Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-8841 | ||
Entity Registrant Name | NEXTERA ENERGY INC | ||
Entity Tax Identification Number | 59-2449419 | ||
Entity Address, Address Line One | 700 Universe Boulevard | ||
Entity Address, City or Town | Juno Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33408 | ||
City Area Code | 561 | ||
Local Phone Number | 694-4000 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 97,905,404,884 | ||
Entity Common Stock, Shares Outstanding | 488,965,893 | ||
Entity Central Index Key | 0000753308 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Trading Symbol | NEE | ||
Security Exchange Name | NYSE | ||
Corporate Units [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 4.872% Corporate Units | ||
Trading Symbol | NEE.PRO | ||
Security Exchange Name | NYSE | ||
FPL[Member] | |||
Entity Information [Line Items] | |||
Entity File Number | 2-27612 | ||
Entity Registrant Name | FLORIDA POWER & LIGHT CO | ||
Entity Tax Identification Number | 59-0247775 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Entity Central Index Key | 0000037634 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
OPERATING REVENUES | $ 19,204 | $ 16,727 | $ 17,173 | |
OPERATING EXPENSES (INCOME) | ||||
Fuel, purchased power and interchange | 4,363 | 3,732 | 4,071 | |
Other operations and maintenance | 3,640 | 3,330 | 3,458 | |
Storm restoration costs | 234 | 3 | 1,255 | |
Impairment charges | 72 | 11 | 446 | |
Acquisition-related | 35 | 32 | 69 | |
Depreciation and amortization | 4,216 | 3,911 | 2,357 | |
Gains on disposal of businesses/assets - net | (406) | (80) | (1,111) | |
Taxes other than income taxes and other - net | 1,697 | 1,508 | 1,455 | |
Total operating expenses - net | 13,851 | 12,447 | 12,000 | |
OPERATING INCOME | 5,353 | 4,280 | 5,173 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | (2,249) | (1,498) | (1,558) | |
Benefits associated with differential membership interests - net | 0 | 0 | 460 | |
Equity in earnings of equity method investees | 66 | 358 | 141 | |
Allowance for equity funds used during construction | 67 | 96 | 92 | |
Interest income | 54 | 51 | 81 | |
Gain on NEP deconsolidation | 0 | 3,927 | 0 | |
Gains on disposal of investments and other property - net | 55 | 111 | 112 | |
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | 238 | (189) | 0 | |
Other net periodic benefit income | 185 | 168 | 151 | |
Other - net | 67 | 48 | 11 | |
Total other income (deductions) - net | (1,517) | 3,072 | (510) | |
Income (loss) before income taxes | 3,836 | 7,352 | 4,663 | |
INCOME TAX EXPENSE (BENEFIT) | 448 | 1,576 | (660) | |
NET INCOME | 3,388 | 5,776 | 5,323 | |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 381 | 862 | 57 | |
NET INCOME ATTRIBUTABLE TO NEE | $ 3,769 | $ 6,638 | $ 5,380 | |
Earnings per share attributable to NEE: | ||||
Basic | $ 7.82 | $ 14.03 | $ 11.48 | |
Assuming dilution | $ 7.76 | $ 13.88 | $ 11.39 | |
FPL[Member] | ||||
OPERATING REVENUES | $ 12,192 | $ 11,862 | $ 11,972 | |
OPERATING EXPENSES (INCOME) | ||||
Fuel, purchased power and interchange | 3,256 | 3,250 | 3,541 | |
Other operations and maintenance | 1,519 | 1,514 | 1,554 | |
Storm restoration costs | 234 | 3 | 1,255 | |
Depreciation and amortization | 2,524 | 2,633 | 940 | |
Taxes other than income taxes and other - net | 1,357 | 1,308 | 1,292 | |
Total operating expenses - net | 8,890 | 8,708 | 8,582 | |
OPERATING INCOME | 3,302 | 3,154 | 3,390 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | (594) | (541) | (481) | |
Allowance for equity funds used during construction | 62 | 90 | 79 | |
Other - net | 5 | 7 | (2) | |
Total other income (deductions) - net | (527) | (444) | (404) | |
Income (loss) before income taxes | 2,775 | 2,710 | 2,986 | |
INCOME TAX EXPENSE (BENEFIT) | 441 | 539 | 1,106 | |
NET INCOME | [1] | $ 2,334 | $ 2,171 | $ 1,880 |
[1] | FPL's comprehensive income is the same as reported net income. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 3,388 | $ 5,776 | $ 5,323 |
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income | 29 | 26 | 32 |
Net unrealized gains (losses) on securities still held | 20 | (12) | 127 |
Reclassification from accumulated other comprehensive income (loss) to net income | (2) | 1 | (36) |
Defined benefit pension and other benefits plans: | |||
Net unrealized gain (loss) and unrecognized prior service benefit (cost) | (46) | (14) | 46 |
Reclassification from accumulated other comprehensive income (loss) to net income | (3) | (3) | (2) |
Net unrealized gains (losses) on foreign currency translation | 22 | (31) | 23 |
Other comprehensive income related to equity method investee | 1 | 4 | 2 |
Total other comprehensive income (loss), net of tax | 21 | (29) | 192 |
AOCI Impact of NEP Deconsolidation | 0 | 58 | 0 |
COMPREHENSIVE INCOME | 3,409 | 5,805 | 5,515 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 380 | 862 | 46 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 3,789 | $ 6,667 | $ 5,561 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income, tax expense | $ 8 | $ 8 | $ 13 |
Net unrealized gains (losses) on securities still held, tax expense (benefit) | 8 | (5) | 94 |
Reclassification from accumulated other comprehensive income (loss) to net income, tax benefit (less than in 2018) | (1) | (1) | (25) |
Net gain (loss) and prior service benefit (cost) tax expense (benefit) (less than for the year ended December 31, 2018) | (14) | (5) | 29 |
Reclassification from accumulated other comprehensive income (loss) to net income, tax benefit | (1) | (1) | (1) |
Net unrealized gains (losses) on foreign currency translation, tax expense (benefit) | 0 | 0 | 1 |
Other comprehensive income (loss) related to equity method investee, tax | 0 | 1 | 1 |
AOCI Impacts of NEP Deconsolidation, tax | $ 0 | $ 15 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 96,093 | $ 81,986 |
Nuclear fuel | 1,755 | 1,740 |
Construction work in progress | 9,330 | 8,357 |
Accumulated depreciation and amortization | (25,168) | (21,749) |
Total property, plant and equipment - net | 82,010 | 70,334 |
CURRENT ASSETS | ||
Cash and cash equivalents | 600 | 638 |
Customer receivables, net of allowances | 2,282 | 2,302 |
Other receivables | 525 | 667 |
Materials, supplies and fossil fuel inventory | 1,328 | 1,223 |
Regulatory assets | 335 | 448 |
Derivatives | 762 | 564 |
Other | 1,576 | 551 |
Total current assets | 7,408 | 6,393 |
OTHER ASSETS | ||
Special use funds | 6,954 | 5,886 |
Investment in equity method investees | 7,453 | 6,748 |
Prepaid benefit costs | 1,437 | 1,284 |
Regulatory assets | 3,287 | 3,290 |
Derivatives | 1,624 | 1,355 |
Goodwill | 4,204 | 891 |
Other | 3,314 | 7,521 |
Total other assets | 28,273 | 26,975 |
TOTAL ASSETS | 117,691 | 103,702 |
CAPITALIZATION | ||
Common stock | 5 | 5 |
Additional paid-in capital | 11,970 | 10,490 |
Retained earnings | 25,199 | 23,837 |
Accumulated other comprehensive loss | (169) | (188) |
Total common shareholders' equity | 37,005 | 34,144 |
Noncontrolling interests | 4,355 | 3,269 |
Total equity | 41,360 | 37,413 |
Redeemable noncontrolling interests | 487 | 468 |
Long-term debt | 37,543 | 26,782 |
Total capitalization | 79,390 | 64,663 |
CURRENT LIABILITIES | ||
Commercial paper | 2,516 | 2,749 |
Other short-term debt | 400 | 5,465 |
Current portion of long-term debt | 2,124 | 2,716 |
Accounts payable | 3,631 | 2,386 |
Customer deposits | 499 | 445 |
Accrued interest and taxes | 558 | 477 |
Derivatives | 344 | 675 |
Accrued construction-related expenditures | 1,152 | 1,195 |
Regulatory liabilities | 320 | 325 |
Other | 2,309 | 1,130 |
Total current liabilities | 13,853 | 17,563 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 3,457 | 3,135 |
Deferred income taxes | 8,361 | 7,367 |
Regulatory liabilities | 9,936 | 9,009 |
Derivatives | 863 | 516 |
Other | 1,831 | 1,449 |
Total other liabilities and deferred credits | 24,448 | 21,476 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 117,691 | 103,702 |
FPL[Member] | ||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY | ||
Plant in service and other property | 54,523 | 49,640 |
Nuclear fuel | 1,153 | 1,189 |
Construction work in progress | 3,351 | 3,888 |
Accumulated depreciation and amortization | (13,953) | (13,218) |
Total electric utility plant and other property - net | 45,074 | 41,499 |
CURRENT ASSETS | ||
Cash and cash equivalents | 77 | 112 |
Customer receivables, net of allowances | 1,024 | 1,026 |
Other receivables | 333 | 284 |
Materials, supplies and fossil fuel inventory | 722 | 670 |
Regulatory assets | 227 | 447 |
Other | 136 | 239 |
Total current assets | 2,519 | 2,778 |
OTHER ASSETS | ||
Special use funds | 4,771 | 4,056 |
Prepaid benefit costs | 1,477 | 1,407 |
Regulatory assets | 2,549 | 2,843 |
Goodwill | 300 | 302 |
Other | 498 | 599 |
Total other assets | 9,595 | 9,207 |
TOTAL ASSETS | 57,188 | 53,484 |
CAPITALIZATION | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 10,851 | 10,601 |
Retained earnings | 9,174 | 9,040 |
Total common shareholders' equity | 21,398 | 21,014 |
Total equity | 21,398 | 21,014 |
Long-term debt | 14,131 | 11,688 |
Total capitalization | 35,529 | 32,702 |
CURRENT LIABILITIES | ||
Commercial paper | 1,482 | 1,256 |
Current portion of long-term debt | 30 | 95 |
Accounts payable | 768 | 731 |
Customer deposits | 459 | 442 |
Accrued interest and taxes | 266 | 376 |
Accrued construction-related expenditures | 426 | 323 |
Regulatory liabilities | 284 | 310 |
Other | 510 | 543 |
Total current liabilities | 4,225 | 4,076 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,268 | 2,147 |
Deferred income taxes | 5,415 | 5,165 |
Regulatory liabilities | 9,296 | 8,886 |
Other | 455 | 508 |
Total other liabilities and deferred credits | 17,434 | 16,706 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 57,188 | $ 53,484 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Total property, plant and equipment - net | $ 82,010 | $ 70,334 |
Customer receivables, net of allowances | 19 | 10 |
Regulatory assets | $ 335 | $ 448 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, outstanding (in shares) | 489,000,000 | 478,000,000 |
Long-term debt | $ 37,543 | $ 26,782 |
Current portion of long-term debt | 2,124 | 2,716 |
Related to VIEs [Member] | ||
Total property, plant and equipment - net | 11,893 | 10,553 |
Regulatory assets | 0 | 41 |
Noncontrolling Interest in Variable Interest Entity | 4,350 | 3,265 |
Long-term debt | 498 | 1,020 |
Current portion of long-term debt | 27 | 74 |
FPL[Member] | ||
Customer receivables, net of allowances | 3 | 3 |
Regulatory assets | $ 227 | $ 447 |
Common stock, authorized (in shares) | 1,000 | 1,000 |
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, issued (in shares) | 1,000 | 1,000 |
Common stock, outstanding (in shares) | 1,000 | 1,000 |
Long-term debt | $ 14,131 | $ 11,688 |
Current portion of long-term debt | 30 | 95 |
FPL[Member] | Related to VIEs [Member] | ||
Regulatory assets | 0 | 41 |
Current portion of long-term debt | $ 0 | $ 74 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | $ 3,388 | $ 5,776 | $ 5,323 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 4,216 | 3,911 | 2,357 | |
Nuclear fuel and other amortization | 262 | 236 | 281 | |
Impairment charges | 72 | 11 | 446 | |
Unrealized losses (gains) on marked to market derivative contracts – net | (108) | 54 | 436 | |
Foreign currency transaction losses (gains) | 17 | 16 | (25) | |
Deferred income taxes | 258 | 1,463 | (882) | |
Cost recovery clauses and franchise fees | 155 | (225) | 82 | |
Acquisition of purchased power agreement | 0 | (52) | (243) | |
Benefits associated with differential membership interests - net | 0 | 0 | (460) | |
Equity in earnings of equity method investees | (66) | (358) | (141) | |
Distributions of earnings from equity method investees | 438 | 328 | 160 | |
Gains on disposal of businesses, assets and investments – net | (461) | (191) | (1,223) | |
Gain on NEP deconsolidation | 0 | (3,927) | 0 | |
Recoverable storm-related costs | (180) | 0 | (108) | |
Other - net | (213) | 156 | 109 | |
Changes in operating assets and liabilities: | ||||
Current assets | 123 | (631) | (333) | |
Noncurrent assets | (93) | (220) | (60) | |
Current liabilities | 116 | 163 | 758 | |
Noncurrent liabilities | 231 | 83 | (19) | |
Net cash provided by operating activities | 8,155 | 6,593 | 6,458 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (5,560) | (5,012) | (5,174) | |
Acquisition and capital expenditures of Gulf Power | (5,165) | 0 | 0 | |
Independent power and other investments of NEER | (6,385) | (7,045) | (5,335) | |
Nuclear fuel purchases | (315) | (267) | (197) | |
Other capital expenditures, acquisitions and other investments | (37) | (680) | (34) | |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | 1,454 | |
Sale of independent power and other investments of NEER | 1,163 | 1,617 | 178 | |
Proceeds from sale or maturity of securities in special use funds and other investments | 4,008 | 3,410 | 3,207 | |
Purchases of securities in special use funds and other investments | (4,160) | (3,733) | (3,244) | |
Distributions from equity method investees | 0 | 637 | 7 | |
Other - net | 274 | 123 | 220 | |
Net cash used in investing activities | (16,177) | (10,950) | (8,918) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 13,919 | 4,399 | 8,354 | |
Retirements of long-term debt | (5,492) | (3,102) | (6,780) | |
Proceeds from differential membership investors | 1,604 | 1,841 | 1,414 | |
Net change in commercial paper | (234) | 1,062 | 1,419 | |
Proceeds from other short-term debt | 200 | 5,665 | 450 | |
Repayments of other short-term debt | (4,765) | (455) | (2) | |
Payments to related parties under a cash sweep and credit support agreement – net | (54) | (21) | 0 | |
Issuances of common stock - net | 1,494 | 718 | 55 | |
Proceeds from issuance of NEP convertible preferred units - net | 0 | 0 | 548 | |
Dividends on common stock | (2,408) | (2,101) | (1,845) | |
Other - net | (391) | (372) | (725) | |
Net cash provided by (used in) financing activities | 3,873 | 7,634 | 2,888 | |
Effects of currency translation on cash, cash equivalents and restricted cash | 4 | (7) | 26 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (4,145) | 3,270 | 454 | |
Cash, cash equivalents and restricted cash at beginning of year | 5,253 | 1,983 | 1,529 | |
Cash, cash equivalents and restricted cash at end of year | 1,108 | 5,253 | 1,983 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||
Cash paid for interest (net of amount capitalized) | 1,799 | 1,209 | 1,186 | |
Cash paid for income taxes - net | 184 | 200 | 142 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 3,573 | 2,138 | 3,029 | |
Decrease in property, plant and equipment - net as a result of cash grants primarily under the American Recovery and Reinvestment Act of 2009 | 0 | 0 | (154) | |
Increase in property, plant and equipment - net as a result of a settlement/noncash exchange | (7) | (5) | (108) | |
FPL[Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | [1] | 2,334 | 2,171 | 1,880 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 2,524 | 2,633 | 940 | |
Nuclear fuel and other amortization | 175 | 144 | 159 | |
Deferred income taxes | 44 | 180 | 905 | |
Cost recovery clauses and franchise fees | 177 | (225) | 82 | |
Acquisition of purchased power agreement | 0 | (52) | (243) | |
Recoverable storm-related costs | 0 | 0 | (108) | |
Other - net | 6 | 7 | (139) | |
Changes in operating assets and liabilities: | ||||
Current assets | (48) | 97 | (190) | |
Noncurrent assets | (67) | (64) | (37) | |
Current liabilities | 32 | (509) | 699 | |
Noncurrent liabilities | 4 | 40 | (32) | |
Net cash provided by operating activities | 5,181 | 4,422 | 3,916 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (5,560) | (5,012) | (5,174) | |
Nuclear fuel purchases | (195) | (123) | (117) | |
Proceeds from sale or maturity of securities in special use funds and other investments | 2,729 | 2,232 | 1,986 | |
Purchases of securities in special use funds and other investments | (2,854) | (2,402) | (2,082) | |
Other - net | 10 | 239 | 18 | |
Net cash used in investing activities | (5,870) | (5,066) | (5,369) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 2,498 | 1,748 | 1,961 | |
Retirements of long-term debt | (95) | (1,591) | (882) | |
Net change in commercial paper | 226 | (431) | 1,419 | |
Proceeds from other short-term debt | 0 | 0 | 450 | |
Repayments of other short-term debt | 0 | (250) | (2) | |
Capital contributions from NEE | 250 | 1,785 | 0 | |
Dividends on common stock | (2,200) | (500) | (1,450) | |
Other - net | (49) | (37) | (22) | |
Net cash provided by (used in) financing activities | 630 | 724 | 1,474 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (59) | 80 | 21 | |
Cash, cash equivalents and restricted cash at beginning of year | 254 | 174 | 153 | |
Cash, cash equivalents and restricted cash at end of year | 195 | 254 | 174 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||
Cash paid for interest (net of amount capitalized) | 561 | 520 | 473 | |
Cash paid for income taxes - net | 544 | 415 | 2 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 680 | 549 | 668 | |
Increase in property, plant and equipment - net as a result of a settlement/noncash exchange | (7) | (5) | (112) | |
NEE's noncash contribution of a consolidated subsidiary - net | $ 0 | $ 526 | $ 0 | |
[1] | FPL's comprehensive income is the same as reported net income. |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total common Shareholders' Equity [Member] | Noncontrolling Interest [Member] | FPL[Member] | FPL[Member]Common Stock [Member] | FPL[Member]Additional Paid-in Capital [Member] | FPL[Member]Retained Earnings [Member] | ||
Balances (in shares) at Dec. 31, 2016 | 468,000,000 | ||||||||||||
Beginning Balance at Dec. 31, 2016 | $ 25,358 | $ 5 | $ 8,948 | $ (70) | $ 15,484 | $ 24,367 | $ 991 | ||||||
BEGINNING BALANCE at Dec. 31, 2016 | $ 16,580 | $ 1,373 | $ 8,332 | $ 6,875 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 5,323 | 5,380 | 5,380 | (57) | 1,880 | [1] | |||||||
NET INCOME | 5,380 | 1,880 | |||||||||||
Issuances of common stock - net | 33 | 33 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 2,000,000 | ||||||||||||
Share-based payment activity | 122 | 122 | |||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | ||||||||||||
Dividends on common stock | [2] | (1,845) | (1,845) | ||||||||||
Other comprehensive income (loss) | 192 | 181 | 181 | 11 | |||||||||
Sale of NEER assets to NEP | 460 | ||||||||||||
Capital contributions from NEE | 0 | ||||||||||||
Dividends to NEE | 1,845 | 1,450 | (1,450) | ||||||||||
Other (in shares) | 0 | ||||||||||||
Other | (3) | 1 | (2) | (110) | (41) | 71 | |||||||
ENDING BALANCE at Dec. 31, 2017 | 17,040 | 1,373 | 8,291 | 7,376 | |||||||||
Ending Balance at Dec. 31, 2017 | $ 29,531 | $ 5 | 9,100 | 111 | 19,020 | 28,236 | 1,295 | ||||||
Balance (in shares) at Dec. 31, 2017 | 471,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 3.93 | ||||||||||||
Net income (loss) | $ 5,776 | 6,638 | 6,638 | (862) | 2,171 | [1] | |||||||
NET INCOME | 6,638 | 2,171 | |||||||||||
Issuances of common stock - net | 700 | 700 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 6,000,000 | ||||||||||||
Share-based payment activity | 121 | 121 | |||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | ||||||||||||
Dividends on common stock | [2] | (2,101) | (2,101) | ||||||||||
Other comprehensive income (loss) | (29) | (29) | (29) | 0 | |||||||||
Impact of NEP deconsolidation | [3] | 0 | 58 | 0 | 58 | (2,700) | |||||||
Sales of differential membership interests to NEP | (941) | ||||||||||||
Adoption of accounting standards update | 590 | (328) | 280 | 542 | 5,303 | ||||||||
Other differential membership interests activity | (21) | 0 | 0 | (21) | 1,243 | ||||||||
Capital contributions from NEE | 1,785 | 1,785 | |||||||||||
Dividends to NEE | 2,101 | 500 | (500) | ||||||||||
NEE's contribution of a consolidated subsidiary | 526 | ||||||||||||
Other (in shares) | 0 | ||||||||||||
Other | 0 | 0 | 0 | (69) | (1) | (7) | |||||||
ENDING BALANCE at Dec. 31, 2018 | 34,144 | 21,014 | 1,373 | 10,601 | 9,040 | ||||||||
Ending Balance at Dec. 31, 2018 | $ 37,413 | $ 5 | 10,490 | (188) | 23,837 | 34,144 | 3,269 | $ 21,014 | |||||
Balance (in shares) at Dec. 31, 2018 | 478,000,000 | 478,000,000 | 1,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.44 | ||||||||||||
Net income (loss) | $ 3,388 | 3,769 | 3,769 | $ 2,334 | [1] | ||||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | (371) | ||||||||||||
NET INCOME | 3,769 | 2,334 | |||||||||||
Issuances of common stock - net | 1,470 | 1,470 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 10,000,000 | ||||||||||||
Share-based payment activity | 164 | 164 | |||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | ||||||||||||
Dividends on common stock | [2] | (2,408) | (2,408) | ||||||||||
Other comprehensive income (loss) | 21 | 20 | 20 | 1 | |||||||||
Premium on equity units | (120) | (120) | |||||||||||
Other differential membership interests activity | (20) | (20) | 1,270 | ||||||||||
Capital contributions from NEE | 250 | 250 | |||||||||||
Dividends to NEE | 2,408 | 2,200 | (2,200) | ||||||||||
Other | (14) | (1) | 1 | (14) | 186 | ||||||||
ENDING BALANCE at Dec. 31, 2019 | 37,005 | 21,398 | $ 1,373 | $ 10,851 | $ 9,174 | ||||||||
Ending Balance at Dec. 31, 2019 | $ 41,360 | $ 5 | $ 11,970 | $ (169) | $ 25,199 | $ 37,005 | $ 4,355 | $ 21,398 | |||||
Balance (in shares) at Dec. 31, 2019 | 489,000,000 | 489,000,000 | 1,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 5 | ||||||||||||
[1] | FPL's comprehensive income is the same as reported net income. | ||||||||||||
[2] | Dividends per share were $5.00 , $4.44 and $3.93 for the years ended December 31, 2019 , 2018 and 2017 | ||||||||||||
[3] | See Note 1 - NextEra Energy Partners, LP. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Basis of Presentation - The operations of NextEra Energy, Inc. (NEE) are conducted primarily through Florida Power & Light Company (FPL), a wholly owned subsidiary, and NextEra Energy Resources, LLC (NextEra Energy Resources) and NextEra Energy Transmission, LLC (NEET) (collectively, NEER), wholly owned indirect subsidiaries that are combined for segment reporting purposes. FPL's principal business is a rate-regulated electric utility which supplies electric service to more than five million customer accounts throughout most of the east and lower west coasts of Florida. NEER invests in independent power projects through both controlled and consolidated entities and noncontrolling ownership interests in joint ventures. NEER participates in natural gas, natural gas liquids and oil production primarily through operating and non-operating ownership interests and in pipeline infrastructure through either wholly owned subsidiaries or noncontrolling or joint venture interests. NEER also invests in rate-regulated transmission facilities and transmission lines that connect its electric generation facilities to the electric grid through controlled and consolidated entities. See Note 16 for a discussion of the movement of NEET to the NEER segment from Corporate and Other. The consolidated financial statements of NEE and FPL include the accounts of their respective controlled subsidiaries. They also include NEE's and FPL's share of the undivided interest in certain assets, liabilities, revenues and expenses. Amounts representing NEE's interest in entities it does not control, but over which it exercises significant influence, are included in investment in equity method investees; the net income of these entities is included in equity in earnings of equity method investees. Intercompany balances and transactions have been eliminated in consolidation. Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. NextEra Energy Partners, LP - NEP was formed in 2014 to acquire, manage and own contracted clean energy projects with stable long-term cash flows through a limited partner interest in NextEra Energy Operating Partners, LP (NEP OpCo). NEP owns or has an interest in a portfolio of wind and solar projects and long-term contracted natural gas pipelines. NEP was deconsolidated from NEE for financial reporting purposes in January 2018 as a result of changes made to NEP's governance structure during 2017 that, among other things, enhanced NEP common unitholder governance rights. The new governance structure established a NEP board of directors whereby NEP unitholders have the ability to nominate and elect board members, subject to certain limitations and requirements, which elected board members commenced service in January 2018. Subsequent to deconsolidation, NEE owns a noncontrolling interest in NEP and began reflecting its ownership interest in NEP as an equity method investment with its earnings/losses from NEP as equity in earnings (losses) of equity method investees and accounting for NextEra Energy Resources' asset sales to NEP as third-party sales in its consolidated financial statements. 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 the investment in equity method investees on NEE's consolidated balance sheets. See Note 10. 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) for the year ended December 31, 2018. Prior to the deconsolidation, NEE owned a controlling general partner interest in NEP and consolidated NEP for financial reporting purposes. NEE presented its limited partner interests in NEP as a noncontrolling interest in NEE's consolidated financial statements. NEE’s partnership interest in NEP OpCo's operating projects based on the number of outstanding NEP OpCo common units was approximately 65.1% at December 31, 2017. Certain equity and asset transactions between NEP, NEER and NEP OpCo involve the exchange of cash, energy projects and ownership interests in NEP OpCo. Operating Revenues - FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers as further discussed in Note 2, as well as, at NEER, derivative and lease transactions. FPL's operating revenues include amounts resulting from base rates, cost recovery clauses (see Rate Regulation below), franchise fees, gross receipts taxes and surcharges related to storms (see Storm Fund, Storm Reserve and Storm Cost Recovery below). Franchise fees and gross receipts taxes are imposed on FPL; however, the Florida Public Service Commission (FPSC) allows FPL to include in the amounts charged to customers the amount of the gross receipts tax for all customers and the franchise fee for those customers located in the jurisdiction that imposes the amount. Accordingly, franchise fees and gross receipts taxes are reported gross in operating revenues and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income and were approximately $763 million , $738 million and $767 million in 2019, 2018 and 2017 , respectively. FPL also collects municipal utility taxes which are reported gross in customer receivables and accounts payable on NEE's and FPL's consolidated balance sheets. Certain NEER commodity contracts for the purchase and sale of power that meet the definition of a derivative are recorded at fair value with subsequent changes in fair value recognized as revenue. See Energy Trading below and Note 4. Rate Regulation - FPL, the most significant of NEE's rate-regulated subsidiaries, is subject to rate regulation by the FPSC and the Federal Energy Regulatory Commission (FERC). Its rates are designed to recover the cost of providing service to its customers including a reasonable rate of return on invested capital. As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. NEE's and FPL's regulatory assets and liabilities are as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Regulatory assets: Current: Acquisition of purchased power agreements $ 165 $ 165 $ 165 $ 165 Deferred clause and franchise expenses 5 146 5 146 Other 165 137 57 136 Total $ 335 $ 448 $ 227 $ 447 Noncurrent: Acquisition of purchased power agreements $ 634 $ 798 $ 634 $ 798 Other 2,653 2,492 1,915 2,045 Total $ 3,287 $ 3,290 $ 2,549 $ 2,843 Regulatory liabilities: Current: Deferred clause revenues $ 309 $ 265 $ 284 $ 265 Other 11 60 — 45 Total $ 320 $ 325 $ 284 $ 310 Noncurrent: Asset retirement obligation regulatory expense difference $ 2,826 $ 2,352 $ 2,828 $ 2,352 Accrued asset removal costs 1,346 991 1,157 972 Deferred taxes 4,862 4,815 4,397 4,736 Other 902 851 914 826 Total $ 9,936 $ 9,009 $ 9,296 $ 8,886 Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through various clauses, include substantially all fuel, purchased power and interchange expense, certain costs associated with the acquisition of several electric generation facilities, certain construction-related costs for certain of FPL's solar generation facilities, and conservation and certain environmental-related costs. Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery. Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods. At December 31, 2019 and 2018 , FPL had regulatory assets, net of amortization, of approximately $799 million and $963 million , respectively, (included in current and noncurrent regulatory assets on NEE's and FPL’s consolidated balance sheets) related to acquisitions during 2015, 2017 and 2018 associated with three coal-fired electric generation facilities located in Florida with which FPL had long-term purchased power agreements. The majority of these regulatory assets are being amortized over approximately nine years . Two of the three facilities have been retired and FPL has reduced the third facility’s operations with the intention of phasing the facility out of service. In 2018, FPL early retired three of its generation facilities. As a result of the retirements, FPL reclassified the net book value of these units (approximately $875 million ) from plant in service and other property to current and noncurrent regulatory assets. Recovery of $729 million of these regulatory assets has been deferred until FPL’s base rates are next reset in a general base rate proceeding. The remainder of these regulatory assets are being amortized over 15 years . At December 31, 2019 and 2018 , the regulatory assets, net of amortization, totaled approximately $851 million and $870 million , respectively, and are included in current and noncurrent regulatory assets on NEE's and FPL's consolidated balance sheets. Additionally, other regulatory assets and liabilities are discussed within various subsections in Note 1 below. If FPL were no longer subject to cost-based rate regulation, the existing regulatory assets and liabilities would be written off unless regulators specify an alternative means of recovery or refund. In addition, the FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred. The continued applicability of regulatory accounting is assessed at each reporting period. FPL Base Rates Effective January 2017 through at least December 2020 - In December 2016, the FPSC issued a final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding (2016 rate agreement). Key elements of the 2016 rate agreement, which is effective from January 2017 through at least December 2020, include, among other things, the following: • New retail base rates and charges were established resulting in the following increases in annualized retail base revenues: ◦ $400 million beginning January 1, 2017; ◦ $211 million beginning January 1, 2018; and ◦ $200 million beginning April 1, 2019 for a new approximately 1,720 megawatts (MW) natural gas-fired combined-cycle unit in Okeechobee County, Florida that achieved commercial operation on March 31, 2019. • In addition, FPL is eligible to receive base rate increases associated with the addition of up to 300 MW annually of new solar generation in each of 2017 through 2020 with an installed cost cap of $1,750 per kilowatt (kW). Approximately 900 MW of new solar generating capacity has become operational, 600 MW in the first quarter of 2018 and 300 MW in the first quarter of 2019. An additional 300 MW is expected to be operational in the second quarter of 2020. • FPL's allowed regulatory return on common equity (ROE) is 10.55% , with a range of 9.60% to 11.60% . If FPL's earned regulatory ROE falls below 9.60% , FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.60% , any party other than FPL may seek a review of FPL's retail base rates. • Subject to certain conditions, FPL may amortize, over the term of the 2016 rate agreement, up to $1.0 billion of depreciation reserve surplus plus the reserve amount that remained under FPL's previous rate agreement (approximately $250 million ), provided that in any year of the 2016 rate agreement FPL must amortize at least enough reserve to maintain a 9.60% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.60% . • Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kilowatt-hour (kWh) of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover amounts above $400 million . See Storm Fund, Storm Reserve and Storm Cost Recovery below. Electric Plant, Depreciation and Amortization - The cost of additions to units of property of FPL and NEER is added to electric plant in service and other property. In accordance with regulatory accounting, the cost of FPL's units of utility property retired, less estimated net salvage value, is charged to accumulated depreciation. Maintenance and repairs of property as well as replacements and renewals of items determined to be less than units of utility property are charged to other operations and maintenance (O&M) expenses. At December 31, 2019 , the electric generation, transmission, distribution and general facilities of FPL represented approximately 46% , 12% , 35% and 7% , respectively, of FPL's gross investment in electric utility plant in service and other property. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. A number of NEER's generation, regulated transmission and pipeline facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $10.0 billion at December 31, 2019 . The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant (convertible investment tax credits (ITCs)) for certain renewable energy property (renewable property). Convertible ITCs are recorded as a reduction in property, plant and equipment on NEE's and FPL's consolidated balance sheets and are amortized as a reduction to depreciation and amortization expense over the estimated life of the related property. At December 31, 2019 and 2018 , convertible ITCs, net of amortization, were approximately $824 million ( $128 million at FPL) and $1.2 billion ( $134 million at FPL). At December 31, 2019 and 2018 , approximately $10 million and $138 million , respectively, of such convertible ITCs are included primarily in other receivables on NEE's consolidated balance sheets. Depreciation of FPL's electric property is primarily provided on a straight-line average remaining life basis. FPL includes in depreciation expense a provision for fossil and solar plant dismantlement, interim asset removal costs, accretion related to asset retirement obligations (see Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below), storm recovery amortization and amortization of pre-construction costs associated with planned nuclear units recovered through a cost recovery clause. For substantially all of FPL's property, depreciation studies are typically performed and filed with the FPSC every four years . As part of the 2016 rate agreement, the FPSC approved new depreciation rates which became effective January 1, 2017. In accordance with the 2016 rate agreement discussed in Rate Regulation above, FPL recorded reserve amortization (reversal) of approximately $(357) million , $(541) million and $1,250 million in 2019, 2018 and 2017 , respectively. Reserve amortization is recorded as a reduction to (or when reversed as an increase to) accrued asset removal costs which is reflected in noncurrent regulatory liabilities on NEE's and FPL's consolidated balance sheets. In 2017, FPL used available reserve amortization to offset nearly all of the Hurricane Irma storm restoration costs that were expensed, and FPL is partially restoring the reserve amortization through tax savings generated during the term of the 2016 rate agreement. See Note 6. In 2019, FPL used available reserve amortization resulting from operational efficiencies generated at the business to offset all of the Hurricane Dorian storm restoration costs that were expensed. See Storm Fund, Storm Reserve and Storm Restoration Costs below. The weighted annual composite depreciation and amortization rate for FPL's electric utility plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed above, was approximately 3.9% , 3.8% and 3.7% for 2019, 2018 and 2017 , respectively. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time assuming normal weather. This forecast establishes a fixed targeted regulatory ROE. In order to earn the targeted regulatory ROE in each reporting period under the 2016 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by reserve amortization or its reversal to earn the targeted regulatory ROE. NEER's electric plant in service less salvage value, if any, are depreciated primarily using the straight-line method over their estimated useful lives. At December 31, 2019 , wind, solar and nuclear plants represented approximately 54% , 12% and 10% , respectively, of NEER's depreciable electric plant in service and other property; the respective amounts at December 31, 2018 were 53% , 14% and 10% . The estimated useful lives of NEER's plants range primarily from 25 to 35 years for wind plants, 25 to 30 years for solar plants and 23 to 47 years for nuclear plants (see Note 5 - Nonrecurring Fair Value Measurements). NEER reviews the estimated useful lives of its fixed assets on an ongoing basis. NEER's oil and gas production assets, representing approximately 15% and 13% , respectively, of NEER's depreciable electric plant in service and other property at December 31, 2019 and 2018 , are accounted for under the successful efforts method. Depletion expenses for the acquisition of reserve rights and development costs are recognized using the unit of production method. Nuclear Fuel - FPL and NEER have several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel. See Note 15 - Contracts. FPL's and NEER's nuclear fuel costs are charged to fuel expense on a unit of production method. Construction Activity - Allowance for funds used during construction (AFUDC) is a noncash item which represents the allowed cost of capital, including an ROE, used to finance construction projects. FPL records the portion of AFUDC attributable to borrowed funds as a reduction of interest expense and the remainder as other income. FPSC rules limit the recording of AFUDC to projects that have an estimated cost in excess of 0.5% of a utility's plant in service balance and require more than one year to complete. FPSC rules allow construction projects below the 0.5% threshold as a component of rate base. During 2019, 2018 and 2017 , FPL capitalized AFUDC at a rate of 6.22% , 5.97% and 6.16% , respectively, which amounted to approximately $80 million , $114 million and $101 million , respectively. See Note 15 - Commitments. FPL's construction work in progress includes construction materials, progress payments on major equipment contracts, engineering costs, AFUDC and other costs directly associated with the construction of various projects. Upon completion of the projects, these costs are transferred to electric utility plant in service and other property. Capitalized costs associated with construction activities are charged to O&M expenses when recoverability is no longer probable. NEER capitalizes project development costs once it is probable that such costs will be realized through the ultimate construction of a power plant or sale of development rights. At December 31, 2019 and 2018 , NEER's capitalized development costs totaled approximately $651 million and $630 million , respectively, which are included in noncurrent other assets on NEE's consolidated balance sheets. These costs include land rights and other third-party costs directly associated with the development of a new project. Upon commencement of construction, these costs either are transferred to construction work in progress or remain in other assets, depending upon the nature of the cost. Capitalized development costs are charged to O&M expenses when it is no longer probable that these costs will be realized. NEER's construction work in progress includes construction materials, progress payments on major equipment contracts, third-party engineering costs, capitalized interest and other costs directly associated with the construction and development of various projects. Interest capitalized on construction projects amounted to approximately $135 million , $94 million and $89 million during 2019, 2018 and 2017 , respectively. Interest expense allocated from NextEra Energy Capital Holdings, Inc. (NEECH) to NEER is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Upon commencement of project operation, costs associated with construction work in progress are transferred to electric plant in service and other property. In September 2019, NEER determined it was no longer moving forward with the construction of a 220 MW wind facility due to unresolved permitting issues. NEE recorded charges of approximately $72 million ( $54 million after tax), which are included in impairment charges in NEE’s consolidated statements of income for the year ended December 31, 2019 , primarily related to the write-off of capitalized construction costs. Asset Retirement Obligations - NEE and FPL each account for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets. NEE's AROs relate primarily to decommissioning obligations of FPL's and NEER's nuclear units and to obligations for the dismantlement of certain of NEER's wind and solar facilities. See Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below and Note 13. For NEE's rate-regulated operations, including FPL, the asset retirement cost is subsequently allocated to a regulatory liability using a systematic and rational method over the asset's estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the ARO and a decrease in the regulatory liability. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the ARO and asset retirement cost. For NEE's non-rate regulated operations, the asset retirement cost is subsequently allocated to expense using a systematic and rational method over the asset's estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in NEE's consolidated statements of income. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when asset retirement cost is depleted. Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs - For ratemaking purposes, FPL accrues for the cost of end of life retirement and disposal of its nuclear, fossil and solar plants over the expected service life of each unit based on nuclear decommissioning and fossil and solar dismantlement studies periodically filed with the FPSC. In addition, FPL accrues for interim removal costs over the life of the related assets based on depreciation studies approved by the FPSC. As approved by the FPSC, FPL previously suspended its annual decommissioning accrual. Any differences between expense recognized for financial reporting purposes and the amount recovered through rates are reported as a regulatory liability in accordance with regulatory accounting. See Rate Regulation, Electric Plant, Depreciation and Amortization, and Asset Retirement Obligations above and Note 13. Nuclear decommissioning studies are performed at least every five years and are submitted to the FPSC for approval. FPL filed updated nuclear decommissioning studies with the FPSC in December 2015. These studies reflect, among other things, the expiration dates of the operating licenses for FPL's nuclear units at the time of the studies. The 2015 studies provide for the dismantlement of Turkey Point Units Nos. 3 and 4 following the end of plant operation with decommissioning activities commencing in 2032 and 2033, respectively, and provide for St. Lucie Unit No. 1 to be mothballed beginning in 2036 with decommissioning activities to be integrated with the dismantlement of St. Lucie Unit No. 2 in 2043. These studies also assume that FPL will be storing spent fuel on site pending removal to a United States (U.S.) government facility. After giving effect to the license extensions for Turkey Point Units Nos. 3 and 4, FPL's portion of the ultimate costs of decommissioning its four nuclear units, including costs associated with spent fuel storage above what is expected to be refunded by the U.S. Department of Energy (DOE) under a spent fuel settlement agreement, is estimated to be approximately $9.7 billion , or $3.3 billion expressed in 2019 dollars. FPL intends to reflect the operating license extensions for Turkey Point Units Nos. 3 and 4 in its next nuclear decommissioning studies. Restricted funds for the payment of future expenditures to decommission FPL's nuclear units are included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's and FPL's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily carried at fair value. See Note 5. Fund earnings, consisting of dividends, interest and realized gains and losses, net of taxes, are reinvested in the funds. Fund earnings, as well as any changes in unrealized gains and losses, are not recognized in income and are reflected as a corresponding offset in the related regulatory asset or liability accounts. FPL does not currently make contributions to the decommissioning funds, other than the reinvestment of fund earnings. During 2019 , 2018 and 2017 fund earnings on decommissioning funds were approximately $125 million , $94 million and $114 million , respectively. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. Fossil and solar plant dismantlement studies are typically performed at least every four years and are submitted to the FPSC for approval. As part of the 2016 rate agreement, the FPSC approved an annual expense of $26 million based on FPL's 2016 fossil and solar dismantlement studies, which became effective January 1, 2017, and is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. At December 31, 2019 , FPL's portion of the ultimate cost to dismantle its fossil and solar units is approximately $1.2 billion , or $510 million expressed in 2019 dollars. NEER's AROs include nuclear decommissioning liabilities for Seabrook Station (Seabrook), Duane Arnold Energy Center (Duane Arnold) and Point Beach Nuclear Power Plant (Point Beach) and dismantlement liabilities for its wind and solar facilities. The liabilities are being accreted using the interest method through the date decommissioning or dismantlement activities are expected to be complete. See Note 13. At December 31, 2019 and 2018 , NEER's ARO was approximately $1,097 million and $988 million , respectively, and was primarily determined using various internal and external data and applying a probability percentage to a variety of scenarios regarding the life of the plant and timing of decommissioning or dismantlement. NEER's portion of the ultimate cost of decommissioning its nuclear plants, including costs associated with spent fuel storage above what is expected to be refunded by the DOE under a spent fuel settlement agreement, is estimated to be approximately $9.5 billion , or $2.0 billion expressed in 2019 dollars. The ultimate cost to dismantle NEER's wind and solar facilities is estimated to be approximately $1.8 billion . Seabrook files a comprehensive nuclear decommissioning study with the New Hampshire Nuclear Decommissioning Financing Committee (NDFC) every four years ; the most recent study was filed in 2019. Seabrook's decommissioning funding plan is also subject to annual review by the NDFC. Currently, there are no ongoing decommissioning funding requirements for Seabrook, Duane Arnold and Point Beach, however, the U.S. Nuclear Regulatory Commission (NRC), and in the case of Seabrook, the NDFC, has the authority to require additional funding in the future. NEER's portion of Seabrook's, Duane Arnold's and Point Beach's restricted funds for the payment of future expenditures to decommission these plants is included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily carried at fair value. See Note 5. Market adjustments for debt securities result in a corresponding adjustment to other comprehensive income (OCI), except for unrealized losses associated with marketable debt securities considered to be other than temporary, including any credit losses, which are recognized in other - net in NEE's consolidated statements of income. Market adjustments for equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE's consolidated statements of income. Fund earnings, consisting of dividends, interest and realized gains and losses are recognized in income and are reinvested in the funds. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. Major Maintenance Costs - FPL expenses costs associated with planned fossil maintenance as incurred. FPL recognizes costs associated with planned major nuclear maintenance in accordance with regulatory treatment. FPL defers nuclear maintenance costs for each nuclear unit’s planned outage to a regulatory asset as the costs are incurred and amortizes the costs to O&M expense over the period from the end of the current outage to the end of the next planned outage. NEER uses the deferral method to account for certain planned major maintenance costs. NEER's major maintenance costs for its nuclear generation units and combustion turbines are capitalized (included in noncurrent other assets on NEE's consolidated balance sheets) and amortized to O&M expenses on a unit of production method over the period from the end of the last outage to the beginning of the next planned outage. Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original |
