736 5,827 5,393 11,956 Total other assets 23,367 7,790 (16,859 ) 14,298 20,439 5,827 (14,310 ) 11,956 TOTAL ASSETS $ 23,472 $ 40,143 $ 18,864 $ 82,479 $ 20,555 $ 35,313 $ 18,737 $ 74,605 CAPITALIZATION Common shareholders' equity $ 22,574 $ 6,990 $ (6,990 ) $ 22,574 $ 19,916 $ 6,553 $ (6,553 ) $ 19,916 Noncontrolling interests — 538 — 538 — 252 — 252 Long-term debt — 16,725 9,956 26,681 — 14,715 9,329 24,044 Total capitalization 22,574 24,253 2,966 49,793 19,916 21,520 2,776 44,212 CURRENT LIABILITIES Debt due within one year — 2,786 220 3,006 — 3,455 1,202 4,657 Accounts payable 4 1,919 606 2,529 29 739 586 1,354 Other 252 3,003 1,317 4,572 153 2,043 1,456 3,652 Total current liabilities 256 7,708 2,143 10,107 182 6,237 3,244 9,663 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 647 1,822 2,469 — 631 1,355 1,986 Deferred income taxes 157 2,396 7,274 9,827 149 2,608 6,504 9,261 Other 485 5,139 4,659 10,283 308 4,317 4,858 9,483 Total other liabilities and deferred credits 642 8,182 13,755 22,579 457 7,556 12,717 20,730 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 23,472 $ 40,143 $ 18,864 $ 82,479 $ 20,555 $ 35,313 $ 18,737 $ 74,605 ______________________ (a) Represents FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Year Ended Year Ended Year Ended NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated (millions) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 1,659 $ 2,488 $ 1,969 $ 6,116 $ 1,615 $ 1,976 $ 1,909 $ 5,500 $ 1,147 $ 1,466 $ 2,489 $ 5,102 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases — (4,744 ) (3,633 ) (8,377 ) (1 ) (3,741 ) (3,275 ) (7,017 ) — (3,756 ) (2,926 ) (6,682 ) Capital contributions from NEE (1,480 ) — 1,480 — (912 ) — 912 — (777 ) — 777 — Cash grants under the Recovery Act — 8 — 8 — 343 — 343 — 165 — 165 Sale of independent power and other investments of NEER — 52 — 52 — 307 — 307 — 165 — 165 Change in loan proceeds restricted for construction — 27 (36 ) (9 ) — (40 ) — (40 ) — 228 — 228 Proceeds from the sale of a noncontrolling interest in subsidiaries — 345 — 345 — 438 — 438 — — — — Other - net — 9 (33 ) (24 ) 10 (73 ) (329 ) (392 ) — 17 (16 ) 1 Net cash used in investing activities (1,480 ) (4,303 ) (2,222 ) (8,005 ) (903 ) (2,766 ) (2,692 ) (6,361 ) (777 ) (3,181 ) (2,165 ) (6,123 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 4,689 1,083 5,772 — 4,057 997 5,054 — 3,874 497 4,371 Retirements of long-term debt — (3,421 ) (551 ) (3,972 ) — (4,395 ) (355 ) (4,750 ) — (1,943 ) (453 ) (2,396 ) Proceeds from differential membership investors — 761 — 761 — 978 — 978 — 448 — 448 Issuances of notes payable — 1,125 100 1,225 — 500 — 500 — — — — Retirements of notes payable — (813 ) — (813 ) — (500 ) — (500 ) — (200 ) — (200 ) Net change in commercial paper — 318 (1,086 ) (768 ) — (487 ) 938 451 — (619 ) 99 (520 ) Issuances of common stock - net 1,298 — — 1,298 633 — — 633 842 — — 842 Dividends on common stock (1,385 ) — — (1,385 ) (1,261 ) — — (1,261 ) (1,122 ) — — (1,122 ) Dividends to NEE — (698 ) 698 — — 812 (812 ) — — 502 (502 ) — Other - net (92 ) (162 ) 19 (235 ) (84 ) (31 ) 10 (105 ) (92 ) (216 ) 15 (293 ) Net cash provided by (used in) financing activities (179 ) 1,799 263 1,883 (712 ) 934 778 1,000 (372 ) 1,846 (344 ) 1,130 Net increase (decrease) in cash and cash equivalents — (16 ) 10 (6 ) — 144 (5 ) 139 (2 ) 131 (20 ) 109 Cash and cash equivalents at beginning of year — 562 15 577 — 418 20 438 2 287 40 329 Cash and cash equivalents at end of year $ — $ 546 $ 25 $ 571 $ — $ 562 $ 15 $ 577 $ — $ 418 $ 20 $ 438 ______________________ (a) Represents FPL and consolidating adjustments. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Data (Unaudited) [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) Condensed consolidated quarterly financial information is as follows: March 31 (a) June 30 (a) September 30 (a) December 31 (a) (millions, except per share amounts) NEE: 2015 Operating revenues (b) $ 4,104 $ 4,358 $ 4,954 $ 4,069 Operating income (b) $ 1,129 $ 1,146 $ 1,481 $ 876 Net income (b) $ 650 $ 720 $ 882 $ 510 Net income attributable to NEE (b) $ 650 $ 716 $ 879 $ 507 Earnings per share attributable to NEE - basic: (c) $ 1.47 $ 1.61 $ 1.94 $ 1.10 Earnings per share attributable to NEE - assuming dilution: (c) $ 1.45 $ 1.59 $ 1.93 $ 1.10 Dividends per share $ 0.770 $ 0.770 $ 0.770 $ 0.770 High-low common stock sales prices $112.64 - $97.48 $106.63 - $97.23 $109.98 - $93.74 $105.85 - $95.84 2014 Operating revenues (b) $ 3,674 $ 4,029 $ 4,654 $ 4,664 Operating income (b) $ 738 $ 951 $ 1,163 $ 1,532 Net income (b) $ 430 $ 492 $ 664 $ 884 Net income attributable to NEE (b) $ 430 $ 492 $ 660 $ 884 Earnings per share attributable to NEE - basic: (c) $ 0.99 $ 1.13 $ 1.52 $ 2.03 Earnings per share attributable to NEE - assuming dilution: (c) $ 0.98 $ 1.12 $ 1.50 $ 2.00 Dividends per share $ 0.725 $ 0.725 $ 0.725 $ 0.725 High-low common stock sales prices $96.13 - $83.97 $102.51 - $93.28 $102.46 - $91.79 $110.84 - $90.33 FPL: 2015 Operating revenues (b) $ 2,541 $ 2,996 $ 3,274 $ 2,839 Operating income (b) $ 667 $ 780 $ 855 $ 674 Net income (b) $ 359 $ 435 $ 489 $ 365 2014 Operating revenues (b) $ 2,535 $ 2,889 $ 3,315 $ 2,682 Operating income (b) $ 632 $ 782 $ 834 $ 580 Net income (b) $ 347 $ 423 $ 462 $ 286 ______________________ (a) In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. (b) The sum of the quarterly amounts may not equal the total for the year due to rounding. (c) The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. |
Summary of Significant Accoun26
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The operations of NextEra Energy, Inc. (NEE) are conducted primarily through its wholly owned subsidiary Florida Power & Light Company (FPL) and its wholly owned indirect subsidiary NextEra Energy Resources, LLC (NEER). FPL, a rate-regulated electric utility, supplies electric service to approximately 4.8 million customer accounts throughout most of the east and lower west coasts of Florida. NEER invests in independent power projects through both controlled and consolidated entities and noncontrolling ownership interests in joint ventures essentially all of which are accounted for under the equity method. NEER also participates in natural gas, natural gas liquids and oil production through non-operating ownership interests and in pipeline infrastructure through either wholly owned subsidiaries or noncontrolling or joint venture interests. See Note 15 for a discussion of the movement of the natural gas pipeline projects to the NEER segment from Corporate and Other. The consolidated financial statements of NEE and FPL include the accounts of their respective majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Amounts included in the consolidated financial statements and the accompanying Notes have been adjusted to reflect the retrospective application of a Financial Accounting Standards Board (FASB) accounting standard update related to the presentation of debt issuance costs in the financial statements. See Debt Issuance Costs below. In addition, certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
NextEra Energy Partners, LP | NextEra Energy Partners, LP - NEE, through NEER, formed NextEra Energy Partners, LP (NEP) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows through a limited partner interest in NextEra Energy Operating Partners, LP (NEP OpCo). On July 1, 2014, NEP closed its initial public offering (IPO) by issuing 18,687,500 common units representing limited partner interests. The proceeds from the sale of the common units, net of underwriting discounts, commissions and structuring fees, were approximately $ 438 million . NEP used such proceeds to purchase 18,687,500 common units of NEP OpCo, of which approximately $ 288 million was used to purchase common units from an indirect wholly owned subsidiary of NEE and $ 150 million was used to purchase common units from NEP OpCo. Through an indirect wholly owned subsidiary, NEE retained 74,440,000 units of NEP OpCo representing a 79.9% interest in NEP's operating projects. Additionally, NEE owns a controlling general partner interest in NEP and consolidates this entity for financial reporting purposes and presents NEP's limited partner interest as a noncontrolling interest in NEE's consolidated financial statements. Certain equity and asset transactions between NEP, NEER and NEP OpCo involve the exchange of cash, energy projects and ownership interests in NEP OpCo. These exchanges are accounted for under the profit sharing method and resulted in a profit sharing liability of approximately $ 447 million and $ 299 million at December 31, 2015 and 2014, respectively, which is reflected in noncurrent other liabilities on NEE's consolidated balance sheets. The profit sharing liability will be amortized into income on a straight-line basis over the estimated useful lives of the underlying energy projects held by NEP OpCo. During the purchase price adjustment period associated with the IPO, which is expected to extend into the fourth quarter of 2016, approximately $288 million of the profit sharing liability is subject to potential adjustment and will not be amortized. During 2015, NEP sold an additional 11,857,925 common units and purchased an additional 11,857,925 NEP OpCo common units. Also, in 2015, a subsidiary of NEE purchased 27,000,000 of NEP OpCo's common units. After giving effect to these transactions, NEE’s interest in NEP's operating projects is approximately 76.8% as of December 31, 2015. As of December 31, 2015, NEP, through NEER's contribution of energy projects to NEP OpCo, owns a portfolio of 19 wind and solar projects with generating capacity totaling approximately 2,210 megawatts (MW), as well as a portfolio of seven long-term contracted natural gas pipeline assets located in Texas. |
Rate Regulation | Rate Regulation - FPL is subject to rate regulation by the Florida Public Service Commission (FPSC) and the Federal Energy Regulatory Commission (FERC). Its rates are designed to recover the cost of providing electric service to its customers including a reasonable rate of return on invested capital. As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through various clauses, include substantially all fuel, purchased power and interchange expense, certain construction-related costs for FPL's planned additional nuclear units at Turkey Point and FPL's solar generation facilities, and conservation and certain environmental-related costs. Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery. Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods. In September 2015, FPL assumed ownership of a 250 MW coal-fired generation facility located in Jacksonville, Florida (Cedar Bay) and terminated its long-term purchased power agreement for substantially all of the facility’s capacity and energy for a purchase price of approximately $521 million . The FPSC approved a stipulation and settlement between the State of Florida Office of Public Counsel and FPL regarding issues relating to the ratemaking treatment for Cedar Bay. Key elements of the settlement included, among other things, the following: • FPL will recover the purchase price and associated income tax gross-up as a regulatory asset which will be amortized over approximately nine years . Approximately $709 million will be recovered through the capacity clause with a return on the portion of the unamortized balance associated with the purchase price and $138 million will be recovered through base rates until FPL's next test year for a general base rate proceeding, at which time the unamortized balance will be transferred to the capacity clause for continued recovery until fully amortized. At December 31, 2015, the regulatory assets, net of amortization, totaled approximately $817 million and are included in purchased power agreement termination and current other regulatory assets on NEE’s and FPL’s consolidated balance sheets. • The reserve amount that is available for amortization under the 2012 rate agreement, which is effective through December 2016, was reduced by $30 million to $370 million , unless FPL needs the entire $400 million reserve to maintain a minimum regulatory ROE of 9.50% . See Revenues and Rates - FPL Rates Effective January 2013 through December 2016 below. In October 2015, the Florida Industrial Power Users Group filed a notice of appeal challenging the FPSC's approval of this settlement, which is pending before the Florida Supreme Court. If FPL were no longer subject to cost-based rate regulation, the existing regulatory assets and liabilities would be written off unless regulators specify an alternative means of recovery or refund. In addition, the FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred. The continued applicability of regulatory accounting is assessed at each reporting period. |
Revenues and Rates | Revenues and Rates - FPL's retail and wholesale utility rate schedules are approved by the FPSC and the FERC, respectively. FPL records unbilled base revenues for the estimated amount of energy delivered to customers but not yet billed. FPL's unbilled base revenues are included in customer receivables on NEE's and FPL's consolidated balance sheets and amounted to approximately $246 million and $223 million at December 31, 2015 and 2014 , respectively. FPL's operating revenues also include amounts resulting from cost recovery clauses (see Rate Regulation above), franchise fees, gross receipts taxes and surcharges related to storm-recovery bonds (see Note 9 - FPL). Franchise fees and gross receipts taxes are imposed on FPL; however, the FPSC allows FPL to include in the amounts charged to customers the amount of the gross receipts tax for all customers and the franchise amount for those customers located in the jurisdiction that imposes the fee. Accordingly, franchise fees and gross receipts taxes are reported gross in operating revenues and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income and were approximately $722 million , $716 million and $680 million in 2015, 2014 and 2013 , respectively. The revenues from the surcharges related to storm-recovery bonds included in operating revenues in NEE's and FPL's consolidated statements of income were approximately $115 million , $109 million and $108 million in 2015, 2014 and 2013 , respectively. FPL also collects municipal utility taxes which are reported gross in customer receivables and accounts payable on NEE's and FPL's consolidated balance sheets. |
Revenue Recognition, Policy | NEER's revenue is recorded on the basis of commodities delivered, contracts settled or services rendered and includes estimated amounts yet to be billed to customers. Certain commodity contracts for the purchase and sale of power that meet the definition of a derivative are recorded at fair value with subsequent changes in fair value recognized as revenue. See Energy Trading below and Note 3. In May 2014, the FASB issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard will be effective for NEE and FPL beginning January 1, 2018 and may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements. |
Electric Plant, Depreciation and Amortization | Electric Plant, Depreciation and Amortization - The cost of additions to units of property of FPL and NEER is added to electric plant in service. In accordance with regulatory accounting, the cost of FPL's units of utility property retired, less estimated net salvage value, is charged to accumulated depreciation. Maintenance and repairs of property as well as replacements and renewals of items determined to be less than units of utility property are charged to other operations and maintenance (O&M) expenses. At December 31, 2015 , the electric generation, transmission, distribution and general facilities of FPL represented approximately 50% , 11% , 33% and 6% , respectively, of FPL's gross investment in electric utility plant in service and other property. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. A number of NEER's generation and pipeline facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $13.9 billion at December 31, 2015 . The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant (convertible investment tax credits (ITCs)) for certain renewable energy property (renewable property). Convertible ITCs are recorded as a reduction in property, plant and equipment on NEE's and FPL's consolidated balance sheets and are amortized as a reduction to depreciation and amortization expense over the estimated life of the related property. At December 31, 2015 and 2014 , convertible ITCs, net of amortization, were approximately $1.8 billion ( $153 million at FPL) and $1.6 billion ( $159 million at FPL). At December 31, 2015 and 2014 , approximately $207 million and $1 million , respectively, of such convertible ITCs are included in other receivables on NEE's consolidated balance sheets. Depreciation of FPL's electric property is primarily provided on a straight-line average remaining life basis. FPL includes in depreciation expense a provision for fossil and solar plant dismantlement, interim asset removal costs, accretion related to asset retirement obligations (see Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below), storm recovery amortization and amortization of pre-construction costs associated with planned nuclear units recovered through a cost recovery clause. For substantially all of FPL's property, depreciation studies are typically performed and filed with the FPSC at least every four years. As part of a previous rate agreement, the FPSC approved new depreciation rates which became effective January 1, 2010. In accordance with the 2012 rate agreement, FPL is not required to file depreciation studies during the effective period of the agreement and the previously approved depreciation rates remain in effect. As discussed in Revenues and Rates above, the use of reserve amortization is permitted under the 2012 rate agreement. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time assuming normal weather. This forecast establishes a fixed targeted regulatory ROE. In order to earn the targeted regulatory ROE in each reporting period under the 2012 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by reserve amortization or its reversal to earn the targeted regulatory ROE. In accordance with the 2012 rate agreement, FPL recorded approximately $(15) million , $(33) million and $155 million of reserve (reversal) amortization in 2015, 2014 and 2013 , respectively. The reserve is amortized as a reduction of (or reversed as an increase to) regulatory liabilities - accrued asset removal costs on NEE's and FPL's consolidated balance sheets. The weighted annual composite depreciation and amortization rate for FPL's electric utility plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed above, was approximately 3.3% , 3.3% and 3.4% for 2015, 2014 and 2013 , respectively. NEER's electric plant in service less salvage value, if any, are depreciated primarily using the straight-line method over their estimated useful lives. At December 31, 2015 and 2014 , wind, nuclear, natural gas and solar plants represented approximately 62% and 63% , 11% and 12% , 3% and 8% , and 9% and 7% , respectively, of NEER's depreciable electric plant in service and other property. The estimated useful lives of NEER's plants range primarily from 25 to 30 years for wind, natural gas and solar plants and from 25 to 47 years for nuclear plants. NEER reviews the estimated useful lives of its fixed assets on an ongoing basis. NEER's oil and gas production assets, representing approximately 7% and 6% , respectively, of NEER's depreciable electric plant in service and other property at December 31, 2015 and 2014 , are accounted for under the successful efforts method. Depletion expenses for the acquisition of reserve rights and development costs are recognized using the unit of production method. |
Nuclear Fuel | Nuclear Fuel - FPL and NEER have several contracts for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel. See Note 14 - Contracts. FPL's and NEER's nuclear fuel costs are charged to fuel expense on a unit of production method. |
Construction Activity | Construction Activity - Allowance for funds used during construction (AFUDC) is a non-cash item which represents the allowed cost of capital, including an ROE, used to finance FPL construction projects. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of interest expense and the remainder is recorded as other income. FPSC rules limit the recording of AFUDC to projects that have an estimated cost in excess of 0.5% of a utility's plant in service balance and require more than one year to complete. FPSC rules allow construction projects below the 0.5% threshold as a component of rate base. During 2015, 2014 and 2013 , FPL capitalized AFUDC at a rate of 6.34% , 6.34% and 6.52% , respectively, which amounted to approximately $88 million , $50 million and $81 million , respectively. See Note 14 - Commitments. FPL's construction work in progress includes construction materials, progress payments on major equipment contracts, engineering costs, AFUDC and other costs directly associated with the construction of various projects. Upon completion of the projects, these costs are transferred to electric utility plant in service and other property. Capitalized costs associated with construction activities are charged to O&M expenses when recoverability is no longer probable. See Rate Regulation above for information on recovery of costs associated with new nuclear capacity and solar generation facilities. NEER capitalizes project development costs once it is probable that such costs will be realized through the ultimate construction of a power plant or sale of development rights. At December 31, 2015 and 2014 , NEER's capitalized development costs totaled approximately $133 million and $122 million , respectively, which are included in noncurrent other assets on NEE's consolidated balance sheets. These costs include land rights and other third-party costs directly associated with the development of a new project. Upon commencement of construction, these costs either are transferred to construction work in progress or remain in other assets, depending upon the nature of the cost. Capitalized development costs are charged to O&M expenses when it is no longer probable that these costs will be realized. NEER's construction work in progress includes construction materials, progress payments on major equipment contracts, third-party engineering costs, capitalized interest and other costs directly associated with the construction and development of various projects. Interest capitalized on construction projects amounted to approximately $100 million , $104 million and $109 million during 2015, 2014 and 2013 , respectively. Interest expense allocated from NextEra Energy Capital Holdings, Inc. (NEECH) to NEER is based on a deemed capital structure of 70% debt. Upon commencement of plant operation, costs associated with construction work in progress are transferred to electric plant in service and other property. |
Asset Retirement Obligations | Asset Retirement Obligations - NEE and FPL each account for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets. The asset retirement cost is subsequently allocated to expense, for NEE's non-rate regulated operations, and regulatory liability, for FPL, using a systematic and rational method over the asset’s estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in the consolidated statements of income for NEE's non-rate regulated operations, and ARO and regulatory liability, in the case of FPL. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when asset retirement cost is depleted, in the case of NEE's non-rate regulated operations, and ARO and regulatory liability, in the case of FPL. See Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below and Note 13. |
