Exhibit 99
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| | NextEra Energy, Inc. Media Line: 561-694-4442 Oct. 21, 2020
FOR IMMEDIATE RELEASE |
NextEra Energy reports third-quarter 2020 financial results
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| • | NextEra Energy delivers strong third-quarter financial and operational results; remains well-positioned to achieve full-year financial expectations |
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| • | Florida Power & Light Company continues to deliver affordable and reliable power for customers |
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| • | Gulf Power Company's initiatives to enhance customer and shareholder value remain on track |
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| • | NextEra Energy Resources has a record quarter of origination as renewables backlog reaches more than 15,000 megawatts and is now larger than the business' existing renewables portfolio |
JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2020 third-quarter net income attributable to NextEra Energy on a GAAP basis of $1.229 billion, or $2.50 per share, compared to $879 million, or $1.81 per share, for the third quarter of 2019. On an adjusted basis, NextEra Energy's 2020 third-quarter earnings were $1.311 billion, or $2.66 per share, compared to $1.163 billion, or $2.39 per share, in the third quarter of 2019.
Adjusted earnings for these periods exclude the effects of non-qualifying hedges; NextEra Energy Partners, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI); and also in 2019, operating results from the Spain solar projects; and acquisition-related expenses.
NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release.
"NextEra Energy delivered strong third-quarter results and remains well-positioned to meet our 2020 and longer-term growth prospects," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We grew adjusted earnings per share by more than 11% year-over-year, reflecting strong execution across all of our businesses. In addition to dealing with the challenges created by the COVID-19 pandemic, it also has been a very active hurricane season. We extend our deepest sympathies to the people throughout the eastern and southeastern U.S. who have experienced the severe effects of this year's dangerous and deadly storms, including those in our Gulf Power service area who were affected by Hurricane Sally. Thanks to the dedication of our employees and the mutual assistance crews, as well
as our focus on preparation and execution, we were able to restore service safely and quickly to the more than 60% of Gulf Power customers who experienced outages.
"Both FPL and Gulf Power continue to focus on delivering an outstanding value proposition of low bills, high reliability, outstanding customer service and clean energy solutions for our customers. All of FPL's major capital initiatives, including one of the largest solar expansions ever in the U.S., remain on track. In addition to its excellent storm response, Gulf Power had a great quarter of execution, further reducing operations and maintenance costs and delivering on smart capital investments. The NextEra Energy Resources team continued to capitalize on what we believe is the best renewables development environment in our history, originating a record of nearly 2,200 megawatts since our second-quarter financial results call in July. Now totaling more than 15,000 megawatts, NextEra Energy Resources' renewables backlog is the largest in our history and is larger than the business' existing renewables portfolio. As a result of the ongoing strength of the renewables development environment and continued execution across all of our businesses, during the quarter we increased and extended our long-term financial expectations. Based on the resiliency of our underlying businesses and their strong growth prospects, we will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2020, 2021, 2022 and now 2023, while at the same time maintaining our strong credit ratings and, most importantly, continuing to reliably deliver for our customers. We remain intensely focused on execution and believe NextEra Energy remains well-positioned to drive shareholder value over the coming years."
Florida Power & Light Company
FPL, which serves more than 5.1 million customer accounts in Florida and is the largest rate-regulated electric utility in the U.S. as measured by retail electricity produced and sold, reported third-quarter 2020 net income of $757 million, or $1.54 per share, compared to $683 million, or $1.40 per share, for the prior-year quarter.
FPL's growth over the prior-year comparable quarter was primarily driven by continued investment in the business. FPL's capital expenditures were approximately $1.3 billion in the third quarter of 2020 and full-year capital investments are expected to be between $6.5 billion and $6.7 billion. Regulatory capital employed increased by more than 11% over the same quarter last year. During the third quarter of 2020, FPL's average number of customers increased by nearly 80,000 from the prior-year comparable quarter.