Employee Retirement Benefits
Employee Retirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits Employee Pension Plan and Other Benefits Plans - NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries. NEE also has a supplemental executive retirement plan (SERP), which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees, and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The total accrued benefit cost of the SERP and postretirement plans is approximately $313 million ( $167 million for FPL) and $226 million ( $187 million for FPL) at December 31, 2019 and 2018 , respectively. Pension Plan Assets, Benefit Obligations and Funded Status - The changes in assets, benefit obligations and the funded status of the pension plan are as follows: 2019 2018 (millions) Change in pension plan assets: Fair value of plan assets at January 1 $ 3,806 $ 4,020 Actual return on plan assets 736 (69 ) Benefit payments (235 ) (160 ) Acquisitions (a) 493 15 Fair value of plan assets at December 31 $ 4,800 $ 3,806 Change in pension benefit obligation: Obligation at January 1 $ 2,522 $ 2,593 Service cost 80 70 Interest cost 114 82 Acquisitions (a) 503 15 Special termination benefits (b) 19 35 Plan amendments 3 — Actuarial losses (gains) - net 357 (113 ) Benefit payments (235 ) (160 ) Obligation at December 31 (c) $ 3,363 $ 2,522 Funded status: Prepaid pension benefit costs at NEE at December 31 $ 1,437 $ 1,284 Prepaid pension benefit costs at FPL at December 31 (d) $ 1,477 $ 1,407 _________________________ (a) Relates to substantially funded pension obligations in connection with the acquisitions of Gulf Power and Florida City Gas, see Note 8. (b) Reflects enhanced early retirement programs. (c) NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2019 and 2018 was approximately $ 3,281 million and $ 2,479 million , respectively. (d) Reflects FPL's allocated benefits under NEE's pension plan. NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid pension benefit costs are as follows: 2019 2018 (millions) Unrecognized prior service benefit (net of $2 and $2 tax expense, respectively) $ 2 $ 2 Unrecognized losses (net of $37 and $27 tax benefit, respectively) (108 ) (71 ) Total $ (106 ) $ (69 ) NEE's unrecognized amounts included in regulatory assets yet to be recognized as components of net prepaid pension benefit costs are as follows: 2019 2018 (millions) Unrecognized prior service benefit $ (2 ) $ (3 ) Unrecognized losses 263 376 Total $ 261 $ 373 The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic pension income in the following year. 2019 2018 Discount rate (a) 3.22 % 4.26 % Salary increase 4.40 % 4.40 % _________________________ (a) The method of estimating the interest cost component of net periodic benefit costs uses a full yield curve approach by applying a specific spot rate along the yield curve. NEE's investment policy for the pension plan recognizes the benefit of protecting the plan's funded status, thereby avoiding the necessity of future employer contributions. Its broad objectives are to achieve a high rate of total return with a prudent level of risk taking while maintaining sufficient liquidity and diversification to avoid large losses and preserve capital over the long term. The NEE pension plan fund's current target asset allocation, which is expected to be reached over time, is 45% equity investments, 32% fixed income investments, 13% alternative investments and 10% convertible securities. The pension fund's investment strategy emphasizes traditional investments, broadly diversified across the global equity and fixed income markets, using a combination of different investment styles and vehicles. The pension fund's equity and fixed income holdings consist of both directly held securities as well as commingled investment arrangements such as common and collective trusts, pooled separate accounts, registered investment companies and limited partnerships. The pension fund's convertible security assets are principally direct holdings of convertible securities and include a convertible security oriented limited partnership. The pension fund's alternative investments consist primarily of private equity and real estate oriented investments in limited partnerships as well as absolute return oriented limited partnerships that use a broad range of investment strategies on a global basis. The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows: December 31, 2019 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 1,593 $ 9 $ 3 $ 1,605 Equity commingled vehicles (c) — 706 — 706 U.S. Government and municipal bonds 95 7 — 102 Corporate debt securities (d) — 247 — 247 Asset-backed securities — 416 — 416 Debt security commingled vehicles (e) 47 143 — 190 Convertible securities (f) 32 372 — 404 Total investments in the fair value hierarchy $ 1,767 $ 1,900 $ 3 3,670 Total investments measured at net asset value (g) 1,130 Total fair value of plan assets $ 4,800 _____________________ (a) See Note 5 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 741 million . (c) Includes foreign investments of $ 141 million . (d) Includes foreign investments of $ 76 million . (e) Includes foreign investments of $ 5 million . (f) Includes foreign investments of $ 20 million . (g) Includes foreign investments of $ 190 million . December 31, 2018 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 1,030 $ 11 $ 2 $ 1,043 Equity commingled vehicles (c) — 638 — 638 U.S. Government and municipal bonds 84 11 — 95 Corporate debt securities (d) — 252 — 252 Asset-backed securities — 253 — 253 Debt security commingled vehicles — 133 — 133 Convertible securities (e) 17 303 — 320 Total investments in the fair value hierarchy $ 1,131 $ 1,601 $ 2 2,734 Total investments measured at net asset value (f) 1,072 Total fair value of plan assets $ 3,806 ______________________ (a) See Note 5 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 459 million . (c) Includes foreign investments of $ 193 million . (d) Includes foreign investments of $ 77 million . (e) Includes foreign investments of $ 30 million . (f) Includes foreign investments of $ 214 million . Expected Cash Flows - The following table provides information about benefit payments expected to be paid by the pension plan for each of the following calendar years (in millions): 2020 $ 211 2021 $ 203 2022 $ 203 2023 $ 206 2024 $ 207 2025 - 2029 $ 1,044 Net Periodic Income - The components of net periodic income for the plans are as follows: Pension Benefits Postretirement Benefits 2019 2018 2017 2019 2018 2017 (millions) Service cost $ 80 $ 70 $ 66 $ 1 $ 1 $ 1 Interest cost 114 82 83 9 7 8 Expected return on plan assets (312 ) (276 ) (270 ) — — — Amortization of prior service benefit (1 ) (1 ) (1 ) (15 ) (15 ) (10 ) Special termination benefits 19 35 38 — — — Postretirement benefits settlement — — — — — 1 Net periodic income at NEE $ (100 ) $ (90 ) $ (84 ) $ (5 ) $ (7 ) $ — Net periodic income allocated to FPL $ (71 ) $ (57 ) $ (51 ) $ (4 ) $ (6 ) $ — Other Comprehensive Income - The components of net periodic income recognized in OCI for the pension plan are as follows: 2019 2018 2017 (millions) Net gains (losses) (net of $10 tax benefit, $4 tax benefit and $23 tax expense, respectively) $ (36 ) $ (13 ) $ 37 Regulatory Assets (Liabilities) - The components of net periodic income recognized during the year in regulatory assets (liabilities) for the pension plan are as follows: 2019 2018 (millions) Unrecognized losses (gains) $ (113 ) $ 216 Amortization of prior service cost 1 1 Total $ (112 ) $ 217 The assumptions used to determine net periodic pension income for the pension plan are as follows: 2019 2018 2017 Discount rate 4.26 % 3.59 % 4.09 % Salary increase 4.40 % 4.10 % 4.10 % Expected long-term rate of return, net of investment management fees (a) 7.35 % 7.35 % 7.35 % ______________________ (a) In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns. Employee Contribution Plan - NEE offers an employee retirement savings plan which allows eligible participants to contribute a percentage of qualified compensation through payroll deductions. NEE makes matching contributions to participants' accounts. Defined contribution expense pursuant to this plan was approximately $ 58 million , $ 54 million and $ 53 million for NEE ($ 36 million , $ 34 million and $ 33 million for FPL) for the years ended December 31, 2019 , 2018 and 2017 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers 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 based on tariff rates approved by the FPSC and, at NEER, for the delivery of energy commodities and the availability of electric capacity and electric transmission. FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative and lease transactions at NEER. 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. In 2019 and 2018 , NEE’s revenue from contracts with customers was approximately $17.5 billion ( $12.1 billion at FPL) and approximately $15.4 billion ( $11.8 billion at FPL), respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's 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 revenues are 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 are 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. At December 31, 2019 and 2018 , FPL's unbilled revenues amounted to approximately $389 million and $432 million , respectively, and are included in customer receivables on NEE’s and FPL’s consolidated balance sheets. 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 2020 to 2053 , 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 which primarily relate to electric capacity sales associated with independent system operator annual auctions through 2023 and certain power purchase agreements with maturity dates through 2034. At December 31, 2019 , NEER expects to record approximately $945 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. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments [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 over-the-counter (OTC) markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge 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 consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause). For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's consolidated statements of income. Settlement gains and losses are included within the line items in the consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's consolidated statements of cash flows. 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 consolidated statements of income. At December 31, 2019 , 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 $14 million of net losses included in AOCI at December 31, 2019 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 December 31, 2019 and December 31, 2018 , 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 consolidated balance sheets. December 31, 2019 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 5,050 $ 3,201 $ 2,350 $ 576 Interest rate contracts 26 742 9 725 Foreign currency contracts 26 38 27 39 Total fair values $ 5,102 $ 3,981 $ 2,386 $ 1,340 FPL: Commodity contracts $ 4 $ 14 $ 3 $ 13 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 762 Noncurrent derivative assets (b) 1,624 Current derivative liabilities (c) $ 344 Current other liabilities (d) 133 Noncurrent derivative liabilities 863 Total derivatives $ 2,386 $ 1,340 Net fair value by FPL balance sheet line item: Current other assets $ 3 Current other liabilities $ 12 Noncurrent other liabilities 1 Total derivatives $ 3 $ 13 ______________________ (a) Reflects the netting of approximately $2 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $139 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $66 million in margin cash collateral paid to counterparties. (d) See Note 1 - Disposal of Businesses/Assets. December 31, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 4,651 $ 3,305 $ 1,840 $ 683 Interest rate contracts 56 472 49 465 Foreign currency contracts 17 30 30 43 Total fair values $ 4,724 $ 3,807 $ 1,919 $ 1,191 FPL: Commodity contracts $ 2 $ 43 $ — $ 41 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 564 Noncurrent derivative assets (b) 1,355 Current derivative liabilities $ 675 Noncurrent derivative liabilities 516 Total derivatives $ 1,919 $ 1,191 Net fair value by FPL balance sheet line item: Current other liabilities $ 32 Noncurrent other liabilities 9 Total derivatives $ — $ 41 ______________________ (a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties. At December 31, 2019 and 2018 , NEE had approximately $10 million and $16 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's consolidated balance sheets. Additionally, at December 31, 2019 and 2018 , NEE had approximately $360 million and $157 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's consolidated balance sheets. Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's derivatives are recorded in NEE's consolidated statements of income as follows: Years Ended December 31, 2019 2018 2017 (millions) Commodity contracts: (a) Operating revenues $ 762 $ 377 $ 454 Fuel, purchased power and interchange — (2 ) — Foreign currency contracts - interest expense (7 ) 19 55 Foreign currency contracts - other - net — — (4 ) Interest rate contracts - interest expense (699 ) (280 ) (223 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (32 ) (30 ) (48 ) Foreign currency contracts (4 ) (4 ) (81 ) Total $ 20 $ 80 $ 153 ______________________ (a) For the years ended December 31, 2019 , 2018 and 2017 , FPL recorded gains (losses) of approximately $9 million , $(31) million and $(169) million , respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets. Notional Volumes of Derivative Instruments - The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE's and FPL's net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes: December 31, 2019 December 31, 2018 Commodity Type NEE FPL NEE FPL (millions) Power (81 ) MWh (a) 1 MWh (a) (100 ) MWh (a) 1 MWh (a) Natural gas (1,723 ) MMBtu (b) 161 MMBtu (b) (491 ) MMBtu (b) 231 MMBtu (b) Oil (13 ) barrels — (30 ) barrels — ______________________ (a) Megawatt-hours (b) One million British thermal units At December 31, 2019 and 2018 , NEE had interest rate contracts with a net notional amount of approximately $8.9 billion and $13.4 billion , respectively, and foreign currency contracts with a net notional amount of approximately $1.0 billion and $656 million , respectively. Credit-Risk-Related Contingent Features - Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. At December 31, 2019 and 2018 , the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.7 billion ( $12 million for FPL) and $1.8 billion ( $34 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 three 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 $215 million ( none at FPL) and $270 million ( none at FPL) at December 31, 2019 and 2018 , respectively. 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 ( $35 million at FPL) and $1.5 billion ( $45 million at FPL) at December 31, 2019 and 2018 , respectively. 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 $590 million ( $75 million at FPL) and $610 million ( $145 million at FPL) at December 31, 2019 and 2018 , respectively. Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At December 31, 2019 and 2018 , applicable NEE subsidiaries have posted approximately $2 million ( none at FPL) and $2 million ( none at FPL), respectively, in cash and $88 million ( none at FPL) and $88 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 | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 363 $ — $ — $ 363 FPL - equity securities $ 156 $ — $ — $ 156 Special use funds: (c) NEE: Equity securities $ 1,875 $ 2,088 (d) $ — $ 3,963 U.S. Government and municipal bonds $ 567 $ 150 $ — $ 717 Corporate debt securities $ — $ 748 $ — $ 748 Mortgage-backed securities $ — $ 517 $ — $ 517 Other debt securities $ — $ 117 $ — $ 117 FPL: Equity securities $ 596 $ 1,895 (d) $ — $ 2,491 U.S. Government and municipal bonds $ 429 $ 106 $ — $ 535 Corporate debt securities $ — $ 533 $ — $ 533 Mortgage-backed securities $ — $ 395 $ — $ 395 Other debt securities $ — $ 111 $ — $ 111 Other investments: (e) NEE: Equity securities $ 34 $ 12 $ — $ 46 Debt securities $ 82 $ 69 $ — $ 151 Derivatives: NEE: Commodity contracts $ 1,229 $ 2,082 $ 1,739 $ (2,700 ) $ 2,350 (f) Interest rate contracts $ — $ 24 $ 2 $ (17 ) $ 9 (f) Foreign currency contracts $ — $ 26 $ — $ 1 $ 27 (f) FPL - commodity contracts $ — $ 3 $ 1 $ (1 ) $ 3 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,365 $ 1,446 $ 390 $ (2,625 ) $ 576 (f) Interest rate contracts $ — $ 598 $ 144 $ (17 ) $ 725 (f) Foreign currency contracts $ — $ 38 $ — $ 1 $ 39 (f) FPL - commodity contracts $ — $ 5 $ 9 $ (1 ) $ 13 (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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $60 million ( $54 million for FPL) in current other assets and $ 64 million ($ 64 million for FPL) in noncurrent other assets on the consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at 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 consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. December 31, 2018 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 486 $ — $ — $ 486 FPL - equity securities $ 206 $ — $ — $ 206 Special use funds: (c) NEE: Equity securities $ 1,445 $ 1,601 (d) $ — $ 3,046 U.S. Government and municipal bonds $ 449 $ 155 $ — $ 604 Corporate debt securities $ — $ 728 $ — $ 728 Mortgage-backed securities $ — $ 478 $ — $ 478 Other debt securities $ — $ 145 $ 1 $ 146 FPL: Equity securities $ 398 $ 1,452 (d) $ — $ 1,850 U.S. Government and municipal bonds $ 350 $ 120 $ — $ 470 Corporate debt securities $ — $ 544 $ — $ 544 Mortgage-backed securities $ — $ 367 $ — $ 367 Other debt securities $ — $ 131 $ 1 $ 132 Other investments: (e) NEE: Equity securities $ 13 $ 11 $ — $ 24 Debt securities $ 36 $ 90 $ — $ 126 Derivatives: NEE: Commodity contracts $ 1,379 $ 1,923 $ 1,349 $ (2,811 ) $ 1,840 (f) Interest rate contracts $ — $ 56 $ — $ (7 ) $ 49 (f) Foreign currency contracts $ — $ 17 $ — $ 13 $ 30 (f) FPL - commodity contracts $ — $ 2 $ — $ (2 ) $ — (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,329 $ 1,410 $ 566 $ (2,622 ) $ 683 (f) Interest rate contracts $ — $ 336 $ 136 $ (7 ) $ 465 (f) Foreign currency contracts $ — $ 30 $ — $ 13 $ 43 (f) FPL - commodity contracts $ — $ 7 $ 36 $ (2 ) $ 41 (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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $85 million ( $81 million for FPL) in current other assets on the consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at 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 consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. Significant Unobservable Inputs Used in Recurring Fair Value Measurements - The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, block-to-hourly price shaping, 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 (including block-to-hourly price shaping), 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 December 31, 2019 are as follows: Transaction Type Fair Value at December 31, 2019 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 858 $ 52 Discounted cash flow Forward price (per MWh) $(14) — $258 Forward contracts - gas 195 22 Discounted cash flow Forward price (per MMBtu) $2 — $6 Forward contracts - other commodity related 3 2 Discounted cash flow Forward price (various) $— — $70 Options - power 42 11 Option models Implied correlations 1% — 88% Implied volatilities 6% — 502% Options - primarily gas 152 148 Option models Implied correlations 1% — 88% Implied volatilities 1% — 218% Full requirements and unit contingent contracts 489 155 Discounted cash flow Forward price (per MWh) $(20) — $949 Customer migration rate (a) —% — 14% Total $ 1,739 $ 390 ______________________ (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 includes a significant credit valuation adjustment and is primarily related to the solar projects in Spain of approximately $133 million at December 31, 2019 . 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: Years Ended December 31, 2019 2018 2017 NEE FPL NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year $ 647 $ (36 ) $ 566 $ — $ 578 $ 1 Realized and unrealized gains (losses): Included in earnings (a) 923 — 35 (1 ) 376 — Included in other comprehensive income (loss) (b) 5 — 7 — (18 ) — Included in regulatory assets and liabilities 1 1 (18 ) (18 ) — — Purchases 141 — 152 (16 ) 126 — Settlements (356 ) 25 28 (2 ) (317 ) (1 ) Issuances (87 ) — (115 ) — (197 ) — Impact of adoption of revenue standard — — (30 ) — — — Transfers in (c) (5 ) — — — 17 — Transfers out (c) (62 ) 2 22 1 1 — Fair value of net derivatives based on significant unobservable inputs at December 31 $ 1,207 $ (8 ) $ 647 $ (36 ) $ 566 $ — Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 611 $ — $ 100 $ (1 ) $ 277 $ — ______________________ (a) For the years ended December 31, 2019 , 2018 and 2017 , approximately $956 million , $48 million and $379 million of realized and unrealized gains are included in the 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 consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data. 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 years ended December 31, 2019 , 2018 and 2017 , approximately $638 million , $112 million and $281 million of unrealized gains are included in the consolidated statements of income in operating revenues and the balance is included in interest expense. Nonrecurring Fair Value Measurements - NEE tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A wholly owned subsidiary of NextEra Energy Resources has a power purchase agreement (PPA) with Duane Arnold's primary customer for the energy and capacity related to its 70% ownership share of Duane Arnold that was set to expire on December 31, 2025. NEER had previously expected Duane Arnold would operate at least until the end of its NRC operating license in February 2034. In early December 2017, NEER concluded that it was unlikely that Duane Arnold's primary customer would extend the current PPA after it was set to expire in 2025. Without the long-term cash flow certainty of a PPA for Duane Arnold's energy and capacity, NEER would likely close Duane Arnold on or about December 31, 2025, the end of the term of the PPA. As a result of the change in Duane Arnold's useful life, NEER updated depreciation and ARO estimates to reflect the December 31, 2025 closure. A recoverability analysis performed by NEER determined that the undiscounted cash flows of Duane Arnold were less than its carrying amount and, accordingly, NEER performed a fair value analysis to determine the amount of the impairment. Based on the fair value analysis, long-lived assets (primarily property, plant and equipment) with a carrying amount of approximately $ 502 million were written down to their fair value of $ 82 million , resulting in an impairment of $ 420 million ($ 258 million after tax), which is included in impairment charges in NEE's consolidated statements of income for the year ended December 31, 2017. The estimate of fair value was based on a combination of the income and market value approaches. The income approach utilized a discounted cash flow valuation technique considering contracted revenue rates (Level 2), annual generation forecasts, annual projected capital and maintenance expenditures and a discount rate (all of which are Level 3). The market value approach utilized a transaction involving a comparable nuclear power plant sale in March 2017 and adjusted for certain entity specific assumptions (Level 3). In January 2019, an amendment to the PPA with Duane Arnold's primary customer became effective which shortened the term of the PPA by five years and results in the PPA expiring on December 31, 2020. Operations of Duane Arnold are expected to cease in late 2020. 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: December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 892 $ 891 $ 884 $ 883 Other investments (b) $ 30 $ 30 $ 54 $ 54 Long-term debt, including current portion (c) $ 39,667 $ 42,928 (d) $ 29,498 $ 30,043 (d) FPL: Special use funds (a) $ 706 $ 705 $ 693 $ 692 Long-term debt, including current portion $ 14,161 $ 16,448 (d) $ 11,783 $ 12,613 (d) ______________________ (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 on NEE's consolidated balance sheets. (c) Excludes debt totaling approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets, for which the carrying amount approximates fair value. See Note 1 - Disposal of Businesses/Assets. (d) At December 31, 2019 and 2018 , 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 $ 6,880 million and $5,818 million at December 31, 2019 and 2018 , respectively, ( $4,697 million and $3,987 million , respectively, for FPL) and FPL's storm fund assets of $74 million and $ 68 million at December 31, 2019 and 2018 , respectively. The investments held in the special use funds consist of equity and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $ 2,030 million and $1,994 million at December 31, 2019 and 2018 , respectively ( $1,523 million and $1,542 million , respectively, for FPL). For FPL's special use funds, changes in fair value, including any other than temporary impairment losses, result in a corresponding adjustment to the related regulatory asset or liability accounts, consistent with regulatory treatment. 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 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 consolidated statements of income. The unrealized gains (losses) recognized during the year ended December 31, 2019 and 2018 on equity securities held at December 31, 2019 and 2018 were $780 million ( $510 million for FPL) and $ (259) million ($ (131) million for FPL), respectively. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at December 31, 2019 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at December 31, 2019 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 Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 (millions) Realized gains $ 68 $ 51 $ 178 $ 44 $ 31 $ 75 Realized losses $ 48 $ 75 $ 83 $ 29 $ 49 $ 50 Proceeds from sale or maturity of securities $ 3,005 $ 2,551 $ 2,817 $ 2,539 $ 2,100 $ 1,902 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 December 31, December 31, 2019 2018 2019 2018 (millions) Unrealized gains $ 75 $ 14 $ 58 $ 11 Unrealized losses (a) $ 7 $ 52 $ 7 $ 41 Fair value $ 314 $ 1,273 $ 240 $ 961 ______________________ (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2019 and 2018 were not material to NEE or FPL. Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the NDFC pursuant to New Hampshire law. The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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, revalued its deferred income taxes as of December 31, 2017. 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. The U.S. Department of Treasury has also released proposed regulations related to the business interest expense limitations and foreign tax credits associated with tax reform. These proposed regulations are not final and are subject to change in the regulatory review process. The components of income taxes are as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 (millions) Federal: Current $ 167 $ 30 $ 100 $ 348 $ 251 $ 168 Deferred 115 1,153 (1,047 ) (29 ) 134 776 Total federal 282 1,183 (947 ) 319 385 944 State: Current 23 63 88 49 91 29 Deferred 143 330 199 73 63 133 Total state 166 393 287 122 154 162 Total income tax expense (benefit) $ 448 $ 1,576 $ (660 ) $ 441 $ 539 $ 1,106 A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % 21.0 % 21.0 % 35.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 3.4 4.2 2.9 3.5 4.5 3.5 Taxes attributable to noncontrolling interests 2.1 2.5 — — — — Tax reform rate change — — (41.3 ) — — (0.5 ) PTCs and ITCs - NEER (7.2 ) (3.0 ) (8.4 ) — — — Amortization of deferred regulatory credit (a) (6.2 ) (1.8 ) — (8.1 ) (5.0 ) (0.1 ) Convertible ITCs - NEER — — 0.6 — — — Other - net (1.4 ) (1.5 ) (3.0 ) (0.5 ) (0.6 ) (0.9 ) Effective income tax rate 11.7 % 21.4 % (14.2 )% 15.9 % 19.9 % 37.0 % _________________________ (a) 2019 reflects an adjustment of approximately $83 million recorded by FPL to reduce income tax expense for the cumulative amortization of excess deferred income taxes from January 1, 2018 as a result of a FPSC order in connection with its review of impacts associated with tax reform. One of the provisions of the order requires FPL to amortize approximately $870 million of its excess deferred income taxes over a period not to exceed ten years. The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Deferred tax liabilities: Property-related $ 10,133 $ 9,315 $ 6,394 $ 6,113 Pension 417 374 374 357 Investments in partnerships and joint ventures 2,019 1,925 — — Other 1,618 1,505 685 791 Total deferred tax liabilities 14,187 13,119 7,453 7,261 Deferred tax assets and valuation allowance: Decommissioning reserves 317 313 286 278 Net operating loss carryforwards 380 350 2 3 Tax credit carryforwards 3,406 3,259 — — ARO and accrued asset removal costs 368 310 273 237 Regulatory liabilities 1,335 1,277 1,219 1,283 Other 515 751 258 295 Valuation allowance (a) (285 ) (273 ) — — Net deferred tax assets 6,036 5,987 2,038 2,096 Net deferred income taxes $ 8,151 $ 7,132 $ 5,415 $ 5,165 ______________________ (a) Reflects a valuation allowance related to the solar projects in Spain that completely offsets the related deferred taxes, as well as deferred state tax credits and state operating loss carryforwards. Deferred tax assets and liabilities are included on the consolidated balance sheets as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Noncurrent other assets $ 210 $ 235 $ — $ — Deferred income taxes - noncurrent liabilities (8,361 ) (7,367 ) (5,415 ) (5,165 ) Net deferred income taxes $ (8,151 ) $ (7,132 ) $ (5,415 ) $ (5,165 ) The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2019 are as follows: Amount Expiration Dates (millions) Net operating loss carryforwards: State $ 304 2020-2039 Foreign 76 (a) 2020-2039 Net operating loss carryforwards $ 380 Tax credit carryforwards: Federal $ 3,060 2029-2039 State 344 (b) 2020-2044 Foreign 2 2034-2039 Tax credit carryforwards $ 3,406 ______________________ (a) Includes $ 58 million of net operating loss carryforwards with an indefinite expiration period. (b) Includes $ 188 million of ITC carryforwards with an indefinite expiration period. |
Jointly-Owned Electric Plants
Jointly-Owned Electric Plants | 12 Months Ended |
Dec. 31, 2019 | |
Jointly-Owned Electric Plants [Abstract] | |
Jointly-Owned Electric Plants | Jointly-Owned Electric Plants Certain NEE subsidiaries own undivided interests in the jointly-owned facilities described below, and are entitled to a proportionate share of the output from those facilities. The subsidiaries are responsible for their share of the operating costs, as well as providing their own financing. Accordingly, each subsidiary's proportionate share of the facilities and related revenues and expenses is included in the appropriate balance sheet and statement of income captions. NEE's and FPL's respective shares of direct expenses for these facilities are included in fuel, purchased power and interchange expense, O&M expenses, depreciation and amortization expense and taxes other than income taxes and other - net in NEE's and FPL's consolidated statements of income. NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: December 31, 2019 Ownership Interest Gross Investment (a) Accumulated Depreciation (a) Construction Work in Progress (millions) FPL: St. Lucie Unit No. 2 85 % $ 2,226 $ 972 $ 66 Scherer Unit No. 4 76 % $ 1,227 $ 473 $ 55 Gulf Power: Daniel Units Nos. 1 and 2 50 % $ 715 $ 222 $ 22 Scherer Unit No. 3 25 % $ 423 $ 146 $ 14 NEER: Duane Arnold 70 % $ 69 $ 41 $ — Seabrook 88.23 % $ 1,270 $ 375 $ 45 Wyman Station Unit No. 4 91.19 % $ 29 $ 7 $ 1 Stanton 65 % $ 137 $ 7 $ — Transmission substation assets located in Seabrook, New Hampshire 88.23 % $ 94 $ 13 $ 14 ______________________ (a) Excludes nuclear fuel. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Gulf Power Company - On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power, a rate-regulated electric utility under the jurisdiction of the FPSC. Gulf Power serves approximately 470,000 customers in eight counties throughout northwest Florida, has approximately 9,500 miles of transmission and distribution lines and owns approximately 2,300 MW of net generating capacity. The purchase price included approximately $4.44 billion in cash consideration and the assumption of approximately $1.3 billion of Gulf Power debt. The cash purchase price was funded through $4.5 billion of borrowings by NEECH in December 2018 under certain short-term bi-lateral term loan agreements; the proceeds of which borrowings were restricted and included in noncurrent other assets on NEE's consolidated balance sheet at December 31, 2018. Such borrowings were repaid in April 2019. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on January 1, 2019 based on their fair value. The approval by the FPSC of Gulf Power's rates, which is intended to allow Gulf Power to collect from retail customers total revenues equal to Gulf Power's costs of providing service, including a reasonable rate of return on invested capital, is considered a fundamental input in measuring the fair value of Gulf Power's assets and liabilities and, as such, NEE concluded that the carrying values of all assets and liabilities recoverable through rates are representative of their fair values. As a result, NEE acquired assets of approximately $5.2 billion , primarily relating to property, plant and equipment of $4.0 billion and regulatory assets of $494 million , and assumed liabilities of approximately $3.4 billion , including $1.3 billion of long-term debt, $635 million of regulatory liabilities and $562 million of deferred income taxes. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $2.7 billion of goodwill which has been recognized on NEE's consolidated balance sheet at December 31, 2019 . Goodwill associated with the Gulf Power acquisition is reflected within Corporate and Other and, for impairment testing, is included in the Gulf Power reporting unit. The goodwill arising from the transaction represents expected benefits from continued expansion of NEE's regulated businesses and the indefinite life of Gulf Power's service territory franchise. Trans Bay Cable, LLC - On July 16, 2019, a wholly owned subsidiary of NEET acquired the membership interests of Trans Bay Cable, LLC (Trans Bay), which owns and operates a 53 -mile, high-voltage direct current underwater transmission cable system in California extending from Pittsburg to San Francisco, with utility rates set by the FERC and revenues paid by the California Independent System Operator. The purchase price included approximately $670 million in cash consideration and the assumption of debt of approximately $422 million . Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair value. The approval by the FERC of Trans Bay’s rates, which is intended to allow Trans Bay to collect total revenues equal to Trans Bay's costs for the development, financing, construction, operation and maintenance of Trans Bay, including a reasonable rate of return on invested capital, is considered a fundamental input in measuring the fair value of Trans Bay's assets and liabilities and, as such, NEE concluded that the carrying values of all assets and liabilities recoverable through rates are representative of their fair values. As a result, NEE acquired assets of approximately $703 million , primarily relating to property, plant and equipment, and assumed liabilities of approximately $643 million , primarily relating to long-term debt. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $610 million of goodwill which has been recognized on NEE's consolidated balance sheet at December 31, 2019 , of which approximately $572 million is expected to be deductible for tax purposes. Goodwill associated with the Trans Bay acquisition is reflected within NEER and, for impairment testing, is included in the rate-regulated transmission reporting unit. The goodwill arising from the transaction represents expected benefits from continued expansion of NEE's regulated businesses. The valuation of the acquired net assets is subject to change as NEE obtains additional information for its estimates during the measurement period. Other - In July 2018, NEE acquired the outstanding common shares of the entity that owns Florida City Gas (FCG), which 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, for approximately $530 million in cash subject to certain adjustments. Upon closing, NEE transferred FCG to FPL. In December 2018, NEE acquired a 100% interest in an entity that indirectly owns Oleander Power Project, an approximately 791 MW natural gas-fired, simple-cycle combustion turbine electric generation facility located near Cocoa, Florida, and a 100% interest in an entity that owns a 65% interest in Stanton Energy Center Unit A, an approximately 660 MW combined-cycle electric generation facility located near Orlando, Florida for approximately $200 million in cash, subject to certain adjustments. Santee Cooper - On February 11, 2020, the South Carolina Department of Administration (DOA) announced that it had selected NEE as the recommended bidder for the sale case in its evaluation process with respect to the South Carolina Public Service Authority, South Carolina's state-owned electric and water utility (Santee Cooper). NEE’s proposal provides for the payment of approximately $8.5 billion in cash to repay existing Santee Cooper debt and provide additional proceeds. In addition, NEE's proposal provides approximately $941 million |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) At December 31, 2019 , NEE had 33 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 was subordinate to the bondholder's interest in the VIE, was 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 included 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 arose under the financing order issued by the FPSC and certain other collateral pledged by the VIE that issued the bonds. The storm-recovery bonds were payable only from and were secured by the storm-recovery property, and the final payment was made in August 2019. The bondholders had no recourse to the general credit of FPL. The assets and liabilities of the VIE were approximately $ 77 million and $ 76 million , respectively, at December 31, 2018 , and consisted primarily of storm-recovery property, which were included in current regulatory assets on NEE's and FPL's consolidated balance sheet and storm-recovery bonds, which were included in current portion of long-term debt on NEE's and FPL's consolidated balance sheet. NEER - NEE consolidates 32 VIEs within the NEER segment. Subsidiaries within the NEER segment are considered the primary beneficiary of these VIEs since they control the most significant activities of these VIEs, including operations and maintenance, and they have the obligation to absorb expected losses of these VIEs. NextEra Energy Resources consolidates two VIEs which own and operate natural gas/oil electric generation facilities with the capability of producing 1,450 MW. These entities sell their electric output under power sales contracts to third parties, with expiration dates in 2021 and 2031 . The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel. The assets and liabilities of these two VIEs were approximately $ 216 million and $ 25 million , respectively, at December 31, 2019 . These two VIEs, together with a third VIE that consolidated two separate NEER entities, collectively had assets and liabilities that totaled $ 257 million and $ 21 million , respectively, at December 31, 2018 . At December 31, 2019 and 2018 , the assets of these consolidated VIEs consisted primarily of property, plant and equipment. Three indirect subsidiaries of NextEra Energy Resources have an approximately 50 % ownership interest in five entities which own and operate solar photovoltaic (PV) facilities with the capability of producing a total of approximately 409 MW. Each of the three subsidiaries is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NextEra Energy Resources. These five entities sell their electric output to third parties under power sales contracts with expiration dates ranging from 2035 through 2042 . The five 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 NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs were approximately $ 776 million and $ 598 million , respectively, at December 31, 2019 . There were two consolidated VIEs at December 31, 2018 which owned three entities which had assets and liabilities of $ 529 million and $ 557 million , respectively. At December 31, 2019 and 2018 , the assets and liabilities of the VIEs consisted primarily of property, plant and equipment and long-term debt. Beginning in the first quarter of 2019, NEE consolidates a NEET VIE that is constructing an approximately 275-mile electricity transmission line. The NEET subsidiary is the primary beneficiary and controls the most significant activities during the construction period, including controlling the construction budget. Prior to the construction period, the entity was jointly controlled and was accounted for under the equity method. NEET is entitled to receive 50% of the profits and losses of the entity. At December 31, 2019 , the assets and liabilities of the VIE totaled $173 million and $29 million , respectively. The other 26 NextEra Energy Resources 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 7,081 MW and 473 MW, respectively. These entities sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2029 through 2053 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 NextEra Energy Resources' 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 $ 11.3 billion and $ 0.8 billion , respectively, at December 31, 2019 . There were 25 consolidated VIEs at December 31, 2018 , and the assets and liabilities of those VIEs totaled approximately $ 10.2 billion and $ 1.4 billion , respectively. At December 31, 2019 and 2018 , the assets and liabilities of the VIEs consisted primarily of property, plant and equipment and long-term debt. Other - At December 31, 2019 and 2018 , several NEE subsidiaries had investments totaling approximately $ 3,247 million ($ 2,717 million at FPL) and $ 2,668 million ($ 2,203 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's consolidated balance sheets and in special use funds on FPL's 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, including NEE's noncontrolling interest in NEP OpCo. These entities are limited partnerships or similar entity structures in which the limited partners or non-managing members do not have substantive rights over the significant activities of these entities, 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. NEE’s investment in these entities totaled approximately $ 4,254 million and $ 4,680 million at December 31, 2019 and 2018 , respectively. At December 31, 2019 , subsidiaries of NEE had commitments to invest additional amounts in five of the entities. Such commitments are included in the NEER amounts in the table in Note 15 - Contracts. |
