Document Entity Information
Document Entity Information - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | NEXTERA ENERGY INC | |
Entity Central Index Key | 753,308 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 65,589,650,954 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 471,604,684 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
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 Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||||
OPERATING REVENUES | $ 4,069 | $ 4,404 | [1] | $ 7,932 | $ 8,377 | [1] | |
OPERATING EXPENSES (INCOME) | |||||||
Fuel, purchased power and interchange | 894 | 1,018 | [1] | 1,713 | 1,917 | [1] | |
Other operations and maintenance | 849 | 844 | [1] | 1,626 | 1,683 | [1] | |
Merger-related | 1 | 4 | [1] | 1 | 15 | [1] | |
Depreciation and amortization | 831 | 886 | [1] | 1,688 | 1,505 | [1] | |
Gains on disposal of a business/assets - net | (39) | (1) | [1] | (55) | (1,101) | [1] | |
Taxes other than income taxes and other - net | 371 | 377 | [1] | 750 | 720 | [1] | |
Total operating expenses - net | 2,907 | 3,128 | [1] | 5,723 | 4,739 | [1] | |
OPERATING INCOME | 1,162 | 1,276 | [1] | 2,209 | 3,638 | [1] | |
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (394) | (430) | [1] | (620) | (790) | [1] | |
Benefits associated with differential membership interests - net | 0 | 119 | [1] | 0 | 244 | [1] | |
Equity in earnings of equity method investees | 54 | 66 | [1] | 251 | 97 | [1] | |
Allowance for equity funds used during construction | 22 | 25 | [1] | 44 | 47 | [1] | |
Interest income | 10 | 19 | [1] | 28 | 39 | [1] | |
Gain on NEP deconsolidation | 0 | 0 | [1] | 3,935 | 0 | [1],[2] | |
Gains on disposal of investments and other property - net | 3 | 3 | [1] | 53 | 48 | [1] | |
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | 13 | 0 | [1] | (7) | 0 | [1] | |
Other net periodic benefit income | 51 | 10 | [1] | 102 | 53 | [1] | |
Other - net | 10 | 5 | [1] | 16 | (17) | [1] | |
Total other income (deductions) - net | (231) | (183) | [1] | 3,802 | (279) | [1] | |
INCOME BEFORE INCOME TAXES | 931 | 1,093 | [1] | 6,011 | 3,359 | [1] | |
INCOME TAXES | 230 | 289 | [1] | 1,479 | 964 | [1] | |
Net Income (Loss) | 701 | 804 | [1] | 4,532 | 2,395 | [1],[2] | |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 94 | (11) | [1] | 691 | (19) | [1] | |
NET INCOME | $ 795 | $ 793 | [1] | $ 5,223 | $ 2,376 | [1] | |
Earnings per share of common stock: | |||||||
Basic (in dollars per share) | $ 1.69 | $ 1.69 | [1] | $ 11.09 | $ 5.08 | [1] | |
Assuming dilution (in dollars per share) | 1.64 | 1.68 | [1] | 10.95 | 5.05 | [1] | |
Dividends per share of common stock (in dollars per share) | $ 1.11 | $ 0.9825 | [1] | $ 2.22 | $ 1.965 | [1] | |
Weighted-average number of common shares outstanding: | |||||||
Basic (in shares) | 471.1 | 467.9 | [1] | 470.9 | 467.7 | [1] | |
Assuming dilution (in shares) | 475.2 | 471.7 | [1] | 474.7 | 471 | [1] | |
FPL [Member] | |||||||
OPERATING REVENUES | $ 2,908 | $ 3,091 | $ 5,528 | $ 5,618 | |||
OPERATING EXPENSES (INCOME) | |||||||
Fuel, purchased power and interchange | 765 | 893 | 1,477 | 1,661 | |||
Other operations and maintenance | 388 | 404 | 734 | 775 | |||
Depreciation and amortization | 511 | 537 | 1,056 | 810 | |||
Taxes other than income taxes and other - net | 322 | 316 | 632 | 620 | |||
Total operating expenses - net | 1,986 | 2,150 | 3,899 | 3,866 | |||
OPERATING INCOME | 922 | 941 | 1,629 | 1,752 | |||
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (141) | (121) | (275) | (240) | |||
Allowance for equity funds used during construction | 20 | 19 | 42 | 34 | |||
Other - net | 1 | 0 | 2 | 1 | |||
Total other income (deductions) - net | (120) | (102) | (231) | (205) | |||
INCOME BEFORE INCOME TAXES | 802 | 839 | 1,398 | 1,547 | |||
INCOME TAXES | 176 | 313 | 288 | 576 | |||
NET INCOME | [3] | $ 626 | $ 526 | $ 1,110 | $ 971 | [4] | |
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. | ||||||
[2] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. | ||||||
[3] | FPL's comprehensive income is the same as reported net income. | ||||||
[4] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
NET INCOME | $ 701 | $ 804 | [1] | $ 4,532 | $ 2,395 | [1],[2] |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income | 7 | 5 | 14 | 14 | ||
Net unrealized gains (losses) on available for sale securities: | ||||||
Net unrealized gains (losses) on securities still held | (3) | 26 | (9) | 60 | ||
Reclassification from accumulated other comprehensive income (loss) to net income | 0 | (1) | 0 | (17) | ||
Defined benefit pension and other benefits plans | (1) | 10 | (3) | 7 | ||
Net unrealized gains (losses) on foreign currency translation | 0 | 5 | (20) | 21 | ||
Other comprehensive income (loss) related to equity method investees | 2 | (1) | 4 | 0 | ||
Total other comprehensive income (loss), net of tax | 5 | 44 | (14) | 85 | ||
IMPACT OF NEP DECONSOLIDATION (NET OF $15 TAX EXPENSE) | 0 | 0 | 58 | 0 | ||
COMPREHENSIVE INCOME | 706 | 848 | 4,576 | 2,480 | ||
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 94 | (12) | 691 | (31) | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 800 | $ 836 | $ 5,267 | $ 2,449 | ||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. | |||||
[2] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income | $ 2 | $ 1 | $ 5 | $ 4 |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | (1) | 19 | (3) | 45 |
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income | 1 | (1) | (1) | (11) |
Tax expense (benefit) of defined benefit pension and other benefits plans | (1) | 6 | (1) | 4 |
Tax expense (benefit) of foreign currency translation | 0 | 1 | 0 | 1 |
Tax expense (benefit) of other comprehensive income (loss) related to equity method investees | (1) | (1) | 1 | 0 |
AOCI Impacts of NEP Deconsolidation, tax | $ 0 | $ 0 | $ 15 | $ 0 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 80,535 | $ 85,337 |
Nuclear fuel | 1,869 | 1,767 |
Construction work in progress | 7,347 | 6,679 |
Accumulated depreciation and amortization | (21,092) | (21,367) |
Total property, plant and equipment - net | 68,659 | 72,416 |
CURRENT ASSETS | ||
Cash and cash equivalents | 478 | 1,714 |
Customer receivables, net of allowances | 2,230 | 2,220 |
Other receivables | 661 | 517 |
Materials, supplies and fossil fuel inventory | 1,159 | 1,273 |
Regulatory assets | 344 | 336 |
Derivatives | 459 | 489 |
Other | 554 | 608 |
Total current assets | 5,885 | 7,157 |
OTHER ASSETS | ||
Special use funds | 6,134 | 6,003 |
Investment in equity method investees | 6,217 | 2,321 |
Prepaid benefit costs | 1,490 | 1,427 |
Regulatory assets | 2,503 | 2,469 |
Derivatives | 1,460 | 1,315 |
Other | 3,142 | 4,719 |
Total other assets | 20,946 | 18,254 |
TOTAL ASSETS | 95,490 | 97,827 |
CAPITALIZATION | ||
Common stock | 5 | 5 |
Additional paid-in capital | 9,736 | 9,100 |
Retained earnings | 23,453 | 18,992 |
Accumulated other comprehensive income (loss) | (173) | 111 |
Total common shareholders' equity | 33,021 | 28,208 |
Noncontrolling interests | 3,151 | 1,290 |
Total equity | 36,172 | 29,498 |
Long-term debt | 28,356 | 31,463 |
Total capitalization | 64,528 | 60,961 |
CURRENT LIABILITIES | ||
Commercial paper | 2,392 | 1,687 |
Other short-term debt | 205 | 255 |
Current maturities of long-term debt | 1,613 | 1,676 |
Accounts payable | 2,298 | 3,235 |
Customer deposits | 445 | 448 |
Accrued interest and taxes | 737 | 622 |
Derivatives | 496 | 364 |
Accrued construction-related expenditures | 686 | 1,033 |
Regulatory liabilities | 385 | 346 |
Other | 927 | 1,566 |
Total current liabilities | 10,184 | 11,232 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 3,048 | 3,031 |
Deferred income taxes | 7,162 | 5,754 |
Regulatory liabilities | 8,846 | 8,765 |
Derivatives | 491 | 535 |
Deferral related to differential membership interests - VIEs | 0 | 5,403 |
Other | 1,231 | 2,146 |
Total other liabilities and deferred credits | 20,778 | 25,634 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 95,490 | 97,827 |
FPL [Member] | ||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY | ||
Plant in service and other property | 48,629 | 47,167 |
Nuclear fuel | 1,218 | 1,192 |
Construction work in progress | 3,458 | 3,623 |
Accumulated depreciation and amortization | (12,885) | (12,802) |
Total electric utility plant and other property - net | 40,420 | 39,180 |
CURRENT ASSETS | ||
Cash and cash equivalents | 38 | 33 |
Customer receivables, net of allowances | 1,148 | 1,073 |
Other receivables | 239 | 160 |
Materials, supplies and fossil fuel inventory | 783 | 840 |
Regulatory assets | 344 | 335 |
Other | 175 | 243 |
Total current assets | 2,727 | 2,684 |
OTHER ASSETS | ||
Special use funds | 4,210 | 4,090 |
Prepaid benefit costs | 1,391 | 1,351 |
Regulatory assets | 2,264 | 2,249 |
Other | 599 | 690 |
Total other assets | 8,464 | 8,380 |
TOTAL ASSETS | 51,611 | 50,244 |
CAPITALIZATION | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 9,141 | 8,291 |
Retained earnings | 8,479 | 7,376 |
Total equity | 18,993 | 17,040 |
Long-term debt | 12,379 | 11,236 |
Total capitalization | 31,372 | 28,276 |
CURRENT LIABILITIES | ||
Commercial paper | 987 | 1,687 |
Other short-term debt | 0 | 250 |
Current maturities of long-term debt | 92 | 466 |
Accounts payable | 713 | 893 |
Customer deposits | 442 | 445 |
Accrued interest and taxes | 522 | 439 |
Accrued construction-related expenditures | 270 | 300 |
Regulatory liabilities | 372 | 333 |
Other | 444 | 984 |
Total current liabilities | 3,842 | 5,797 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,097 | 2,047 |
Deferred income taxes | 5,122 | 5,005 |
Regulatory liabilities | 8,728 | 8,642 |
Other | 450 | 477 |
Total other liabilities and deferred credits | 16,397 | 16,171 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 51,611 | $ 50,244 |
CONDENSED CONSOLIDATED BALANCE6
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Total property, plant and equipment - net | $ 68,659 | $ 72,416 |
Customer receivables, allowances | 7 | 7 |
Regulatory assets, current | 344 | 336 |
Regulatory assets, noncurrent | 2,503 | 2,469 |
Other | 3,142 | 4,719 |
Long-term debt | 28,356 | 31,463 |
Current maturities of long-term debt | $ 1,613 | $ 1,676 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800 | 800 |
Common stock, shares, outstanding (in shares) | 472 | 471 |
Related to VIEs [Member] | ||
Total property, plant and equipment - net | $ 9,756 | $ 16,485 |
Regulatory assets, current | 73 | 71 |
Regulatory assets, noncurrent | 3 | 37 |
Other | 0 | 470 |
Noncontrolling interest in variable interest entity | 3,151 | 1,006 |
Long-term debt | 1,081 | 5,941 |
Current maturities of long-term debt | 72 | 70 |
FPL [Member] | ||
Customer receivables, allowances | 2 | 2 |
Regulatory assets, current | 344 | 335 |
Regulatory assets, noncurrent | 2,264 | 2,249 |
Other | 599 | 690 |
Long-term debt | 12,379 | 11,236 |
Current maturities of long-term debt | $ 92 | $ 466 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 0 | 0 |
Common stock, shares, outstanding (in shares) | 0 | 0 |
Common stock, shares, issued (in shares) | 0 | 0 |
FPL [Member] | Related to VIEs [Member] | ||
Regulatory assets, current | $ 73 | $ 71 |
Regulatory assets, noncurrent | 3 | 37 |
Long-term debt | 35 | 74 |
Current maturities of long-term debt | $ 72 | $ 70 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | $ 4,532 | $ 2,395 | [1],[2] | |
Net Income | 5,223 | 2,376 | [2] | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,688 | 1,505 | [1] | |
Nuclear fuel and other amortization | 127 | 143 | [1] | |
Unrealized losses (gains) on marked to market derivative contracts - net | (1) | 14 | [1] | |
Foreign currency transaction losses (gains) | 11 | (12) | [1] | |
Deferred income taxes | 1,395 | 886 | [1] | |
Cost recovery clauses and franchise fees | (49) | 10 | [1] | |
Acquisition of purchased power agreement | (52) | (243) | [1] | |
Gains on disposal of a business/assets - net | (108) | (1,149) | [1] | |
Gain on NEP deconsolidation | (3,935) | 0 | [1],[2] | |
Recoverable storm-related costs | 0 | (105) | [1] | |
Other - net | (101) | (106) | [1] | |
Changes in operating assets and liabilities: | ||||
Current assets | (126) | (229) | [1] | |
Noncurrent assets | (6) | (105) | [1] | |
Current liabilities | (419) | 206 | [1] | |
Noncurrent liabilities | (23) | 41 | [1] | |
Net cash provided by operating activities | 2,933 | 3,251 | [1] | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (2,414) | (2,648) | [1] | |
Independent power and other investments of NEER | (3,220) | (4,106) | [1] | |
Nuclear fuel purchases | (188) | (149) | [1] | |
Other capital expenditures and other investments | (101) | (34) | [1] | |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 1,482 | [1] | |
Proceeds from sale or maturity of securities in special use funds | 1,788 | 1,419 | [1] | |
Purchases of securities in special use funds | (1,992) | (1,531) | [1] | |
Distributions from equity method investees | 633 | 7 | [1] | |
Other - net | 139 | 46 | [1] | |
Net cash used in investing activities | (5,355) | (5,514) | [1] | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 2,875 | 2,771 | [1] | |
Retirements of long-term debt | (1,214) | (1,885) | [1] | |
Net change in commercial paper | 705 | 1,847 | [1] | |
Proceeds from other short-term debt | 200 | 200 | [1] | |
Repayments of other short-term debt | (250) | 0 | [1] | |
Issuances of common stock - net | 11 | 25 | [1] | |
Dividends | (1,047) | (920) | [1] | |
Other - net | (90) | (361) | [1] | |
Net cash provided by (used in) financing activities | 1,190 | 1,677 | [1] | |
Effects of currency translation on cash, cash equivalents and restricted cash | (15) | 0 | [1] | |
Net decrease in cash, cash equivalents and restricted cash | (1,247) | (586) | [1] | |
Cash, cash equivalents and restricted cash at beginning of period | 1,983 | 1,529 | [1] | |
Cash, cash equivalents and restricted cash at end of period | 736 | 943 | [1] | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 1,772 | 1,288 | [1] | |
Increase in property, plant and equipment - net as a result of cash grants primarily under the Recovery Act | 0 | (145) | [1] | |
Decrease (increase) in property, plant and equipment - net as a result of a settlement/non-cash exchange | 14 | (142) | [1] | |
FPL [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | [3] | 1,110 | 971 | [4] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,056 | 810 | [4] | |
Nuclear fuel and other amortization | 76 | 101 | [4] | |
Deferred income taxes | 268 | 399 | [4] | |
Cost recovery clauses and franchise fees | (49) | 10 | [4] | |
Acquisition of purchased power agreement | (52) | (243) | [4] | |
Recoverable storm-related costs | 0 | (105) | [4] | |
Other - net | 4 | (44) | [4] | |
Changes in operating assets and liabilities: | ||||
Current assets | (139) | (227) | [4] | |
Noncurrent assets | (15) | (16) | [4] | |
Current liabilities | (325) | 437 | [4] | |
Noncurrent liabilities | (55) | (13) | [4] | |
Net cash provided by operating activities | 1,879 | 2,080 | [4] | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (2,414) | (2,648) | [4] | |
Nuclear fuel purchases | (90) | (94) | [4] | |
Proceeds from sale or maturity of securities in special use funds | 1,101 | 902 | [4] | |
Purchases of securities in special use funds | (1,228) | (949) | [4] | |
Other - net | 22 | (1) | [4] | |
Net cash used in investing activities | (2,609) | (2,790) | [4] | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 1,594 | 200 | [4] | |
Retirements of long-term debt | (798) | (35) | [4] | |
Net change in commercial paper | (700) | 732 | [4] | |
Proceeds from other short-term debt | 0 | 200 | [4] | |
Repayments of other short-term debt | (250) | 0 | [4] | |
Capital contribution from NEE | 850 | 0 | [4] | |
Dividends | 0 | (400) | [4] | |
Other - net | (28) | (2) | [4] | |
Net cash provided by (used in) financing activities | 668 | 695 | [4] | |
Net decrease in cash, cash equivalents and restricted cash | (62) | (15) | [4] | |
Cash, cash equivalents and restricted cash at beginning of period | 174 | 153 | [4] | |
Cash, cash equivalents and restricted cash at end of period | 112 | 138 | [4] | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 488 | 477 | [4] | |
Decrease (increase) in property, plant and equipment - net as a result of a settlement/non-cash exchange | $ 14 | $ (144) | [4] | |
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. | |||
[2] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. | |||
[3] | FPL's comprehensive income is the same as reported net income. | |||
[4] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total Common Shareholders' Equity Parent [Member] | Noncontrolling Interest [Member] | ||||||
Beginning Balance (in shares) at Dec. 31, 2016 | 468 | ||||||||||||
Beginning Balance at Dec. 31, 2016 | $ 25,331 | $ 5 | $ 8,948 | $ (70) | $ 15,458 | $ 24,341 | $ 990 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income (loss) | 2,395 | [1],[2] | 2,376 | 2,376 | 19 | ||||||||
Issuances of common stock, net of issuance cost of less than $1 (in shares) | 1 | ||||||||||||
Issuances of common stock, net of issuance cost of less than $1 | $ 0 | 15 | 15 | ||||||||||
Share-based payment activity (in shares) | 0 | ||||||||||||
Share-based payment activity | 44 | 44 | |||||||||||
Dividends on common stock | (920) | (920) | |||||||||||
Other comprehensive income (loss) | 85 | 73 | 73 | 12 | |||||||||
Sale of NEER assets to NEP | (17) | ||||||||||||
Other | (3) | 0 | (3) | (54) | |||||||||
Ending Balance (in shares) at Jun. 30, 2017 | 469 | ||||||||||||
Ending Balance at Jun. 30, 2017 | $ 26,876 | $ 5 | 9,004 | 3 | 16,914 | 25,926 | 950 | ||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 471 | 471 | |||||||||||
Beginning Balance at Dec. 31, 2017 | $ 29,498 | $ 5 | 9,100 | 111 | 18,992 | 28,208 | 1,290 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net Income (loss) | 4,532 | 5,223 | 5,223 | (691) | |||||||||
Share-based payment activity (in shares) | 1 | ||||||||||||
Share-based payment activity | 43 | 43 | |||||||||||
Dividends on common stock | (1,047) | (1,047) | |||||||||||
Other comprehensive income (loss) | (14) | (14) | (14) | 0 | |||||||||
Impact of NEP deconsolidation | $ (2,700) | 58 | [3] | 0 | [3] | 58 | [3] | (2,695) | [3] | ||||
Adoption of accounting standards updates | [4] | 593 | (328) | 285 | 550 | 5,303 | |||||||
Other | 0 | 0 | 0 | 0 | (56) | ||||||||
Ending Balance (in shares) at Jun. 30, 2018 | 472 | 472 | |||||||||||
Ending Balance at Jun. 30, 2018 | $ 36,172 | $ 5 | $ 9,736 | $ (173) | $ 23,453 | $ 33,021 | $ 3,151 | ||||||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. | ||||||||||||
[2] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. | ||||||||||||
[3] | See Note 2. | ||||||||||||
[4] | See Notes 1, 5 - Financial Instruments Accounting Standards Update, 6 and 11 - Accounting for Partial Sales of Nonfinancial Assets. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue from Contracts with Customers Effective January 1, 2018, NEE and FPL adopted an accounting standards update that provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures regarding such contracts (new revenue standard). Under the new revenue standard, revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The promised goods or services in the majority of NEE’s contracts with customers is, at FPL, for the delivery of electricity and, at NEER, for the delivery of energy commodities and the availability of electric capacity and electric transmission. NEE and FPL adopted the new revenue standard using the modified retrospective approach applying it only to contracts that were not complete at January 1, 2018. On January 1, 2018, NEE recorded a reduction to retained earnings of approximately $25 million representing the cumulative effect of adopting the new revenue standard, which was primarily due to identifying separate performance obligations in certain energy-related contracts at NEER. The cumulative effect of adopting the new revenue standard was not material at FPL. The impact of applying the new revenue standard to NEE’s and FPL's June 30, 2018 financial statements as compared to the prior revenue standard was not material. FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as, at NEER, derivative and lease transactions. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. For the three and six months ended June 30, 2018 , NEE’s revenue from contracts with customers was approximately $3.5 billion ( $2.9 billion at FPL) and $6.8 billion ( $5.5 billion at FPL), respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as, at NEER, derivative and lease transactions, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar. FPL - FPL’s revenue from contracts with customers is derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s operating revenues, the majority of which is to residential customers. FPL’s retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. NEER - NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from 2018 to 2043 , will vary based on the volume of energy or transmission delivered and/or available. NEER’s customers typically receive bills monthly with payment due within 30 days. Certain contracts with customers contain a fixed price related primarily to electric capacity sales associated with ISO annual auctions through 2020 and certain power purchase agreements with maturity dates through 2034. At June 30, 2018 , NEER expects to record approximately $680 million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided. |
NEP Deconsolidation NEP Deconso