As previously announced, NextEra Energy believes that FPL and Gulf Power operating as a single, larger Florida utility company will create both operational and financial benefits for customers. Earlier this month, NextEra Energy received Federal Energy Regulatory Commission (FERC) approval for an internal reorganization whereby Gulf Power would merge into FPL in January 2021. Gulf Power will continue as a separate operating division during 2021, serving its existing customers under separate retail rates. NextEra Energy continues to expect the companies to file a combined rate case in the first quarter of next year for new rates effective in January 2022.
FPL remains committed to helping support customers experiencing hardship during the COVID-19 pandemic. Since mid-March, FPL has continued to offer payment extensions, waive late fees and connect customers with available financial assistance. In September, FPL announced plans to offer one-time, direct relief to eligible customers who are significantly behind on their FPL bill due to COVID-19, with up to a $200 bill credit based on the status of their past-due account. In October, FPL received unanimous approval from the Florida Public Service Commission (FPSC) to accelerate deposit refunds to eligible residential customers who have paid on time for the last 12 months.
FPL's continued strong execution is a result of the smart capital investments that it has made over the past several decades. FPL's typical residential bill remains 30% below the national average and the lowest among all of the Florida investor-owned utilities, while FPL maintains best-in-class service reliability and an emissions profile that is among the cleanest in the nation.
All of FPL's major capital projects remain on track as FPL continues to advance its long-term focus on delivering outstanding customer value. FPL's next six SolarTogether projects, totaling approximately 450 megawatts (MW), are on schedule to be placed in service later this year. The final 600 MW of the roughly 1,500-MW community solar program are expected to be placed in service next year. This significant solar expansion, combined with low-cost battery storage solutions, such as the Manatee Energy Storage Center that remains on track to be complete next year, represent the next phase of FPL's generation modernization efforts. Beyond solar, construction on the highly efficient, roughly 1,200-MW Dania Beach Clean Energy Center remains on schedule and on budget as it continues to advance toward its projected commercial operation date in 2022.
During the quarter, the FPSC approved FPL's Storm Protection Plan settlement agreement that allows for clause recovery of storm hardening investments, including undergrounding. The agreement supports the continued hardening of FPL's already storm-resilient energy grid in a programmatic manner through the deployment of billions of dollars of incremental capital for the benefit of customers.
Gulf Power Company
Gulf Power, a rate-regulated electric utility that serves approximately 470,000 customers in eight counties throughout northwest Florida, reported third-quarter 2020 net income of $91 million, or $0.18 per share, compared to $76 million, or $0.16 per share, for the prior-year quarter. On an adjusted basis, Gulf Power's third-quarter 2020 earnings were $91 million, or $0.18 per share, compared to $80 million, or $0.16 per share, in the third quarter of 2019.
Gulf Power's capital expenditures were roughly $350 million for the third quarter of 2020, as it continues to execute on smart capital investments for the benefit of customers. Full-year capital investments are expected to be between $1.0 billion and $1.1 billion. As a result of these ongoing investments, regulatory capital employed increased by approximately 25% year-over-year.
All of Gulf Power's major smart capital investments continue to progress well. The Plant Crist coal-to-natural gas conversion and associated natural gas lateral are expected to be complete later this year, supporting NextEra Energy's coal phase-out strategy and commitment to remain a clean energy leader.
Similar to FPL, Gulf Power's Storm Protection Plan settlement agreement also was approved during the quarter. Gulf Power expects that these future hardening investments will lead to a stronger and more storm-resilient energy grid and support an even more rapid recovery from storms in the future.
NextEra Energy Resources
NextEra Energy Resources, the competitive clean energy business of NextEra Energy, reported a third-quarter 2020 contribution to net income attributable to NextEra Energy on a GAAP basis of $376 million, or $0.76 per share, compared to $381 million, or $0.78 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the third quarter of 2020 were $551 million, or $1.12 per share, compared to $443 million, or $0.91 per share, for the third quarter of 2019.
NextEra Energy Resources had another excellent period of origination during the third quarter, adding nearly 2,200 MW to its renewables backlog. Since the second-quarter financial results call in July, NextEra Energy Resources added 580 MW of wind, 911 MW of solar, 594 MW of battery storage and 86 MW of wind repowering to its renewables backlog. The significant additions include a new 325-MW, 4-hour battery storage system. This project, which is the largest stand-alone storage project in the world, is expected to support California's aggressive clean energy goals and help improve reliability across the regional electric grid when it comes online in 2023. In addition, NextEra Energy Resources executed a build-own-transfer agreement for a 180-MW solar project, which is not included in the backlog additions. Partially offsetting this quarter's strong origination success was the removal of several projects that had previously been included in NextEra Energy Resources' renewables backlog, resulting in a net increase of 1,446 MW.