Investments in Partnerships and
Investments in Partnerships and Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Partnerships and Joint Ventures [Abstract] | |
Investments in Partnerships and Joint Ventures | Investments in Partnerships and Joint Ventures Certain subsidiaries of NEE have noncontrolling interests in various partnerships and joint ventures, essentially all of which own or are in the process of developing natural gas pipelines or own electric generation facilities. At December 31, 2019 and 2018 , NEE's investments in partnerships and joint ventures totaled approximately $7,453 million and $6,748 million , respectively, which are included in investment in equity method investees on NEE's consolidated balance sheets. NEE's interest in these partnerships and joint ventures primarily range from approximately 31% to 61% . At December 31, 2019 and 2018 , the principal entities included in NEE's investments in partnerships and joint ventures were NEP OpCo, Sabal Trail Transmission, LLC (Sabal Trail) and Mountain Valley Pipeline, LLC, and in 2019 also included Silver State South Solar, LLC. Summarized combined information for these principal entities is as follows: 2019 2018 (millions) Net income $ 128 $ 632 Total assets $ 20,659 $ 16,334 Total liabilities $ 6,956 $ 5,990 Partners'/members' equity (a) $ 13,703 $ 10,344 NEE's share of underlying equity in the principal entities $ 3,723 $ 2,958 Difference between investment carrying amount and underlying equity in net assets (b) 3,153 3,193 NEE's investment carrying amount for the principal entities $ 6,876 $ 6,151 ______________________ (a) Reflects NEE's interest, as well as third-party interests, in NEP OpCo. (b) Primarily associated with NEP OpCo; approximately 70% of the difference between the investment carrying amount and the underlying equity in net assets relates to goodwill and is not being amortized; the remaining balance is being amortized primarily over a period of 20 to 28 years. NextEra Energy Resources provides management, administrative and transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NextEra Energy Resources is also party to a cash sweep and credit support (CSCS) agreement with a subsidiary of NEP. At December 31, 2019 and 2018 , the cash sweep amount (due to NEP and its subsidiaries) held in accounts belonging to NextEra Energy Resources or its subsidiaries was approximately $12 million and $66 million , respectively, and is included in accounts payable. Fee income totaling approximately $101 million and $94 million , respectively, related to the CSCS agreement and the service agreements is included in operating revenues in NEE's consolidated statements of income for the years ended December 31, 2019 and 2018 . Amounts due from NEP of approximately $53 million and $45 million are included in other receivables and $33 million and $34 million are included in noncurrent other assets at December 31, 2019 and 2018 , respectively. Under the CSCS agreement, NEECH or NEER guaranteed or provided indemnifications, letters of credit or bonds totaling approximately $669 million at December 31, 2019 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2020 to 2059 and included 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 consolidated balance sheet at fair value. As a result of deconsolidation, approximately $31 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's consolidated balance sheet at December 31, 2019 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Years Ended December 31, 2019 2018 2017 (millions, except per share amounts) Numerator: Net income attributable to NEE - basic $ 3,769 $ 6,638 $ 5,380 Adjustment for the impact of dilutive securities at NEP(a) — (19 ) — Net income attributable to NEE - assuming dilution $ 3,769 $ 6,619 $ 5,380 Denominator: Weighted-average number of common shares outstanding - basic 482.0 473.2 468.8 Equity units, stock options, performance share awards, forward sale agreements and restricted stock (b) 3.5 3.8 3.7 Weighted-average number of common shares outstanding - assuming dilution 485.5 477.0 472.5 Earnings per share attributable to NEE: Basic $ 7.82 $ 14.03 $ 11.48 Assuming dilution $ 7.76 $ 13.88 $ 11.39 _________ _____________ (a) The 2018 adjustment is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes (see Potentially Dilutive Securities at NEP below). (b) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to 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 approximately 0.7 million , 0.1 million and 3.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Potentially Dilutive Securities at NEP - In November 2017, NEP issued approximately $550 million of Series A convertible preferred units representing limited partner interests in NEP (NEP preferred units). Holders of NEP preferred units may elect to convert all or any portion of their NEP preferred units into common units of NEP at any time after June 20, 2019 subject to certain conditions. NEP may elect to convert all or any portion of the NEP preferred units that remain outstanding into NEP common units on or after November 15, 2020 if certain conditions are met. At December 31, 2019 , the value of the NEP preferred units outstanding was approximately $183 million . In addition, NEP has senior unsecured convertible notes outstanding of $300 million at December 31, 2019 . Holders of these notes may convert all or any portion of the notes into NEP common units. The NEP preferred units and NEP senior unsecured convertible notes are potentially dilutive securities to NEE. Forward Sale Agreements - In November 2016, NEE entered into forward sale agreements with several forward counterparties for 12 million shares of its common stock to be settled on a date or dates to be specified at NEE’s direction, no later than November 1, 2017. During 2017, NEE issued 1,711,345 shares of its common stock to net share settle the forward sale agreements. The forward sale price used to determine the net share settlement amount was calculated based on the initial forward sale price of $124.00 per share, less certain adjustments as specified in the forward sale agreements. Common Stock Dividend Restrictions - NEE's charter does not limit the dividends that may be paid on its common stock. FPL's mortgage securing FPL's first mortgage bonds contains provisions which, under certain conditions, restrict the payment of dividends and other distributions to NEE. These restrictions do not currently limit FPL's ability to pay dividends to NEE. Stock-Based Compensation - Net income for the years ended December 31, 2019 , 2018 and 2017 includes approximately $ 100 million , $ 82 million and $ 76 million , respectively, of compensation costs and $ 17 million , $ 21 million and $ 29 million , respectively, of income tax benefits related to stock-based compensation arrangements. Compensation cost capitalized for the years ended December 31, 2019 , 2018 and 2017 was not material. At December 31, 2019 , there were approximately $ 112 million of unrecognized compensation costs related to nonvested/nonexercisable stock-based compensation arrangements. These costs are expected to be recognized over a weighted-average period of 1.8 years. At December 31, 2019 , approximately 15 million shares of common stock were authorized for awards to officers, employees and non-employee directors of NEE and its subsidiaries under NEE's: (a) Amended and Restated 2011 Long Term Incentive Plan, (b) 2017 Non-Employee Directors Stock Plan and (c) earlier equity compensation plans under which shares are reserved for issuance under existing grants, but no additional shares are available for grant under the earlier plans. NEE satisfies restricted stock and performance share awards by issuing new shares of its common stock or by purchasing shares of its common stock in the open market. NEE satisfies stock option exercises by issuing new shares of its common stock. NEE generally grants most of its stock-based compensation awards in the first quarter of each year. Restricted Stock and Performance Share Awards - Restricted stock typically vests within three years after the date of grant and is subject to, among other things, restrictions on transferability prior to vesting. The fair value of restricted stock is measured based upon the closing market price of NEE common stock as of the date of grant. Performance share awards are typically payable at the end of a three -year performance period if the specified performance criteria are met. The fair value for the majority of performance share awards is estimated based upon the closing market price of NEE common stock as of the date of grant less the present value of expected dividends, multiplied by an estimated performance multiple which is subsequently trued up based on actual performance. The activity in restricted stock and performance share awards for the year ended December 31, 2019 was as follows: Shares Weighted- Average Grant Date Fair Value Per Share Restricted Stock: Nonvested balance, January 1, 2019 479,936 $ 134.69 Granted 235,280 $ 186.54 Vested (212,815 ) $ 132.15 Forfeited (7,253 ) $ 155.20 Nonvested balance, December 31, 2019 495,148 $ 159.74 Performance Share Awards: Nonvested balance, January 1, 2019 782,664 $ 123.47 Granted 426,777 $ 138.99 Vested (522,446 ) $ 110.68 Forfeited (16,849 ) $ 157.07 Nonvested balance, December 31, 2019 670,146 $ 142.42 The weighted-average grant date fair value per share of restricted stock granted for the years ended December 31, 2018 and 2017 was $ 155.66 and $ 130.16 respectively. The weighted-average grant date fair value per share of performance share awards granted for the years ended December 31, 2018 and 2017 was $ 124.22 and $ 107.39 , respectively. The total fair value of restricted stock and performance share awards vested was $ 125 million , $ 115 million and $ 96 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Options - Options typically vest within three years after the date of grant and have a maximum term of ten years . The exercise price of each option granted equals the closing market price of NEE common stock on the date of grant. The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions: 2019 2018 2017 Expected volatility (a) 14.20 - 14.31% 14.41% 14.91% Expected dividends 2.85 - 2.93% 3.05% 3.16% Expected term (years) (b) 7.0 7.0 7.0 Risk-free rate 2.24 - 2.54% 2.83% 2.23% ______________________ (a) Based on historical experience. (b) Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. Option activity for the year ended December 31, 2019 was as follows: Shares Underlying Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Balance, January 1, 2019 2,495,630 $ 96.33 Granted 500,135 $ 182.95 Exercised (578,093 ) $ 59.24 Forfeited (984 ) $ 182.61 Balance, December 31, 2019 2,416,688 $ 123.09 6.2 $ 288 Exercisable, December 31, 2019 1,561,752 $ 99.22 4.9 $ 223 The weighted-average grant date fair value of options granted was $ 20.03 , $ 18.05 and $ 13.25 per share for the years ended December 31, 2019 , 2018 and 2017 , respectively. The total intrinsic value of stock options exercised was approximately $ 81 million , $ 35 million and $ 41 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Cash received from option exercises was approximately $ 34 million , $ 18 million and $ 23 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The tax benefits realized from options exercised were approximately $19 million , $ 9 million and $ 16 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Preferred Stock - NEE's charter authorizes the issuance of 100 million shares of serial preferred stock, $ 0.01 par value, none of which are outstanding. FPL's charter authorizes the issuance of 10,414,100 shares of preferred stock, $ 100 par value, 5 million shares of subordinated preferred stock, no par value, and 5 million shares of preferred stock, no par value, none of which are outstanding. Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Balances, December 31, 2016 $ (100 ) $ 225 $ (83 ) $ (90 ) $ (22 ) $ (70 ) Other comprehensive income before reclassifications — 127 46 23 2 198 Amounts reclassified from AOCI 32 (a) (36 ) (b) (2 ) (c) — — (6 ) Net other comprehensive income 32 91 44 23 2 192 Less other comprehensive income attributable to noncontrolling interests 9 — — 2 — 11 Balances, December 31, 2017 (77 ) 316 (39 ) (69 ) (20 ) 111 Other comprehensive income (loss) before reclassifications — (12 ) (14 ) (31 ) 4 (53 ) Amounts reclassified from AOCI 26 (a) 1 (b) (3 ) (c) — — 24 Net other comprehensive income (loss) 26 (11 ) (17 ) (31 ) 4 (29 ) Impact of NEP deconsolidation (d) 3 — — 37 18 58 Adoption of accounting standards updates (7 ) (312 ) (9 ) — — (328 ) Balances, December 31, 2018 (55 ) (7 ) (65 ) (63 ) 2 (188 ) Other comprehensive income (loss) before reclassifications — 20 (46 ) 22 1 (3 ) Amounts reclassified from AOCI 29 (a) (2 ) (b) (3 ) (c) — — 24 Net other comprehensive income (loss) 29 18 (49 ) 22 1 21 Less other comprehensive income attributable to noncontrolling interests — — — 1 — 1 Acquisition of Gulf Power (see Note 8) (1 ) — — — — (1 ) Balances, December 31, 2019 $ (27 ) $ 11 $ (114 ) $ (42 ) $ 3 $ (169 ) ———————————— (a) Reclassified to interest expense in NEE's 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 consolidated statements of income. (c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income. (d) Reclassified and included in gain on NEP deconsolidation. See Note 1 - NextEra Energy Partners, LP. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consists of the following: December 31, 2019 2018 Maturity Balance Weighted- Balance Weighted- (millions) (millions) FPL: First mortgage bonds - fixed 2020-2049 $ 12,005 4.46 % $ 10,626 4.60 % Storm-recovery bonds - fixed — 74 5.26 % Pollution control, solid waste disposal and industrial development revenue bonds - primarily variable (a) 2020-2049 1,076 1.67 % 1,022 2.04 % Senior unsecured notes - variable (b)(c) 2022-2069 1,236 2.18 % 193 2.40 % Unamortized debt issuance costs and discount (156 ) (132 ) Total long-term debt of FPL 14,161 11,783 Less current portion of long-term debt 30 95 Long-term debt of FPL, excluding current portion 14,131 11,688 GULF POWER: Senior unsecured notes - fixed 2020-2044 990 4.17 % — Other long-term debt - primarily variable (a) 2021-2049 709 1.93 % — Unamortized debt issuance costs and discount (14 ) — Total long-term debt of Gulf Power 1,685 — Less current portion of long-term debt 175 — Long-term debt of Gulf Power, excluding current portion 1,510 — NEER: NextEra Energy Resources: Senior secured limited-recourse long-term debt - primarily variable (c)(d) 2023-2049 3,419 3.79 % 4,193 4.38 % Other long-term debt - primarily variable (c)(d) 2024-2040 440 (e) 3.78 % 601 2.57 % NEET - long-term debt - primarily fixed (d) 2021-2049 837 3.50 % 325 3.73 % Unamortized debt issuance costs and premium - net (74 ) (95 ) Total long-term debt of NEER 4,622 5,024 Less current portion of long-term debt 215 602 Long-term debt of NEER, excluding current portion 4,407 4,422 NEECH: Debentures - fixed (d) 2020-2029 9,550 3.05 % 4,300 3.21 % Debentures - variable (c) 2020-2022 1,375 3.00 % 2,341 3.11 % Debentures, related to NEE's equity units - fixed 2024 1,500 2.10 % 1,500 1.65 % Junior subordinated debentures - primarily fixed (d) 2057-2079 4,643 5.13 % 3,456 4.99 % Japanese yen denominated long-term debt - primarily variable (c)(d)(f) 2020-2030 645 3.10 % 637 3.10 % Australian dollar denominated long-term debt - fixed (f) 2026 351 2.59 % — Other long-term debt - fixed 2020-2021 524 2.00 % 543 1.95 % Other long-term debt - variable (c) 2021 750 2.60 % — Unamortized debt issuance costs and discount (139 ) (86 ) Total long-term debt of NEECH 19,199 12,691 Less current portion of long-term debt 1,704 2,019 Long-term debt of NEECH, excluding current portion 17,495 10,672 Total long-term debt $ 37,543 $ 26,782 ______________________ (a) Includes variable rate tax exempt bonds that permit individual bondholders to tender the bonds for purchase at any time prior to maturity. In the event these variable rate tax exempt bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL or Gulf Power, as the case may be, would be required to purchase the variable rate tax exempt bonds. At December 31, 2019 , variable rate tax exempt bonds totaled approximately $948 million at FPL and $269 million at Gulf Power. All variable rate tax exempt bonds tendered for purchase have been successfully remarketed. FPL's and Gulf Power's syndicated revolving credit facilities, as the case may be, are available to support the purchase of the variable rate tax exempt bonds. Variable interest rate is established at various intervals by the remarketing agent. Gulf Power's remaining debt is primarily variable which is based on an underlying index plus a margin. (b) Includes approximately $236 million of floating rate notes that permit individual noteholders to require repayment prior to maturity. FPL’s syndicated revolving credit facilities are available to support the purchase of the senior unsecured notes. (c) Variable rate is based on an underlying index plus a specified margin. (d) Interest rate contracts, primarily swaps, have been entered into with respect to certain of these debt issuances. See Note 4. (e) Excludes approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets. See Note 1 - Disposal of Businesses/Assets. (f) Foreign currency contracts have been entered into with respect to these debt issuances. See Note 4. Minimum annual maturities of long - term debt for NEE are approximately $2,124 million , $4,323 million , $4,134 million , $1,700 million and $3,380 million for 2020 , 2021 , 2022 , 2023 and 2024 , respectively. The respective amounts for FPL are approximately $30 million , $68 million , $1,120 million , $537 million and $672 million . At December 31, 2019 and 2018 , short-term borrowings had a weighted-average interest rate of 1.95% ( 1.80% for FPL) and 2.95% ( 2.87% for FPL), respectively. Subsidiaries of NEE, including FPL, had credit facilities with available capacity at December 31, 2019 of approximately $10.8 billion ( $3.6 billion for FPL), of which approximately $10.7 billion ( $3.6 billion for FPL) relate to revolving line of credit facilities and $0.1 billion ( none for FPL) relate to letter of credit facilities. Certain of the revolving line of credit facilities provide for the issuance of letters of credit at December 31, 2019 of up to approximately $2.3 billion ( $0.6 billion for FPL). The issuance of letters of credit under certain revolving line of credit facilities is subject to the aggregate commitment of the relevant banks to issue letters of credit under the applicable facility. In January 2020, FPL repaid commercial paper of approximately $1.2 billion with proceeds from a capital contribution from NEE. NEE has guaranteed certain payment obligations of NEECH, including most of those under NEECH's debt, including all of its debentures and commercial paper issuances, as well as most of its payment guarantees and indemnifications. NEECH has guaranteed certain debt and other obligations of subsidiaries within the NEER segment. In August 2018, NEECH completed a remarketing of approximately $700 million aggregate principal amount of its Series H Debentures due September 1, 2020 (Series H Debentures) that were issued in September 2015 as components of equity units issued concurrently by NEE (September 2015 equity units). The Series H Debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the Series H Debentures, the interest rate on the Series H Debentures was reset to 3.342% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2018. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the September 2015 equity units, in the third quarter of 2018, NEE issued 6,215,998 shares of common stock in exchange for $700 million . In August 2019, NEECH completed a remarketing of $1.5 billion aggregate principal amount of its Series I Debentures due September 1, 2021 (Series I Debentures) that were issued in August 2016 as components of equity units issued concurrently by NEE (August 2016 equity units). The Series I Debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the Series I Debentures, the interest rate on the Series I Debentures was reset to 2.403% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2019. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the August 2016 equity units, in the third quarter of 2019, NEE issued 9,543,000 shares of common stock in exchange for $1.5 billion . In September 2019, NEE sold $1.5 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series J Debenture due September 1, 2024, issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than September 1, 2022 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range of $224.12 to $280.15 . If purchased on the final settlement date, as of December 31, 2019 , the number of shares issued would (subject to antidilution adjustments) range from 0.2231 shares if the applicable market value of a share of common stock is less than or equal to $224.12 to 0.1785 shares if the applicable market value of a share is equal to or greater than $280.15 , with applicable market value to be determined using the average closing prices of NEE common stock over a 20 -day trading period ending August 29, 2022. Total annual distributions on the equity units are at the rate of 4.872% , consisting of interest on the debentures ( 2.10% per year) and payments under the stock purchase contracts ( 2.772% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2022. A holder of an equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE. Prior to the issuance of NEE’s common stock, the stock purchase contracts, if dilutive, will be reflected in NEE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of NEE common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon settlement of the stock purchase contracts over the number of shares that could be purchased by NEE in the market, at the average market price during the period, using the proceeds receivable upon settlement. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligations [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations NEE's AROs relate primarily to decommissioning obligations of FPL's and NEER's nuclear units and to obligations for the dismantlement of certain of NEER's wind and solar facilities. For NEE's rate-regulated operations, including FPL, the accounting provisions result in timing differences in the recognition of legal asset retirement costs for financial reporting purposes and the method the regulator allows for recovery in rates. See Note 1 - Rate Regulation and - Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs. A rollforward of NEE's and FPL's AROs is as follows: NEE FPL (millions) Balances, December 31, 2017 $ 3,031 $ 2,047 Liabilities incurred 49 — Accretion expense 158 101 Liabilities settled (26 ) (a) (1 ) Revision in estimated cash flows - net 4 — Impact of NEP deconsolidation (81 ) (b) — Balances, December 31, 2018 3,135 2,147 Liabilities incurred 100 1 Accretion expense 172 107 Liabilities settled (65 ) (a) (1 ) Revision in estimated cash flows - net 32 (c) 14 (c) Additions from acquisitions 132 (d) — Balances, December 31, 2019 $ 3,506 (e) $ 2,268 ______________________ (a) Primarily reflects sales of ownership interests to subsidiaries of NEP. See Note 1 - Disposal of Businesses/Assets. (b) See Note 1 - NextEra Energy Partners, LP. (c) Includes an increase of approximately $75 million for additional estimated ash pond closure costs at Scherer, partly offset by a decrease of approximately $71 million due to the approval of Turkey Point Units Nos. 3 and 4 license renewals for an additional 20 years . (d) See Note 8 for 2019 acquisitions. (e) Includes the current portion of AROs of approximately $49 million , which is included in other current liabilities on NEE's consolidated balance sheets. Restricted funds for the payment of future expenditures to decommission NEE's and FPL's nuclear units included in special use funds on NEE's and FPL's consolidated balance sheets are as follows (see Note 5 - Special Use Funds): NEE FPL (millions) Balances, December 31, 2019 $ 6,880 $ 4,697 Balances, December 31, 2018 $ 5,818 $ 3,987 NEE and FPL have identified but not recognized ARO liabilities related to the majority of their electric transmission and distribution assets and pipelines resulting from easements over property not owned by NEE or FPL. These easements are generally perpetual and only require retirement action upon abandonment or cessation of use of the property or facility for its specified purpose. The related ARO liability is not estimable for such easements as NEE and FPL intend to use these properties indefinitely. In the event NEE and FPL decide to abandon or cease the use of a particular easement, an ARO liability would be recorded at that time. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases NEE has operating and finance leases primarily related to purchased power agreements, land use agreements that convey exclusive use of the land during the arrangement for certain of its renewable energy projects and substations, buildings and equipment. Operating and finance leases primarily have fixed payments with expected expiration dates ranging from 2020 to 2052 , with the exception of operating leases related to three land use agreements with an expiration date of 2106 , some of which include options to extend the leases up to 27 years and some have options to terminate at NEE's discretion. At December 31, 2019 , NEE’s ROU assets and lease liabilities for operating leases totaled approximately $499 million and $498 million , respectively; the respective amounts at December 31, 2018 were $133 million and $141 million . At December 31, 2019 , NEE’s ROU assets and lease liabilities for finance leases totaled approximately $62 million and $56 million , respectively; the respective amounts at December 31, 2018 were $68 million and $63 million . NEE’s lease liabilities at December 31, 2019 and 2018 were calculated using a weighted-average incremental borrowing rate at the lease inception of 3.73% and 4.31% , respectively, for operating leases and 3.15% and 2.72% , respectively, for finance leases, and a weighted-average remaining lease term of 31 years and 19 years, respectively, for operating leases and 14 years and 10 years, respectively, for finance leases. At December 31, 2019 , expected lease payments over the remaining terms of the leases were approximately $981 million with no one year being material. NEE's operating lease cost for the year ended December 31, 2019 totaled approximately $91 million . During the year ended December 31, 2019 , NEE's ROU assets obtained in exchange for operating lease obligations totaled approximately $450 million and primarily relate to leases acquired with the Gulf Power and Trans Bay acquisitions (see Note 8). Other operating and finance lease-related amounts were not material to NEE's consolidated statements of income or cash flows for the periods presented. NEE has sales-type leases primarily related to a natural gas and oil electric generation facility and certain battery storage facilities that sell their electric output under power sales agreements to third parties which provide the customers the ability to dispatch the facilities. At December 31, 2019 and 2018 , NEE recorded a net investment in sales-type leases of approximately $50 million and $69 million , respectively, and losses at commencement of sales-type leases due to the variable nature of the lease payments of approximately $20 million for the year ended December 31, 2018 , which are recorded in gains on disposal of businesses/assets - net in NEE's consolidated statements of income. At December 31, 2019 , the power sales agreements have expiration dates from 2021 to 2043 and NEE expects to receive approximately $150 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL and Gulf Power include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects, the procurement of nuclear fuel and the cost to maintain existing rate-regulated transmission facilities, as well as equity contributions to joint ventures for the development and construction of natural gas pipeline assets and a rate-regulated transmission facility. At December 31, 2019 , estimated capital expenditures for 2020 through 2024 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows: 2020 2021 2022 2023 2024 Total (millions) FPL: Generation: (a) New (b) $ 1,345 $ 730 $ 555 $ 500 $ — $ 3,130 Existing 855 970 930 925 840 4,520 Transmission and distribution (c) 3,150 3,905 4,030 4,120 4,885 20,090 Nuclear fuel 205 220 165 120 145 855 General and other 730 480 440 380 470 2,500 Total $ 6,285 $ 6,305 $ 6,120 $ 6,045 $ 6,340 $ 31,095 Gulf Power $ 800 $ 770 $ 645 $ 650 $ 680 $ 3,545 NEER: Wind (d) $ 3,265 $ 20 $ 10 $ 10 $ 10 $ 3,315 Solar (e) 945 230 5 5 — 1,185 Nuclear, including nuclear fuel 170 180 170 130 150 800 Natural gas pipelines (f) 600 195 20 — — 815 Rate-regulated transmission 300 110 5 — — 415 Other 580 50 70 60 60 820 Total $ 5,860 $ 785 $ 280 $ 205 $ 220 $ 7,350 ______________________ (a) Includes AFUDC of approximately $ 45 million , $ 70 million , $40 million , and $20 million for 2020 through 2023, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $40 million , $50 million , $40 million , $25 million and $20 million for 2020 through 2024, respectively. (d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 4,400 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 1,180 MW. (f) Construction of two natural gas pipelines are subject to certain conditions, including applicable regulatory approvals. In addition, completion of another natural gas pipeline is subject to final permitting. 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 firm commitments under long-term contracts primarily for the transportation of natural gas and coal with expiration dates through 2042 . At December 31, 2019 , NEER has entered into contracts with expiration dates ranging from late February 2020 through 2033 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 and a rate-regulated transmission facility. Approximately $3.8 billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates ranging from March 2020 through 2040 . The required capacity and/or minimum payments under contracts, including those discussed above at December 31, 2019 , were estimated as follows: 2020 2021 2022 2023 2024 Thereafter (millions) FPL (a) $ 1,035 $ 1,005 $ 985 $ 975 $ 970 $ 11,625 NEER (b)(c)(d) $ 3,355 $ 395 $ 255 $ 130 $ 140 $ 1,415 _______________________ (a) Includes approximately $ 385 million , $ 415 million , $ 415 million , $410 million , $410 million and $ 6,765 million in 2020 through 2024 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection, LLC. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $316 million and $303 million for the years ended December 31, 2019 and 2018 , respectively, of which $108 million and $95 million , respectively, were eliminated in consolidation at NEE. (b) Includes approximately $70 million , $70 million , $70 million , $70 million and $1,110 million for 2021 through 2024 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 2020. (c) Includes an approximately $110 million commitment to invest in technology investments through 2029. (d) Includes approximately $60 million , $20 million , $20 million , $20 million , $10 million and $15 million for 2020 through 2024 and thereafter, respectively, of joint obligations of NEECH and NEER. 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 $ 13.5 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 $ 1.1 billion ($ 550 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $ 164 million ($ 82 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 $ 16 million , $ 41 million and $ 20 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 $500 million . 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 $ 174 million ($ 106 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $ 3 million , $ 4 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 either FPL's or Gulf Power's future storm restoration costs exceed their respective storm reserve, FPL and Gulf Power may recover their storm restoration costs, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. See Note 1 - Storm Fund, Storm Reserve and Storm Cost Recovery. In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL or Gulf Power, would be borne by NEE and either FPL or Gulf Power, and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The table below presents information for NEE's reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses, as well as for Gulf Power, a rate-regulated utility business acquired in January 2019. Corporate and Other represents other business activities and includes eliminating entries. During the fourth quarter of 2019, NEET, which was previously reported in Corporate and Other, was moved to the NEER segment. Prior year amounts for NEER and Corporate and Other were adjusted to reflect this segment change. See Note 2 for information regarding NEE's and FPL's operating revenues. NEE's segment information is as follows: 2019 FPL Gulf Power (a) NEER (b) Corp. and NEE (millions) Operating revenues $ 12,192 $ 1,487 $ 5,639 $ (114 ) $ 19,204 Operating expenses - net $ 8,890 $ 1,216 $ 3,635 $ 110 $ 13,851 Interest expense $ 594 $ 55 $ 873 $ 727 $ 2,249 Interest income $ 5 $ 3 $ 38 $ 8 $ 54 Depreciation and amortization $ 2,524 $ 247 $ 1,387 $ 58 $ 4,216 Equity in earnings (losses) of equity method investees $ — $ — $ 67 $ (1 ) $ 66 Income tax expense (benefit) (c) $ 441 $ 42 $ 162 $ (197 ) $ 448 Net income (loss) $ 2,334 $ 180 $ 1,426 $ (552 ) $ 3,388 Net income (loss) attributable to NEE $ 2,334 $ 180 $ 1,807 $ (552 ) $ 3,769 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 5,755 $ 729 $ 6,505 $ 4,473 $ 17,462 Property, plant and equipment $ 59,027 $ 6,393 $ 41,499 $ 259 $ 107,178 Accumulated depreciation and amortization $ 13,953 $ 1,630 $ 9,457 $ 128 $ 25,168 Total assets $ 57,188 $ 5,855 $ 51,516 $ 3,132 $ 117,691 Investment in equity method investees $ — $ — $ 7,453 $ — $ 7,453 2018 FPL NEER (b)(d) Corp. and NEE (millions) Operating revenues $ 11,862 $ 4,984 $ (119 ) $ 16,727 Operating expenses - net $ 8,708 $ 3,616 $ 123 $ 12,447 Interest expense $ 541 $ 595 $ 362 $ 1,498 Interest income $ 4 $ 40 $ 7 $ 51 Depreciation and amortization $ 2,633 $ 1,230 $ 48 $ 3,911 Equity in earnings of equity method investees $ — $ 321 $ 37 $ 358 Income tax expense (benefit) (c) $ 539 $ 1,196 $ (159 ) $ 1,576 Net income (loss) $ 2,171 $ 3,842 $ (237 ) $ 5,776 Net income (loss) attributable to NEE $ 2,171 $ 4,704 $ (237 ) $ 6,638 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 5,135 $ 7,189 $ 680 $ 13,004 Property, plant and equipment $ 54,717 $ 37,063 $ 303 $ 92,083 Accumulated depreciation and amortization $ 13,218 $ 8,461 $ 70 $ 21,749 Total assets $ 53,484 $ 44,509 $ 5,709 $ 103,702 Investment in equity method investees $ — $ 6,521 $ 227 $ 6,748 2017 FPL NEER (b) Corp. and NEE (millions) Operating revenues $ 11,972 $ 5,275 $ (74 ) $ 17,173 Operating expenses - net $ 8,582 $ 4,345 $ (927 ) $ 12,000 Interest expense $ 481 $ 815 $ 262 $ 1,558 Interest income $ 2 $ 72 $ 7 $ 81 Depreciation and amortization $ 940 $ 1,414 $ 3 $ 2,357 Equity in earnings of equity method investees $ — $ 136 $ 5 $ 141 Income tax expense (benefit) (c) $ 1,106 $ (2,013 ) $ 247 $ (660 ) Net income $ 1,880 $ 2,940 $ 503 $ 5,323 Net income attributable to NEE $ 1,880 $ 2,997 $ 503 $ 5,380 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 5,291 $ 5,415 $ 34 $ 10,740 Property, plant and equipment $ 51,915 $ 41,567 $ 83 $ 93,565 Accumulated depreciation and amortization $ 12,791 $ 8,460 $ 25 $ 21,276 Total assets $ 50,254 $ 46,611 $ 1,098 $ 97,963 Investment in equity method investees $ — $ 2,173 $ 148 $ 2,321 _________________________ (a) See Note 8 - Gulf Power Company. (b) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (c) NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes. (d) NEP was deconsolidated from NEER in January 2018. See Note 1 - NextEra Energy Partners, LP. |
Summarized Financial Informatio
Summarized Financial Information of NEECH | 12 Months Ended |
Dec. 31, 2019 | |
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 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 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Operating revenues $ — $ 5,671 $ 13,533 $ 19,204 $ — $ 5,007 $ 11,720 $ 16,727 $ — $ 5,301 $ 11,872 $ 17,173 Operating expenses - net (209 ) (3,669 ) (9,973 ) (13,851 ) (196 ) (3,652 ) (8,599 ) (12,447 ) (175 ) (3,273 ) (8,552 ) (12,000 ) Interest expense (3 ) (1,596 ) (650 ) (2,249 ) (17 ) (940 ) (541 ) (1,498 ) (3 ) (1,074 ) (481 ) (1,558 ) Equity in earnings of subsidiaries 3,785 — (3,785 ) — 6,548 — (6,548 ) — 5,393 — (5,393 ) — Equity in earnings of equity method investees — 66 — 66 — 358 — 358 — 141 — 141 Gain on NEP deconsolidation — — — — — 3,927 — 3,927 — — — — Other income - net 185 407 74 666 169 21 95 285 151 702 54 907 Income (loss) before income taxes 3,758 879 (801 ) 3,836 6,504 4,721 (3,873 ) 7,352 5,366 1,797 (2,500 ) 4,663 Income tax expense (benefit) (11 ) (21 ) 480 448 (134 ) 1,195 515 1,576 (14 ) (1,719 ) 1,073 (660 ) Net income (loss) 3,769 900 (1,281 ) 3,388 6,638 3,526 (4,388 ) 5,776 5,380 3,516 (3,573 ) 5,323 Net loss attributable to noncontrolling interests — 381 — 381 — 862 — 862 — 57 — 57 Net income (loss) attributable to NEE $ 3,769 $ 1,281 $ (1,281 ) $ 3,769 $ 6,638 $ 4,388 $ (4,388 ) $ 6,638 $ 5,380 $ 3,573 $ (3,573 ) $ 5,380 ______________________ (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Comprehensive Income Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Comprehensive income (loss) attributable to NEE $ 3,789 $ 1,340 $ (1,340 ) $ 3,789 $ 6,667 $ 4,434 $ (4,434 ) $ 6,667 $ 5,561 $ 3,710 $ (3,710 ) $ 5,561 ______________________ (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Balance Sheets December 31, 2019 December 31, 2018 NEE (Guaran- NEECH Other (a) NEE NEE (Guaran- NEECH Other (a) NEE (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 170 $ 41,585 $ 65,423 $ 107,178 $ 220 $ 37,145 $ 54,718 $ 92,083 Accumulated depreciation and amortization (111 ) (9,473 ) (15,584 ) (25,168 ) (58 ) (8,473 ) (13,218 ) (21,749 ) Total property, plant and equipment - net 59 32,112 49,839 82,010 162 28,672 41,500 70,334 CURRENT ASSETS Cash and cash equivalents 1 515 84 600 (1 ) 525 114 638 Receivables 81 1,489 1,237 2,807 292 1,771 906 2,969 Other 16 2,633 1,352 4,001 5 1,425 1,356 2,786 Total current assets 98 4,637 2,673 7,408 296 3,721 2,376 6,393 OTHER ASSETS Investment in subsidiaries 36,783 — (36,783 ) — 33,397 — (33,397 ) — Investment in equity method investees — 7,453 — 7,453 — 6,748 — 6,748 Goodwill 1 1,217 2,986 4,204 1 587 303 891 Other 404 6,899 9,313 16,616 937 5,890 12,509 19,336 Total other assets 37,188 15,569 (24,484 ) 28,273 34,335 13,225 (20,585 ) 26,975 TOTAL ASSETS $ 37,345 $ 52,318 $ 28,028 $ 117,691 $ 34,793 $ 45,618 $ 23,291 $ 103,702 CAPITALIZATION Common shareholders' equity $ 37,005 $ 11,050 $ (11,050 ) $ 37,005 $ 34,144 $ 7,917 $ (7,917 ) $ 34,144 Noncontrolling interests — 4,355 — 4,355 — 3,269 — 3,269 Redeemable noncontrolling interests — 487 — 487 — 468 — 468 Long-term debt — 21,901 15,642 37,543 — 15,094 11,688 26,782 Total capitalization 37,005 37,793 4,592 79,390 34,144 26,748 3,771 64,663 CURRENT LIABILITIES Debt due within one year — 2,961 2,079 5,040 — 9,579 1,351 10,930 Accounts payable 3 2,755 873 3,631 32 1,730 624 2,386 Other 167 2,817 2,198 5,182 168 2,364 1,715 4,247 Total current liabilities 170 8,533 5,150 13,853 200 13,673 3,690 17,563 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 1,072 2,385 3,457 — 988 2,147 3,135 Deferred income taxes (410 ) 2,956 5,815 8,361 (157 ) 2,778 4,746 7,367 Other 580 1,964 10,086 12,630 606 1,431 8,937 10,974 Total other liabilities and deferred credits 170 5,992 18,286 24,448 449 5,197 15,830 21,476 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 37,345 $ 52,318 $ 28,028 $ 117,691 $ 34,793 $ 45,618 $ 23,291 $ 103,702 ______________________ (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated (millions) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 2,769 $ 2,562 $ 2,824 $ 8,155 $ 3,401 $ 2,094 $ 1,098 $ 6,593 $ 1,968 $ 2,749 $ 1,741 $ 6,458 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases (7 ) (6,509 ) (10,946 ) (17,462 ) (132 ) (7,735 ) (5,137 ) (13,004 ) — (5,449 ) (5,291 ) (10,740 ) Capital contributions from NEE (1,876 ) — 1,876 — (6,270 ) — 6,270 — (92 ) — 92 — Proceeds from sale of the fiber-optic telecommunications business — — — — — — — — — 1,454 — 1,454 Sale of independent power and other investments of NEER — 1,163 — 1,163 — 1,617 — 1,617 — 178 — 178 Proceeds from sale or maturity of securities in special use funds and other investments — 1,279 2,729 4,008 — 1,178 2,232 3,410 9 1,221 1,977 3,207 Purchases of securities in special use funds and other investments — (1,306 ) (2,854 ) (4,160 ) — (1,330 ) (2,403 ) (3,733 ) — (1,163 ) (2,081 ) (3,244 ) Distributions from subsidiaries and equity method investees — — — — 4,466 637 (4,466 ) 637 — 7 — 7 Other - net 103 150 21 274 12 (130 ) 241 123 7 195 18 220 Net cash used in investing activities (1,780 ) (5,223 ) (9,174 ) (16,177 ) (1,924 ) (5,763 ) (3,263 ) (10,950 ) (76 ) (3,557 ) (5,285 ) (8,918 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 10,916 3,003 13,919 — 2,651 1,748 4,399 — 6,393 1,961 8,354 Retirements of long-term debt — (5,292 ) (200 ) (5,492 ) — (1,512 ) (1,590 ) (3,102 ) — (5,907 ) (873 ) (6,780 ) Proceeds from differential membership investors — 1,604 — 1,604 — 1,841 — 1,841 — 1,414 — 1,414 Net change in commercial paper — (651 ) 417 (234 ) — 1,493 (431 ) 1,062 — — 1,419 1,419 Proceeds from other short-term debt — — 200 200 — 5,665 — 5,665 — — 450 450 Repayments of other short-term debt — (4,765 ) — (4,765 ) — (205 ) (250 ) (455 ) — — (2 ) (2 ) Payments to related parties under CSCS agreement – net — (54 ) — (54 ) — (21 ) — (21 ) — — — — Issuances of common stock - net 1,494 — — 1,494 718 — — 718 55 — — 55 Proceeds from issuance of NEP convertible preferred units - net — — — — — — — — — 548 — 548 Dividends on common stock (2,408 ) — — (2,408 ) (2,101 ) — — (2,101 ) (1,845 ) — — (1,845 ) Contributions from (dividends to) NEE — 1,479 (1,479 ) — — (7,272 ) 7,272 — — (633 ) 633 — Other - net (73 ) (271 ) (47 ) (391 ) (96 ) (238 ) (38 ) (372 ) (102 ) (601 ) (22 ) (725 ) Net cash provided by (used in) financing activities (987 ) 2,966 1,894 3,873 (1,479 ) 2,402 6,711 7,634 (1,892 ) 1,214 3,566 2,888 Effects of currency translation on cash, cash equivalents and restricted cash — 4 — 4 — (7 ) — (7 ) — 26 — 26 Net increase (decrease) in cash, cash equivalents and restricted cash 2 309 (4,456 ) (4,145 ) (2 ) (1,274 ) 4,546 3,270 — 432 22 454 Cash, cash equivalents and restricted cash at beginning of year (1 ) 533 4,721 5,253 1 1,807 175 1,983 1 1,375 153 1,529 Cash, cash equivalents and restricted cash at end of year $ 1 $ 842 $ 265 $ 1,108 $ (1 ) $ 533 $ 4,721 $ 5,253 $ 1 $ 1,807 $ 175 $ 1,983 ______________________ (a) Represents primarily FPL and consolidating adjustments. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Data (Unaudited) [Abstract] | |