NEP Deconsolidation NEP Deconsolidation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NEP Deconsolidation | NEP Deconsolidation During the third quarter of 2017, changes to NEP's governance structure were made that, among other things, enhanced NEP unitholder governance rights. The new governance structure established a NEP board of directors where NEP unitholders have the ability to nominate and elect board members, subject to certain limitations and requirements. As a result of these governance changes, NEP was deconsolidated from NEE on January 1, 2018, which is when the term of office of the first NEP unitholder-elected directors took effect. NEER continues to operate the projects owned by NEP and provide services to NEP under various related party operations and maintenance, administrative and management services agreements. In connection with the deconsolidation, NEE recorded an initial investment in NEP of approximately $4.4 billion based on the fair value of NEP OpCo and NEP common units that were held by subsidiaries of NEE on the deconsolidation date, which investment is included in investment in equity method investees on NEE's condensed consolidated balance sheet at June 30, 2018 . The fair value was based on the market price of NEP common units as of January 1, 2018, which resulted in NEE recording a gain of approximately $3.9 billion ( $3.0 billion after tax) during the six months ended June 30, 2018 . Total assets of approximately $7.8 billion , primarily property, plant and equipment, total liabilities of approximately $4.8 billion , primarily long-term debt, and total noncontrolling interests of approximately $2.7 billion were removed from NEE's balance sheet as part of the deconsolidation. The equity method investment in NEP represents NEE’s partnership interest in NEP OpCo's operating projects of approximately 65.1% (and NEE’s direct interest in 2.6% of NEP’s common units) at June 30, 2018 . The equity method investment in NEP includes approximately $3.3 billion related to NEE’s share of the basis difference between the fair value and the underlying carrying value of NEP’s net assets attributable to NEP OpCo's common unitholders at June 30, 2018 , a portion of which is being amortized. Basis difference amounts related to property, plant and equipment, net are being amortized over the remaining useful lives of such property, and amounts related to power purchase agreements are being amortized over the remaining terms of such agreements. The related amortization is included in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. NEER provides management, administrative and transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NEER is also party to a cash sweep and credit support (CSCS) agreement with a subsidiary of NEP. At June 30, 2018 , the cash sweep amount (due to NEP and its subsidiaries) held in accounts belonging to NEER or its subsidiaries was approximately $137 million and is included in accounts payable. Fee income totaling approximately $24 million and $48 million related to the CSCS agreement and the service agreements is included in operating revenues in NEE's condensed consolidated statements of income for the three and six months ended June 30, 2018 , respectively. Amounts due from NEP of approximately $43 million and $21 million at June 30, 2018 are primarily included in other receivables and noncurrent other assets, respectively. Under the CSCS agreement, NEECH or NEER guaranteed or provided indemnifications, letters of credit or bonds totaling approximately $650 million at June 30, 2018 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2018 to 2050 and including certain project performance obligations, obligations under financing and interconnection agreements and obligations related to the sale of differential membership interests. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheet at fair value. As a result of deconsolidation, approximately $32 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet at June 30, 2018 . |
Employee Retirement Benefits
Employee Retirement Benefits | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The components of net periodic benefit (income) cost for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended Six Months Ended Six Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 (millions) Service cost $ 18 $ 17 $ — $ 1 $ 35 $ 33 $ 1 $ 1 Interest cost 20 21 2 2 41 42 3 4 Expected return on plan assets (69 ) (68 ) — — (138 ) (135 ) — — Amortization of prior service benefit — (1 ) (4 ) (2 ) — (1 ) (8 ) (2 ) Special termination benefits — 37 — — — 38 — — Postretirement benefits settlement — — — 1 — — — 1 Net periodic benefit (income) cost at NEE $ (31 ) $ 6 $ (2 ) $ 2 $ (62 ) $ (23 ) $ (4 ) $ 4 Net periodic benefit (income) cost at FPL $ (20 ) $ 6 $ (2 ) $ 1 $ (40 ) $ (12 ) $ (3 ) $ 3 Amendments to Presentation of Retirement Benefits - Effective January 1, 2018, NEE adopted an accounting standards update that requires certain changes in classification of components of net periodic pension and postretirement benefit costs within the income statement and allows only the service cost component to be eligible for capitalization. NEE adopted the standards update using the retrospective approach for presentation of the components of net periodic pension and postretirement benefit costs and the prospective approach for capitalization of service cost. Upon adoption, NEE, among other things, reclassified the non-service cost components noted in the net periodic benefit (income) cost table above from O&M expense to other net periodic benefit income in NEE's condensed consolidated statements of income. The adoption of this standards update did not have an impact on net income attributable to NEE and did not have any impact on FPL as NEE is the plan sponsor. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks 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 expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge 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 energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel 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; the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. For interest rate and foreign currency derivative instruments, essentially all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. At June 30, 2018 , NEE's AOCI included amounts related to discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030 . Approximately $22 million of net losses included in AOCI at June 30, 2018 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made. Such amounts assume no change in scheduled principal payments. Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at June 30, 2018 and December 31, 2017 , 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 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets. June 30, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 4,097 $ 2,908 $ 1,792 $ 657 Interest rate contracts 102 291 101 290 Foreign currency contracts 14 28 26 40 Total fair values $ 4,213 $ 3,227 $ 1,919 $ 987 FPL: Commodity contracts $ 5 $ 5 $ 3 $ 3 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 459 Noncurrent derivative assets (b) 1,460 Current derivative liabilities $ 496 Noncurrent derivative liabilities 491 Total derivatives $ 1,919 $ 987 Net fair value by FPL balance sheet line item: Current other assets $ 3 Current other liabilities $ 2 Noncurrent other liabilities 1 Total derivatives $ 3 $ 3 ——————————————— (a) Reflects the netting of approximately $11 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $43 million in margin cash collateral received from counterparties. December 31, 2017 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 3,962 $ 2,792 $ 1,737 $ 567 Interest rate contracts 50 275 55 280 Foreign currency contracts — 40 12 52 Total fair values $ 4,012 $ 3,107 $ 1,804 $ 899 FPL: Commodity contracts $ 3 $ 3 $ 2 $ 2 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 489 Noncurrent derivative assets 1,315 Current derivative liabilities $ 364 Noncurrent derivative liabilities (b) 535 Total derivatives $ 1,804 $ 899 Net fair value by FPL balance sheet line item: Current other assets $ 2 Current other liabilities $ 2 Total derivatives $ 2 $ 2 ——————————————— (a) Reflects the netting of approximately $39 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $39 million in margin cash collateral paid to counterparties. At June 30, 2018 and December 31, 2017 , NEE had approximately $8 million and $10 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at June 30, 2018 and December 31, 2017 , NEE had approximately $188 million and $40 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 condensed consolidated balance sheets. Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (millions) Commodity contracts (a) - operating revenues $ 42 $ 132 $ 180 $ 424 Foreign currency contracts - interest expense (25 ) 36 20 57 Foreign currency contracts - other - net — (2 ) — (2 ) Interest rate contracts - interest expense (83 ) (145 ) (27 ) (190 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (8 ) (13 ) (17 ) (23 ) Foreign currency contracts (1 ) (77 ) (2 ) (79 ) Total $ (75 ) $ (69 ) $ 154 $ 187 ——————————————— (a) For the three and six months ended June 30, 2018 , FPL recorded losses of approximately $1 million and gains of $3 million , respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets. For the three and six months ended June 30, 2017 , FPL recorded losses of approximately $47 million and $152 million , respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. Notional Volumes of Derivative Instruments - The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes: June 30, 2018 December 31, 2017 Commodity Type NEE FPL NEE FPL (millions) Power (107 ) MWh — (109 ) MWh — Natural gas (110 ) MMBtu 375 MMBtu (74 ) MMBtu 142 MMBtu Oil (28 ) barrels — (15 ) barrels — At June 30, 2018 and December 31, 2017 , NEE had interest rate contracts with notional amounts totaling approximately $13.0 billion and $12.1 billion , respectively, and foreign currency contracts with notional amounts totaling approximately $656 million and $718 million , respectively. In July 2018, NEECH entered into a forward starting interest rate swap agreement with a notional amount of $3 billion to manage interest rate risk associated with forecasted debt issuances. 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 June 30, 2018 and December 31, 2017 , the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.6 billion ( $3 million for FPL) and $1.1 billion ( $3 million for FPL), respectively. If the credit-risk-related contingent features underlying these derivative agreements 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 derivative 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 $125 million ( none at FPL ) at June 30, 2018 and $145 million ( none at FPL) at December 31, 2017 . 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 $1.2 billion ( $45 million at FPL) at June 30, 2018 and $1.2 billion ( $45 million at FPL) at December 31, 2017 . Some derivative 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 $350 million ( $130 million at FPL) at June 30, 2018 and $210 million ( $95 million at FPL) at December 31, 2017 . Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At June 30, 2018 and December 31, 2017 , applicable NEE subsidiaries have posted approximately $2 million ( none at FPL) and $2 million ( none at FPL), respectively, in cash and $6 million ( none at FPL) and $20 million ( none at FPL), respectively, in the form of letters of credit, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their 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 whereby 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 | 6 Months Ended |
Jun. 30, 2018 | |
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 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 Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable 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 a combination of market and income approaches utilizing 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 contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future 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 an income approach based on a discounted cash flows valuation technique utilizing 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: June 30, 2018 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 259 $ — $ — $ 259 FPL - equity securities $ 74 $ — $ — $ 74 Special use funds: (c) NEE: Equity securities $ 1,610 $ 1,752 (d) $ — $ 3,362 U.S. Government and municipal bonds $ 502 $ 154 $ — $ 656 Corporate debt securities $ 1 $ 734 $ — $ 735 Mortgage-backed securities $ — $ 416 $ — $ 416 Other debt securities $ — $ 140 $ — $ 140 FPL: Equity securities $ 449 $ 1,591 (d) $ — $ 2,040 U.S. Government and municipal bonds $ 396 $ 121 $ — $ 517 Corporate debt securities $ — $ 565 $ — $ 565 Mortgage-backed securities $ — $ 314 $ — $ 314 Other debt securities $ — $ 123 $ — $ 123 Other investments: (e) NEE: Equity securities $ 16 $ 12 $ — $ 28 Debt securities $ 47 $ 89 $ — $ 136 Derivatives: NEE: Commodity contracts $ 1,025 $ 1,772 $ 1,300 $ (2,305 ) $ 1,792 (f) Interest rate contracts $ — $ 102 $ — $ (1 ) $ 101 (f) Foreign currency contracts $ — $ 14 $ — $ 12 $ 26 (f) FPL - commodity contracts $ — $ 2 $ 3 $ (2 ) $ 3 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,008 $ 1,396 $ 504 $ (2,251 ) $ 657 (f) Interest rate contracts $ — $ 145 $ 146 $ (1 ) $ 290 (f) Foreign currency contracts $ — $ 28 $ — $ 12 $ 40 (f) FPL - commodity contracts $ — $ 2 $ 3 $ (2 ) $ 3 (f) ——————————————— (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 condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $80 million ( $61 million for FPL) in current other assets on the condensed 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 Other than Fair Value 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. December 31, 2017 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 1,294 $ — $ — $ 1,294 FPL - equity securities $ 144 $ — $ — $ 144 Special use funds: (c) NEE: Equity securities $ 1,595 $ 1,719 (d) $ — $ 3,314 U.S. Government and municipal bonds $ 478 $ 139 $ — $ 617 Corporate debt securities $ 1 $ 764 $ — $ 765 Mortgage-backed securities $ — $ 435 $ — $ 435 Other debt securities $ — $ 129 $ — $ 129 FPL: Equity securities $ 473 $ 1,562 (d) $ — $ 2,035 U.S. Government and municipal bonds $ 362 $ 112 $ — $ 474 Corporate debt securities $ — $ 539 $ — $ 539 Mortgage-backed securities $ — $ 333 $ — $ 333 Other debt securities $ — $ 116 $ — $ 116 Other investments: (e) NEE: Equity securities $ 2 $ 10 $ — $ 12 Debt securities $ 34 $ 103 $ — $ 137 Derivatives: NEE: Commodity contracts $ 1,303 $ 1,301 $ 1,358 $ (2,225 ) $ 1,737 (f) Interest rate contracts $ — $ 50 $ — $ 5 $ 55 (f) Foreign currency contracts $ — $ — $ — $ 12 $ 12 (f) FPL - commodity contracts $ — $ 1 $ 2 $ (1 ) $ 2 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,217 $ 915 $ 660 $ (2,225 ) $ 567 (f) Interest rate contracts $ — $ 143 $ 132 $ 5 $ 280 (f) Foreign currency contracts $ — $ 40 $ — $ 12 $ 52 (f) FPL - commodity contracts $ — $ 1 $ 2 $ (1 ) $ 2 (f) ——————————————— (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 condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $159 million ( $128 million for FPL) in current other assets on the condensed 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 Other than Fair Value 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. Significant Unobservable Inputs Used in Recurring Fair Value Measurements - The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques. All price, volatility, correlation and customer migration inputs used in valuation are subject to validation by the Trading Risk Management group. The Trading Risk Management group performs a risk management function responsible for assessing credit, market and operational risk impact, reviewing valuation methodology and modeling, confirming transactions, monitoring approval processes and developing and monitoring trading limits. The Trading Risk Management group is separate from the transacting group. For markets where independent third-party data is readily available, validation is conducted daily by directly reviewing this market data against inputs utilized by the transacting group, and indirectly by 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 June 30, 2018 are as follows: Fair Value at Valuation Significant Transaction Type June 30, 2018 Technique(s) Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 853 $ 271 Discounted cash flow Forward price (per MWh) $(109) — $175 Forward contracts - gas 27 10 Discounted cash flow Forward price (per MMBtu) $1 — $6 Options - power 46 14 Option models Implied correlations 1% — 100% Implied volatilities 7% — 416% Options - primarily gas 156 159 Option models Implied correlations 1% — 100% Implied volatilities 1% — 136% Full requirements and unit contingent contracts 218 50 Discounted cash flow Forward price (per MWh) $(31) — $549 Customer migration rate (a) —% — 20% Total $ 1,300 $ 504 ——————————————— (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 contract net liabilities related to the solar projects in Spain of approximately $146 million at June 30, 2018 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 contracts. The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended June 30, 2018 2017 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at March 31 $ 625 $ (2 ) $ 715 $ (4 ) Realized and unrealized gains (losses): Included in earnings (a) 37 — 144 — Included in other comprehensive income (b) 7 — (10 ) — Included in regulatory assets and liabilities 2 2 — — Purchases 61 — 23 — Settlements (55 ) (1 ) (72 ) 2 Issuances (28 ) — (88 ) — Transfers in (c) 1 1 6 — Transfers out (c) — — 6 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 650 $ — $ 724 $ (2 ) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 57 $ — $ 135 $ — ——————————————— (a) For the three months ended June 30, 2018 and 2017 , realized and unrealized gains of approximately $44 million and $140 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the three months ended June 30, 2018 and 2017 , unrealized gains of approximately $64 million and $131 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Six Months Ended June 30, 2018 2017 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 566 $ — $ 578 $ 1 Realized and unrealized gains (losses): Included in earnings (a) 52 — 360 — Included in other comprehensive income (b) 4 — (11 ) — Included in regulatory assets and liabilities — — (2 ) (2 ) Purchases 103 — 45 — Settlements (7 ) (1 ) (157 ) (1 ) Issuances (61 ) — (104 ) — Impact of adoption of new revenue standard (c) (30 ) — — — Transfers in (d) 1 1 14 — Transfers out (d) 22 — 1 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 650 $ — $ 724 $ (2 ) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (e) $ 38 $ — $ 284 $ — ——————————————— (a) For the six months ended June 30, 2018 and 2017 , realized and unrealized gains of approximately $71 million and $356 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) See Note 1. (d) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (e) For the six months ended June 30, 2018 and 2017 , unrealized gains of approximately $57 million and $280 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Fair Value of Financial Instruments Recorded at Other than Fair Value - The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 825 $ 826 $ 743 $ 744 Other investments - primarily notes receivable (b) $ 31 $ 31 $ 500 $ 680 Long-term debt, including current maturities $ 29,965 $ 31,225 (c) $ 33,134 $ 35,447 (c) FPL: Special use funds (a) $ 651 $ 652 $ 593 $ 593 Long-term debt, including current maturities $ 12,471 $ 13,324 (c) $ 11,702 $ 13,285 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Included in noncurrent other assets in the condensed consolidated balance sheets. At December 31, 2017, primarily a note receivable (Level 3) classified as held for sale and under contract, along with debt secured by this note receivable (see Note 8 - NEER). (c) At June 30, 2018 and December 31, 2017 , substantially all is Level 2 for NEE and all is Level 2 for FPL. Special Use Funds - The special use funds noted above and those carried at fair value (see Recurring Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $6,056 million and $6,003 million at June 30, 2018 and December 31, 2017 , respectively, ( $4,132 million and $4,090 million , respectively, for FPL) and FPL's storm fund assets of $78 million at June 30, 2018 . The investments held in the special use funds consist of equity and debt securities which are primarily carried at estimated fair value. In connection with the adoption of a new accounting standards update as discussed below, available for sale securities include only debt securities in 2018 and debt and equity securities in 2017. The amortized cost of debt securities is approximately $1,977 million and $1,921 million at June 30, 2018 and December 31, 2017 , respectively, ( $1,543 million and $1,443 million , respectively, for FPL). The cost basis of equity securities was approximately $1,521 million at December 31, 2017 ( $783 million 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 asset or liability accounts. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for unrealized losses considered to be other than temporary, including any credit losses, which are recognized in other - net in NEE's condensed consolidated statements of income. For NEE's non-rate regulated operations, changes in fair value of equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE’s condensed consolidated statements of income. The unrealized gains (losses) recognized during the three and six months ended June 30, 2018 on equity securities held at June 30, 2018 were $78 million and $37 million , respectively ( $60 million and $37 million , respectively, for FPL). Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at June 30, 2018 of approximately nine years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at June 30, 2018 of approximately one year. The cost of securities sold is determined using the specific identification method. Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: NEE FPL Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 (millions) Realized gains $ 20 $ 22 $ 28 $ 76 $ 15 $ 13 $ 20 $ 26 Realized losses $ 26 $ 14 $ 40 $ 43 $ 20 $ 7 $ 29 $ 26 Proceeds from sale or maturity of securities $ 719 $ 627 $ 1,313 $ 1,253 $ 653 $ 395 $ 1,042 $ 836 The unrealized gains and 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 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (millions) Unrealized gains $ 11 $ 37 $ 9 $ 28 Unrealized losses (a) $ 42 $ 12 $ 33 $ 9 Fair value $ 1,426 $ 918 $ 1,104 $ 670 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2018 and December 31, 2017 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 New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law. The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. Financial Instruments Accounting Standards Update - Effective January 1, 2018, NEE and FPL adopted an accounting standards update which modifies guidance for financial instruments and makes certain changes to presentation and disclosure requirements. The standards update 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. This standards update primarily impacts the equity securities in NEER's special use funds and is expected to result in increased earnings volatility in future periods based on market conditions. NEE and FPL adopted this standards update using the modified retrospective approach with the cumulative effect recognized as an adjustment to retained earnings on January 1, 2018. Upon adoption, NEE reclassified net unrealized after-tax gains of approximately $312 million from AOCI to retained earnings. The implementation of this standards update had no impact on FPL as changes in the fair value of equity securities in FPL's special use funds are deferred as regulatory assets or liabilities pursuant to accounting guidance for regulated operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes NEE's effective income tax rates for the three months ended June 30, 2018 and 2017 were approximately 25% and 26% , respectively. The rates for both periods reflect state income taxes net of federal income tax benefits, and the benefits of PTCs of approximately $21 million and $30 million , respectively, related to NEER's wind projects and ITCs of approximately $33 million and $42 million , respectively, related to solar and certain wind projects at NEER. NEE's effective income tax rates for the six months ended June 30, 2018 and 2017 were approximately 25% and 29% , respectively. The rates for both periods reflect state income taxes net of federal income tax benefits, as well as the benefits of PTCs of approximately $44 million and $58 million , respectively, related to NEER's wind projects. The rates for both periods also reflect ITCs and, in 2017, deferred income taxes associated with grants under the Recovery Act (convertible ITCs) totaling approximately $70 million and $169 million , respectively, related to solar and certain wind projects at NEER. In addition, during the three months ended March 31, 2018, NEE recorded an income tax charge of approximately $ 125 million related to an adjustment to differential membership interests primarily as a result of the change in federal income tax rates effective January 1, 2018 (see Note 11 - Accounting for Partial Sales of Nonfinancial Assets). NEE recognizes PTCs as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the financial viability of most wind projects and a fundamental component of such wind projects' results of operations. PTCs, as well as ITCs and deferred income taxes associated with convertible ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production. On December 22, 2017, tax reform legislation was signed into law which, among other things, reduced the federal corporate income tax rate from 35% to 21% effective January 1, 2018. As a result, NEE, including FPL, performed an analysis to preliminarily revalue its deferred income taxes and included an estimate of changes in the balances in NEE's and FPL's December 31, 2017 financial statements. At December 31, 2017, the revaluation reduced NEE’s net deferred income tax liabilities by approximately $6.5 billion , of which $4.5 billion related to net deferred income tax liabilities at FPL and the remaining $2 billion related to net deferred income tax liabilities at NEER. The $2 billion reduction in NEER’s deferred income tax liabilities increased NEER’s 2017 net income. The $4.5 billion reduction in FPL’s deferred income tax liabilities was recorded as a regulatory liability. While NEE and FPL continue to believe that the provisional tax reform adjustments are reasonable estimates of the effects on its existing deferred taxes, additional analysis and detailed reviews are still being performed to finalize the accounting for the remeasurement of deferred tax assets and liabilities as a result of the enactment of tax reform. Effective January 1, 2018, NEE early adopted an accounting standards update that provided entities the option to reclassify certain tax effects from AOCI to retained earnings as a result of tax reform. Upon adoption, NEE reclassified approximately $16 million of tax benefits from AOCI to retained earnings. |
Pending Acquisitions Pending Ac
Pending Acquisitions Pending Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Pending Acquisitions | Pending Acquisitions In May 2018, NEE and a wholly owned subsidiary of NEE (purchaser) entered into three separate agreements with The Southern Company and/or certain of its affiliates (Southern) to acquire Gulf Power Company (Gulf Power), Florida City Gas (FCG) and the entities holding Southern’s ownership interests in two natural gas generation facilities. The acquisitions, as further described below, are subject to the terms and conditions set forth in each of the respective agreements. • Gulf Power - The purchaser expects to acquire the outstanding common shares of Gulf Power for approximately $5.75 billion ( $4.35 billion in cash plus the assumption of approximately $1.4 billion of Gulf Power debt), subject to certain adjustments. Gulf Power serves approximately 450,000 customers in eight counties throughout northwest Florida and has roughly 9,500 miles of power lines and 2,300 MW of electric generating capacity. • FCG - The purchaser expects to acquire the outstanding common shares of the entity that owns FCG for approximately $530 million in cash, subject to certain adjustments. FCG serves approximately 110,000 residential and commercial natural gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of natural gas pipeline. • Natural Gas Generation Facilities - The purchaser expects to acquire Southern's interest in an entity that owns a 65% interest in Stanton Energy Center, an approximately 660 MW combined-cycle electric generation facility located near Orlando, Florida, and Southern's interest in an entity that indirectly owns Oleander Power Project, a 791 MW natural gas-fired, simple-cycle combustion turbine electric generation facility located near Cocoa, Florida, for approximately $195 million in cash, subject to certain adjustments. The acquisitions of Gulf Power and the ownership interests in the two natural gas generation facilities are subject to, among other things, receipt of required regulatory approvals, including approvals from the FERC. Each of the three agreements may be terminated by either the purchaser or Southern under certain circumstances. NEE expects to close on the acquisition of FCG in the third quarter of 2018, and expects to close on the acquisitions of Gulf Power and the natural gas generation facilities in the first half of 2019. NEE intends to finance the approximately $5.1 billion cash purchase price through the issuance of debt. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) At June 30, 2018 , NEE had twenty-seven VIEs which it consolidated and had interests in certain other VIEs which it did 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 $106 million and $148 million at June 30, 2018 and December 31, 2017 , respectively, and consisted primarily of storm-recovery property, which are included in both current and noncurrent regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $110 million and $147 million at June 30, 2018 and December 31, 2017 , respectively, and consisted primarily of storm-recovery bonds, which are included in current maturities of long-term debt and long-term debt on NEE's and FPL's condensed consolidated balance sheets. NEER - NEE consolidates twenty-six NEER VIEs. NEER is considered the primary beneficiary of these VIEs since NEER controls the most significant activities of these VIEs, including operations and maintenance, and has the obligation to absorb expected losses of these VIEs. Prior to January 1, 2018, a subsidiary of NEER was the primary beneficiary of, and therefore consolidated NEP, which consolidated NEP OpCo because of NEP’s controlling interest as the general partner of NEP OpCo. At December 31, 2017 , NEE owned a controlling non-economic general partner interest in NEP and a limited partner interest in NEP OpCo, and presented limited partner interests in NEP and NEP OpCo as noncontrolling interests in NEE's consolidated financial statements. At December 31, 2017, NEE owned common units of NEP OpCo representing a noncontrolling interest in NEP's operating projects of approximately 65.1% . The assets and liabilities of NEP were approximately $8.4 billion and $6.2 billion , respectively, at December 31, 2017 , and primarily consisted of property, plant and equipment and long-term debt. During the third quarter of 2017, changes to NEP's governance structure were made that, among other things, enhanced NEP unitholder governance rights. As a result of these governance changes, NEP is no longer a VIE and NEP was deconsolidated from NEE in January 2018 (see Note 2) resulting in NEE no longer indirectly consolidating NEP OpCo. NEP OpCo continues to be a VIE and NEE records its noncontrolling interest in NEP OpCo as an equity method investment (See Other below). A NEER VIE consolidates two entities which own and operate natural gas/oil electric generation facilities with the capability of producing 110 MW. These entities sell their 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. The entities have third-party debt which 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 $74 million and $23 million , respectively, at June 30, 2018 and $89 million and $29 million , respectively, at December 31, 2017 , 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 and operate solar PV facilities with the capability of producing a total of approximately 277 MW. Each of the two indirect subsidiaries of NEER is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NEER. These three entities sell their electric output to third parties under power sales contracts with expiration dates in 2035 and 2036 . The three entities have third-party debt which is secured by liens against the assets of the 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 were approximately $550 million and $569 million , respectively, at June 30, 2018 and $548 million and $594 million , respectively, at December 31, 2017 , and consisted primarily of property, plant and equipment and long-term debt. In February 2018, NEER sold a special purpose entity for net cash proceeds of approximately $71 million . In connection with the sale and the related consolidating state income tax effects, a gain of approximately $50 million (approximately $37 million after tax) was recorded in gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income during the six months ended June 30, 2018 . Prior to the sale, the special purpose entity had insufficient equity at risk and was considered a VIE. The entity provided a loan in the form of a note receivable (see Note 5 - Fair Value of Financial Instruments Recorded at Other than Fair Value) to an unrelated third party, and also issued senior secured bonds which are collateralized by the note receivable. The assets and liabilities of the VIE were approximately $490 million and $502 million , respectively, at December 31, 2017 , and consisted primarily of the note receivable (included in noncurrent other assets and classified as held for sale) and long-term debt. The other twenty-three NEER VIEs that are consolidated relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind electric generation and solar PV facilities with the capability of producing a total of approximately 6,035 MW and 374 MW, respectively. These entities sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2018 through 2051 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. Certain entities have third-party debt which 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 $9.5 billion and $1.1 billion , respectively, at June 30, 2018 . There were thirty-one consolidated VIEs at December 31, 2017 which included seven NEP-owned projects prior to the NEP deconsolidation; the assets and liabilities of those VIEs totaled approximately $13.1 billion and $6.9 billion , respectively. At June 30, 2018 and December 31, 2017 , the assets and liabilities of the VIEs consisted primarily of property, plant and equipment and long-term debt, and also deferral related to differential membership interests at December 31, 2017 . Other - At June 30, 2018 and December 31, 2017 , several NEE subsidiaries had investments totaling approximately $2,717 million ( $2,246 million at FPL) and $2,634 million ( $2,195 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and mortgage-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries 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. Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method. These entities are limited partnerships or similar entity structures in which the limited partners or nonmanaging members do not have substantive rights, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. Beginning in January 2018, as a result of the deconsolidation of NEP, NEE records its noncontrolling interest in NEP OpCo as an equity method investment. NEE’s investment in these entities totaled approximately $4,733 million and $248 million at June 30, 2018 and December 31, 2017 , respectively. Subsidiaries of NEE had committed to invest an additional approximately $65 million and $75 million in three of these entities at June 30, 2018 and December 31, 2017 , respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Equity | Equity Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (millions, except per share amounts) Numerator: Net income attributable to NEE - basic $ 795 $ 793 $ 5,223 $ 2,376 Adjustment for the impact of dilutive securities at NEP (15 ) — (24 ) — Net income attributable to NEE - assuming dilution $ 780 $ 793 $ 5,199 $ 2,376 Denominator: Weighted-average number of common shares outstanding - basic 471.1 467.9 470.9 467.7 Equity units, stock options, performance share awards, forward sale agreements and restricted stock (a) 4.1 3.8 3.8 3.3 Weighted-average number of common shares outstanding - assuming dilution 475.2 471.7 474.7 471.0 Earnings per share attributable to NEE: Basic $ 1.69 $ 1.69 $ 11.09 $ 5.08 Assuming dilution $ 1.64 $ 1.68 $ 10.95 $ 5.05 ——————————————— (a) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to stock options, performance share awards and/or equity units, as well as restricted stock which were not included in the denominator above due to their antidilutive effect were 0.3 million and 0.4 million for the three months ended June 30, 2018 and 2017 , respectively, and 0.3 million and 6.2 million for the six months ended June 30, 2018 and 2017 , respectively. Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Three Months Ended June 30, 2018 Balances, March 31, 2018 $ (74 ) $ (2 ) $ (50 ) $ (52 ) $ — $ (178 ) Other comprehensive income (loss) before reclassifications — (3 ) (1 ) — 2 (2 ) Amounts reclassified from AOCI 7 (a) — (b) — — — 7 Net other comprehensive income (loss) 7 (3 ) (1 ) — 2 5 Balances, June 30, 2018 $ (67 ) $ (5 ) $ (51 ) $ (52 ) $ 2 $ (173 ) 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 Investees Total (millions) Three Months Ended June 30, 2017 Balances, March 31, 2017 $ (101 ) $ 243 $ (86 ) $ (75 ) $ (21 ) $ (40 ) Other comprehensive income (loss) before reclassifications — 26 10 5 (1 ) 40 Amounts reclassified from AOCI 5 (a) (1 ) (b) — — — 4 Net other comprehensive income (loss) 5 25 10 5 (1 ) 44 Other comprehensive income attributable to noncontrolling interests — — — (1 ) — (1 ) Balances, June 30, 2017 $ (96 ) $ 268 $ (76 ) $ (71 ) $ (22 ) $ 3 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 Investees Total (millions) Six Months Ended June 30, 2018 Balances, December 31, 2017 $ (77 ) $ 316 $ (39 ) $ (69 ) $ (20 ) $ 111 Other comprehensive income (loss) before reclassifications — (9 ) (3 ) (20 ) 4 (28 ) Amounts reclassified from AOCI 14 (a) — (b) — — — 14 Net other comprehensive income (loss) 14 (9 ) (3 ) (20 ) 4 (14 ) Impact of NEP deconsolidation (c) 3 — — 37 18 58 Adoption of accounting standards updates (d) (7 ) (312 ) (9 ) — — (328 ) Balances, June 30, 2018 $ (67 ) $ (5 ) $ (51 ) $ (52 ) $ 2 $ (173 ) 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 Investees Total (millions) Six Months Ended June 30, 2017 Balances, December 31, 2016 $ (100 ) $ 225 $ (83 ) $ (90 ) $ (22 ) $ (70 ) Other comprehensive income before reclassifications — 60 7 21 — 88 Amounts reclassified from AOCI 14 (a) (17 ) (b) — — — (3 ) Net other comprehensive income 14 43 7 21 — 85 Other comprehensive income attributable to noncontrolling interests (10 ) — — (2 ) — (12 ) Balances, June 30, 2017 $ (96 ) $ 268 $ (76 ) $ (71 ) $ (22 ) $ 3 ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income. (c) Reclassified and included in gain on NEP deconsolidation. See Note 2. (d) Reclassified to retained earnings. See Notes 5 - Financial Instruments Accounting Standards Update and 6. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances during the six months ended June 30, 2018 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL - First mortgage bonds $ 1,500 3.950 % - 4.125% 2048 NEECH - Debentures $ 1,200 Variable (a) 2019 - 2021 ——————————————— (a) Variable rate is based on an underlying index plus a margin. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Revenue and Rates - In May 2018, the Florida Supreme Court affirmed the FPSC’s final order approving the 2016 rate agreement, which had been appealed by the Sierra Club. Goodwill and Other Intangible Assets - Effective January 1, 2018, NEE and FPL adopted an accounting standards update that clarified the definition of a business. The revised guidance affects the evaluation of whether a transaction should be accounted for as an acquisition or disposition of an asset or a business. NEE and FPL adopted this guidance on a prospective basis effective January 1, 2018. Restricted Cash - In the fourth quarter of 2017, NEE and FPL early adopted an accounting standards update which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. NEE and FPL adopted the standards update retrospectively, which adoption did not have a material impact on NEE’s or FPL’s consolidated statements of cash flows. At June 30, 2018 and December 31, 2017 , NEE had approximately $258 million ( $74 million for FPL) and $269 million ( $141 million for FPL), respectively, of restricted cash, of which approximately $245 million ( $61 million for FPL) and $247 million ( $128 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments, bond proceeds held for construction at FPL and margin cash collateral requirements. In addition, where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments, which totaled $53 million at June 30, 2018 . See Note 4. Leases - In February 2016, the FASB issued an accounting standards update which requires, among other things, that lessees recognize a lease liability, initially measured at the present value of the future lease payments, and a right-of-use asset for all leases (with the exception of short-term leases) (new lease standard). The new lease standard also requires new qualitative and quantitative disclosures for both lessees and lessors. The new lease standard will be effective for NEE and FPL beginning January 1, 2019. Early adoption is permitted. NEE and FPL are currently reviewing their portfolio of contracts and evaluating the proper application of the new lease standard to these contracts in order to determine the impact the adoption will have on their consolidated financial statements, including timing of adoption. NEE and FPL are implementing a number of system enhancements to facilitate the identification, tracking and reporting of leases based upon the requirements of the new lease standard. NEE and FPL are continuing to assess the transition options and practical expedients and monitoring industry implementation issues. Accounting for Partial Sales of Nonfinancial Assets - Effective January 1, 2018, NEE and FPL adopted an accounting standards update regarding the accounting for partial sales of nonfinancial assets using the modified retrospective approach, resulting in cumulative effects being recognized on January 1, 2018. This standards update affects the accounting and related financial statement presentation for the sales of differential membership interests to third-party investors and the sales of NEER assets to indirect subsidiaries of NEP. The adoption of this standards update did not have an impact on FPL. For the sales of differential membership interests to third-party investors, NEE recorded an increase to retained earnings of approximately $34 million ( $56 million pretax) and a reduction to additional paid-in capital of $77 million ( $59 million after tax) on January 1, 2018. In addition, the liability reflected as deferral related to differential membership interests - VIEs on NEE's consolidated balance sheets at December 31, 2017 was reclassified to noncontrolling interests. Beginning in 2018, as the third-party investors receive their portion of the economic attributes of the related facilities, NEE records such amounts as net loss attributable to noncontrolling interests. Prior to the adoption of this standards update, the income related to differential membership interests was recognized in benefits associated with differential membership interests - net in NEE's condensed consolidated statements of income. Additionally, net (income) loss attributable to noncontrolling interests for the six months ended June 30, 2018 includes approximately $497 million ( $373 million after tax) related to a reduction of differential membership interests as a result of the change in federal income tax rates effective January 1, 2018. Also upon adoption of the standards update, the profit sharing liability associated with the sales of NEER assets to NEP was eliminated and NEE recorded an increase to additional paid-in capital of approximately $842 million ( $652 million after tax) and a reduction to retained earnings of approximately $52 million ( $69 million pretax) on January 1, 2018. Due to the deconsolidation of NEP, the previous accounting guidance would not have had an impact on NEE's 2018 financial statements, but rather the profit sharing liability would have increased the gain on NEP deconsolidation. Assets and Liabilities Associated with Assets Held for Sale - In January 2017, an indirect wholly owned subsidiary of NEE completed the sale of its membership interests in its fiber-optic telecommunications business for net cash proceeds of approximately $1.1 billion , after repayment of $370 million of related long-term debt. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $1.1 billion (approximately $685 million after tax) was recorded in NEE's condensed consolidated statements of income during the six months ended June 30, 2017 and is included in gains on disposal of a business/assets - net. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction or acquisition of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities and the procurement of nuclear fuel. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects and the procurement of nuclear fuel, as well as equity contributions to joint ventures for the construction of natural gas pipeline assets. Capital expenditures for Corporate and Other primarily include the cost to maintain existing transmission facilities at NEET. At June 30, 2018 , estimated capital expenditures for the remainder of 2018 through 2022 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL) have been received were as follows: Remainder of 2018 2019 2020 2021 2022 Total (millions) FPL: Generation: (a) New (b)(c) $ 290 $ 455 $ 1,300 $ 1,130 $ 1,115 $ 4,290 Existing 630 970 475 570 490 3,135 Transmission and distribution 1,305 2,125 2,265 2,545 2,570 10,810 Nuclear fuel 55 150 135 145 165 650 General and other 295 325 290 300 280 1,490 Total $ 2,575 $ 4,025 $ 4,465 $ 4,690 $ 4,620 $ 20,375 NEER: Wind (d) $ 1,500 $ 1,850 $ 685 $ 30 $ 25 $ 4,090 Solar (e) 255 125 — — — 380 Nuclear, including nuclear fuel 130 240 205 190 230 995 Natural gas pipelines (f) 780 155 20 10 20 985 Other 255 55 50 35 30 425 Total $ 2,920 $ 2,425 $ 960 $ 265 $ 305 $ 6,875 Corporate and Other $ 40 $ 20 $ 30 $ 15 $ — $ 105 ——————————————— (a) Includes AFUDC of approximately $56 million , $50 million , $47 million , $35 million and $37 million for the remainder of 2018 through 2022, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Excludes capital expenditures of approximately $800 million for the modernization of two generating units at FPL's Lauderdale facility to a high-efficiency natural gas-fired unit (Dania Beach Clean Energy Center), which is pending approval by the Florida Power Plant Siting Board, comprised of the Florida governor and cabinet. (d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,085 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 305 MW. (f) Includes equity contributions associated with joint venture equity investments for the construction of natural gas pipelines. 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. FPL has various firm pay-for-performance contracts to purchase approximately 114 MW from certain cogenerators and small power producers with expiration dates ranging from 2026 through 2034 . These contracts provide for capacity and energy payments. Energy payments are based on the actual power taken under these contracts and capacity payments are subject to the facilities meeting certain contract conditions. FPL has contracts with expiration dates through 2042 for the purchase and transportation of natural gas and coal, and storage of natural gas. At June 30, 2018 , NEER has entered into contracts with expiration dates ranging from August 2018 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, and the conversion, enrichment and fabrication of nuclear fuel, and has made commitments for the construction of natural gas pipelines. Approximately $3.3 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 with expiration dates ranging from late July 2018 through 2038 . The required capacity and/or minimum payments under contracts, including those discussed above, at June 30, 2018 were estimated as follows: Remainder of 2018 2019 2020 2021 2022 Thereafter (millions) FPL: Capacity charges (a) $ 10 $ 20 $ 20 $ 20 $ 20 $ 225 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 1,075 $ 1,270 $ 1,010 $ 905 $ 895 $ 11,240 Coal, including transportation $ 20 $ 5 $ — $ — $ — $ — NEER (d) $ 2,175 $ 830 $ 185 $ 160 $ 175 $ 1,335 Corporate and Other (e)(f) $ 275 $ 15 $ 10 $ 10 $ 5 $ — ——————————————— (a) Capacity charges, substantially all of which are recoverable through the capacity clause, totaled approximately $2 million and $20 million for the three months ended June 30, 2018 and 2017 , respectively, and approximately $7 million and $40 million for the six months ended June 30, 2018 and 2017 , respectively. Energy charges, which are recoverable through the fuel clause, totaled approximately $8 million and $27 million for the three months ended June 30, 2018 and 2017 , respectively, and approximately $15 million and $43 million for the six months ended June 30, 2018 and 2017 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $150 million , $290 million , $360 million , $390 million , $390 million and $7,175 million for the remainder of 2018 through 2022 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. (d) Includes approximately $65 million , $65 million , $65 million , $65 million and $1,035 million in 2019 through 2022 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline which is expected in the first quarter of 2019. (e) Includes an approximately $65 million commitment to invest in clean power and technology businesses through 2021. (f) Excludes approximately $210 million for the remainder of 2018 of joint obligations of NEECH and NEER which are included in the NEER amounts above. FPL made an approximately $90 million payment to JEA, the 80% owner of St. Johns River Power Park coal units (SJRPP), in connection with the shutdown of SJRPP in January 2018, which had the effect of terminating a 375 MW take-or-pay purchased power contract, retiring SJRPP and eliminating FPL's 20% ownership interest. In connection with the FPSC's approval of the retirement, FPL recorded a regulatory asset of approximately $90 million at December 31, 2017 , which is being amortized over the remaining life of the take-or-pay purchased power contract (October 2021) and recovered through the capacity clause. In January 2018, NEE and FPL reclassified the SJRPP net book value of approximately $191 million to a regulatory asset. Approximately $150 million of the regulatory asset will be amortized over 15 years in base rates beginning July 1, 2018 and the remainder will be amortized over 10 years through the environmental cost recovery clause beginning when FPL's base rates are next adjusted in a general base rate case. In addition, in connection with the shutdown of the plant, FPL had regulatory liabilities of approximately $62 million at December 31, 2017 , which is being refunded to customers through the capacity clause over the remaining life of the take-or-pay purchased power contract. 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 $450 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $12.6 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, except for Duane Arnold which has a sublimit of $1.0 billion . NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence. 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 $177 million ( $108 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million , $5 million and $4 million , plus any applicable taxes, respectively. Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If FPL's future storm restoration costs exceed the storm reserve, 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, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information NEE's reportable segments are FPL, a rate-regulated electric utility, and NEER, a competitive energy business. Corporate and Other represents other business activities and includes eliminating entries. NEE's segment information is as follows: Three Months Ended June 30, 2018 2017 FPL NEER (a)(b) Corporate and Other NEE Consoli- dated (b) FPL NEER (a) Corporate and Other NEE Consoli- dated (millions) Operating revenues $ 2,908 $ 1,162 $ (1 ) $ 4,069 $ 3,091 $ 1,295 $ 18 $ 4,404 Operating expenses - net $ 1,986 $ 877 $ 44 $ 2,907 $ 2,150 $ 957 $ 21 (d) $ 3,128 (d) Net income (loss) attributable to NEE $ 626 $ 274 (c) $ (105 ) $ 795 $ 526 $ 301 (c) $ (34 ) $ 793 Six Months Ended June 30, 2018 2017 FPL NEER (a)(b) Corporate and Other NEE (b) FPL NEER (a) Corporate NEE Consoli- dated (millions) Operating revenues $ 5,528 $ 2,408 $ (4 ) $ 7,932 $ 5,618 $ 2,719 $ 40 $ 8,377 Operating expenses (income) - net $ 3,899 $ 1,738 $ 86 $ 5,723 $ 3,866 $ 1,888 $ (1,015 ) (d) $ 4,739 (d) Net income (loss) attributable to NEE $ 1,110 $ 4,200 (c) $ (87 ) $ 5,223 $ 971 $ 777 (c) $ 628 $ 2,376 ——————————————— (a) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, differential membership interests sold by NEER subsidiaries are included with debt. Residual NEECH corporate interest expense is included in Corporate and Other. (b) NEP was deconsolidated from NEER in January 2018. See Note 2. (c) See Note 6 for a discussion of NEER's tax benefits related to PTCs. (d) Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. June 30, 2018 December 31, 2017 FPL NEER (a) Corporate and Other NEE Consoli- dated (a) FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 51,611 $ 42,052 $ 1,827 $ 95,490 $ 50,244 $ 45,549 $ 2,034 $ 97,827 ——————————————— (a) NEP was deconsolidated from NEER in January 2018. See Note 2. |
Summarized Financial Informatio
Summarized Financial Information of NEECH | 6 Months Ended |
Jun. 30, 2018 | |
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 Three Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) (b) NEECH Other (a) NEE Consoli- dated (b) (millions) Operating revenues $ — $ 1,195 $ 2,874 $ 4,069 $ — $ 1,327 $ 3,077 $ 4,404 Operating expenses - net (58 ) (896 ) (1,953 ) (2,907 ) (13 ) (974 ) (2,141 ) (3,128 ) Interest expense (10 ) (243 ) (141 ) (394 ) (1 ) (309 ) (120 ) (430 ) Equity in earnings of subsidiaries 808 — (808 ) — 787 — (787 ) — Other income - net 52 91 20 163 9 219 19 247 Income (loss) before income taxes 792 147 (8 ) 931 782 263 48 1,093 Income tax expense (benefit) (3 ) 57 176 230 (11 ) (12 ) 312 289 Net income (loss) 795 90 (184 ) 701 793 275 (264 ) 804 Net (income) loss attributable to noncontrolling interests — 94 — 94 — (11 ) — (11 ) Net income (loss) attributable to NEE $ 795 $ 184 $ (184 ) $ 795 $ 793 $ 264 $ (264 ) $ 793 Six Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) (b) NEECH Other (a) NEE Consoli- dated (b) (millions) Operating revenues $ — $ 2,472 $ 5,460 $ 7,932 $ — $ 2,789 $ 5,588 $ 8,377 Operating expenses - net (113 ) (1,773 ) (3,837 ) (5,723 ) (62 ) (823 ) (3,854 ) (4,739 ) Interest expense (11 ) (334 ) (275 ) (620 ) (1 ) (549 ) (240 ) (790 ) Equity in earnings of subsidiaries 5,169 — (5,169 ) — 2,349 — (2,349 ) — Gain on NEP deconsolidation — 3,935 — 3,935 — — — — Other income - net 102 340 45 487 53 446 12 511 Income (loss) before income taxes 5,147 4,640 (3,776 ) 6,011 2,339 1,863 (843 ) 3,359 Income tax expense (benefit) (76 ) 1,267 288 1,479 (37 ) 438 563 964 Net income (loss) 5,223 3,373 (4,064 ) 4,532 2,376 1,425 (1,406 ) 2,395 Net (income) loss attributable to noncontrolling interests — 691 — 691 — (19 ) — (19 ) Net income (loss) attributable to NEE $ 5,223 $ 4,064 $ (4,064 ) $ 5,223 $ 2,376 $ 1,406 $ (1,406 ) $ 2,376 ——————————————— (a) Represents primarily FPL and consolidating adjustments. (b) Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. Condensed Consolidating Statements of Comprehensive Income Three Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 800 $ 190 $ (190 ) $ 800 $ 836 $ 297 $ (297 ) $ 836 Six Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 5,267 $ 4,111 $ (4,111 ) $ 5,267 $ 2,449 $ 1,472 $ (1,472 ) $ 2,449 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Balance Sheets June 30, 2018 December 31, 2017 NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 112 $ 36,332 $ 53,307 $ 89,751 $ 20 $ 41,782 $ 51,981 $ 93,783 Accumulated depreciation and amortization (37 ) (8,169 ) (12,886 ) (21,092 ) (15 ) (8,551 ) (12,801 ) (21,367 ) Total property, plant and equipment - net 75 28,163 40,421 68,659 5 33,231 39,180 72,416 CURRENT ASSETS Cash and cash equivalents 1 437 40 478 1 1,679 34 1,714 Receivables 619 1,608 664 2,891 442 1,633 662 2,737 Other 5 1,214 1,297 2,516 5 1,283 1,418 2,706 Total current assets 625 3,259 2,001 5,885 448 4,595 2,114 7,157 OTHER ASSETS Investment in subsidiaries 32,078 — (32,078 ) — 27,825 — (27,825 ) — Investment in equity method investees — 6,217 — 6,217 — 2,321 — 2,321 Other 654 6,206 7,869 14,729 591 7,620 7,722 15,933 Total other assets 32,732 12,423 (24,209 ) 20,946 28,416 9,941 (20,103 ) 18,254 TOTAL ASSETS $ 33,432 $ 43,845 $ 18,213 $ 95,490 $ 28,869 $ 47,767 $ 21,191 $ 97,827 CAPITALIZATION Common shareholders' equity $ 33,090 $ 12,984 $ (13,053 ) $ 33,021 $ 28,208 $ 10,745 $ (10,745 ) $ 28,208 Noncontrolling interests — 3,151 — 3,151 — 1,290 — 1,290 Long-term debt — 15,977 12,379 28,356 — 20,227 11,236 31,463 Total capitalization 33,090 32,112 (674 ) 64,528 28,208 32,262 491 60,961 CURRENT LIABILITIES Debt due within one year — 3,131 1,079 4,210 — 1,215 2,403 3,618 Accounts payable 2 1,675 621 2,298 3 2,427 805 3,235 Other 200 2,089 1,387 3,676 325 2,073 1,981 4,379 Total current liabilities 202 6,895 3,087 10,184 328 5,715 5,189 11,232 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 951 2,097 3,048 — 984 2,047 3,031 Deferred income taxes (239 ) 2,646 4,755 7,162 (82 ) 1,247 4,589 5,754 Other 379 1,241 8,948 10,568 415 7,559 8,875 16,849 Total other liabilities and deferred credits 140 4,838 15,800 20,778 333 9,790 15,511 25,634 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 33,432 $ 43,845 $ 18,213 $ 95,490 $ 28,869 $ 47,767 $ 21,191 $ 97,827 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2018 2017 (a) NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated (millions) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 2,005 $ 1,459 $ (531 ) $ 2,933 $ 992 $ 1,260 $ 999 $ 3,251 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (71 ) (3,348 ) (2,504 ) (5,923 ) — (4,195 ) (2,742 ) (6,937 ) Proceeds from sale of the fiber-optic telecommunications business — — — — — 1,482 — 1,482 Capital contributions from NEE (854 ) — 854 — (45 ) — 45 — Proceeds from sale or maturity of securities in special use funds and other investments — 687 1,101 1,788 — 518 901 1,419 Purchases of securities in special use funds and other investments — (764 ) (1,228 ) (1,992 ) — (582 ) (949 ) (1,531 ) Distributions from equity method investees — 633 — 633 — 7 — 7 Other - net 12 105 22 139 4 43 (1 ) 46 Net cash used in investing activities (913 ) (2,687 ) (1,755 ) (5,355 ) (41 ) (2,727 ) (2,746 ) (5,514 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 1,281 1,594 2,875 — 2,572 199 2,771 Retirements of long-term debt — (415 ) (799 ) (1,214 ) — (1,850 ) (35 ) (1,885 ) Net change in commercial paper — 1,405 (700 ) 705 — 1,115 732 1,847 Proceeds from other short-term debt — 200 — 200 — — 200 200 Repayments of other short-term debt — — (250 ) (250 ) — — — — Issuances of common stock - net 11 — — 11 25 — — 25 Dividends on common stock (1,047 ) — — (1,047 ) (920 ) — — (920 ) Contributions from (dividends to) NEE — (2,408 ) 2,408 — — (637 ) 637 — Other - net (56 ) (6 ) (28 ) (90 ) (56 ) (304 ) (1 ) (361 ) Net cash provided by (used in) financing activities (1,092 ) 57 2,225 1,190 (951 ) 896 1,732 1,677 Effects of currency translation on cash, cash equivalents and restricted cash — (15 ) — (15 ) — — — — Net decrease in cash, cash equivalents and restricted cash — (1,186 ) (61 ) (1,247 ) — (571 ) (15 ) (586 ) Cash, cash equivalents and restricted cash at beginning of period 1 1,807 175 1,983 1 1,375 153 1,529 Cash, cash equivalents and restricted cash at end of period $ 1 $ 621 $ 114 $ 736 $ 1 $ 804 $ 138 $ 943 ——————————————— (a) Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. (b) Represents primarily FPL and consolidating adjustments. |
Summary of Significant Accoun23
Summary of Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Effective January 1, 2018, NEE and FPL adopted an accounting standards update that provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures regarding such contracts (new revenue standard). Under the new revenue standard, revenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The promised goods or services in the majority of NEE’s contracts with customers is, at FPL, for the delivery of electricity and, at NEER, for the delivery of energy commodities and the availability of electric capacity and electric transmission. NEE and FPL adopted the new revenue standard using the modified retrospective approach applying it only to contracts that were not complete at January 1, 2018. Amendments to Presentation of Retirement Benefits - Effective January 1, 2018, NEE adopted an accounting standards update that requires certain changes in classification of components of net periodic pension and postretirement benefit costs within the income statement and allows only the service cost component to be eligible for capitalization. NEE adopted the standards update using the retrospective approach for presentation of the components of net periodic pension and postretirement benefit costs and the prospective approach for capitalization of service cost. Upon adoption, NEE, among other things, reclassified the non-service cost components noted in the net periodic benefit (income) cost table above from O&M expense to other net periodic benefit income in NEE's condensed consolidated statements of income. The adoption of this standards update did not have an impact on net income attributable to NEE and did not have any impact on FPL as NEE is the plan sponsor. Financial Instruments Accounting Standards Update - Effective January 1, 2018, NEE and FPL adopted an accounting standards update which modifies guidance for financial instruments and makes certain changes to presentation and disclosure requirements. The standards update 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. This standards update primarily impacts the equity securities in NEER's special use funds and is expected to result in increased earnings volatility in future periods based on market conditions. NEE and FPL adopted this standards update using the modified retrospective approach with the cumulative effect recognized as an adjustment to retained earnings on January 1, 2018. Upon adoption, NEE reclassified net unrealized after-tax gains of approximately $312 million from AOCI to retained earnings. The implementation of this standards update had no impact on FPL as changes in the fair value of equity securities in FPL's special use funds are deferred as regulatory assets or liabilities pursuant to accounting guidance for regulated operations. Revenue and Rates - In May 2018, the Florida Supreme Court affirmed the FPSC’s final order approving the 2016 rate agreement, which had been appealed by the Sierra Club. Goodwill and Other Intangible Assets - Effective January 1, 2018, NEE and FPL adopted an accounting standards update that clarified the definition of a business. The revised guidance affects the evaluation of whether a transaction should be accounted for as an acquisition or disposition of an asset or a business. NEE and FPL adopted this guidance on a prospective basis effective January 1, 2018. Restricted Cash - In the fourth quarter of 2017, NEE and FPL early adopted an accounting standards update which requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. NEE and FPL adopted the standards update retrospectively, which adoption did not have a material impact on NEE’s or FPL’s consolidated statements of cash flows. At June 30, 2018 and December 31, 2017 , NEE had approximately $258 million ( $74 million for FPL) and $269 million ( $141 million for FPL), respectively, of restricted cash, of which approximately $245 million ( $61 million for FPL) and $247 million ( $128 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments, bond proceeds held for construction at FPL and margin cash collateral requirements. In addition, where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments, which totaled $53 million at June 30, 2018 . See Note 4. Leases - In February 2016, the FASB issued an accounting standards update which requires, among other things, that lessees recognize a lease liability, initially measured at the present value of the future lease payments, and a right-of-use asset for all leases (with the exception of short-term leases) (new lease standard). The new lease standard also requires new qualitative and quantitative disclosures for both lessees and lessors. The new lease standard will be effective for NEE and FPL beginning January 1, 2019. Early adoption is permitted. NEE and FPL are currently reviewing their portfolio of contracts and evaluating the proper application of the new lease standard to these contracts in order to determine the impact the adoption will have on their consolidated financial statements, including timing of adoption. NEE and FPL are implementing a number of system enhancements to facilitate the identification, tracking and reporting of leases based upon the requirements of the new lease standard. NEE and FPL are continuing to assess the transition options and practical expedients and monitoring industry implementation issues. Accounting for Partial Sales of Nonfinancial Assets - Effective January 1, 2018, NEE and FPL adopted an accounting standards update regarding the accounting for partial sales of nonfinancial assets using the modified retrospective approach, resulting in cumulative effects being recognized on January 1, 2018. This standards update affects the accounting and related financial statement presentation for the sales of differential membership interests to third-party investors and the sales of NEER assets to indirect subsidiaries of NEP. The adoption of this standards update did not have an impact on FPL. For the sales of differential membership interests to third-party investors, NEE recorded an increase to retained earnings of approximately $34 million ( $56 million pretax) and a reduction to additional paid-in capital of $77 million ( $59 million after tax) on January 1, 2018. In addition, the liability reflected as deferral related to differential membership interests - VIEs on NEE's consolidated balance sheets at December 31, 2017 was reclassified to noncontrolling interests. Beginning in 2018, as the third-party investors receive their portion of the economic attributes of the related facilities, NEE records such amounts as net loss attributable to noncontrolling interests. Prior to the adoption of this standards update, the income related to differential membership interests was recognized in benefits associated with differential membership interests - net in NEE's condensed consolidated statements of income. Additionally, net (income) loss attributable to noncontrolling interests for the six months ended June 30, 2018 includes approximately $497 million ( $373 million after tax) related to a reduction of differential membership interests as a result of the change in federal income tax rates effective January 1, 2018. Also upon adoption of the standards update, the profit sharing liability associated with the sales of NEER assets to NEP was eliminated and NEE recorded an increase to additional paid-in capital of approximately $842 million ( $652 million after tax) and a reduction to retained earnings of approximately $52 million ( $69 million pretax) on January 1, 2018. Due to the deconsolidation of NEP, the previous accounting guidance would not have had an impact on NEE's 2018 financial statements, but rather the profit sharing liability would have increased the gain on NEP deconsolidation. Assets and Liabilities Associated with Assets Held for Sale - In January 2017, an indirect wholly owned subsidiary of NEE completed the sale of its membership interests in its fiber-optic telecommunications business for net cash proceeds of approximately $1.1 billion , after repayment of $370 million of related long-term debt. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $1.1 billion (approximately $685 million after tax) was recorded in NEE's condensed consolidated statements of income during the six months ended June 30, 2017 and is included in gains on disposal of a business/assets - net. |