Consistent with the company's focus on growing its rate-regulated and long-term contracted business operations, NextEra Energy Transmission announced an agreement to acquire GridLiance, which owns three FERC-regulated transmission utilities spanning six states. Subject to regulatory approvals, the approximately $660 million acquisition, including the assumption of debt, is expected to close in 2021 and to be immediately accretive to earnings. The proposed acquisition has strong expansion potential in attractive markets with significant expected renewables growth, and furthers NextEra Energy's goal of growing America's leading competitive transmission company.
Corporate and Other
In the third quarter of 2020 on a GAAP basis, Corporate and Other earnings increased $0.55 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other earnings for the third quarter of 2020 declined $0.10 per share, compared to the prior-year quarter.
Outlook
As announced in September, NextEra Energy increased its financial expectations for 2021 and 2022 and extended its longer-term growth outlook to 2023. For 2021, NextEra Energy increased its adjusted earnings per share expectations by $0.20 and now expects adjusted earnings per share to be in the range of $9.60 to $10.15. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share.
On Sept. 14, the NextEra Energy board of directors approved a four-for-one common stock split, which is intended to make stock ownership more accessible to a broader base of investors. Trading will begin on a stock split-adjusted basis on Oct. 27, 2020, and the company's fourth-quarter and full-year 2020 financial results will reflect the post-split share count.
As a result of the four-for-one stock split, NextEra Energy updated its adjusted earnings per share financial expectations ranges to reflect the increase in outstanding shares. In 2020, the company now expects adjusted earnings per share to be in the range of $2.18 to $2.30. For 2021, the company expects adjusted earnings per share to be in the range of $2.40 to $2.54. For 2022 and 2023, NextEra Energy expects to grow 6% to 8%, off the expected increased 2021 adjusted earnings per share. For 2022 and 2023, this translates to an adjusted earnings per share range of $2.55 to $2.75 and $2.77 to $2.97, respectively.
NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards; the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and OTTI, none of which can be determined at this time. Adjusted earnings expectations also exclude the effects of NextEra Energy Partners, LP net investment gains; gains on disposal of a business; differential membership interests-related; and acquisition-related expenses. In addition, adjusted earnings expectations assume, among other things, normal weather and operating conditions; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no divestitures other than to NextEra Energy Partners, LP or acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.
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| | As previously announced, NextEra Energy's third-quarter 2020 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the third-quarter 2020 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above. |
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This news release should be read in conjunction with the attached unaudited financial information.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5.1 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves approximately 470,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites:
www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