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) Condensed consolidated quarterly financial information is as follows: March 31 (a) June 30 (a) September 30 (a) December 31 (a) (millions, except per share amounts) NEE: 2019 Operating revenues (b) $ 4,075 $ 4,970 $ 5,572 $ 4,588 Operating income (b) $ 1,135 $ 1,747 $ 1,593 $ 878 Net income (b) $ 606 $ 1,139 $ 798 $ 844 Net income attributable to NEE (b) $ 680 $ 1,234 $ 879 $ 975 Earnings per share attributable to NEE - basic (c) $ 1.42 $ 2.58 $ 1.82 $ 2.00 Earnings per share attributable to NEE - assuming dilution (c) $ 1.41 $ 2.56 $ 1.81 $ 1.99 Dividends per share $ 1.25 $ 1.25 $ 1.25 $ 1.25 High-low common stock sales prices $195.55 - $168.66 $208.91 - $187.30 $233.45 - $201.06 $245.01 - $220.66 2018 Operating revenues (b) $ 3,857 $ 4,063 $ 4,416 $ 4,390 Operating income (b) $ 1,059 $ 1,146 $ 968 $ 1,107 Net income (b)(d) $ 3,834 $ 687 $ 941 $ 314 Net income attributable to NEE (b)(d) $ 4,431 $ 781 $ 1,005 $ 422 Earnings per share attributable to NEE - basic (c)(d) $ 9.41 $ 1.66 $ 2.12 $ 0.88 Earnings per share attributable to NEE - assuming dilution (c)(d) $ 9.32 $ 1.61 $ 2.10 $ 0.88 Dividends per share $ 1.11 $ 1.11 $ 1.11 $ 1.11 High-low common stock sales prices $164.41 - $145.10 $169.53 - $155.06 $175.65 - $163.52 $184.20 - $164.78 FPL: 2019 Operating revenues (b) $ 2,618 $ 3,158 $ 3,491 $ 2,925 Operating income (b) $ 857 $ 854 $ 973 $ 617 Net income (b) $ 588 $ 663 $ 683 $ 400 2018 Operating revenues (b) $ 2,620 $ 2,908 $ 3,399 $ 2,935 Operating income (b) $ 707 $ 921 $ 917 $ 609 Net income (b) $ 484 $ 626 $ 654 $ 407 ______________________ (a) In the opinion of NEE and FPL management, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. (b) The sum of the quarterly amounts may not equal the total for the year due to rounding. (c) The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. (d) First quarter of 2018 includes gain on the deconsolidation of NEP (see Note 1 - NextEra Energy Partners, LP). |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The operations of NextEra Energy, Inc. (NEE) are conducted primarily through Florida Power & Light Company (FPL), a wholly owned subsidiary, and NextEra Energy Resources, LLC (NextEra Energy Resources) and NextEra Energy Transmission, LLC (NEET) (collectively, NEER), wholly owned indirect subsidiaries that are combined for segment reporting purposes. FPL's principal business is a rate-regulated electric utility which supplies electric service to more than five million customer accounts throughout most of the east and lower west coasts of Florida. NEER invests in independent power projects through both controlled and consolidated entities and noncontrolling ownership interests in joint ventures. NEER participates in natural gas, natural gas liquids and oil production primarily through operating and non-operating ownership interests and in pipeline infrastructure through either wholly owned subsidiaries or noncontrolling or joint venture interests. NEER also invests in rate-regulated transmission facilities and transmission lines that connect its electric generation facilities to the electric grid through controlled and consolidated entities. See Note 16 for a discussion of the movement of NEET to the NEER segment from Corporate and Other. The consolidated financial statements of NEE and FPL include the accounts of their respective controlled subsidiaries. They also include NEE's and FPL's share of the undivided interest in certain assets, liabilities, revenues and expenses. Amounts representing NEE's interest in entities it does not control, but over which it exercises significant influence, are included in investment in equity method investees; the net income of these entities is included in equity in earnings of equity method investees. Intercompany balances and transactions have been eliminated in consolidation. Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. |
NextEra Energy Partners, LP | NextEra Energy Partners, LP - NEP was formed in 2014 to acquire, manage and own contracted clean energy projects with stable long-term cash flows through a limited partner interest in NextEra Energy Operating Partners, LP (NEP OpCo). NEP owns or has an interest in a portfolio of wind and solar projects and long-term contracted natural gas pipelines. NEP was deconsolidated from NEE for financial reporting purposes in January 2018 as a result of changes made to NEP's governance structure during 2017 that, among other things, enhanced NEP common unitholder governance rights. The new governance structure established a NEP board of directors whereby NEP unitholders have the ability to nominate and elect board members, subject to certain limitations and requirements, which elected board members commenced service in January 2018. Subsequent to deconsolidation, NEE owns a noncontrolling interest in NEP and began reflecting its ownership interest in NEP as an equity method investment with its earnings/losses from NEP as equity in earnings (losses) of equity method investees and accounting for NextEra Energy Resources' asset sales to NEP as third-party sales in its consolidated financial statements. 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 the investment in equity method investees on NEE's consolidated balance sheets. See Note 10. 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) for the year ended December 31, 2018. Prior to the deconsolidation, NEE owned a controlling general partner interest in NEP and consolidated NEP for financial reporting purposes. NEE presented its limited partner interests in NEP as a noncontrolling interest in NEE's consolidated financial statements. NEE’s partnership interest in NEP OpCo's operating projects based on the number of outstanding NEP OpCo common units was approximately 65.1% at December 31, 2017. Certain equity and asset transactions between NEP, NEER and NEP OpCo involve the exchange of cash, energy projects and ownership interests in NEP OpCo. |
Operating Revenues | Operating Revenues - FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers as further discussed in Note 2, as well as, at NEER, derivative and lease transactions. FPL's operating revenues include amounts resulting from base rates, cost recovery clauses (see Rate Regulation below), franchise fees, gross receipts taxes and surcharges related to storms (see Storm Fund, Storm Reserve and Storm Cost Recovery below). Franchise fees and gross receipts taxes are imposed on FPL; however, the Florida Public Service Commission (FPSC) allows FPL to include in the amounts charged to customers the amount of the gross receipts tax for all customers and the franchise fee for those customers located in the jurisdiction that imposes the amount. Accordingly, franchise fees and gross receipts taxes are reported gross in operating revenues and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income and were approximately $763 million , $738 million and $767 million in 2019, 2018 and 2017 , respectively. FPL also collects municipal utility taxes which are reported gross in customer receivables and accounts payable on NEE's and FPL's consolidated balance sheets. Certain NEER commodity contracts for the purchase and sale of power that meet the definition of a derivative are recorded at fair value with subsequent changes in fair value recognized as revenue. See Energy Trading below and Note 4. |
Rate Regulation | Rate Regulation - FPL, the most significant of NEE's rate-regulated subsidiaries, is subject to rate regulation by the FPSC and the Federal Energy Regulatory Commission (FERC). Its rates are designed to recover the cost of providing service to its customers including a reasonable rate of return on invested capital. As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. NEE's and FPL's regulatory assets and liabilities are as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Regulatory assets: Current: Acquisition of purchased power agreements $ 165 $ 165 $ 165 $ 165 Deferred clause and franchise expenses 5 146 5 146 Other 165 137 57 136 Total $ 335 $ 448 $ 227 $ 447 Noncurrent: Acquisition of purchased power agreements $ 634 $ 798 $ 634 $ 798 Other 2,653 2,492 1,915 2,045 Total $ 3,287 $ 3,290 $ 2,549 $ 2,843 Regulatory liabilities: Current: Deferred clause revenues $ 309 $ 265 $ 284 $ 265 Other 11 60 — 45 Total $ 320 $ 325 $ 284 $ 310 Noncurrent: Asset retirement obligation regulatory expense difference $ 2,826 $ 2,352 $ 2,828 $ 2,352 Accrued asset removal costs 1,346 991 1,157 972 Deferred taxes 4,862 4,815 4,397 4,736 Other 902 851 914 826 Total $ 9,936 $ 9,009 $ 9,296 $ 8,886 Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through various clauses, include substantially all fuel, purchased power and interchange expense, certain costs associated with the acquisition of several electric generation facilities, certain construction-related costs for certain of FPL's solar generation facilities, and conservation and certain environmental-related costs. Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery. Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods. At December 31, 2019 and 2018 , FPL had regulatory assets, net of amortization, of approximately $799 million and $963 million , respectively, (included in current and noncurrent regulatory assets on NEE's and FPL’s consolidated balance sheets) related to acquisitions during 2015, 2017 and 2018 associated with three coal-fired electric generation facilities located in Florida with which FPL had long-term purchased power agreements. The majority of these regulatory assets are being amortized over approximately nine years . Two of the three facilities have been retired and FPL has reduced the third facility’s operations with the intention of phasing the facility out of service. In 2018, FPL early retired three of its generation facilities. As a result of the retirements, FPL reclassified the net book value of these units (approximately $875 million ) from plant in service and other property to current and noncurrent regulatory assets. Recovery of $729 million of these regulatory assets has been deferred until FPL’s base rates are next reset in a general base rate proceeding. The remainder of these regulatory assets are being amortized over 15 years . At December 31, 2019 and 2018 , the regulatory assets, net of amortization, totaled approximately $851 million and $870 million , respectively, and are included in current and noncurrent regulatory assets on NEE's and FPL's consolidated balance sheets. Additionally, other regulatory assets and liabilities are discussed within various subsections in Note 1 below. If FPL were no longer subject to cost-based rate regulation, the existing regulatory assets and liabilities would be written off unless regulators specify an alternative means of recovery or refund. In addition, the FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred. The continued applicability of regulatory accounting is assessed at each reporting period. |
Electric Plant, Depreciation and Amortization | Electric Plant, Depreciation and Amortization - The cost of additions to units of property of FPL and NEER is added to electric plant in service and other property. In accordance with regulatory accounting, the cost of FPL's units of utility property retired, less estimated net salvage value, is charged to accumulated depreciation. Maintenance and repairs of property as well as replacements and renewals of items determined to be less than units of utility property are charged to other operations and maintenance (O&M) expenses. At December 31, 2019 , the electric generation, transmission, distribution and general facilities of FPL represented approximately 46% , 12% , 35% and 7% , respectively, of FPL's gross investment in electric utility plant in service and other property. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. A number of NEER's generation, regulated transmission and pipeline facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $10.0 billion at December 31, 2019 . The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant (convertible investment tax credits (ITCs)) for certain renewable energy property (renewable property). Convertible ITCs are recorded as a reduction in property, plant and equipment on NEE's and FPL's consolidated balance sheets and are amortized as a reduction to depreciation and amortization expense over the estimated life of the related property. At December 31, 2019 and 2018 , convertible ITCs, net of amortization, were approximately $824 million ( $128 million at FPL) and $1.2 billion ( $134 million at FPL). At December 31, 2019 and 2018 , approximately $10 million and $138 million , respectively, of such convertible ITCs are included primarily in other receivables on NEE's consolidated balance sheets. Depreciation of FPL's electric property is primarily provided on a straight-line average remaining life basis. FPL includes in depreciation expense a provision for fossil and solar plant dismantlement, interim asset removal costs, accretion related to asset retirement obligations (see Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below), storm recovery amortization and amortization of pre-construction costs associated with planned nuclear units recovered through a cost recovery clause. For substantially all of FPL's property, depreciation studies are typically performed and filed with the FPSC every four years . As part of the 2016 rate agreement, the FPSC approved new depreciation rates which became effective January 1, 2017. In accordance with the 2016 rate agreement discussed in Rate Regulation above, FPL recorded reserve amortization (reversal) of approximately $(357) million , $(541) million and $1,250 million in 2019, 2018 and 2017 , respectively. Reserve amortization is recorded as a reduction to (or when reversed as an increase to) accrued asset removal costs which is reflected in noncurrent regulatory liabilities on NEE's and FPL's consolidated balance sheets. In 2017, FPL used available reserve amortization to offset nearly all of the Hurricane Irma storm restoration costs that were expensed, and FPL is partially restoring the reserve amortization through tax savings generated during the term of the 2016 rate agreement. See Note 6. In 2019, FPL used available reserve amortization resulting from operational efficiencies generated at the business to offset all of the Hurricane Dorian storm restoration costs that were expensed. See Storm Fund, Storm Reserve and Storm Restoration Costs below. The weighted annual composite depreciation and amortization rate for FPL's electric utility plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed above, was approximately 3.9% , 3.8% and 3.7% for 2019, 2018 and 2017 , respectively. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time assuming normal weather. This forecast establishes a fixed targeted regulatory ROE. In order to earn the targeted regulatory ROE in each reporting period under the 2016 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by reserve amortization or its reversal to earn the targeted regulatory ROE. NEER's electric plant in service less salvage value, if any, are depreciated primarily using the straight-line method over their estimated useful lives. At December 31, 2019 , wind, solar and nuclear plants represented approximately 54% , 12% and 10% , respectively, of NEER's depreciable electric plant in service and other property; the respective amounts at December 31, 2018 were 53% , 14% and 10% . The estimated useful lives of NEER's plants range primarily from 25 to 35 years for wind plants, 25 to 30 years for solar plants and 23 to 47 years for nuclear plants (see Note 5 - Nonrecurring Fair Value Measurements). NEER reviews the estimated useful lives of its fixed assets on an ongoing basis. NEER's oil and gas production assets, representing approximately 15% and 13% , respectively, of NEER's depreciable electric plant in service and other property at December 31, 2019 and 2018 , are accounted for under the successful efforts method. Depletion expenses for the acquisition of reserve rights and development costs are recognized using the unit of production method. |
Nuclear Fuel | Nuclear Fuel - FPL and NEER have several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel. See Note 15 - Contracts. FPL's and NEER's nuclear fuel costs are charged to fuel expense on a unit of production method. |
Construction Activity | Construction Activity - Allowance for funds used during construction (AFUDC) is a noncash item which represents the allowed cost of capital, including an ROE, used to finance construction projects. FPL records the portion of AFUDC attributable to borrowed funds as a reduction of interest expense and the remainder as other income. FPSC rules limit the recording of AFUDC to projects that have an estimated cost in excess of 0.5% of a utility's plant in service balance and require more than one year to complete. FPSC rules allow construction projects below the 0.5% threshold as a component of rate base. During 2019, 2018 and 2017 , FPL capitalized AFUDC at a rate of 6.22% , 5.97% and 6.16% , respectively, which amounted to approximately $80 million , $114 million and $101 million , respectively. See Note 15 - Commitments. FPL's construction work in progress includes construction materials, progress payments on major equipment contracts, engineering costs, AFUDC and other costs directly associated with the construction of various projects. Upon completion of the projects, these costs are transferred to electric utility plant in service and other property. Capitalized costs associated with construction activities are charged to O&M expenses when recoverability is no longer probable. NEER capitalizes project development costs once it is probable that such costs will be realized through the ultimate construction of a power plant or sale of development rights. At December 31, 2019 and 2018 , NEER's capitalized development costs totaled approximately $651 million and $630 million , respectively, which are included in noncurrent other assets on NEE's consolidated balance sheets. These costs include land rights and other third-party costs directly associated with the development of a new project. Upon commencement of construction, these costs either are transferred to construction work in progress or remain in other assets, depending upon the nature of the cost. Capitalized development costs are charged to O&M expenses when it is no longer probable that these costs will be realized. NEER's construction work in progress includes construction materials, progress payments on major equipment contracts, third-party engineering costs, capitalized interest and other costs directly associated with the construction and development of various projects. Interest capitalized on construction projects amounted to approximately $135 million , $94 million and $89 million during 2019, 2018 and 2017 , respectively. Interest expense allocated from NextEra Energy Capital Holdings, Inc. (NEECH) to NEER is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Upon commencement of project operation, costs associated with construction work in progress are transferred to electric plant in service and other property. In September 2019, NEER determined it was no longer moving forward with the construction of a 220 MW wind facility due to unresolved permitting issues. NEE recorded charges of approximately $72 million ( $54 million after tax), which are included in impairment charges in NEE’s consolidated statements of income for the year ended December 31, 2019 |
Asset Retirement Obligations | Asset Retirement Obligations - NEE and FPL each account for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets. NEE's AROs relate primarily to decommissioning obligations of FPL's and NEER's nuclear units and to obligations for the dismantlement of certain of NEER's wind and solar facilities. See Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below and Note 13. For NEE's rate-regulated operations, including FPL, the asset retirement cost is subsequently allocated to a regulatory liability using a systematic and rational method over the asset's estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the ARO and a decrease in the regulatory liability. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the ARO and asset retirement cost. For NEE's non-rate regulated operations, the asset retirement cost is subsequently allocated to expense using a systematic and rational method over the asset's estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in NEE's consolidated statements of income. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when asset retirement cost is depleted. |
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs | Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs - For ratemaking purposes, FPL accrues for the cost of end of life retirement and disposal of its nuclear, fossil and solar plants over the expected service life of each unit based on nuclear decommissioning and fossil and solar dismantlement studies periodically filed with the FPSC. In addition, FPL accrues for interim removal costs over the life of the related assets based on depreciation studies approved by the FPSC. As approved by the FPSC, FPL previously suspended its annual decommissioning accrual. Any differences between expense recognized for financial reporting purposes and the amount recovered through rates are reported as a regulatory liability in accordance with regulatory accounting. See Rate Regulation, Electric Plant, Depreciation and Amortization, and Asset Retirement Obligations above and Note 13. Nuclear decommissioning studies are performed at least every five years and are submitted to the FPSC for approval. FPL filed updated nuclear decommissioning studies with the FPSC in December 2015. These studies reflect, among other things, the expiration dates of the operating licenses for FPL's nuclear units at the time of the studies. The 2015 studies provide for the dismantlement of Turkey Point Units Nos. 3 and 4 following the end of plant operation with decommissioning activities commencing in 2032 and 2033, respectively, and provide for St. Lucie Unit No. 1 to be mothballed beginning in 2036 with decommissioning activities to be integrated with the dismantlement of St. Lucie Unit No. 2 in 2043. These studies also assume that FPL will be storing spent fuel on site pending removal to a United States (U.S.) government facility. After giving effect to the license extensions for Turkey Point Units Nos. 3 and 4, FPL's portion of the ultimate costs of decommissioning its four nuclear units, including costs associated with spent fuel storage above what is expected to be refunded by the U.S. Department of Energy (DOE) under a spent fuel settlement agreement, is estimated to be approximately $9.7 billion , or $3.3 billion expressed in 2019 dollars. FPL intends to reflect the operating license extensions for Turkey Point Units Nos. 3 and 4 in its next nuclear decommissioning studies. Restricted funds for the payment of future expenditures to decommission FPL's nuclear units are included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's and FPL's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily carried at fair value. See Note 5. Fund earnings, consisting of dividends, interest and realized gains and losses, net of taxes, are reinvested in the funds. Fund earnings, as well as any changes in unrealized gains and losses, are not recognized in income and are reflected as a corresponding offset in the related regulatory asset or liability accounts. FPL does not currently make contributions to the decommissioning funds, other than the reinvestment of fund earnings. During 2019 , 2018 and 2017 fund earnings on decommissioning funds were approximately $125 million , $94 million and $114 million , respectively. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. Fossil and solar plant dismantlement studies are typically performed at least every four years and are submitted to the FPSC for approval. As part of the 2016 rate agreement, the FPSC approved an annual expense of $26 million based on FPL's 2016 fossil and solar dismantlement studies, which became effective January 1, 2017, and is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. At December 31, 2019 , FPL's portion of the ultimate cost to dismantle its fossil and solar units is approximately $1.2 billion , or $510 million expressed in 2019 dollars. NEER's AROs include nuclear decommissioning liabilities for Seabrook Station (Seabrook), Duane Arnold Energy Center (Duane Arnold) and Point Beach Nuclear Power Plant (Point Beach) and dismantlement liabilities for its wind and solar facilities. The liabilities are being accreted using the interest method through the date decommissioning or dismantlement activities are expected to be complete. See Note 13. At December 31, 2019 and 2018 , NEER's ARO was approximately $1,097 million and $988 million , respectively, and was primarily determined using various internal and external data and applying a probability percentage to a variety of scenarios regarding the life of the plant and timing of decommissioning or dismantlement. NEER's portion of the ultimate cost of decommissioning its nuclear plants, including costs associated with spent fuel storage above what is expected to be refunded by the DOE under a spent fuel settlement agreement, is estimated to be approximately $9.5 billion , or $2.0 billion expressed in 2019 dollars. The ultimate cost to dismantle NEER's wind and solar facilities is estimated to be approximately $1.8 billion . Seabrook files a comprehensive nuclear decommissioning study with the New Hampshire Nuclear Decommissioning Financing Committee (NDFC) every four years ; the most recent study was filed in 2019. Seabrook's decommissioning funding plan is also subject to annual review by the NDFC. Currently, there are no ongoing decommissioning funding requirements for Seabrook, Duane Arnold and Point Beach, however, the U.S. Nuclear Regulatory Commission (NRC), and in the case of Seabrook, the NDFC, has the authority to require additional funding in the future. NEER's portion of Seabrook's, Duane Arnold's and Point Beach's restricted funds for the payment of future expenditures to decommission these plants is included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily carried at fair value. See Note 5. Market adjustments for debt securities result in a corresponding adjustment to other comprehensive income (OCI), except for unrealized losses associated with marketable debt securities considered to be other than temporary, including any credit losses, which are recognized in other - net in NEE's consolidated statements of income. Market adjustments for equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE's consolidated statements of income. Fund earnings, consisting of dividends, interest and realized gains and losses are recognized in income and are reinvested in the funds. The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. |
Major Maintenance Costs | Major Maintenance Costs - FPL expenses costs associated with planned fossil maintenance as incurred. FPL recognizes costs associated with planned major nuclear maintenance in accordance with regulatory treatment. FPL defers nuclear maintenance costs for each nuclear unit’s planned outage to a regulatory asset as the costs are incurred and amortizes the costs to O&M expense over the period from the end of the current outage to the end of the next planned outage. NEER uses the deferral method to account for certain planned major maintenance costs. NEER's major maintenance costs for its nuclear generation units and combustion turbines are capitalized (included in noncurrent other assets on NEE's consolidated balance sheets) and amortized to O&M expenses on a unit of production method over the period from the end of the last outage to the beginning of the next planned outage. |
Cash Equivalents | Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. |
Restricted Cash | Restricted Cash - At December 31, 2019 and 2018 , NEE had approximately $508 million ( $118 million for FPL) and $4,615 million ($ 142 million for FPL), respectively, of restricted cash, of which approximately $411 million ( $54 million for FPL) and $89 million ( $81 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 consolidated balance sheets. Restricted cash is primarily related to debt service payments, bond proceeds held for construction at FPL and margin cash collateral requirements, and, at December 31, 2018, also related to cash restricted for the acquisition of Gulf Power Company (Gulf Power) (see Note 8 - Gulf Power Company). In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $139 million is netted against derivative assets and $66 million is netted against derivative liabilities at December 31, 2019 and $184 million |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts - FPL maintains an accumulated provision for uncollectible customer accounts receivable that is estimated primarily using a percentage, derived from historical revenue and write-off trends, of the previous four months of revenue. Additional amounts are included in the provision to address specific items that are not considered in the calculation described above. NEER regularly reviews collectibility of its receivables and establishes a provision for losses estimated as a percentage of accounts receivable based on the historical bad debt write-off trends for its retail electricity provider operations and, when necessary, using the specific identification method for all other receivables. |
Inventory | Inventory - FPL values materials, supplies and fossil fuel inventory using a weighted-average cost method. NEER's materials, supplies and fossil fuel inventories are carried at the lower of weighted-average cost and net realizable value, unless evidence indicates that the weighted-average cost will be recovered with a normal profit upon sale in the ordinary course of business. |
Energy Trading | Energy Trading - NEE provides full energy and capacity requirements services primarily to distribution utilities, which include load-following services and various ancillary services, in certain markets and engages in power and gas marketing and trading activities to optimize the value of electricity and fuel contracts, generation facilities and gas infrastructure assets, as well as to take advantage of projected favorable commodity price movements. Trading contracts that meet the definition of a derivative are accounted for at fair value and realized gains and losses from all trading contracts, including those where physical delivery is required, are recorded net for all periods presented. See Note 4. |
Storm Fund and Storm Reserve | Storm Fund, Storm Reserve and Storm Cost Recovery - The storm and property insurance reserve fund (storm fund) provides coverage toward FPL's storm damage costs. Marketable securities held in the storm fund are carried at fair value. See Note 5. Fund earnings, consisting of dividends, interest and realized gains and losses, net of taxes, are reinvested in the fund. Fund earnings, as well as any changes in unrealized gains and losses, are not recognized in income and are reflected as a corresponding adjustment to the storm and property insurance reserve (storm reserve). The tax effects of amounts not yet recognized for tax purposes are included in deferred income taxes. The storm fund and storm reserve are included in special use funds and noncurrent regulatory liabilities on NEE's and FPL's consolidated balance sheets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - NEE evaluates long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is required to be recognized if the carrying value of the asset exceeds the undiscounted future net cash flows associated with that asset. The impairment loss to be recognized is the amount by which the carrying value of the long-lived asset exceeds the asset's fair value. In most instances, the fair value is determined by discounting estimated future cash flows using an appropriate interest rate. See Note 5 - Nonrecurring Fair Value Measurements. |
Goodwill and Other Intangible Assets | NEE's, including FPL's, goodwill relates to various acquisitions which were accounted for using the purchase method of accounting. Other intangible assets are primarily included in noncurrent other assets on NEE's consolidated balance sheets. NEE's other intangible assets subject to amortization are amortized, primarily on a straight-line basis, over their estimated useful lives. Amortization expense was approximately $18 million , $19 million and $35 million for the years ended December 31, 2019, 2018 and 2017 , respectively, and is expected to be approximately $ 18 million , $14 million , $8 million , $7 million and $4 million for 2020 , 2021 , 2022 , 2023 and 2024 , respectively. Goodwill and other intangible assets not subject to amortization are assessed for impairment at least annually by applying a fair value-based analysis. Other intangible assets subject to amortization are periodically reviewed when impairment indicators are present to assess recoverability from future operations using undiscounted future cash flows. |
Pension Plan | Pension Plan - NEE records the service cost component of net periodic benefit income to O&M expense and the non-service cost component to other net periodic benefit income in NEE's consolidated statements of income. NEE allocates net periodic pension income to its subsidiaries based on the pensionable earnings of the subsidiaries' employees. Accounting guidance requires recognition of the funded status of the pension plan in the balance sheet, with changes in the funded status recognized in other comprehensive income within shareholders' equity in the year in which the changes occur. Since NEE is the plan sponsor, and its subsidiaries do not have separate rights to the plan assets or direct obligations to their employees, this accounting guidance is reflected at NEE and not allocated to the subsidiaries. The portion of previously unrecognized actuarial gains and losses and prior service costs or credits that are estimated to be allocable to FPL as net periodic (income) cost in future periods and that otherwise would be recorded in accumulated other comprehensive income (AOCI) are classified as regulatory assets and liabilities at NEE in accordance with regulatory treatment. |
Stock-Based Compensation | Stock-Based Compensation - NEE accounts for stock-based payment transactions based on grant-date fair value. Compensation costs for awards with graded vesting are recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures of stock-based awards are recognized as they occur. See Note 11 - Stock-Based Compensation. |
Retirement of Long-Term Debt | Retirement of Long-Term Debt - For NEE's rate-regulated subsidiaries, including FPL, gains and losses that result from differences in reacquisition cost and the net book value of long-term debt which is retired are deferred as a regulatory asset or liability and amortized to interest expense ratably over the remaining life of the original issue, which is consistent with their treatment in the ratemaking process. NEE's non-rate regulated subsidiaries recognize such differences in interest expense at the time of retirement. |
Income Taxes | Income Taxes - Deferred income taxes are recognized on all significant temporary differences between the financial statement and tax bases of assets and liabilities, and are presented as noncurrent on NEE's and FPL's consolidated balance sheets. In connection with the tax sharing agreement between NEE and certain of its subsidiaries, the income tax provision at each applicable subsidiary reflects the use of the "separate return method," except that tax benefits that could not be used on a separate return basis, but are used on the consolidated tax return, are recorded by the applicable subsidiary that generated the tax benefits. Any remaining consolidated income tax benefits or expenses are recorded at the corporate level. Included in other regulatory assets and other regulatory liabilities on NEE's and FPL's consolidated balance sheets is the revenue equivalent of the difference in deferred income taxes computed under accounting rules, as compared to regulatory accounting rules. The net regulatory liability totaled $ 4,141 million ( $3,745 million for FPL) and $ 4,074 million ( $4,042 million for FPL) at December 31, 2019 and 2018 , respectively, and is being amortized in accordance with the regulatory treatment over the estimated lives of the assets or liabilities for which the deferred tax amount was initially recognized. Production tax credits (PTCs) are recognized as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes and are recorded as a reduction of current income taxes payable, unless limited by tax law in which instance they are recorded as deferred tax assets. NEER recognizes ITCs as a reduction to income tax expense when the related energy property is placed into service. FPL recognizes ITCs as a reduction to income tax expense over the depreciable life of the related energy property. At December 31, 2019 and 2018 , FPL’s accumulated deferred ITCs were approximately $ 412 million and $ 326 million , respectively, and are included in noncurrent regulatory liabilities on NEE's and FPL's consolidated balance sheets. NEE and FPL record a deferred income tax benefit created by the convertible ITCs on the difference between the financial statement and tax bases of renewable property. For NEER, this deferred income tax benefit is recorded in income tax expense in the year that the renewable property is placed in service. For FPL, this deferred income tax benefit is offset by a regulatory liability, which is amortized as a reduction of depreciation expense over the approximate lives of the related renewable property in accordance with the regulatory treatment. At December 31, 2019 and 2018 , the net deferred income tax benefits associated with FPL's convertible ITCs were approximately $ 40 million and $ 42 million , respectively, and are included in noncurrent regulatory assets and noncurrent regulatory liabilities on NEE's and FPL's consolidated balance sheets. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that such assets will not be realized. NEE recognizes interest income (expense) related to unrecognized tax benefits (liabilities) in interest income and interest expense, respectively, net of the amount deferred at FPL. At FPL, the offset to accrued interest receivable (payable) on income taxes is classified as a regulatory liability (regulatory asset) which will be amortized to income (expense) over a five -year period upon settlement in accordance with regulatory treatment. All tax positions taken by NEE in its income tax returns that are recognized in the financial statements must satisfy a more-likely-than-not threshold. NEE and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states, the most significant of which is Florida, and certain foreign jurisdictions. Federal tax liabilities, with the exception of certain refund claims, are effectively settled for all years prior to 2016. State and foreign tax liabilities, which have varied statutes of limitations regarding additional assessments, are generally effectively settled for years prior to 2015. At December 31, 2019 , NEE had unrecognized tax benefits of approximately $ 79 million that, if recognized, could impact the annual effective income tax rate. The amounts of unrecognized tax benefits and related interest accruals may change within the next 12 months; however, NEE and FPL do not expect these changes to have a significant impact on NEE’s or FPL’s financial statements. See Note 6. |
Sale of Differential Membership Interests | Sales of Differential Membership Interests - Certain subsidiaries of NextEra Energy Resources sold Class B membership interests in entities that have ownership interests in wind and solar facilities, with generating capacity totaling approximately 7,081 MW and 473 MW, respectively, at December 31, 2019 , to third-party investors. NEE retains a controlling interest in the entities and therefore presents the Class B member interests as noncontrolling interests. Noncontrolling interests represents the portion of net assets in consolidated entities that are not owned by NEE and are reported as a component of equity in NEE’s consolidated balance sheet. The third-party investors are allocated earnings, tax attributes and cash flows in accordance with the respective limited liability company agreements. Those economics are allocated primarily to the third-party investors until they receive a targeted return (the flip date) and thereafter to NEE. NEE has the right to call the third-party interests at specified amounts if and when the flip date occurs. NEE has determined the allocation of economics between the controlling party and third-party investor should not follow the respective ownership percentages for each wind and solar project but rather the hypothetical liquidation of book value (HLBV) method based on the governing provisions in each respective limited liability company agreement. Under the HLBV method, the amounts of income and loss attributable to the noncontrolling interest reflects changes in the amount the owners would hypothetically receive at each balance sheet date under the respective liquidation provisions, assuming the net assets of these entities were liquidated at the recorded amounts, after taking into account any capital transactions, such as contributions and distributions, between the entities and the owners. At the point in time that the third-party investor, in hypothetical liquidation, would achieve its targeted return, NEE attributes the additional hypothetical proceeds to the Class B membership interests based on the call price. A loss attributable to noncontrolling interest on NEE’s consolidated statements of income represents earnings attributable to NEE. Additionally, net (income) loss attributable to noncontrolling interests in NEE's consolidated statement of income for the year ended December 31, 2018 includes a benefit to NEE of approximately $497 million ( $373 million after tax) related to a reduction of differential membership interests as a result of a change in the federal corporate income tax rate effective January 1, 2018. Pursuant to previous accounting guidance, prior to 2018, the proceeds received on the sale of Class B membership interest in entities were deferred and recorded as a liability recognized in benefits associated with differential membership interests - net in NEE's consolidated statements of income as the Class B members received their portion of the economic attributes. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests - Certain subsidiaries of NextEra Energy Resources sold Class B membership interests in entities that have ownership interests in wind facilities to third-party investors. As specified in the respective limited liability company agreements, if, subject to certain contingencies, certain events occur, including, among others, those that would delay construction or cancel any of the underlying projects, an investor has the option to require NEER to return all or part of its investment. As these potential redemptions are outside of NEER’s control, these balances were classified as redeemable noncontrolling interests on NEE's consolidated balance sheet as of December 31, 2019 and 2018 . During 2019, certain contingencies were resolved resulting in $395 million of the December 31, 2018 balance being reclassified to noncontrolling interests. The contingencies associated with the December 31, 2019 balance are expected to be resolved in 2020. |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) - An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. NEE and FPL evaluate whether an entity is a VIE whenever reconsideration events as defined by the accounting guidance occur. See Note 9. |