Derivative Instruments | NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks 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 expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge 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 energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel 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; the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. For interest rate and foreign currency derivative instruments, essentially all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. |
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 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 Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable 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 a combination of market and income approaches utilizing 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 contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future 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 an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Net periodic benefit (income) cost | The components of net periodic benefit (income) cost for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended Six Months Ended Six Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 (millions) Service cost $ 18 $ 17 $ — $ 1 $ 35 $ 33 $ 1 $ 1 Interest cost 20 21 2 2 41 42 3 4 Expected return on plan assets (69 ) (68 ) — — (138 ) (135 ) — — Amortization of prior service benefit — (1 ) (4 ) (2 ) — (1 ) (8 ) (2 ) Special termination benefits — 37 — — — 38 — — Postretirement benefits settlement — — — 1 — — — 1 Net periodic benefit (income) cost at NEE $ (31 ) $ 6 $ (2 ) $ 2 $ (62 ) $ (23 ) $ (4 ) $ 4 Net periodic benefit (income) cost at FPL $ (20 ) $ 6 $ (2 ) $ 1 $ (40 ) $ (12 ) $ (3 ) $ 3 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and December 31, 2017 , 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 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets. June 30, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 4,097 $ 2,908 $ 1,792 $ 657 Interest rate contracts 102 291 101 290 Foreign currency contracts 14 28 26 40 Total fair values $ 4,213 $ 3,227 $ 1,919 $ 987 FPL: Commodity contracts $ 5 $ 5 $ 3 $ 3 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 459 Noncurrent derivative assets (b) 1,460 Current derivative liabilities $ 496 Noncurrent derivative liabilities 491 Total derivatives $ 1,919 $ 987 Net fair value by FPL balance sheet line item: Current other assets $ 3 Current other liabilities $ 2 Noncurrent other liabilities 1 Total derivatives $ 3 $ 3 ——————————————— (a) Reflects the netting of approximately $11 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $43 million in margin cash collateral received from counterparties. December 31, 2017 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 3,962 $ 2,792 $ 1,737 $ 567 Interest rate contracts 50 275 55 280 Foreign currency contracts — 40 12 52 Total fair values $ 4,012 $ 3,107 $ 1,804 $ 899 FPL: Commodity contracts $ 3 $ 3 $ 2 $ 2 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 489 Noncurrent derivative assets 1,315 Current derivative liabilities $ 364 Noncurrent derivative liabilities (b) 535 Total derivatives $ 1,804 $ 899 Net fair value by FPL balance sheet line item: Current other assets $ 2 Current other liabilities $ 2 Total derivatives $ 2 $ 2 ——————————————— (a) Reflects the netting of approximately $39 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $39 million in margin cash collateral paid to counterparties. |
Net Notional Volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: June 30, 2018 December 31, 2017 Commodity Type NEE FPL NEE FPL (millions) Power (107 ) MWh — (109 ) MWh — Natural gas (110 ) MMBtu 375 MMBtu (74 ) MMBtu 142 MMBtu Oil (28 ) barrels — (15 ) barrels — |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (millions) Commodity contracts (a) - operating revenues $ 42 $ 132 $ 180 $ 424 Foreign currency contracts - interest expense (25 ) 36 20 57 Foreign currency contracts - other - net — (2 ) — (2 ) Interest rate contracts - interest expense (83 ) (145 ) (27 ) (190 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (8 ) (13 ) (17 ) (23 ) Foreign currency contracts (1 ) (77 ) (2 ) (79 ) Total $ (75 ) $ (69 ) $ 154 $ 187 ——————————————— (a) For the three and six months ended June 30, 2018 , FPL recorded losses of approximately $1 million and gains of $3 million , respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets. For the three and six months ended June 30, 2017 , FPL recorded losses of approximately $47 million and $152 million , respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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: June 30, 2018 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 259 $ — $ — $ 259 FPL - equity securities $ 74 $ — $ — $ 74 Special use funds: (c) NEE: Equity securities $ 1,610 $ 1,752 (d) $ — $ 3,362 U.S. Government and municipal bonds $ 502 $ 154 $ — $ 656 Corporate debt securities $ 1 $ 734 $ — $ 735 Mortgage-backed securities $ — $ 416 $ — $ 416 Other debt securities $ — $ 140 $ — $ 140 FPL: Equity securities $ 449 $ 1,591 (d) $ — $ 2,040 U.S. Government and municipal bonds $ 396 $ 121 $ — $ 517 Corporate debt securities $ — $ 565 $ — $ 565 Mortgage-backed securities $ — $ 314 $ — $ 314 Other debt securities $ — $ 123 $ — $ 123 Other investments: (e) NEE: Equity securities $ 16 $ 12 $ — $ 28 Debt securities $ 47 $ 89 $ — $ 136 Derivatives: NEE: Commodity contracts $ 1,025 $ 1,772 $ 1,300 $ (2,305 ) $ 1,792 (f) Interest rate contracts $ — $ 102 $ — $ (1 ) $ 101 (f) Foreign currency contracts $ — $ 14 $ — $ 12 $ 26 (f) FPL - commodity contracts $ — $ 2 $ 3 $ (2 ) $ 3 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,008 $ 1,396 $ 504 $ (2,251 ) $ 657 (f) Interest rate contracts $ — $ 145 $ 146 $ (1 ) $ 290 (f) Foreign currency contracts $ — $ 28 $ — $ 12 $ 40 (f) FPL - commodity contracts $ — $ 2 $ 3 $ (2 ) $ 3 (f) ——————————————— (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 condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $80 million ( $61 million for FPL) in current other assets on the condensed 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 Other than Fair Value 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. December 31, 2017 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 1,294 $ — $ — $ 1,294 FPL - equity securities $ 144 $ — $ — $ 144 Special use funds: (c) NEE: Equity securities $ 1,595 $ 1,719 (d) $ — $ 3,314 U.S. Government and municipal bonds $ 478 $ 139 $ — $ 617 Corporate debt securities $ 1 $ 764 $ — $ 765 Mortgage-backed securities $ — $ 435 $ — $ 435 Other debt securities $ — $ 129 $ — $ 129 FPL: Equity securities $ 473 $ 1,562 (d) $ — $ 2,035 U.S. Government and municipal bonds $ 362 $ 112 $ — $ 474 Corporate debt securities $ — $ 539 $ — $ 539 Mortgage-backed securities $ — $ 333 $ — $ 333 Other debt securities $ — $ 116 $ — $ 116 Other investments: (e) NEE: Equity securities $ 2 $ 10 $ — $ 12 Debt securities $ 34 $ 103 $ — $ 137 Derivatives: NEE: Commodity contracts $ 1,303 $ 1,301 $ 1,358 $ (2,225 ) $ 1,737 (f) Interest rate contracts $ — $ 50 $ — $ 5 $ 55 (f) Foreign currency contracts $ — $ — $ — $ 12 $ 12 (f) FPL - commodity contracts $ — $ 1 $ 2 $ (1 ) $ 2 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,217 $ 915 $ 660 $ (2,225 ) $ 567 (f) Interest rate contracts $ — $ 143 $ 132 $ 5 $ 280 (f) Foreign currency contracts $ — $ 40 $ — $ 12 $ 52 (f) FPL - commodity contracts $ — $ 1 $ 2 $ (1 ) $ 2 (f) ——————————————— (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 condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $159 million ( $128 million for FPL) in current other assets on the condensed 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 Other than Fair Value 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at June 30, 2018 are as follows: Fair Value at Valuation Significant Transaction Type June 30, 2018 Technique(s) Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 853 $ 271 Discounted cash flow Forward price (per MWh) $(109) — $175 Forward contracts - gas 27 10 Discounted cash flow Forward price (per MMBtu) $1 — $6 Options - power 46 14 Option models Implied correlations 1% — 100% Implied volatilities 7% — 416% Options - primarily gas 156 159 Option models Implied correlations 1% — 100% Implied volatilities 1% — 136% Full requirements and unit contingent contracts 218 50 Discounted cash flow Forward price (per MWh) $(31) — $549 Customer migration rate (a) —% — 20% Total $ 1,300 $ 504 ——————————————— (a) Applies only to full requirements contracts. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | 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. |
Reconciliation of changes in the fair value measured based on significant unobservable inputs | The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended June 30, 2018 2017 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at March 31 $ 625 $ (2 ) $ 715 $ (4 ) Realized and unrealized gains (losses): Included in earnings (a) 37 — 144 — Included in other comprehensive income (b) 7 — (10 ) — Included in regulatory assets and liabilities 2 2 — — Purchases 61 — 23 — Settlements (55 ) (1 ) (72 ) 2 Issuances (28 ) — (88 ) — Transfers in (c) 1 1 6 — Transfers out (c) — — 6 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 650 $ — $ 724 $ (2 ) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 57 $ — $ 135 $ — ——————————————— (a) For the three months ended June 30, 2018 and 2017 , realized and unrealized gains of approximately $44 million and $140 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the three months ended June 30, 2018 and 2017 , unrealized gains of approximately $64 million and $131 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Six Months Ended June 30, 2018 2017 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 566 $ — $ 578 $ 1 Realized and unrealized gains (losses): Included in earnings (a) 52 — 360 — Included in other comprehensive income (b) 4 — (11 ) — Included in regulatory assets and liabilities — — (2 ) (2 ) Purchases 103 — 45 — Settlements (7 ) (1 ) (157 ) (1 ) Issuances (61 ) — (104 ) — Impact of adoption of new revenue standard (c) (30 ) — — — Transfers in (d) 1 1 14 — Transfers out (d) 22 — 1 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 650 $ — $ 724 $ (2 ) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (e) $ 38 $ — $ 284 $ — ——————————————— (a) For the six months ended June 30, 2018 and 2017 , realized and unrealized gains of approximately $71 million and $356 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) See Note 1. (d) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (e) For the six months ended June 30, 2018 and 2017 , unrealized gains of approximately $57 million and $280 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 825 $ 826 $ 743 $ 744 Other investments - primarily notes receivable (b) $ 31 $ 31 $ 500 $ 680 Long-term debt, including current maturities $ 29,965 $ 31,225 (c) $ 33,134 $ 35,447 (c) FPL: Special use funds (a) $ 651 $ 652 $ 593 $ 593 Long-term debt, including current maturities $ 12,471 $ 13,324 (c) $ 11,702 $ 13,285 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Included in noncurrent other assets in the condensed consolidated balance sheets. At December 31, 2017, primarily a note receivable (Level 3) classified as held for sale and under contract, along with debt secured by this note receivable (see Note 8 - NEER). (c) At June 30, 2018 and December 31, 2017 , substantially all is Level 2 for NEE and all is Level 2 for FPL. |
Available-for-sale Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: NEE FPL Three Months Ended Six Months Ended Three Months Ended Six Months Ended 2018 2017 2018 2017 2018 2017 2018 2017 (millions) Realized gains $ 20 $ 22 $ 28 $ 76 $ 15 $ 13 $ 20 $ 26 Realized losses $ 26 $ 14 $ 40 $ 43 $ 20 $ 7 $ 29 $ 26 Proceeds from sale or maturity of securities $ 719 $ 627 $ 1,313 $ 1,253 $ 653 $ 395 $ 1,042 $ 836 The unrealized gains and 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 June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 (millions) Unrealized gains $ 11 $ 37 $ 9 $ 28 Unrealized losses (a) $ 42 $ 12 $ 33 $ 9 Fair value $ 1,426 $ 918 $ 1,104 $ 670 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2018 and December 31, 2017 were not material to NEE or FPL |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Reconciliation of basic and diluted earnings per share of common stock | Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended Six Months Ended 2018 2017 2018 2017 (millions, except per share amounts) Numerator: Net income attributable to NEE - basic $ 795 $ 793 $ 5,223 $ 2,376 Adjustment for the impact of dilutive securities at NEP (15 ) — (24 ) — Net income attributable to NEE - assuming dilution $ 780 $ 793 $ 5,199 $ 2,376 Denominator: Weighted-average number of common shares outstanding - basic 471.1 467.9 470.9 467.7 Equity units, stock options, performance share awards, forward sale agreements and restricted stock (a) 4.1 3.8 3.8 3.3 Weighted-average number of common shares outstanding - assuming dilution 475.2 471.7 474.7 471.0 Earnings per share attributable to NEE: Basic $ 1.69 $ 1.69 $ 11.09 $ 5.08 Assuming dilution $ 1.64 $ 1.68 $ 10.95 $ 5.05 ——————————————— (a) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Three Months Ended June 30, 2018 Balances, March 31, 2018 $ (74 ) $ (2 ) $ (50 ) $ (52 ) $ — $ (178 ) Other comprehensive income (loss) before reclassifications — (3 ) (1 ) — 2 (2 ) Amounts reclassified from AOCI 7 (a) — (b) — — — 7 Net other comprehensive income (loss) 7 (3 ) (1 ) — 2 5 Balances, June 30, 2018 $ (67 ) $ (5 ) $ (51 ) $ (52 ) $ 2 $ (173 ) 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 Investees Total (millions) Three Months Ended June 30, 2017 Balances, March 31, 2017 $ (101 ) $ 243 $ (86 ) $ (75 ) $ (21 ) $ (40 ) Other comprehensive income (loss) before reclassifications — 26 10 5 (1 ) 40 Amounts reclassified from AOCI 5 (a) (1 ) (b) — — — 4 Net other comprehensive income (loss) 5 25 10 5 (1 ) 44 Other comprehensive income attributable to noncontrolling interests — — — (1 ) — (1 ) Balances, June 30, 2017 $ (96 ) $ 268 $ (76 ) $ (71 ) $ (22 ) $ 3 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 Investees Total (millions) Six Months Ended June 30, 2018 Balances, December 31, 2017 $ (77 ) $ 316 $ (39 ) $ (69 ) $ (20 ) $ 111 Other comprehensive income (loss) before reclassifications — (9 ) (3 ) (20 ) 4 (28 ) Amounts reclassified from AOCI 14 (a) — (b) — — — 14 Net other comprehensive income (loss) 14 (9 ) (3 ) (20 ) 4 (14 ) Impact of NEP deconsolidation (c) 3 — — 37 18 58 Adoption of accounting standards updates (d) (7 ) (312 ) (9 ) — — (328 ) Balances, June 30, 2018 $ (67 ) $ (5 ) $ (51 ) $ (52 ) $ 2 $ (173 ) 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 Investees Total (millions) Six Months Ended June 30, 2017 Balances, December 31, 2016 $ (100 ) $ 225 $ (83 ) $ (90 ) $ (22 ) $ (70 ) Other comprehensive income before reclassifications — 60 7 21 — 88 Amounts reclassified from AOCI 14 (a) (17 ) (b) — — — (3 ) Net other comprehensive income 14 43 7 21 — 85 Other comprehensive income attributable to noncontrolling interests (10 ) — — (2 ) — (12 ) Balances, June 30, 2017 $ (96 ) $ 268 $ (76 ) $ (71 ) $ (22 ) $ 3 ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income. (c) Reclassified and included in gain on NEP deconsolidation. See Note 2. (d) Reclassified to retained earnings. See Notes 5 - Financial Instruments Accounting Standards Update and 6. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances during the six months ended June 30, 2018 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL - First mortgage bonds $ 1,500 3.950 % - 4.125% 2048 NEECH - Debentures $ 1,200 Variable (a) 2019 - 2021 ——————————————— (a) Variable rate is based on an underlying index plus a margin. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At June 30, 2018 , estimated capital expenditures for the remainder of 2018 through 2022 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL) have been received were as follows: Remainder of 2018 2019 2020 2021 2022 Total (millions) FPL: Generation: (a) New (b)(c) $ 290 $ 455 $ 1,300 $ 1,130 $ 1,115 $ 4,290 Existing 630 970 475 570 490 3,135 Transmission and distribution 1,305 2,125 2,265 2,545 2,570 10,810 Nuclear fuel 55 150 135 145 165 650 General and other 295 325 290 300 280 1,490 Total $ 2,575 $ 4,025 $ 4,465 $ 4,690 $ 4,620 $ 20,375 NEER: Wind (d) $ 1,500 $ 1,850 $ 685 $ 30 $ 25 $ 4,090 Solar (e) 255 125 — — — 380 Nuclear, including nuclear fuel 130 240 205 190 230 995 Natural gas pipelines (f) 780 155 20 10 20 985 Other 255 55 50 35 30 425 Total $ 2,920 $ 2,425 $ 960 $ 265 $ 305 $ 6,875 Corporate and Other $ 40 $ 20 $ 30 $ 15 $ — $ 105 ——————————————— (a) Includes AFUDC of approximately $56 million , $50 million , $47 million , $35 million and $37 million for the remainder of 2018 through 2022, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Excludes capital expenditures of approximately $800 million for the modernization of two generating units at FPL's Lauderdale facility to a high-efficiency natural gas-fired unit (Dania Beach Clean Energy Center), which is pending approval by the Florida Power Plant Siting Board, comprised of the Florida governor and cabinet. (d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,085 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 305 MW. (f) Includes equity contributions associated with joint venture equity investments for the construction of natural gas pipelines. |
Required capacity and/or minimum payments under contracts | The required capacity and/or minimum payments under contracts, including those discussed above, at June 30, 2018 were estimated as follows: Remainder of 2018 2019 2020 2021 2022 Thereafter (millions) FPL: Capacity charges (a) $ 10 $ 20 $ 20 $ 20 $ 20 $ 225 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 1,075 $ 1,270 $ 1,010 $ 905 $ 895 $ 11,240 Coal, including transportation $ 20 $ 5 $ — $ — $ — $ — NEER (d) $ 2,175 $ 830 $ 185 $ 160 $ 175 $ 1,335 Corporate and Other (e)(f) $ 275 $ 15 $ 10 $ 10 $ 5 $ — ——————————————— (a) Capacity charges, substantially all of which are recoverable through the capacity clause, totaled approximately $2 million and $20 million for the three months ended June 30, 2018 and 2017 , respectively, and approximately $7 million and $40 million for the six months ended June 30, 2018 and 2017 , respectively. Energy charges, which are recoverable through the fuel clause, totaled approximately $8 million and $27 million for the three months ended June 30, 2018 and 2017 , respectively, and approximately $15 million and $43 million for the six months ended June 30, 2018 and 2017 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $150 million , $290 million , $360 million , $390 million , $390 million and $7,175 million for the remainder of 2018 through 2022 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. (d) Includes approximately $65 million , $65 million , $65 million , $65 million and $1,035 million in 2019 through 2022 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline which is expected in the first quarter of 2019. (e) Includes an approximately $65 million commitment to invest in clean power and technology businesses through 2021. (f) Excludes approximately $210 million for the remainder of 2018 of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment information | NEE's segment information is as follows: Three Months Ended June 30, 2018 2017 FPL NEER (a)(b) Corporate and Other NEE Consoli- dated (b) FPL NEER (a) Corporate and Other NEE Consoli- dated (millions) Operating revenues $ 2,908 $ 1,162 $ (1 ) $ 4,069 $ 3,091 $ 1,295 $ 18 $ 4,404 Operating expenses - net $ 1,986 $ 877 $ 44 $ 2,907 $ 2,150 $ 957 $ 21 (d) $ 3,128 (d) Net income (loss) attributable to NEE $ 626 $ 274 (c) $ (105 ) $ 795 $ 526 $ 301 (c) $ (34 ) $ 793 Six Months Ended June 30, 2018 2017 FPL NEER (a)(b) Corporate and Other NEE (b) FPL NEER (a) Corporate NEE Consoli- dated (millions) Operating revenues $ 5,528 $ 2,408 $ (4 ) $ 7,932 $ 5,618 $ 2,719 $ 40 $ 8,377 Operating expenses (income) - net $ 3,899 $ 1,738 $ 86 $ 5,723 $ 3,866 $ 1,888 $ (1,015 ) (d) $ 4,739 (d) Net income (loss) attributable to NEE $ 1,110 $ 4,200 (c) $ (87 ) $ 5,223 $ 971 $ 777 (c) $ 628 $ 2,376 ——————————————— (a) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, differential membership interests sold by NEER subsidiaries are included with debt. Residual NEECH corporate interest expense is included in Corporate and Other. (b) NEP was deconsolidated from NEER in January 2018. See Note 2. (c) See Note 6 for a discussion of NEER's tax benefits related to PTCs. (d) Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. June 30, 2018 December 31, 2017 FPL NEER (a) Corporate and Other NEE Consoli- dated (a) FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 51,611 $ 42,052 $ 1,827 $ 95,490 $ 50,244 $ 45,549 $ 2,034 $ 97,827 ——————————————— (a) NEP was deconsolidated from NEER in January 2018. See Note 2. |
Summarized Financial Informat31