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs | Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs - For ratemaking purposes, FPL accrues for the cost of end of life retirement and disposal of its nuclear, fossil and solar plants over the expected service life of each unit based on nuclear decommissioning and fossil and solar dismantlement studies periodically filed with the FPSC. In addition, FPL accrues for interim removal costs over the life of the related assets based on depreciation studies approved by the FPSC. As approved by the FPSC, FPL previously suspended its annual decommissioning accrual. For financial reporting purposes, FPL recognizes decommissioning and dismantlement liabilities in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. Any differences between expense recognized for financial reporting purposes and the amount recovered through rates are reported as a regulatory liability in accordance with regulatory accounting. See Revenues and Rates, Electric Plant, Depreciation and Amortization, Asset Retirement Obligations above and Note 13. Nuclear decommissioning studies are performed at least every five years and are submitted to the FPSC for approval. FPL filed updated nuclear decommissioning studies with the FPSC in December 2015. These studies reflect FPL's current plans, under the operating licenses, for prompt dismantlement of Turkey Point Units Nos. 3 and 4 following the end of plant operation with decommissioning activities commencing in 2032 and 2033, respectively, and provide for St. Lucie Unit No. 1 to be mothballed beginning in 2036 with decommissioning activities to be integrated with the prompt dismantlement of St. Lucie Unit No. 2 in 2043. These studies also assume that FPL will be storing spent fuel on site pending removal to a United States (U.S.) government facility. The studies indicate FPL's portion of the ultimate costs of decommissioning its four nuclear units, including costs associated with spent fuel storage above what is expected to be refunded by the U.S. Department of Energy (DOE) under a spent fuel settlement agreement, to be approximately $7.5 billion , or $2.9 billion expressed in 2015 dollars. Restricted funds for the payment of future expenditures to decommission FPL's nuclear units are included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's and FPL's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. See Note 4. FPL does not currently make contributions to the decommissioning funds, other than the reinvestment of dividends and interest. Fund earnings, consisting of dividends, interest and realized gains and losses, as well as any changes in unrealized gains and losses are not recognized in income and are reflected as a corresponding offset in the related regulatory liability accounts. During 2015, 2014 and 2013 fund earnings on decommissioning funds were approximately $96 million , $91 million and $167 million , respectively. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. Fossil and solar plant dismantlement studies are typically performed at least every four years and are submitted to the FPSC for approval. FPL's latest fossil and solar plant dismantlement studies became effective January 1, 2010 and resulted in an annual expense of $18 million which is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. At December 31, 2015 , FPL's portion of the ultimate cost to dismantle its fossil and solar units is approximately $752 million , or $411 million expressed in 2015 dollars. In accordance with the 2012 rate agreement, FPL is not required to file fossil and solar dismantlement studies during the effective period of the agreement. NEER records nuclear decommissioning liabilities for Seabrook Station (Seabrook), Duane Arnold Energy Center (Duane Arnold) and Point Beach Nuclear Power Plant (Point Beach) in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. The liability is being accreted using the interest method through the date decommissioning activities are expected to be complete. See Note 13. At December 31, 2015 and 2014 , NEER's ARO related to nuclear decommissioning was approximately $423 million and $462 million , respectively, and was determined using various internal and external data and applying a probability percentage to a variety of scenarios regarding the life of the plant and timing of decommissioning. NEER's portion of the ultimate cost of decommissioning its nuclear plants, including costs associated with spent fuel storage above what is expected to be refunded by the DOE under a spent fuel settlement agreement, is estimated to be approximately $11.8 billion , or $1.9 billion expressed in 2015 dollars. Seabrook files a comprehensive nuclear decommissioning study with the New Hampshire Nuclear Decommissioning Financing Committee (NDFC) every four years; the most recent study was filed in 2015. Seabrook's decommissioning funding plan is also subject to annual review by the NDFC. Currently, there are no ongoing decommissioning funding requirements for Seabrook, Duane Arnold and Point Beach, however, the U.S. Nuclear Regulatory Commission (NRC), and in the case of Seabrook, the NDFC, has the authority to require additional funding in the future. NEER's portion of Seabrook's, Duane Arnold's and Point Beach's restricted funds for the payment of future expenditures to decommission these plants is included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. Market adjustments result in a corresponding adjustment to other comprehensive income (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 in NEE's consolidated statements of income. Fund earnings are recognized in income and are reinvested in the funds. See Note 4. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. |
Major Maintenance Costs | Major Maintenance Costs - FPL recognizes costs associated with planned major nuclear maintenance in accordance with regulatory treatment and records the related accrual as a regulatory liability. FPL expenses costs associated with planned fossil maintenance as incurred. FPL's estimated nuclear maintenance costs for each nuclear unit's next planned outage are accrued over the period from the end of the last outage to the end of the next planned outage. Any difference between the estimated and actual costs is included in O&M expenses when known. The accrued liability for nuclear maintenance costs at December 31, 2015 and 2014 totaled approximately $48 million and $50 million , respectively, and is included in regulatory liabilities - other on NEE's and FPL's consolidated balance sheets. For the years ended December 31, 2015, 2014 and 2013 , FPL recognized approximately $90 million , $76 million and $92 million , respectively, in nuclear maintenance costs which are primarily included in O&M expenses in NEE's and FPL's consolidated statements of income. NEER uses the deferral method to account for certain planned major maintenance costs. NEER's major maintenance costs for its nuclear generation units and combustion turbines are capitalized and amortized on a unit of production method over the period from the end of the last outage to the beginning of the next planned outage. NEER's capitalized major maintenance costs, net of accumulated amortization, totaled approximately $97 million and $141 million at December 31, 2015 and 2014 , respectively, and are included in noncurrent other assets on NEE's consolidated balance sheets. For the years ended December 31, 2015, 2014 and 2013 , NEER amortized approximately $79 million , $81 million and $93 million in major maintenance costs which are included in O&M expenses in NEE's consolidated statements of income. |
Cash Equivalents | Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. |
Restricted Cash | Restricted Cash - At December 31, 2015 and 2014 , NEE had approximately $244 million ( $75 million for FPL) and $228 million ($ 38 million for FPL), respectively, of restricted cash included in other current assets on NEE's and FPL's consolidated balance sheets, which was primarily related to margin cash collateral requirements, debt service payments and bond proceeds held for construction at FPL. Where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments. See Note 3. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts - FPL maintains an accumulated provision for uncollectible customer accounts receivable that is estimated using a percentage, derived from historical revenue and write-off trends, of the previous five months of revenue. Additional amounts are included in the provision to address specific items that are not considered in the calculation described above. NEER regularly reviews collectibility of its receivables and establishes a provision for losses estimated as a percentage of accounts receivable based on the historical bad debt write-off trends for its retail electricity provider operations and, when necessary, using the specific identification method for all other receivables. |
Inventory | Inventory - FPL values materials, supplies and fossil fuel inventory using a weighted-average cost method. NEER's materials, supplies and fossil fuel inventories are carried at the lower of weighted-average cost or market, unless evidence indicates that the weighted-average cost (even if in excess of market) will be recovered with a normal profit upon sale in the ordinary course of business. |
Energy Trading | Energy Trading - NEE provides full energy and capacity requirements services primarily to distribution utilities, which include load-following services and various ancillary services, in certain markets and engages in power and gas marketing and trading activities to optimize the value of electricity and fuel contracts, generation facilities and gas infrastructure assets, as well as to take advantage of projected favorable commodity price movements. Trading contracts that meet the definition of a derivative are accounted for at fair value and realized gains and losses from all trading contracts, including those where physical delivery is required, are recorded net for all periods presented. See Note 3. |
Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve | Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve - In connection with the 2007 storm-recovery bond financing (see Note 9 - FPL), the net proceeds to FPL from the sale of the storm-recovery property were used primarily to reimburse FPL for its estimated net of tax deficiency in its storm and property insurance reserve (storm reserve) and provide for a storm and property insurance reserve fund (storm fund). Upon the issuance of the storm-recovery bonds, the storm reserve deficiency was reclassified to securitized storm-recovery costs and is recorded as a regulatory asset on NEE's and FPL's consolidated balance sheets. As storm-recovery charges are billed to customers, the securitized storm-recovery costs are amortized and included in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. Marketable securities held in the storm fund are classified as available for sale and are carried at fair value with market adjustments, including any other than temporary impairment losses, resulting in a corresponding adjustment to the storm reserve. Fund earnings, net of taxes, are reinvested in the fund. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. The storm fund is included in special use funds on NEE's and FPL's consolidated balance sheets and was approximately $74 million and $75 million at December 31, 2015 and 2014 , respectively. See Note 4. The storm reserve that was reestablished in an FPSC financing order related to the issuance of the storm-recovery bonds was not initially reflected on NEE's and FPL's consolidated balance sheets because the associated regulatory asset did not meet the specific recognition criteria under the accounting guidance for certain regulated entities. As a result, the storm reserve will be recognized as a regulatory liability as the storm-recovery charges are billed to customers and charged to depreciation and amortization expense in NEE's and FPL's consolidated statements of income. Furthermore, the storm reserve will be reduced as storm costs are reimbursed. As of December 31, 2015 , FPL had the capacity to absorb up to approximately $119 million in future prudently incurred storm restoration costs without seeking recovery through a rate adjustment from the FPSC or filing a petition with the FPSC. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - NEE evaluates long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is required to be recognized if the carrying value of the asset exceeds the undiscounted future net cash flows associated with that asset. The impairment loss to be recognized is the amount by which the carrying value of the long-lived asset exceeds the asset's fair value. In most instances, the fair value is determined by discounting estimated future cash flows using an appropriate interest rate. See Note 4 - Nonrecurring Fair Value Measurements. |
Goodwill and Other Intangible Assets | NEE's goodwill relates to various acquisitions which were accounted for using the purchase method of accounting. Other intangible assets subject to amortization are amortized, primarily on a straight-line basis, over their estimated useful lives. For the years ended December 31, 2015, 2014 and 2013 , amortization expense was approximately $17 million , $15 million and $13 million , respectively, and is expected to be approximately $ 38 million , $37 million , $36 million , $35 million and $35 million for 2016, 2017, 2018, 2019 and 2020, respectively. Goodwill and other intangible assets are included in noncurrent other assets on NEE's consolidated balance sheets. Goodwill and other intangible assets not subject to amortization are assessed for impairment at least annually by applying a fair value-based analysis. Other intangible assets subject to amortization are periodically reviewed when impairment indicators are present to assess recoverability from future operations using undiscounted future cash flows. |
Debt Issuance Costs | Debt Issuance Costs - Effective December 31, 2015, NEE and FPL retrospectively adopted an accounting standard update which changed the presentation of debt issuance costs in the consolidated financial statements. This standard update requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs was not affected by this standard update. Upon adoption, NEE reclassified debt issuance costs of $324 million ( $85 million for FPL) as of December 31, 2014 from noncurrent other assets to long-term debt. |
Pension Plan | Pension Plan - NEE allocates net periodic pension income to its subsidiaries based on the pensionable earnings of the subsidiaries' employees. Accounting guidance requires recognition of the funded status of the pension plan in the balance sheet, with changes in the funded status recognized in other comprehensive income within shareholders' equity in the year in which the changes occur. Since NEE is the plan sponsor, and its subsidiaries do not have separate rights to the plan assets or direct obligations to their employees, this accounting guidance is reflected at NEE and not allocated to the subsidiaries. The portion of previously unrecognized actuarial gains and losses and prior service costs or credits that are estimated to be allocable to FPL as net periodic (income) cost in future periods and that otherwise would be recorded in accumulated other comprehensive income (AOCI) are classified as regulatory assets and liabilities at NEE in accordance with regulatory treatment. |
Stock-Based Compensation | Stock-Based Compensation - NEE accounts for stock-based payment transactions based on grant-date fair value. Compensation costs for awards with graded vesting are recognized on a straight-line basis over the requisite service period for the entire award. See Note 11 - Stock-Based Compensation. |
Income Taxes | Income Taxes - Deferred income taxes are recognized on all significant temporary differences between the financial statement and tax bases of assets and liabilities. In connection with the tax sharing agreement between NEE and its subsidiaries, the income tax provision at each subsidiary reflects the use of the "separate return method," except that tax benefits that could not be used on a separate return basis, but are used on the consolidated tax return, are recorded by the subsidiary that generated the tax benefits. Any remaining consolidated income tax benefits or expenses are recorded at the corporate level. Included in other regulatory assets and other regulatory liabilities on NEE's and FPL's consolidated balance sheets is the revenue equivalent of the difference in deferred income taxes computed under accounting rules, as compared to regulatory accounting rules. The net regulatory asset totaled $ 283 million ( $268 million for FPL) and $ 250 million ( $236 million for FPL) at December 31, 2015 and 2014 , respectively, and is being amortized in accordance with the regulatory treatment over the estimated lives of the assets or liabilities for which the deferred tax amount was initially recognized. NEER recognizes ITCs as a reduction to income tax expense when the related energy property is placed into service. Production tax credits (PTCs) are recognized as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes and are recorded as a reduction of current income taxes payable, unless limited by tax law in which instance they are recorded as deferred tax assets. NEE and FPL record a deferred income tax benefit created by the convertible ITCs on the difference between the financial statement and tax bases of renewable property. For NEER, this deferred income tax benefit is recorded in income tax expense in the year that the renewable property is placed in service. For FPL, this deferred income tax benefit is offset by a regulatory liability, which is amortized as a reduction of depreciation expense over the approximate lives of the related renewable property in accordance with the regulatory treatment. At December 31, 2015 and 2014 , the net deferred income tax benefits associated with FPL's convertible ITCs were approximately $ 48 million and $ 50 million , respectively, and are included in other regulatory assets and regulatory liabilities on NEE's and FPL's consolidated balance sheets. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that such assets will not be realized. NEE recognizes interest income (expense) related to unrecognized tax benefits (liabilities) in interest income and interest expense, respectively, net of the amount deferred at FPL. At FPL, the offset to accrued interest receivable (payable) on income taxes is classified as a regulatory liability (regulatory asset) which will be amortized to income (expense) over a five-year period upon settlement in accordance with regulatory treatment. All tax positions taken by NEE in its income tax returns that are recognized in the financial statements must satisfy a more-likely-than-not threshold. See Note 5. In November 2015, the FASB issued an accounting standard update which simplifies the classification of deferred taxes by eliminating the requirement to separate deferred tax assets and liabilities between current and noncurrent amounts, and instead requires deferred taxes to be presented as noncurrent on the balance sheet. NEE and FPL decided to early adopt this standard update effective for the year ended December 31, 2015, and to apply it prospectively. |
Sale of Differential Membership Interests | Sale of Differential Membership Interests - Certain subsidiaries of NEER sold their Class B membership interest in entities that have ownership interests in wind facilities, with generating capacity totaling approximately 5,272 MW at December 31, 2015 , to third-party investors. In exchange for the cash received, the holders of the Class B membership interests will receive a portion of the economic attributes of the facilities, including income tax attributes, for variable periods. The transactions are not treated as a sale under the accounting rules and the proceeds received are deferred and recorded as a liability in deferral related to differential membership interests - VIEs on NEE's consolidated balance sheets. The deferred amount is being recognized in benefits associated with differential membership interests - net in NEE's consolidated statements of income as the Class B members receive their portion of the economic attributes. NEE continues to operate and manage the wind facilities, and consolidates the entities that own the wind facilities. |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) - An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. NEE and FPL evaluate whether an entity is a VIE whenever reconsideration events as defined by the accounting guidance occur. See Note 9. In February 2015, the FASB issued an accounting standard update that will modify current consolidation guidance. The standard makes changes to both the variable interest entity model and the voting interest entity model, including modifying the evaluation of whether limited partnerships or similar legal entities are VIEs or voting interest entities and amending the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs. The standard is effective for NEE and FPL beginning January 1, 2016. NEE and FPL continue to evaluate the effect the adoption of this standard will have on their consolidated financial statements. |
New Accounting Pronouncements | In February 2015, the FASB issued an accounting standard update that will modify current consolidation guidance. The standard makes changes to both the variable interest entity model and the voting interest entity model, including modifying the evaluation of whether limited partnerships or similar legal entities are VIEs or voting interest entities and amending the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs. The standard is effective for NEE and FPL beginning January 1, 2016. NEE and FPL continue to evaluate the effect the adoption of this standard will have on their consolidated financial statements. Debt Issuance Costs - Effective December 31, 2015, NEE and FPL retrospectively adopted an accounting standard update which changed the presentation of debt issuance costs in the consolidated financial statements. This standard update requires that debt issuance costs be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs was not affected by this standard update. Upon adoption, NEE reclassified debt issuance costs of $324 million ( $85 million for FPL) as of December 31, 2014 from noncurrent other assets to long-term debt. In November 2015, the FASB issued an accounting standard update which simplifies the classification of deferred taxes by eliminating the requirement to separate deferred tax assets and liabilities between current and noncurrent amounts, and instead requires deferred taxes to be presented as noncurrent on the balance sheet. NEE and FPL decided to early adopt this standard update effective for the year ended December 31, 2015, and to apply it prospectively. Financial Instruments Accounting Standard Update - In January 2016, the FASB issued an accounting standard update which modifies current guidance for financial instruments. The standard requires that equity investments (except investments accounted for under the equity method and investments that are consolidated) be measured at fair value with changes in fair value recognized in net income and provides an option for those equity investments that do not have readily determinable fair values to be measured at cost minus impairment (plus or minus changes resulting from observable price changes). The standard also makes certain changes to presentation and disclosure requirements of financial instruments. The standard is effective for NEE and FPL beginning January 1, 2018 and will be applied retrospectively with the cumulative effect recognized as of the date of initial application. NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements. |
Proposed Merger | Proposed Merger - In 2014, NEE and Hawaiian Electric Industries, Inc. (HEI) entered into an Agreement and Plan of Merger (the merger agreement) pursuant to which Hawaiian Electric Company, Inc., HEI's wholly owned electric utility subsidiary, will become a wholly owned subsidiary of NEE and each outstanding share of HEI common stock will be converted into the right to receive 0.2413 shares of NEE common stock. Completion of the merger and the actual closing date remain subject to the satisfaction of certain conditions, including Hawaii Public Utilities Commission approval. The merger agreement contains certain termination rights and provides that, upon termination of the merger agreement under specified circumstances, HEI or NEE, as the case may be, would be required to pay to the other party a termination fee of $90 million and reimburse the other party for up to $5 million of its documented out-of-pocket expenses incurred in connection with the merger agreement. |
Fair Value of Financial Instruments, Policy | 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 and Restricted Cash - 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 exchange exposure related primarily 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. |
Derivatives, Policy | 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 primarily with outstanding and forecasted debt issuances and borrowings, 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 over-the-counter (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 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 equity in earnings of equity method investees in NEE's consolidated statements of income. Settlement gains and losses are included within the line items in the 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 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 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 borrowings and managing foreign currency exchange 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 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. |
Assets and Liabilities Associated with Assets Held for Sale | Assets and Liabilities Associated with Assets Held for Sale - In November 2015, a subsidiary of NEER entered into an agreement to sell its ownership interest in its merchant natural gas generation facilities located in Texas, which have a total generating capacity of 2,884 MW at December 31, 2015. The transaction is expected to close in the first quarter of 2016, pending the receipt of necessary regulatory approvals and satisfaction of other customary closing conditions. The carrying amounts of the major classes of assets and liabilities related to the facilities that were classified as held for sale on NEE's consolidated balance sheets primarily represent property, plant and equipment and the related long-term debt. |
Earnings Per Share | Prior to the issuance of NEE’s common stock, the stock purchase contracts, if dilutive, will be reflected in NEE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of NEE common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon settlement of the stock purchase contracts over the number of shares that could be purchased by NEE in the market, at the average market price during the period, using the proceeds receivable upon settlement. |
Summary of Significant Accoun27
Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets - NEE's goodwill and other intangible assets are as follows: Weighted- Average Useful Lives December 31, 2015 2014 (years) (millions) Goodwill (by reporting unit): NEER segment: Gas infrastructure, primarily Texas pipelines $ 635 $ — Customer supply 72 72 Generation assets 43 47 Other 28 28 Total goodwill $ 778 $ 147 Other intangible assets not subject to amortization, primarily land easements $ 143 $ 143 Other intangible assets subject to amortization: Customer relationships associated with gas infrastructure 40 $ 720 $ — Purchased power agreements 22 328 348 Other, primarily transmission and development rights and customer lists 22 136 139 Total 1,184 487 Accumulated amortization (120 ) (125 ) Total other intangible assets subject to amortization - net $ 1,064 $ 362 |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Plan assets, benefit obligations, and funded status included in the consolidated balance sheets | Plan Assets, Benefit Obligations and Funded Status - The changes in assets, benefit obligations and the funded status of the pension plan are as follows: 2015 2014 (millions) Change in plan assets: Fair value of plan assets at January 1 $ 3,698 $ 3,692 Actual return on plan assets (8 ) 203 Benefit payments (127 ) (197 ) Fair value of plan assets at December 31 $ 3,563 $ 3,698 Change in benefit obligation: Obligation at January 1 $ 2,454 $ 2,236 Service cost 70 61 Interest cost 97 101 Plan amendments — (9 ) Actuarial losses (gains) - net (86 ) 262 Benefit payments (127 ) (197 ) Obligation at December 31 (a) $ 2,408 $ 2,454 Funded status: Prepaid benefit costs at NEE at December 31 $ 1,155 $ 1,244 Prepaid benefit costs at FPL at December 31 $ 1,243 $ 1,189 ______________________ (a) NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2015 and 2014 was approximately $ 2,366 million and $ 2,400 million , respectively. |
Unrecognized amounts included in accumulated other comprehensive income (loss) | NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid pension cost are as follows: 2015 2014 (millions) Components of AOCI: Unrecognized prior service cost (net of $1 and $1 tax benefit, respectively) $ (2 ) $ (2 ) Unrecognized losses (net of $38 and $10 tax benefit, respectively) (60 ) (16 ) Total $ (62 ) $ (18 ) |
Unrecognized amounts included in regulatory assets (liabilities) | NEE's unrecognized amounts included in regulatory assets yet to be recognized as components of net prepaid pension cost are as follows: 2015 2014 (millions) Unrecognized prior service cost $ 9 $ 10 Unrecognized losses 232 128 Total $ 241 $ 138 |
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost | The assumptions used to determine net periodic income for the pension plan are as follows: 2015 2014 2013 Discount rate 3.95 % 4.80 % 4.00 % Salary increase 4.10 % 4.00 % 4.00 % Expected long-term rate of return (a)(b) 7.35 % 7.75 % 7.75 % ______________________ (a) In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns. (b) In 2015, an expected long-term rate of return of 7.75% is presented net of investment management fees. The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic income in the following year. 2015 2014 Discount rate 4.35 % 3.95 % Salary increase 4.10 % 4.10 % |
Fair value measurements of pension plan assets by hierarchy level | The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows: December 31, 2015 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 910 $ 21 $ 1 $ 932 Equity commingled vehicles (c) — 792 — 792 U.S. Government and municipal bonds 110 13 — 123 Corporate debt securities (d) 2 277 1 280 Asset-backed securities — 167 — 167 Debt security commingled vehicles — 21 — 21 Convertible securities (e) 16 258 — 274 Total investments in the fair value hierarchy $ 1,038 $ 1,549 $ 2 2,589 Total investments measured at net asset value (f) 974 Total fair value of plan assets $ 3,563 ______________________ (a) See Note 4 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 384 million . (c) Includes foreign investments of $ 249 million . (d) Includes foreign investments of $ 68 million . (e) Includes foreign investments of $ 23 million . (f) Includes foreign investments of $ 283 million . Reflects the adoption of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy. December 31, 2014 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 984 $ 31 $ — $ 1,015 Equity commingled vehicles (c) — 767 — 767 U.S. Government and municipal bonds 144 20 — 164 Corporate debt securities (d) — 355 — 355 Asset-backed securities — 223 — 223 Debt security commingled vehicles — 21 — 21 Convertible securities 45 229 — 274 Total investments in the fair value hierarchy $ 1,173 $ 1,646 $ — 2,819 Total investments measured at net asset value (e) 879 Total fair value of plan assets $ 3,698 ______________________ (a) See Note 4 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 321 million . (c) Includes foreign investments of $ 306 million . (d) Includes foreign investments of $ 88 million . (e) Includes foreign investments of $ 200 million . Reflects the retrospective application of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy. |
Expected benefit payments, net of government drug subsidy | Expected Cash Flows - The following table provides information about benefit payments expected to be paid by the pension plan for each of the following calendar years (in millions): 2016 $ 144 2017 $ 150 2018 $ 155 2019 $ 160 2020 $ 163 2021 - 2025 $ 865 |
Net periodic benefit (income) cost | Net Periodic (Income) Cost - The components of net periodic (income) cost for the plans is as follows: Pension Benefits Postretirement Benefits 2015 2014 2013 2015 2014 2013 (millions) Service cost $ 70 $ 61 $ 72 $ 3 $ 3 $ 4 Interest cost 97 101 94 13 16 14 Expected return on plan assets (253 ) (241 ) (238 ) (1 ) (1 ) (1 ) Amortization of prior service cost (benefit) 1 5 7 (3 ) (3 ) (2 ) Amortization of losses — — 2 2 — 2 Special termination benefits — — 46 — — — Net periodic (income) cost at NEE $ (85 ) $ (74 ) $ (17 ) $ 14 $ 15 $ 17 Net periodic (income) cost at FPL $ (55 ) $ (47 ) $ (7 ) $ 11 $ 11 $ 13 |
Components of net periodic benefit income (cost) recognized in OCI | Other Comprehensive Income - The components of net periodic income (cost) recognized in OCI for the pension plan is as follows: 2015 2014 2013 (millions) Prior service benefit (net of $3 tax expense) $ — $ 4 $ — Net gains (losses) (net of $27 and $29 tax benefit and $58 tax expense, respectively) (44 ) (45 ) 91 Amortization of prior service benefit — 1 2 Total $ (44 ) $ (40 ) $ 93 |
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities) | Regulatory Assets (Liabilities) - The components of net periodic (income) cost recognized during the year in regulatory assets (liabilities) for the pension plan is as follows: 2015 2014 (millions) Prior service benefit $ — $ (12 ) Unrecognized losses 104 226 Amortization of prior service benefit (1 ) (3 ) Total $ 103 $ 211 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Schedule of derivative instruments in statement of financial position, fair value | Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at December 31, 2015 and December 31, 2014 , 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 4 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the consolidated balance sheets. December 31, 2015 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ — $ — $ 5,906 $ 4,580 $ 1,937 $ 982 Interest rate contracts 33 155 2 160 34 319 Foreign currency swaps — 132 — — — 127 Total fair values $ 33 $ 287 $ 5,908 $ 4,740 $ 1,971 $ 1,428 FPL: Commodity contracts $ — $ — $ 7 $ 225 $ 4 $ 222 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 712 Assets held for sale 57 Noncurrent derivative assets (b) 1,202 Current derivative liabilities (c) $ 882 Liabilities associated with assets held for sale 16 Noncurrent derivative liabilities (d) 530 Total derivatives $ 1,971 $ 1,428 Net fair value by FPL balance sheet line item: Current other assets $ 3 Noncurrent other assets 1 Current derivative liabilities $ 222 Total derivatives $ 4 $ 222 ______________________ (a) Reflects the netting of approximately $279 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $151 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $46 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $13 million in margin cash collateral paid to counterparties. December 31, 2014 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ — $ — $ 6,145 $ 5,290 $ 1,949 $ 1,358 Interest rate contracts 35 126 — 125 50 266 Foreign currency swaps — 131 — — — 131 Total fair values $ 35 $ 257 $ 6,145 $ 5,415 $ 1,999 $ 1,755 FPL: Commodity contracts $ — $ — $ 8 $ 371 $ 7 $ 370 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 990 Noncurrent derivative assets (b) 1,009 Current derivative liabilities (c) $ 1,289 Noncurrent derivative liabilities (d) 466 Total derivatives $ 1,999 $ 1,755 Net fair value by FPL balance sheet line item: Current other assets $ 6 Noncurrent other assets 1 Current derivative liabilities $ 370 Total derivatives $ 7 $ 370 ______________________ (a) Reflects the netting of approximately $197 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $97 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties. |
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: December 31, 2015 December 31, 2014 Commodity Type NEE FPL NEE FPL (millions) Power (112 ) MWh (a) — (73 ) MWh (a) — Natural gas 1,321 MMBtu (b) 833 MMBtu (b) 1,436 MMBtu (b) 845 MMBtu (b) Oil (9 ) barrels — (11 ) barrels — ______________________ (a) Megawatt-hours (b) One million British thermal units |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative instruments, gain (loss) in statement of financial performance | Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's consolidated statements of income as follows: Years Ended December 31, 2015 2014 2013 (millions) Commodity contracts: (a) Operating revenues $ 932 $ 420 $ 76 Fuel, purchased power and interchange 8 1 — Foreign currency swap - other - net — (1 ) (72 ) Interest rate contracts - interest expense 8 (64 ) 3 Total $ 948 $ 356 $ 7 ______________________ (a) For the years ended December 31, 2015 , 2014 and 2013 , FPL recorded gains (losses) of approximately $(326) million , $(289) million and $81 million , respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets. |
Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Derivative instruments, gain (loss) in statement of financial performance | Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's consolidated financial statements (none at FPL) as follows: Year Ended Year Ended Year Ended Interest Rate Contracts Foreign Currency Swaps Total Interest Rate Contracts Foreign Currency Swaps Total Interest Rate Contracts Foreign Currency Swaps Total (millions) Gains (losses) recognized in OCI $ (113 ) $ (12 ) $ (125 ) $ (132 ) $ (89 ) $ (221 ) $ 150 $ (21 ) $ 129 Losses reclassified from AOCI to net income $ (73 ) (a) $ (15 ) (b) $ (88 ) $ (77 ) (a) $ (78 ) (b) $ (155 ) $ (61 ) (a) $ (44 ) (b) $ (105 ) ______________________ (a) Included in interest expense. (b) For 2015, 2014 and 2013, losses of approximately $11 million , $8 million and $4 million , respectively, are included in interest expense and the balances are included in other - net. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: December 31, 2015 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 312 $ — $ — $ 312 FPL - equity securities $ 36 $ — $ — $ 36 Special use funds: (c) NEE: Equity securities $ 1,320 $ 1,354 (d) $ — $ 2,674 U.S. Government and municipal bonds $ 446 $ 166 $ — $ 612 Corporate debt securities $ — $ 713 $ — $ 713 Mortgage-backed securities $ — $ 412 $ — $ 412 Other debt securities $ — $ 52 $ — $ 52 FPL: Equity securities $ 364 $ 1,234 (d) $ — $ 1,598 U.S. Government and municipal bonds $ 335 $ 145 $ — $ 480 Corporate debt securities $ — $ 531 $ — $ 531 Mortgage-backed securities $ — $ 327 $ — $ 327 Other debt securities $ — $ 40 $ — $ 40 Other investments: NEE: Equity securities $ 30 $ 10 $ — $ 40 Debt securities $ 39 $ 132 $ — $ 171 Derivatives: NEE: Commodity contracts $ 2,187 $ 2,540 $ 1,179 $ (3,969 ) $ 1,937 (e) Interest rate contracts $ — $ 35 $ — $ (1 ) $ 34 (e) FPL - commodity contracts $ — $ 1 $ 6 $ (3 ) $ 4 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 2,153 $ 1,887 $ 540 $ (3,598 ) $ 982 (e) Interest rate contracts $ — $ 214 $ 101 $ 4 $ 319 (e) Foreign currency swaps $ — $ 132 $ — $ (5 ) $ 127 (e) FPL - commodity contracts $ — $ 219 $ 6 $ (3 ) $ 222 (e) ______________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of 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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash of approximately $61 million ( $36 million for FPL) in other current assets on the consolidated balance sheets. (c) 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. (d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (e) See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. December 31, 2014 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents: NEE - equity securities $ 32 $ — $ — $ 32 Special use funds: (b) NEE: Equity securities $ 1,217 $ 1,417 (c) $ — $ 2,634 U.S. Government and municipal bonds $ 520 $ 191 $ — $ 711 Corporate debt securities $ — $ 704 $ — $ 704 Mortgage-backed securities $ — $ 493 $ — $ 493 Other debt securities $ 25 $ 32 $ — $ 57 FPL: Equity securities $ 324 $ 1,237 (c) $ — $ 1,561 U.S. Government and municipal bonds $ 435 $ 165 $ — $ 600 Corporate debt securities $ — $ 501 $ — $ 501 Mortgage-backed securities $ — $ 422 $ — $ 422 Other debt securities $ 25 $ 20 $ — $ 45 Other investments: NEE: Equity securities $ 35 $ 1 $ — $ 36 Debt securities $ 5 $ 170 $ — $ 175 Derivatives: NEE: Commodity contracts $ 1,801 $ 3,177 $ 1,167 $ (4,196 ) $ 1,949 (d) Interest rate contracts $ — $ 35 $ — $ 15 $ 50 (d) FPL - commodity contracts $ — $ 2 $ 6 $ (1 ) $ 7 (d) Liabilities: Derivatives: NEE: Commodity contracts $ 1,720 $ 3,150 $ 420 $ (3,932 ) $ 1,358 (d) Interest rate contracts $ — $ 126 $ 125 $ 15 $ 266 (d) Foreign currency swaps $ — $ 131 $ — $ — $ 131 (d) FPL - commodity contracts $ — $ 370 $ 1 $ (1 ) $ 370 (d) ______________________ (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of 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 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) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. |
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: Years Ended December 31, 2015 2014 2013 NEE FPL NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year $ 622 $ 5 $ 622 $ — $ 566 $ 2 Realized and unrealized gains (losses): Included in earnings (a) 451 — (77 ) — 299 — Included in other comprehensive income 11 — 18 — — — Included in regulatory assets and liabilities 3 3 7 7 — — Purchases 180 — 55 — 101 — Settlements (473 ) (8 ) 194 (2 ) (55 ) (2 ) Issuances (202 ) — (122 ) — (173 ) — Transfers in (b) (13 ) — 80 — (120 ) — Transfers out (b) (41 ) — (155 ) — 4 — Fair value of net derivatives based on significant unobservable inputs at December 31 $ 538 $ — $ 622 $ 5 $ 622 $ — 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) $ 277 $ — $ 248 $ — $ 329 $ — ______________________ (a) For the year ended December 31, 2015 , $462 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year December 31, 2014, $79 million of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year ended December 31, 2013, $302 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. (b) Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. 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 years ended December 31, 2015 , 2014, and 2013, $289 million , $328 million , and $330 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. |
Fair Value Inputs, Assets, Quantitative Information | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at December 31, 2015 are as follows: Transaction Type Fair Value at December 31, 2015 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 636 $ 252 Discounted cash flow Forward price (per MWh) $6 — $113 Forward contracts - gas 24 25 Discounted cash flow Forward price (per MMBtu) $1 — $6 Forward contracts - other commodity related 16 6 Discounted cash flow Forward price (various) $(18) — $55 Options - power 68 58 Option models Implied correlations (5)% — 99% Implied volatilities 1% — 308% Options - primarily gas 105 164 Option models Implied correlations (5)% — 99% Implied volatilities 1% — 195% Full requirements and unit contingent contracts 330 35 Discounted cash flow Forward price (per MWh) $(20) — $239 Customer migration rate (a) —% — 20% Total $ 1,179 $ 540 ______________________ (a) Applies only to full requirements contracts. |
Fair Value, by Balance Sheet Grouping | Fair Value of Financial Instruments Recorded at the Carrying Amount - The carrying amounts of cash equivalents, commercial paper and notes payable 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: December 31, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 675 $ 675 $ 567 $ 567 Other investments - primarily notes receivable $ 512 $ 722 (b) $ 525 $ 679 (b) Long-term debt, including current maturities $ 28,897 (c) $ 30,412 (d) $ 27,552 $ 30,013 (d) FPL: Special use funds (a) $ 528 $ 528 $ 395 $ 395 Long-term debt, including current maturities $ 10,020 $ 11,028 (d) $ 9,388 $ 11,020 (d) ______________________ (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 December 31, 2015 and 2014 , NEE had no notes receivable reported in non-accrual status. (c) Excludes debt totaling $938 million reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheet for which the carrying amount approximates fair value. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale. (d) As of December 31, 2015 and 2014 , for NEE, approximately $18,031 million and $19,973 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, primarily 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 Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 (millions) Realized gains $ 194 $ 211 $ 246 $ 70 $ 120 $ 182 Realized losses $ 87 $ 115 $ 88 $ 43 $ 94 $ 59 Proceeds from sale or maturity of securities $ 4,643 $ 4,092 $ 4,190 $ 3,724 $ 3,349 $ 3,342 The unrealized gains on available for sale securities are as follows: NEE FPL December 31, December 31, 2015 2014 2015 2014 (millions) Equity securities $ 1,166 $ 1,267 $ 863 $ 896 Debt securities $ 17 $ 66 $ 14 $ 54 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 December 31, December 31, 2015 2014 2015 2014 (millions) Unrealized losses (a) $ 51 $ 7 $ 45 $ 5 Fair value $ 1,129 $ 542 $ 861 $ 434 ______________________ (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2015 and 2014 were not material to NEE or FPL. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of income taxes | The components of income taxes are as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 (millions) Federal: Current $ 10 $ — $ (145 ) $ 423 $ 240 $ 174 Deferred 1,194 1,077 853 399 542 540 Total federal 1,204 1,077 708 822 782 714 State: Current 31 (29 ) 69 58 68 44 Deferred (7 ) 128 — 77 60 77 Total state 24 99 69 135 128 121 Total income taxes $ 1,228 $ 1,176 $ 777 $ 957 $ 910 $ 835 |
Reconciliation between the effective income tax rates and the applicable statutory rates | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 0.4 1.8 1.8 3.4 3.4 3.6 PTCs and ITCs - NEER (4.1 ) (5.1 ) (8.5 ) — — — Convertible ITCs - NEER (0.8 ) (1.4 ) (2.5 ) — — — Valuation allowance associated with Spain solar projects (a) — 0.7 5.2 — — — Charges associated with Canadian assets — 1.3 — — — — Other - net 0.3 — 0.7 (1.7 ) (0.9 ) (0.4 ) Effective income tax rate 30.8 % 32.3 % 31.7 % 36.7 % 37.5 % 38.2 % ______________________ (a) Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. |
Schedule of deferred income tax liabilities and assets | The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: NEE FPL December 31, December 31, 2015 2014 2015 2014 (millions) Deferred tax liabilities: Property-related $ 12,204 $ 11,700 $ 8,040 $ 7,457 Pension 455 489 480 459 Nuclear decommissioning trusts 219 258 — — Net unrealized gains on derivatives 528 390 — — Investments in partnerships and joint ventures 403 291 — — Other 1,196 769 695 435 Total deferred tax liabilities 15,005 13,897 9,215 8,351 Deferred tax assets and valuation allowance: Decommissioning reserves 438 427 386 374 Postretirement benefits 141 154 95 99 Net operating loss carryforwards 604 1,070 4 — Tax credit carryforwards 2,916 2,742 — — ARO and accrued asset removal costs 759 737 697 686 Other 836 820 303 318 Valuation allowance (a) (223 ) (323 ) — — Net deferred tax assets 5,471 5,627 1,485 1,477 Net deferred income taxes $ 9,534 $ 8,270 $ 7,730 $ 6,874 ______________________ (a) Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards. Deferred tax assets and liabilities are included on the consolidated balance sheets as follows: NEE FPL December 31, December 31, 2015 2014 2015 2014 (millions) Deferred income taxes - current assets $ — (a) $ 739 $ — (a) $ — Noncurrent other assets 293 264 — — Other current liabilities — (a) (12 ) — (a) (39 ) Deferred income taxes - noncurrent liabilities (9,827 ) (9,261 ) (7,730 ) (6,835 ) Net deferred income taxes $ (9,534 ) $ (8,270 ) $ (7,730 ) $ (6,874 ) ______________________ (a) Effective December 31, 2015, all deferred taxes are classified as noncurrent. See Note 1 - Income Taxes. |
Components of deferred tax assets relating to net operating loss carryforwards | The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2015 are as follows: Amount Expiration Dates (millions) Net operating loss carryforwards: Federal $ 361 2026-2035 State 153 2016-2035 Foreign 90 (a) 2017-2024 Net operating loss carryforwards $ 604 Tax credit carryforwards: Federal $ 2,585 2022-2035 State 331 (b) 2016-2037 Tax credit carryforwards $ 2,916 ______________________ (a) Includes $ 89 million of net operating loss carryforwards with an indefinite expiration period. (b) Includes $ 158 million of ITC carryforwards with an indefinite expiration period. |
Jointly-Owned Electric Plants (
Jointly-Owned Electric Plants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Jointly-Owned Electric Plants [Abstract] | |
Proportionate Ownership Interest In Jointly-Owned Facilities | NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: December 31, 2015 Ownership Interest Gross Investment (a) Accumulated Depreciation (a) Construction Work in Progress (millions) FPL: St. Lucie Unit No. 2 85 % $ 2,190 $ 777 $ 23 St. Johns River Power Park units and coal terminal 20 % $ 398 $ 207 $ 2 Scherer Unit No. 4 76 % $ 1,130 $ 378 $ — NEER: Duane Arnold 70 % $ 435 $ 126 $ 24 Seabrook 88.23 % $ 1,111 $ 239 $ 67 Wyman Station Unit No. 4 84.35 % $ 74 $ 51 $ — Corporate and Other: Transmission substation assets located in Seabrook, New Hampshire 88.23 % $ 73 $ 19 $ 3 ______________________ (a) Excludes nuclear fuel. |
Texas Pipeline Business Acqui33
Texas Pipeline Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimated fair value of assets acquired and liabilities assumed for the acquisition of the Texas pipeline business: Amounts Recognized (millions) Assets Property, plant and equipment $ 806 Cash 1 Other receivables and current other assets 21 Noncurrent other assets (other intangible assets, see Note 1 - Goodwill and Other Intangible Assets) 720 Noncurrent other assets (goodwill, see Note 1 - Goodwill and Other Intangible Assets) 622 Total assets $ 2,170 Liabilities Long-term debt, including current portion $ 706 Accounts payable and current other liabilities 46 Noncurrent other liabilities, primarily acquisition holdbacks 415 Total liabilities 1,167 Less noncontrolling interest at fair value 69 Total cash consideration $ 934 |
Investments in Partnerships a34
Investments in Partnerships and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in Partnerships and Joint Ventures [Abstract] | |
Summarized combined information for principal operating entities | Summarized combined information for these principal entities is as follows: 2015 2014 (millions) Net income $ 213 $ 171 Total assets $ 3,339 $ 2,636 Total liabilities $ 1,307 $ 1,645 Partners'/members' equity $ 2,032 $ 991 NEER's share of underlying equity in the principal entities $ 874 $ 495 Difference between investment carrying amount and underlying equity in net assets (a) (3 ) (4 ) NEER's investment carrying amount for the principal entities $ 871 $ 491 ______________________ (a) The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets. |
Common Shareholders' Equity (Ta
Common Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE from continuing operations is as follows: Years Ended December 31, 2015 2014 2013 (millions, except per share amounts) Numerator - income from continuing operations attributable to NEE (a) $ 2,752 $ 2,465 $ 1,677 Denominator: Weighted-average number of common shares outstanding - basic 450.5 434.4 424.2 Equity units, performance share awards, options, forward sale agreements and restricted stock (b) 3.5 5.7 2.8 Weighted-average number of common shares outstanding - assuming dilution 454.0 440.1 427.0 Earnings per share attributable to NEE from continuing operations: Basic $ 6.11 $ 5.67 $ 3.95 Assuming dilution $ 6.06 $ 5.60 $ 3.93 ______________________ (a) Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income. (b) 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. |
Nonvested Awards Activity | The activity in restricted stock and performance share awards for the year ended December 31, 2015 was as follows: Shares Weighted- Average Grant Date Fair Value Per Share Restricted Stock: Nonvested balance, January 1, 2015 579,497 $ 75.65 Granted 303,150 $ 103.58 Vested (274,620 ) $ 73.92 Forfeited (44,367 ) $ 99.99 Nonvested balance, December 31, 2015 563,660 $ 89.60 Performance Share Awards: Nonvested balance, January 1, 2015 996,227 $ 67.19 Granted 567,437 $ 77.12 Vested (609,321 ) $ 53.55 Forfeited (39,144 ) $ 79.36 Nonvested balance, December 31, 2015 915,199 $ 81.90 |
Stock option activity | Option activity for the year ended December 31, 2015 was as follows: Shares Underlying Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Balance, January 1, 2015 2,825,035 $ 59.04 Granted 229,158 $ 103.62 Exercised (187,692 ) $ 47.03 Forfeited — — Expired — — Balance, December 31, 2015 2,866,501 $ 63.39 5.3 $ 116 Exercisable, December 31, 2015 2,415,194 $ 57.62 4.7 $ 112 |
Assumptions used to estimate fair value of options | The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions: 2015 2014 2013 Expected volatility (a) 18.91% 20.32% 20.08 - 20.15% Expected dividends 3.11% 3.11% 3.28 - 3.64% Expected term (years) (b) 7.0 7.0 7.0 Risk-free rate 1.84% 2.17% 1.15 - 1.40% ______________________ (a) Based on historical experience. (b) Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. |