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Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot or regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and
estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources’ gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of the coronavirus pandemic and its effects on NextEra Energy’s or FPL’s businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2019 and other SEC filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
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| Preliminary | |
| Three Months Ended September 30, 2020 | | FPL | | Gulf Power | | NEER | | Corporate and
Other(a) | | NextEra Energy |
| Operating Revenues | | $ | 3,455 |
| | $ | 404 |
| | $ | 953 |
| | $ | (27 | ) | | $ | 4,785 |
|
| Operating Expenses (Income) | | | | | | | | | | |
| Fuel, purchased power and interchange | | 839 |
| | 130 |
| | 172 |
| | (30 | ) | | 1,111 |
|
| Other operations and maintenance | | 364 |
| | 50 |
| | 434 |
| | 74 |
| | 922 |
|
| Depreciation and amortization | | 823 |
| | 76 |
| | 364 |
| | 16 |
| | 1,279 |
|
| Losses (gains) on disposal of businesses/assets - net | | — |
| | — |
| | 5 |
| | 6 |
| | 11 |
|
| Taxes other than income taxes and other - net | | 369 |
| | 33 |
| | 51 |
| | 1 |
| | 454 |
|
| Total operating expenses - net | | 2,395 |
| | 289 |
| | 1,026 |
| | 67 |
| | 3,777 |
|
| Operating Income (Loss) | | 1,060 |
| | 115 |
| | (73 | ) | | (94 | ) | | 1,008 |
|
| Other Income (Deductions) | | | | | | | | | | |
| Interest expense | | (147 | ) | | (8 | ) | | (103 | ) | | 50 |
| | (208 | ) |
| Equity in earnings (losses) of equity method investees | | — |
| | — |
| | 249 |
| | — |
| | 249 |
|
| Allowance for equity funds used during construction | | 14 |
| | 7 |
| | 1 |
| | — |
| | 22 |
|
| Interest income | | — |
| | — |
| | 6 |
| | 1 |
| | 7 |
|
| Gains on disposal of investments and other property - net | | — |
| | — |
| | 16 |
| | — |
| | 16 |
|
| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | | — |
| | — |
| | 87 |
| | — |
| | 87 |
|
| Other net periodic benefit income | | — |
| | — |
| | — |
| | 50 |
| | 50 |
|
| Other - net | | (1 | ) | | 1 |
| | 19 |
| | 2 |
| | 21 |
|
| Total other income (deductions) - net | | (134 | ) | | — |
| | 275 |
| | 103 |
| | 244 |
|
| Income (Loss) before Income Taxes | | 926 |
| | 115 |
| | 202 |
| | 9 |
| | 1,252 |
|
| Income Tax Expense (Benefit) | | 169 |
| | 24 |
| | (68 | ) | | 4 |
| | 129 |
|
| Net Income (Loss) | | 757 |
| | 91 |
| | 270 |
| | 5 |
| | 1,123 |
|
| Net Loss Attributable to Noncontrolling Interests | | — |
| | — |
| | 106 |
| | — |
| | 106 |
|
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 757 |
| | $ | 91 |
| | $ | 376 |
| | $ | 5 |
| | $ | 1,229 |
|
| Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | | | | | | | | | | |
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 757 |
| | $ | 91 |
| | $ | 376 |
| | $ | 5 |
| | $ | 1,229 |
|
| Adjustments - pretax:(b) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | 306 |
| | (126 | ) | | 180 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | (94 | ) | | — |
| | (94 | ) |
| Differential membership interests - related | | — |
| | — |
| | 28 |
| | — |
| | 28 |
|
| NEP investment gains - net | | — |
| | — |
| | (17 | ) | | — |
| | (17 | ) |
| Less related income tax expense (benefit) | | — |
| | — |
| | (48 | ) | | 33 |
| | (15 | ) |
| Adjusted Earnings (Loss) | | $ | 757 |
| | $ | 91 |
| | $ | 551 |
| | $ | (88 | ) | | $ | 1,311 |
|
| Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | | $ | 1.54 |
| | $ | 0.18 |
| | $ | 0.76 |
| | $ | 0.02 |
| | $ | 2.50 |
|
| Adjustments - pretax:(b) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | 0.62 |