Summarized Financial Information of NEECH (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summarized Financial Information [Abstract] | |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income Three Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) (b) NEECH Other (a) NEE Consoli- dated (b) (millions) Operating revenues $ — $ 1,195 $ 2,874 $ 4,069 $ — $ 1,327 $ 3,077 $ 4,404 Operating expenses - net (58 ) (896 ) (1,953 ) (2,907 ) (13 ) (974 ) (2,141 ) (3,128 ) Interest expense (10 ) (243 ) (141 ) (394 ) (1 ) (309 ) (120 ) (430 ) Equity in earnings of subsidiaries 808 — (808 ) — 787 — (787 ) — Other income - net 52 91 20 163 9 219 19 247 Income (loss) before income taxes 792 147 (8 ) 931 782 263 48 1,093 Income tax expense (benefit) (3 ) 57 176 230 (11 ) (12 ) 312 289 Net income (loss) 795 90 (184 ) 701 793 275 (264 ) 804 Net (income) loss attributable to noncontrolling interests — 94 — 94 — (11 ) — (11 ) Net income (loss) attributable to NEE $ 795 $ 184 $ (184 ) $ 795 $ 793 $ 264 $ (264 ) $ 793 Six Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) (b) NEECH Other (a) NEE Consoli- dated (b) (millions) Operating revenues $ — $ 2,472 $ 5,460 $ 7,932 $ — $ 2,789 $ 5,588 $ 8,377 Operating expenses - net (113 ) (1,773 ) (3,837 ) (5,723 ) (62 ) (823 ) (3,854 ) (4,739 ) Interest expense (11 ) (334 ) (275 ) (620 ) (1 ) (549 ) (240 ) (790 ) Equity in earnings of subsidiaries 5,169 — (5,169 ) — 2,349 — (2,349 ) — Gain on NEP deconsolidation — 3,935 — 3,935 — — — — Other income - net 102 340 45 487 53 446 12 511 Income (loss) before income taxes 5,147 4,640 (3,776 ) 6,011 2,339 1,863 (843 ) 3,359 Income tax expense (benefit) (76 ) 1,267 288 1,479 (37 ) 438 563 964 Net income (loss) 5,223 3,373 (4,064 ) 4,532 2,376 1,425 (1,406 ) 2,395 Net (income) loss attributable to noncontrolling interests — 691 — 691 — (19 ) — (19 ) Net income (loss) attributable to NEE $ 5,223 $ 4,064 $ (4,064 ) $ 5,223 $ 2,376 $ 1,406 $ (1,406 ) $ 2,376 ——————————————— (a) Represents primarily FPL and consolidating adjustments. (b) Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Three Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 800 $ 190 $ (190 ) $ 800 $ 836 $ 297 $ (297 ) $ 836 Six Months Ended June 30, 2018 2017 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 5,267 $ 4,111 $ (4,111 ) $ 5,267 $ 2,449 $ 1,472 $ (1,472 ) $ 2,449 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets June 30, 2018 December 31, 2017 NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 112 $ 36,332 $ 53,307 $ 89,751 $ 20 $ 41,782 $ 51,981 $ 93,783 Accumulated depreciation and amortization (37 ) (8,169 ) (12,886 ) (21,092 ) (15 ) (8,551 ) (12,801 ) (21,367 ) Total property, plant and equipment - net 75 28,163 40,421 68,659 5 33,231 39,180 72,416 CURRENT ASSETS Cash and cash equivalents 1 437 40 478 1 1,679 34 1,714 Receivables 619 1,608 664 2,891 442 1,633 662 2,737 Other 5 1,214 1,297 2,516 5 1,283 1,418 2,706 Total current assets 625 3,259 2,001 5,885 448 4,595 2,114 7,157 OTHER ASSETS Investment in subsidiaries 32,078 — (32,078 ) — 27,825 — (27,825 ) — Investment in equity method investees — 6,217 — 6,217 — 2,321 — 2,321 Other 654 6,206 7,869 14,729 591 7,620 7,722 15,933 Total other assets 32,732 12,423 (24,209 ) 20,946 28,416 9,941 (20,103 ) 18,254 TOTAL ASSETS $ 33,432 $ 43,845 $ 18,213 $ 95,490 $ 28,869 $ 47,767 $ 21,191 $ 97,827 CAPITALIZATION Common shareholders' equity $ 33,090 $ 12,984 $ (13,053 ) $ 33,021 $ 28,208 $ 10,745 $ (10,745 ) $ 28,208 Noncontrolling interests — 3,151 — 3,151 — 1,290 — 1,290 Long-term debt — 15,977 12,379 28,356 — 20,227 11,236 31,463 Total capitalization 33,090 32,112 (674 ) 64,528 28,208 32,262 491 60,961 CURRENT LIABILITIES Debt due within one year — 3,131 1,079 4,210 — 1,215 2,403 3,618 Accounts payable 2 1,675 621 2,298 3 2,427 805 3,235 Other 200 2,089 1,387 3,676 325 2,073 1,981 4,379 Total current liabilities 202 6,895 3,087 10,184 328 5,715 5,189 11,232 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 951 2,097 3,048 — 984 2,047 3,031 Deferred income taxes (239 ) 2,646 4,755 7,162 (82 ) 1,247 4,589 5,754 Other 379 1,241 8,948 10,568 415 7,559 8,875 16,849 Total other liabilities and deferred credits 140 4,838 15,800 20,778 333 9,790 15,511 25,634 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 33,432 $ 43,845 $ 18,213 $ 95,490 $ 28,869 $ 47,767 $ 21,191 $ 97,827 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2018 2017 (a) NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated (millions) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 2,005 $ 1,459 $ (531 ) $ 2,933 $ 992 $ 1,260 $ 999 $ 3,251 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (71 ) (3,348 ) (2,504 ) (5,923 ) — (4,195 ) (2,742 ) (6,937 ) Proceeds from sale of the fiber-optic telecommunications business — — — — — 1,482 — 1,482 Capital contributions from NEE (854 ) — 854 — (45 ) — 45 — Proceeds from sale or maturity of securities in special use funds and other investments — 687 1,101 1,788 — 518 901 1,419 Purchases of securities in special use funds and other investments — (764 ) (1,228 ) (1,992 ) — (582 ) (949 ) (1,531 ) Distributions from equity method investees — 633 — 633 — 7 — 7 Other - net 12 105 22 139 4 43 (1 ) 46 Net cash used in investing activities (913 ) (2,687 ) (1,755 ) (5,355 ) (41 ) (2,727 ) (2,746 ) (5,514 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 1,281 1,594 2,875 — 2,572 199 2,771 Retirements of long-term debt — (415 ) (799 ) (1,214 ) — (1,850 ) (35 ) (1,885 ) Net change in commercial paper — 1,405 (700 ) 705 — 1,115 732 1,847 Proceeds from other short-term debt — 200 — 200 — — 200 200 Repayments of other short-term debt — — (250 ) (250 ) — — — — Issuances of common stock - net 11 — — 11 25 — — 25 Dividends on common stock (1,047 ) — — (1,047 ) (920 ) — — (920 ) Contributions from (dividends to) NEE — (2,408 ) 2,408 — — (637 ) 637 — Other - net (56 ) (6 ) (28 ) (90 ) (56 ) (304 ) (1 ) (361 ) Net cash provided by (used in) financing activities (1,092 ) 57 2,225 1,190 (951 ) 896 1,732 1,677 Effects of currency translation on cash, cash equivalents and restricted cash — (15 ) — (15 ) — — — — Net decrease in cash, cash equivalents and restricted cash — (1,186 ) (61 ) (1,247 ) — (571 ) (15 ) (586 ) Cash, cash equivalents and restricted cash at beginning of period 1 1,807 175 1,983 1 1,375 153 1,529 Cash, cash equivalents and restricted cash at end of period $ 1 $ 621 $ 114 $ 736 $ 1 $ 804 $ 138 $ 943 ——————————————— (a) Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. (b) Represents primarily FPL and consolidating adjustments. |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contracts with customers | $ 3,500 | $ 6,800 | |
FPL [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contracts with customers | 2,900 | 5,500 | |
NextEra Energy Resources [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue, remaining performance obligation | $ 680 | $ 680 | |
Sales Revenue, Net [Member] | FPL [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Concentration risk, percentage | 90.00% | ||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net reduction to retained earnings | $ 25 |
NEP Deconsolidation (Details)
NEP Deconsolidation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | |||
Investment in equity method investees | $ 6,217 | $ 6,217 | $ 2,321 |
Deconsolidation, revaluation of retained investment, gain (loss), amount, before tax | 3,900 | ||
Deconsolidation, revaluation of retained investment, gain (loss), amount, after tax | 3,000 | ||
Plant, property, and equipment, decrease from deconsolidation | 7,800 | ||
Long-term debt, decrease from deconsolidation | 4,800 | ||
Noncontrolling interest, decrease from deconsolidation | 2,700 | ||
Fee income | 24 | 48 | |
Due from related parties, current | 43 | 43 | |
Due from related parties, noncurrent | 21 | 21 | |
Guarantor obligations, current carrying value | 650 | 650 | |
Debt instrument, fair value disclosure | 32 | 32 | |
NextEra Energy Partners [Member] | |||
Investment [Line Items] | |||
Investment in equity method investees | $ 4,400 | $ 4,400 | |
Equity method investment, ownership percentage | 2.60% | 2.60% | |
Equity method investment, difference between carrying amount and underlying equity | $ 3,300 | $ 3,300 | |
NextEra Energy Partners [Member] | |||
Investment [Line Items] | |||
Due to related parties | $ 137 | $ 137 | |
NEP OpCo [Member] | |||
Investment [Line Items] | |||
Limited liability company or limited partnership, members or limited partners, ownership interest | 65.10% |
Employee Retirement Benefits (D
Employee Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | $ 18 | $ 17 | $ 35 | $ 33 |
Interest cost | 20 | 21 | 41 | 42 |
Expected return on plan assets | (69) | (68) | (138) | (135) |
Amortization of prior service benefit | 0 | (1) | 0 | (1) |
Special termination benefits | 0 | 37 | 0 | 38 |
Postretirement benefits settlement | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (31) | 6 | (62) | (23) |
Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | 0 | 1 | 1 | 1 |
Interest cost | 2 | 2 | 3 | 4 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (4) | (2) | (8) | (2) |
Special termination benefits | 0 | 0 | 0 | 0 |
Postretirement benefits settlement | 0 | 1 | 0 | 1 |
Net periodic benefit (income) cost | (2) | 2 | (4) | 4 |
FPL [Member] | Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | (20) | 6 | (40) | (12) |
FPL [Member] | Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | $ (2) | $ 1 | $ (3) | $ 3 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Total loss to be reclassified during next 12 months | $ 22 | |
Margin cash collateral received from counterparties that was not offset against derivative assets | 8 | $ 10 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | $ 188 | $ 40 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 1,919 | $ 1,804 |
Derivative Asset, Current | 459 | 489 |
Derivative Asset, Noncurrent | 1,460 | 1,315 |
Derivative liability | 987 | 899 |
Derivative Liability, Current | 496 | 364 |
Derivative Liability, Noncurrent | 491 | 535 |
Current derivative assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 11 | 39 |
Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 43 | |
Noncurrent derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, collateral, right to reclaim cash, offset | 39 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 4,213 | 4,012 |
Derivative liability, fair value, gross liability | 3,227 | 3,107 |
Derivative assets | 1,919 | 1,804 |
Derivative liability | 987 | 899 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 4,097 | 3,962 |
Derivative liability, fair value, gross liability | 2,908 | 2,792 |
Derivative assets | 1,792 | 1,737 |
Derivative liability | 657 | 567 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 102 | 50 |
Derivative liability, fair value, gross liability | 291 | 275 |
Derivative assets | 101 | 55 |
Derivative liability | 290 | 280 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 14 | 0 |
Derivative liability, fair value, gross liability | 28 | 40 |
Derivative assets | 26 | 12 |
Derivative liability | 40 | 52 |
FPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3 | 2 |
Derivative liability | 3 | 2 |
FPL [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current Assets Derviatives | 3 | 2 |
FPL [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 2 | 2 |
FPL [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 1 | |
FPL [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5 | 3 |
Derivative liability, fair value, gross liability | 5 | 3 |
Derivative assets | 3 | 2 |
Derivative liability | $ 3 | $ 2 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (75) | $ (69) | $ 154 | $ 187 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Gains (losses) included in operating revenues [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 42 | 132 | 180 | 424 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (25) | 36 | 20 | 57 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gains (Losses) Included In Other - Net [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | (2) | 0 | (2) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (83) | (145) | (27) | (190) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (1) | (77) | (2) | (79) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (8) | (13) | (17) | (23) |
FPL [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | $ (1) | $ (47) | $ 3 | $ (152) |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018USD ($)MWhMMBTUbbl | Dec. 31, 2017USD ($)MWhMMBTUbbl | Jul. 25, 2018USD ($) | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 13,000 | $ 12,100 | |
Currency Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 656 | $ 718 | |
Short [Member] | Commodity contract - Power [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MWh) | MWh | (107) | (109) | |
Short [Member] | Commodity contract - Natural gas [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MMBtu) | MMBTU | 110 | 74 | |
Short [Member] | Commodity contract - Oil [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in barrels) | bbl | 28 | 15 | |
FPL [Member] | Short [Member] | Commodity contract - Power [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MWh) | MWh | 0 | 0 | |
FPL [Member] | Short [Member] | Commodity contract - Oil [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in barrels) | bbl | 0 | 0 | |
FPL [Member] | Long [Member] | Commodity contract - Natural gas [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MMBtu) | MMBTU | 375 | 142 | |
Subsequent Event [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 3,000 |
Derivative Instruments (Credit-
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 1,600 | $ 1,100 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 125 | 145 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 1,200 | 1,200 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 350 | 210 |
Collateral already posted, aggregate fair value | 2 | 2 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | 6 | 20 |
FPL [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 3 | 3 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 0 | 0 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 45 | 45 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 130 | 95 |
Collateral already posted, aggregate fair value | 0 | 0 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives: | ||
Derivative assets | $ 1,919 | $ 1,804 |
Derivatives: | ||
Derivative liability | 987 | 899 |
Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 259 | 1,294 |
Special use funds: | ||
Equity securities | 3,362 | 3,314 |
U.S. Government and municipal bonds | 656 | 617 |
Corporate debt securities | 735 | 765 |
Mortgage-backed securities | 416 | 435 |
Other debt securities | 140 | 129 |
Other investments: | ||
Equity Securities | 28 | 12 |
Debt securities | 136 | 137 |
Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 2,305 | (2,225) |
Derivative assets | 1,792 | 1,737 |
Derivatives: | ||
Derivative liability, netting | 2,251 | (2,225) |
Derivative liability | 657 | 567 |
Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 1 | 5 |
Derivative assets | 101 | 55 |
Derivatives: | ||
Derivative liability, netting | 1 | 5 |
Derivative liability | 290 | 280 |
Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | (12) | 12 |
Derivative assets | 26 | 12 |
Derivatives: | ||
Derivative liability, netting | (12) | 12 |
Derivative liability | 40 | 52 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 259 | 1,294 |
Special use funds: | ||
Equity securities | 1,610 | 1,595 |
U.S. Government and municipal bonds | 502 | 478 |
Corporate debt securities | 1 | 1 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 16 | 2 |
Debt securities | 47 | 34 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 1,025 | 1,303 |
Derivatives: | ||
Derivative liability, netting | 1,008 | 1,217 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 0 | 0 |
Derivatives: | ||
Derivative liability, netting | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | 0 | 0 |
Derivatives: | ||
Derivative liability, netting | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 1,752 | 1,719 |
U.S. Government and municipal bonds | 154 | 139 |
Corporate debt securities | 734 | 764 |
Mortgage-backed securities | 416 | 435 |
Other debt securities | 140 | 129 |
Other investments: | ||
Equity Securities | 12 | 10 |
Debt securities | 89 | 103 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 1,772 | 1,301 |
Derivatives: | ||
Derivative liability, netting | 1,396 | 915 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 102 | 50 |
Derivatives: | ||
Derivative liability, netting | 145 | 143 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | 14 | 0 |
Derivatives: | ||
Derivative liability, netting | 28 | 40 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
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: | ||
Equity Securities | 0 | 0 |
Debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 1,300 | 1,358 |
Derivatives: | ||
Derivative liability, netting | 504 | 660 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 0 | 0 |
Derivatives: | ||
Derivative liability, netting | 146 | 132 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | 0 | 0 |
Derivatives: | ||
Derivative liability, netting | 0 | 0 |
Other Current Assets [Member] | ||
Derivatives: | ||
Restricted cash | 159 | |
Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Restricted cash | 80 | |
FPL [Member] | ||
Derivatives: | ||
Derivative assets | 3 | 2 |
Derivatives: | ||
Derivative liability | 3 | 2 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 74 | 144 |
Special use funds: | ||
Equity securities | 2,040 | 2,035 |
U.S. Government and municipal bonds | 517 | 474 |
Corporate debt securities | 565 | 539 |
Mortgage-backed securities | 314 | 333 |
Other debt securities | 123 | 116 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 2 | (1) |
Derivative assets | 3 | 2 |
Derivatives: | ||
Derivative liability, netting | 2 | (1) |
Derivative liability | 3 | 2 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 74 | 144 |
Special use funds: | ||
Equity securities | 449 | 473 |
U.S. Government and municipal bonds | 396 | 362 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 0 | 0 |
Derivatives: | ||
Derivative liability, netting | 0 | 0 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 1,591 | 1,562 |
U.S. Government and municipal bonds | 121 | 112 |
Corporate debt securities | 565 | 539 |
Mortgage-backed securities | 314 | 333 |
Other debt securities | 123 | 116 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 2 | 1 |
Derivatives: | ||
Derivative liability, netting | 2 | 1 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
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 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | 3 | 2 |
Derivatives: | ||
Derivative liability, netting | 3 | 2 |
FPL [Member] | Other Current Assets [Member] | ||
Derivatives: | ||
Restricted cash | $ 128 | |
FPL [Member] | Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Restricted cash | $ 61 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs Used in Valuation of Contracts) (Details) - Fair Value, Inputs, Level 3 [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)$ / MMBTU$ / MWh | |
Derivative Financial Instruments, Liabilities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | $ 504 |
Derivative Financial Instruments, Assets [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 1,300 |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 271 |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 853 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 10 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 27 |
Option Contracts, Power [Member] | Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 14 |
Option Contracts, Power [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 46 |
Option Contracts, Gas [Member] | Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 159 |
Option Contracts, Gas [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 156 |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 50 |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 218 |
Forward Price [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | (109) |
Forward Price [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | 175 |
Forward Price [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MMBTU | 1 |
Forward Price [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MMBTU | 6 |
Forward Price [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | (31) |
Forward Price [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | 549 |
Implied Correlations [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Implied Correlations [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 100.00% |
Implied Correlations [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Implied Correlations [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 100.00% |
Implied Volatilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 7.00% |
Implied Volatilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 416.00% |
Implied Volatilities [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Implied Volatilities [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 136.00% |
Customer Migration Rate [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 0.00% |
Customer Migration Rate [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value Inputs, Expected Rates | 20.00% |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair value based on significant unobservable inputs, beginning balance | $ 625 | $ 715 | ||||
Realized and unrealized gains (losses): [Abstract] | ||||||
Included in Earnings | $ 37 | $ 144 | ||||
Included in other comprehensive income | 7 | (10) | ||||
Included in regulatory assets and liabilities | 2 | 0 | ||||
Purchases | 61 | 23 | ||||
Settlements | (55) | (72) | ||||
Issuances | (28) | (88) | ||||
Impact of adoption of new revenue standard | (30) | 0 | ||||
Transfers in | 1 | 6 | ||||
Transfers out | 0 | 6 | ||||
Fair value based on significant unobservable inputs, ending balance | 650 | 724 | 650 | 724 | ||
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 | 57 | 135 | ||||
Realized and unrealized gains (losses) reflected in operating revenues | 44 | 140 | 71 | 356 | ||
Unrealized gains (losses) reflected in operating revenues related to derivatives still held at the reporting date | 64 | 131 | 57 | 280 | ||
