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 and Gulf Power. 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 March 31, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Operating revenues $ — $ 1,167 $ 2,908 $ 4,075 $ — $ 1,271 $ 2,586 $ 3,857 Operating expenses - net (57 ) (875 ) (2,008 ) (2,940 ) (56 ) (859 ) (1,883 ) (2,798 ) Interest expense — (561 ) (153 ) (714 ) (1 ) (92 ) (133 ) (226 ) Equity in earnings of subsidiaries 694 — (694 ) — 4,364 — (4,364 ) — Equity in earnings of equity method investees — 16 — 16 — 197 — 197 Gain on NEP deconsolidation — — — — — 3,927 — 3,927 Other income - net 51 166 26 243 51 53 23 127 Income (loss) before income taxes 688 (87 ) 79 680 4,358 4,497 (3,771 ) 5,084 Income tax expense (benefit) 8 (94 ) 160 74 (73 ) 1,211 112 1,250 Net income (loss) 680 7 (81 ) 606 4,431 3,286 (3,883 ) 3,834 Net loss attributable to noncontrolling interests — 74 — 74 — 597 — 597 Net income (loss) attributable to NEE $ 680 $ 81 $ (81 ) $ 680 $ 4,431 $ 3,883 $ (3,883 ) $ 4,431 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 656 $ 110 $ (110 ) $ 656 $ 4,470 $ 3,924 $ (3,924 ) $ 4,470 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Balance Sheets March 31, 2019 December 31, 2018 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 $ 300 $ 36,804 $ 61,054 $ 98,158 $ 220 $ 37,145 $ 54,718 $ 92,083 Accumulated depreciation and amortization (71 ) (8,571 ) (14,722 ) (23,364 ) (58 ) (8,473 ) (13,218 ) (21,749 ) Total property, plant and equipment - net 229 28,233 46,332 74,794 162 28,672 41,500 70,334 CURRENT ASSETS Cash and cash equivalents 1 842 129 972 (1 ) 525 114 638 Receivables 202 1,638 1,134 2,974 292 1,771 906 2,969 Other 5 2,777 1,494 4,276 5 1,425 1,356 2,786 Total current assets 208 5,257 2,757 8,222 296 3,721 2,376 6,393 OTHER ASSETS Investment in subsidiaries 33,850 — (33,850 ) — 33,397 — (33,397 ) — Investment in equity method investees — 6,735 — 6,735 — 6,748 — 6,748 Goodwill 1 589 2,898 3,488 1 587 303 891 Other 516 5,931 9,343 15,790 937 5,890 12,509 19,336 Total other assets 34,367 13,255 (21,609 ) 26,013 34,335 13,225 (20,585 ) 26,975 TOTAL ASSETS $ 34,804 $ 46,745 $ 27,480 $ 109,029 $ 34,793 $ 45,618 $ 23,291 $ 103,702 CAPITALIZATION Common shareholders' equity $ 34,226 $ 7,463 $ (7,463 ) $ 34,226 $ 34,144 $ 7,917 $ (7,917 ) $ 34,144 Noncontrolling interests — 3,614 — 3,614 — 3,269 — 3,269 Redeemable noncontrolling interests — 71 — 71 — 468 — 468 Long-term debt — 16,199 13,684 29,883 — 15,094 11,688 26,782 Total capitalization 34,226 27,347 6,221 67,794 34,144 26,748 3,771 64,663 CURRENT LIABILITIES Debt due within one year — 9,878 452 10,330 — 9,579 1,351 10,930 Accounts payable 7 1,615 776 2,398 32 1,730 624 2,386 Other 318 2,822 2,058 5,198 168 2,364 1,715 4,247 Total current liabilities 325 14,315 3,286 17,926 200 13,673 3,690 17,563 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 1,007 2,343 3,350 — 988 2,147 3,135 Deferred income taxes (381 ) 2,663 5,768 8,050 (157 ) 2,778 4,746 7,367 Other 634 1,413 9,862 11,909 606 1,431 8,937 10,974 Total other liabilities and deferred credits 253 5,083 17,973 23,309 449 5,197 15,830 21,476 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 34,804 $ 46,745 $ 27,480 $ 109,029 $ 34,793 $ 45,618 $ 23,291 $ 103,702 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2019 2018 (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 $ 979 $ 353 $ 265 $ 1,597 $ 1,391 $ 503 $ (603 ) $ 1,291 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (108 ) (1,224 ) (5,697 ) (7,029 ) — (2,385 ) (1,203 ) (3,588 ) Capital contributions from NEE (276 ) — 276 — (853 ) — 853 — Proceeds from sale or maturity of securities in special use funds and other investments — 404 562 966 — 489 430 919 Purchases of securities in special use funds and other investments — (423 ) (596 ) (1,019 ) — (506 ) (533 ) (1,039 ) Other - net 12 104 21 137 12 11 18 41 Net cash used in investing activities (372 ) (1,139 ) (5,434 ) (6,945 ) (841 ) (2,391 ) (435 ) (3,667 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 2,051 717 2,768 — 804 1,000 1,804 Retirements of long-term debt — (127 ) (39 ) (166 ) — (155 ) (787 ) (942 ) Net change in commercial paper — 412 (860 ) (448 ) — 1,403 (126 ) 1,277 Repayments of other short-term debt — (50 ) — (50 ) — — (250 ) (250 ) Payments from (to) related parties under CSCS agreement - net — (24 ) — (24 ) — — 2 2 Issuances of common stock - net 20 — — 20 7 — — 7 Dividends on common stock (598 ) — — (598 ) (523 ) — — (523 ) Contributions from (dividends to) NEE — (895 ) 895 — — (1,191 ) 1,191 — Other - net (27 ) (38 ) (10 ) (75 ) (32 ) (9 ) (24 ) (65 ) Net cash provided by (used in) financing activities (605 ) 1,329 703 1,427 (548 ) 852 1,006 1,310 Effects of currency translation on cash, cash equivalents and restricted cash — 9 — 9 — (9 ) — (9 ) Net increase (decrease) in cash, cash equivalents and restricted cash 2 552 (4,466 ) (3,912 ) 2 (1,045 ) (32 ) (1,075 ) Cash, cash equivalents and restricted cash at beginning of period (1 ) 533 4,721 5,253 1 1,807 175 1,983 Cash, cash equivalents and restricted cash at end of period $ 1 $ 1,085 $ 255 $ 1,341 $ 3 $ 762 $ 143 $ 908 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. |