Leases | Leases - NEE and FPL determine if an arrangement is a lease at inception. NEE and FPL recognize a right-of-use (ROU) asset and a lease liability for operating and finance leases by recognizing and measuring leases at the commencement date based on the present value of lease payments over the lease term. For sales type leases, the book value of the leased asset is removed from the balance sheet and a net investment in sales-type lease is recognized based on fixed payments under the contract and the residual value of the asset being leased. NEE and FPL have elected not to apply the recognition requirements to short-term leases and not to separate nonlease components from associated lease components for all classes of underlying assets except for purchased power agreements. ROU assets are included primarily in noncurrent other assets, lease liabilities are included in current and noncurrent other liabilities and net investments in sales-type leases are included in current and noncurrent other assets on NEE’s and FPL's consolidated balance sheets. Operating lease expense is included in O&M expenses, amortization expense is included in depreciation and amortization expense and interest income associated with sales-type leases is included in operating revenues in NEE’s and FPL’s consolidated statements of income. See Note 14. |
Acquisition-Related | Acquisition-Related - During 2019, 2018 and 2017 , NEE and certain of its affiliates incurred costs related to several proposed or completed acquisitions, including transaction costs, integration costs and the payment of certain termination fees, which are included in acquisition-related expenses in NEE's consolidated statements of income. See Note 8. |
Disposal of a Business/Assets | Disposal of Businesses/Assets - On February 11, 2020, a subsidiary of NextEra Energy Resources completed the sale of its ownership interest in two solar generation facilities located in Spain with a total generating capacity of 99.8 MW for net cash proceeds of approximately €117 million (approximately $128 million ), subject to working capital and other adjustments. In connection with the sale, NEE anticipates recording a gain of approximately $260 million (pretax and after tax) in its consolidated statements of income during the three-months ended March 31, 2020. The carrying amounts of the major classes of assets related to the facilities that were classified as held for sale, which are included in current other assets on NEE's consolidated balance sheets, were approximately $440 million at December 31, 2019 and primarily represent property, plant and equipment. Liabilities associated with assets held for sale, which are included in current other liabilities on NEE's consolidated balance sheets, were approximately $647 million at December 31, 2019 and primarily represent long-term debt and interest rate derivatives. In June 2019, subsidiaries of NextEra Energy Resources completed the sale of ownership interests in three wind generation facilities and three solar generation facilities, including noncontrolling interests in two of the solar facilities, located in the Midwest and West regions of the U.S. with a total net ownership interest in plant capacity (net generating capacity) of 611 MW to a NEP subsidiary for cash proceeds of approximately $1.0 billion , plus working capital of $12 million . A NEER affiliate will continue to operate the facilities included in the sale. In connection with the sale, a gain of approximately $341 million ( $259 million after tax) was recorded in NEE's consolidated statements of income for the year ended December 31, 2019 , which is included in gains on disposal of businesses/assets - net, and noncontrolling interests of approximately $118 million were recorded on NEE's consolidated balance sheet. In 2018, subsidiaries of NextEra Energy Resources completed the sale of its ownership interests in ten wind generation facilities and one solar generation facility located in the Midwest, South and West regions of the U.S. with a total net generating capacity of 1,388 MW to a subsidiary of NEP for net cash proceeds of approximately $1.3 billion , after transaction costs and working capital adjustments and NEP's assumption of approximately $941 million in existing noncontrolling interests related to differential membership investors. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $36 million ( $32 million after tax) was recorded in NEE's consolidated statements of income for the year ended December 31, 2018 and is included in gains on disposal of businesses/assets - net. In 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 ( $685 million |
Revenue from Contracts with Customers | Revenue from Contracts with Customers 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 based on tariff rates approved by the FPSC and, at NEER, for the delivery of energy commodities and the availability of electric capacity and electric transmission. FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative and lease transactions at NEER. 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. In 2019 and 2018 , NEE’s revenue from contracts with customers was approximately $17.5 billion ( $12.1 billion at FPL) and approximately $15.4 billion ( $11.8 billion at FPL), respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's 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 revenues are 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 are 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. At December 31, 2019 and 2018 , FPL's unbilled revenues amounted to approximately $389 million and $432 million , respectively, and are included in customer receivables on NEE’s and FPL’s consolidated balance sheets. 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 2020 to 2053 , 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 which primarily relate to electric capacity sales associated with independent system operator annual auctions through 2023 and certain power purchase agreements with maturity dates through 2034. At December 31, 2019 , NEER expects to record approximately $945 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. |
Derivatives | With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the over-the-counter (OTC) markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge 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 consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause). For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's consolidated statements of income. Settlement gains and losses are included within the line items in the consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's consolidated statements of cash flows. |
Fair Value of Financial Instruments | 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. |
Earnings Per Share | Prior to the issuance of NEE’s common stock, the stock purchase contracts, if dilutive, will be reflected in NEE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of NEE common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon settlement of the stock purchase contracts over the number of shares that could be purchased by NEE in the market, at the average market price during the period, using the proceeds receivable upon settlement. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Regulatory Assets | NEE's and FPL's regulatory assets and liabilities are as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Regulatory assets: Current: Acquisition of purchased power agreements $ 165 $ 165 $ 165 $ 165 Deferred clause and franchise expenses 5 146 5 146 Other 165 137 57 136 Total $ 335 $ 448 $ 227 $ 447 Noncurrent: Acquisition of purchased power agreements $ 634 $ 798 $ 634 $ 798 Other 2,653 2,492 1,915 2,045 Total $ 3,287 $ 3,290 $ 2,549 $ 2,843 Regulatory liabilities: Current: Deferred clause revenues $ 309 $ 265 $ 284 $ 265 Other 11 60 — 45 Total $ 320 $ 325 $ 284 $ 310 Noncurrent: Asset retirement obligation regulatory expense difference $ 2,826 $ 2,352 $ 2,828 $ 2,352 Accrued asset removal costs 1,346 991 1,157 972 Deferred taxes 4,862 4,815 4,397 4,736 Other 902 851 914 826 Total $ 9,936 $ 9,009 $ 9,296 $ 8,886 |
Schedule of Regulatory Liabilities | NEE's and FPL's regulatory assets and liabilities are as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Regulatory assets: Current: Acquisition of purchased power agreements $ 165 $ 165 $ 165 $ 165 Deferred clause and franchise expenses 5 146 5 146 Other 165 137 57 136 Total $ 335 $ 448 $ 227 $ 447 Noncurrent: Acquisition of purchased power agreements $ 634 $ 798 $ 634 $ 798 Other 2,653 2,492 1,915 2,045 Total $ 3,287 $ 3,290 $ 2,549 $ 2,843 Regulatory liabilities: Current: Deferred clause revenues $ 309 $ 265 $ 284 $ 265 Other 11 60 — 45 Total $ 320 $ 325 $ 284 $ 310 Noncurrent: Asset retirement obligation regulatory expense difference $ 2,826 $ 2,352 $ 2,828 $ 2,352 Accrued asset removal costs 1,346 991 1,157 972 Deferred taxes 4,862 4,815 4,397 4,736 Other 902 851 914 826 Total $ 9,936 $ 9,009 $ 9,296 $ 8,886 |
Schedule of Goodwill and Other Intangible Assets | NEE's goodwill and other intangible assets are as follows: Weighted- Average Useful Lives December 31, 2019 2018 (years) (millions) Goodwill (by reporting unit): FPL segment: Florida City Gas $ 291 $ 293 Other 9 11 NEER segment: Rate-regulated transmission (see Note 8 - Trans Bay Cable, LLC) 610 — Gas infrastructure 487 487 Customer supply 93 72 Generation assets 28 28 Corporate and Other - Gulf Power (see Note 8 - Gulf Power Company) 2,686 — Total goodwill $ 4,204 $ 891 Other intangible assets not subject to amortization, primarily land easements $ 135 $ 135 Other intangible assets subject to amortization: Purchased power agreements 17 $ 401 $ 625 Other, primarily transmission and development rights and customer lists 22 72 34 Total 473 659 Accumulated amortization (56 ) (86 ) Total other intangible assets subject to amortization - net $ 417 $ 573 |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Plan assets, benefit obligations, and funded status included in the consolidated balance sheets | Pension Plan Assets, Benefit Obligations and Funded Status - The changes in assets, benefit obligations and the funded status of the pension plan are as follows: 2019 2018 (millions) Change in pension plan assets: Fair value of plan assets at January 1 $ 3,806 $ 4,020 Actual return on plan assets 736 (69 ) Benefit payments (235 ) (160 ) Acquisitions (a) 493 15 Fair value of plan assets at December 31 $ 4,800 $ 3,806 Change in pension benefit obligation: Obligation at January 1 $ 2,522 $ 2,593 Service cost 80 70 Interest cost 114 82 Acquisitions (a) 503 15 Special termination benefits (b) 19 35 Plan amendments 3 — Actuarial losses (gains) - net 357 (113 ) Benefit payments (235 ) (160 ) Obligation at December 31 (c) $ 3,363 $ 2,522 Funded status: Prepaid pension benefit costs at NEE at December 31 $ 1,437 $ 1,284 Prepaid pension benefit costs at FPL at December 31 (d) $ 1,477 $ 1,407 _________________________ (a) Relates to substantially funded pension obligations in connection with the acquisitions of Gulf Power and Florida City Gas, see Note 8. (b) Reflects enhanced early retirement programs. (c) NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2019 and 2018 was approximately $ 3,281 million and $ 2,479 million , respectively. (d) Reflects FPL's allocated benefits under NEE's pension plan. |
Unrecognized amounts included in accumulated other comprehensive income (loss) | NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid pension benefit costs are as follows: 2019 2018 (millions) Unrecognized prior service benefit (net of $2 and $2 tax expense, respectively) $ 2 $ 2 Unrecognized losses (net of $37 and $27 tax benefit, respectively) (108 ) (71 ) Total $ (106 ) $ (69 ) |
Unrecognized amounts included in regulatory assets (liabilities) | NEE's unrecognized amounts included in regulatory assets yet to be recognized as components of net prepaid pension benefit costs are as follows: 2019 2018 (millions) Unrecognized prior service benefit $ (2 ) $ (3 ) Unrecognized losses 263 376 Total $ 261 $ 373 |
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost | The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic pension income in the following year. 2019 2018 Discount rate (a) 3.22 % 4.26 % Salary increase 4.40 % 4.40 % _________________________ (a) The method of estimating the interest cost component of net periodic benefit costs uses a full yield curve approach by applying a specific spot rate along the yield curve. The assumptions used to determine net periodic pension income for the pension plan are as follows: 2019 2018 2017 Discount rate 4.26 % 3.59 % 4.09 % Salary increase 4.40 % 4.10 % 4.10 % Expected long-term rate of return, net of investment management fees (a) 7.35 % 7.35 % 7.35 % ______________________ (a) In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns. |
Fair value measurements of pension plan assets by hierarchy level | The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows: December 31, 2019 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 1,593 $ 9 $ 3 $ 1,605 Equity commingled vehicles (c) — 706 — 706 U.S. Government and municipal bonds 95 7 — 102 Corporate debt securities (d) — 247 — 247 Asset-backed securities — 416 — 416 Debt security commingled vehicles (e) 47 143 — 190 Convertible securities (f) 32 372 — 404 Total investments in the fair value hierarchy $ 1,767 $ 1,900 $ 3 3,670 Total investments measured at net asset value (g) 1,130 Total fair value of plan assets $ 4,800 _____________________ (a) See Note 5 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 741 million . (c) Includes foreign investments of $ 141 million . (d) Includes foreign investments of $ 76 million . (e) Includes foreign investments of $ 5 million . (f) Includes foreign investments of $ 20 million . (g) Includes foreign investments of $ 190 million . December 31, 2018 (a) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) Equity securities (b) $ 1,030 $ 11 $ 2 $ 1,043 Equity commingled vehicles (c) — 638 — 638 U.S. Government and municipal bonds 84 11 — 95 Corporate debt securities (d) — 252 — 252 Asset-backed securities — 253 — 253 Debt security commingled vehicles — 133 — 133 Convertible securities (e) 17 303 — 320 Total investments in the fair value hierarchy $ 1,131 $ 1,601 $ 2 2,734 Total investments measured at net asset value (f) 1,072 Total fair value of plan assets $ 3,806 ______________________ (a) See Note 5 for discussion of fair value measurement techniques and inputs. (b) Includes foreign investments of $ 459 million . (c) Includes foreign investments of $ 193 million . (d) Includes foreign investments of $ 77 million . (e) Includes foreign investments of $ 30 million . (f) Includes foreign investments of $ 214 million . |
Expected benefit payments, net of government drug subsidy | Expected Cash Flows - The following table provides information about benefit payments expected to be paid by the pension plan for each of the following calendar years (in millions): 2020 $ 211 2021 $ 203 2022 $ 203 2023 $ 206 2024 $ 207 2025 - 2029 $ 1,044 |
Net periodic benefit (income) cost | Net Periodic Income - The components of net periodic income for the plans are as follows: Pension Benefits Postretirement Benefits 2019 2018 2017 2019 2018 2017 (millions) Service cost $ 80 $ 70 $ 66 $ 1 $ 1 $ 1 Interest cost 114 82 83 9 7 8 Expected return on plan assets (312 ) (276 ) (270 ) — — — Amortization of prior service benefit (1 ) (1 ) (1 ) (15 ) (15 ) (10 ) Special termination benefits 19 35 38 — — — Postretirement benefits settlement — — — — — 1 Net periodic income at NEE $ (100 ) $ (90 ) $ (84 ) $ (5 ) $ (7 ) $ — Net periodic income allocated to FPL $ (71 ) $ (57 ) $ (51 ) $ (4 ) $ (6 ) $ — |
Components of net periodic benefit income (cost) recognized in OCI | Other Comprehensive Income - The components of net periodic income recognized in OCI for the pension plan are as follows: 2019 2018 2017 (millions) Net gains (losses) (net of $10 tax benefit, $4 tax benefit and $23 tax expense, respectively) $ (36 ) $ (13 ) $ 37 |
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities) | Regulatory Assets (Liabilities) - The components of net periodic income recognized during the year in regulatory assets (liabilities) for the pension plan are as follows: 2019 2018 (millions) Unrecognized losses (gains) $ (113 ) $ 216 Amortization of prior service cost 1 1 Total $ (112 ) $ 217 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative [Line Items] | |
Schedule of derivative instruments in statement of financial position, fair value | The tables below present NEE's and FPL's gross derivative positions at December 31, 2019 and December 31, 2018 , 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 consolidated balance sheets. December 31, 2019 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 5,050 $ 3,201 $ 2,350 $ 576 Interest rate contracts 26 742 9 725 Foreign currency contracts 26 38 27 39 Total fair values $ 5,102 $ 3,981 $ 2,386 $ 1,340 FPL: Commodity contracts $ 4 $ 14 $ 3 $ 13 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 762 Noncurrent derivative assets (b) 1,624 Current derivative liabilities (c) $ 344 Current other liabilities (d) 133 Noncurrent derivative liabilities 863 Total derivatives $ 2,386 $ 1,340 Net fair value by FPL balance sheet line item: Current other assets $ 3 Current other liabilities $ 12 Noncurrent other liabilities 1 Total derivatives $ 3 $ 13 ______________________ (a) Reflects the netting of approximately $2 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $139 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $66 million in margin cash collateral paid to counterparties. (d) See Note 1 - Disposal of Businesses/Assets. December 31, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 4,651 $ 3,305 $ 1,840 $ 683 Interest rate contracts 56 472 49 465 Foreign currency contracts 17 30 30 43 Total fair values $ 4,724 $ 3,807 $ 1,919 $ 1,191 FPL: Commodity contracts $ 2 $ 43 $ — $ 41 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 564 Noncurrent derivative assets (b) 1,355 Current derivative liabilities $ 675 Noncurrent derivative liabilities 516 Total derivatives $ 1,919 $ 1,191 Net fair value by FPL balance sheet line item: Current other liabilities $ 32 Noncurrent other liabilities 9 Total derivatives $ — $ 41 ______________________ (a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties. |
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: December 31, 2019 December 31, 2018 Commodity Type NEE FPL NEE FPL (millions) Power (81 ) MWh (a) 1 MWh (a) (100 ) MWh (a) 1 MWh (a) Natural gas (1,723 ) MMBtu (b) 161 MMBtu (b) (491 ) MMBtu (b) 231 MMBtu (b) Oil (13 ) barrels — (30 ) barrels — ______________________ (a) Megawatt-hours (b) One million British thermal units |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative instruments, gain (loss) in statement of financial performance | Gains (losses) related to NEE's derivatives are recorded in NEE's consolidated statements of income as follows: Years Ended December 31, 2019 2018 2017 (millions) Commodity contracts: (a) Operating revenues $ 762 $ 377 $ 454 Fuel, purchased power and interchange — (2 ) — Foreign currency contracts - interest expense (7 ) 19 55 Foreign currency contracts - other - net — — (4 ) Interest rate contracts - interest expense (699 ) (280 ) (223 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (32 ) (30 ) (48 ) Foreign currency contracts (4 ) (4 ) (81 ) Total $ 20 $ 80 $ 153 ______________________ (a) For the years ended December 31, 2019 , 2018 and 2017 , FPL recorded gains (losses) of approximately $9 million , $(31) million and $(169) million , respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities and other fair value measurements | NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: December 31, 2019 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 363 $ — $ — $ 363 FPL - equity securities $ 156 $ — $ — $ 156 Special use funds: (c) NEE: Equity securities $ 1,875 $ 2,088 (d) $ — $ 3,963 U.S. Government and municipal bonds $ 567 $ 150 $ — $ 717 Corporate debt securities $ — $ 748 $ — $ 748 Mortgage-backed securities $ — $ 517 $ — $ 517 Other debt securities $ — $ 117 $ — $ 117 FPL: Equity securities $ 596 $ 1,895 (d) $ — $ 2,491 U.S. Government and municipal bonds $ 429 $ 106 $ — $ 535 Corporate debt securities $ — $ 533 $ — $ 533 Mortgage-backed securities $ — $ 395 $ — $ 395 Other debt securities $ — $ 111 $ — $ 111 Other investments: (e) NEE: Equity securities $ 34 $ 12 $ — $ 46 Debt securities $ 82 $ 69 $ — $ 151 Derivatives: NEE: Commodity contracts $ 1,229 $ 2,082 $ 1,739 $ (2,700 ) $ 2,350 (f) Interest rate contracts $ — $ 24 $ 2 $ (17 ) $ 9 (f) Foreign currency contracts $ — $ 26 $ — $ 1 $ 27 (f) FPL - commodity contracts $ — $ 3 $ 1 $ (1 ) $ 3 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,365 $ 1,446 $ 390 $ (2,625 ) $ 576 (f) Interest rate contracts $ — $ 598 $ 144 $ (17 ) $ 725 (f) Foreign currency contracts $ — $ 38 $ — $ 1 $ 39 (f) FPL - commodity contracts $ — $ 5 $ 9 $ (1 ) $ 13 (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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $60 million ( $54 million for FPL) in current other assets and $ 64 million ($ 64 million for FPL) in noncurrent other assets on the consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at 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 consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. December 31, 2018 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 486 $ — $ — $ 486 FPL - equity securities $ 206 $ — $ — $ 206 Special use funds: (c) NEE: Equity securities $ 1,445 $ 1,601 (d) $ — $ 3,046 U.S. Government and municipal bonds $ 449 $ 155 $ — $ 604 Corporate debt securities $ — $ 728 $ — $ 728 Mortgage-backed securities $ — $ 478 $ — $ 478 Other debt securities $ — $ 145 $ 1 $ 146 FPL: Equity securities $ 398 $ 1,452 (d) $ — $ 1,850 U.S. Government and municipal bonds $ 350 $ 120 $ — $ 470 Corporate debt securities $ — $ 544 $ — $ 544 Mortgage-backed securities $ — $ 367 $ — $ 367 Other debt securities $ — $ 131 $ 1 $ 132 Other investments: (e) NEE: Equity securities $ 13 $ 11 $ — $ 24 Debt securities $ 36 $ 90 $ — $ 126 Derivatives: NEE: Commodity contracts $ 1,379 $ 1,923 $ 1,349 $ (2,811 ) $ 1,840 (f) Interest rate contracts $ — $ 56 $ — $ (7 ) $ 49 (f) Foreign currency contracts $ — $ 17 $ — $ 13 $ 30 (f) FPL - commodity contracts $ — $ 2 $ — $ (2 ) $ — (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,329 $ 1,410 $ 566 $ (2,622 ) $ 683 (f) Interest rate contracts $ — $ 336 $ 136 $ (7 ) $ 465 (f) Foreign currency contracts $ — $ 30 $ — $ 13 $ 43 (f) FPL - commodity contracts $ — $ 7 $ 36 $ (2 ) $ 41 (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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash equivalents of approximately $85 million ( $81 million for FPL) in current other assets on the consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at 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 consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. |
Fair Value Inputs, Assets, Quantitative Information | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at December 31, 2019 are as follows: Transaction Type Fair Value at December 31, 2019 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 858 $ 52 Discounted cash flow Forward price (per MWh) $(14) — $258 Forward contracts - gas 195 22 Discounted cash flow Forward price (per MMBtu) $2 — $6 Forward contracts - other commodity related 3 2 Discounted cash flow Forward price (various) $— — $70 Options - power 42 11 Option models Implied correlations 1% — 88% Implied volatilities 6% — 502% Options - primarily gas 152 148 Option models Implied correlations 1% — 88% Implied volatilities 1% — 218% Full requirements and unit contingent contracts 489 155 Discounted cash flow Forward price (per MWh) $(20) — $949 Customer migration rate (a) —% — 14% Total $ 1,739 $ 390 ______________________ (a) Applies only to full requirements contracts. |
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs | The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Years Ended December 31, 2019 2018 2017 NEE FPL NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year $ 647 $ (36 ) $ 566 $ — $ 578 $ 1 Realized and unrealized gains (losses): Included in earnings (a) 923 — 35 (1 ) 376 — Included in other comprehensive income (loss) (b) 5 — 7 — (18 ) — Included in regulatory assets and liabilities 1 1 (18 ) (18 ) — — Purchases 141 — 152 (16 ) 126 — Settlements (356 ) 25 28 (2 ) (317 ) (1 ) Issuances (87 ) — (115 ) — (197 ) — Impact of adoption of revenue standard — — (30 ) — — — Transfers in (c) (5 ) — — — 17 — Transfers out (c) (62 ) 2 22 1 1 — Fair value of net derivatives based on significant unobservable inputs at December 31 $ 1,207 $ (8 ) $ 647 $ (36 ) $ 566 $ — Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 611 $ — $ 100 $ (1 ) $ 277 $ — ______________________ (a) For the years ended December 31, 2019 , 2018 and 2017 , approximately $956 million , $48 million and $379 million of realized and unrealized gains are included in the 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 consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data. 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 years ended December 31, 2019 , 2018 and 2017 , approximately $638 million , $112 million and $281 million of unrealized gains are included in the 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: December 31, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 892 $ 891 $ 884 $ 883 Other investments (b) $ 30 $ 30 $ 54 $ 54 Long-term debt, including current portion (c) $ 39,667 $ 42,928 (d) $ 29,498 $ 30,043 (d) FPL: Special use funds (a) $ 706 $ 705 $ 693 $ 692 Long-term debt, including current portion $ 14,161 $ 16,448 (d) $ 11,783 $ 12,613 (d) ______________________ (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 on NEE's consolidated balance sheets. (c) Excludes debt totaling approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets, for which the carrying amount approximates fair value. See Note 1 - Disposal of Businesses/Assets. (d) At December 31, 2019 and 2018 , 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 Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 (millions) Realized gains $ 68 $ 51 $ 178 $ 44 $ 31 $ 75 Realized losses $ 48 $ 75 $ 83 $ 29 $ 49 $ 50 Proceeds from sale or maturity of securities $ 3,005 $ 2,551 $ 2,817 $ 2,539 $ 2,100 $ 1,902 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 December 31, December 31, 2019 2018 2019 2018 (millions) Unrealized gains $ 75 $ 14 $ 58 $ 11 Unrealized losses (a) $ 7 $ 52 $ 7 $ 41 Fair value $ 314 $ 1,273 $ 240 $ 961 ______________________ (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2019 and 2018 were not material to NEE or FPL. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of income taxes | The components of income taxes are as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 (millions) Federal: Current $ 167 $ 30 $ 100 $ 348 $ 251 $ 168 Deferred 115 1,153 (1,047 ) (29 ) 134 776 Total federal 282 1,183 (947 ) 319 385 944 State: Current 23 63 88 49 91 29 Deferred 143 330 199 73 63 133 Total state 166 393 287 122 154 162 Total income tax expense (benefit) $ 448 $ 1,576 $ (660 ) $ 441 $ 539 $ 1,106 |
Reconciliation between the effective income tax rates and the applicable statutory rates | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL Years Ended December 31, Years Ended December 31, 2019 2018 2017 2019 2018 2017 Statutory federal income tax rate 21.0 % 21.0 % 35.0 % 21.0 % 21.0 % 35.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 3.4 4.2 2.9 3.5 4.5 3.5 Taxes attributable to noncontrolling interests 2.1 2.5 — — — — Tax reform rate change — — (41.3 ) — — (0.5 ) PTCs and ITCs - NEER (7.2 ) (3.0 ) (8.4 ) — — — Amortization of deferred regulatory credit (a) (6.2 ) (1.8 ) — (8.1 ) (5.0 ) (0.1 ) Convertible ITCs - NEER — — 0.6 — — — Other - net (1.4 ) (1.5 ) (3.0 ) (0.5 ) (0.6 ) (0.9 ) Effective income tax rate 11.7 % 21.4 % (14.2 )% 15.9 % 19.9 % 37.0 % _________________________ (a) 2019 reflects an adjustment of approximately $83 million recorded by FPL to reduce income tax expense for the cumulative amortization of excess deferred income taxes from January 1, 2018 as a result of a FPSC order in connection with its review of impacts associated with tax reform. One of the provisions of the order requires FPL to amortize approximately $870 million of its excess deferred income taxes over a period not to exceed ten years. |
Schedule of deferred income tax liabilities and assets | The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Deferred tax liabilities: Property-related $ 10,133 $ 9,315 $ 6,394 $ 6,113 Pension 417 374 374 357 Investments in partnerships and joint ventures 2,019 1,925 — — Other 1,618 1,505 685 791 Total deferred tax liabilities 14,187 13,119 7,453 7,261 Deferred tax assets and valuation allowance: Decommissioning reserves 317 313 286 278 Net operating loss carryforwards 380 350 2 3 Tax credit carryforwards 3,406 3,259 — — ARO and accrued asset removal costs 368 310 273 237 Regulatory liabilities 1,335 1,277 1,219 1,283 Other 515 751 258 295 Valuation allowance (a) (285 ) (273 ) — — Net deferred tax assets 6,036 5,987 2,038 2,096 Net deferred income taxes $ 8,151 $ 7,132 $ 5,415 $ 5,165 ______________________ (a) Reflects a valuation allowance related to the solar projects in Spain that completely offsets the related deferred taxes, as well as deferred state tax credits and state operating loss carryforwards. Deferred tax assets and liabilities are included on the consolidated balance sheets as follows: NEE FPL December 31, December 31, 2019 2018 2019 2018 (millions) Noncurrent other assets $ 210 $ 235 $ — $ — Deferred income taxes - noncurrent liabilities (8,361 ) (7,367 ) (5,415 ) (5,165 ) Net deferred income taxes $ (8,151 ) $ (7,132 ) $ (5,415 ) $ (5,165 ) |
Components of deferred tax assets relating to net operating loss carryforwards | The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2019 are as follows: Amount Expiration Dates (millions) Net operating loss carryforwards: State $ 304 2020-2039 Foreign 76 (a) 2020-2039 Net operating loss carryforwards $ 380 Tax credit carryforwards: Federal $ 3,060 2029-2039 State 344 (b) 2020-2044 Foreign 2 2034-2039 Tax credit carryforwards $ 3,406 ______________________ (a) Includes $ 58 million of net operating loss carryforwards with an indefinite expiration period. (b) Includes $ 188 million of ITC carryforwards with an indefinite expiration period. |
Jointly-Owned Electric Plants (
Jointly-Owned Electric Plants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Jointly-Owned Electric Plants [Abstract] | |
Proportionate Ownership Interest In Jointly-Owned Facilities | NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: December 31, 2019 Ownership Interest Gross Investment (a) Accumulated Depreciation (a) Construction Work in Progress (millions) FPL: St. Lucie Unit No. 2 85 % $ 2,226 $ 972 $ 66 Scherer Unit No. 4 76 % $ 1,227 $ 473 $ 55 Gulf Power: Daniel Units Nos. 1 and 2 50 % $ 715 $ 222 $ 22 Scherer Unit No. 3 25 % $ 423 $ 146 $ 14 NEER: Duane Arnold 70 % $ 69 $ 41 $ — Seabrook 88.23 % $ 1,270 $ 375 $ 45 Wyman Station Unit No. 4 91.19 % $ 29 $ 7 $ 1 Stanton 65 % $ 137 $ 7 $ — Transmission substation assets located in Seabrook, New Hampshire 88.23 % $ 94 $ 13 $ 14 ______________________ (a) Excludes nuclear fuel. |
Investments in Partnerships a_2
Investments in Partnerships and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Partnerships and Joint Ventures [Abstract] | |
Summarized combined information for principal operating entities | Summarized combined information for these principal entities is as follows: 2019 2018 (millions) Net income $ 128 $ 632 Total assets $ 20,659 $ 16,334 Total liabilities $ 6,956 $ 5,990 Partners'/members' equity (a) $ 13,703 $ 10,344 NEE's share of underlying equity in the principal entities $ 3,723 $ 2,958 Difference between investment carrying amount and underlying equity in net assets (b) 3,153 3,193 NEE's investment carrying amount for the principal entities $ 6,876 $ 6,151 ______________________ (a) Reflects NEE's interest, as well as third-party interests, in NEP OpCo. (b) Primarily associated with NEP OpCo; approximately 70% of the difference between the investment carrying amount and the underlying equity in net assets relates to goodwill and is not being amortized; the remaining balance is being amortized primarily over a period of 20 to 28 years. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Years Ended December 31, 2019 2018 2017 (millions, except per share amounts) Numerator: Net income attributable to NEE - basic $ 3,769 $ 6,638 $ 5,380 Adjustment for the impact of dilutive securities at NEP(a) — (19 ) — Net income attributable to NEE - assuming dilution $ 3,769 $ 6,619 $ 5,380 Denominator: Weighted-average number of common shares outstanding - basic 482.0 473.2 468.8 Equity units, stock options, performance share awards, forward sale agreements and restricted stock (b) 3.5 3.8 3.7 Weighted-average number of common shares outstanding - assuming dilution 485.5 477.0 472.5 Earnings per share attributable to NEE: Basic $ 7.82 $ 14.03 $ 11.48 Assuming dilution $ 7.76 $ 13.88 $ 11.39 _________ _____________ (a) The 2018 adjustment is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes (see Potentially Dilutive Securities at NEP below). (b) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. |
Nonvested Awards Activity | The activity in restricted stock and performance share awards for the year ended December 31, 2019 was as follows: Shares Weighted- Average Grant Date Fair Value Per Share Restricted Stock: Nonvested balance, January 1, 2019 479,936 $ 134.69 Granted 235,280 $ 186.54 Vested (212,815 ) $ 132.15 Forfeited (7,253 ) $ 155.20 Nonvested balance, December 31, 2019 495,148 $ 159.74 Performance Share Awards: Nonvested balance, January 1, 2019 782,664 $ 123.47 Granted 426,777 $ 138.99 Vested (522,446 ) $ 110.68 Forfeited (16,849 ) $ 157.07 Nonvested balance, December 31, 2019 670,146 $ 142.42 |
Assumptions used to estimate fair value of options | The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions: 2019 2018 2017 Expected volatility (a) 14.20 - 14.31% 14.41% 14.91% Expected dividends 2.85 - 2.93% 3.05% 3.16% Expected term (years) (b) 7.0 7.0 7.0 Risk-free rate 2.24 - 2.54% 2.83% 2.23% ______________________ (a) Based on historical experience. (b) Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. |
Stock option activity | Option activity for the year ended December 31, 2019 was as follows: Shares Underlying Options Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Balance, January 1, 2019 2,495,630 $ 96.33 Granted 500,135 $ 182.95 Exercised (578,093 ) $ 59.24 Forfeited (984 ) $ 182.61 Balance, December 31, 2019 2,416,688 $ 123.09 6.2 $ 288 Exercisable, December 31, 2019 1,561,752 $ 99.22 4.9 $ 223 |
Schedule of 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) Balances, December 31, 2016 $ (100 ) $ 225 $ (83 ) $ (90 ) $ (22 ) $ (70 ) Other comprehensive income before reclassifications — 127 46 23 2 198 Amounts reclassified from AOCI 32 (a) (36 ) (b) (2 ) (c) — — (6 ) Net other comprehensive income 32 91 44 23 2 192 Less other comprehensive income attributable to noncontrolling interests 9 — — 2 — 11 Balances, December 31, 2017 (77 ) 316 (39 ) (69 ) (20 ) 111 Other comprehensive income (loss) before reclassifications — (12 ) (14 ) (31 ) 4 (53 ) Amounts reclassified from AOCI 26 (a) 1 (b) (3 ) (c) — — 24 Net other comprehensive income (loss) 26 (11 ) (17 ) (31 ) 4 (29 ) Impact of NEP deconsolidation (d) 3 — — 37 18 58 Adoption of accounting standards updates (7 ) (312 ) (9 ) — — (328 ) Balances, December 31, 2018 (55 ) (7 ) (65 ) (63 ) 2 (188 ) Other comprehensive income (loss) before reclassifications — 20 (46 ) 22 1 (3 ) Amounts reclassified from AOCI 29 (a) (2 ) (b) (3 ) (c) — — 24 Net other comprehensive income (loss) 29 18 (49 ) 22 1 21 Less other comprehensive income attributable to noncontrolling interests — — — 1 — 1 Acquisition of Gulf Power (see Note 8) (1 ) — — — — (1 ) Balances, December 31, 2019 $ (27 ) $ 11 $ (114 ) $ (42 ) $ 3 $ (169 ) ———————————— (a) Reclassified to interest expense in NEE's 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 consolidated statements of income. (c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income. (d) Reclassified and included in gain on NEP deconsolidation. See Note 1 - NextEra Energy Partners, LP. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Issuances and Borrowings by Subsidiaries | Long-term debt consists of the following: December 31, 2019 2018 Maturity Balance Weighted- Balance Weighted- (millions) (millions) FPL: First mortgage bonds - fixed 2020-2049 $ 12,005 4.46 % $ 10,626 4.60 % Storm-recovery bonds - fixed — 74 5.26 % Pollution control, solid waste disposal and industrial development revenue bonds - primarily variable (a) 2020-2049 1,076 1.67 % 1,022 2.04 % Senior unsecured notes - variable (b)(c) 2022-2069 1,236 2.18 % 193 2.40 % Unamortized debt issuance costs and discount (156 ) (132 ) Total long-term debt of FPL 14,161 11,783 Less current portion of long-term debt 30 95 Long-term debt of FPL, excluding current portion 14,131 11,688 GULF POWER: Senior unsecured notes - fixed 2020-2044 990 4.17 % — Other long-term debt - primarily variable (a) 2021-2049 709 1.93 % — Unamortized debt issuance costs and discount (14 ) — Total long-term debt of Gulf Power 1,685 — Less current portion of long-term debt 175 — Long-term debt of Gulf Power, excluding current portion 1,510 — NEER: NextEra Energy Resources: Senior secured limited-recourse long-term debt - primarily variable (c)(d) 2023-2049 3,419 3.79 % 4,193 4.38 % Other long-term debt - primarily variable (c)(d) 2024-2040 440 (e) 3.78 % 601 2.57 % NEET - long-term debt - primarily fixed (d) 2021-2049 837 3.50 % 325 3.73 % Unamortized debt issuance costs and premium - net (74 ) (95 ) Total long-term debt of NEER 4,622 5,024 Less current portion of long-term debt 215 602 Long-term debt of NEER, excluding current portion 4,407 4,422 NEECH: Debentures - fixed (d) 2020-2029 9,550 3.05 % 4,300 3.21 % Debentures - variable (c) 2020-2022 1,375 3.00 % 2,341 3.11 % Debentures, related to NEE's equity units - fixed 2024 1,500 2.10 % 1,500 1.65 % Junior subordinated debentures - primarily fixed (d) 2057-2079 4,643 5.13 % 3,456 4.99 % Japanese yen denominated long-term debt - primarily variable (c)(d)(f) 2020-2030 645 3.10 % 637 3.10 % Australian dollar denominated long-term debt - fixed (f) 2026 351 2.59 % — Other long-term debt - fixed 2020-2021 524 2.00 % 543 1.95 % Other long-term debt - variable (c) 2021 750 2.60 % — Unamortized debt issuance costs and discount (139 ) (86 ) Total long-term debt of NEECH 19,199 12,691 Less current portion of long-term debt 1,704 2,019 Long-term debt of NEECH, excluding current portion 17,495 10,672 Total long-term debt $ 37,543 $ 26,782 ______________________ (a) Includes variable rate tax exempt bonds that permit individual bondholders to tender the bonds for purchase at any time prior to maturity. In the event these variable rate tax exempt bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL or Gulf Power, as the case may be, would be required to purchase the variable rate tax exempt bonds. At December 31, 2019 , variable rate tax exempt bonds totaled approximately $948 million at FPL and $269 million at Gulf Power. All variable rate tax exempt bonds tendered for purchase have been successfully remarketed. FPL's and Gulf Power's syndicated revolving credit facilities, as the case may be, are available to support the purchase of the variable rate tax exempt bonds. Variable interest rate is established at various intervals by the remarketing agent. Gulf Power's remaining debt is primarily variable which is based on an underlying index plus a margin. (b) Includes approximately $236 million of floating rate notes that permit individual noteholders to require repayment prior to maturity. FPL’s syndicated revolving credit facilities are available to support the purchase of the senior unsecured notes. (c) Variable rate is based on an underlying index plus a specified margin. (d) Interest rate contracts, primarily swaps, have been entered into with respect to certain of these debt issuances. See Note 4. (e) Excludes approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets. See Note 1 - Disposal of Businesses/Assets. (f) Foreign currency contracts have been entered into with respect to these debt issuances. See Note 4. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligations [Abstract] | |
Asset retirement obligation, roll forward analysis | A rollforward of NEE's and FPL's AROs is as follows: NEE FPL (millions) Balances, December 31, 2017 $ 3,031 $ 2,047 Liabilities incurred 49 — Accretion expense 158 101 Liabilities settled (26 ) (a) (1 ) Revision in estimated cash flows - net 4 — Impact of NEP deconsolidation (81 ) (b) — Balances, December 31, 2018 3,135 2,147 Liabilities incurred 100 1 Accretion expense 172 107 Liabilities settled (65 ) (a) (1 ) Revision in estimated cash flows - net 32 (c) 14 (c) Additions from acquisitions 132 (d) — Balances, December 31, 2019 $ 3,506 (e) $ 2,268 ______________________ (a) Primarily reflects sales of ownership interests to subsidiaries of NEP. See Note 1 - Disposal of Businesses/Assets. (b) See Note 1 - NextEra Energy Partners, LP. (c) Includes an increase of approximately $75 million for additional estimated ash pond closure costs at Scherer, partly offset by a decrease of approximately $71 million due to the approval of Turkey Point Units Nos. 3 and 4 license renewals for an additional 20 years . (d) See Note 8 for 2019 acquisitions. (e) Includes the current portion of AROs of approximately $49 million , which is included in other current liabilities on NEE's consolidated balance sheets. |
Funds restricted for decommissioning included in special use funds | Restricted funds for the payment of future expenditures to decommission NEE's and FPL's nuclear units included in special use funds on NEE's and FPL's consolidated balance sheets are as follows (see Note 5 - Special Use Funds): NEE FPL (millions) Balances, December 31, 2019 $ 6,880 $ 4,697 Balances, December 31, 2018 $ 5,818 $ 3,987 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Planned Capital Expenditures | At December 31, 2019 , estimated capital expenditures for 2020 through 2024 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows: 2020 2021 2022 2023 2024 Total (millions) FPL: Generation: (a) New (b) $ 1,345 $ 730 $ 555 $ 500 $ — $ 3,130 Existing 855 970 930 925 840 4,520 Transmission and distribution (c) 3,150 3,905 4,030 4,120 4,885 20,090 Nuclear fuel 205 220 165 120 145 855 General and other 730 480 440 380 470 2,500 Total $ 6,285 $ 6,305 $ 6,120 $ 6,045 $ 6,340 $ 31,095 Gulf Power $ 800 $ 770 $ 645 $ 650 $ 680 $ 3,545 NEER: Wind (d) $ 3,265 $ 20 $ 10 $ 10 $ 10 $ 3,315 Solar (e) 945 230 5 5 — 1,185 Nuclear, including nuclear fuel 170 180 170 130 150 800 Natural gas pipelines (f) 600 195 20 — — 815 Rate-regulated transmission 300 110 5 — — 415 Other 580 50 70 60 60 820 Total $ 5,860 $ 785 $ 280 $ 205 $ 220 $ 7,350 ______________________ (a) Includes AFUDC of approximately $ 45 million , $ 70 million , $40 million , and $20 million for 2020 through 2023, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $40 million , $50 million , $40 million , $25 million and $20 million for 2020 through 2024, respectively. (d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 4,400 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 1,180 MW. (f) Construction of two natural gas pipelines are subject to certain conditions, including applicable regulatory approvals. In addition, completion of another natural gas pipeline is subject to final permitting. |