FPL [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair value based on significant unobservable inputs, beginning balance | (2) | (4) | ||||
Realized and unrealized gains (losses): [Abstract] | ||||||
Included in Earnings | 0 | 0 | ||||
Included in other comprehensive income | 0 | 0 | ||||
Included in regulatory assets and liabilities | 2 | 0 | ||||
Purchases | 0 | 0 | ||||
Settlements | (1) | 2 | ||||
Issuances | 0 | 0 | ||||
Impact of adoption of new revenue standard | 0 | 0 | ||||
Transfers in | 1 | 0 | ||||
Transfers out | 0 | 0 | ||||
Fair value based on significant unobservable inputs, ending balance | 0 | $ (2) | 0 | (2) | ||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date | 0 | 0 | ||||
Derivative Financial Instruments, Net [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period | $ 566 | $ 578 | ||||
Realized and unrealized gains (losses): [Abstract] | ||||||
Included in earnings | 52 | 360 | ||||
Included in other comprehensive income | 4 | (11) | ||||
Included in regulatory assets and liabilities | 0 | (2) | ||||
Purchases | 103 | 45 | ||||
Settlements | (7) | (157) | ||||
Issuances | (61) | (104) | ||||
Transfers in | 1 | 14 | ||||
Transfers out | 22 | 1 | ||||
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 38 | 284 | ||||
Derivative Financial Instruments, Net [Member] | FPL [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period | $ 0 | $ 1 | ||||
Realized and unrealized gains (losses): [Abstract] | ||||||
Included in earnings | 0 | 0 | ||||
Included in other comprehensive income | 0 | 0 | ||||
Included in regulatory assets and liabilities | 0 | (2) | ||||
Purchases | 0 | 0 | ||||
Settlements | (1) | (1) | ||||
Issuances | 0 | 0 | ||||
Transfers in | 1 | 0 | ||||
Transfers out | 0 | 0 | ||||
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 0 | $ 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | NextEra Energy Resources [Member] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 146 | $ 146 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Instruments Recorded at Carrying Amount) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 9 years | ||
Special use funds: nuclear decommissioning fund assets | $ 6,056 | $ 6,056 | $ 6,003 |
Special Use Funds Storm Fund Assets | 78 | 78 | |
Available for sale debt securities amortized cost | 1,977 | $ 1,977 | 1,921 |
Available-for-sale Equity Securities, Amortized Cost Basis | 1,521 | ||
Fair Value Assumptions, Expected Term | 1 year | ||
Carrying Amount [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Special Use Funds Fair Value Disclosure | 825 | $ 825 | 743 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 31 | 31 | 500 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 29,965 | 29,965 | 33,134 |
Estimated Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Special Use Funds Fair Value Disclosure | 826 | 826 | 744 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 31 | 31 | 680 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 31,225 | $ 31,225 | 35,447 |
FPL [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 9 years | ||
Special use funds: nuclear decommissioning fund assets | 4,132 | $ 4,132 | 4,090 |
Available for sale debt securities amortized cost | 1,543 | $ 1,543 | 1,443 |
Available-for-sale Equity Securities, Amortized Cost Basis | 783 | ||
Fair Value Assumptions, Expected Term | 1 year | ||
FPL [Member] | Carrying Amount [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Special Use Funds Fair Value Disclosure | 651 | $ 651 | 593 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 12,471 | 12,471 | 11,702 |
FPL [Member] | Estimated Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Special Use Funds Fair Value Disclosure | 652 | 652 | 593 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 13,324 | 13,324 | $ 13,285 |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
marketable securities, unrealized gain (loss) on securities still held | 78 | 37 | |
Equity Securities [Member] | FPL [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
marketable securities, unrealized gain (loss) on securities still held | $ 60 | $ 37 |
Fair Value Measurements (Availa
Fair Value Measurements (Available for Sale Securities) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value Assumptions, Expected Term | 9 years | |||||
Special Use Funds Storm Fund Weighted Average Maturity | 1 year | |||||
Realized Gains | $ 22 | $ 76 | ||||
Realized Losses | 14 | 43 | ||||
Proceeds from sale or maturity of securities | $ 1,313 | 1,253 | ||||
Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Realized Gains | $ 20 | 28 | ||||
Realized Losses | 26 | 40 | ||||
Proceeds from sale or maturity of securities | 719 | 627 | ||||
Available for sale securities: Special Use Funds - Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Unrealized gains | 11 | $ 37 | ||||
Available-for-sale Securities, Gross Unrealized Loss | 42 | 12 | ||||
Fair value of available for sale securities in an unrealized loss position | 1,426 | $ 1,426 | 918 | |||
FPL [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value Assumptions, Expected Term | 9 years | |||||
Special Use Funds Storm Fund Weighted Average Maturity | 1 year | |||||
Realized Gains | 13 | 26 | ||||
Realized Losses | 7 | 26 | ||||
Proceeds from sale or maturity of securities | $ 395 | $ 836 | ||||
Storm Fund Included In Special Use Funds | 78 | $ 78 | ||||
FPL [Member] | Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Realized Gains | 15 | 20 | ||||
Realized Losses | 20 | 29 | ||||
Proceeds from sale or maturity of securities | 653 | 1,042 | ||||
FPL [Member] | Available for sale securities: Special Use Funds - Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Unrealized gains | 9 | 28 | ||||
Available-for-sale Securities, Gross Unrealized Loss | 33 | 9 | ||||
Fair value of available for sale securities in an unrealized loss position | 1,104 | 1,104 | $ 670 | |||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Accounting Standards Update 2016-01 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ (312) | |||||
Equity Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
marketable securities, unrealized gain (loss) on securities still held | 78 | 37 | ||||
Equity Securities [Member] | FPL [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
marketable securities, unrealized gain (loss) on securities still held | $ 60 | $ 37 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||||
Effective income tax rate (as a percent) | 25.00% | 26.00% | 25.00% | 29.00% | ||
Production tax credits | $ 21 | $ 30 | $ 44 | $ 58 | ||
Deferred income tax benefit associated with convertible investment tax credits | $ 33 | $ 42 | 70 | $ 169 | ||
Tax Cuts and Jobs Act of 2017, income tax expense (benefit) | $ 125 | |||||
Production tax credit (PTC), roll off period | 10 years | |||||
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax (expense) benefit | $ (6,500) | |||||
FPL [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax (expense) benefit | (4,500) | |||||
NextEra Energy Resources [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax (expense) benefit | $ (2,000) | |||||
Accounting Standards Update 2018-02 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Cumulative effect on retained earnings, after tax | $ (16) |
Pending Acquisitions (Details)
Pending Acquisitions (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May 31, 2018facilityagreement | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018countycustomermiMW | |
Business Acquisition [Line Items] | ||||
Number of business combination agreements | agreement | 3 | |||
Number of natural gas generation facilities | facility | 2 | |||
Scenario, Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash purchase price | $ 5,100 | |||
Oleader Power Project [Member] | Oleader Power Project [Member] | ||||
Business Acquisition [Line Items] | ||||
Natural-gas fired, simple-cycle combustion turbine electric generation facility (in megawatts) | MW | 791 | |||
Stanton Energy Center [Member] | Scenario, Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of voting interests acquired | 65.00% | |||
Stanton Energy Center [Member] | Stanton Energy Center [Member] | ||||
Business Acquisition [Line Items] | ||||
Combined-cycle electric generation facility (in megawatts) | MW | 660 | |||
Gulf Power [Member] | Scenario, Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, consideration transferred | $ 5,750 | |||
Cash purchase price | 4,350 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt | 1,400 | |||
Gulf Power [Member] | Gulf Power [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of customers acquired | customer | 450,000 | |||
Number of counties in which entity operates | county | 8 | |||
Number of miles of power lines | mi | 9,500 | |||
Electric generating facility capacity (in megawatts) | MW | 2,300 | |||
FCG [Member] | Scenario, Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash purchase price | $ 530 | |||
FCG [Member] | FCG [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of customers acquired | customer | 110,000 | |||
Number of miles of natural gas pipeline | mi | 3,700 | |||
Natural Gas Generation Facilities [Member] | Scenario, Forecast [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash purchase price | $ 195 |
Variable Interest Entities (V47
Variable Interest Entities (VIEs) (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2018USD ($) | Jun. 30, 2018USD ($)variable_interest_entityentitiesMW | Jun. 30, 2017USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2017USD ($)variable_interest_entity | |
Variable Interest Entity [Line Items] | |||||
Total number of consolidated variable interest entities | 27 | ||||
Proceeds from sale of special purpose entity | $ 71 | ||||
Variable interest entity, gain (loss) on sale of investment, before tax | 50 | ||||
Variable interest entity, gain (loss) on sale of investment, after tax | $ 37 | ||||
Investment in equity method investees | $ 6,217 | $ 2,321 | |||
NEP OpCo [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total number of consolidated variable interest entities | variable_interest_entity | 1 | ||||
Carrying amount of assets, consolidated variable interest entity | $ 8,400 | ||||
Carrying amount of liabilities, consolidated variable interest entity | 6,200 | ||||
Other variable interest entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investments in special purpose entities | 2,717 | 2,634 | |||
FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Senior Secured Debt Aggregate Principal Amount Issued | $ 652 | ||||
Carrying amount of assets, consolidated variable interest entity | 106 | 148 | |||
Carrying amount of liabilities, consolidated variable interest entity | 110 | 147 | |||
FPL [Member] | Other variable interest entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investments in special purpose entities | $ 2,246 | 2,195 | |||
NextEra Energy Resources [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total number of consolidated variable interest entities | entities | 26 | ||||
NextEra Energy Resources [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | $ 74 | 89 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 23 | 29 | |||
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 110 | ||||
NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total number of consolidated variable interest entities | variable_interest_entity | 2 | ||||
Number of entities with ownership interest contributed | entities | 3 | ||||
Solar generating facility capability (in MW) | MW | 277 | ||||
Wind electric generating facility capability (in megawatts) | MW | 374 | ||||
NextEra Energy Resources [Member] | Special Purpose Entity that has Insufficient Equity at Risk [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | 490 | ||||
Carrying amount of liabilities, consolidated variable interest entity | 502 | ||||
NextEra Energy Resources [Member] | Wind variable interest entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total number of consolidated variable interest entities | variable_interest_entity | 23 | ||||
Carrying amount of assets, consolidated variable interest entity | $ 9,500 | 13,100 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 1,100 | 6,900 | |||
Wind electric generating facility capability (in megawatts) | MW | 6,035 | ||||
NextEra Energy Resources [Member] | Gas and or Oil Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total number of consolidated variable interest entities | variable_interest_entity | 1 | ||||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | $ 550 | 548 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 569 | 594 | |||
Ownership percentage | 50.00% | ||||
Subsidiaries of NEE [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Additional commitments to invest | $ 65 | $ 75 | |||
Additional VIEs committed to invest in | variable_interest_entity | 3 | ||||
Other Investments [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment in equity method investees | $ 4,733 | $ 248 | |||
Senior Secured Debt [Member] | FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Proceeds from issuance of storm-recovery bonds | $ 644 | ||||
NEP OpCo [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Ownership percentage | 65.10% |
Equity (Earnings Per Share) (De
Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||||||
Net income (loss) attributable to NEE | $ 795 | $ 793 | [1] | $ 5,223 | $ 2,376 | [1] |
Adjustment for the impact of dilutive securities at NEP | (15) | 0 | (24) | 0 | ||
Net income attributable to NEE - assuming dilution | $ 780 | $ 793 | $ 5,199 | $ 2,376 | ||
Denominator: | ||||||
Weighted-average number of common shares outstanding - basic | 471.1 | 467.9 | [1] | 470.9 | 467.7 | [1] |
Equity units, stock options, performance share awards, forward sale agreements and restricted stock | 4.1 | 3.8 | 3.8 | 3.3 | ||
Weighted-average number of common shares outstanding - assuming dilution | 475.2 | 471.7 | [1] | 474.7 | 471 | [1] |
Earnings per share attributable to NEE: | ||||||
Basic (in dollars per share) | $ 1.69 | $ 1.69 | [1] | $ 11.09 | $ 5.08 | [1] |
Assuming dilution (in dollars per share) | $ 1.64 | $ 1.68 | [1] | $ 10.95 | $ 5.05 | [1] |
Antidilutive securities (in shares) | 0.3 | 0.4 | 0.3 | 6.2 | ||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | $ (178) | $ (40) | $ 111 | $ (70) | |
Other comprehensive income before reclassifications | (2) | 40 | (28) | 88 | |
Amounts reclassified from AOCI | 7 | 4 | 14 | (3) | |
Total other comprehensive income (loss), net of tax | 5 | 44 | (14) | 85 | |
Impact of NEP deconsolidation | 0 | 0 | 58 | 0 | |
Adoption of accounting standards updates | $ (328) | ||||
Less other comprehensive income attributable to noncontrolling interests | (1) | (12) | |||
Ending balance | (173) | 3 | (173) | 3 | |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (74) | (101) | (77) | (100) | |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI | 7 | 5 | 14 | 14 | |
Total other comprehensive income (loss), net of tax | 7 | 5 | 14 | 14 | |
Impact of NEP deconsolidation | 3 | ||||
Adoption of accounting standards updates | (7) | ||||
Less other comprehensive income attributable to noncontrolling interests | 0 | (10) | |||
Ending balance | (67) | (96) | (67) | (96) | |
Net Unrealized Gains (Losses) on Available for Sale Securities | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (2) | 243 | 316 | 225 | |
Other comprehensive income before reclassifications | (3) | 26 | (9) | 60 | |
Amounts reclassified from AOCI | 0 | (1) | 0 | (17) | |
Total other comprehensive income (loss), net of tax | (3) | 25 | (9) | 43 | |
Impact of NEP deconsolidation | 0 | ||||
Adoption of accounting standards updates | (312) | ||||
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | |||
Ending balance | (5) | 268 | (5) | 268 | |
Defined Benefit Pension and Other Benefits Plans | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (50) | (86) | (39) | (83) | |
Other comprehensive income before reclassifications | (1) | 10 | (3) | 7 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | (1) | 10 | (3) | 7 | |
Impact of NEP deconsolidation | 0 | ||||
Adoption of accounting standards updates | (9) | ||||
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | |||
Ending balance | (51) | (76) | (51) | (76) | |
Net Unrealized Gains (Losses) on Foreign Currency Translation | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (52) | (75) | (69) | (90) | |
Other comprehensive income before reclassifications | 0 | 5 | (20) | 21 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 0 | 5 | (20) | 21 | |
Impact of NEP deconsolidation | 37 | ||||
Adoption of accounting standards updates | 0 | ||||
Less other comprehensive income attributable to noncontrolling interests | (1) | (2) | |||
Ending balance | (52) | (71) | (52) | (71) | |
Other Comprehensive Income (Loss) Related to Equity Method Investees | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | 0 | (21) | (20) | (22) | |
Other comprehensive income before reclassifications | 2 | (1) | 4 | 0 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of tax | 2 | (1) | 4 | 0 | |
Impact of NEP deconsolidation | 18 | ||||
Adoption of accounting standards updates | $ 0 | ||||
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | |||
Ending balance | $ 2 | $ (22) | $ 2 | $ (22) |
Debt (Details)
Debt (Details) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
FPL [Member] | First mortgage bonds [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,500,000,000 |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures 1 [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,200,000,000 |
Interest Rate Terms | Variable |
Minimum [Member] | FPL [Member] | First mortgage bonds [Member] | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 3.95% |
Maximum [Member] | FPL [Member] | First mortgage bonds [Member] | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 4.125% |
Summary of Significant Accoun51
Summary of Significant Accounting and Reporting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | [1] | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Subsidiary, Sale of Stock [Line Items] | |||||||
Restricted cash and cash equivalents, current | $ 258 | $ 258 | $ 269 | ||||
Restricted cash related to margin cash collateral that is netted against derivative instruments | 53 | 53 | |||||
Net income (loss) attributable to noncontrolling interest | (94) | $ 11 | (691) | $ 19 | [1] | ||
FPL [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Restricted cash and cash equivalents, current | 74 | 74 | 141 | ||||
FPL FiberNet [Member] | Indirect Wholly-Owned Subsidiary [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from sale of ownership interest in subsidiary | 1,100 | ||||||
Retirement of debt | 370 | ||||||
Gain on sale of ownership interest in subsidiary | 1,100 | ||||||
Gain on sale of ownership interest in subsidiary after-tax | $ 685 | ||||||
Other Current Assets [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Restricted cash and cash equivalents, current | 245 | 245 | 247 | ||||
Other Current Assets [Member] | FPL [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Restricted cash and cash equivalents, current | 61 | 61 | $ 128 | ||||
Accounting Standards Update 2017-05 - Sales of Differential Membership Interests [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Income (loss) attributable to noncontrolling interest, before tax | 497 | ||||||
Net income (loss) attributable to noncontrolling interest | 373 | ||||||
Retained Earnings [Member] | Accounting Standards Update 2017-05 - Sales of Differential Membership Interests [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect on retained earnings, after tax | (34) | ||||||
Cumulative effect on retained earnings, before tax | 56 | ||||||
Retained Earnings [Member] | Accounting Standards Update 2017-05 - NEER Sale of Assets to NEP [Member] | NextEra Energy Resources [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect on retained earnings, after tax | 52 | ||||||
Cumulative effect on retained earnings, before tax | 69 | ||||||
Additional Paid-in Capital [Member] | Accounting Standards Update 2017-05 - Sales of Differential Membership Interests [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Additional paid in capital | (77) | (77) | |||||
Additional paid in capital, after tax | 59 | 59 | |||||
Additional Paid-in Capital [Member] | Accounting Standards Update 2017-05 - NEER Sale of Assets to NEP [Member] | NextEra Energy Resources [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Additional paid in capital | 842 | 842 | |||||
Additional paid in capital, after tax | $ (652) | $ (652) | |||||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. |
Commitments and Contingencies52
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 6 Months Ended | 57 Months Ended | ||
Jun. 30, 2018USD ($)MW | Jun. 30, 2017USD ($) | Dec. 31, 2022USD ($) | ||
Planned Capital Expenditures [Line Items] | ||||
Capital expenditures of public utility | $ 2,414 | $ 2,648 | [1] | |
FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 2,575 | |||
2,019 | 4,025 | |||
2,020 | 4,465 | |||
2,021 | 4,690 | |||
2,022 | 4,620 | |||
Total | 20,375 | |||
Capital expenditures of public utility | 2,414 | $ 2,648 | [2] | |
NextEra Energy Resources [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 2,920 | |||
2,019 | 2,425 | |||
2,020 | 960 | |||
2,021 | 265 | |||
2,022 | 305 | |||
Total | 6,875 | |||
New Generation Expenditures [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 290 | |||
2,019 | 455 | |||
2,020 | 1,300 | |||
2,021 | 1,130 | |||
2,022 | 1,115 | |||
Total | 4,290 | |||
Existing Generation Expenditures [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 630 | |||
2,019 | 970 | |||
2,020 | 475 | |||
2,021 | 570 | |||
2,022 | 490 | |||
Total | 3,135 | |||
Transmission And Distribution Expenditures [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 1,305 | |||
2,019 | 2,125 | |||
2,020 | 2,265 | |||
2,021 | 2,545 | |||
2,022 | 2,570 | |||
Total | 10,810 | |||
Nuclear Fuel Expenditures [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 55 | |||
2,019 | 150 | |||
2,020 | 135 | |||
2,021 | 145 | |||
2,022 | 165 | |||
Total | 650 | |||
General And Other Expenditures [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 295 | |||
2,019 | 325 | |||
2,020 | 290 | |||
2,021 | 300 | |||
2,022 | 280 | |||
Total | 1,490 | |||
Wind Expenditures [Member] | NextEra Energy Resources [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 1,500 | |||
2,019 | 1,850 | |||
2,020 | 685 | |||