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, 2012 $ (266 ) $ 96 $ (74 ) $ 12 $ (23 ) $ (255 ) Other comprehensive income (loss) before reclassifications 84 118 95 (45 ) 7 259 Amounts reclassified from AOCI 67 (a) (17 ) (b) 2 — — 52 Net other comprehensive income (loss) 151 101 97 (45 ) 7 311 Balances, December 31, 2013 (115 ) 197 23 (33 ) (16 ) 56 Other comprehensive income (loss) before reclassifications (141 ) 62 (44 ) (25 ) (8 ) (156 ) Amounts reclassified from AOCI 98 (a) (41 ) (b) 1 — — 58 Net other comprehensive income (loss) (43 ) 21 (43 ) (25 ) (8 ) (98 ) Less other comprehensive loss attributable to noncontrolling interests (2 ) — — — — (2 ) Balances, December 31, 2014 (156 ) 218 (20 ) (58 ) (24 ) (40 ) Other comprehensive income (loss) before reclassifications (88 ) (7 ) (42 ) (27 ) — (164 ) Amounts reclassified from AOCI 63 (a) (37 ) (b) — — — 26 Net other comprehensive income (loss) (25 ) (44 ) (42 ) (27 ) — (138 ) Less other comprehensive loss attributable to noncontrolling interests (11 ) — — — — (11 ) Balances, December 31, 2015 $ (170 ) $ 174 $ (62 ) $ (85 ) $ (24 ) $ (167 ) ———————————— (a) Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | The required capacity and/or minimum payments under the contracts discussed above as of December 31, 2015 were estimated as follows: 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 185 $ 170 $ 140 $ 120 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 1,020 $ 930 $ 870 $ 865 $ 920 $ 13,050 Coal, including transportation $ 65 $ 40 $ — $ — $ — $ — NEER $ 3,670 $ 735 $ 625 $ 135 $ 85 $ 535 Corporate and Other (d)(e) $ 60 $ 5 $ 5 $ — $ 5 $ — ______________________ (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 434 million , $ 485 million and $ 487 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 262 million , $ 299 million and $ 263 million for the years ended December 31, 2015, 2014 and 2013 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $ 200 million , $ 295 million , $ 290 million , $360 million and $ 7,885 million in 2017, 2018, 2019, 2020 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 $35 million commitment to invest in clean power and technology businesses through 2021. (e) Excludes approximately $1,115 million , in 2016, of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Debt Issuances and Borrowings by Subsidiaries | Long-term debt consists of the following: December 31, 2015 2014 Maturity Balance Weighted- Balance Weighted- (millions) (millions) FPL: First mortgage bonds - fixed 2017 - 2044 $ 8,690 4.77 % $ 8,490 4.95 % Storm-recovery bonds - fixed (a) 2017 - 2021 273 5.26 % 331 5.24 % Pollution control, solid waste disposal and industrial development revenue bonds - variable (b)(c) 2020 - 2045 718 0.04 % 633 0.05 % Other long-term debt - variable (c) 2018 400 1.11 % — Other long-term debt - fixed 2014 - 2040 53 5.06 % 55 4.96 % Unamortized debt issuance costs and discount (114 ) (121 ) (d) Total long-term debt of FPL 10,020 9,388 Less current maturities of long-term debt 64 60 Long-term debt of FPL, excluding current maturities 9,956 9,328 NEECH: Debentures - fixed (e) 2015 - 2023 3,100 3.15 % 3,125 3.87 % Debentures, related to NEE's equity units - fixed 2014 - 2020 1,200 1.98 % 2,152 1.54 % Junior subordinated debentures - fixed 2044 - 2073 2,978 5.84 % 2,978 5.84 % Senior secured bonds - fixed (f) 2030 497 7.50 % 500 7.50 % Japanese yen denominated senior notes - fixed (e) 2030 83 5.13 % 83 5.13 % Japanese yen denominated term loans - variable (c)(e) 2017 456 1.83 % 459 1.83 % Other long-term debt - fixed 2016 - 2044 810 2.74 % 510 2.70 % Other long-term debt - variable (c) 2014 - 2019 1,513 1.81 % 716 2.44 % Fair value hedge adjustment 24 20 Unamortized debt issuance costs and discount (94 ) (112 ) (d) Total long-term debt of NEECH 10,567 10,431 Less current maturities of long-term debt 667 1,787 Long-term debt of NEECH, excluding current maturities 9,900 8,644 NEER: Senior secured limited-recourse bonds and notes - fixed 2017 - 2038 2,203 5.88 % 2,273 6.02 % Senior secured limited-recourse term loans - primarily variable (c)(e) 2015 - 2035 3,969 (g) 2.51 % 4,242 3.12 % Other long-term debt - primarily variable (c)(e) 2015 - 2035 2,118 2.80 % 656 3.71 % Canadian revolving credit facilities - variable (c) 2015 - 2016 155 1.56 % 704 2.33 % Unamortized debt issuance costs and discount (131 ) (135 ) (d) Total long-term debt of NEER 8,314 7,740 Less current maturities of long-term debt (h) 1,489 1,668 Long-term debt of NEER, excluding current maturities 6,825 6,072 Total long-term debt $ 26,681 $ 24,044 ______________________ (a) Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially. (b) Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2015 , all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds. (c) Variable rate is based on an underlying index plus a margin except for in 2014 approximately $983 million of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin. (d) Debt issuance costs were reclassified from noncurrent other assets to long-term debt to reflect the retrospective adoption of an accounting standard update. See Note 1 - Debt Issuance Costs. (e) Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3. (f) Issued by a wholly owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount. (g) Excludes debt totaling $938 million reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheet. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale. (h) See Note 14 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligations [Abstract] | |
Asset retirement obligation, roll forward analysis | A rollforward of NEE's and FPL's ARO is as follows: FPL NEER NEE (millions) Balances, December 31, 2013 $ 1,285 $ 565 $ 1,850 Liabilities incurred 1 29 30 Accretion expense 70 38 108 Liabilities settled — (1 ) (1 ) Revision in estimated cash flows - net (1 ) — (1 ) Balances, December 31, 2014 1,355 631 1,986 Liabilities incurred 5 46 51 Accretion expense 73 43 116 Liabilities settled (20 ) (2 ) (22 ) Revision in estimated cash flows - net 409 (a) (71 ) (b) 338 Balances, December 31, 2015 $ 1,822 $ 647 $ 2,469 |
Funds restricted for decommissioning included in special use funds | Restricted funds for the payment of future expenditures to decommission NEE's and FPL's nuclear units included in special use funds on NEE's and FPL's consolidated balance sheets are as follows (see Note 4 - Special Use Funds): FPL NEER NEE (millions) Balances, December 31, 2015 $ 3,430 $ 1,634 $ 5,064 Balances, December 31, 2014 $ 3,449 $ 1,642 $ 5,091 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Planned Capital Expenditures | At December 31, 2015 , estimated capital expenditures for 2016 through 2020 for which applicable internal approvals (and also FPSC approvals for FPL, if required) have been received were as follows: 2016 2017 2018 2019 2020 Total (millions) FPL: Generation: (a) New (b)(c) $ 1,085 $ 45 $ — $ — $ — $ 1,130 Existing 620 960 680 520 550 3,330 Transmission and distribution 1,930 1,990 1,985 2,485 2,335 10,725 Nuclear fuel 170 125 190 170 210 865 General and other 245 265 240 185 185 1,120 Total $ 4,050 $ 3,385 $ 3,095 $ 3,360 $ 3,280 $ 17,170 NEER: Wind (d) $ 2,040 $ 75 $ 30 $ 25 $ 25 $ 2,195 Solar (e) 1,240 10 — — — 1,250 Nuclear, including nuclear fuel 300 240 270 310 265 1,385 Natural gas pipelines (f) 1,020 740 465 35 15 2,275 Other 495 60 75 50 65 745 Total $ 5,095 $ 1,125 $ 840 $ 420 $ 370 $ 7,850 Corporate and Other $ 215 $ 160 $ 115 $ 140 $ 135 $ 765 ______________________ (a) Includes AFUDC of approximately $ 76 million , $ 14 million and $11 million for 2016 through 2018, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Excludes capital expenditures of approximately $1.0 billion for the natural gas-fired combined-cycle unit in Okeechobee County, Florida for the period from the end of 2016 (when approval by the Florida Power Plant Siting Board (Siting Board), comprised of the Florida governor and cabinet is expected) through 2019. Also 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 and maintain an NRC license for each unit. (d) Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,365 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 1,045 MW. (f) Includes capital expenditures for construction of three natural gas pipelines, including equity contributions associated with equity investments in joint ventures for two pipelines and AFUDC associated with the third pipeline. The natural gas pipelines are subject to certain conditions. See Contracts below. |
Required Capacity and/or Minimum Payments | The required capacity and/or minimum payments under the contracts discussed above as of December 31, 2015 were estimated as follows: 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 185 $ 170 $ 140 $ 120 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 1,020 $ 930 $ 870 $ 865 $ 920 $ 13,050 Coal, including transportation $ 65 $ 40 $ — $ — $ — $ — NEER $ 3,670 $ 735 $ 625 $ 135 $ 85 $ 535 Corporate and Other (d)(e) $ 60 $ 5 $ 5 $ — $ 5 $ — ______________________ (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 434 million , $ 485 million and $ 487 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 262 million , $ 299 million and $ 263 million for the years ended December 31, 2015, 2014 and 2013 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $ 200 million , $ 295 million , $ 290 million , $360 million and $ 7,885 million in 2017, 2018, 2019, 2020 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 $35 million commitment to invest in clean power and technology businesses through 2021. (e) Excludes approximately $1,115 million , in 2016, of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | NEE's segment information is as follows: 2015 2014 2013 FPL NEER (a) Corp. and Other NEE Consoli- dated FPL NEER (a) Corp. and Other NEE Consoli- dated FPL NEER (a) Corp. and Other NEE Consoli- dated (millions) Operating revenues $ 11,651 $ 5,444 $ 391 $ 17,486 $ 11,421 $ 5,196 $ 404 $ 17,021 $ 10,445 $ 4,333 $ 358 $ 15,136 Operating expenses (b) $ 8,674 $ 3,865 $ 315 $ 12,854 $ 8,593 $ 3,727 $ 317 $ 12,637 $ 7,906 $ 3,730 $ 259 $ 11,895 Interest expense $ 445 $ 625 $ 141 $ 1,211 $ 439 $ 667 $ 155 $ 1,261 $ 415 $ 528 $ 178 $ 1,121 Interest income $ 7 $ 28 $ 51 $ 86 $ 3 $ 26 $ 51 $ 80 $ 6 $ 19 $ 53 $ 78 Depreciation and amortization $ 1,576 $ 1,183 $ 72 $ 2,831 $ 1,432 $ 1,051 $ 68 $ 2,551 $ 1,159 $ 949 $ 55 $ 2,163 Equity in earnings (losses) of equity method investees $ — $ 103 $ 4 $ 107 $ — $ 95 $ (2 ) $ 93 $ — $ 26 $ (1 ) $ 25 Income tax expense (benefit) (c)(d) $ 957 $ 289 $ (18 ) $ 1,228 $ 910 $ 283 $ (17 ) $ 1,176 $ 835 $ (42 ) $ (16 ) $ 777 Income (loss) from continuing operations (d) $ 1,648 $ 1,102 $ 12 $ 2,762 $ 1,517 $ 993 $ (41 ) $ 2,469 $ 1,349 $ 340 $ (12 ) $ 1,677 Gain from discontinued operations, net of income taxes (e) $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 216 $ 15 $ 231 Net income (loss) attributable to NEE (d) $ 1,648 $ 1,092 $ 12 $ 2,752 $ 1,517 $ 989 $ (41 ) $ 2,465 $ 1,349 $ 556 $ 3 $ 1,908 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 3,633 $ 4,661 $ 83 $ 8,377 $ 3,241 $ 3,701 $ 75 $ 7,017 $ 2,903 $ 3,613 $ 166 $ 6,682 Property, plant and equipment $ 45,383 $ 33,340 $ 1,607 $ 80,330 $ 41,938 $ 30,178 $ 1,523 $ 73,639 $ 39,896 $ 28,081 $ 1,471 $ 69,448 Accumulated depreciation and amortization $ 11,862 $ 6,640 $ 442 $ 18,944 $ 11,282 $ 6,268 $ 384 $ 17,934 $ 10,944 $ 5,455 $ 329 $ 16,728 Total assets (f) $ 42,523 $ 37,647 $ 2,309 $ 82,479 $ 39,222 $ 32,896 $ 2,487 $ 74,605 $ 36,420 $ 30,052 $ 2,535 $ 69,007 Investment in equity method investees $ — $ 983 $ 80 $ 1,063 $ — $ 617 $ 46 $ 663 $ — $ 388 $ 34 $ 422 _________________________ (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 NEECH corporate interest expense is included in Corporate and Other. (b) NEER includes an impairment charge of $300 million in 2013 related to the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. (c) NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes. (d) NEER includes after-tax charges of $342 million in 2013 associated with the impairment of the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. (e) See Note 6. (f) Reflects reclassification of debt issuance costs of $324 million ( $85 million for FPL) in 2014 and $298 million ( $68 million for FPL) in 2013. See Note 1 - Debt Issuance Costs. |
Summarized Financial Informat40
Summarized Financial Information of NEECH (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Financial Information [Abstract] | |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income Year Ended Year Ended Year Ended NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Operating revenues $ — $ 5,849 $ 11,637 $ 17,486 $ — $ 5,614 $ 11,407 $ 17,021 $ — $ 4,703 $ 10,433 $ 15,136 Operating expenses (17 ) (4,142 ) (8,695 ) (12,854 ) (19 ) (4,039 ) (8,579 ) (12,637 ) (18 ) (3,983 ) (7,894 ) (11,895 ) Interest expense (4 ) (764 ) (443 ) (1,211 ) (6 ) (819 ) (436 ) (1,261 ) (8 ) (705 ) (408 ) (1,121 ) Equity in earnings of subsidiaries 2,754 — (2,754 ) — 2,494 — (2,494 ) — 1,915 — (1,915 ) — Other income (deductions) - net 1 498 70 569 1 487 34 522 2 281 51 334 Income from continuing operations before income taxes 2,734 1,441 (185 ) 3,990 2,470 1,243 (68 ) 3,645 1,891 296 267 2,454 Income tax expense (benefit) (18 ) 299 947 1,228 5 262 909 1,176 (2 ) (55 ) 834 777 Income (loss) from continuing operations 2,752 1,142 (1,132 ) 2,762 2,465 981 (977 ) 2,469 1,893 351 (567 ) 1,677 Gain from discontinued operations, net of income taxes — — — — — — — — 15 216 — 231 Net income (loss) 2,752 1,142 (1,132 ) 2,762 2,465 981 (977 ) 2,469 1,908 567 (567 ) 1,908 Less net income attributable to noncontrolling interests — 10 — 10 — 4 — 4 — — — — Net income (loss) attributable to NEE $ 2,752 $ 1,132 $ (1,132 ) $ 2,752 $ 2,465 $ 977 $ (977 ) $ 2,465 $ 1,908 $ 567 $ (567 ) $ 1,908 ______________________ (a) Represents FPL and consolidating adjustments. |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Year Ended Year Ended Year Ended NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Comprehensive income (loss) attributable to NEE $ 2,625 $ 1,049 $ (1,049 ) $ 2,625 $ 2,369 $ 924 $ (924 ) $ 2,369 $ 2,219 $ 781 $ (781 ) $ 2,219 ______________________ (a) Represents FPL and consolidating adjustments. |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets December 31, 2015 December 31, 2014 NEE (Guaran- NEECH Other (a) NEE NEE (Guaran- NEECH Other (a) NEE (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 27 $ 34,921 $ 45,382 $ 80,330 $ 27 $ 31,674 $ 41,938 $ 73,639 Accumulated depreciation and amortization (16 ) (7,067 ) (11,861 ) (18,944 ) (12 ) (6,640 ) (11,282 ) (17,934 ) Total property, plant and equipment - net 11 27,854 33,521 61,386 15 25,034 30,656 55,705 CURRENT ASSETS Cash and cash equivalents — 546 25 571 — 562 15 577 Receivables 90 1,510 665 2,265 82 1,378 699 2,159 Other 4 2,443 1,512 3,959 19 2,512 1,677 4,208 Total current assets 94 4,499 2,202 6,795 101 4,452 2,391 6,944 OTHER ASSETS Investment in subsidiaries 22,544 — (22,544 ) — 19,703 — (19,703 ) — Other 823 7,790 5,685 14,298 736 5,827 5,393 11,956 Total other assets 23,367 7,790 (16,859 ) 14,298 20,439 5,827 (14,310 ) 11,956 TOTAL ASSETS $ 23,472 $ 40,143 $ 18,864 $ 82,479 $ 20,555 $ 35,313 $ 18,737 $ 74,605 CAPITALIZATION Common shareholders' equity $ 22,574 $ 6,990 $ (6,990 ) $ 22,574 $ 19,916 $ 6,553 $ (6,553 ) $ 19,916 Noncontrolling interests — 538 — 538 — 252 — 252 Long-term debt — 16,725 9,956 26,681 — 14,715 9,329 24,044 Total capitalization 22,574 24,253 2,966 49,793 19,916 21,520 2,776 44,212 CURRENT LIABILITIES Debt due within one year — 2,786 220 3,006 — 3,455 1,202 4,657 Accounts payable 4 1,919 606 2,529 29 739 586 1,354 Other 252 3,003 1,317 4,572 153 2,043 1,456 3,652 Total current liabilities 256 7,708 2,143 10,107 182 6,237 3,244 9,663 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 647 1,822 2,469 — 631 1,355 1,986 Deferred income taxes 157 2,396 7,274 9,827 149 2,608 6,504 9,261 Other 485 5,139 4,659 10,283 308 4,317 4,858 9,483 Total other liabilities and deferred credits 642 8,182 13,755 22,579 457 7,556 12,717 20,730 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 23,472 $ 40,143 $ 18,864 $ 82,479 $ 20,555 $ 35,313 $ 18,737 $ 74,605 ______________________ (a) Represents FPL and consolidating adjustments. |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended Year Ended Year Ended NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated (millions) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 1,659 $ 2,488 $ 1,969 $ 6,116 $ 1,615 $ 1,976 $ 1,909 $ 5,500 $ 1,147 $ 1,466 $ 2,489 $ 5,102 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases — (4,744 ) (3,633 ) (8,377 ) (1 ) (3,741 ) (3,275 ) (7,017 ) — (3,756 ) (2,926 ) (6,682 ) Capital contributions from NEE (1,480 ) — 1,480 — (912 ) — 912 — (777 ) — 777 — Cash grants under the Recovery Act — 8 — 8 — 343 — 343 — 165 — 165 Sale of independent power and other investments of NEER — 52 — 52 — 307 — 307 — 165 — 165 Change in loan proceeds restricted for construction — 27 (36 ) (9 ) — (40 ) — (40 ) — 228 — 228 Proceeds from the sale of a noncontrolling interest in subsidiaries — 345 — 345 — 438 — 438 — — — — Other - net — 9 (33 ) (24 ) 10 (73 ) (329 ) (392 ) — 17 (16 ) 1 Net cash used in investing activities (1,480 ) (4,303 ) (2,222 ) (8,005 ) (903 ) (2,766 ) (2,692 ) (6,361 ) (777 ) (3,181 ) (2,165 ) (6,123 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 4,689 1,083 5,772 — 4,057 997 5,054 — 3,874 497 4,371 Retirements of long-term debt — (3,421 ) (551 ) (3,972 ) — (4,395 ) (355 ) (4,750 ) — (1,943 ) (453 ) (2,396 ) Proceeds from differential membership investors — 761 — 761 — 978 — 978 — 448 — 448 Issuances of notes payable — 1,125 100 1,225 — 500 — 500 — — — — Retirements of notes payable — (813 ) — (813 ) — (500 ) — (500 ) — (200 ) — (200 ) Net change in commercial paper — 318 (1,086 ) (768 ) — (487 ) 938 451 — (619 ) 99 (520 ) Issuances of common stock - net 1,298 — — 1,298 633 — — 633 842 — — 842 Dividends on common stock (1,385 ) — — (1,385 ) (1,261 ) — — (1,261 ) (1,122 ) — — (1,122 ) Dividends to NEE — (698 ) 698 — — 812 (812 ) — — 502 (502 ) — Other - net (92 ) (162 ) 19 (235 ) (84 ) (31 ) 10 (105 ) (92 ) (216 ) 15 (293 ) Net cash provided by (used in) financing activities (179 ) 1,799 263 1,883 (712 ) 934 778 1,000 (372 ) 1,846 (344 ) 1,130 Net increase (decrease) in cash and cash equivalents — (16 ) 10 (6 ) — 144 (5 ) 139 (2 ) 131 (20 ) 109 Cash and cash equivalents at beginning of year — 562 15 577 — 418 20 438 2 287 40 329 Cash and cash equivalents at end of year $ — $ 546 $ 25 $ 571 $ — $ 562 $ 15 $ 577 $ — $ 418 $ 20 $ 438 ______________________ (a) Represents FPL and consolidating adjustments. |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Data (Unaudited) [Abstract] | |
Condensed Consolidated Quarterly Financial Information | Condensed consolidated quarterly financial information is as follows: March 31 (a) June 30 (a) September 30 (a) December 31 (a) (millions, except per share amounts) NEE: 2015 Operating revenues (b) $ 4,104 $ 4,358 $ 4,954 $ 4,069 Operating income (b) $ 1,129 $ 1,146 $ 1,481 $ 876 Net income (b) $ 650 $ 720 $ 882 $ 510 Net income attributable to NEE (b) $ 650 $ 716 $ 879 $ 507 Earnings per share attributable to NEE - basic: (c) $ 1.47 $ 1.61 $ 1.94 $ 1.10 Earnings per share attributable to NEE - assuming dilution: (c) $ 1.45 $ 1.59 $ 1.93 $ 1.10 Dividends per share $ 0.770 $ 0.770 $ 0.770 $ 0.770 High-low common stock sales prices $112.64 - $97.48 $106.63 - $97.23 $109.98 - $93.74 $105.85 - $95.84 2014 Operating revenues (b) $ 3,674 $ 4,029 $ 4,654 $ 4,664 Operating income (b) $ 738 $ 951 $ 1,163 $ 1,532 Net income (b) $ 430 $ 492 $ 664 $ 884 Net income attributable to NEE (b) $ 430 $ 492 $ 660 $ 884 Earnings per share attributable to NEE - basic: (c) $ 0.99 $ 1.13 $ 1.52 $ 2.03 Earnings per share attributable to NEE - assuming dilution: (c) $ 0.98 $ 1.12 $ 1.50 $ 2.00 Dividends per share $ 0.725 $ 0.725 $ 0.725 $ 0.725 High-low common stock sales prices $96.13 - $83.97 $102.51 - $93.28 $102.46 - $91.79 $110.84 - $90.33 FPL: 2015 Operating revenues (b) $ 2,541 $ 2,996 $ 3,274 $ 2,839 Operating income (b) $ 667 $ 780 $ 855 $ 674 Net income (b) $ 359 $ 435 $ 489 $ 365 2014 Operating revenues (b) $ 2,535 $ 2,889 $ 3,315 $ 2,682 Operating income (b) $ 632 $ 782 $ 834 $ 580 Net income (b) $ 347 $ 423 $ 462 $ 286 ______________________ (a) In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. (b) The sum of the quarterly amounts may not equal the total for the year due to rounding. (c) The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. |
Summary of Significant Accoun42
Summary of Significant Accounting and Reporting Policies (Details) account in Millions | Jul. 01, 2014USD ($)shares | Jun. 30, 2019USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2015USD ($)accountunitprojectMWshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2016USD ($)kWh | Sep. 30, 2015USD ($) |
Basis of Presentation [Abstract] | |||||||||
Approximate number of customer accounts | account | 4.8 | ||||||||
Noncontrolling Interest [Abstract] | |||||||||
Deferred Gain on Sale of Property | $ 447,000,000 | $ 299,000,000 | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Convertible ITCs | 1,800,000,000 | 1,600,000,000 | |||||||
Convertible ITCs included in other receivables | $ 207,000,000 | 1,000,000 | |||||||
Construction Activity [Abstract] | |||||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | ||||||||
Restricted Cash [Abstract] | |||||||||
Restricted cash, current | $ 244,000,000 | 228,000,000 | |||||||
Income Taxes [Abstract] | |||||||||
Revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules | 283,000,000 | 250,000,000 | |||||||
Deferred income tax benefit associated with convertible ITCs | $ 48,000,000 | 50,000,000 | |||||||
NextEra Energy Partners [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Number of projects | project | 19 | ||||||||
Partnership Interest [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Partners' Capital Account, Units, Sold in Public Offering | shares | 18,687,500 | ||||||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | $ 438,000,000 | ||||||||
Assets and Liabilities Associated with Assets Held for Sale [Abstract] | |||||||||
Renewable Energy Assets, Power Generation Capacity | MW | 2,210 | ||||||||
FPL [Member] | |||||||||
Revenues and Rates [Abstract] | |||||||||
Unbilled Receivables, Current | $ 246,000,000 | 223,000,000 | |||||||
Franchise fees and gross receipts taxes | 722,000,000 | 716,000,000 | $ 680,000,000 | ||||||
Surcharges related to storm-recovery | $ 115,000,000 | 109,000,000 | 108,000,000 | ||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Percentage of electric generating assets to gross investment in electric utility plant in service (in hundredths) | 50.00% | ||||||||
Percentage of electric transmission assets to gross investment in electric utility plant in service (in hundredths) | 11.00% | ||||||||
Percentage of electric distribution assets to gross investment in electric utility plant in service (in hundredths) | 33.00% | ||||||||
Percentage of general facilities assets to gross investment in electric utility plant in service (in hundredths) | 6.00% | ||||||||
Convertible ITCs | $ 153,000,000 | 159,000,000 | |||||||
Maximum interval between depreciation studies performed and filed with the FPSC (in years) | 4 | ||||||||
Amount of reserve (reversal) amortization recognized | $ (15,000,000) | $ (33,000,000) | $ 155,000,000 | ||||||
FPL's composite depreciation rate for electric plant in service (in hundredths) | 3.30% | 3.30% | 3.40% | ||||||
Construction Activity [Abstract] | |||||||||
Threshold of plant in service balance at which AFUDC may be recorded (in hundredths) | 0.50% | ||||||||
AFUDC capitalization rate for FPL (in hundredths) | 6.34% | 6.34% | 6.52% | ||||||
AFUDC capitalized for FPL | $ 88,000,000 | $ 50,000,000 | $ 81,000,000 | ||||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | |||||||||
Maximum interval between nuclear decommissioning studies submitted to the FPSC for approval (in years) | 5 years | ||||||||
For FPL, number of nuclear units | unit | 4 | ||||||||
FPL's portion of the ultimate costs of nuclear decommissioning | $ 7,500,000,000 | ||||||||
FPL's Ultimate costs of nuclear decommissioning, in current year dollars | 2,900,000,000 | ||||||||
FPL's fund earnings on decommissioning funds | $ 96,000,000 | 91,000,000 | 167,000,000 | ||||||
Maximum interval between plant dismantlement studies submitted to the FPSC for approval (in years) | 4 years | ||||||||
Plant dismantlement expense approved by the FPSC, effective January 1, 2010 | $ 18,000,000 | ||||||||
Ultimate Costs Of Plant Dismantlement | 752,000,000 | ||||||||
Ultimate Costs Of Plant Dismantlement In Current Year Dollars | 411,000,000 | ||||||||
Major Maintenance Costs [Abstract] | |||||||||
Accrued liability for nuclear maintenance costs | 48,000,000 | 50,000,000 | |||||||
Nuclear maintenance costs | 90,000,000 | 76,000,000 | 92,000,000 | ||||||
Restricted Cash [Abstract] | |||||||||
Restricted cash, current | 75,000,000 | 38,000,000 | |||||||
Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve [Abstract] | |||||||||
Storm fund included in special use funds | 74,000,000 | 75,000,000 | |||||||
Capacity to absorb storm restoration costs | 119,000,000 | ||||||||
Income Taxes [Abstract] | |||||||||
Revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules | 268,000,000 | 236,000,000 | |||||||
NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Net book value of assets serving as collateral | 13,900,000,000 | ||||||||
Construction Activity [Abstract] | |||||||||
Project development costs of NextEra Energy Resources | 133,000,000 | 122,000,000 | |||||||
Interest capitalized on construction projects of NextEra Energy Resources | $ 100,000,000 | 104,000,000 | 109,000,000 | ||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | ||||||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | |||||||||
NextEra Energy Resources' ARO related to nuclear decommissioning | $ 423,000,000 | 462,000,000 | |||||||
Ultimate Costs Of Nuclear Decommissioning For Wholly Owned Indirect Subsidiary | 11,800,000,000 | ||||||||
Ultimate Costs Of Nuclear Decommissioning In Current Year Dollars For Wholly Owned Indirect Subsidiary | $ 1,900,000,000 | ||||||||