Required Capacity and/or Minimum Payments | The required capacity and/or minimum payments under contracts, including those discussed above at December 31, 2019 , were estimated as follows: 2020 2021 2022 2023 2024 Thereafter (millions) FPL (a) $ 1,035 $ 1,005 $ 985 $ 975 $ 970 $ 11,625 NEER (b)(c)(d) $ 3,355 $ 395 $ 255 $ 130 $ 140 $ 1,415 _______________________ (a) Includes approximately $ 385 million , $ 415 million , $ 415 million , $410 million , $410 million and $ 6,765 million in 2020 through 2024 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection, LLC. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $316 million and $303 million for the years ended December 31, 2019 and 2018 , respectively, of which $108 million and $95 million , respectively, were eliminated in consolidation at NEE. (b) Includes approximately $70 million , $70 million , $70 million , $70 million and $1,110 million for 2021 through 2024 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 2020. (c) Includes an approximately $110 million commitment to invest in technology investments through 2029. (d) Includes approximately $60 million , $20 million , $20 million , $20 million , $10 million and $15 million for 2020 through 2024 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NEE's segment information is as follows: 2019 FPL Gulf Power (a) NEER (b) Corp. and NEE (millions) Operating revenues $ 12,192 $ 1,487 $ 5,639 $ (114 ) $ 19,204 Operating expenses - net $ 8,890 $ 1,216 $ 3,635 $ 110 $ 13,851 Interest expense $ 594 $ 55 $ 873 $ 727 $ 2,249 Interest income $ 5 $ 3 $ 38 $ 8 $ 54 Depreciation and amortization $ 2,524 $ 247 $ 1,387 $ 58 $ 4,216 Equity in earnings (losses) of equity method investees $ — $ — $ 67 $ (1 ) $ 66 Income tax expense (benefit) (c) $ 441 $ 42 $ 162 $ (197 ) $ 448 Net income (loss) $ 2,334 $ 180 $ 1,426 $ (552 ) $ 3,388 Net income (loss) attributable to NEE $ 2,334 $ 180 $ 1,807 $ (552 ) $ 3,769 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 5,755 $ 729 $ 6,505 $ 4,473 $ 17,462 Property, plant and equipment $ 59,027 $ 6,393 $ 41,499 $ 259 $ 107,178 Accumulated depreciation and amortization $ 13,953 $ 1,630 $ 9,457 $ 128 $ 25,168 Total assets $ 57,188 $ 5,855 $ 51,516 $ 3,132 $ 117,691 Investment in equity method investees $ — $ — $ 7,453 $ — $ 7,453 2018 FPL NEER (b)(d) Corp. and NEE (millions) Operating revenues $ 11,862 $ 4,984 $ (119 ) $ 16,727 Operating expenses - net $ 8,708 $ 3,616 $ 123 $ 12,447 Interest expense $ 541 $ 595 $ 362 $ 1,498 Interest income $ 4 $ 40 $ 7 $ 51 Depreciation and amortization $ 2,633 $ 1,230 $ 48 $ 3,911 Equity in earnings of equity method investees $ — $ 321 $ 37 $ 358 Income tax expense (benefit) (c) $ 539 $ 1,196 $ (159 ) $ 1,576 Net income (loss) $ 2,171 $ 3,842 $ (237 ) $ 5,776 Net income (loss) attributable to NEE $ 2,171 $ 4,704 $ (237 ) $ 6,638 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 5,135 $ 7,189 $ 680 $ 13,004 Property, plant and equipment $ 54,717 $ 37,063 $ 303 $ 92,083 Accumulated depreciation and amortization $ 13,218 $ 8,461 $ 70 $ 21,749 Total assets $ 53,484 $ 44,509 $ 5,709 $ 103,702 Investment in equity method investees $ — $ 6,521 $ 227 $ 6,748 2017 FPL NEER (b) Corp. and NEE (millions) Operating revenues $ 11,972 $ 5,275 $ (74 ) $ 17,173 Operating expenses - net $ 8,582 $ 4,345 $ (927 ) $ 12,000 Interest expense $ 481 $ 815 $ 262 $ 1,558 Interest income $ 2 $ 72 $ 7 $ 81 Depreciation and amortization $ 940 $ 1,414 $ 3 $ 2,357 Equity in earnings of equity method investees $ — $ 136 $ 5 $ 141 Income tax expense (benefit) (c) $ 1,106 $ (2,013 ) $ 247 $ (660 ) Net income $ 1,880 $ 2,940 $ 503 $ 5,323 Net income attributable to NEE $ 1,880 $ 2,997 $ 503 $ 5,380 Capital expenditures, independent power and other investments and nuclear fuel purchases $ 5,291 $ 5,415 $ 34 $ 10,740 Property, plant and equipment $ 51,915 $ 41,567 $ 83 $ 93,565 Accumulated depreciation and amortization $ 12,791 $ 8,460 $ 25 $ 21,276 Total assets $ 50,254 $ 46,611 $ 1,098 $ 97,963 Investment in equity method investees $ — $ 2,173 $ 148 $ 2,321 _________________________ (a) See Note 8 - Gulf Power Company. (b) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (c) NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes. (d) NEP was deconsolidated from NEER in January 2018. See Note 1 - NextEra Energy Partners, LP. |
Summarized Financial Informat_2
Summarized Financial Information of NEECH (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summarized Financial Information [Abstract] | |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Operating revenues $ — $ 5,671 $ 13,533 $ 19,204 $ — $ 5,007 $ 11,720 $ 16,727 $ — $ 5,301 $ 11,872 $ 17,173 Operating expenses - net (209 ) (3,669 ) (9,973 ) (13,851 ) (196 ) (3,652 ) (8,599 ) (12,447 ) (175 ) (3,273 ) (8,552 ) (12,000 ) Interest expense (3 ) (1,596 ) (650 ) (2,249 ) (17 ) (940 ) (541 ) (1,498 ) (3 ) (1,074 ) (481 ) (1,558 ) Equity in earnings of subsidiaries 3,785 — (3,785 ) — 6,548 — (6,548 ) — 5,393 — (5,393 ) — Equity in earnings of equity method investees — 66 — 66 — 358 — 358 — 141 — 141 Gain on NEP deconsolidation — — — — — 3,927 — 3,927 — — — — Other income - net 185 407 74 666 169 21 95 285 151 702 54 907 Income (loss) before income taxes 3,758 879 (801 ) 3,836 6,504 4,721 (3,873 ) 7,352 5,366 1,797 (2,500 ) 4,663 Income tax expense (benefit) (11 ) (21 ) 480 448 (134 ) 1,195 515 1,576 (14 ) (1,719 ) 1,073 (660 ) Net income (loss) 3,769 900 (1,281 ) 3,388 6,638 3,526 (4,388 ) 5,776 5,380 3,516 (3,573 ) 5,323 Net loss attributable to noncontrolling interests — 381 — 381 — 862 — 862 — 57 — 57 Net income (loss) attributable to NEE $ 3,769 $ 1,281 $ (1,281 ) $ 3,769 $ 6,638 $ 4,388 $ (4,388 ) $ 6,638 $ 5,380 $ 3,573 $ (3,573 ) $ 5,380 ______________________ (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE NEE NEECH Other (a) NEE (millions) Comprehensive income (loss) attributable to NEE $ 3,789 $ 1,340 $ (1,340 ) $ 3,789 $ 6,667 $ 4,434 $ (4,434 ) $ 6,667 $ 5,561 $ 3,710 $ (3,710 ) $ 5,561 ______________________ (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets December 31, 2019 December 31, 2018 NEE (Guaran- NEECH Other (a) NEE NEE (Guaran- NEECH Other (a) NEE (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 170 $ 41,585 $ 65,423 $ 107,178 $ 220 $ 37,145 $ 54,718 $ 92,083 Accumulated depreciation and amortization (111 ) (9,473 ) (15,584 ) (25,168 ) (58 ) (8,473 ) (13,218 ) (21,749 ) Total property, plant and equipment - net 59 32,112 49,839 82,010 162 28,672 41,500 70,334 CURRENT ASSETS Cash and cash equivalents 1 515 84 600 (1 ) 525 114 638 Receivables 81 1,489 1,237 2,807 292 1,771 906 2,969 Other 16 2,633 1,352 4,001 5 1,425 1,356 2,786 Total current assets 98 4,637 2,673 7,408 296 3,721 2,376 6,393 OTHER ASSETS Investment in subsidiaries 36,783 — (36,783 ) — 33,397 — (33,397 ) — Investment in equity method investees — 7,453 — 7,453 — 6,748 — 6,748 Goodwill 1 1,217 2,986 4,204 1 587 303 891 Other 404 6,899 9,313 16,616 937 5,890 12,509 19,336 Total other assets 37,188 15,569 (24,484 ) 28,273 34,335 13,225 (20,585 ) 26,975 TOTAL ASSETS $ 37,345 $ 52,318 $ 28,028 $ 117,691 $ 34,793 $ 45,618 $ 23,291 $ 103,702 CAPITALIZATION Common shareholders' equity $ 37,005 $ 11,050 $ (11,050 ) $ 37,005 $ 34,144 $ 7,917 $ (7,917 ) $ 34,144 Noncontrolling interests — 4,355 — 4,355 — 3,269 — 3,269 Redeemable noncontrolling interests — 487 — 487 — 468 — 468 Long-term debt — 21,901 15,642 37,543 — 15,094 11,688 26,782 Total capitalization 37,005 37,793 4,592 79,390 34,144 26,748 3,771 64,663 CURRENT LIABILITIES Debt due within one year — 2,961 2,079 5,040 — 9,579 1,351 10,930 Accounts payable 3 2,755 873 3,631 32 1,730 624 2,386 Other 167 2,817 2,198 5,182 168 2,364 1,715 4,247 Total current liabilities 170 8,533 5,150 13,853 200 13,673 3,690 17,563 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 1,072 2,385 3,457 — 988 2,147 3,135 Deferred income taxes (410 ) 2,956 5,815 8,361 (157 ) 2,778 4,746 7,367 Other 580 1,964 10,086 12,630 606 1,431 8,937 10,974 Total other liabilities and deferred credits 170 5,992 18,286 24,448 449 5,197 15,830 21,476 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 37,345 $ 52,318 $ 28,028 $ 117,691 $ 34,793 $ 45,618 $ 23,291 $ 103,702 ______________________ (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated NEE (Guar- antor) NEECH Other (a) NEE Consoli- dated (millions) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 2,769 $ 2,562 $ 2,824 $ 8,155 $ 3,401 $ 2,094 $ 1,098 $ 6,593 $ 1,968 $ 2,749 $ 1,741 $ 6,458 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases (7 ) (6,509 ) (10,946 ) (17,462 ) (132 ) (7,735 ) (5,137 ) (13,004 ) — (5,449 ) (5,291 ) (10,740 ) Capital contributions from NEE (1,876 ) — 1,876 — (6,270 ) — 6,270 — (92 ) — 92 — Proceeds from sale of the fiber-optic telecommunications business — — — — — — — — — 1,454 — 1,454 Sale of independent power and other investments of NEER — 1,163 — 1,163 — 1,617 — 1,617 — 178 — 178 Proceeds from sale or maturity of securities in special use funds and other investments — 1,279 2,729 4,008 — 1,178 2,232 3,410 9 1,221 1,977 3,207 Purchases of securities in special use funds and other investments — (1,306 ) (2,854 ) (4,160 ) — (1,330 ) (2,403 ) (3,733 ) — (1,163 ) (2,081 ) (3,244 ) Distributions from subsidiaries and equity method investees — — — — 4,466 637 (4,466 ) 637 — 7 — 7 Other - net 103 150 21 274 12 (130 ) 241 123 7 195 18 220 Net cash used in investing activities (1,780 ) (5,223 ) (9,174 ) (16,177 ) (1,924 ) (5,763 ) (3,263 ) (10,950 ) (76 ) (3,557 ) (5,285 ) (8,918 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 10,916 3,003 13,919 — 2,651 1,748 4,399 — 6,393 1,961 8,354 Retirements of long-term debt — (5,292 ) (200 ) (5,492 ) — (1,512 ) (1,590 ) (3,102 ) — (5,907 ) (873 ) (6,780 ) Proceeds from differential membership investors — 1,604 — 1,604 — 1,841 — 1,841 — 1,414 — 1,414 Net change in commercial paper — (651 ) 417 (234 ) — 1,493 (431 ) 1,062 — — 1,419 1,419 Proceeds from other short-term debt — — 200 200 — 5,665 — 5,665 — — 450 450 Repayments of other short-term debt — (4,765 ) — (4,765 ) — (205 ) (250 ) (455 ) — — (2 ) (2 ) Payments to related parties under CSCS agreement – net — (54 ) — (54 ) — (21 ) — (21 ) — — — — Issuances of common stock - net 1,494 — — 1,494 718 — — 718 55 — — 55 Proceeds from issuance of NEP convertible preferred units - net — — — — — — — — — 548 — 548 Dividends on common stock (2,408 ) — — (2,408 ) (2,101 ) — — (2,101 ) (1,845 ) — — (1,845 ) Contributions from (dividends to) NEE — 1,479 (1,479 ) — — (7,272 ) 7,272 — — (633 ) 633 — Other - net (73 ) (271 ) (47 ) (391 ) (96 ) (238 ) (38 ) (372 ) (102 ) (601 ) (22 ) (725 ) Net cash provided by (used in) financing activities (987 ) 2,966 1,894 3,873 (1,479 ) 2,402 6,711 7,634 (1,892 ) 1,214 3,566 2,888 Effects of currency translation on cash, cash equivalents and restricted cash — 4 — 4 — (7 ) — (7 ) — 26 — 26 Net increase (decrease) in cash, cash equivalents and restricted cash 2 309 (4,456 ) (4,145 ) (2 ) (1,274 ) 4,546 3,270 — 432 22 454 Cash, cash equivalents and restricted cash at beginning of year (1 ) 533 4,721 5,253 1 1,807 175 1,983 1 1,375 153 1,529 Cash, cash equivalents and restricted cash at end of year $ 1 $ 842 $ 265 $ 1,108 $ (1 ) $ 533 $ 4,721 $ 5,253 $ 1 $ 1,807 $ 175 $ 1,983 ______________________ (a) Represents primarily FPL and consolidating adjustments. |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Data (Unaudited) [Abstract] | |
Condensed Consolidated Quarterly Financial Information | Condensed consolidated quarterly financial information is as follows: March 31 (a) June 30 (a) September 30 (a) December 31 (a) (millions, except per share amounts) NEE: 2019 Operating revenues (b) $ 4,075 $ 4,970 $ 5,572 $ 4,588 Operating income (b) $ 1,135 $ 1,747 $ 1,593 $ 878 Net income (b) $ 606 $ 1,139 $ 798 $ 844 Net income attributable to NEE (b) $ 680 $ 1,234 $ 879 $ 975 Earnings per share attributable to NEE - basic (c) $ 1.42 $ 2.58 $ 1.82 $ 2.00 Earnings per share attributable to NEE - assuming dilution (c) $ 1.41 $ 2.56 $ 1.81 $ 1.99 Dividends per share $ 1.25 $ 1.25 $ 1.25 $ 1.25 High-low common stock sales prices $195.55 - $168.66 $208.91 - $187.30 $233.45 - $201.06 $245.01 - $220.66 2018 Operating revenues (b) $ 3,857 $ 4,063 $ 4,416 $ 4,390 Operating income (b) $ 1,059 $ 1,146 $ 968 $ 1,107 Net income (b)(d) $ 3,834 $ 687 $ 941 $ 314 Net income attributable to NEE (b)(d) $ 4,431 $ 781 $ 1,005 $ 422 Earnings per share attributable to NEE - basic (c)(d) $ 9.41 $ 1.66 $ 2.12 $ 0.88 Earnings per share attributable to NEE - assuming dilution (c)(d) $ 9.32 $ 1.61 $ 2.10 $ 0.88 Dividends per share $ 1.11 $ 1.11 $ 1.11 $ 1.11 High-low common stock sales prices $164.41 - $145.10 $169.53 - $155.06 $175.65 - $163.52 $184.20 - $164.78 FPL: 2019 Operating revenues (b) $ 2,618 $ 3,158 $ 3,491 $ 2,925 Operating income (b) $ 857 $ 854 $ 973 $ 617 Net income (b) $ 588 $ 663 $ 683 $ 400 2018 Operating revenues (b) $ 2,620 $ 2,908 $ 3,399 $ 2,935 Operating income (b) $ 707 $ 921 $ 917 $ 609 Net income (b) $ 484 $ 626 $ 654 $ 407 ______________________ (a) In the opinion of NEE and FPL management, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. (b) The sum of the quarterly amounts may not equal the total for the year due to rounding. (c) The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. (d) First quarter of 2018 includes gain on the deconsolidation of NEP (see Note 1 - NextEra Energy Partners, LP). |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies (Additional Information) (Details) € in Millions, account in Millions | Feb. 11, 2020USD ($)solar_generation_facilityMW | Apr. 01, 2019USD ($)MW | Jan. 01, 2018USD ($) | Jan. 01, 2017USD ($) | Sep. 30, 2019USD ($)MW | Jun. 30, 2019USD ($)solar_generation_facilitywind_generation_facilityMW | Aug. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2020$ / kWMW | Dec. 31, 2019USD ($)accountfacilityunitMW | Dec. 31, 2018USD ($)facilitysolar_generation_facilitywind_generation_facilityMW | Dec. 31, 2017USD ($) | Dec. 31, 2020USD ($)kWhMW | Jun. 30, 2020MW | Feb. 11, 2020EUR (€) | Mar. 31, 2019MW | Mar. 31, 2018MW | Sep. 30, 2017USD ($) |
Basis of Presentation [Abstract] | ||||||||||||||||||
Number of customer accounts (more than) | account | 5,000,000 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||
Investment in equity method investees | $ 7,453,000,000 | $ 6,748,000,000 | $ 2,321,000,000 | |||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Deconsolidation, Before Tax | 3,900,000,000 | |||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Deconsolidation, After Tax | 3,000,000,000 | |||||||||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ||||||||||||||||||
Revenue from contracts with customers | 17,500,000,000 | 15,400,000,000 | ||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Convertible ITCs | 824,000,000 | 1,200,000,000 | ||||||||||||||||
Convertible ITCs included in other receivables | 10,000,000 | 138,000,000 | ||||||||||||||||
Construction Activity [Abstract] | ||||||||||||||||||
Impairment charges | 72,000,000 | 11,000,000 | 446,000,000 | |||||||||||||||
Impairment of long-lived assets, after tax | 54,000,000 | |||||||||||||||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | ||||||||||||||||||
Asset Retirement Obligation | 3,506,000,000 | 3,135,000,000 | 3,031,000,000 | |||||||||||||||
Restricted Cash [Abstract] | ||||||||||||||||||
Restricted cash, current | 508,000,000 | 4,615,000,000 | ||||||||||||||||
restricted cash related to margin cash collateral that is netted against derivative assets | 139,000,000 | 184,000,000 | ||||||||||||||||
restricted cash related to margin cash collateral that is netted against derivative liabilities | 66,000,000 | |||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||
Revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules | $ 4,141,000,000 | 4,074,000,000 | ||||||||||||||||
Amortization period | 5 years | |||||||||||||||||
Unrecognized tax benefits that impact annual effective income tax rate | $ 79,000,000 | |||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (381,000,000) | (862,000,000) | (57,000,000) | |||||||||||||||
Redeemable noncontrolling interests | 395,000,000 | |||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 406,000,000 | $ 80,000,000 | 1,111,000,000 | |||||||||||||||
Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | ||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||
Income (Loss) Attributable to Noncontrolling Interest, before Tax | 497,000,000 | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 373,000,000 | |||||||||||||||||
FPL[Member] | ||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||
Number of generation facilities retired during period | facility | 3 | |||||||||||||||||
Net book value | $ 45,074,000,000 | $ 41,499,000,000 | ||||||||||||||||
FPSC rate orders [Abstract] | ||||||||||||||||||
Increase in base rate revenues | $ 200,000,000 | $ 211,000,000 | $ 400,000,000 | |||||||||||||||
Energy Assets, Power Generation Capacity | MW | 1,720 | |||||||||||||||||
Renewable energy assets, power generation capacity (mw) | MW | 900 | 300 | 600 | |||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Percentage of electric generating assets to gross investment in electric utility plant in service (in hundredths) | 46.00% | |||||||||||||||||
Percentage of electric transmission assets to gross investment in electric utility plant in service (in hundredths) | 12.00% | |||||||||||||||||
Percentage of electric distribution assets to gross investment in electric utility plant in service (in hundredths) | 35.00% | |||||||||||||||||
Percentage of general facilities assets to gross investment in electric utility plant in service (in hundredths) | 7.00% | |||||||||||||||||
Convertible ITCs | $ 128,000,000 | 134,000,000 | ||||||||||||||||
Maximum interval between depreciation studies performed and filed with the FPSC (in years) | 4 years | |||||||||||||||||
Amount of reserve (reversal) amortization recognized | $ (357,000,000) | $ (541,000,000) | $ 1,250,000,000 | |||||||||||||||
FPL's composite depreciation rate for electric plant in service (in hundredths) | 3.90% | 3.80% | 3.70% | |||||||||||||||
Construction Activity [Abstract] | ||||||||||||||||||
Threshold of plant in service balance at which AFUDC may be recorded (in hundredths) | 0.50% | |||||||||||||||||
AFUDC capitalization rate for FPL (in hundredths) | 6.22% | 5.97% | 6.16% | |||||||||||||||
AFUDC capitalized for FPL | $ 80,000,000 | $ 114,000,000 | $ 101,000,000 | |||||||||||||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | ||||||||||||||||||
Maximum interval between nuclear decommissioning studies submitted to the FPSC for approval (in years) | 5 years | |||||||||||||||||
For FPL, number of nuclear units | unit | 4 | |||||||||||||||||
FPL's portion of the ultimate costs of nuclear decommissioning | $ 9,700,000,000 | |||||||||||||||||
FPL's Ultimate costs of nuclear decommissioning, in current year dollars | 3,300,000,000 | |||||||||||||||||
FPL's fund earnings on decommissioning funds | $ 125,000,000 | 94,000,000 | 114,000,000 | |||||||||||||||
Maximum interval between plant dismantlement studies submitted to the FPSC for approval (in years) | 4 years | |||||||||||||||||
Plant Dismantlement Approved Expense Effective January 2017 | $ 26,000,000 | |||||||||||||||||
Ultimate Costs Of Plant Dismantlement | 1,200,000,000 | |||||||||||||||||
Ultimate Costs Of Plant Dismantlement In Current Year Dollars | 510,000,000 | |||||||||||||||||
Asset Retirement Obligation | 2,268,000,000 | 2,147,000,000 | 2,047,000,000 | |||||||||||||||
Restricted Cash [Abstract] | ||||||||||||||||||
Restricted cash, current | 118,000,000 | 142,000,000 | ||||||||||||||||
Securitized Storm Recovery Costs Storm Fund And Storm Reserve Abstract | ||||||||||||||||||
Public utilities, proceeds from recovery of storm restoration costs | $ 201,000,000 | |||||||||||||||||
Eligible storm restoration costs | 294,000,000 | |||||||||||||||||
Storm and property insurance reserve prior to Hurricane Hermine and Hurricane Matthew | 93,000,000 | |||||||||||||||||
Amount approved to replenish reserve amount | $ 117,000,000 | |||||||||||||||||
Public utilities, refund issued | $ 28,000,000 | |||||||||||||||||
Storm costs reclassified to property, plant and equipment | $ 20,000,000 | |||||||||||||||||
Storm restoration costs | $ 260,000,000 | $ 1,300,000,000 | ||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||
Revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules | 3,745,000,000 | 4,042,000,000 | ||||||||||||||||
Accumulated Deferred Investment Tax Credit | 412,000,000 | 326,000,000 | ||||||||||||||||
Deferred income tax benefit associated with convertible ITCs | 40,000,000 | 42,000,000 | ||||||||||||||||
NEER [Member] | ||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||
Investment in equity method investees | 6,876,000,000 | 6,151,000,000 | ||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Net book value of assets serving as collateral | 10,000,000,000 | |||||||||||||||||
Construction Activity [Abstract] | ||||||||||||||||||
Project development costs of NextEra Energy Resources | 651,000,000 | 630,000,000 | ||||||||||||||||
Interest capitalized on construction projects of NextEra Energy Resources | $ 135,000,000 | 94,000,000 | 89,000,000 | |||||||||||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | |||||||||||||||||
Impairment charges | 420,000,000 | |||||||||||||||||
Impairment of long-lived assets, after tax | $ 258,000,000 | |||||||||||||||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | ||||||||||||||||||
Asset Retirement Obligation | $ 1,097,000,000 | $ 988,000,000 | ||||||||||||||||
Ultimate Costs Of Nuclear Decommissioning For Wholly Owned Indirect Subsidiary | 9,500,000,000 | |||||||||||||||||
Ultimate Costs Of Nuclear Decommissioning In Current Year Dollars For Wholly Owned Indirect Subsidiary | 2,000,000,000 | |||||||||||||||||
Ultimate costs to dismantle wind and solar facilities | $ 1,800,000,000 | |||||||||||||||||
Effective period for Seabrook's decommissioning funding plan (in years) | 4 years | |||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||
Wind Electric Generating Facility Capability | MW | 220 | |||||||||||||||||
NEER [Member] | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | ||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||
Wind Electric Generating Facility Capability | MW | 7,081 | |||||||||||||||||
Solar generating facility capability | MW | 473 | |||||||||||||||||
Forecast [Member] | FPL[Member] | ||||||||||||||||||
FPSC rate orders [Abstract] | ||||||||||||||||||
Renewable energy assets, power generation capacity (mw) | MW | 300 | 300 | 300 | |||||||||||||||
Base Rate Revenue, Installed Solar Cap Cost, Per Unit of Power | $ / kW | 1,750 | |||||||||||||||||
Regulatory return on common equity (in hundredths) | 10.55% | |||||||||||||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought (in hundredths) | 9.60% | |||||||||||||||||
Earned regulatory ROE threshold above which retail base rate reduction may be sought (in hundredths) | 11.60% | |||||||||||||||||
Time period after filing of a cost recovery petition that future storm restoration costs would be recoverable on an interim basis | 60 days | |||||||||||||||||
Maximum Amount Of Depreciation Reserve That May Be Amortized | $ 1,000,000,000 | |||||||||||||||||
Reserve amount remaining under 2012 rate agreement that may be amortized | 250,000,000 | |||||||||||||||||
Maximum Storm Surcharge | 4 | |||||||||||||||||
Threshold Of Storm Restoration Costs In Any Given Calendar Year At Which Surcharge May Be Increased | 800,000,000 | |||||||||||||||||
Threshold Of Storm Restoration Costs In Any Given Calendar Year At Which Surcharge May Be Increased, Amount Above Which May Be Recovered | $ 400,000,000 | |||||||||||||||||
Increment Of Usage In Kwh On Which Storm Surcharge Is Based | kWh | 1,000 | |||||||||||||||||
Cost Of Recovery Period | 12 months | |||||||||||||||||
Wind plants [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Percentage of gross depreciable assets by plant type | 54.00% | 53.00% | ||||||||||||||||
Nuclear Plant [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Percentage of gross depreciable assets by plant type | 10.00% | 10.00% | ||||||||||||||||
Solar plants [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Percentage of gross depreciable assets by plant type | 12.00% | 14.00% | ||||||||||||||||
Oil and Gas Properties [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Percentage of gross depreciable assets by plant type | 15.00% | 13.00% | ||||||||||||||||
Minimum [Member] | Forecast [Member] | FPL[Member] | ||||||||||||||||||
FPSC rate orders [Abstract] | ||||||||||||||||||
Regulatory return on common equity (in hundredths) | 9.60% | |||||||||||||||||
Minimum [Member] | Wind plants [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 25 years | |||||||||||||||||
Minimum [Member] | Nuclear Plant [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 23 years | |||||||||||||||||
Minimum [Member] | Solar plants [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 25 years | |||||||||||||||||
Maximum [Member] | Forecast [Member] | FPL[Member] | ||||||||||||||||||
FPSC rate orders [Abstract] | ||||||||||||||||||
Regulatory return on common equity (in hundredths) | 11.60% | |||||||||||||||||
Maximum [Member] | Wind plants [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 35 years | |||||||||||||||||
Maximum [Member] | Nuclear Plant [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 47 years | |||||||||||||||||
Maximum [Member] | Solar plants [Member] | NEER [Member] | ||||||||||||||||||
Electric Plant, Depreciation and Amortization [Abstract] | ||||||||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 30 years | |||||||||||||||||
NEP OpCo [Member] | ||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||
Noncontrolling interest ownership percentage | 65.10% | |||||||||||||||||
Coal Fired Generation Facility [Member] | FPL[Member] | ||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||
Number of coal-fired electric generation facilities | facility | 3 | |||||||||||||||||
Number of retired coal-fired electric generation facilities | facility | 2 | |||||||||||||||||
Regulatory asset, amortization period | 9 years | |||||||||||||||||
Regulatory assets, net of amortization | $ 799,000,000 | $ 963,000,000 | ||||||||||||||||
Current other assets [Member] | ||||||||||||||||||
Restricted Cash [Abstract] | ||||||||||||||||||
Restricted cash, current | 411,000,000 | 89,000,000 | ||||||||||||||||
Current other assets [Member] | FPL[Member] | ||||||||||||||||||
Restricted Cash [Abstract] | ||||||||||||||||||
Restricted cash, current | 54,000,000 | 81,000,000 | ||||||||||||||||
NEP [Member] | ||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||
Investment in equity method investees | 4,400,000,000 | |||||||||||||||||
Franchise and Gross Receipts Taxes [Member] | ||||||||||||||||||
Regulated and Unregulated Operating Revenue [Abstract] | ||||||||||||||||||
Revenue from contracts with customers | $ 763,000,000 | 738,000,000 | $ 767,000,000 | |||||||||||||||
Retired Plant [Member] | FPL[Member] | ||||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||||
Net book value | 875,000,000 | |||||||||||||||||
Amount of regulatory assets deferred | 729,000,000 | |||||||||||||||||
Regulatory asset, amortization period | 15 years | |||||||||||||||||
Regulatory assets, net of amortization | $ 851,000,000 | $ 870,000,000 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Two solar generation facilities located in Spain [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 440,000,000 | |||||||||||||||||
Current other liabilities | 647,000,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Three Wind Generation Facilities And Three Solar Generation Facilities [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 341,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal, Net Of Tax | $ 259,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Stockholders' Equity Attributable to Noncontrolling Interest | $ 118,000,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Three Wind Generation Facilities And Three Solar Generation Facilities [Member] | NEER [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Total generating facility capacity (mw) | MW | 611 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,000,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Working Capital | $ 12,000,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Solar plants [Member] | NEER [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Number Of Generation Facilities Sold | solar_generation_facility | 3 | 1 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Solar plants [Member] | Noncontrolling Interest [Member] | NEER [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Number Of Generation Facilities Sold | solar_generation_facility | 2 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ten wind generation facilities and one solar generation facility [Member] | NEER [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Total generating facility capacity (mw) | MW | 1,388 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,300,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 36,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal, Net Of Tax | 32,000,000 | |||||||||||||||||
Assumption Of Noncontrolling Interest | $ 941,000,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Wind plants [Member] | NEER [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Number Of Generation Facilities Sold | wind_generation_facility | 3 | 10 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | FPL FiberNet [Member] | Indirect Wholly-Owned Subsidiary [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 1,100,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 1,100,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal, Net Of Tax | 685,000,000 | |||||||||||||||||
Repayment of long term debt | $ 370,000,000 | |||||||||||||||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Two solar generation facilities located in Spain [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 260,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal, Net Of Tax | $ 250,000,000 | |||||||||||||||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Two solar generation facilities located in Spain [Member] | NEER [Member] | ||||||||||||||||||
Disposal of a Business/Assets [Abstract] | ||||||||||||||||||
Number Of Generation Facilities Sold | solar_generation_facility | 2 | |||||||||||||||||
Total generating facility capacity (mw) | MW | 99.8 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 128,000,000 | € 117 |
Summary of Significant Accoun_5
Summary of Significant Accounting and Reporting Policies (Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current: | ||
Acquisition of purchased power agreements | $ 165 | $ 165 |
Deferred clause and franchise expenses | 5 | 146 |
Other | 165 | 137 |
Total | 335 | 448 |
Noncurrent: | ||
Acquisition of purchased power agreements | 634 | 798 |
Other | 2,653 | 2,492 |
Total | 3,287 | 3,290 |
Current: | ||
Deferred clause revenues | 309 | 265 |
Other | 11 | 60 |
Total | 320 | 325 |
Noncurrent: | ||
Asset retirement obligation regulatory expense difference | 2,826 | 2,352 |
Accrued asset removal costs | 1,346 | 991 |
Deferred taxes | 4,862 | 4,815 |
Other | 902 | 851 |
Total | 9,936 | 9,009 |
FPL[Member] | ||
Current: | ||
Acquisition of purchased power agreements | 165 | 165 |
Deferred clause and franchise expenses | 5 | 146 |
Other | 57 | 136 |
Total | 227 | 447 |
Noncurrent: | ||
Acquisition of purchased power agreements | 634 | 798 |
Other | 1,915 | 2,045 |
Total | 2,549 | 2,843 |
Current: | ||
Deferred clause revenues | 284 | 265 |
Other | 0 | 45 |
Total | 284 | 310 |
Noncurrent: | ||
Asset retirement obligation regulatory expense difference | 2,828 | 2,352 |
Accrued asset removal costs | 1,157 | 972 |
Deferred taxes | 4,397 | 4,736 |
Other | 914 | 826 |
Total | $ 9,296 | $ 8,886 |
Summary of Significant Accoun_6
Summary of Significant Accounting and Reporting Policies (Goodwill and Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | $ 4,204 | $ 891 | |
Other intangible assets not subject to amortization, primarily land easements | 135 | 135 | |
Other intangible assets: | |||
Total | 473 | 659 | |
Accumulated amortization | (56) | (86) | |
Total other intangible assets subject to amortization - net | 417 | 573 | |
Intangible assets, amortization [Abstract] | |||
Amortization expense | 18 | 19 | $ 35 |
Amortization Expense 2020 | 18 | ||
Amortization Expense 2021 | 14 | ||
Amortization Expense 2022 | 8 | ||
Amortization Expense 2023 | 7 | ||
Amortization Expense 2024 | $ 4 | ||
Purchased Power Agreements [Member] | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 17 years | ||
Total | $ 401 | 625 | |
Other, primarily transmission and development rights and customer lists [Member] | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 22 years | ||
Total | $ 72 | 34 | |
Rate-Regulated Transmission [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 610 | 0 | |
Gas Infrastructure, primarily Texas pipelines [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 487 | 487 | |
Customer Supply [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 93 | 72 | |
Generation Assets [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 28 | 28 | |
Other Goodwill Assets [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 2,686 | 0 | |
FPL[Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 300 | 302 | |
FPL[Member] | Florida City Gas [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | 291 | 293 | |
FPL[Member] | Other Goodwill Assets [Member] | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill | $ 9 | $ 11 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 17,500 | $ 15,400 |
FPL [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 12,100 | 11,800 |
Unbilled revenues | $ 389 | $ 432 |
FPL [Member] | Revenue Benchmark [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 90.00% | |
NEER [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, remaining performance obligation | $ 945 |
Employee Retirement Benefits -
Employee Retirement Benefits - Plan Assets, Benefit Obligations and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in pension plan assets: | |||
Plan assets, beginning balance | $ 3,806 | ||
Plan assets, ending balance | 4,800 | $ 3,806 | |
Other Postretirement Benefits Plan [Member] | |||
Change in pension benefit obligation: | |||
Service cost | 1 | 1 | $ 1 |
Interest cost | 9 | 7 | 8 |
Special termination benefits | 0 | 0 | 0 |
Funded status: | |||
Prepaid (accrued) benefit cost | (313) | (226) | |
Pension Benefits [Member] | |||
Change in pension plan assets: | |||
Plan assets, beginning balance | 3,806 | 4,020 | |
Actual return on plan assets | 736 | (69) | |
Benefit payments | (235) | (160) | |
Acquisitions | 493 | 15 | |
Plan assets, ending balance | 4,800 | 3,806 | 4,020 |
Change in pension benefit obligation: | |||
Obligation, beginning balance | 2,522 | 2,593 | |
Service cost | 80 | 70 | 66 |
Interest cost | 114 | 82 | 83 |
Acquisitions | 503 | 15 | |
Special termination benefits | 19 | 35 | 38 |
Plan amendments | 3 | 0 | |
Actuarial losses (gains) - net | 357 | (113) | |
Benefit payments | (235) | (160) | |
Obligation, ending balance | 3,363 | 2,522 | $ 2,593 |
Funded status: | |||
Prepaid (accrued) benefit cost | 1,437 | 1,284 | |
Accumulated benefit obligation | 3,281 | 2,479 | |
FPL[Member] | Other Postretirement Benefits Plan [Member] | |||
Funded status: | |||
Prepaid (accrued) benefit cost | (167) | (187) | |
FPL[Member] | Pension Benefits [Member] | |||
Funded status: | |||
Prepaid (accrued) benefit cost | $ 1,477 | $ 1,407 |
Employee Retirement Benefits _2
Employee Retirement Benefits - Unrecognized Amounts (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Components of AOCI: | ||
Unrecognized prior service benefit | $ 2 | $ 2 |
Unrecognized losses | (108) | (71) |
Total | (106) | (69) |
Tax effects on components of AOCI [Abstract] | ||
Tax expense (benefit) related to unrecognized prior service benefit (cost) | 2 | 2 |
Tax expense (benefit) related to unrecognized gain (loss) | (37) | (27) |
Unrecognized amounts included in regulatory assets (liabilities) [Abstract] | ||
Unrecognized prior service benefit | (2) | (3) |
Unrecognized losses | 263 | 376 |
Total | $ 261 | $ 373 |
Employee Retirement Benefits _3
Employee Retirement Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Target asset allocations [Abstract] | |||
Defined contribution expense | $ 58 | $ 54 | $ 53 |
Pension Benefits [Member] | |||
Weighted-average assumptions used to determine benefit obligations [Abstract] | |||
Discount rate (in hundredths) | 3.22% | 4.26% | |
Salary increase (in hundredths) | 4.40% | 4.40% | |
Pension Benefits [Member] | Equity Securities [Member] | |||
Target asset allocations [Abstract] | |||
Equity investments, target allocation percentage (in hundredths) | 45.00% | ||
Pension Benefits [Member] | Debt Securities [Member] | |||
Target asset allocations [Abstract] | |||
Equity investments, target allocation percentage (in hundredths) | 32.00% | ||
Pension Benefits [Member] | Alternative Investments [Member] | |||
Target asset allocations [Abstract] | |||
Equity investments, target allocation percentage (in hundredths) | 13.00% | ||
Pension Benefits [Member] | Convertible Securities [Member] | |||
Target asset allocations [Abstract] | |||
Equity investments, target allocation percentage (in hundredths) | 10.00% | ||
FPL[Member] | |||
Target asset allocations [Abstract] | |||
Defined contribution expense | $ 36 | $ 34 | $ 33 |
Employee Retirement Benefits _4
Employee Retirement Benefits - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value measurements of plan assets [Abstract] | ||
Fair value | $ 4,800 | $ 3,806 |
Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 3,670 | 2,734 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1,767 | 1,131 |
Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1,900 | 1,601 |
Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 3 | 2 |
Equity Securities [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 741 | 459 |
Equity Securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1,605 | 1,043 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 1,593 | 1,030 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 9 | 11 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 3 | 2 |
Equity Commingled Vehicles [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 141 | 193 |
Equity Commingled Vehicles [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 706 | 638 |
Equity Commingled Vehicles [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Equity Commingled Vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 706 | 638 |
Equity Commingled Vehicles [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
U.S. Government And Municipal Bonds [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 102 | 95 |
U.S. Government And Municipal Bonds [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 95 | 84 |
U.S. Government And Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 7 | 11 |
U.S. Government And Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Corporate debt securities [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 76 | 77 |
Corporate debt securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 247 | 252 |
Corporate debt securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Corporate debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 247 | 252 |
Corporate debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Asset-backed securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 416 | 253 |
Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Asset-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 416 | 253 |
Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Debt Security Commingled Vehicles [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 5 | |
Debt Security Commingled Vehicles [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 190 | 133 |
Debt Security Commingled Vehicles [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 47 | 0 |
Debt Security Commingled Vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 143 | 133 |
Debt Security Commingled Vehicles [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Convertible securities [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 20 | 30 |
Convertible securities [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 404 | 320 |
Convertible securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 32 | 17 |
Convertible securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 372 | 303 |
Convertible securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | 0 | 0 |
Investments measured at net asset value [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Foreign investments | 190 | |
Investments measured at net asset value [Member] | Reported Value Measurement [Member] | ||
Fair value measurements of plan assets [Abstract] | ||
Fair value | $ 1,130 | 1,072 |
Foreign investments | $ 214 |
Employee Retirement Benefits _5
Employee Retirement Benefits - Expected Cash Flows (Details) - Pension Benefits [Member] $ in Millions | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 211 |
2021 | 203 |
2022 | 203 |
2023 | 206 |
2024 | 207 |
2025 - 2029 | $ 1,044 |
Employee Retirement Benefits _6
Employee Retirement Benefits - Net Periodic Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Service cost | $ 80 | $ 70 | $ 66 |
Interest cost | 114 | 82 | 83 |
Expected return on plan assets | (312) | (276) | (270) |
Amortization of prior service benefit | (1) | (1) | (1) |
Special termination benefits | 19 | 35 | 38 |
Postretirement benefits settlement | 0 | 0 | 0 |
Net periodic (income) cost | (100) | (90) | (84) |
Other Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 9 | 7 | 8 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service benefit | (15) | (15) | (10) |
Special termination benefits | 0 | 0 | 0 |
Postretirement benefits settlement | 0 | 0 | 1 |
Net periodic (income) cost | (5) | (7) | 0 |
FPL[Member] | Pension Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Net periodic (income) cost | (71) | (57) | (51) |
FPL[Member] | Other Benefits [Member] | |||
Net periodic benefit (income) cost [Abstract] | |||
Net periodic (income) cost | $ (4) | $ (6) | $ 0 |
Employee Retirement Benefits _7
Employee Retirement Benefits - Net Periodic Income Cost Recognizedf for OCI (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net gains (losses) | $ (36) | $ (13) | $ 37 |
Tax effects on components of net periodic income (cost) recognized in OCI [Abstract] | |||
Net gains (losses) | $ (10) | $ (4) | $ 23 |
Employee Retirement Benefits _8
Employee Retirement Benefits - Net Periodic Income Cost Regulatory Assets (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized losses (gains) | $ (113) | $ 216 |
Amortization of prior service cost | 1 | 1 |
Total | $ (112) | $ 217 |
Employee Retirement Benefits _9
Employee Retirement Benefits - Assumptions Used for Periodic Income (Details) - Pension Benefits [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.26% | 3.59% | 4.09% |
Salary increase | 4.40% | 4.10% | 4.10% |
Expected long-term rate of return, net of management fees | 7.35% | 7.35% | 7.35% |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (14) | |
Derivative, Collateral, Obligation to Return Cash | 10 | $ 16 |
Margin Cash Collateral Not Netted Against Derivative Liabilities | $ 360 | $ 157 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Current | $ 762 | $ 564 |
Derivative Asset, Noncurrent | 1,624 | 1,355 |
Derivative Assets | 2,386 | 1,919 |
Derivative Liability, Current | 344 | 675 |
Derivative Liability, Noncurrent | 863 | 516 |
Derivative Liabilities | 1,340 | 1,191 |
Current derivative assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Margin cash collateral received from counterparties | 2 | 124 |
Non Current Derivative Assets Member [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Margin cash collateral received from counterparties | 139 | 65 |
Noncurrent derivative liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Margin cash collateral paid to counterparties | 66 | |
Other Current Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Current other liabilities | 133 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 5,102 | 4,724 |
Derivative Liability, Fair Value, Gross Liability | 3,981 | 3,807 |
Derivative Assets | 2,386 | 1,919 |
Derivative Liabilities | 1,340 | 1,191 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 5,050 | 4,651 |
Derivative Liability, Fair Value, Gross Liability | 3,201 | 3,305 |
Derivative Assets | 2,350 | 1,840 |
Derivative Liabilities | 576 | 683 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 26 | 56 |
Derivative Liability, Fair Value, Gross Liability | 742 | 472 |
Derivative Assets | 9 | 49 |
Derivative Liabilities | 725 | 465 |
Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 26 | 17 |
Derivative Liability, Fair Value, Gross Liability | 38 | 30 |
Derivative Assets | 27 | 30 |
Derivative Liabilities | 39 | 43 |
FPL[Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Assets | 3 | 0 |
Derivative Liabilities | 13 | 41 |
FPL[Member] | Current other assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Current | 3 | |
FPL[Member] | Other Current Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Liability, Current | 12 | 32 |
FPL[Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Liability, Noncurrent | 1 | |
Derivative Liabilities | 9 | |
FPL[Member] | Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 4 | 2 |
Derivative Liability, Fair Value, Gross Liability | 14 | 43 |
Derivative Assets | 3 | 0 |
Derivative Liabilities | $ 13 | $ 41 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | $ 20 | $ 80 | $ 153 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Gains (Losses) Included In Operating Revenues [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 762 | 377 | 454 |
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | Gains (Losses) Included In Fuel, Purchased Power And Interchange [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 0 | (2) | 0 |
Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member] | Gain (loss) included in interest expense [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | (7) | 19 | 55 |
Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member] | Gains (Losses) Included In Other - Net [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | 0 | 0 | (4) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain (loss) included in interest expense [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) related to derivatives not designated as hedging instruments | (699) | (280) | (223) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member] | Gain (loss) included in interest expense [Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Interest Expense | (4) | (4) | (81) |
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] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Interest Expense | (32) | (30) | (48) |
FPL[Member] | |||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | |||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | $ 9 | $ (31) | $ (169) |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)MWhMMBTUbbl | Dec. 31, 2018USD ($)MWhMMBTUbbl | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ | $ 8,900 | $ 13,400 |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ | $ 1,000 | $ 656 |
Short [Member] | Commodity contract - Power [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Derivative, Nonmonetary Notional Amount | MWh | 81 | 100 |
Short [Member] | Commodity contract - Natural gas [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 1,723 | 491 |
Short [Member] | Commodity contract - Oil [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Volume | bbl | 13 | 30 |
Short [Member] | FPL[Member] | Commodity contract - Oil [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Volume | bbl | 0 | 0 |
Long [Member] | FPL[Member] | Commodity contract - Power [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Derivative, Nonmonetary Notional Amount | MWh | 1 | 1 |
Long [Member] | FPL[Member] | Commodity contract - Natural gas [Member] | ||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 161 | 231 |
Derivative Instruments (Credit
Derivative Instruments (Credit Risk Disclosures) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Liability position of derivative | $ 1,700 | $ 1,800 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Bbb Or Baa2 | 215 | 270 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Below Investment Grade | 1,200 | 1,500 |
Additional Collateral Aggregate Fair Value Due To Other Financial Measures | 590 | 610 |
Collateral Already Posted, Aggregate Fair Value | 2 | 2 |
Letters Of Credit Already Posted Aggregate Fair Value | 88 | 88 |
FPL[Member] | ||
Derivative [Line Items] | ||
Liability position of derivative | 12 | 34 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Bbb Or Baa2 | 0 | 0 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Below Investment Grade | 35 | 45 |
Additional Collateral Aggregate Fair Value Due To Other Financial Measures | 75 | 145 |
Collateral Already Posted, Aggregate Fair Value | 0 | 0 |
Letters Of Credit Already Posted Aggregate Fair Value | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives [Abstract] | ||
Derivative Assets | $ 2,386 | $ 1,919 |
Derivatives [Abstract] | ||
Derivative Liabilities | 1,340 | 1,191 |
Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 363 | 486 |
Special use funds [Abstract] | ||
Equity securities | 3,963 | 3,046 |
U.S. Government and municipal bonds | 717 | 604 |
Corporate debt securities | 748 | 728 |
Mortgage-backed securities | 517 | 478 |
Other debt securities | 117 | 146 |
Other Investments [Abstract] | ||
Equity securities | 46 | 24 |
Debt securities | 151 | 126 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 363 | 486 |
Special use funds [Abstract] | ||
Equity securities | 1,875 | 1,445 |
U.S. Government and municipal bonds | 567 | 449 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other Investments [Abstract] | ||
Equity securities | 34 | 13 |
Debt securities | 82 | 36 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | Current other assets [Member] | ||
Assets [Abstract] | ||
Restricted cash | 60 | 85 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | Other Noncurrent Assets [Member] | ||
Assets [Abstract] | ||
Restricted cash | 64 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | 0 |
Special use funds [Abstract] | ||
Equity securities | 2,088 | 1,601 |
U.S. Government and municipal bonds | 150 | 155 |
Corporate debt securities | 748 | 728 |
Mortgage-backed securities | 517 | 478 |
Other debt securities | 117 | 145 |
Other Investments [Abstract] | ||
Equity securities | 12 | 11 |
Debt securities | 69 | 90 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | 0 |
Special use funds [Abstract] | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 1 |
Other Investments [Abstract] | ||
Equity securities | 0 | 0 |
Debt securities | 0 | 0 |
Commodity contracts [Member] | Fair Value, Recurring [Member] | ||
Derivatives [Abstract] | ||
Asset offsetting | 2,700 | 2,811 |
Derivative Assets | 2,350 | 1,840 |
Derivatives [Abstract] | ||
Liability offsetting | 2,625 | 2,622 |
Derivative Liabilities | 576 | 683 |
Commodity contracts [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,229 | 1,379 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,365 | 1,329 |
Commodity contracts [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2,082 | 1,923 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 1,446 | 1,410 |
Commodity contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1,739 | 1,349 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 390 | 566 |
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | ||
Derivatives [Abstract] | ||
Asset offsetting | 17 | 7 |
Derivative Assets | 9 | 49 |
Derivatives [Abstract] | ||
Liability offsetting | 17 | 7 |
Derivative Liabilities | 725 | 465 |
Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 24 | 56 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 598 | 336 |
Interest Rate Contract [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 2 | 0 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 144 | 136 |
Currency Swap [Member] | Fair Value, Recurring [Member] | ||
Derivatives [Abstract] | ||
Asset offsetting | (1) | (13) |
Derivative Assets | 27 | 30 |
Derivatives [Abstract] | ||
Liability offsetting | (1) | (13) |
Derivative Liabilities | 39 | 43 |
Currency Swap [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 26 | 17 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 38 | 30 |
Currency Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
FPL[Member] | ||
Derivatives [Abstract] | ||
Derivative Assets | 3 | 0 |
Derivatives [Abstract] | ||
Derivative Liabilities | 13 | 41 |
FPL[Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 156 | 206 |
Special use funds [Abstract] | ||
Equity securities | 2,491 | 1,850 |
U.S. Government and municipal bonds | 535 | 470 |
Corporate debt securities | 533 | 544 |
Mortgage-backed securities | 395 | 367 |
Other debt securities | 111 | 132 |
FPL[Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 156 | 206 |
Special use funds [Abstract] | ||
Equity securities | 596 | 398 |
U.S. Government and municipal bonds | 429 | 350 |
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, Recurring [Member] | Current other assets [Member] | ||
Assets [Abstract] | ||
Restricted cash | 54 | 81 |
FPL[Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | Other Noncurrent Assets [Member] | ||
Assets [Abstract] | ||
Restricted cash | 64 | |
FPL[Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | 0 |
Special use funds [Abstract] | ||
Equity securities | 1,895 | 1,452 |
U.S. Government and municipal bonds | 106 | 120 |
Corporate debt securities | 533 | 544 |
Mortgage-backed securities | 395 | 367 |
Other debt securities | 111 | 131 |
FPL[Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash equivalents and restricted cash - equity securities | 0 | 0 |
Special use funds [Abstract] | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 1 |
FPL[Member] | Commodity contracts [Member] | Fair Value, Recurring [Member] | ||
Derivatives [Abstract] | ||
Asset offsetting | 1 | 2 |
Derivative Assets | 3 | 0 |
Derivatives [Abstract] | ||
Liability offsetting | 1 | 2 |
Derivative Liabilities | 13 | 41 |
FPL[Member] | Commodity contracts [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
FPL[Member] | Commodity contracts [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 3 | 2 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 5 | 7 |
FPL[Member] | Commodity contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Recurring [Member] | ||
Other Investments [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 1 | 0 |
Derivatives [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 9 | $ 36 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - Significant Unobservable Inputs (Level 3) [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 1,739,000,000 |
Liabilities, Fair Value Disclosure | 390,000,000 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | 258 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | (14) |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 858,000,000 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | 6 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | 2 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 195,000,000 |
Forward contracts - Other [Member] | Forward contracts - Other [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | 70 |
Forward contracts - Other [Member] | Forward contracts - Other [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | 0 |
Forward contracts - Other [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 3,000,000 |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 88.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 502.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 6.00% |
Option Contracts, Power [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 42,000,000 |
Option Contracts, Primarily Gas [Member] | Options - primarily gas [Member] | Implied Correlations [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 88.00% |
Option Contracts, Primarily Gas [Member] | Options - primarily gas [Member] | Implied Correlations [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Option Contracts, Primarily Gas [Member] | Options - primarily gas [Member] | Implied Volatilities [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 218.00% |
Option Contracts, Primarily Gas [Member] | Options - primarily gas [Member] | Implied Volatilities [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Option Contracts, Primarily Gas [Member] | Derivative Financial Instruments, Assets [Member] | Options - primarily gas [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 152,000,000 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | 949 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Offered Quotes, Price Per Energy Unit | $ (20) |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 14.00% |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 0.00% |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 489,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 52,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 22,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] | Forward contracts - Other [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 2,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 11,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Options - primarily gas [Member] | Options Models, Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 148,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Valuation Technique [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | $ 155,000,000 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Change in Fair Value of Derivatives, Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Financial Instruments, Net [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year | $ 647 | $ 566 | $ 578 |
Realized and unrealized gains (losses): | |||
Included in earnings | 923 | 35 | 376 |
Included in other comprehensive income (loss) | 5 | 7 | (18) |
Included in regulatory assets and liabilities | 1 | (18) | 0 |
Purchases | 141 | 152 | 126 |
Settlements | (356) | 28 | (317) |
Issuances | (87) | (115) | (197) |
Impact of adoption of new revenue standard | 0 | (30) | 0 |
Transfers in | (5) | 0 | 17 |
Transfers out | (62) | 22 | 1 |
Fair value of net derivatives based on significant unobservable inputs at December 31 | 1,207 | 647 | 566 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 611 | 100 | 277 |
Realized and unrealized gains (losses) reflected in operating revenues | 956 | 48 | 379 |
Unrealized gains (losses) reflected in operating revenues, for derivatives still held at the reporting date | 638 | 112 | 281 |
FPL[Member] | Derivative Financial Instruments, Net [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year | (36) | 0 | 1 |
Realized and unrealized gains (losses): | |||
Included in earnings | 0 | (1) | 0 |
Included in other comprehensive income (loss) | 0 | 0 | 0 |
Included in regulatory assets and liabilities | 1 | (18) | 0 |
Purchases | 0 | (16) | 0 |
Settlements | 25 | (2) | (1) |
Issuances | 0 | 0 | 0 |
Impact of adoption of new revenue standard | 0 | 0 | |
Transfers in | 0 | 0 | 0 |
Transfers out | 2 | 1 | 0 |
Fair value of net derivatives based on significant unobservable inputs at December 31 | (8) | (36) | 0 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 0 | $ (1) | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities, Fair Value Disclosure | 390 | ||
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | NEER [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities, Fair Value Disclosure | $ 133 |
Fair Value Measurements (Nonrec
Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets, carrying amount | $ 82,010 | $ 70,334 | ||
Impairment of long-lived assets | 72 | $ 11 | $ 446 | |
Impairment of long-lived assets, after tax | $ 54 | |||
NEER [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets, carrying amount | 502 | |||
Fair value of long-lived assets | 82 | |||
Impairment of long-lived assets | 420 | |||
Impairment of long-lived assets, after tax | $ 258 | |||
Jointly Owned Nuclear Power Plant 2 Member | NEER [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proportionate ownership share | 70.00% | 70.00% | ||
Purchased Power Agreements [Member] | NEER [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Shortened term | 5 years |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Instruments Recorded at Other than Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 892 | $ 884 |
Other Investments Financial Instruments Fair Value Disclosure | 30 | 54 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 39,667 | 29,498 |
Reported Value Measurement [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 463 | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 891 | 883 |
Other Investments Financial Instruments Fair Value Disclosure | 30 | 54 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 42,928 | 30,043 |
FPL[Member] | Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 706 | 693 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 14,161 | 11,783 |
FPL[Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 705 | 692 |
Long Term Debt Including Current Maturities Fair Value Disclosure | $ 16,448 | $ 12,613 |
Fair Value Measurements (Availa
Fair Value Measurements (Available for Sale Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities[Line Items] | |||
Decommissioning Fund Investments, Fair Value | $ 6,880 | $ 5,818 | |
Debt Securities, Available-for-sale, Amortized Cost | $ 2,030 | 1,994 | |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | ||
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Realized gains | $ 68 | 51 | |
Realized losses | 48 | 75 | |
Proceeds from sale and maturity of Available-for-sale Securities | 3,005 | 2,551 | |
debt and equity securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Realized gains | $ 178 | ||
Realized losses | 83 | ||
Proceeds from sale and maturity of Available-for-sale Securities | 2,817 | ||
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Unrealized gains | 75 | 14 | |
Unrealized losses | 7 | 52 | |
Fair Value | 314 | 1,273 | |
FPL[Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Decommissioning Fund Investments, Fair Value | 4,697 | 3,987 | |
Special Use Funds Storm Fund Assets | 74 | 68 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,523 | 1,542 | |
FPL[Member] | Debt Securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Realized gains | 44 | 31 | |
Realized losses | 29 | 49 | |
Proceeds from sale and maturity of Available-for-sale Securities | 2,539 | 2,100 | |
FPL[Member] | debt and equity securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Realized gains | 75 | ||
Realized losses | 50 | ||
Proceeds from sale and maturity of Available-for-sale Securities | $ 1,902 | ||
FPL[Member] | Available for sale securities: Special Use Funds - Debt Securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Unrealized gains | 58 | 11 | |
Unrealized losses | 7 | 41 | |
Fair Value | $ 240 | 961 | |
Debt Securities [Member] | Storm Fund [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Debt Securities, Available-for-sale, Term | 1 year | ||
Debt Securities [Member] | FPL[Member] | Storm Fund [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Debt Securities, Available-for-sale, Term | 1 year | ||
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
marketable securities, unrealized gain (loss) recognized during the period on securities still held | $ 780 | (259) | |
Equity Securities [Member] | FPL[Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
marketable securities, unrealized gain (loss) recognized during the period on securities still held | $ 510 | $ (131) | |
Weighted Average [Member] | Nuclear Decommissioning Funds [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Debt Securities, Available-for-sale, Term | 8 years | ||
Weighted Average [Member] | FPL[Member] | Nuclear Decommissioning Funds [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Debt Securities, Available-for-sale, Term | 8 years | ||
Weighted Average [Member] | FPL[Member] | Storm Fund [Member] | |||
Schedule of Available-for-sale Securities[Line Items] | |||
Debt Securities, Available-for-sale, Term | 1 year |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax expense (benefit) | $ 6.5 |
FPL[Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax expense (benefit) | 4.5 |
NEER [Member] | |
Operating Loss Carryforwards [Line Items] | |
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax expense (benefit) | $ 2 |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal: | |||
Current | $ 167 | $ 30 | $ 100 |
Deferred | 115 | 1,153 | (1,047) |
Total federal | 282 | 1,183 | (947) |
State: | |||
Current | 23 | 63 | 88 |
Deferred | 143 | 330 | 199 |
Total state | 166 | 393 | 287 |
Total income tax expense (benefit) | 448 | 1,576 | (660) |
FPL[Member] | |||
Federal: | |||
Current | 348 | 251 | 168 |
Deferred | (29) | 134 | 776 |
Total federal | 319 | 385 | 944 |
State: | |||
Current | 49 | 91 | 29 |
Deferred | 73 | 63 | 133 |
Total state | 122 | 154 | 162 |
Total income tax expense (benefit) | $ 441 | $ 539 | $ 1,106 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
Increases (reductions) resulting from: | |||
State income taxes - net of federal income tax benefit | 3.40% | 4.20% | 2.90% |
Taxes attributable to noncontrolling interests | 2.10% | 2.50% | 0.00% |
Tax reform rate change | 0.00% | 0.00% | (41.30%) |
PTCs and ITCs - NEER | (7.20%) | (3.00%) | (8.40%) |
Amortization of deferred regulatory credit(a) | (6.20%) | (1.80%) | 0.00% |
Convertible ITCs - NEER | 0.00% | 0.00% | 0.60% |
Other - net | (1.40%) | (1.50%) | (3.00%) |
Effective income tax rate (in hundredths) | 11.70% | 21.40% | (14.20%) |
FPL[Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
Increases (reductions) resulting from: | |||
State income taxes - net of federal income tax benefit | 3.50% | 4.50% | 3.50% |
Taxes attributable to noncontrolling interests | 0.00% | 0.00% | 0.00% |
Tax reform rate change | 0.00% | 0.00% | (0.50%) |
PTCs and ITCs - NEER | 0.00% | 0.00% | 0.00% |
Amortization of deferred regulatory credit(a) | (8.10%) | (5.00%) | (0.10%) |
Convertible ITCs - NEER | 0.00% | 0.00% | 0.00% |
Other - net | (0.50%) | (0.60%) | (0.90%) |
Effective income tax rate (in hundredths) | 15.90% | 19.90% | 37.00% |
Amortization of deferred regulatory credit | $ 83 | ||
Amortization Of Excess Deferred Income Taxes | $ 870 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Property-related | $ 10,133 | $ 9,315 |
Pension | 417 | 374 |
Investments in partnerships and joint ventures | 2,019 | 1,925 |
Other | 1,618 | 1,505 |
Total deferred tax liabilities | 14,187 | 13,119 |
Deferred tax assets and valuation allowance: | ||
Decommissioning reserves | 317 | 313 |
Net operating loss carryforwards | 380 | 350 |
Tax credit carryforwards | 3,406 | 3,259 |
ARO and accrued asset removal costs | 368 | 310 |
Regulatory liabilities | 1,335 | 1,277 |
Other | 515 | 751 |
Valuation allowance | (285) | (273) |
Net deferred tax assets | 6,036 | 5,987 |
Net deferred income taxes | 8,151 | 7,132 |
Deferred tax assets and liabilities included in the consolidated balance sheets [Abstract] | ||
Noncurrent other assets | 210 | 235 |
Deferred income taxes - noncurrent liabilities | (8,361) | (7,367) |
Net deferred income taxes | (8,151) | (7,132) |
FPL[Member] | ||
Deferred tax liabilities: | ||
Property-related | 6,394 | 6,113 |
Pension | 374 | 357 |
Investments in partnerships and joint ventures | 0 | 0 |
Other | 685 | 791 |
Total deferred tax liabilities | 7,453 | 7,261 |
Deferred tax assets and valuation allowance: | ||
Decommissioning reserves | 286 | 278 |
Net operating loss carryforwards | 2 | 3 |
Tax credit carryforwards | 0 | 0 |
ARO and accrued asset removal costs | 273 | 237 |
Regulatory liabilities | 1,219 | 1,283 |
Other | 258 | 295 |
Valuation allowance | 0 | 0 |
Net deferred tax assets | 2,038 | 2,096 |
Net deferred income taxes | 5,415 | 5,165 |
Deferred tax assets and liabilities included in the consolidated balance sheets [Abstract] | ||
Noncurrent other assets | 0 | 0 |
Deferred income taxes - noncurrent liabilities | (5,415) | (5,165) |
Net deferred income taxes | $ (5,415) | $ (5,165) |
Income Taxes - Tax Carryforward
Income Taxes - Tax Carryforwards and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 380 | $ 350 |
Tax credit carryforwards | 3,406 | $ 3,259 |
Federal [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Tax credit carryforwards | 3,060 | |
State [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | 304 | |
Tax credit carryforwards | 344 | |
Tax credit carryforward with indefinite expiration period | 188 | |
Foreign [Member] | ||
Operating Loss and Tax Credit Carryforwards [Line Items] | ||
Net operating loss carryforwards | 76 | |
Tax credit carryforwards | 2 | |
Operating loss carryforwards with indefinite expiration period | $ 58 |
Jointly-Owned Electric Plants_2
Jointly-Owned Electric Plants (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FPL[Member] | Jointly Owned Nuclear Power Plant 1 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 85.00% | |
Facility Name | St. Lucie Unit No. 2 | |
Gross Investment | $ 2,226 | |
Accumulated Depreciation | 972 | |
Construction Work in Progress | $ 66 | |
FPL[Member] | Jointly Owned Electricity Generation Plant 1 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 76.00% | |
Facility Name | Scherer Unit No. 4 | |
Gross Investment | $ 1,227 | |
Accumulated Depreciation | 473 | |
Construction Work in Progress | $ 55 | |
Gulf Power [Member] | Jointly Owned Electricity Generation Plant 4 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 50.00% | |
Facility Name | Daniel Units No. 1 and No. 2 | |
Gross Investment | $ 715 | |
Accumulated Depreciation | 222 | |
Construction Work in Progress | $ 22 | |
Gulf Power [Member] | Jointly Owned Electricity Generation Plant 5 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 25.00% | |
Facility Name | Scherer Unit No. 3 | |
Gross Investment | $ 423 | |
Accumulated Depreciation | 146 | |
Construction Work in Progress | $ 14 | |
NEER [Member] | Jointly Owned Nuclear Power Plant 2 Member | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 70.00% | 70.00% |
Facility Name | Duane Arnold | |
Gross Investment | $ 69 | |
Accumulated Depreciation | 41 | |
Construction Work in Progress | $ 0 | |
NEER [Member] | Jointly Owned Nuclear Power Plant 3 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 88.23% | |
Facility Name | Seabrook | |
Gross Investment | $ 1,270 | |
Accumulated Depreciation | 375 | |
Construction Work in Progress | $ 45 | |
NEER [Member] | Jointly Owned Electricity Generation Plant 2 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 91.19% | |
Facility Name | Wyman Station Unit No. 4 | |
Gross Investment | $ 29 | |
Accumulated Depreciation | 7 | |
Construction Work in Progress | $ 1 | |
NEER [Member] | Jointly Owned Electricity Generation Plant 3 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 65.00% | |
Facility Name | Stanton | |
Gross Investment | $ 137 | |
Accumulated Depreciation | 7 | |
Construction Work in Progress | $ 0 | |
NEER [Member] | Jointly Owned Electricity Transmission and Distribution System [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Jointly Owned Utility Plant, Proportionate Ownership Share | 88.23% | |
Facility Name | Transmission substation assets located in Seabrook, New Hampshire | |
Gross Investment | $ 94 | |
Accumulated Depreciation | 13 | |
Construction Work in Progress | $ 14 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Feb. 11, 2020USD ($) | Jul. 16, 2019USD ($)mi | Jan. 01, 2019USD ($)countycustomermiMW | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)customermiMW | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 891 | $ 891 | $ 4,204 | |||
Gulf Power [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 4,440 | |||||
Debt assumed | 1,300 | |||||
Assets assumed | 5,200 | |||||
Property, plant, and equipment | 4,000 | |||||
Regulatory assets | 494 | |||||
Assumed liabilities | 3,400 | |||||
Regulatory liabilities | 635 | |||||
Deferred income taxes | $ 562 | |||||
Goodwill | 2,700 | |||||
Trans Bay Cable, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 670 | |||||
Debt assumed | 422 | |||||
Assets assumed | 703 | |||||
Assumed liabilities | $ 643 | |||||
Goodwill | 610 | |||||
Goodwill, expected tax deductible amount | $ 572 | |||||
Florida City Gas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 530 | |||||
Stanton Energy Center [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Membership interests acquired | 65.00% | 65.00% | ||||
Natural Gas Generation Facilities [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 200 | |||||
Santee Cooper [Member] | Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 8,500 | |||||
Payments to Acquire Businesses, Refunds, Gross | $ 941 | |||||
Gulf Power [Member] | Gulf Power [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of customers served | customer | 470,000 | |||||
Number of counties In which entity operates | county | 8 | |||||
Length of power lines (mi) | mi | 9,500 | |||||
Natural Gas And Or Oil Electric Generating Facility Capacity | MW | 2,300 | |||||
NextEra Energy Capital Holdings, Inc. (Consolidated) [Member] | Loans Payable [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from Short-term Debt | $ 4,500 | |||||
Trans Bay Cable, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Length of power lines (mi) | mi | 53 | |||||
Florida City Gas [Member] | Florida City Gas [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of customers served | customer | 110,000 | |||||
Length Of Natural Gas Pipeline | mi | 3,700 | |||||
Oleader Power Project [Member] | Oleader Power Project [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Membership interests acquired | 100.00% | 100.00% | ||||
Natural-Gas Fired, Simple-Cycle Combustion Turbine Electric Generation Facility | MW | 791 | |||||
Entity That Owns Stanton Energy Center Unit A [Member] | Stanton Energy Center [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Membership interests acquired | 100.00% | 100.00% | ||||
Stanton Energy Center [Member] | Stanton Energy Center [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Combined-cycle Electric Generation Facility | MW | 660 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2019variable_interest_entityMW | Dec. 31, 2019USD ($)variable_interest_entityentityMW | Dec. 31, 2018USD ($)variable_interest_entityentity | Dec. 31, 2007USD ($) | Dec. 31, 2017USD ($) | |
Variable Interest Entity [Line Items] | |||||
Total Number Of Consolidated Variable Interest Entities | variable_interest_entity | 33 | ||||
Investment in equity method investees | $ 7,453 | $ 6,748 | $ 2,321 | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | 173 | ||||
Carrying amount of liabilities, consolidated variable interest entity | $ 29 | ||||
Variable Interest Entity, Consolidated, Income Allocation, Percentage | 50.00% | ||||
Variable Interest Entities Gas And Oil Primary Beneficiary 2 [Member] [Domain] | |||||
Variable Interest Entity [Line Items] | |||||
Number of variable interest entities | entity | 2 | ||||
Other variable interest entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investments in special purpose entities | $ 3,247 | $ 2,668 | |||
FPL[Member] | Bankruptcy remote special purpose subsidiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Storm-recovery bonds aggregate principal amount issued | $ 652 | ||||
Carrying amount of assets, consolidated variable interest entity | 77 | ||||
Carrying amount of liabilities, consolidated variable interest entity | 76 | ||||
FPL[Member] | Other variable interest entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investments in special purpose entities | $ 2,717 | 2,203 | |||
NEER [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total Number Of Consolidated Variable Interest Entities | variable_interest_entity | 32 | ||||
Wind electric generating facility capability (in megawatts) | MW | 220 | ||||
Investment in equity method investees | $ 6,876 | 6,151 | |||
NEER [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | 216 | 257 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 25 | $ 21 | |||
Total Number Of Consolidated Variable Interest Entities | 2 | 2 | |||
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 1,450 | ||||
NEER [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary 2 [Member] [Domain] | |||||
Variable Interest Entity [Line Items] | |||||
Number of variable interest entities | entity | 3 | ||||
NEER [Member] | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | $ 11,300 | $ 10,200 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 800 | $ 1,400 | |||
Total Number Of Consolidated Variable Interest Entities | 26 | 25 | |||
Wind electric generating facility capability (in megawatts) | MW | 7,081 | ||||
Solar generating facility capability | MW | 473 | ||||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Carrying amount of assets, consolidated variable interest entity | $ 776 | $ 529 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 598 | $ 557 | |||
Total Number Of Consolidated Variable Interest Entities | variable_interest_entity | 3 | 3 | |||
Ownership percentage (in hundredths) | 50.00% | ||||
Number of variable interest entities | entity | 5 | ||||
Solar generating facility capability | MW | 409 | ||||
Subsidiaries of NEE [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Equity method investments, additional variable interest entities committed to invest in | variable_interest_entity | 5 | ||||
Other Investments [Member] | Subsidiaries of NEE [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment in equity method investees | $ 4,254 | $ 4,680 | |||
Secured Debt [Member] | FPL[Member] | Bankruptcy remote special purpose subsidiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Proceeds from Issuance of Senior Long-term Debt | $ 644 |
Investments in Partnerships a_3
Investments in Partnerships and Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity method investment, financial statement, reported amounts [Abstract] | |||
Ownership interest in partnerships and joint ventures | $ 7,453 | $ 6,748 | |
NextEra Energy Resources' ownership interest, low range (in hundredths) | 31.00% | ||
NextEra Energy Resources' ownership interest, high range (in hundredths) | 61.00% | ||
Equity method investment, summarized financial information [Abstract] | |||
Net income | $ 128 | 632 | |
Total assets | 20,659 | 16,334 | |
Total liabilities | 6,956 | 5,990 | |
Partners'/members' equity(a) | 13,703 | 10,344 | |
Investment in equity method investees | 7,453 | 6,748 | $ 2,321 |
Interest and Fee Income, Other Loans | 101 | 94 | |
Due from Related Parties, Current | 53 | 45 | |
Due from Related Parties, Noncurrent | 33 | 34 | |
Guarantor Obligations, Current Carrying Value | 669 | ||
Guarantees, Fair Value Disclosure | 31 | ||
NEER [Member] | |||
Equity method investment, summarized financial information [Abstract] | |||
NEE's share of underlying equity in the principal entities | 3,723 | 2,958 | |
Difference between investment carrying amount and underlying equity in net assets | 3,153 | 3,193 | |
Investment in equity method investees | $ 6,876 | 6,151 | |
Difference related to goodwill | 70.00% | ||
NEP [Member] | |||
Equity method investment, summarized financial information [Abstract] | |||
Due to Related Parties | $ 12 | 66 | |
NEP [Member] | |||
Equity method investment, summarized financial information [Abstract] | |||
Investment in equity method investees | $ 4,400 | ||
Minimum [Member] | NEER [Member] | |||
Equity method investment, summarized financial information [Abstract] | |||
Amortization period | 20 years | ||
Maximum [Member] | NEER [Member] | |||
Equity method investment, summarized financial information [Abstract] | |||
Amortization period | 28 years |
Equity (Earnings Per Share) (De
Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | |||||||||||
Net income (loss) attributable to NEE | $ 975 | $ 879 | $ 1,234 | $ 680 | $ 422 | $ 1,005 | $ 781 | $ 4,431 | $ 3,769 | $ 6,638 | $ 5,380 |
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | (19) | 0 | ||||||||
Net Income (Loss) Attributable to Parent, Diluted | $ 3,769 | $ 6,619 | $ 5,380 | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares outstanding - basic | 482 | 473.2 | 468.8 | ||||||||
Equity units, stock options, performance share awards, forward sale agreements and restricted stock | 3.5 | 3.8 | 3.7 | ||||||||
Weighted-average number of common shares outstanding - assuming dilution | 485.5 | 477 | 472.5 | ||||||||
Earnings per share attributable to NEE: | |||||||||||
Basic | $ 2 | $ 1.82 | $ 2.58 | $ 1.42 | $ 0.88 | $ 2.12 | $ 1.66 | $ 9.41 | $ 7.82 | $ 14.03 | $ 11.48 |
Assuming dilution | $ 1.99 | $ 1.81 | $ 2.56 | $ 1.41 | $ 0.88 | $ 2.10 | $ 1.61 | $ 9.32 | $ 7.76 | $ 13.88 | $ 11.39 |
Antidilutive securities (in shares) | 0.7 | 0.1 | 3.1 |
Equity (Issuance of Stock and F
Equity (Issuance of Stock and Forward Sale Agreement) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Nov. 30, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||||
Antidilutive securities (in shares) | 700,000 | 100,000 | 3,100,000 | ||
Forward sale price (in dollars per share) | $ 124 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock sold during the period (in shares) | 10,000,000 | 6,000,000 | 2,000,000 | ||
Common Stock [Member] | Forward Counterparty [Member] | |||||
Class of Stock [Line Items] | |||||
Settlement of shares (in shares) | 12,000,000 | ||||
Stock sold during the period (in shares) | 1,711,345 | ||||
NEP [Member] | |||||
Class of Stock [Line Items] | |||||
Senior unsecured convertible notes outstanding | $ 300 | ||||
Series A Convertible Preferred Units [Member] | NEP [Member] | |||||
Class of Stock [Line Items] | |||||
Stock sold during the period | $ 550 | ||||
Preferred Units, Amount Outstanding | $ 183 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation | |||
Stock based compensation costs | $ 100 | $ 82 | $ 76 |
Tax benefits related to stock-based compensation arrangements | 17 | $ 21 | $ 29 |
Unrecognized stock based compensation costs | $ 112 | ||
Unrecognized stock based compensation costs weighted-average period of recognition (in years) | 1 year 9 months 18 days | ||
Common stock authorized for awards (in shares) | 15,000,000 | ||
Share-based Payment Arrangement [Member] | |||
Stock-based compensation | |||
Number of additional shares available for grant (in shares) | 0 |
Equity (Restricted Stock, Perfo
Equity (Restricted Stock, Performance Share Awards and Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Awards [Member] | |||
Activity [Roll Forward] | |||
Nonvested balance at beginning of year (in shares) | 479,936 | ||
Granted (in shares) | 235,280 | ||
Vested (in shares) | (212,815) | ||
Forfeited (in shares) | (7,253) | ||
Nonvested balance at end of year (in shares) | 495,148 | 479,936 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested balance at beginning of year, weighted-average grant date fair value (in dollars per share) | $ 134.69 | ||
Granted, weighted-average grant date fair value (in dollars per share) | 186.54 | $ 155.66 | $ 130.16 |
Vested, weighted-average grant date fair value (in dollars per share) | 132.15 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | 155.20 | ||
Nonvested balance at end of year, weighted-average grant date fair value (in dollars per share) | $ 159.74 | $ 134.69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Award vesting period | 3 years | ||
Performance Share Awards [Member] | |||
Activity [Roll Forward] | |||
Nonvested balance at beginning of year (in shares) | 782,664 | ||
Granted (in shares) | 426,777 | ||
Vested (in shares) | (522,446) | ||
Forfeited (in shares) | (16,849) | ||
Nonvested balance at end of year (in shares) | 670,146 | 782,664 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested balance at beginning of year, weighted-average grant date fair value (in dollars per share) | $ 123.47 | ||
Granted, weighted-average grant date fair value (in dollars per share) | 138.99 | $ 124.22 | $ 107.39 |
Vested, weighted-average grant date fair value (in dollars per share) | 110.68 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | 157.07 | ||
Nonvested balance at end of year, weighted-average grant date fair value (in dollars per share) | $ 142.42 | $ 123.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Award vesting period | 3 years | ||
Restricted Stock and Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Total fair value of awards vested | $ 125 | $ 115 | $ 96 |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Award vesting period | 3 years | ||
Maximum term | 10 years |
Equity (Assumptions and Options
Equity (Assumptions and Options) (Details) - Share-based Payment Arrangement, Option [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions used to estimate the fair value of options using the Black-Scholes option pricing model [Abstract] | |||
Expected volatility (in hundredths) | 14.41% | 14.91% | |
Expected dividends (in hundredths) | 3.05% | 3.16% | |
Expected term (years) | 7 years | 7 years | 7 years |
Risk-free rate (in hundredths) | 2.83% | 2.23% | |
Option activity [Roll Forward] | |||
Shares underlying options - Balance at beginning of year (in shares) | 2,495,630 | ||
Shares underlying options - Granted (in shares) | 500,135 | ||
Shares underlying options - Exercised (in shares) | (578,093) | ||
Shares underlying options - forfeited (in shares) | 984 | ||
Shares underlying options - Balance at end of year (in shares) | 2,416,688 | 2,495,630 | |
Shares underlying options - Exercisable (in shares) | 1,561,752 | ||
Additional disclosures pertaining to options [Abstract] | |||
Balance at beginning of year, weighted average exercise price (in dollars per share) | $ 96.33 | ||
Granted, weighted average exercise price (in dollars per share) | 182.95 | ||
Exercised, weighted average exercise price (in dollars per share) | 59.24 | ||
Forfeited, weighted average exercise price (in dollars per share) | 182.61 | ||
Balance at end of year, weighted average exercise price (in dollars per share) | 123.09 | $ 96.33 | |
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ 99.22 | ||
Balance at end of year, weighted average remaining contractual term (years) | 6 years 2 months 12 days | ||
Exercisable at end of year, weighted average remaining contractual term (years) | 4 years 10 months 24 days | ||
Balance at end of year, aggregate intrinsic value | $ 288 | ||
Exercisable at end of year, aggregate intrinsic value | $ 223 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 20.03 | $ 18.05 | $ 13.25 |
Total intrinsic value of stock options exercised | $ 81,000,000 | $ 35,000,000 | $ 41,000,000 |
Cash received from option exercises | 34,000,000 | 18,000,000 | 23,000,000 |
Tax benefit realized from options exercised | $ 19,000,000 | $ 9,000,000 | $ 16,000,000 |
Minimum [Member] | |||
Assumptions used to estimate the fair value of options using the Black-Scholes option pricing model [Abstract] | |||
Expected volatility (in hundredths) | 14.20% | ||
Expected dividends (in hundredths) | 2.85% | ||
Risk-free rate (in hundredths) | 2.24% | ||
Maximum [Member] | |||
Assumptions used to estimate the fair value of options using the Black-Scholes option pricing model [Abstract] | |||
Expected volatility (in hundredths) | 14.31% | ||
Expected dividends (in hundredths) | 2.93% | ||
Risk-free rate (in hundredths) | 2.54% |
Equity (Additional Disclosures
Equity (Additional Disclosures Regarding Common and Preferred Stock) (Details) | Dec. 31, 2019$ / sharesshares |
NextEra Energy [Member] | Serial Preferred Stock [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 100,000,000 |
Par value (in dollars per share) | $ / shares | $ 0.01 |
Outstanding (in shares) | 0 |
Preferred Stock, $100 Par Value [Member] | FPL [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 10,414,100 |
Par value (in dollars per share) | $ / shares | $ 100 |
Preferred Stock, No Par Value [Member] | FPL [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 5,000,000 |
Par value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | 0 |
Preferred Stock, No Par Value [Member] | FPL [Member] | Subordinated Preferred Stock [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 5,000,000 |
Par value (in dollars per share) | $ / shares | $ 0 |
Outstanding (in shares) | 0 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss, beginning | $ (188) | $ 111 | $ (70) | ||
Other comprehensive income before reclassifications | $ 198 | (3) | (53) | ||
Amounts reclassified from AOCI | (6) | 24 | 24 | ||
Total other comprehensive income (loss), net of tax | 192 | 21 | (29) | 192 | |
Less other comprehensive income attributable to noncontrolling interests | 11 | 1 | |||
Accumulated other comprehensive loss, ending | (169) | (188) | 111 | ||
AOCI Impact of NEP Deconsolidation | 0 | 58 | 0 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (328) | ||||
Acquisition of Gulf Power | (1) | ||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss, beginning | (55) | (77) | (100) | ||
Other comprehensive income before reclassifications | 0 | 0 | 0 | ||
Amounts reclassified from AOCI | 32 | 29 | 26 | ||
Total other comprehensive income (loss), net of tax | 32 | 29 | 26 | ||
Less other comprehensive income attributable to noncontrolling interests | 9 | 0 | |||