2,021 | 30 | |||
2,022 | 25 | |||
Total | $ 4,090 | |||
Planned new generation over 5 year period (in megawatts) | MW | 5,085 | |||
Solar Expenditures [Member] | NextEra Energy Resources [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | $ 255 | |||
2,019 | 125 | |||
2,020 | 0 | |||
2,021 | 0 | |||
2,022 | 0 | |||
Total | $ 380 | |||
Planned new generation over 5 year period (in megawatts) | MW | 305 | |||
Nuclear Expenditures [Member] | NextEra Energy Resources [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | $ 130 | |||
2,019 | 240 | |||
2,020 | 205 | |||
2,021 | 190 | |||
2,022 | 230 | |||
Total | 995 | |||
Pipelines [Member] | NextEra Energy Resources [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 780 | |||
2,019 | 155 | |||
2,020 | 20 | |||
2,021 | 10 | |||
2,022 | 20 | |||
Total | 985 | |||
Other Expenditures [Member] | NextEra Energy Resources [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 255 | |||
2,019 | 55 | |||
2,020 | 50 | |||
2,021 | 35 | |||
2,022 | 30 | |||
Total | 425 | |||
Generation Expenditures [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Allowance for funds used during construction (AFUDC) - remainder of 2018 | 56 | |||
Allowance for funds used during construction (AFUDC) - 2019 | 50 | |||
Allowance for funds used during construction (AFUDC) - 2020 | 47 | |||
Allowance for funds used during construction (AFUDC) - 2021 | 35 | |||
Allowance for funds used during construction (AFUDC) - 2022 | 37 | |||
Corporate and Other [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Remainder of 2018 | 40 | |||
2,019 | 20 | |||
2,020 | 30 | |||
2,021 | 15 | |||
2,022 | 0 | |||
Total | $ 105 | |||
Scenario, Forecast [Member] | Natural gas plant [Member] | FPL [Member] | ||||
Planned Capital Expenditures [Line Items] | ||||
Capital expenditures of public utility | $ 800 | |||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. | |||
[2] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |
Commitments and Contingencies53
Commitments and Contingencies (Long-term Purchase Commitment) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2018USD ($)MW | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)MW | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
FPL [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Capacity payments | $ 2 | $ 20 | $ 7 | $ 40 | ||
Energy payments | 8 | $ 27 | $ 15 | $ 43 | ||
FPL [Member] | Pay-for-Performance Contracts [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Minimum total purchase commitments (in megawatts) | MW | 114 | |||||
FPL [Member] | Capacity Charges [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Remainder of 2018 | 10 | $ 10 | ||||
2,019 | 20 | 20 | ||||
2,020 | 20 | 20 | ||||
2,021 | 20 | 20 | ||||
2,022 | 20 | 20 | ||||
Thereafter | 225 | 225 | ||||
FPL [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Remainder of 2018 | 1,075 | 1,075 | ||||
2,019 | 1,270 | 1,270 | ||||
2,020 | 1,010 | 1,010 | ||||
2,021 | 905 | 905 | ||||
2,022 | 895 | 895 | ||||
Thereafter | 11,240 | 11,240 | ||||
FPL [Member] | Coal Contract Minimum Payments [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Remainder of 2018 | 20 | 20 | ||||
2,019 | 5 | 5 | ||||
2,020 | 0 | 0 | ||||
2,021 | 0 | 0 | ||||
2,022 | 0 | 0 | ||||
Thereafter | 0 | 0 | ||||
FPL [Member] | Take-or-Pay Contract Range 1 [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Minimum annual purchase commitments (in megawatts) | MW | 375 | |||||
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Remainder of 2018 | 150 | 150 | ||||
2,019 | 290 | 290 | ||||
2,020 | 360 | 360 | ||||
2,021 | 390 | 390 | ||||
2,022 | 390 | 390 | ||||
Thereafter | 7,175 | 7,175 | ||||
NextEra Energy Resources [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Remainder of 2018 | 2,175 | 2,175 | ||||
2,019 | 830 | 830 | ||||
2,020 | 185 | 185 | ||||
2,021 | 160 | 160 | ||||
2,022 | 175 | 175 | ||||
Thereafter | 1,335 | 1,335 | ||||
NextEra Energy Resources [Member] | Contract Group 1 [Member] | ||||||
Long-term Purchase Commitment [Line Items] | ||||||
Commitment amount included in capital expenditures | 3,300 | 3,300 | ||||
NextEra Energy Resources [Member] | Mountain Valley Pipeline [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
2,019 | 65 | 65 | ||||
2,020 | 65 | 65 | ||||
2,021 | 65 | 65 | ||||
2,022 | 65 | 65 | ||||
Thereafter | $ 1,035 | $ 1,035 | ||||
Equity method investment, ownership percentage | 31.00% | 31.00% | ||||
Corporate and Other [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Remainder of 2018 | $ 275 | $ 275 | ||||
2,019 | 15 | 15 | ||||
2,020 | 10 | 10 | ||||
2,021 | 10 | 10 | ||||
2,022 | 5 | 5 | ||||
Thereafter | 0 | 0 | ||||
Commitment to invest | 65 | 65 | ||||
Joint Obligations due in the next year | $ 210 | $ 210 | ||||
Jointly Owned Electricity Generation Plant [Member] | FPL [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Public utilities, termination of operations, payment | $ 90 | |||||
Proportionate ownership percentage | 20.00% | |||||
Regulatory asset | $ 150 | |||||
Plant in service, net book value | $ 191 | |||||
Regulatory asset amortization period (in years) | 15 years | |||||
Regulatory liabilities | $ 62 | |||||
Jointly Owned Electricity Generation Plant [Member] | JEA [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Proportionate ownership percentage | 80.00% | |||||
Jointly Owned Electricity Generation Plant [Member] | Take-or-Pay Purchased Power Contract [Member] | FPL [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Regulatory asset | $ 90 | |||||
Jointly Owned Electricity Generation Plant [Member] | Environmental Cost Recovery [Member] | FPL [Member] | ||||||
Required capacity and/or minimum payments [Abstract] | ||||||
Regulatory asset amortization period (in years) | 10 years |
Commitments and Contingencies54
Commitments and Contingencies (Insurance) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $ 450 |
Amount of secondary financial protection liability insurance coverage per incident | 12,600 |
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 nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | $ 1,500 |
Coinsurance, percent | 10.00% |
Coinsurance, limit of coverage per loss per site occurrence | $ 400 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 177 |
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 amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 108 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | 1,000 |
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 | 2 |
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 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||||
Segment Reporting Information [Line Items] | ||||||||
OPERATING REVENUES | $ 4,069 | $ 4,404 | [1] | $ 7,932 | $ 8,377 | [1] | ||
Operating expenses (income) - net | 2,907 | 3,128 | [1] | 5,723 | 4,739 | [1] | ||
Net income (loss) attributable to NEE | $ 795 | 793 | [1] | $ 5,223 | 2,376 | [1] | ||
Deemed capital structure of NextEra Energy Resources | 70.00% | 70.00% | ||||||
Total assets | $ 95,490 | $ 95,490 | $ 97,827 | |||||
FPL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
OPERATING REVENUES | 2,908 | 3,091 | 5,528 | 5,618 | ||||
Operating expenses (income) - net | 1,986 | 2,150 | 3,899 | 3,866 | ||||
Net income (loss) attributable to NEE | [2] | 626 | 526 | 1,110 | 971 | [3] | ||
Total assets | 51,611 | 51,611 | 50,244 | |||||
Operating Segments [Member] | FPL [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
OPERATING REVENUES | 2,908 | 3,091 | 5,528 | 5,618 | ||||
Operating expenses (income) - net | 1,986 | 2,150 | 3,899 | 3,866 | ||||
Net income (loss) attributable to NEE | 626 | 526 | 1,110 | 971 | ||||
Total assets | 51,611 | 51,611 | 50,244 | |||||
Operating Segments [Member] | NextEra Energy Resources [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating revenues | 1,162 | 1,295 | 2,408 | 2,719 | ||||
Operating expenses (income) - net | 877 | 957 | 1,738 | 1,888 | ||||
Net income (loss) attributable to NEE | 274 | 301 | 4,200 | 777 | ||||
Total assets | 42,052 | 42,052 | 45,549 | |||||
Corporate, Non-Segment [Member] | Corporate and Other [Member] | Corporate and Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating revenues | (1) | 18 | (4) | 40 | ||||
Operating expenses (income) - net | 44 | 21 | 86 | (1,015) | ||||
Net income (loss) attributable to NEE | (105) | $ (34) | (87) | $ 628 | ||||
Total assets | $ 1,827 | $ 1,827 | $ 2,034 | |||||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. | |||||||
[2] | FPL's comprehensive income is the same as reported net income. | |||||||
[3] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |
Summarized Financial Informat56
Summarized Financial Information of NEECH (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Condensed Income Statements, Captions [Line Items] | ||||||
NEECH a 100% owned subsidiary of NEE | 100.00% | 100.00% | ||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | $ 4,069 | $ 4,404 | [1] | $ 7,932 | $ 8,377 | [1] |
Operating expenses - net | (2,907) | (3,128) | [1] | (5,723) | (4,739) | [1] |
Interest expense | (394) | (430) | [1] | (620) | (790) | [1] |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Gain on NEP deconsolidation | 0 | 0 | [1] | 3,935 | 0 | [1],[2] |
Other income - net | 163 | 247 | 487 | 511 | ||
INCOME BEFORE INCOME TAXES | 931 | 1,093 | [1] | 6,011 | 3,359 | [1] |
Income tax expense (benefit) | 230 | 289 | [1] | 1,479 | 964 | [1] |
Net Income (Loss) | 701 | 804 | [1] | 4,532 | 2,395 | [1],[2] |
Net income (loss) attributable to noncontrolling interest | (94) | 11 | [1] | (691) | 19 | [1] |
NET INCOME | 795 | 793 | [1] | 5,223 | 2,376 | [1] |
Comprehensive income (loss) attributable to NEE | 800 | 836 | 5,267 | 2,449 | ||
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member] | ||||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | 0 | 0 | 0 | 0 | ||
Operating expenses - net | (58) | (13) | (113) | (62) | ||
Interest expense | 10 | 1 | (11) | (1) | ||
Equity in earnings of subsidiaries | 808 | 787 | 5,169 | 2,349 | ||
Gain on NEP deconsolidation | 0 | 0 | ||||
Other income - net | 52 | 9 | 102 | 53 | ||
INCOME BEFORE INCOME TAXES | 792 | 782 | 5,147 | 2,339 | ||
Income tax expense (benefit) | (3) | (11) | (76) | (37) | ||
Net Income (Loss) | 795 | 793 | 5,223 | 2,376 | ||
Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
NET INCOME | 795 | 793 | 5,223 | 2,376 | ||
Comprehensive income (loss) attributable to NEE | 800 | 836 | 5,267 | 2,449 | ||
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | 1,195 | 1,327 | 2,472 | 2,789 | ||
Operating expenses - net | (896) | (974) | (1,773) | (823) | ||
Interest expense | 243 | 309 | (334) | (549) | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Gain on NEP deconsolidation | 3,935 | 0 | ||||
Other income - net | 91 | 219 | 340 | 446 | ||
INCOME BEFORE INCOME TAXES | 147 | 263 | 4,640 | 1,863 | ||
Income tax expense (benefit) | 57 | (12) | 1,267 | 438 | ||
Net Income (Loss) | 90 | 275 | 3,373 | 1,425 | ||
Net income (loss) attributable to noncontrolling interest | 94 | (11) | 691 | (19) | ||
NET INCOME | 184 | 264 | 4,064 | 1,406 | ||
Comprehensive income (loss) attributable to NEE | 190 | 297 | 4,111 | 1,472 | ||
Consolidation, Eliminations [Member] | ||||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | 2,874 | 3,077 | 5,460 | 5,588 | ||
Operating expenses - net | (1,953) | (2,141) | (3,837) | (3,854) | ||
Interest expense | (141) | (120) | (275) | (240) | ||
Equity in earnings of subsidiaries | (808) | (787) | (5,169) | (2,349) | ||
Gain on NEP deconsolidation | 0 | 0 | ||||
Other income - net | 20 | 19 | 45 | 12 | ||
INCOME BEFORE INCOME TAXES | (8) | 48 | (3,776) | (843) | ||
Income tax expense (benefit) | 176 | 312 | 288 | 563 | ||
Net Income (Loss) | (184) | (264) | (4,064) | (1,406) | ||
Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
NET INCOME | (184) | (264) | (4,064) | (1,406) | ||
Comprehensive income (loss) attributable to NEE | $ (190) | $ (297) | $ (4,111) | $ (1,472) | ||
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits. | |||||
[2] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |
Summarized Financial Informat57
Summarized Financial Information of NEECH (Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 89,751 | $ 93,783 |
Accumulated depreciation and amortization | (21,092) | (21,367) |
Total property, plant and equipment - net | 68,659 | 72,416 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 478 | 1,714 |
Receivables | 2,891 | 2,737 |
Other | 2,516 | 2,706 |
Total current assets | 5,885 | 7,157 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | 0 | 0 |
Investment in equity method investees | 6,217 | 2,321 |
Other | 14,729 | 15,933 |
Total other assets | 20,946 | 18,254 |
TOTAL ASSETS | 95,490 | 97,827 |
CAPITALIZATION | ||
Common shareholders' equity | 33,021 | 28,208 |
Noncontrolling interests | 3,151 | 1,290 |
Long-term debt | 28,356 | 31,463 |
Total capitalization | 64,528 | 60,961 |
CURRENT LIABILITIES | ||
Debt due within one year | 4,210 | 3,618 |
Accounts payable | 2,298 | 3,235 |
Other | 3,676 | 4,379 |
Total current liabilities | 10,184 | 11,232 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 3,048 | 3,031 |
Deferred income taxes | 7,162 | 5,754 |
Other | 10,568 | 16,849 |
Total other liabilities and deferred credits | 20,778 | 25,634 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 95,490 | 97,827 |
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | 112 | 20 |
Accumulated depreciation and amortization | (37) | (15) |
Total property, plant and equipment - net | 75 | 5 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 1 | 1 |
Receivables | 619 | 442 |
Other | 5 | 5 |
Total current assets | 625 | 448 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | 32,078 | 27,825 |
Investment in equity method investees | 0 | 0 |
Other | 654 | 591 |
Total other assets | 32,732 | 28,416 |
TOTAL ASSETS | 33,432 | 28,869 |
CAPITALIZATION | ||
Common shareholders' equity | 33,090 | 28,208 |
Noncontrolling interests | 0 | 0 |
Long-term debt | 0 | 0 |
Total capitalization | 33,090 | 28,208 |
CURRENT LIABILITIES | ||
Debt due within one year | 0 | 0 |
Accounts payable | 2 | 3 |
Other | 200 | 325 |
Total current liabilities | 202 | 328 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 0 | 0 |
Deferred income taxes | (239) | (82) |
Other | 379 | 415 |
Total other liabilities and deferred credits | 140 | 333 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 33,432 | 28,869 |
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | 36,332 | 41,782 |
Accumulated depreciation and amortization | (8,169) | (8,551) |
Total property, plant and equipment - net | 28,163 | 33,231 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 437 | 1,679 |
Receivables | 1,608 | 1,633 |
Other | 1,214 | 1,283 |
Total current assets | 3,259 | 4,595 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | 0 | 0 |
Investment in equity method investees | 6,217 | 2,321 |
Other | 6,206 | 7,620 |
Total other assets | 12,423 | 9,941 |
TOTAL ASSETS | 43,845 | 47,767 |
CAPITALIZATION | ||
Common shareholders' equity | 12,984 | 10,745 |
Noncontrolling interests | 3,151 | 1,290 |
Long-term debt | 15,977 | 20,227 |
Total capitalization | 32,112 | 32,262 |
CURRENT LIABILITIES | ||
Debt due within one year | 3,131 | 1,215 |
Accounts payable | 1,675 | 2,427 |
Other | 2,089 | 2,073 |
Total current liabilities | 6,895 | 5,715 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 951 | 984 |
Deferred income taxes | 2,646 | 1,247 |
Other | 1,241 | 7,559 |
Total other liabilities and deferred credits | 4,838 | 9,790 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 43,845 | 47,767 |
Consolidation, Eliminations [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | 53,307 | 51,981 |
Accumulated depreciation and amortization | (12,886) | (12,801) |
Total property, plant and equipment - net | 40,421 | 39,180 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 40 | 34 |
Receivables | 664 | 662 |
Other | 1,297 | 1,418 |
Total current assets | 2,001 | 2,114 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | (32,078) | (27,825) |
Investment in equity method investees | 0 | 0 |
Other | 7,869 | 7,722 |
Total other assets | (24,209) | (20,103) |
TOTAL ASSETS | 18,213 | 21,191 |
CAPITALIZATION | ||
Common shareholders' equity | (13,053) | (10,745) |
Noncontrolling interests | 0 | 0 |
Long-term debt | 12,379 | 11,236 |
Total capitalization | (674) | 491 |
CURRENT LIABILITIES | ||
Debt due within one year | 1,079 | 2,403 |
Accounts payable | 621 | 805 |
Other | 1,387 | 1,981 |
Total current liabilities | 3,087 | 5,189 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,097 | 2,047 |
Deferred income taxes | 4,755 | 4,589 |
Other | 8,948 | 8,875 |
Total other liabilities and deferred credits | 15,800 | 15,511 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 18,213 | $ 21,191 |
Summarized Financial Informat58
Summarized Financial Information of NEECH (Cash Flow Statement) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 2,933 | $ 3,251 | [1] |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (5,923) | (6,937) | |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 1,482 | [1] |
Capital contribution to Subsidiary | 0 | 0 | |
Proceeds from sale or maturity of securities in special use funds | 1,788 | 1,419 | [1] |
Purchases of securities in special use funds | (1,992) | (1,531) | [1] |
Distributions from equity method investees | 633 | 7 | [1] |
Other - net | 139 | 46 | [1] |
Net cash used in investing activities | (5,355) | (5,514) | [1] |
Proceeds from Issuance of Long-term Debt | 2,875 | 2,771 | [1] |
Retirements of long-term debt | (1,214) | (1,885) | [1] |
Net change in commercial paper | 705 | 1,847 | [1] |
Proceeds from other short-term debt | 200 | 200 | [1] |
Repayments of other short-term debt | (250) | 0 | [1] |
Proceeds from Issuance of Common Stock | 11 | 25 | [1] |
Payments of Dividends | (1,047) | (920) | [1] |
Cash Dividends Received from (Paid to) Parent Company | 0 | 0 | |
Other - net | (90) | (361) | [1] |
Net cash provided by (used in) financing activities | 1,190 | 1,677 | [1] |
Effects of currency translation on cash, cash equivalents and restricted cash | (15) | 0 | [1] |
Net decrease in cash, cash equivalents and restricted cash | (1,247) | (586) | [1] |
Cash, cash equivalents and restricted cash at beginning of period | 1,983 | 1,529 | [1] |
Cash, cash equivalents and restricted cash at end of period | 736 | 943 | [1] |
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 2,005 | 992 | |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (71) | 0 | |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | |
Capital contribution to Subsidiary | (854) | (45) | |
Proceeds from sale or maturity of securities in special use funds | 0 | 0 | |
Purchases of securities in special use funds | 0 | 0 | |
Distributions from equity method investees | 0 | 0 | |
Other - net | 12 | 4 | |
Net cash used in investing activities | (913) | (41) | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Retirements of long-term debt | 0 | 0 | |
Net change in commercial paper | 0 | 0 | |
Proceeds from other short-term debt | 0 | 0 | |
Repayments of other short-term debt | 0 | 0 | |
Proceeds from Issuance of Common Stock | 11 | 25 | |
Payments of Dividends | (1,047) | (920) | |
Cash Dividends Received from (Paid to) Parent Company | 0 | 0 | |
Other - net | (56) | (56) | |
Net cash provided by (used in) financing activities | (1,092) | (951) | |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | 0 | |
Net decrease in cash, cash equivalents and restricted cash | 0 | 0 | |
Cash, cash equivalents and restricted cash at beginning of period | 1 | 1 | |
Cash, cash equivalents and restricted cash at end of period | 1 | 1 | |
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 1,459 | 1,260 | |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (3,348) | (4,195) | |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 1,482 | |
Capital contribution to Subsidiary | 0 | 0 | |
Proceeds from sale or maturity of securities in special use funds | 687 | 518 | |
Purchases of securities in special use funds | (764) | (582) | |
Distributions from equity method investees | 633 | 7 | |
Other - net | 105 | 43 | |
Net cash used in investing activities | (2,687) | (2,727) | |
Proceeds from Issuance of Long-term Debt | 1,281 | 2,572 | |
Retirements of long-term debt | (415) | (1,850) | |
Net change in commercial paper | 1,405 | 1,115 | |
Proceeds from other short-term debt | 200 | 0 | |
Repayments of other short-term debt | 0 | 0 | |
Proceeds from Issuance of Common Stock | 0 | 0 | |
Payments of Dividends | 0 | 0 | |
Cash Dividends Received from (Paid to) Parent Company | (2,408) | (637) | |
Other - net | (6) | (304) | |
Net cash provided by (used in) financing activities | 57 | 896 | |
Effects of currency translation on cash, cash equivalents and restricted cash | (15) | 0 | |
Net decrease in cash, cash equivalents and restricted cash | (1,186) | (571) | |
Cash, cash equivalents and restricted cash at beginning of period | 1,807 | 1,375 | |
Cash, cash equivalents and restricted cash at end of period | 621 | 804 | |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (531) | 999 | |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (2,504) | (2,742) | |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | |
Capital contribution to Subsidiary | 854 | 45 | |
Proceeds from sale or maturity of securities in special use funds | 1,101 | 901 | |
Purchases of securities in special use funds | (1,228) | (949) | |
Distributions from equity method investees | 0 | 0 | |
Other - net | 22 | (1) | |
Net cash used in investing activities | (1,755) | (2,746) | |
Proceeds from Issuance of Long-term Debt | 1,594 | 199 | |
Retirements of long-term debt | (799) | (35) | |
Net change in commercial paper | (700) | 732 | |
Proceeds from other short-term debt | 0 | 200 | |
Repayments of other short-term debt | (250) | 0 | |
Proceeds from Issuance of Common Stock | 0 | 0 | |
Payments of Dividends | 0 | 0 | |
Cash Dividends Received from (Paid to) Parent Company | 2,408 | 637 | |
Other - net | (28) | (1) | |
Net cash provided by (used in) financing activities | 2,225 | 1,732 | |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | 0 | |
Net decrease in cash, cash equivalents and restricted cash | (61) | (15) | |
Cash, cash equivalents and restricted cash at beginning of period | 175 | 153 | |
Cash, cash equivalents and restricted cash at end of period | $ 114 | $ 138 | |
[1] | Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash. |