Effective period for Seabrook's decommissioning funding plan (in years) | 4 years | ||||||||
Major Maintenance Costs [Abstract] | |||||||||
Capitalized major maintenance costs | $ 97,000,000 | 141,000,000 | |||||||
Major maintenance costs | $ 79,000,000 | $ 81,000,000 | 93,000,000 | ||||||
NEER [Member] | Variable Interest Entities Wind Primary Beneficiary [Member] | |||||||||
Variable Interest Entities [Abstract] | |||||||||
Wind Electric Generating Facility Capability | MW | 5,272 | ||||||||
Forecast [Member] | |||||||||
FPSC rate orders [Abstract] | |||||||||
Regulatory return on common equity range (in hundredths) | 0.50% | ||||||||
Forecast [Member] | FPL [Member] | |||||||||
FPSC rate orders [Abstract] | |||||||||
Increase in base rate revenues | $ 265,000,000 | $ 860,000,000 | $ 350,000,000 | ||||||
Regulatory return on common equity (in hundredths) | 11.50% | 10.50% | |||||||
Regulatory return on common equity range (in hundredths) | 1.00% | ||||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought (in hundredths) | 9.50% | ||||||||
Earned regulatory ROE threshold above which retail base rate reduction may be sought (in hundredths) | 11.50% | ||||||||
Minimum depreciation reserve surplus that may be amortized under 2012 rate agreement | $ 224,000,000 | ||||||||
Maximum amount of fossil dismantlement reserve that may be amortized under the 2012 rate agreement | 176,000,000 | ||||||||
Maximum surcharge | $ 4 | ||||||||
Increment of usage on which surcharge is based (in kilowatt-hours) | kWh | 1,000 | ||||||||
Threshold of storm restoration costs in any given calendar year at which surcharge may be increased | $ 800,000,000 | ||||||||
Increase In Base Rate Revenues, Effective Upon Contingent Approval | $ 200,000,000 | ||||||||
Wind plants [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Percentage of gross depreciable assets by plant type | 62.00% | 63.00% | |||||||
Nuclear Plant [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Percentage of gross depreciable assets by plant type | 11.00% | 12.00% | |||||||
natural gas plant [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Percentage of gross depreciable assets by plant type | 3.00% | 8.00% | |||||||
Solar plants [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Percentage of gross depreciable assets by plant type | 9.00% | 7.00% | |||||||
Oil and Gas Properties [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Percentage of gross depreciable assets by plant type | 7.00% | 6.00% | |||||||
Merchant Natural Gas Generation Facilities [Member] | Subsidiary of NEER [Member] | |||||||||
Assets and Liabilities Associated with Assets Held for Sale [Abstract] | |||||||||
Renewable Energy Assets, Power Generation Capacity | MW | 2,884 | ||||||||
Minimum [Member] | wind, natural gas and solar plants [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Property, plant and equipment, estimated useful lives (in years) | 25 years | ||||||||
Minimum [Member] | Nuclear Plant [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Property, plant and equipment, estimated useful lives (in years) | 25 years | ||||||||
Maximum [Member] | wind, natural gas and solar plants [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Property, plant and equipment, estimated useful lives (in years) | 30 years | ||||||||
Maximum [Member] | Nuclear Plant [Member] | NEER [Member] | |||||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||||
Property, plant and equipment, estimated useful lives (in years) | 47 years | ||||||||
Indirect Wholly-Owned Subsidiary [Member] | Partnership Interest [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Payments to Acquire Limited Partnership Interests | $ 288,000,000 | $ 288,000,000 | |||||||
NEP OpCo [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Partners' Capital Account, Units, Retained | shares | 74,440,000 | ||||||||
Noncontrolling interest ownership percentage | 79.90% | 76.80% | |||||||
NEP OpCo [Member] | Partnership Interest [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Payments to Acquire Limited Partnership Interests | $ 150,000,000 | ||||||||
Termination of the Merger Agreement [Member] | HEI [Member] | |||||||||
Proposed Merger [Abstract] | |||||||||
Amount of termination fee | $ 90,000,000 | ||||||||
Reimbursement of out of pocket expenses | $ 5,000,000 | ||||||||
Common Units [Member] | NextEra Energy Partners [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Common units sold during period | shares | 11,857,925 | ||||||||
Common Units [Member] | Subsidiary of NextEra Energy [Member] | NEP OpCo [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Common units sold during period | shares | 27,000,000 | ||||||||
Common Units [Member] | HEI [Member] | |||||||||
Proposed Merger [Abstract] | |||||||||
Number of shares received per common stock | 0.2413 | ||||||||
Common Units [Member] | NextEra Energy Partners [Member] | NEP OpCo [Member] | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Common units sold during period | shares | 11,857,925 | ||||||||
Coal Fired Generation Facility [Member] | FPL [Member] | |||||||||
Regulated Operations [Abstract] | |||||||||
Termination of Purchased Power Agreement and Purchase Price of Generation Facility | $ 521,000,000 | ||||||||
Regulatory Asset, Amortization Period | 9 years | ||||||||
Regulatory Asset, Recovery Through Capacity Clause | $ 709,000,000 | ||||||||
Regulatory Asset, Recovery Through Base Rates Until Next Test Year | 138,000,000 | ||||||||
Regulatory Assets, Net of Amortization | 817,000,000 | ||||||||
Reduction To Reserve Amount Related to Settlement That May Be Amortized Under the 2012 Rate Agreement | 30,000,000 | ||||||||
Reserve Amount That May Be Amortized Under the 2012 Rate Agreement Less Reduction Related to Settlement | 370,000,000 | ||||||||
Reserve Amount That May Be Amortized Under the 2012 Rate Agreement | $ 400,000,000 | ||||||||
FPSC rate orders [Abstract] | |||||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought (in hundredths) | 9.50% | ||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||
Debt Issuance Costs [Abstract] | |||||||||
Reclassification of debt issuance costs | $ 324,000,000 | 298,000,000 | |||||||
Adjustments for New Accounting Pronouncement [Member] | FPL [Member] | |||||||||
Debt Issuance Costs [Abstract] | |||||||||
Reclassification of debt issuance costs | $ 85,000,000 | $ 68,000,000 |
Summary of Significant Accoun43
Summary of Significant Accounting and Reporting Policies (Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | $ 778 | $ 147 | |
Other intangible assets not subject to amortization, primarily land easements | 143 | 143 | |
Other intangible assets: | |||
Total | 1,184 | 487 | |
Accumulated amortization | (120) | (125) | |
Total other intangible assets subject to amortization - net | 1,064 | 362 | |
Intangible assets, amortization [Abstract] | |||
NextEra Energy Resources' amortization expense | 17 | 15 | $ 13 |
Amortization Expense 2016 | 38 | ||
Amortization Expense 2017 | 37 | ||
Amortization Expense 2018 | 36 | ||
Amortization Expense 2019 | 35 | ||
Amortization Expense 2020 | $ 35 | ||
Customer relationships associated with gas infrastructure | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 40 years | ||
Total | $ 720 | 0 | |
Purchased power agreements | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 22 years | ||
Total | $ 328 | 348 | |
Other, primarily transmission and development rights | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 22 years | ||
Total | $ 136 | 139 | |
Gas Infrastructure [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 635 | 0 | |
Customer Supply [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 72 | 72 | |
Generation Assets Unit Member [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 43 | 47 | |
Other Goodwill Assets [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | $ 28 | $ 28 |
Employee Retirement Benefits -
Employee Retirement Benefits - Plan Assets, Benefit Obligations and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in plan assets: | |||
Plan assets, beginning balance | $ 3,698 | ||
Plan assets, ending balance | 3,563 | $ 3,698 | |
Pension Benefits [Member] | |||
Change in plan assets: | |||
Plan assets, beginning balance | 3,698 | 3,692 | |
Actual return on plan assets | (8) | 203 | |
Benefit payments | (127) | (197) | |
Plan assets, ending balance | 3,563 | 3,698 | $ 3,692 |
Change in benefit obligation: | |||
Obligation, beginning balance | 2,454 | 2,236 | |
Service cost | 70 | 61 | 72 |
Interest cost | 97 | 101 | 94 |
Plan amendments | 0 | (9) | |
Actuarial losses (gains) - net | (86) | 262 | |
Benefit payments | (127) | (197) | |
Obligation, ending balance | 2,408 | 2,454 | $ 2,236 |
Funded status: | |||
Prepaid (accrued) benefit cost | 1,155 | 1,244 | |
Accumulated benefit obligation | 2,366 | 2,400 | |
Pension Benefits [Member] | FPL [Member] | |||
Funded status: | |||
Prepaid (accrued) benefit cost | $ 1,243 | $ 1,189 |
Employee Retirement Benefits 45
Employee Retirement Benefits - Unrecognized Amounts (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Components of AOCI: | ||
Unrecognized prior service cost (net of $1 and $1 tax benefit, respectively) | $ (2) | $ (2) |
Unrecognized losses (net of $38 and $10 tax benefit, respectively) | (60) | (16) |
Total | (62) | (18) |
Tax effects on components of AOCI [Abstract] | ||
Tax expense (benefit) related to unrecognized prior service benefit (cost) | (1) | (1) |
Tax expense (benefit) related to unrecognized gain (loss) | (38) | (10) |
Unrecognized amounts included in regulatory assets (liabilities) [Abstract] | ||
Unrecognized prior service cost | 9 | 10 |
Unrecognized losses | 232 | 128 |
Total | $ 241 | $ 138 |
Employee Retirement Benefits 46
Employee Retirement Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Prepaid (accrued) benefit cost | $ 1,155 | $ 1,244 |
Weighted-average assumptions used to determine benefit obligations [Abstract] | ||
Discount rate (in hundredths) | 4.35% | 3.95% |
Salary increase (in hundredths) | 4.10% | 4.10% |
Pension Benefits [Member] | FPL [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Prepaid (accrued) benefit cost | $ 1,243 | $ 1,189 |
Pension Benefits [Member] | Equity Securities [Member] | ||
Target asset allocations [Abstract] | ||
Equity investments, target allocation percentage (in hundredths) | 45.00% | |
Pension Benefits [Member] | Debt Securities [Member] | ||
Target asset allocations [Abstract] | ||
Equity investments, target allocation percentage (in hundredths) | 32.00% | |
Pension Benefits [Member] | Alternative Investments [Member] | ||
Target asset allocations [Abstract] | ||
Equity investments, target allocation percentage (in hundredths) | 13.00% | |
Pension Benefits [Member] | Convertible Securities [Member] | ||
Target asset allocations [Abstract] | ||
Equity investments, target allocation percentage (in hundredths) | 10.00% | |
Other Benefits [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Prepaid (accrued) benefit cost | $ (321) | (355) |
Other Benefits [Member] | FPL [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Prepaid (accrued) benefit cost | $ (230) | $ (237) |
Employee Retirement Benefits 47
Employee Retirement Benefits - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value measurements of plan assets [Abstract] | ||
Fair value | $ 3,563 | $ 3,698 |
Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 2,589 | 2,819 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1,038 | 1,173 |
Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1,549 | 1,646 |
Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 2 | 0 |
Equity Securities [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 384 | 321 |
Equity Securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 932 | 1,015 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 910 | 984 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 21 | 31 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1 | 0 |
Equity Commingled Vehicles [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 249 | 306 |
Equity Commingled Vehicles [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 792 | 767 |
Equity Commingled Vehicles [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Equity Commingled Vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 792 | 767 |
Equity Commingled Vehicles [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Us Government And Municipal Bonds [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 123 | 164 |
Us Government And Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 110 | 144 |
Us Government And Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 13 | 20 |
Us Government And Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Corporate debt securities [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 68 | 88 |
Corporate debt securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 280 | 355 |
Corporate debt securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 2 | 0 |
Corporate debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 277 | 355 |
Corporate debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1 | 0 |
Asset-backed securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 167 | 223 |
Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Asset-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 167 | 223 |
Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Debt Security Commingled Vehicles [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 21 | 21 |
Debt Security Commingled Vehicles [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Debt Security Commingled Vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 21 | 21 |
Debt Security Commingled Vehicles [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Convertible securities [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 23 | |
Convertible securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 274 | 274 |
Convertible securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 16 | 45 |
Convertible securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 258 | 229 |
Convertible securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Investments measured at net asset value [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 283 | 200 |
Investments measured at net asset value [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | $ 974 | $ 879 |
Employee Retirement Benefits 48
Employee Retirement Benefits - Expected Cash Flows (Details) - Pension Benefits [Member] $ in Millions | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 144 |
2,017 | 150 |
2,018 | 155 |
2,019 | 160 |
2,020 | 163 |
2021 - 2025 | $ 865 |
Employee Retirement Benefits 49
Employee Retirement Benefits - Net Periodic Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 63 | $ 59 | $ 46 |
Pension Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Service cost | 70 | 61 | 72 |
Interest cost | 97 | 101 | 94 |
Expected return on plan assets | (253) | (241) | (238) |
Amortization of prior service cost (benefit) | 1 | 5 | 7 |
Amortization of losses | 0 | 0 | 2 |
Special termination benefits | 0 | 0 | 46 |
Net periodic benefit (income) cost | (85) | (74) | (17) |
Other Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Service cost | 3 | 3 | 4 |
Interest cost | 13 | 16 | 14 |
Expected return on plan assets | (1) | (1) | (1) |
Amortization of prior service cost (benefit) | (3) | (3) | (2) |
Amortization of losses | 2 | 0 | 2 |
Special termination benefits | 0 | 0 | 0 |
Net periodic benefit (income) cost | 14 | 15 | 17 |
FPL [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 40 | 37 | 30 |
FPL [Member] | Pension Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Net periodic benefit (income) cost | (55) | (47) | (7) |
FPL [Member] | Other Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Net periodic benefit (income) cost | $ 11 | $ 11 | $ 13 |
Employee Retirement Benefits 50
Employee Retirement Benefits - Net Periodic Income Cost Recognizedf for OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 42 | $ 43 | $ (97) |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service benefit (net of $3 tax expense) | 0 | 4 | 0 |
Net gains (losses) (net of $27 and $29 tax benefit and $58 tax expense, respectively) | 44 | 45 | (91) |
Amortization of prior service benefit | 0 | (1) | (2) |
Total | (44) | (40) | 93 |
Tax effects on components of net periodic income (cost) recognized in OCI [Abstract] | |||
Prior service benefit (cost) | 0 | 3 | 0 |
Net gains (losses) | $ (27) | $ (29) | $ 58 |
Employee Retirement Benefits 51
Employee Retirement Benefits - Net Periodic Income Cost Regulatory Assets (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service benefit | $ 0 | $ (12) |
Unrecognized losses | 104 | 226 |
Amortization of prior service benefit | (1) | (3) |
Total | $ 103 | $ 211 |
Employee Retirement Benefits 52
Employee Retirement Benefits - Assumptions Used for Periodic Income (Details) - Pension Benefits [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.95% | 4.80% | 4.00% |
Salary increase | 4.10% | 4.00% | 4.00% |
Expected long-term rate of return | 7.75% | 7.75% | 7.75% |
Expected long-term rate of return, net of management fees | 7.35% |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments [Abstract] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (50) | |
Derivative, Collateral, Obligation to Return Cash | 27 | $ 60 |
Margin Cash Collateral Not Netted Against Derivative Liabilities | $ 116 | $ 122 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | $ 1,971 | $ 1,999 |
Derivative Liabilities | 1,428 | 1,755 |
Current derivative assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 712 | 990 |
Margin cash collateral received from counterparties | 279 | 197 |
Long Lived Assets Held-for-sale, Name [Domain] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 57 | |
Non Current Derivative Assets Member [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 1,202 | 1,009 |
Margin cash collateral received from counterparties | 151 | 97 |
Current derivative liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Liabilities | 882 | 1,289 |
Margin cash collateral paid to counterparties | 46 | 20 |
liabilities associated with assets held-for-sale [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Liabilities | 16 | |
Noncurrent derivative liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Liabilities | 530 | 466 |
Margin cash collateral paid to counterparties | 13 | 10 |
Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 1,937 | 1,949 |
Derivative Liabilities | 982 | 1,358 |
Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 34 | 50 |
Derivative Liabilities | 319 | 266 |
Foreign currency swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 127 | 131 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 33 | 35 |
Derivative Liability, Fair Value, Gross Liability | 287 | 257 |
Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 33 | 35 |
Derivative Liability, Fair Value, Gross Liability | 155 | 126 |
Designated as Hedging Instrument [Member] | Foreign currency swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 132 | 131 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 5,908 | 6,145 |
Derivative Liability, Fair Value, Gross Liability | 4,740 | 5,415 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 5,906 | 6,145 |
Derivative Liability, Fair Value, Gross Liability | 4,580 | 5,290 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 2 | 0 |
Derivative Liability, Fair Value, Gross Liability | 160 | 125 |
Not Designated as Hedging Instrument [Member] | Foreign currency swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
FPL [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 4 | 7 |
Derivative Liabilities | 222 | 370 |
FPL [Member] | Current derivative liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Liabilities | 222 | 370 |
FPL [Member] | Current other assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 3 | 6 |
FPL [Member] | Other Noncurrent Assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 1 | 1 |
FPL [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 4 | 7 |
Derivative Liabilities | 222 | 370 |
FPL [Member] | Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
FPL [Member] | Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 7 | 8 |
Derivative Liability, Fair Value, Gross Liability | $ 225 | $ 371 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gains (losses) related to cash flow hedges [Abstract] | |||
Gains (losses) recognized in OCI | $ (125) | $ (221) | $ 129 |
Losses reclassified from AOCI to net income | (88) | (155) | (105) |
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 948 | 356 | 7 |
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | (326) | (289) | 81 |
Fair Value Hedging [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gain (loss) on fair value hedge reflected in interest expense | (4) | 20 | (65) |
Commodity contracts [Member] | Gain (loss) included in operating revenues [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 932 | 420 | 76 |
Commodity contracts [Member] | Gain (loss) included in fuel, purchased power and interchange [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 8 | 1 | 0 |
Foreign currency swap [Member] | |||
Gains (losses) related to cash flow hedges [Abstract] | |||
Gains (losses) recognized in OCI | (12) | (89) | (21) |
Losses reclassified from AOCI to net income | (15) | (78) | (44) |
Foreign currency swap [Member] | Gain (loss) included in other-net [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 0 | (1) | (72) |
Foreign currency swap [Member] | Gain (loss) included in interest expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss reclassified from AOCI to earnings | 11 | 8 | 4 |
Interest Rate Contract [Member] | |||
Gains (losses) related to cash flow hedges [Abstract] | |||
Gains (losses) recognized in OCI | (113) | (132) | 150 |
Losses reclassified from AOCI to net income | (73) | (77) | (61) |
Interest Rate Contract [Member] | Gain (loss) included in interest expense [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | $ 8 | $ (64) | $ 3 |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | Dec. 31, 2015USD ($)MWhMMBTUbbl | Dec. 31, 2014USD ($)MWhMMBTUbbl |
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 20 |
Commodity contract - Power [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Non monetary net notional volumes | MWh | (112) | (73) |
Commodity contract - Natural gas [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Non monetary net notional volumes | MMBTU | 1,321 | 1,436 |
Commodity contract - Oil [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Non monetary net notional volumes | bbl | (9) | (11) |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Foreign Currency Cash Flow Hedge Derivatives | $ 8,300 | $ 7,400 |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Foreign Currency Cash Flow Hedge Derivatives | 715 | 661 |
FPL [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 0 |
FPL [Member] | Commodity contract - Power [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Non monetary net notional volumes | MWh | 0 | 0 |
FPL [Member] | Commodity contract - Natural gas [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Non monetary net notional volumes | MMBTU | 833 | 845 |
FPL [Member] | Commodity contract - Oil [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Non monetary net notional volumes | bbl | 0 | 0 |
Derivative Instruments (Credit
Derivative Instruments (Credit Risk Disclosures) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Liability position of derivative | $ 2,200 | $ 2,700 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Bbb Or Baa2 | 250 | 700 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Below Investment Grade | 2,500 | 2,800 |
Additional Collateral Aggregate Fair Value Due To Other Financial Measures | 660 | 850 |
Letters Of Credit Already Posted Aggregate Fair Value | 123 | 236 |
Collateral Already Posted, Aggregate Fair Value | 0 | 20 |
FPL [Member] | ||
Derivative [Line Items] | ||
Liability position of derivative | 224 | 369 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Bbb Or Baa2 | 20 | 130 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Below Investment Grade | 600 | 700 |
Additional Collateral Aggregate Fair Value Due To Other Financial Measures | 120 | 200 |
Letters Of Credit Already Posted Aggregate Fair Value | 3 | 0 |
Collateral Already Posted, Aggregate Fair Value | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | $ 312 | $ 32 |
Special use funds [Abstract] | ||
Equity securities | 2,674 | 2,634 |
U.S. Government and municipal bonds | 612 | 711 |
Corporate debt securities | 713 | 704 |
Mortgage-backed securities | 412 | 493 |
Other debt securities | 52 | 57 |
Other Investments [Abstract] | ||
Equity securities | 40 | 36 |
Debt securities | 171 | 175 |
Derivatives [Abstract] | ||
Commodity contracts | 1,937 | 1,949 |
Interest rate contracts | 34 | 50 |
Derivatives [Abstract] | ||
Commodity contracts | 982 | 1,358 |
Interest rate contracts | 319 | 266 |
Foreign currency swaps | 127 | 131 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 312 | 32 |
Special use funds [Abstract] | ||
Equity securities | 1,320 | 1,217 |
U.S. Government and municipal bonds | 446 | 520 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 25 |
Other Investments [Abstract] | ||
Equity securities | 30 | 35 |
Debt securities | 39 | 5 |
Derivatives [Abstract] | ||
Commodity contracts | 2,187 | 1,801 |
Interest rate contracts | 0 | 0 |
Derivatives [Abstract] | ||
Commodity contracts | 2,153 | 1,720 |
Interest rate contracts | 0 | 0 |
Foreign currency swaps | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Current other assets [Member] | ||
Assets [Abstract] | ||
Restricted cash | 61 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | 0 |
Special use funds [Abstract] | ||
Equity securities | 1,354 | 1,417 |
U.S. Government and municipal bonds | 166 | 191 |
Corporate debt securities | 713 | 704 |