| | (0.25 | ) | | 0.37 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | (0.19 | ) | | — |
| | (0.19 | ) |
| Differential membership interests - related | | — |
| | — |
| | 0.06 |
| | — |
| | 0.06 |
|
| NEP investment gains - net | | — |
| | — |
| | (0.03 | ) | | — |
| | (0.03 | ) |
| Less related income tax expense (benefit) | | — |
| | — |
| | (0.10 | ) | | 0.05 |
| | (0.05 | ) |
| Adjusted Earnings (Loss) Per Share | | $ | 1.54 |
| | $ | 0.18 |
| | $ | 1.12 |
| | $ | (0.18 | ) | | $ | 2.66 |
|
| Weighted-average shares outstanding (assuming dilution) | | | | | | | | | | 492 |
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| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
| (b) | After tax impact by segment is as follows: | | NEER | | Corporate and Other | | NextEra Energy |
| | | | Adjusted Earnings | | Adjusted EPS | | Adjusted Earnings | | Adjusted EPS | | Adjusted Earnings | | Adjusted EPS |
| | Net losses (gains) associated with non-qualifying hedges | | $ | 233 |
| | $ | 0.48 |
| | $ | (93 | ) | | $ | (0.20 | ) | | $ | 140 |
| | $ | 0.28 |
|
| | Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | $ | (67 | ) | | $ | (0.14 | ) | | $ | — |
| | $ | — |
| | $ | (67 | ) | | $ | (0.14 | ) |
| | Differential membership interests - related | | $ | 21 |
| | $ | 0.04 |
| | $ | — |
| | $ | — |
| | $ | 21 |
| | $ | 0.04 |
|
| | NEP investment gains - net | | $ | (12 | ) | | $ | (0.02 | ) | | $ | — |
| | $ | — |
| | $ | (12 | ) | | $ | (0.02 | ) |
NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| Preliminary | |
| Three Months Ended September 30, 2019 | | FPL | | Gulf Power | | NEER(a) | | Corporate and
Other(a)(b) | | NextEra Energy |
| Operating Revenues | | $ | 3,491 |
| | $ | 440 |
| | $ | 1,675 |
| | $ | (34 | ) | | $ | 5,572 |
|
| Operating Expenses (Income) | | | | | | | | | | |
| Fuel, purchased power and interchange | | 943 |
| | 160 |
| | 203 |
| | (40 | ) | | 1,266 |
|
| Other operations and maintenance | | 345 |
| | 61 |
| | 418 |
| | 39 |
| | 863 |
|
| Depreciation and amortization | | 853 |
| | 73 |
| | 354 |
| | 15 |
| | 1,295 |
|
| Losses (gains) on disposal of businesses/assets - net | | (1 | ) | | — |
| | 6 |
| | (3 | ) | | 2 |
|
| Taxes other than income taxes and other - net | | 378 |
| | 38 |
| | 136 |
| | 1 |
| | 553 |
|
| Total operating expenses - net | | 2,518 |
| | 332 |
| | 1,117 |
| | 12 |
| | 3,979 |
|
| Operating Income (Loss) | | 973 |
| | 108 |
| | 558 |
| | (46 | ) | | 1,593 |
|
| Other Income (Deductions) | | | | | | | | | | |
| Interest expense | | (152 | ) | | (13 | ) | | (216 | ) | | (365 | ) | | (746 | ) |
| Equity in earnings (losses) of equity method investees | | — |
| | — |
| | (90 | ) | | — |
| | (90 | ) |
| Allowance for equity funds used during construction | | 11 |
| | 1 |
| | 2 |
| | — |
| | 14 |
|
| Interest income | | 2 |
| | 2 |
| | 10 |
| | 2 |
| | 16 |
|
| Gains on disposal of investments and other property - net | | — |
| | — |
| | 6 |
| | — |
| | 6 |
|
| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | | — |
| | — |
| | 1 |
| | — |
| | 1 |
|
| Other net periodic benefit income | | — |
| | — |
| | — |
| | 50 |
| | 50 |
|
| Other - net | | — |
| | (1 | ) | | 12 |
| | 1 |
| | 12 |
|
| Total other income (deductions) - net | | (139 | ) | | (11 | ) | | (275 | ) | | (312 | ) | | (737 | ) |
| Income (Loss) before Income Taxes | | 834 |
| | 97 |
| | 283 |
| | (358 | ) | | 856 |
|
| Income Tax Expense (Benefit) | | 151 |
| | 21 |
| | (17 | ) | | (97 | ) | | 58 |
|
| Net Income (Loss) | | 683 |
| | 76 |
| | 300 |
| | (261 | ) | | 798 |
|
| Net Loss Attributable to Noncontrolling Interests | | — |
| | — |
| | 81 |
| | — |
| | 81 |
|
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 683 |
| | $ | 76 |
| | $ | 381 |