Accumulated other comprehensive loss, ending | (27) | (55) | (77) | ||
AOCI Impact of NEP Deconsolidation | 3 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (7) | ||||
Acquisition of Gulf Power | (1) | ||||
Net Unrealized Gains (Losses) on Available for Sale Securities | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss, beginning | (7) | 316 | 225 | ||
Other comprehensive income before reclassifications | 127 | 20 | (12) | ||
Amounts reclassified from AOCI | (36) | (2) | 1 | ||
Total other comprehensive income (loss), net of tax | 91 | 18 | (11) | ||
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | |||
Accumulated other comprehensive loss, ending | 11 | (7) | 316 | ||
AOCI Impact of NEP Deconsolidation | 0 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (312) | ||||
Acquisition of Gulf Power | 0 | ||||
Defined Benefit Pension and Other Benefits Plans | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss, beginning | (65) | (39) | (83) | ||
Other comprehensive income before reclassifications | 46 | (46) | (14) | ||
Amounts reclassified from AOCI | (2) | (3) | (3) | ||
Total other comprehensive income (loss), net of tax | 44 | (49) | (17) | ||
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | |||
Accumulated other comprehensive loss, ending | (114) | (65) | (39) | ||
AOCI Impact of NEP Deconsolidation | 0 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (9) | ||||
Acquisition of Gulf Power | 0 | ||||
Net Unrealized Gains (Losses) on Foreign Currency Translation | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss, beginning | (63) | (69) | (90) | ||
Other comprehensive income before reclassifications | 23 | 22 | (31) | ||
Amounts reclassified from AOCI | 0 | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 23 | 22 | (31) | ||
Less other comprehensive income attributable to noncontrolling interests | 2 | 1 | |||
Accumulated other comprehensive loss, ending | (42) | (63) | (69) | ||
AOCI Impact of NEP Deconsolidation | 37 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | ||||
Acquisition of Gulf Power | 0 | ||||
Other Comprehensive Income (Loss) Related to Equity Method Investees | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive loss, beginning | 2 | (20) | (22) | ||
Other comprehensive income before reclassifications | 2 | 1 | 4 | ||
Amounts reclassified from AOCI | 0 | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 2 | 1 | 4 | ||
Less other comprehensive income attributable to noncontrolling interests | $ 0 | 0 | |||
Accumulated other comprehensive loss, ending | 3 | 2 | $ (20) | ||
AOCI Impact of NEP Deconsolidation | $ 18 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | ||||
Acquisition of Gulf Power | $ 0 |
Debt (Schedule of Debt Instrume
Debt (Schedule of Debt Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Less current maturities of long-term debt | $ 2,124 | $ 2,716 |
Long-term debt, excluding current maturities | 37,543 | 26,782 |
Repayment prior to maturity | 2,124 | |
FPL[Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs and discount | (156) | (132) |
Total long-term debt | 14,161 | 11,783 |
Less current maturities of long-term debt | 30 | 95 |
Long-term debt, excluding current maturities | 14,131 | 11,688 |
Repayment prior to maturity | 30 | |
FPL[Member] | First mortgage bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 12,005 | $ 10,626 |
Weighted-average interest rate | 4.46% | 4.60% |
FPL[Member] | Storm-recovery bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | $ 74 |
Weighted-average interest rate | 5.26% | |
FPL[Member] | Pollution control, solid waste disposal and industrial development revenue bonds - primary variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,076 | $ 1,022 |
Weighted-average interest rate | 1.67% | 2.04% |
Variable rate tax exempt bonds | $ 948 | |
FPL[Member] | Senior Unsecured Notes - Variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,236 | $ 193 |
Weighted-average interest rate | 2.18% | 2.40% |
Floating rate notes that permit individual noteholders to require repayment prior to maturity | $ 236 | |
Gulf Power [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs and discount | (14) | $ 0 |
Total long-term debt | 1,685 | 0 |
Less current maturities of long-term debt | 175 | 0 |
Long-term debt, excluding current maturities | 1,510 | 0 |
Gulf Power [Member] | Other Long-Term Debt - Primarily Variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 709 | 0 |
Weighted-average interest rate | 1.93% | |
Variable rate tax exempt bonds | $ 269 | |
Gulf Power [Member] | Senior unsecured notes -fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 990 | 0 |
Weighted-average interest rate | 4.17% | |
NEER [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs and premium - net | $ (74) | (95) |
Total long-term debt | 4,622 | 5,024 |
Less current maturities of long-term debt | 215 | 602 |
Long-term debt, excluding current maturities | 4,407 | 4,422 |
NEER [Member] | Other Long-Term Debt - Primarily Variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 440 | $ 601 |
Weighted-average interest rate | 3.78% | 2.57% |
NEER [Member] | Other long-term debt - fixed [Member] | NEET [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 837 | $ 325 |
Weighted-average interest rate | 3.50% | 3.73% |
NEER [Member] | Senior secured limited-recourse term loans - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,419 | $ 4,193 |
Weighted-average interest rate | 3.79% | 4.38% |
Capital Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs and discount | $ 139 | $ 86 |
Total long-term debt | 19,199 | 12,691 |
Less current maturities of long-term debt | 1,704 | 2,019 |
Long-term debt, excluding current maturities | 17,495 | 10,672 |
Capital Holdings [Member] | Other long-term debt - variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750 | $ 0 |
Weighted-average interest rate | 2.60% | |
Capital Holdings [Member] | Other long-term debt - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 524 | $ 543 |
Weighted-average interest rate | 2.00% | 1.95% |
Capital Holdings [Member] | Debentures - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 9,550 | $ 4,300 |
Weighted-average interest rate | 3.05% | 3.21% |
Capital Holdings [Member] | Debentures variable [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,375 | $ 2,341 |
Weighted-average interest rate | 3.00% | 3.11% |
Capital Holdings [Member] | Debentures, related to NEE's equity units - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,500 | $ 1,500 |
Weighted-average interest rate | 2.10% | 1.65% |
Capital Holdings [Member] | Junior subordinated debentures - primarily fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 4,643 | $ 3,456 |
Weighted-average interest rate | 5.13% | 4.99% |
Capital Holdings [Member] | Japanese yen denominated term loans - variable [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 645 | $ 637 |
Weighted-average interest rate | 3.10% | 3.10% |
Capital Holdings [Member] | Australian dollar denominated long-term debt - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 351 | $ 0 |
Weighted-average interest rate | 2.59% | |
Other Current Liabilities [Member] | ||
Debt Instrument [Line Items] | ||
Current other liabilities | $ 133 | |
Other Current Liabilities [Member] | NEER [Member] | Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Current other liabilities | $ 463 |
Debt (Minimum Annual Maturities
Debt (Minimum Annual Maturities) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Minimum annual maturities of long-term debt [Abstract] | |
2020 | $ 2,124 |
2021 | 4,323 |
2022 | 4,134 |
2023 | 1,700 |
2024 | 3,380 |
FPL[Member] | |
Minimum annual maturities of long-term debt [Abstract] | |
2020 | 30 |
2021 | 68 |
2022 | 1,120 |
2023 | 537 |
2024 | $ 672 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2019 | Aug. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate of commercial paper and short-tem borrowings (in hundredths) | 1.95% | 2.95% | ||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | $ 10,800,000,000 | |||||||
Letter of Credit [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | 100,000,000 | |||||||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | 10,700,000,000 | |||||||
Revolving Credit Facility, Issuance of Letters of Credit [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | $ 2,300,000,000 | |||||||
FPL[Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted-average interest rate of commercial paper and short-tem borrowings (in hundredths) | 1.80% | 2.87% | ||||||
Repayments of Debt | $ 250,000,000 | $ 1,785,000,000 | $ 0 | |||||
FPL[Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of Debt | $ 1,200,000,000 | |||||||
FPL[Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | 3,600,000,000 | |||||||
FPL[Member] | Letter of Credit [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | 0 | |||||||
FPL[Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | 3,600,000,000 | |||||||
FPL[Member] | Revolving Credit Facility, Issuance of Letters of Credit [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available capacity | $ 600,000,000 | |||||||
NEE Equity Units 2019 [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Amount of equity units sold | $ 1,500,000,000 | |||||||
Stated amount of each equity unit (in dollars per share) | $ 50 | |||||||
Undivided beneficial ownership interest per debenture (in hundredths) | 5.00% | |||||||
Principal amount of each debenture | $ 1,000 | |||||||
Number of shares (subject to antidilution adjustments) if purchased on final settlement date at less than or equal to low range threshold (in shares) | 0.2231 | |||||||
Number of shares (subject to antidilution adjustments) if purchased on the final settlement date at equal to or greater than high range threshold (in shares) | 0.1785 | |||||||
Trading period (in days) over which the market value is determined by reference to the average closing prices of the common stock | 20 days | |||||||
Rate of total annual distributions on equity units (in hundredths) | 4.872% | |||||||
Interest rate | 2.10% | |||||||
Rate of payments on stock purchase contracts (in hundredths) | 2.772% | |||||||
NEE Equity Units 2019 [Member] | Minimum [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Price per share of stock purchase contract (in dollars per share) | $ 224.12 | $ 224.12 | ||||||
NEE Equity Units 2019 [Member] | Maximum [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Price per share of stock purchase contract (in dollars per share) | $ 280.15 | $ 280.15 | ||||||
Series H Debentures Due September 1, 2020 [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Interest rate | 3.342% | |||||||
Debt Instrument, Face Amount | $ 700,000,000 | |||||||
Series I Debentures Due September 1, 2021 [Member] | NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Interest rate | 2.403% | |||||||
Debt Instrument, Face Amount | $ 1,500,000,000 | |||||||
September 2015 Equity Units [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 6,215,998 | |||||||
Sale of Stock, Consideration Received on Transaction | $ 700,000,000 | |||||||
August 2016 Equity Units [Member] | ||||||||
Sale of equity units [Abstract] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 9,543,000 | |||||||
Sale of Stock, Consideration Received on Transaction | $ 1,500,000,000 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | $ 3,135 | $ 3,031 |
Liabilities incurred | 100 | 49 |
Accretion expense | 172 | 158 |
Liabilities settled | (65) | (26) |
Revision in estimated cash flows - net | 32 | 4 |
Impact of NEP deconsolidation | (81) | |
Additions from acquisitions | 132 | |
Ending balance | 3,506 | 3,135 |
Current portion | 49 | |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | 6,880 | 5,818 |
FPL[Member] | ||
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | 2,147 | 2,047 |
Liabilities incurred | 1 | 0 |
Accretion expense | 107 | 101 |
Liabilities settled | (1) | (1) |
Revision in estimated cash flows - net | 14 | 0 |
Impact of NEP deconsolidation | 0 | |
Additions from acquisitions | 0 | |
Ending balance | 2,268 | 2,147 |
Increase (decrease) in asset retirement obligation | $ (71) | |
License renewal period | 20 years | |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | $ 4,697 | $ 3,987 |
FPL[Member] | Jointly Owned Electricity Generation Plant 1 Member | ||
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Increase (decrease) in asset retirement obligation | $ 75 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)facility | Dec. 31, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | ||
ROU assets, operating leases | $ 499 | $ 133 |
Lease liabilities, operating leases | 498 | 141 |
ROU assets, finance leases | 62 | 68 |
Lease liabilities, finance leases | $ 56 | $ 63 |
Weighted average incremental borrowing rate at the lease inception, operating leases | 3.73% | 4.31% |
Weighted average incremental borrowing rate at the lease inception, finance leases | 3.15% | 2.72% |
Weighted-average remaining lease term, operating leases | 31 years | 19 years |
Weighted-average remaining lease term, finance leases | 14 years | 10 years |
Expected lease payments over the remaining terms of the leases | $ 981 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 450 | |
Operating Lease, Expense | 91 | |
Net investment in sales-type leases | 50 | $ 69 |
Losses at commencement of sales-type leases | $ (20) | |
Expected lease payments over the remaining terms of the power sales agreements | $ 150 | |
Number of facilities | facility | 1 | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lease extension term, operating lease | 27 years | |
Lessee extension term, finance lease | 27 years |
Commitments and Contingencies_2
Commitments and Contingencies (Estimated Planned Capital Expenditures) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)MW | |
FPL[Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | $ 6,285 |
2021 | 6,305 |
2022 | 6,120 |
2023 | 6,045 |
2024 | 6,340 |
Total | 31,095 |
FPL[Member] | New Generation Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 1,345 |
2021 | 730 |
2022 | 555 |
2023 | 500 |
2024 | 0 |
Total | 3,130 |
FPL[Member] | Existing Generation Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 855 |
2021 | 970 |
2022 | 930 |
2023 | 925 |
2024 | 840 |
Total | 4,520 |
FPL[Member] | Transmission and Distribution Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 3,150 |
2021 | 3,905 |
2022 | 4,030 |
2023 | 4,120 |
2024 | 4,885 |
Total | 20,090 |
Allowance for funds used during construction (AFUDC) - 2020 | 40 |
Allowance for funds used during construction (AFUDC) - 2021 | 50 |
Allowance for funds used during construction (AFUDC) - 2022 | 40 |
Allowance for funds used during construction (AFUDC) - 2023 | 25 |
Allowance for funds used during construction (AFUDC) - 2024 | 20 |
FPL[Member] | Nuclear Fuel Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 205 |
2021 | 220 |
2022 | 165 |
2023 | 120 |
2024 | 145 |
Total | 855 |
FPL[Member] | General and Other Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 730 |
2021 | 480 |
2022 | 440 |
2023 | 380 |
2024 | 470 |
Total | 2,500 |
FPL[Member] | Generation Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
Allowance for funds used during construction (AFUDC) - 2020 | 45 |
Allowance for funds used during construction (AFUDC) - 2021 | 70 |
Allowance for funds used during construction (AFUDC) - 2022 | 40 |
Allowance for funds used during construction (AFUDC) - 2023 | 20 |
Gulf Power [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 800 |
2021 | 770 |
2022 | 645 |
2023 | 650 |
2024 | 680 |
Total | 3,545 |
NEER [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 5,860 |
2021 | 785 |
2022 | 280 |
2023 | 205 |
2024 | 220 |
Total | 7,350 |
NEER [Member] | Wind Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 3,265 |
2021 | 20 |
2022 | 10 |
2023 | 10 |
2024 | 10 |
Total | $ 3,315 |
Planned New Generation To Be Added over 5 Years | MW | 4,400 |
NEER [Member] | Solar Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | $ 945 |
2021 | 230 |
2022 | 5 |
2023 | 5 |
2024 | 0 |
Total | $ 1,185 |
Planned New Generation To Be Added over 5 Years | MW | 1,180 |
NEER [Member] | Nuclear Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | $ 170 |
2021 | 180 |
2022 | 170 |
2023 | 130 |
2024 | 150 |
Total | 800 |
NEER [Member] | Pipelines [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 600 |
2021 | 195 |
2022 | 20 |
2023 | 0 |
2024 | 0 |
Total | 815 |
NEER [Member] | Rate-Regulated Transmission [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 300 |
2021 | 110 |
2022 | 5 |
2023 | 0 |
2024 | 0 |
Total | 415 |
NEER [Member] | Other Expenditures [Member] | |
Planned Capital Expenditures [Line Items] | |
2020 | 580 |
2021 | 50 |
2022 | 70 |
2023 | 60 |
2024 | 60 |
Total | $ 820 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | $ 4,588 | $ 5,572 | $ 4,970 | $ 4,075 | $ 4,390 | $ 4,416 | $ 4,063 | $ 3,857 | $ 19,204 | $ 16,727 | $ 17,173 |
Operating expenses - net | 13,851 | 12,447 | 12,000 | ||||||||
Interest expense | 2,249 | 1,498 | 1,558 | ||||||||
Interest income | 54 | 51 | 81 | ||||||||
Depreciation and amortization | 4,216 | 3,911 | 2,357 | ||||||||
Equity in earnings of equity method investees | 66 | 358 | 141 | ||||||||
Income tax expense (benefit) | 448 | 1,576 | (660) | ||||||||
Net income (loss) | 844 | 798 | 1,139 | 606 | 314 | 941 | 687 | 3,834 | 3,388 | 5,776 | 5,323 |
Net income (loss) attributable to NEE | 975 | $ 879 | $ 1,234 | $ 680 | 422 | $ 1,005 | $ 781 | $ 4,431 | 3,769 | 6,638 | 5,380 |
Capital expenditures, independent power and other investments and nuclear fuel purchases | 17,462 | 13,004 | 10,740 | ||||||||
Property, plant and equipment | 107,178 | 92,083 | 107,178 | 92,083 | 93,565 | ||||||
Accumulated depreciation and amortization | 25,168 | 21,749 | 25,168 | 21,749 | 21,276 | ||||||
Total assets | 117,691 | 103,702 | 117,691 | 103,702 | 97,963 | ||||||
Investment in equity method investees | $ 7,453 | 6,748 | $ 7,453 | 6,748 | 2,321 | ||||||
NEER [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | 70.00% | |||||||||
Operating Segments [Member] | FPL[Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | $ 12,192 | 11,862 | 11,972 | ||||||||
Operating expenses - net | 8,890 | 8,708 | 8,582 | ||||||||
Interest expense | 594 | 541 | 481 | ||||||||
Interest income | 5 | 4 | 2 | ||||||||
Depreciation and amortization | 2,524 | 2,633 | 940 | ||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 441 | 539 | 1,106 | ||||||||
Net income (loss) | 2,334 | 2,171 | 1,880 | ||||||||
Net income (loss) attributable to NEE | 2,334 | 2,171 | 1,880 | ||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 5,755 | 5,135 | 5,291 | ||||||||
Property, plant and equipment | $ 59,027 | 54,717 | 59,027 | 54,717 | 51,915 | ||||||
Accumulated depreciation and amortization - FPL | 13,953 | 13,218 | 13,953 | 13,218 | 12,791 | ||||||
Total assets | 57,188 | 53,484 | 57,188 | 53,484 | 50,254 | ||||||
Investment in equity method investees | 0 | 0 | 0 | 0 | 0 | ||||||
Operating Segments [Member] | Gulf Power Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 1,487 | ||||||||||
Operating expenses - net | 1,216 | ||||||||||
Interest expense | 55 | ||||||||||
Interest income | 3 | ||||||||||
Depreciation and amortization | 247 | ||||||||||
Equity in earnings of equity method investees | 0 | ||||||||||
Income tax expense (benefit) | 42 | ||||||||||
Net income (loss) | 180 | ||||||||||
Net income (loss) attributable to NEE | 180 | ||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 729 | ||||||||||
Property, plant and equipment | 6,393 | 6,393 | |||||||||
Accumulated depreciation and amortization - FPL | 1,630 | 1,630 | |||||||||
Total assets | 5,855 | 5,855 | |||||||||
Investment in equity method investees | 0 | 0 | |||||||||
Operating Segments [Member] | NEER [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | 5,639 | 4,984 | 5,275 | ||||||||
Operating expenses - net | 3,635 | 3,616 | 4,345 | ||||||||
Interest expense | 873 | 595 | 815 | ||||||||
Interest income | 38 | 40 | 72 | ||||||||
Depreciation and amortization | 1,387 | 1,230 | 1,414 | ||||||||
Equity in earnings of equity method investees | 67 | 321 | 136 | ||||||||
Income tax expense (benefit) | 162 | 1,196 | (2,013) | ||||||||
Net income (loss) | 1,426 | 3,842 | 2,940 | ||||||||
Net income (loss) attributable to NEE | 1,807 | 4,704 | 2,997 | ||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 6,505 | 7,189 | 5,415 | ||||||||
Property, plant and equipment | 41,499 | 37,063 | 41,499 | 37,063 | 41,567 | ||||||
Accumulated depreciation and amortization | 9,457 | 8,461 | 9,457 | 8,461 | 8,460 | ||||||
Total assets | 51,516 | 44,509 | 51,516 | 44,509 | 46,611 | ||||||
Investment in equity method investees | 7,453 | 6,521 | 7,453 | 6,521 | 2,173 | ||||||
Corporate, Non-Segment [Member] | Corporate and Other [Member] | Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating revenues | (114) | (119) | (74) | ||||||||
Operating expenses - net | 110 | 123 | (927) | ||||||||
Interest expense | 727 | 362 | 262 | ||||||||
Interest income | 8 | 7 | 7 | ||||||||
Depreciation and amortization | 58 | 48 | 3 | ||||||||
Equity in earnings of equity method investees | (1) | 37 | 5 | ||||||||
Income tax expense (benefit) | (197) | (159) | 247 | ||||||||
Net income (loss) | (552) | (237) | 503 | ||||||||
Net income (loss) attributable to NEE | (552) | (237) | 503 | ||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 4,473 | 680 | 34 | ||||||||
Property, plant and equipment | 259 | 303 | 259 | 303 | 83 | ||||||
Accumulated depreciation and amortization | 128 | 70 | 128 | 70 | 25 | ||||||
Total assets | 3,132 | 5,709 | 3,132 | 5,709 | 1,098 | ||||||
Investment in equity method investees | $ 0 | $ 227 | $ 0 | $ 227 | $ 148 |
Commitments and Contingencies_3
Commitments and Contingencies (Required Capacity and/or Minimum Payments Under Contracts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FPL[Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Capacity payments and/or minimum payments - 2020 | $ 1,035 | |
Capacity payments and/or minimum payments - 2021 | 1,005 | |
Capacity payments and/or minimum payments - 2022 | 985 | |
Capacity payments and/or minimum payments - 2023 | 975 | |
Capacity payments and/or minimum payments - 2024 | 970 | |
Capacity payments and/or minimum payments - Thereafter | 11,625 | |
Related Party Transaction, Amounts of Transaction | 316 | $ 303 |
FPL[Member] | Natural Gas Including Transportation and Storage Contract Minimum Payments [Member] | Sabal Trail and Florida Southeast Connection [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Capacity payments and/or minimum payments - 2020 | 385 | |
Capacity payments and/or minimum payments - 2021 | 415 | |
Capacity payments and/or minimum payments - 2022 | 415 | |
Capacity payments and/or minimum payments - 2023 | 410 | |
Capacity payments and/or minimum payments - 2024 | 410 | |
Capacity payments and/or minimum payments - Thereafter | 6,765 | |
NEER [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Capacity payments and/or minimum payments - 2020 | 3,355 | |
Capacity payments and/or minimum payments - 2021 | 395 | |
Capacity payments and/or minimum payments - 2022 | 255 | |
Capacity payments and/or minimum payments - 2023 | 130 | |
Capacity payments and/or minimum payments - 2024 | 140 | |
Capacity payments and/or minimum payments - Thereafter | 1,415 | |
Commitment to invest | 110 | |
Joint Obligations Next Year | 60 | |
Joint Obligations Second Year | 20 | |
Joint Obligations Third Year | 20 | |
Joint Obligations Fourth Year | 20 | |
Joint Obligations Fifth Year | 10 | |
Joint Obligations After Fifth Year | 15 | |
NEER [Member] | Mountain Valley Pipeline [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Capacity payments and/or minimum payments - 2021 | 70 | |
Capacity payments and/or minimum payments - 2022 | 70 | |
Capacity payments and/or minimum payments - 2023 | 70 | |
Capacity payments and/or minimum payments - 2024 | 70 | |
Capacity payments and/or minimum payments - Thereafter | 1,110 | |
NEER [Member] | Contract Group 1 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Commitment amount included in capital expenditures | $ 3,800 | |
Join Venture [Member] | NEER [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Ownership interest | 31.00% | |
Consolidation, Eliminations [Member] | FPL[Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 108 | $ 95 |
Commitments and Contingencies_4
Commitments and Contingencies (Insurance) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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 | 13,500 |
Potential retrospective assessments under secondary financial protection system | 1,100 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 164 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750 |
Amount of sublimit for non nuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | $ 1,500 |
Coinsurance, percent | 10.00% |
Coinsurance, limit of coverage per loss per site occurrence | $ 400 |
Potential retrospective assessment, limited insurance coverage per occurrence per site, nuclear insurance mutual companies, property damage decontamination and premature decommissioning risks | 174 |
Seabrook Station Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 16 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 3 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 41 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 4 |
St Lucie Unit No 2 Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 20 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 4 |
FPL[Member] | |
Insurance [Abstract] | |
Potential retrospective assessments under secondary financial protection system | 550 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 82 |
Potential retrospective assessment, limited insurance coverage per occurrence per site, nuclear insurance mutual companies, property damage decontamination and premature decommissioning risks | 106 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Amount of sublimit for non nuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | $ 500 |
Summarized Financial Informat_3
Summarized Financial Information of NEECH - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 4,588 | $ 5,572 | $ 4,970 | $ 4,075 | $ 4,390 | $ 4,416 | $ 4,063 | $ 3,857 | $ 19,204 | $ 16,727 | $ 17,173 |
Operating expenses - net | (13,851) | (12,447) | (12,000) | ||||||||
Interest expense | (2,249) | (1,498) | (1,558) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in earnings of equity method investees | 66 | 358 | 141 | ||||||||
Gain on NEP deconsolidation | 0 | 3,927 | 0 | ||||||||
Other income - net | 666 | 285 | 907 | ||||||||
Income (loss) before income taxes | 3,836 | 7,352 | 4,663 | ||||||||
Income tax expense (benefit) | 448 | 1,576 | (660) | ||||||||
NET INCOME | 844 | 798 | 1,139 | 606 | 314 | 941 | 687 | 3,834 | 3,388 | 5,776 | 5,323 |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 381 | 862 | 57 | ||||||||
NET INCOME ATTRIBUTABLE TO NEE | $ 975 | $ 879 | $ 1,234 | $ 680 | $ 422 | $ 1,005 | $ 781 | $ 4,431 | 3,769 | 6,638 | 5,380 |
Reportable Legal Entities [Member] | NEE (Guarantor) [Member] | |||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||
Operating expenses - net | (209) | (196) | (175) | ||||||||
Interest expense | (3) | (17) | (3) | ||||||||
Equity in earnings of subsidiaries | 3,785 | 6,548 | 5,393 | ||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | ||||||||
Gain on NEP deconsolidation | 0 | 0 | 0 | ||||||||
Other income - net | 185 | 169 | 151 | ||||||||
Income (loss) before income taxes | 3,758 | 6,504 | 5,366 | ||||||||
Income tax expense (benefit) | (11) | (134) | (14) | ||||||||
NET INCOME | 3,769 | 6,638 | 5,380 | ||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO NEE | $ 3,769 | 6,638 | 5,380 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Ownership interest | 100.00% | 100.00% | |||||||||
Operating revenues | $ 5,671 | 5,007 | 5,301 | ||||||||
Operating expenses - net | (3,669) | (3,652) | (3,273) | ||||||||
Interest expense | (1,596) | (940) | (1,074) | ||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||
Equity in earnings of equity method investees | 66 | 358 | 141 | ||||||||
Gain on NEP deconsolidation | 0 | 3,927 | 0 | ||||||||
Other income - net | 407 | 21 | 702 | ||||||||
Income (loss) before income taxes | 879 | 4,721 | 1,797 | ||||||||
Income tax expense (benefit) | (21) | 1,195 | (1,719) | ||||||||
NET INCOME | 900 | 3,526 | 3,516 | ||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 381 | 862 | 57 | ||||||||
NET INCOME ATTRIBUTABLE TO NEE | 1,281 | 4,388 | 3,573 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Operating revenues | 13,533 | 11,720 | 11,872 | ||||||||
Operating expenses - net | (9,973) | (8,599) | (8,552) | ||||||||
Interest expense | (650) | (541) | (481) | ||||||||
Equity in earnings of subsidiaries | (3,785) | (6,548) | (5,393) | ||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | ||||||||
Gain on NEP deconsolidation | 0 | 0 | 0 | ||||||||
Other income - net | 74 | 95 | 54 | ||||||||
Income (loss) before income taxes | (801) | (3,873) | (2,500) | ||||||||
Income tax expense (benefit) | 480 | 515 | 1,073 | ||||||||
NET INCOME | (1,281) | (4,388) | (3,573) | ||||||||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO NEE | $ (1,281) | $ (4,388) | $ (3,573) |
Summarized Financial Informat_4
Summarized Financial Information of NEECH - Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | $ 3,789 | $ 6,667 | $ 5,561 |
Reportable Legal Entities [Member] | NEE (Guarantor) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | 3,789 | 6,667 | 5,561 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | 1,350 | 4,434 | 3,710 |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Comprehensive income (loss) attributable to NEE | $ (1,340) | $ (4,434) | $ (3,710) |
Summarized Financial Informat_5
Summarized Financial Information of NEECH - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
PROPERTY, PLANT AND EQUIPMENT | |||
Electric plant in service and other property | $ 107,178 | $ 92,083 | $ 93,565 |
Accumulated depreciation and amortization | (25,168) | (21,749) | (21,276) |
Total property, plant and equipment - net | 82,010 | 70,334 | |
CURRENT ASSETS | |||
Cash and cash equivalents | 600 | 638 | |
Receivables | 2,807 | 2,969 | |
Other | 4,001 | 2,786 | |
Total current assets | 7,408 | 6,393 | |
OTHER ASSETS | |||
Investment in subsidiaries | 0 | 0 | |
Investment in equity method investees | 7,453 | 6,748 | 2,321 |
Goodwill | 4,204 | 891 | |
Other | 16,616 | 19,336 | |
Total other assets | 28,273 | 26,975 | |
TOTAL ASSETS | 117,691 | 103,702 | $ 97,963 |
CAPITALIZATION | |||
Common shareholders' equity | 37,005 | 34,144 | |
Noncontrolling interests | 4,355 | 3,269 | |
Redeemable noncontrolling interests | 487 | 468 | |
Long-term debt | 37,543 | 26,782 | |
Total capitalization | 79,390 | 64,663 | |
CURRENT LIABILITIES | |||
Debt due within one year | 5,040 | 10,930 | |
Accounts payable | 3,631 | 2,386 | |
Other | 5,182 | 4,247 | |
Total current liabilities | 13,853 | 17,563 | |
OTHER LIABILITIES AND DEFERRED CREDITS | |||
Asset retirement obligations | 3,457 | 3,135 | |
Deferred income taxes | 8,361 | 7,367 | |
Other | 12,630 | 10,974 | |
Total other liabilities and deferred credits | 24,448 | 21,476 | |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL CAPITALIZATION AND LIABILITIES | 117,691 | 103,702 | |
Reportable Legal Entities [Member] | NEE (Guarantor) [Member] | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Electric plant in service and other property | 170 | 220 | |
Accumulated depreciation and amortization | (111) | (58) | |
Total property, plant and equipment - net | 59 | 162 | |
CURRENT ASSETS | |||
Cash and cash equivalents | 1 | (1) | |
Receivables | 81 | 292 | |
Other | 16 | 5 | |
Total current assets | 98 | 296 | |
OTHER ASSETS | |||
Investment in subsidiaries | 36,783 | 33,397 | |
Investment in equity method investees | 0 | 0 | |
Goodwill | 1 | 1 | |
Other | 404 | 937 | |
Total other assets | 37,188 | 34,335 | |
TOTAL ASSETS | 37,345 | 34,793 | |
CAPITALIZATION | |||
Common shareholders' equity | 37,005 | 34,144 | |
Noncontrolling interests | 0 | 0 | |
Redeemable noncontrolling interests | 0 | 0 | |
Long-term debt | 0 | 0 | |
Total capitalization | 37,005 | 34,144 | |
CURRENT LIABILITIES | |||
Debt due within one year | 0 | 0 | |
Accounts payable | 3 | 32 | |
Other | 167 | 168 | |
Total current liabilities | 170 | 200 | |
OTHER LIABILITIES AND DEFERRED CREDITS | |||
Asset retirement obligations | 0 | 0 | |
Deferred income taxes | (410) | (157) | |
Other | 580 | 606 | |
Total other liabilities and deferred credits | 170 | 449 | |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL CAPITALIZATION AND LIABILITIES | 37,345 | 34,793 | |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Electric plant in service and other property | 41,585 | 37,145 | |
Accumulated depreciation and amortization | (9,473) | (8,473) | |
Total property, plant and equipment - net | 32,112 | 28,672 | |
CURRENT ASSETS | |||
Cash and cash equivalents | 515 | 525 | |
Receivables | 1,489 | 1,771 | |
Other | 2,633 | 1,425 | |
Total current assets | 4,637 | 3,721 | |
OTHER ASSETS | |||
Investment in subsidiaries | 0 | 0 | |
Investment in equity method investees | 7,453 | 6,748 | |
Goodwill | 1,217 | 587 | |
Other | 6,899 | 5,890 | |
Total other assets | 15,569 | 13,225 | |
TOTAL ASSETS | 52,318 | 45,618 | |
CAPITALIZATION | |||
Common shareholders' equity | 11,050 | 7,917 | |
Noncontrolling interests | 4,355 | 3,269 | |
Redeemable noncontrolling interests | 487 | 468 | |
Long-term debt | 21,901 | 15,094 | |
Total capitalization | 37,793 | 26,748 | |
CURRENT LIABILITIES | |||
Debt due within one year | 2,961 | 9,579 | |
Accounts payable | 2,755 | 1,730 | |
Other | 2,817 | 2,364 | |
Total current liabilities | 8,533 | 13,673 | |
OTHER LIABILITIES AND DEFERRED CREDITS | |||
Asset retirement obligations | 1,072 | 988 | |
Deferred income taxes | 2,956 | 2,778 | |
Other | 1,964 | 1,431 | |
Total other liabilities and deferred credits | 5,992 | 5,197 | |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL CAPITALIZATION AND LIABILITIES | 52,318 | 45,618 | |
Consolidation, Eliminations [Member] | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Electric plant in service and other property | 65,423 | 54,718 | |
Accumulated depreciation and amortization | (15,584) | (13,218) | |
Total property, plant and equipment - net | 49,839 | 41,500 | |
CURRENT ASSETS | |||
Cash and cash equivalents | 84 | 114 | |
Receivables | 1,237 | 906 | |
Other | 1,352 | 1,356 | |
Total current assets | 2,673 | 2,376 | |
OTHER ASSETS | |||
Investment in subsidiaries | (36,783) | (33,397) | |
Investment in equity method investees | 0 | 0 | |
Goodwill | 2,986 | 303 | |
Other | 9,313 | 12,509 | |
Total other assets | (24,484) | (20,585) | |
TOTAL ASSETS | 28,028 | 23,291 | |
CAPITALIZATION | |||
Common shareholders' equity | (11,050) | (7,917) | |
Noncontrolling interests | 0 | 0 | |
Redeemable noncontrolling interests | 0 | 0 | |
Long-term debt | 15,642 | 11,688 | |
Total capitalization | 4,592 | 3,771 | |
CURRENT LIABILITIES | |||
Debt due within one year | 2,079 | 1,351 | |
Accounts payable | 873 | 624 | |
Other | 2,198 | 1,715 | |
Total current liabilities | 5,150 | 3,690 | |
OTHER LIABILITIES AND DEFERRED CREDITS | |||
Asset retirement obligations | 2,385 | 2,147 | |
Deferred income taxes | 5,815 | 4,746 | |
Other | 10,086 | 8,937 | |
Total other liabilities and deferred credits | 18,286 | 15,830 | |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL CAPITALIZATION AND LIABILITIES | $ 28,028 | $ 23,291 |
Summarized Financial Informat_6
Summarized Financial Information of NEECH - Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net cash provided by operating activities | $ 8,155 | $ 6,593 | $ 6,458 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases | (17,462) | (13,004) | (10,740) |
Capital contributions from NEE | 0 | 0 | 0 |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | 1,454 |
Sale of independent power and other investments of NEER | 1,163 | 1,617 | 178 |
Proceeds from sale or maturity of securities in special use funds and other investments | 4,008 | 3,410 | 3,207 |
Purchases of securities in special use funds and other investments | (4,160) | (3,733) | (3,244) |
Distributions from equity method investees | 0 | 637 | 7 |
Other - net | 274 | 123 | 220 |
Net cash used in investing activities | (16,177) | (10,950) | (8,918) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 13,919 | 4,399 | 8,354 |
Retirements of long-term debt | (5,492) | (3,102) | (6,780) |
Proceeds from differential membership investors | 1,604 | 1,841 | 1,414 |
Net change in commercial paper | (234) | 1,062 | 1,419 |
Proceeds from other short-term debt | 200 | 5,665 | 450 |
Repayments of other short-term debt | (4,765) | (455) | (2) |
Payments to related parties under CSCS agreement – net | (54) | (21) | 0 |
Issuances of common stock - net | 1,494 | 718 | 55 |
Proceeds from issuance of NEP convertible preferred units - net | 0 | 0 | 548 |
Dividends on common stock | (2,408) | (2,101) | (1,845) |
Contributions from (dividends to) NEE | 0 | 0 | 0 |
Other - net | (391) | (372) | (725) |
Net cash provided by (used in) financing activities | 3,873 | 7,634 | 2,888 |
Effects of currency translation on cash, cash equivalents and restricted cash | 4 | (7) | 26 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (4,145) | 3,270 | 454 |
Cash, cash equivalents and restricted cash at beginning of year | 5,253 | 1,983 | 1,529 |
Cash, cash equivalents and restricted cash at end of year | 1,108 | 5,253 | 1,983 |
Reportable Legal Entities [Member] | NEE (Guarantor) [Member] | |||
Net cash provided by operating activities | 2,769 | 3,401 | 1,968 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases | (7) | (132) | 0 |
Capital contributions from NEE | (1,876) | (6,270) | (92) |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | 0 |
Sale of independent power and other investments of NEER | 0 | 0 | 0 |
Proceeds from sale or maturity of securities in special use funds and other investments | 0 | 0 | 9 |
Purchases of securities in special use funds and other investments | 0 | 0 | 0 |
Distributions from equity method investees | 0 | 4,466 | 0 |
Other - net | 103 | 12 | 7 |
Net cash used in investing activities | (1,780) | (1,924) | (76) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 0 | 0 | 0 |
Retirements of long-term debt | 0 | 0 | 0 |
Proceeds from differential membership investors | 0 | 0 | 0 |
Net change in commercial paper | 0 | 0 | 0 |
Proceeds from other short-term debt | 0 | 0 | 0 |
Repayments of other short-term debt | 0 | 0 | 0 |
Payments to related parties under CSCS agreement – net | 0 | 0 | |
Issuances of common stock - net | 1,494 | 718 | 55 |
Proceeds from issuance of NEP convertible preferred units - net | 0 | 0 | 0 |
Dividends on common stock | (2,408) | (2,101) | (1,845) |
Contributions from (dividends to) NEE | 0 | 0 | 0 |
Other - net | (73) | (96) | (102) |
Net cash provided by (used in) financing activities | (987) | (1,479) | (1,892) |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2 | (2) | 0 |
Cash, cash equivalents and restricted cash at beginning of year | (1) | 1 | 1 |
Cash, cash equivalents and restricted cash at end of year | 1 | (1) | 1 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by operating activities | 2,562 | 2,094 | 2,749 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases | (6,509) | (7,735) | (5,449) |
Capital contributions from NEE | 0 | 0 | 0 |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | 1,454 |
Sale of independent power and other investments of NEER | 1,163 | 1,617 | 178 |
Proceeds from sale or maturity of securities in special use funds and other investments | 1,279 | 1,178 | 1,221 |
Purchases of securities in special use funds and other investments | (1,306) | (1,330) | (1,163) |
Distributions from equity method investees | 0 | 637 | 7 |
Other - net | 150 | (130) | 195 |
Net cash used in investing activities | (5,223) | (5,763) | (3,557) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 10,916 | 2,651 | 6,393 |
Retirements of long-term debt | (5,292) | (1,512) | (5,907) |
Proceeds from differential membership investors | 1,604 | 1,841 | 1,414 |
Net change in commercial paper | (651) | 1,493 | 0 |
Proceeds from other short-term debt | 0 | 5,665 | 0 |
Repayments of other short-term debt | (4,765) | (205) | 0 |
Payments to related parties under CSCS agreement – net | (54) | (21) | |
Issuances of common stock - net | 0 | 0 | 0 |
Proceeds from issuance of NEP convertible preferred units - net | 0 | 0 | 548 |
Dividends on common stock | 0 | 0 | 0 |
Contributions from (dividends to) NEE | 1,479 | (7,272) | (633) |
Other - net | (271) | (238) | (601) |
Net cash provided by (used in) financing activities | 2,966 | 2,402 | 1,214 |
Effects of currency translation on cash, cash equivalents and restricted cash | 4 | (7) | 26 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 309 | (1,274) | 432 |
Cash, cash equivalents and restricted cash at beginning of year | 533 | 1,807 | 1,375 |
Cash, cash equivalents and restricted cash at end of year | 842 | 533 | 1,807 |
Consolidation, Eliminations [Member] | |||
Net cash provided by operating activities | 2,824 | 1,098 | 1,741 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases | (10,946) | (5,137) | (5,291) |
Capital contributions from NEE | 1,876 | 6,270 | 92 |
Proceeds from sale of the fiber-optic telecommunications business | 0 | 0 | 0 |
Sale of independent power and other investments of NEER | 0 | 0 | 0 |
Proceeds from sale or maturity of securities in special use funds and other investments | 2,729 | 2,232 | 1,977 |
Purchases of securities in special use funds and other investments | (2,854) | (2,403) | (2,081) |
Distributions from equity method investees | 0 | (4,466) | 0 |
Other - net | 21 | 241 | 18 |
Net cash used in investing activities | (9,174) | (3,263) | (5,285) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 3,003 | 1,748 | 1,961 |
Retirements of long-term debt | (200) | (1,590) | (873) |
Proceeds from differential membership investors | 0 | 0 | 0 |
Net change in commercial paper | 417 | (431) | 1,419 |
Proceeds from other short-term debt | 200 | 0 | 450 |
Repayments of other short-term debt | 0 | (250) | (2) |
Payments to related parties under CSCS agreement – net | 0 | 0 | |
Issuances of common stock - net | 0 | 0 | 0 |
Proceeds from issuance of NEP convertible preferred units - net | 0 | 0 | 0 |
Dividends on common stock | 0 | 0 | 0 |
Contributions from (dividends to) NEE | (1,479) | 7,272 | 633 |
Other - net | (47) | (38) | (22) |
Net cash provided by (used in) financing activities | 1,894 | 6,711 | 3,566 |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (4,456) | 4,546 | 22 |
Cash, cash equivalents and restricted cash at beginning of year | 4,721 | 175 | 153 |
Cash, cash equivalents and restricted cash at end of year | $ 265 | $ 4,721 | $ 175 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed consolidated quarterly financial information [Abstract] | ||||||||||||
Operating revenues | $ 4,588 | $ 5,572 | $ 4,970 | $ 4,075 | $ 4,390 | $ 4,416 | $ 4,063 | $ 3,857 | $ 19,204 | $ 16,727 | $ 17,173 | |
Operating income | 878 | 1,593 | 1,747 | 1,135 | 1,107 | 968 | 1,146 | 1,059 | 5,353 | 4,280 | 5,173 | |
Net income (loss) | 844 | 798 | 1,139 | 606 | 314 | 941 | 687 | 3,834 | 3,388 | 5,776 | 5,323 | |
Net income (loss) attributable to NEE | $ 975 | $ 879 | $ 1,234 | $ 680 | $ 422 | $ 1,005 | $ 781 | $ 4,431 | $ 3,769 | $ 6,638 | $ 5,380 | |
Basic EPS - Net income (in dollars per share) | $ 2 | $ 1.82 | $ 2.58 | $ 1.42 | $ 0.88 | $ 2.12 | $ 1.66 | $ 9.41 | $ 7.82 | $ 14.03 | $ 11.48 | |
Diluted EPS - Net income (in dollars per share) | 1.99 | 1.81 | 2.56 | 1.41 | 0.88 | 2.10 | 1.61 | 9.32 | 7.76 | 13.88 | 11.39 | |
Dividends per share of common stock (in dollars per share) | 1.25 | 1.25 | 1.25 | 1.25 | 1.11 | 1.11 | 1.11 | 1.11 | $ 5 | $ 4.44 | $ 3.93 | |
High common stock sales price (in dollars per share) | 245.01 | 233.45 | 208.91 | 195.55 | 184.20 | 175.65 | 169.53 | 164.41 | ||||
Low common stock sales price (in dollars per share) | $ 220.66 | $ 201.06 | $ 187.30 | $ 168.66 | $ 164.78 | $ 163.52 | $ 155.06 | $ 145.10 | ||||
FPL[Member] | ||||||||||||
Condensed consolidated quarterly financial information [Abstract] | ||||||||||||
Operating revenues | $ 2,925 | $ 3,491 | $ 3,158 | $ 2,618 | $ 2,935 | $ 3,399 | $ 2,908 | $ 2,620 | $ 12,192 | $ 11,862 | $ 11,972 | |
Operating income | 617 | 973 | 854 | 857 | 609 | 917 | 921 | 707 | 3,302 | 3,154 | 3,390 | |
Net income (loss) | [1] | $ 2,334 | $ 2,171 | $ 1,880 | ||||||||
Net income (loss) attributable to NEE | $ 400 | $ 683 | $ 663 | $ 588 | $ 407 | $ 654 | $ 626 | $ 484 | ||||
[1] | FPL's comprehensive income is the same as reported net income. |