Mortgage-backed securities | 412 | 493 |
Other debt securities | 52 | 32 |
Other Investments [Abstract] | ||
Equity securities | 10 | 1 |
Debt securities | 132 | 170 |
Derivatives [Abstract] | ||
Commodity contracts | 2,540 | 3,177 |
Interest rate contracts | 35 | 35 |
Derivatives [Abstract] | ||
Commodity contracts | 1,887 | 3,150 |
Interest rate contracts | 214 | 126 |
Foreign currency swaps | 132 | 131 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | 0 |
Special use funds [Abstract] | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other Investments [Abstract] | ||
Equity securities | 0 | 0 |
Debt securities | 0 | 0 |
Derivatives [Abstract] | ||
Commodity contracts | 1,179 | 1,167 |
Interest rate contracts | 0 | 0 |
Derivatives [Abstract] | ||
Commodity contracts | 540 | 420 |
Interest rate contracts | 101 | 125 |
Foreign currency swaps | 0 | 0 |
Netting [Member] | ||
Derivatives [Abstract] | ||
Commodity contracts | (3,969) | (4,196) |
Interest rate contracts | (1) | 15 |
Derivatives [Abstract] | ||
Commodity contracts | (3,598) | (3,932) |
Interest rate contracts | 4 | 15 |
Foreign currency swaps | (5) | 0 |
FPL [Member] | ||
Special use funds [Abstract] | ||
Equity securities | 1,598 | 1,561 |
U.S. Government and municipal bonds | 480 | 600 |
Corporate debt securities | 531 | 501 |
Mortgage-backed securities | 327 | 422 |
Other debt securities | 40 | 45 |
Derivatives [Abstract] | ||
Commodity contracts | 4 | 7 |
Derivatives [Abstract] | ||
Commodity contracts | 222 | 370 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 36 | |
Special use funds [Abstract] | ||
Equity securities | 364 | 324 |
U.S. Government and municipal bonds | 335 | 435 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 25 |
Derivatives [Abstract] | ||
Commodity contracts | 0 | 0 |
Derivatives [Abstract] | ||
Commodity contracts | 0 | 0 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Current other assets [Member] | ||
Assets [Abstract] | ||
Restricted cash | 36 | |
FPL [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | |
Special use funds [Abstract] | ||
Equity securities | 1,234 | 1,237 |
U.S. Government and municipal bonds | 145 | 165 |
Corporate debt securities | 531 | 501 |
Mortgage-backed securities | 327 | 422 |
Other debt securities | 40 | 20 |
Derivatives [Abstract] | ||
Commodity contracts | 1 | 2 |
Derivatives [Abstract] | ||
Commodity contracts | 219 | 370 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | |
Special use funds [Abstract] | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Derivatives [Abstract] | ||
Commodity contracts | 6 | 6 |
Derivatives [Abstract] | ||
Commodity contracts | 6 | 1 |
FPL [Member] | Netting [Member] | ||
Derivatives [Abstract] | ||
Commodity contracts | (3) | (1) |
Derivatives [Abstract] | ||
Commodity contracts | $ (3) | $ (1) |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - Significant Unobservable Inputs (Level 3) [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / MMBTU$ / MWh$ / energy_unit | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 1,179 |
Liabilities, Fair Value Disclosure | 540 |
Forward Contracts - Power [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 636 |
Liabilities, Fair Value Disclosure | $ 252 |
Forward Contracts - Power [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / MWh | 113 |
Forward Contracts - Power [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / MWh | 6 |
Forward contracts - Gas [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 24 |
Liabilities, Fair Value Disclosure | $ 25 |
Forward contracts - Gas [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / MMBTU | 6 |
Forward contracts - Gas [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / MMBTU | 1 |
Forward contracts - Other [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 16 |
Liabilities, Fair Value Disclosure | $ 6 |
Forward contracts - Other [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / energy_unit | 55 |
Forward contracts - Other [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / energy_unit | (18) |
Option Contracts, Power [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 68 |
Liabilities, Fair Value Disclosure | $ 58 |
Option Contracts, Power [Member] | Implied Correlations [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 99.00% |
Option Contracts, Power [Member] | Implied Correlations [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | (5.00%) |
Option Contracts, Power [Member] | Implied Volatilities [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 308.00% |
Option Contracts, Power [Member] | Implied Volatilities [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Options - primarily gas [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 105 |
Liabilities, Fair Value Disclosure | $ 164 |
Options - primarily gas [Member] | Implied Correlations [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 99.00% |
Options - primarily gas [Member] | Implied Correlations [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | (5.00%) |
Options - primarily gas [Member] | Implied Volatilities [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 195.00% |
Options - primarily gas [Member] | Implied Volatilities [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 330 |
Liabilities, Fair Value Disclosure | $ 35 |
Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / MWh | 239 |
Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ / MWh | (20) |
Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 20.00% |
Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 0.00% |
NEER [Member] | Interest Rate Swap [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | $ 101 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Change in Fair Value of Derivatives, Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Realized and unrealized gains (losses): | |||
Realized and unrealized gains (losses) reflected in operating revenues | $ 462 | $ 302 | |
Realized and unrealized gains (losses) reflected in interest expense | $ (79) | ||
Unrealized gains (losses) reflected in operating revenues, for derivatives still held at the reporting date | 289 | 328 | 330 |
Derivative Financial Instruments, Net [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of derivatives based on significant unobservable inputs beginning balance | 622 | 622 | 566 |
Realized and unrealized gains (losses): | |||
Realized and unrealized gains (losses) included in earnings | 451 | (77) | 299 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 11 | 18 | 0 |
Realized and unrealized gains (losses) included in regulatory assets and liabilities | 3 | 7 | 0 |
Purchases | 180 | 55 | 101 |
Settlements | (473) | 194 | (55) |
Issuances | (202) | (122) | (173) |
Transfers in(b) | (13) | 80 | (120) |
Transfers out(b) | (41) | (155) | 4 |
Fair value of derivatives based on significant unobservable inputs ending balance | 538 | 622 | 622 |
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) | 277 | 248 | 329 |
FPL [Member] | Derivative Financial Instruments, Net [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of derivatives based on significant unobservable inputs beginning balance | 5 | 0 | 2 |
Realized and unrealized gains (losses): | |||
Realized and unrealized gains (losses) included in earnings | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Realized and unrealized gains (losses) included in regulatory assets and liabilities | 3 | 7 | 0 |
Purchases | 0 | 0 | 0 |
Settlements | (8) | (2) | (2) |
Issuances | 0 | 0 | 0 |
Transfers in(b) | 0 | 0 | 0 |
Transfers out(b) | 0 | 0 | 0 |
Fair value of derivatives based on significant unobservable inputs ending balance | 0 | 5 | 0 |
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) | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Nonrec
Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $ 2 | $ 11 | $ 300 |
Gain (loss) associated with Maine fossil | $ 0 | 21 | (67) |
NEER [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capacity of Spain Solar projects - in megawatts | MW | 99.8 | ||
Maine fossil [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capacity associated with assets previously held for sale (in megawatts) | MW | 796 | ||
Gain (loss) associated with Maine fossil | 21 | (67) | |
After-tax gain (loss) on assets previously held for sale | $ 12 | (43) | |
Fair Value, Measurements, Nonrecurring [Member] | NEER [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of property, plant, and equipment prior to impairment charge | 800 | ||
Property, plant, and equipment, fair value disclosure | 500 | ||
Impairment charges | 300 | ||
Impairment charges, after-tax | $ 342 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Instruments Recorded at Carrying Amount) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Storm Fund Assets | $ 74 | $ 75 |
Decommissioning Fund Investments, Fair Value | 5,064 | 5,091 |
Available for sale debt securities amortized cost | 1,823 | 1,906 |
Available-for-sale equity securities, amortized cost | $ 1,505 | 1,366 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 10,020 | 9,388 |
Special Use Funds Storm Fund Assets | 74 | 75 |
Decommissioning Fund Investments, Fair Value | 3,430 | 3,449 |
Available for sale debt securities amortized cost | 1,409 | 1,519 |
Available-for-sale equity securities, amortized cost | $ 732 | 664 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Special Use Funds Storm Fund Weighted Average Maturity | 3 years | |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 675 | 567 |
Other Investments Primarily Notes Receivable Fair Value Disclosure | 512 | 525 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 28,897 | 27,552 |
Reported Value Measurement [Member] | FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 528 | 395 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 10,020 | 9,388 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 675 | 567 |
Other Investments Primarily Notes Receivable Fair Value Disclosure | 722 | 679 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 30,412 | 30,013 |
Estimate of Fair Value Measurement [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 | 18,031 | 19,973 |
Estimate of Fair Value Measurement [Member] | FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 528 | 395 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 11,028 | $ 11,020 |
liabilities associated with assets held-for-sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 938 |
Fair Value Measurements (Availa
Fair Value Measurements (Available for Sale Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||
Realized gains | $ 194 | $ 211 | $ 246 |
Realized losses | 87 | 115 | 88 |
Proceeds from sale and maturity of Available-for-sale Securities | 4,643 | 4,092 | 4,190 |
FPL [Member] | |||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||
Realized gains | 70 | 120 | 182 |
Realized losses | 43 | 94 | 59 |
Proceeds from sale and maturity of Available-for-sale Securities | 3,724 | 3,349 | $ 3,342 |
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | |||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||
Unrealized gains | 1,166 | 1,267 | |
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | FPL [Member] | |||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||
Unrealized gains | 863 | 896 | |
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||
Unrealized gains | 17 | 66 | |
Unrealized losses | 51 | 7 | |
Fair Value | 1,129 | 542 | |
Available for sale securities: Special Use Funds - Debt Securities [Member] | FPL [Member] | |||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||
Unrealized gains | 14 | 54 | |
Unrealized losses | 45 | 5 | |
Fair Value | $ 861 | $ 434 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal: | |||
Current | $ 10 | $ 0 | $ (145) |
Deferred | 1,194 | 1,077 | 853 |
Total federal | 1,204 | 1,077 | 708 |
State: | |||
Current | 31 | (29) | 69 |
Deferred | (7) | 128 | 0 |
Total state | 24 | 99 | 69 |
Total income taxes | 1,228 | 1,176 | 777 |
FPL [Member] | |||
Federal: | |||
Current | 423 | 240 | 174 |
Deferred | 399 | 542 | 540 |
Total federal | 822 | 782 | 714 |
State: | |||
Current | 58 | 68 | 44 |
Deferred | 77 | 60 | 77 |
Total state | 135 | 128 | 121 |
Total income taxes | $ 957 | $ 910 | $ 835 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State income taxes - net of federal income tax benefit (in hundredths) | 0.40% | 1.80% | 1.80% |
PTCs and ITCs - NEER (in hundredths) | (4.10%) | (5.10%) | (8.50%) |
Convertible ITCs - NEER (in hundredths) | (0.80%) | (1.40%) | (2.50%) |
Valuation allowance associated with Spain solar projects (in hundredths) | 0.00% | 0.70% | 5.20% |
Charges associated with Canadian assets (in hundredths) | 0.00% | 1.30% | 0.00% |
Other - net (in hundredths) | 0.30% | 0.00% | 0.70% |
Effective income tax rate (in hundredths) | 30.80% | 32.30% | 31.70% |
FPL [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State income taxes - net of federal income tax benefit (in hundredths) | 3.40% | 3.40% | 3.60% |
PTCs and ITCs - NEER (in hundredths) | 0.00% | 0.00% | 0.00% |
Convertible ITCs - NEER (in hundredths) | 0.00% | 0.00% | 0.00% |
Valuation allowance associated with Spain solar projects (in hundredths) | 0.00% | 0.00% | 0.00% |
Charges associated with Canadian assets (in hundredths) | 0.00% | 0.00% | 0.00% |
Other - net (in hundredths) | (1.70%) | (0.90%) | (0.40%) |
Effective income tax rate (in hundredths) | 36.70% | 37.50% | 38.20% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities: | ||
Property-related | $ 12,204 | $ 11,700 |
Pension | 455 | 489 |
Nuclear decommissioning trusts | 219 | 258 |
Net unrealized gains on derivatives | 528 | 390 |
Investments in partnerships and joint ventures | 403 | 291 |
Other | 1,196 | 769 |
Total deferred tax liabilities | 15,005 | 13,897 |
Deferred tax assets and valuation allowance: | ||
Decommissioning reserves | 438 | 427 |
Postretirement benefits | 141 | 154 |
Net operating loss carryforwards | 604 | 1,070 |
Tax credit carryforwards | 2,916 | 2,742 |
ARO and accrued asset removal costs | 759 | 737 |
Other | 836 | 820 |
Valuation allowance(a) | (223) | (323) |
Net deferred tax assets | 5,471 | 5,627 |
Net deferred income taxes | 9,534 | 8,270 |
Deferred tax assets and liabilities included in the consolidated balance sheets [Abstract] | ||
Deferred income taxes - current assets | 0 | 739 |
Noncurrent other assets | 293 | 264 |
Other current liabilities | 0 | (12) |
Deferred income taxes - noncurrent liabilities | (9,827) | (9,261) |
Net deferred income taxes | (9,534) | (8,270) |
FPL [Member] | ||
Deferred tax liabilities: | ||
Property-related | 8,040 | 7,457 |
Pension | 480 | 459 |
Nuclear decommissioning trusts | 0 | 0 |
Net unrealized gains on derivatives | 0 | 0 |
Investments in partnerships and joint ventures | 0 | 0 |
Other | 695 | 435 |
Total deferred tax liabilities | 9,215 | 8,351 |
Deferred tax assets and valuation allowance: | ||
Decommissioning reserves | 386 | 374 |
Postretirement benefits | 95 | 99 |
Net operating loss carryforwards | 4 | 0 |
Tax credit carryforwards | 0 | 0 |
ARO and accrued asset removal costs | 697 | 686 |
Other | 303 | 318 |
Valuation allowance(a) | 0 | 0 |
Net deferred tax assets | 1,485 | 1,477 |
Net deferred income taxes | 7,730 | 6,874 |
Deferred tax assets and liabilities included in the consolidated balance sheets [Abstract] | ||
Deferred income taxes - current assets | 0 | 0 |
Noncurrent other assets | 0 | 0 |
Other current liabilities | 0 | (39) |
Deferred income taxes - noncurrent liabilities | (7,730) | (6,835) |
Net deferred income taxes | $ (7,730) | $ (6,874) |
Income Taxes - Tax Carryforward
Income Taxes - Tax Carryforwards and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 604 | $ 1,070 |
Tax credit carryforwards | 2,916 | 2,742 |
Federal [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | 361 | |
Tax credit carryforwards | 2,585 | |
State [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | 153 | |
Tax credit carryforwards | 331 | |
Tax credit carryforward with indefinite expiration period | 158 | |
Foreign [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | 90 | |
Operating loss carryforwards with indefinite expiration period | 89 | |
FPL [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | 4 | 0 |
Tax credit carryforwards | $ 0 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Maine Hydro [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($)MW | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Capacity associated with discontinued operations (in megawatts) | MW | 351 |
Assumption of debt | $ 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 |
Jointly-Owned Electric Plants69
Jointly-Owned Electric Plants (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
FPL [Member] | Jointly Owned Nuclear Power Plant 1 [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | St. Lucie Unit No. 2 |
Ownership Interest (in hundredths) | 85.00% |
Gross Investment | $ 2,190 |
Accumulated Depreciation | 777 |
Construction Work in Progress | $ 23 |
FPL [Member] | Jointly Owned Nuclear Power Plant 2 [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | St. Johns River Power Park units and coal terminal |
Ownership Interest (in hundredths) | 20.00% |
Gross Investment | $ 398 |
Accumulated Depreciation | 207 |
Construction Work in Progress | $ 2 |
FPL [Member] | Jointly Owned Nuclear Power Plant 3 [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | Scherer Unit No. 4 |
Ownership Interest (in hundredths) | 76.00% |
Gross Investment | $ 1,130 |
Accumulated Depreciation | 378 |
Construction Work in Progress | $ 0 |
NEER [Member] | Jointly Owned Electricity Generation Plant 1 [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | Duane Arnold |
Ownership Interest (in hundredths) | 70.00% |
Gross Investment | $ 435 |
Accumulated Depreciation | 126 |
Construction Work in Progress | $ 24 |
NEER [Member] | Jointly Owned Electricity Generation Plant 2 [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | Seabrook |
Ownership Interest (in hundredths) | 88.23% |
Gross Investment | $ 1,111 |
Accumulated Depreciation | 239 |
Construction Work in Progress | $ 67 |
NEER [Member] | Jointly Owned Electricity Generation Plant 3 [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | Wyman Station Unit No. 4 |
Ownership Interest (in hundredths) | 84.35% |
Gross Investment | $ 74 |
Accumulated Depreciation | 51 |
Construction Work in Progress | $ 0 |
Corporate and Other [Member] | Jointly Owned Electricity Transmission and Distribution System [Member] | |
Proportionate ownership interest In jointly-owned facilities [Abstract] | |
Facility Name | Transmission substation assets located in Seabrook, New Hampshire |
Ownership Interest (in hundredths) | 88.23% |
Gross Investment | $ 73 |
Accumulated Depreciation | 19 |
Construction Work in Progress | $ 3 |
Texas Pipeline Business Acqui70
Texas Pipeline Business Acquisition (Details) - USD ($) $ in Millions | Oct. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Acquisitions related costs | $ 26 | $ 0 | $ 0 | |
NET Holdings Management, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Debt assumed | $ 706 | |||
Subsidiary of NextEra Energy Partners [Member] | NET Holdings Management, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Membership interests acquired | 100.00% | |||
Noncontrolling interest ownership percentage | 10.00% | |||
Aggregate purchase price | $ 2,100 | |||
Cash consideration | 934 | |||
Debt assumed | 706 | |||
Working capital adjustments | 2 | |||
Additional capital expenditures | $ 100 | |||
Period goodwill is expected to be deductible (in years) | 15 years | |||
Acquisition holdbacks | $ 186 | |||
NextEra Energy Partners [Member] | NET Holdings Management, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisitions related costs | $ 13 | |||
Indemnity Holdback [Member] | Subsidiary of NextEra Energy Partners [Member] | NET Holdings Management, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration liability | 200 | |||
Decrease in contingent consideration liability | 10 | |||
Holdback Payable [Member] | Subsidiary of NextEra Energy Partners [Member] | NET Holdings Management, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Contingent consideration liability | $ 200 |
Texas Pipeline Business Acqui71
Texas Pipeline Business Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Oct. 01, 2015 | Dec. 31, 2014 |
Assets | |||
Noncurrent other assets (goodwill, see Note 1 - Goodwill and Other Intangible Assets) | $ 778 | $ 147 | |
NET Holdings Management, LLC [Member] | |||
Assets | |||
Property, plant and equipment | $ 806 | ||
Cash | 1 | ||
Other receivables and current other assets | 21 | ||
Noncurrent other assets (other intangible assets, see Note 1 - Goodwill and Other Intangible Assets) | 720 | ||
Noncurrent other assets (goodwill, see Note 1 - Goodwill and Other Intangible Assets) | 622 | ||
Total assets | 2,170 | ||
Liabilities | |||
Long-term debt, including current portion | 706 | ||
Accounts payable and current other liabilities | 46 | ||
Noncurrent other liabilities, primarily acquisition holdbacks | 415 | ||
Total liabilities | 1,167 | ||
Less noncontrolling interest at fair value | 69 | ||
Total cash consideration | $ 934 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)entitiesMW | Dec. 31, 2014USD ($)entities | Dec. 31, 2007USD ($) | |
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | 24 | ||
Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | $ 602 | $ 716 | |
FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Storm-recovery bonds aggregate principal amount issued | $ 652 | ||
Proceeds from issuance of storm-recovery bonds | $ 644 | ||
Carrying amount of assets, consolidated variable interest entity | 230 | 279 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 278 | 338 | |
FPL [Member] | Qualifying facility 2 [Member] | |||
Variable Interest Entity [Line Items] | |||
Coal fired generating facility capacity (in megawatts) | MW | 330 | ||
FPL [Member] | Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | $ 476 | 606 | |
NEER [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | entities | 23 | ||
NEER [Member] | Gas and or Oil Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | entities | 1 | ||
NEER [Member] | Gas and/or oil variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | $ 84 | 85 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 47 | $ 55 | |
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 110 | ||
NEER [Member] | Wind variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | entities | 20 | 16 | |
Carrying amount of assets, consolidated variable interest entity | $ 7,600 | $ 6,600 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 5,000 | $ 4,100 | |
Wind electric generating facility capability (in megawatts) | MW | 5,272 | ||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | $ 657 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 626 | ||
Ownership percentage (in hundredths) | 50.00% | ||
Wind electric generating facility capability (in megawatts) | MW | 277 | ||
Wind Electric Generating Facility Capability, Capacity Placed in Service | MW | 153 |
Investments in Partnerships a73
Investments in Partnerships and Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2004 | Dec. 31, 2013 | |
Equity method investment, financial statement, reported amounts [Abstract] | ||||
Ownership interest in partnerships and joint ventures | $ 1,063 | $ 663 | ||
NextEra Energy Resources' ownership interest, low range (in hundredths) | 29.00% | |||
NextEra Energy Resources' ownership interest, high range (in hundredths) | 50.00% | |||
Equity method investment, summarized financial information [Abstract] | ||||
Net income | $ 213 | 171 | ||
Total assets | 3,339 | 2,636 | ||
Total liabilities | 1,307 | 1,645 | ||
Partners'/members' equity | 2,032 | 991 | ||
NEER's investment carrying amount for the principal entities | 1,063 | 663 | $ 422 | |
Preferred trust securities [Abstract] | ||||
Proceeds from sale of preferred trust securities to the public | $ 300 | |||
Proceeds from sale of common trust securities to NextEra Energy | $ 9 | |||
Ownership interest in trust (in hundredths) | 100.00% | |||
Interest rate of junior subordinated debentures (in hundredths) | 5.875% | |||
NEER [Member] | ||||
Equity method investment, summarized financial information [Abstract] | ||||
NEER's share of underlying equity in the principal entities | 874 | 495 | ||
Difference between investment carrying amount and underlying equity in net assets | (3) | (4) | ||
NEER's investment carrying amount for the principal entities | $ 871 | $ 491 |
Common Shareholders' Equity (Ea
Common Shareholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | |||
Income (loss) from continuing operations attributable to parent | $ 2,752 | $ 2,465 | $ 1,677 |
Denominator: | |||
Weighted-average number of common shares outstanding - basic (in shares) | 450.5 | 434.4 | 424.2 |
Equity units, performance share awards, options, forward sale agreements and restricted stock (in shares) | 3.5 | 5.7 | 2.8 |
Weighted-average number of common shares outstanding - assuming dilution (in shares) | 454 | 440.1 | 427 |
Earnings per share attributable to NEE from continuing operations: | |||
Basic EPS (in dollars per share) | $ 6.11 | $ 5.67 | $ 3.95 |
Diluted EPS (in dollars per share) | $ 6.06 | $ 5.60 | $ 3.93 |
Antidilutive securities (in shares) | 3.5 | 2.6 | 7.1 |
Common Shareholders' Equity (Is
Common Shareholders' Equity (Issuance of Common Stock and Forward Sale Agreement) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | |
Nov. 30, 2013 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||
Stock sold during the period | 4.5 | |
Share Price (in dollars per share) | $ 88.03 | |
Forward Counterparty [Member] | ||
Class of Stock [Line Items] | ||
Stock sold during the period | 6.6 | |
Shares delivered | 6.6 | |
Proceeds from Equity | $ 552 |
Common Shareholders' Equity (ES
Common Shareholders' Equity (ESOP) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Ownership Plan [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $ 63 | $ 59 | $ 46 |
ESOP-related unearned compensation at original issue price | 1 | ||
ESOP-related unearned compensation at closing price as of end of period | $ 11 |
Common Shareholders' Equity (St
Common Shareholders' Equity (Stock-Based Compensation) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation | |||
Stock based compensation costs | $ 60 | $ 60 | $ 67 |
Tax benefits related to stock-based compensation arrangements | 23 | $ 23 | $ 26 |
Unrecognized stock based compensation costs | $ 70 | ||
Unrecognized stock based compensation costs weighted-average period of recognition (in years) | 1 year 9 months | ||
Common stock authorized for awards (in shares) | 17 |
Common Shareholders' Equity (Re
Common Shareholders' Equity (Restricted Stock, Performance Share Awards and Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Activity [Roll Forward] | |||
Nonvested balance at beginning of year (in shares) | 579,497 | ||
Granted (in shares) | 303,150 | ||
Vested (in shares) | (274,620) | ||
Forfeited (in shares) | (44,367) | ||
Nonvested balance at end of year (in shares) | 563,660 | 579,497 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested balance at beginning of year, weighted-average grant date fair value (in dollars per share) | $ 75.65 | ||
Granted, weighted-average grant date fair value (in dollars per share) | 103.58 | $ 93.46 | $ 74.02 |
Vested, weighted-average grant date fair value (in dollars per share) | 73.92 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | 99.99 | ||
Nonvested balance at end of year, weighted-average grant date fair value (in dollars per share) | $ 89.60 | $ 75.65 | |
Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Activity [Roll Forward] | |||
Nonvested balance at beginning of year (in shares) | 996,227 | ||
Granted (in shares) | 567,437 | ||
Vested (in shares) | (609,321) | ||
Forfeited (in shares) | (39,144) | ||
Nonvested balance at end of year (in shares) | 915,199 | 996,227 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested balance at beginning of year, weighted-average grant date fair value (in dollars per share) | $ 67.19 | ||
Granted, weighted-average grant date fair value (in dollars per share) | 77.12 | $ 71.52 | $ 58.53 |
Vested, weighted-average grant date fair value (in dollars per share) | 53.55 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | 79.36 | ||
Nonvested balance at end of year, weighted-average grant date fair value (in dollars per share) | $ 81.90 | $ 67.19 | |
Restricted Stock and Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Total fair value of awards vested | $ 108 | $ 85 | $ 82 |
Common Shareholders' Equity (As
Common Shareholders' Equity (Assumptions and Options) (Details) - Options [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Maximum term (in years) | 10 years | ||
Assumptions used to estimate the fair value of options using the Black-Scholes option pricing model [Abstract] | |||
Expected volatility (in hundredths) | 18.91% | 20.32% | |
Expected volatility, low range (in hundredths) | 20.08% | ||
Expected volatility, high range (in hundredths) | 20.15% | ||
Expected dividends (in hundredths) | 3.11% | 3.11% | |
Expected dividends, low range (in hundredths) | 3.28% | ||
Expected dividends, high range (in hundredths) | 3.64% | ||
Expected term (years) | 7 years | 7 years | 7 years |
Risk-free rate (in hundredths) | 1.84% | 2.17% | |
Risk-free rate, low range (in hundredths) | 1.15% | ||
Risk-free rate, high range (in hundredths) | 1.40% | ||
Option activity [Roll Forward] | |||
Shares underlying options - Balance at beginning of year (in shares) | 2,825,035 | ||
Shares underlying options - Granted (in shares) | 229,158 | ||
Shares underlying options - Exercised (in shares) | (187,692) | ||
Shares underlying options - Forfeited (in shares) | 0 | ||
Shares underlying options - Expired (in shares) | 0 | ||
Shares underlying options - Balance at end of year (in shares) | 2,866,501 | 2,825,035 | |
Shares underlying options - Exercisable (in shares) | 2,415,194 | ||
Additional disclosures pertaining to options [Abstract] | |||
Balance at beginning of year, weighted average exercise price (in dollars per share) | $ 59.04 | ||
Granted, weighted average exercise price (in dollars per share) | 103.62 | ||
Exercised, weighted average exercise price (in dollars per share) | 47.03 | ||
Forfeited, weighted average exercise price (in dollars per share) | 0 | ||
Expired, weighted average exercise price (in dollars per share) | 0 | ||
Balance at end of year, weighted average exercise price (in dollars per share) | 63.39 | $ 59.04 | |
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ 57.62 | ||
Balance at end of year, weighted average remaining contractual term (years) | 5 years 4 months | ||
Balance at end of year, aggregate intrinsic value | $ 116 | ||
Exercisable at end of year, weighted average remaining contractual term (years) | 4 years 8 months | ||
Exercisable at end of year, aggregate intrinsic value | $ 112 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 13.62 | $ 14.09 | $ 9.20 |
Total intrinsic value of stock options exercised | $ 11 | $ 30 | $ 14 |
Cash received from option exercises | 9 | 26 | 14 |
Tax benefit realized from options exercised | $ 4 | $ 11 | $ 5 |
Common Shareholders' Equity (Ad
Common Shareholders' Equity (Additional Disclosures Regarding Common and Preferred Stock) (Details) | Dec. 31, 2015$ / sharesshares |
NextEra Energy [Member] | Serial Preferred Stock [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 100,000,000 |
Par value (in dollars per share) | $ / shares | $ 0.01 |
Outstanding (in shares) | 0 |
Preferred Stock, $100 Par Value [Member] | FPL [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 10,414,100 |
Par value (in dollars per share) | $ / shares | $ 100 |
Outstanding (in shares) | 0 |
Preferred Stock, No Par Value [Member] | FPL [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 5,000,000 |
Par value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | 0 |
Preferred Stock, No Par Value [Member] | FPL [Member] | Subordinated Preferred Stock [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 5,000,000 |
Par value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | 0 |
Common Shareholders' Equity (Ac
Common Shareholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | $ (40) | $ 56 | $ (255) |
Other comprehensive income (loss) before reclassifications | (164) | (156) | 259 |
Amounts reclassified from AOCI | 26 | 58 | 52 |
Total other comprehensive income (loss), net of tax | (138) | (98) | 311 |
Less other comprehensive loss attributable to noncontrolling interests | (11) | (2) | |
Accumulated other comprehensive loss, ending | (167) | (40) | 56 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | (156) | (115) | (266) |
Other comprehensive income (loss) before reclassifications | (88) | (141) | 84 |
Amounts reclassified from AOCI | 63 | 98 | 67 |
Total other comprehensive income (loss), net of tax | (25) | (43) | 151 |
Less other comprehensive loss attributable to noncontrolling interests | (11) | (2) | |
Accumulated other comprehensive loss, ending | (170) | (156) | (115) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | 218 | 197 | 96 |
Other comprehensive income (loss) before reclassifications | (7) | 62 | 118 |
Amounts reclassified from AOCI | (37) | (41) | (17) |
Total other comprehensive income (loss), net of tax | (44) | 21 | 101 |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |
Accumulated other comprehensive loss, ending | 174 | 218 | 197 |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | (20) | 23 | (74) |
Other comprehensive income (loss) before reclassifications | (42) | (44) | 95 |
Amounts reclassified from AOCI | 0 | 1 | 2 |
Total other comprehensive income (loss), net of tax | (42) | (43) | 97 |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |
Accumulated other comprehensive loss, ending | (62) | (20) | 23 |
Accumulated Translation Adjustment [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | (58) | (33) | 12 |
Other comprehensive income (loss) before reclassifications | (27) | (25) | (45) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | (27) | (25) | (45) |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |
Accumulated other comprehensive loss, ending | (85) | (58) | (33) |
Accumulated Income (Loss) Related to Equity Method Investee [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | (24) | ||
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |
Accumulated other comprehensive loss, ending | (24) | (24) | |
Other ComprehesiveIncomeEquityMethod [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive loss, beginning | (16) | (23) | |
Other comprehensive income (loss) before reclassifications | 0 | (8) | 7 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | $ 0 | $ (8) | 7 |
Accumulated other comprehensive loss, ending | $ (16) |
Debt (Schedule of Debt Instrume
Debt (Schedule of Debt Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Less current maturities of long-term debt | $ 2,220 | $ 3,515 |
Long-term debt, excluding current maturities | 26,681 | 24,044 |
liabilities associated with assets held-for-sale [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 938 | |
FPL [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs and discount | (114) | (121) |
Total long-term debt | 10,020 | 9,388 |
Less current maturities of long-term debt | 64 | 60 |
Long-term debt, excluding current maturities | $ 9,956 | $ 9,328 |
FPL [Member] | First mortgage bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.77% | 4.95% |
Long-term debt, gross | $ 8,690 | $ 8,490 |
FPL [Member] | Storm-recovery bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.26% | 5.24% |
Long-term debt, gross | $ 273 | $ 331 |
FPL [Member] | Pollution control, solid waste disposal and industrial development revenue bonds - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 0.04% | 0.05% |
Long-term debt, gross | $ 718 | $ 633 |
FPL [Member] | Other long-term debt - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.11% | |
Long-term debt, gross | $ 400 | $ 0 |
FPL [Member] | Other long-term debt - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.06% | 4.96% |
Long-term debt, gross | $ 53 | $ 55 |
Capital Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Fair value hedge adjustment | 24 | 20 |
Unamortized debt issuance costs and discount | (94) | (112) |
Total long-term debt | 10,567 | 10,431 |
Less current maturities of long-term debt | 667 | 1,787 |
Long-term debt, excluding current maturities | $ 9,900 | $ 8,644 |
Capital Holdings [Member] | Other long-term debt - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.81% | 2.44% |
Long-term debt, gross | $ 1,513 | $ 716 |
Capital Holdings [Member] | Other long-term debt - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.74% | 2.70% |
Long-term debt, gross | $ 810 | $ 510 |
Capital Holdings [Member] | Debentures - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 3.15% | 3.87% |
Long-term debt, gross | $ 3,100 | $ 3,125 |
Capital Holdings [Member] | Debentures, related to NEE's equity units - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.98% | 1.54% |
Long-term debt, gross | $ 1,200 | $ 2,152 |
Capital Holdings [Member] | Junior subordinated debentures - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.84% | 5.84% |
Long-term debt, gross | $ 2,978 | $ 2,978 |
Capital Holdings [Member] | Senior secured bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 7.50% | 7.50% |
Long-term debt, gross | $ 497 | $ 500 |
Capital Holdings [Member] | Japanese yen denominated senior notes - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.13% | 5.13% |
Long-term debt, gross | $ 83 | $ 83 |
Capital Holdings [Member] | Japanese yen denominated term loans - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.83% | 1.83% |
Long-term debt, gross | $ 456 | $ 459 |
NEER [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs and discount | (131) | (135) |
Total long-term debt | 8,314 | 7,740 |
Less current maturities of long-term debt | 1,489 | 1,668 |
Long-term debt, excluding current maturities | $ 6,825 | $ 6,072 |
NEER [Member] | Senior secured limited-recourse bonds and notes - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.88% | 6.02% |
Long-term debt, gross | $ 2,203 | $ 2,273 |
NEER [Member] | Senior secured limited-recourse term loans - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.51% | 3.12% |
Long-term debt, gross | $ 3,969 | $ 4,242 |
NEER [Member] | Senior secured limited-recourse term loans - primarily variable [Member] | Great of Underlying Index or Floor, Plus a Margin [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 983 | |
NEER [Member] | Other long-term debt - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.80% | 3.71% |
Long-term debt, gross | $ 2,118 | $ 656 |
NEER [Member] | Canadian revolving credit facilities - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.56% | 2.33% |
Long-term debt, gross | $ 155 | $ 704 |
Debt (Minimum Annual Maturities
Debt (Minimum Annual Maturities) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Minimum annual maturities of long-term debt [Abstract] | |
2,016 | $ 2,220 |
2,017 | 2,882 |
2,018 | 2,819 |
2,019 | 2,044 |
2,020 | 1,578 |
FPL [Member] | |
Minimum annual maturities of long-term debt [Abstract] | |
2,016 | 64 |
2,017 | 367 |
2,018 | 472 |
2,019 | 76 |
2,020 | $ 10 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Jun. 01, 2015 | Sep. 30, 2015 | Nov. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Aug. 31, 2015 | May. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2013 |
Debt Instrument [Line Items] | |||||||||||
Weighted-average interest rate of commercial paper and short-tem borrowings (in hundredths) | 2.10% | 0.40% | |||||||||
Available lines of credit | $ 7,900,000,000 | ||||||||||
Issuances of common stock, net of issuance cost (in shares) | 4,500,000 | ||||||||||
FPL [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted-average interest rate of commercial paper and short-tem borrowings (in hundredths) | 0.83% | 0.40% | |||||||||
Available lines of credit | $ 3,000,000,000 | ||||||||||
Letters of Credit Outstanding, Amount | 6,000,000 | ||||||||||
Capital Holdings [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available lines of credit | 4,900,000,000 | ||||||||||
Letters of Credit Outstanding, Amount | 410,000,000 | ||||||||||
Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000,000 | ||||||||||
Letter of Credit [Member] | FPL [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,100,000,000 | ||||||||||
Letter of Credit [Member] | Capital Holdings [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,900,000,000 | ||||||||||
NEE Equity Units 2010 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debentures remarketed | $ 402,400,000 | ||||||||||
Debt Instrument, Face Amount | $ 402,500,000 | ||||||||||
Rate of interest on debentures after remarketing | 1.339% | ||||||||||
Issuances of common stock, net of issuance cost (in shares) | 5,946,530 | ||||||||||
Issuances of common stock | $ 402,500,000 | ||||||||||
NEE Equity Units 2013 [Member] | |||||||||||
Sale of equity units [Abstract] | |||||||||||
Amount of equity units sold | $ 500,000,000 | $ 500,000,000 | |||||||||
Stated amount of each equity unit (in dollars per share) | $ 50 | $ 50 | |||||||||
Undivided beneficial ownership interest per debenture (in hundredths) | 5.00% | 5.00% | |||||||||
Principal amount of each debenture | $ 1,000 | $ 1,000 | |||||||||
Price per share of stock purchase contract - low range (in dollars per share) | $ 82.70 | $ 82.70 | |||||||||
Price per share of stock purchase contract - high range (in dollars per share) | $ 99.24 | $ 99.24 | |||||||||
Number Of Shares Subject To Antidilution Adjustments If Purchased On Final Settlement Date At Less Than Or Equal To Low Range Threshold | 0.6088 | 0.6088 | |||||||||
Number of shares (subject to antidilution adjustments) if purchased on the final settlement date at equal to or greater than high range threshold (in shares) | 0.5073 | 0.5073 | |||||||||
Trading period (in days) over which the market value is determined by reference to the average closing prices of the common stock | 20 days | ||||||||||
Rate of total annual distributions on equity units (in hundredths) | 5.799% | 5.799% | |||||||||
Interest rate | 1.45% | 1.45% | |||||||||
Rate of payments on stock purchase contracts (in hundredths) | 4.349% | 4.349% | |||||||||
NEE Equity Units 2012 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debentures remarketed | $ 650,000,000 | $ 600,000,000 | |||||||||
Rate of interest on debentures after remarketing | 2.056% | 1.586% | |||||||||
Issuances of common stock, net of issuance cost (in shares) | 7,860,000 | 8,173,099 | |||||||||
Issuances of common stock | $ 600,000,000 | $ 650,000,000 | |||||||||
NEE Equity Units 2015 [Member] | |||||||||||
Sale of equity units [Abstract] | |||||||||||
Amount of equity units sold | $ 700,000,000 | $ 700,000,000 | |||||||||
Stated amount of each equity unit (in dollars per share) | $ 50 | $ 50 | |||||||||
Undivided beneficial ownership interest per debenture (in hundredths) | 5.00% | 5.00% | |||||||||
Principal amount of each debenture | $ 1,000 | $ 1,000 | |||||||||
Price per share of stock purchase contract - low range (in dollars per share) | $ 95.35 | $ 95.35 | |||||||||
Price per share of stock purchase contract - high range (in dollars per share) | $ 114.42 | $ 114.42 | |||||||||
Number Of Shares Subject To Antidilution Adjustments If Purchased On Final Settlement Date At Less Than Or Equal To Low Range Threshold | 0.5244 | 0.5244 | |||||||||
Number of shares (subject to antidilution adjustments) if purchased on the final settlement date at equal to or greater than high range threshold (in shares) | 0.4370 | 0.4370 | |||||||||
Trading period (in days) over which the market value is determined by reference to the average closing prices of the common stock | 20 days | ||||||||||
Rate of total annual distributions on equity units (in hundredths) | 6.371% | 6.371% | |||||||||
Interest rate | 2.36% | 2.36% | |||||||||
Rate of payments on stock purchase contracts (in hundredths) | 4.011% | 4.011% |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | $ 1,986 | $ 1,850 |
Liabilities incurred | 51 | 30 |
Accretion expense | 116 | 108 |
Liabilities settled | (22) | (1) |
Revision in estimated cash flows - net | 338 | (1) |
Ending balance | 2,469 | 1,986 |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | 5,064 | 5,091 |
NEER [Member] | ||
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | 631 | 565 |
Liabilities incurred | 46 | 29 |
Accretion expense | 43 | 38 |
Liabilities settled | (2) | (1) |
Revision in estimated cash flows - net | (71) | 0 |
Ending balance | 647 | 631 |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | 1,634 | 1,642 |
FPL [Member] | ||
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | 1,355 | 1,285 |
Liabilities incurred | 5 | 1 |
Accretion expense | 73 | 70 |
Liabilities settled | (20) | 0 |
Revision in estimated cash flows - net | 409 | (1) |
Ending balance | 1,822 | 1,355 |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | $ 3,430 | $ 3,449 |
Commitments and Contingencies86
Commitments and Contingencies (Estimated Planned Capital Expenditures) (Details) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2019USD ($) | |
Planned Capital Expenditures [Line Items] | ||||
Capital expenditures | $ 3,428 | $ 3,067 | $ 2,691 | |
FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 4,050 | |||
2,017 | 3,385 | |||
2,018 | 3,095 | |||
2,019 | 3,360 | |||
2,020 | 3,280 | |||
Total | 17,170 | |||
Capital expenditures | 3,428 | $ 3,067 | $ 2,691 | |
FPL [Member] | New Generation Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 1,085 | |||
2,017 | 45 | |||
2,018 | 0 | |||
2,019 | 0 | |||
2,020 | 0 | |||
Total | 1,130 | |||
FPL [Member] | Existing Generation Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 620 | |||
2,017 | 960 | |||
2,018 | 680 | |||
2,019 | 520 | |||
2,020 | 550 | |||
Total | 3,330 | |||
FPL [Member] | Transmission and Distribution Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 1,930 | |||
2,017 | 1,990 | |||
2,018 | 1,985 | |||
2,019 | 2,485 | |||
2,020 | 2,335 | |||
Total | 10,725 | |||
FPL [Member] | Nuclear Fuel Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 170 | |||
2,017 | 125 | |||
2,018 | 190 | |||
2,019 | 170 | |||
2,020 | 210 | |||
Total | 865 | |||
FPL [Member] | General and Other Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 245 | |||
2,017 | 265 | |||
2,018 | 240 | |||
2,019 | 185 | |||
2,020 | 185 | |||
Total | 1,120 | |||
FPL [Member] | Generation Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Allowance for funds used during construction (AFUDC) - 2016 | 76 | |||
Allowance for funds used during construction (AFUDC) - 2017 | 14 | |||
Allowance for funds used during construction (AFUDC) - 2018 | 11 | |||
NEER [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 5,095 | |||
2,017 | 1,125 | |||
2,018 | 840 | |||
2,019 | 420 | |||
2,020 | 370 | |||
Total | 7,850 | |||
NEER [Member] | Wind Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 2,040 | |||
2,017 | 75 | |||
2,018 | 30 | |||
2,019 | 25 | |||
2,020 | 25 | |||
Total | $ 2,195 | |||
Planned New Generation To Be Added over 5 Years | MW | 1,365 | |||
NEER [Member] | Solar Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | $ 1,240 | |||
2,017 | 10 | |||
2,018 | 0 | |||
2,019 | 0 | |||
2,020 | 0 | |||
Total | $ 1,250 | |||
Planned New Generation To Be Added over 5 Years | MW | 1,045 | |||
NEER [Member] | Nuclear Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | $ 300 | |||
2,017 | 240 | |||
2,018 | 270 | |||
2,019 | 310 | |||
2,020 | 265 | |||
Total | 1,385 | |||
NEER [Member] | Pipelines [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 1,020 | |||
2,017 | 740 | |||
2,018 | 465 | |||
2,019 | 35 | |||
2,020 | 15 | |||
Total | 2,275 | |||
NEER [Member] | Other Expenditures [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 495 | |||
2,017 | 60 | |||
2,018 | 75 | |||
2,019 | 50 | |||
2,020 | 65 | |||
Total | 745 | |||
Corporate and Other [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
2,016 | 215 | |||
2,017 | 160 | |||
2,018 | 115 | |||
2,019 | 140 | |||
2,020 | 135 | |||
Total | $ 765 | |||
Forecast [Member] | FPL [Member] | Natural gas-fired combined-cycle unit [Member] | Okeechobee County, Florida [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Capital expenditures | $ 1,000 |
Commitments and Contingencies87
Commitments and Contingencies (Required Capacity and/or Minimum Payments Under Contracts) (Details) $ in Millions | May. 01, 2017MMBTU | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
FPL [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments | $ 434 | $ 485 | $ 487 | |
Energy payments | 262 | $ 299 | $ 263 | |
FPL [Member] | Capacity Charges [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments and/or minimum payments - 2016 | 185 | |||
Capacity payments and/or minimum payments - 2017 | 170 | |||
Capacity payments and/or minimum payments - 2018 | 140 | |||
Capacity payments and/or minimum payments - 2019 | 120 | |||
Capacity payments and/or minimum payments - 2020 | 110 | |||
Capacity payments and/or minimum payments - Thereafter | $ 690 | |||
FPL [Member] | Take-or-Pay Purchased Power Contract [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Minimum purchase commitments (in megawatts) | MW | 375 | |||
FPL [Member] | Pay-for-Performance Contracts [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Minimum purchase commitments (in megawatts) | MW | 444 | |||
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Forecast [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Time period under contracts | 25 years | |||
Long Term Purchase Commitment, Initial Volume Required | MMBTU | 400,000 | |||
Long Term Purchase Commitment, Increased Volume Required | MMBTU | 600,000 | |||
FPL [Member] | Natural Gas Including Transportation and Storage Contract Minimum Payments [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments and/or minimum payments - 2016 | $ 1,020 | |||
Capacity payments and/or minimum payments - 2017 | 930 | |||
Capacity payments and/or minimum payments - 2018 | 870 | |||
Capacity payments and/or minimum payments - 2019 | 865 | |||
Capacity payments and/or minimum payments - 2020 | 920 | |||
Capacity payments and/or minimum payments - Thereafter | 13,050 | |||
FPL [Member] | Natural Gas Including Transportation and Storage Contract Minimum Payments [Member] | Sabal Trail and Florida Southeast Connection [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments and/or minimum payments - 2017 | 200 | |||
Capacity payments and/or minimum payments - 2018 | 295 | |||
Capacity payments and/or minimum payments - 2019 | 290 | |||
Capacity payments and/or minimum payments - 2020 | 360 | |||
Capacity payments and/or minimum payments - Thereafter | 7,885 | |||
FPL [Member] | Coal Including Transportation Contract Minimum Payments [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments and/or minimum payments - 2016 | 65 | |||
Capacity payments and/or minimum payments - 2017 | 40 | |||
Capacity payments and/or minimum payments - 2018 | 0 | |||
Capacity payments and/or minimum payments - 2019 | 0 | |||
Capacity payments and/or minimum payments - 2020 | 0 | |||
Capacity payments and/or minimum payments - Thereafter | 0 | |||
NEER [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments and/or minimum payments - 2016 | 3,670 | |||
Capacity payments and/or minimum payments - 2017 | 735 | |||
Capacity payments and/or minimum payments - 2018 | 625 | |||
Capacity payments and/or minimum payments - 2019 | 135 | |||
Capacity payments and/or minimum payments - 2020 | 85 | |||
Capacity payments and/or minimum payments - Thereafter | 535 | |||
NEER [Member] | Contract Group 1 [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Commitment amount included in capital expenditures | $ 5,200 | |||
NEER [Member] | Sabal Trail Transmission, LLC [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Ownership interest | 33.00% | |||
Corporate and Other [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Capacity payments and/or minimum payments - 2016 | $ 60 | |||
Capacity payments and/or minimum payments - 2017 | 5 | |||
Capacity payments and/or minimum payments - 2018 | 5 | |||
Capacity payments and/or minimum payments - 2019 | 0 | |||
Capacity payments and/or minimum payments - 2020 | 5 | |||
Capacity payments and/or minimum payments - Thereafter | 0 | |||
Commitment to invest | 35 | |||
Joint obligations | $ 1,115 |
Commitments and Contingencies88
Commitments and Contingencies (Insurance) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $ 375 |
Amount of secondary financial protection liability insurance coverage per incident | 13,100 |
Potential Retrospective Assessments Under Secondary Financial Protection System | 1,000 |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 152 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750 |
Amount Of Sublimit For Non Nuclear Perils Per Occurrence Per Site Under Nuclear Insurance Mutual Companies For Property Damage Decontamination And Premature Decommissioning Risks | 1,500 |
Potential Retrospective Assessment, Limited Insurance Coverage Per Occurrence Per Site, Nuclear Insurance Mutual Companies, Property Damage Decontamination And Premature Decommissioning Risks | 187 |
Seabrook Station Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 15 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 3 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 38 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 5 |
St Lucie Unit No 2 Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 19 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 4 |
FPL [Member] | |
Insurance [Abstract] | |
Potential Retrospective Assessments Under Secondary Financial Protection System | 509 |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 76 |
Potential Retrospective Assessment, Limited Insurance Coverage Per Occurrence Per Site, Nuclear Insurance Mutual Companies, Property Damage Decontamination And Premature Decommissioning Risks | $ 112 |
Commitments and Contingencies89
Commitments and Contingencies (Spain Solar Projects) (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015EUR (€) | |
NEER [Member] | |||
Loss Contingencies [Line Items] | |||
Amount of debt outstanding under financing agreements related to Spain solar projects | $ 559 | ||
Amount of noncurrent derivative liability classified as current derivative liability due to event of default. | 101 | ||
Capital Holdings [Member] | |||
Loss Contingencies [Line Items] | |||
Letters of Credit Outstanding, Amount | 410 | ||
Standby Letters of Credit [Member] | Capital Holdings [Member] | |||
Loss Contingencies [Line Items] | |||
Letters of Credit Outstanding, Amount | 15 | € 14 | |
Line of Credit Facility, Maximum Borrowing Capacity | 40 | € 37 | |
Spain Solar Revenue Adjustment [Domain] | NEER [Member] | |||
Loss Contingencies [Line Items] | |||
Revenues | $ 17 | $ (19) |
Commitments and Contingencies90
Commitments and Contingencies (Legal Proceedings) (Details) - USD ($) | 24 Months Ended | |
Dec. 31, 1996 | Jan. 29, 1999 | |
Legal Proceedings [Abstract] | ||
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 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | ||
Percentage of operating revenues derived from the sale of electricity (in hundredths) | 92.00% | 91.00% | 92.00% |
Maximum percentage of operating revenues from foreign sources (in hundredths) | 2.00% | 2.00% | 1.00% |
Maximum percentage of long-lived assets located in foreign countries (in hundredths) | 3.00% | 4.00% | |
Impairment charges | $ 2 | $ 11 | $ 300 |
NEER [Member] | |||
Segment Reporting Information [Line Items] | |||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | ||
NEER [Member] | |||
Segment Reporting Information [Line Items] | |||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | ||
NEER [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Segment Reporting Information [Line Items] | |||
Impairment charges | 300 | ||
Impairment charges, after-tax | 342 | ||
Adjustments for New Accounting Pronouncement [Member] | |||
Segment Reporting Information [Line Items] | |||
Reclassification of debt issuance costs | 324 | 298 | |
Adjustments for New Accounting Pronouncement [Member] | FPL [Member] | |||
Segment Reporting Information [Line Items] | |||
Reclassification of debt issuance costs | $ 85 | $ 68 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | $ 4,069 | $ 4,954 | $ 4,358 | $ 4,104 | $ 4,664 | $ 4,654 | $ 4,029 | $ 3,674 | $ 17,486 | $ 17,021 | $ 15,136 | |||
Operating expenses | 12,854 | 12,637 | 11,895 | |||||||||||
Interest expense | 1,211 | 1,261 | 1,121 | |||||||||||
Interest income | 86 | 80 | 78 | |||||||||||
Depreciation and amortization | 2,831 | 2,551 | 2,163 | |||||||||||
Equity in losses (earnings) of equity method investees | 107 | 93 | 25 | |||||||||||
Income tax expense (benefit) | 1,228 | 1,176 | 777 | |||||||||||
Income (loss) from continuing operations | 2,762 | 2,469 | 1,677 | |||||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 231 | |||||||||||
Net income (loss) attributable to parent | 507 | 879 | 716 | 650 | 884 | 660 | 492 | 430 | 2,752 | 2,465 | 1,908 | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 8,377 | 7,017 | 6,682 | |||||||||||
Property, plant and equipment | 80,330 | 73,639 | 80,330 | 73,639 | 69,448 | |||||||||
Accumulated depreciation and amortization | 18,944 | 17,934 | 18,944 | 17,934 | 16,728 | |||||||||
Total assets | 82,479 | 74,605 | 82,479 | 74,605 | 69,007 | |||||||||
Investment in equity method investees | 1,063 | 663 | 1,063 | 663 | 422 | |||||||||
NEER [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 5,444 | 5,196 | 4,333 | |||||||||||
Operating expenses | 3,865 | 3,727 | 3,730 | |||||||||||
Interest expense | 625 | 667 | 528 | |||||||||||
Interest income | 28 | 26 | 19 | |||||||||||
Depreciation and amortization | 1,183 | 1,051 | 949 | |||||||||||
Equity in losses (earnings) of equity method investees | 103 | 95 | 26 | |||||||||||
Income tax expense (benefit) | 289 | 283 | (42) | |||||||||||
Income (loss) from continuing operations | 1,102 | 993 | 340 | |||||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 216 | |||||||||||
Net income (loss) attributable to parent | 1,092 | 989 | 556 | |||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 4,661 | 3,701 | 3,613 | |||||||||||
Property, plant and equipment | 33,340 | 30,178 | 33,340 | 30,178 | 28,081 | |||||||||
Accumulated depreciation and amortization | 6,640 | 6,268 | 6,640 | 6,268 | 5,455 | |||||||||
Total assets | 37,647 | 32,896 | 37,647 | 32,896 | 30,052 | |||||||||
Investment in equity method investees | 983 | 617 | 983 | 617 | 388 | |||||||||
FPL [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating expenses | 8,674 | 8,593 | 7,906 | |||||||||||
Interest expense | 445 | 439 | 415 | |||||||||||
Interest income | 7 | 3 | 6 | |||||||||||
Equity in losses (earnings) of equity method investees | 0 | 0 | 0 | |||||||||||
Income (loss) from continuing operations | 1,648 | 1,517 | 1,349 | |||||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 0 | |||||||||||
Net income (loss) attributable to parent | 1,648 | 1,517 | 1,349 | |||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 3,633 | 3,241 | 2,903 | |||||||||||
Property, plant and equipment | 45,383 | 41,938 | 45,383 | 41,938 | 39,896 | |||||||||
Accumulated depreciation and amortization - FPL | 11,862 | 11,282 | 11,862 | 11,282 | 10,944 | |||||||||
Total assets | 42,523 | 39,222 | 42,523 | 39,222 | 36,420 | |||||||||
Investment in equity method investees | 0 | 0 | 0 | 0 | 0 | |||||||||
Corporate and Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 391 | 404 | 358 | |||||||||||
Operating expenses | 315 | 317 | 259 | |||||||||||
Interest expense | 141 | 155 | 178 | |||||||||||
Interest income | 51 | 51 | 53 | |||||||||||
Depreciation and amortization | 72 | 68 | 55 | |||||||||||
Equity in losses (earnings) of equity method investees | 4 | (2) | (1) | |||||||||||
Income tax expense (benefit) | (18) | (17) | (16) | |||||||||||
Income (loss) from continuing operations | 12 | (41) | (12) | |||||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 15 | |||||||||||
Net income (loss) attributable to parent | 12 | (41) | 3 | |||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 83 | 75 | 166 | |||||||||||
Property, plant and equipment | 1,607 | 1,523 | 1,607 | 1,523 | 1,471 | |||||||||
Accumulated depreciation and amortization | 442 | 384 | 442 | 384 | 329 | |||||||||
Total assets | 2,309 | 2,487 | 2,309 | 2,487 | 2,535 | |||||||||
Investment in equity method investees | 80 | 46 | 80 | 46 | 34 | |||||||||
FPL [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating revenues | 2,839 | 3,274 | 2,996 | 2,541 | 2,682 | 3,315 | 2,889 | 2,535 | 11,651 | 11,421 | 10,445 | |||
Operating expenses | 8,674 | 8,593 | 7,906 | |||||||||||
Interest expense | 445 | 439 | 415 | |||||||||||
Depreciation and amortization | 1,576 | 1,432 | 1,159 | |||||||||||
Income tax expense (benefit) | 957 | 910 | 835 | |||||||||||
Net income (loss) attributable to parent | 365 | $ 489 | $ 435 | $ 359 | 286 | $ 462 | $ 423 | $ 347 | 1,648 | [1] | 1,517 | [1] | $ 1,349 | [1] |
Accumulated depreciation and amortization - FPL | 11,862 | 11,282 | 11,862 | 11,282 | ||||||||||
Total assets | $ 42,523 | $ 39,222 | $ 42,523 | $ 39,222 | ||||||||||
[1] | FPL's comprehensive income is the same as reported net income |
Summarized Financial Informat93
Summarized Financial Information of NEECH - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues | $ 4,069 | $ 4,954 | $ 4,358 | $ 4,104 | $ 4,664 | $ 4,654 | $ 4,029 | $ 3,674 | $ 17,486 | $ 17,021 | $ 15,136 |
Operating expenses | (12,854) | (12,637) | (11,895) | ||||||||
Interest expense | (1,211) | (1,261) | (1,121) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (deductions) - net | 569 | 522 | 334 | ||||||||
Income from continuing operations before income taxes | 3,990 | 3,645 | 2,454 | ||||||||
Income tax expense (benefit) | 1,228 | 1,176 | 777 | ||||||||
Income (loss) from continuing operations | 2,762 | 2,469 | 1,677 | ||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 231 | ||||||||
Net Income (loss) | 510 | 882 | 720 | 650 | 884 | 664 | 492 | 430 | 2,762 | 2,469 | 1,908 |
Net income attributable to noncontrolling interest | 10 | 4 | 0 | ||||||||
Net income (loss) attributable to parent | $ 507 | $ 879 | $ 716 | $ 650 | $ 884 | $ 660 | $ 492 | $ 430 | 2,752 | 2,465 | 1,908 |
NEE (Guarantor) [Member] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating expenses | (17) | (19) | (18) | ||||||||
Interest expense | (4) | (6) | (8) | ||||||||
Equity in earnings of subsidiaries | 2,754 | 2,494 | 1,915 | ||||||||
Other income (deductions) - net | 1 | 1 | 2 | ||||||||
Income from continuing operations before income taxes | 2,734 | 2,470 | 1,891 | ||||||||
Income tax expense (benefit) | (18) | 5 | (2) | ||||||||
Income (loss) from continuing operations | 2,752 | 2,465 | 1,893 | ||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 15 | ||||||||
Net Income (loss) | 2,752 | 2,465 | 1,908 | ||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to parent | 2,752 | 2,465 | 1,908 | ||||||||
NEECH [Member] | |||||||||||
Operating revenues | 5,849 | 5,614 | 4,703 | ||||||||
Operating expenses | (4,142) | (4,039) | (3,983) | ||||||||
Interest expense | (764) | (819) | (705) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Other income (deductions) - net | 498 | 487 | 281 | ||||||||
Income from continuing operations before income taxes | 1,441 | 1,243 | 296 | ||||||||
Income tax expense (benefit) | 299 | 262 | (55) | ||||||||
Income (loss) from continuing operations | 1,142 | 981 | 351 | ||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 216 | ||||||||
Net Income (loss) | 1,142 | 981 | 567 | ||||||||
Net income attributable to noncontrolling interest | 10 | 4 | 0 | ||||||||
Net income (loss) attributable to parent | 1,132 | 977 | 567 | ||||||||
Other [Member] | |||||||||||
Operating revenues | 11,637 | 11,407 | 10,433 | ||||||||
Operating expenses | (8,695) | (8,579) | (7,894) | ||||||||
Interest expense | (443) | (436) | (408) | ||||||||
Equity in earnings of subsidiaries | (2,754) | (2,494) | (1,915) | ||||||||
Other income (deductions) - net | 70 | 34 | 51 | ||||||||
Income from continuing operations before income taxes | (185) | (68) | 267 | ||||||||
Income tax expense (benefit) | 947 | 909 | 834 | ||||||||
Income (loss) from continuing operations | (1,132) | (977) | (567) | ||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 0 | ||||||||
Net Income (loss) | (1,132) | (977) | (567) | ||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to parent | $ (1,132) | $ (977) | $ (567) |
Summarized Financial Informat94
Summarized Financial Information of NEECH - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | $ 2,625 | $ 2,369 | $ 2,219 |
NEE (Guarantor) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | $ 2,625 | 2,369 | 2,219 |
NEECH [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Ownership interest | 100.00% | ||
Comprehensive income (loss) attributable to NEE | $ 1,049 | 924 | 781 |
Other [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | $ (1,049) | $ (924) | $ (781) |
Summarized Financial Informat95
Summarized Financial Information of NEECH - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PROPERTY, PLANT AND EQUIPMENT | |||||
Electric plant in service and other property | $ 80,330 | $ 73,639 | $ 69,448 | ||
Accumulated depreciation and amortization | (18,944) | (17,934) | |||
Total property, plant and equipment - net | 61,386 | 55,705 | |||
CURRENT ASSETS | |||||
Cash and cash equivalents | 571 | 577 | 438 | $ 329 | $ 329 |
Receivables | 2,265 | 2,159 | |||
Other | 3,959 | 4,208 | |||
Total current assets | 6,795 | 6,944 | |||
OTHER ASSETS | |||||
Investment in subsidiaries | 0 | 0 | |||
Total other assets | 14,298 | 11,956 | |||
TOTAL ASSETS | 82,479 | 74,605 | 69,007 | ||
CAPITALIZATION | |||||
Common shareholders' equity | 22,574 | 19,916 | |||
Noncontrolling interests | 538 | 252 | |||
Long-term debt | 26,681 | 24,044 | |||
Total capitalization | 49,793 | 44,212 | |||
CURRENT LIABILITIES | |||||
Debt due within one year | 3,006 | 4,657 | |||
Accounts payable | 2,529 | 1,354 | |||
Other | 4,572 | 3,652 | |||
Total current liabilities | 10,107 | 9,663 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||
Asset retirement obligations | 2,469 | 1,986 | |||
Deferred income taxes | 9,827 | 9,261 | |||
Other | 10,283 | 9,483 | |||
Total other liabilities and deferred credits | $ 22,579 | $ 20,730 | |||
COMMITMENTS AND CONTINGENCIES | |||||
TOTAL CAPITALIZATION AND LIABILITIES | $ 82,479 | $ 74,605 | |||
NEE (Guarantor) [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT | |||||
Electric plant in service and other property | 27 | 27 | |||
Accumulated depreciation and amortization | (16) | (12) | |||
Total property, plant and equipment - net | 11 | 15 | |||
CURRENT ASSETS | |||||
Cash and cash equivalents | 0 | 0 | 0 | 2 | |
Receivables | 90 | 82 | |||
Other | 4 | 19 | |||
Total current assets | 94 | 101 | |||
OTHER ASSETS | |||||
Investment in subsidiaries | 22,544 | 19,703 | |||
Other | 823 | 736 | |||
Total other assets | 23,367 | 20,439 | |||
TOTAL ASSETS | 23,472 | 20,555 | |||
CAPITALIZATION | |||||
Common shareholders' equity | 22,574 | 19,916 | |||
Noncontrolling interests | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Total capitalization | 22,574 | 19,916 | |||
CURRENT LIABILITIES | |||||
Debt due within one year | 0 | 0 | |||
Accounts payable | 4 | 29 | |||
Other | 252 | 153 | |||
Total current liabilities | 256 | 182 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||
Asset retirement obligations | 0 | 0 | |||
Deferred income taxes | 157 | 149 | |||
Other | 485 | 308 | |||
Total other liabilities and deferred credits | $ 642 | $ 457 | |||
COMMITMENTS AND CONTINGENCIES | |||||
TOTAL CAPITALIZATION AND LIABILITIES | $ 23,472 | $ 20,555 | |||
NEECH [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT | |||||
Electric plant in service and other property | 34,921 | 31,674 | |||
Accumulated depreciation and amortization | (7,067) | (6,640) | |||
Total property, plant and equipment - net | 27,854 | 25,034 | |||
CURRENT ASSETS | |||||
Cash and cash equivalents | 546 | 562 | 418 | 287 | |
Receivables | 1,510 | 1,378 | |||
Other | 2,443 | 2,512 | |||
Total current assets | 4,499 | 4,452 | |||
OTHER ASSETS | |||||
Investment in subsidiaries | 0 | 0 | |||
Other | 7,790 | 5,827 | |||
Total other assets | 7,790 | 5,827 | |||
TOTAL ASSETS | 40,143 | 35,313 | |||
CAPITALIZATION | |||||
Common shareholders' equity | 6,990 | 6,553 | |||
Noncontrolling interests | 538 | 252 | |||
Long-term debt | 16,725 | 14,715 | |||
Total capitalization | 24,253 | 21,520 | |||
CURRENT LIABILITIES | |||||
Debt due within one year | 2,786 | 3,455 | |||
Accounts payable | 1,919 | 739 | |||
Other | 3,003 | 2,043 | |||
Total current liabilities | 7,708 | 6,237 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||
Asset retirement obligations | 647 | 631 | |||
Deferred income taxes | 2,396 | 2,608 | |||
Other | 5,139 | 4,317 | |||
Total other liabilities and deferred credits | $ 8,182 | $ 7,556 | |||
COMMITMENTS AND CONTINGENCIES | |||||
TOTAL CAPITALIZATION AND LIABILITIES | $ 40,143 | $ 35,313 | |||
Other [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT | |||||
Electric plant in service and other property | 45,382 | 41,938 | |||
Accumulated depreciation and amortization | (11,861) | (11,282) | |||
Total property, plant and equipment - net | 33,521 | 30,656 | |||
CURRENT ASSETS | |||||
Cash and cash equivalents | 25 | 15 | $ 20 | $ 40 | |
Receivables | 665 | 699 | |||
Other | 1,512 | 1,677 | |||
Total current assets | 2,202 | 2,391 | |||
OTHER ASSETS | |||||
Investment in subsidiaries | (22,544) | (19,703) | |||
Other | 5,685 | 5,393 | |||
Total other assets | (16,859) | (14,310) | |||
TOTAL ASSETS | 18,864 | 18,737 | |||
CAPITALIZATION | |||||
Common shareholders' equity | (6,990) | (6,553) | |||
Noncontrolling interests | 0 | 0 | |||
Long-term debt | 9,956 | 9,329 | |||
Total capitalization | 2,966 | 2,776 | |||
CURRENT LIABILITIES | |||||
Debt due within one year | 220 | 1,202 | |||
Accounts payable | 606 | 586 | |||
Other | 1,317 | 1,456 | |||
Total current liabilities | 2,143 | 3,244 | |||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||
Asset retirement obligations | 1,822 | 1,355 | |||
Deferred income taxes | 7,274 | 6,504 | |||
Other | 4,659 | 4,858 | |||
Total other liabilities and deferred credits | $ 13,755 | $ 12,717 | |||
COMMITMENTS AND CONTINGENCIES | |||||
TOTAL CAPITALIZATION AND LIABILITIES | $ 18,864 | $ 18,737 |
Summarized Financial Informat96
Summarized Financial Information of NEECH - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net cash provided by operating activities | $ 6,116 | $ 5,500 | $ 5,102 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (8,377) | (7,017) | (6,682) |
Capital contributions from NEE | 0 | 0 | 0 |
Cash grants under the Recovery Act | 8 | 343 | 165 |
Sale of independent power and other investments of NEER | 52 | 307 | 165 |
Change in loan proceeds restricted for construction | (9) | (40) | 228 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 345 | 438 | 0 |
Other - net | (24) | (392) | 1 |
Net cash used in investing activities | (8,005) | (6,361) | (6,123) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 5,772 | 5,054 | 4,371 |
Retirements of long-term debt | (3,972) | (4,750) | (2,396) |
Proceeds from differential membership investors | 761 | 978 | 448 |
Issuances of notes payable | 1,225 | 500 | 0 |
Retirements of notes payable | (813) | (500) | (200) |
Net change in commercial paper | (768) | 451 | (520) |
Issuances of common stock - net | 1,298 | 633 | 842 |
Dividends on common stock | (1,385) | (1,261) | (1,122) |
Dividends to NEE | 0 | 0 | 0 |
Other - net | (235) | (105) | (293) |
Net cash provided by (used in) financing activities | 1,883 | 1,000 | 1,130 |
Net increase (decrease) in cash and cash equivalents | (6) | 139 | 109 |
Cash and cash equivalents at beginning of year | 577 | 438 | 329 |
Cash and cash equivalents at end of year | 571 | 577 | 438 |
NEE (Guarantor) [Member] | |||
Net cash provided by operating activities | 1,659 | 1,615 | 1,147 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 0 | (1) | 0 |
Capital contributions from NEE | (1,480) | (912) | (777) |
Cash grants under the Recovery Act | 0 | 0 | 0 |
Sale of independent power and other investments of NEER | 0 | 0 | 0 |
Change in loan proceeds restricted for construction | 0 | 0 | 0 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 0 | 0 | 0 |
Other - net | 0 | 10 | 0 |
Net cash used in investing activities | (1,480) | (903) | (777) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 0 | 0 | 0 |
Retirements of long-term debt | 0 | 0 | 0 |
Proceeds from differential membership investors | 0 | 0 | 0 |
Issuances of notes payable | 0 | 0 | 0 |
Retirements of notes payable | 0 | 0 | 0 |
Net change in commercial paper | 0 | 0 | 0 |
Issuances of common stock - net | 1,298 | 633 | 842 |
Dividends on common stock | (1,385) | (1,261) | (1,122) |
Dividends to NEE | 0 | 0 | 0 |
Other - net | (92) | (84) | (92) |
Net cash provided by (used in) financing activities | (179) | (712) | (372) |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | (2) |
Cash and cash equivalents at beginning of year | 0 | 0 | 2 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
NEECH [Member] | |||
Net cash provided by operating activities | 2,488 | 1,976 | 1,466 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (4,744) | (3,741) | (3,756) |
Capital contributions from NEE | 0 | 0 | 0 |
Cash grants under the Recovery Act | 8 | 343 | 165 |
Sale of independent power and other investments of NEER | 52 | 307 | 165 |
Change in loan proceeds restricted for construction | 27 | (40) | 228 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 345 | 438 | 0 |
Other - net | 9 | (73) | 17 |
Net cash used in investing activities | (4,303) | (2,766) | (3,181) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 4,689 | 4,057 | 3,874 |
Retirements of long-term debt | (3,421) | (4,395) | (1,943) |
Proceeds from differential membership investors | 761 | 978 | 448 |
Issuances of notes payable | 1,125 | 500 | 0 |
Retirements of notes payable | (813) | (500) | (200) |
Net change in commercial paper | 318 | (487) | (619) |
Issuances of common stock - net | 0 | 0 | 0 |
Dividends on common stock | 0 | 0 | 0 |
Dividends to NEE | (698) | 812 | 502 |
Other - net | (162) | (31) | (216) |
Net cash provided by (used in) financing activities | 1,799 | 934 | 1,846 |
Net increase (decrease) in cash and cash equivalents | (16) | 144 | 131 |
Cash and cash equivalents at beginning of year | 562 | 418 | 287 |
Cash and cash equivalents at end of year | 546 | 562 | 418 |
Other [Member] | |||
Net cash provided by operating activities | 1,969 | 1,909 | 2,489 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (3,633) | (3,275) | (2,926) |
Capital contributions from NEE | 1,480 | 912 | 777 |
Cash grants under the Recovery Act | 0 | 0 | 0 |
Sale of independent power and other investments of NEER | 0 | 0 | 0 |
Change in loan proceeds restricted for construction | (36) | 0 | 0 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 0 | 0 | 0 |
Other - net | (33) | (329) | (16) |
Net cash used in investing activities | (2,222) | (2,692) | (2,165) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 1,083 | 997 | 497 |
Retirements of long-term debt | (551) | (355) | (453) |
Proceeds from differential membership investors | 0 | 0 | 0 |
Issuances of notes payable | 100 | 0 | 0 |
Retirements of notes payable | 0 | 0 | 0 |
Net change in commercial paper | (1,086) | 938 | 99 |
Issuances of common stock - net | 0 | 0 | 0 |
Dividends on common stock | 0 | 0 | 0 |
Dividends to NEE | 698 | (812) | (502) |
Other - net | 19 | 10 | 15 |
Net cash provided by (used in) financing activities | 263 | 778 | (344) |
Net increase (decrease) in cash and cash equivalents | 10 | (5) | (20) |
Cash and cash equivalents at beginning of year | 15 | 20 | 40 |
Cash and cash equivalents at end of year | $ 25 | $ 15 | $ 20 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Condensed consolidated quarterly financial information [Abstract] | ||||||||||||||
Operating revenues | $ 4,069 | $ 4,954 | $ 4,358 | $ 4,104 | $ 4,664 | $ 4,654 | $ 4,029 | $ 3,674 | $ 17,486 | $ 17,021 | $ 15,136 | |||
Operating income | 876 | 1,481 | 1,146 | 1,129 | 1,532 | 1,163 | 951 | 738 | 4,632 | 4,384 | 3,241 | |||
Net income | 510 | 882 | 720 | 650 | 884 | 664 | 492 | 430 | 2,762 | 2,469 | 1,908 | |||
Net income (loss) attributable to parent | $ 507 | $ 879 | $ 716 | $ 650 | $ 884 | $ 660 | $ 492 | $ 430 | $ 2,752 | $ 2,465 | $ 1,908 | |||
Basic EPS - Net income (in dollars per share) | $ 1.10 | $ 1.94 | $ 1.61 | $ 1.47 | $ 2.03 | $ 1.52 | $ 1.13 | $ 0.99 | $ 6.11 | $ 5.67 | $ 4.50 | |||
Diluted EPS - Net income (in dollars per share) | 1.10 | 1.93 | 1.59 | 1.45 | 2 | 1.50 | 1.12 | 0.98 | 6.06 | 5.60 | 4.47 | |||
Dividends per share of common stock (in dollars per share) | 0.770 | 0.770 | 0.770 | 0.770 | 0.725 | 0.725 | 0.725 | 0.725 | $ 3.08 | $ 2.90 | $ 2.64 | |||
High common stock sales price (in dollars per share) | 105.85 | 109.98 | 106.63 | 112.64 | 110.84 | 102.46 | 102.51 | 96.13 | ||||||
Low common stock sales price (in dollars per share) | $ 95.84 | $ 93.74 | $ 97.23 | $ 97.48 | $ 90.33 | $ 91.79 | $ 93.28 | $ 83.97 | ||||||
FPL [Member] | ||||||||||||||
Condensed consolidated quarterly financial information [Abstract] | ||||||||||||||
Operating revenues | $ 2,839 | $ 3,274 | $ 2,996 | $ 2,541 | $ 2,682 | $ 3,315 | $ 2,889 | $ 2,535 | $ 11,651 | $ 11,421 | $ 10,445 | |||
Operating income | 674 | 855 | 780 | 667 | 580 | 834 | 782 | 632 | 2,977 | 2,828 | 2,539 | |||
Net income (loss) attributable to parent | $ 365 | $ 489 | $ 435 | $ 359 | $ 286 | $ 462 | $ 423 | $ 347 | $ 1,648 | [1] | $ 1,517 | [1] | $ 1,349 | [1] |
[1] | FPL's comprehensive income is the same as reported net income |