| | $ | (261 | ) | | $ | 879 |
|
| Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | | | | | | | | | | |
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 683 |
| | $ | 76 |
| | $ | 381 |
| | $ | (261 | ) | | $ | 879 |
|
| Adjustments - pretax:(c) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | (7 | ) | | 293 |
| | 286 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | (2 | ) | | — |
| | (2 | ) |
| Differential membership interests - related | | — |
| | — |
| | 30 |
| | — |
| | 30 |
|
| NEP investment gains - net | | — |
| | — |
| | 68 |
| | — |
| | 68 |
|
| Operating income of Spain solar projects | | — |
| | — |
| | (3 | ) | | — |
| | (3 | ) |
| Acquisition-related | | — |
| | 4 |
| | 7 |
| | 1 |
| | 12 |
|
| Less related income tax expense (benefit) | | — |
| | — |
| | (31 | ) | | (76 | ) | | (107 | ) |
| Adjusted Earnings (Loss) | | $ | 683 |
| | $ | 80 |
| | $ | 443 |
| | $ | (43 | ) | | $ | 1,163 |
|
| Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | | $ | 1.40 |
| | $ | 0.16 |
| | $ | 0.78 |
| | $ | (0.53 | ) | | $ | 1.81 |
|
| Adjustments - pretax:(c) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | (0.01 | ) | | 0.60 |
| | 0.59 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | — |
| | — |
| | — |
|
| Differential membership interests - related | | — |
| | — |
| | 0.06 |
| | — |
| | 0.06 |
|
| NEP investment gains - net | | — |
| | — |
| | 0.14 |
| | — |
| | 0.14 |
|
| Operating income of Spain solar projects | | — |
| | — |
| | (0.01 | ) | | — |
| | (0.01 | ) |
| Acquisition-related | | — |
| | — |
| | 0.01 |
| | 0.01 |
| | 0.02 |
|
| Less related income tax expense (benefit) | | — |
| | — |
| | (0.06 | ) | | (0.16 | ) | | (0.22 | ) |
| Adjusted Earnings (Loss) Per Share | | $ | 1.40 |
| | $ | 0.16 |
| | $ | 0.91 |
| | $ | (0.08 | ) | | $ | 2.39 |
|
| Weighted-average shares outstanding (assuming dilution) | | | | | | | | | | 486 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
————————————
| | | | | | | | | | | | | | | | |
| (a) | During the fourth quarter of 2019, NEET, which was previously reported in Corporate and Other, was moved to the NEER segment. Amounts for NEER and Corporate and Other were adjusted to reflect the segment change. |
| (b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
| (c) | After tax impact by segment is as follows: | | Gulf Power | | NEER | | Corporate and Other | | NextEra Energy |
| | | | Adjusted Earnings | | Adjusted
EPS | | Adjusted Earnings | | Adjusted
EPS | | Adjusted Earnings | | Adjusted
EPS | | Adjusted Earnings | | Adjusted
EPS |
| | Net losses (gains) associated with non-qualifying hedges | $ | — |
| | $ | — |
| | $ | (7 | ) | | $ | (0.02 | ) | | $ | 218 |
| | $ | 0.45 |
| | $ | 211 |
| | $ | 0.43 |
|
| | Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | — |
| | $ | — |
| | $ | (2 | ) | | $ | — |
| | $ | — |
| | $ | — |
| | $ | (2 | ) | | $ | — |
|
| | Differential membership interests - related | $ | — |
| | $ | — |
| | $ | 22 |
| | $ | 0.05 |
| | $ | — |
| | $ | — |
| | $ | 22 |
| | $ | 0.05 |
|
| | NEP investment gains - net | $ | — |
| | $ | — |
| | $ | 48 |
| | $ | 0.10 |
| | $ | — |
| | $ | — |
| | $ | 48 |
| | $ | 0.10 |
|
| | Operating income of Spain solar projects | $ | — |
| | $ | — |
| | $ | (4 | ) | | $ | (0.01 | ) | | $ | — |
| | $ | — |
| | $ | (4 | ) | | $ | (0.01 | ) |
| | Acquisition-related | $ | 4 |
| | $ | — |
| | $ | 5 |
| | $ | 0.01 |
| | $ | — |
| | $ | — |
| | $ | 9 |
| | $ | 0.01 |
|
| | | | | | | | | | | | | | | | | | |
NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| Preliminary | |
| Nine Months Ended September 30, 2020 | | FPL | | Gulf Power | | NEER | | Corporate and
Other(a) | | NextEra Energy |
| Operating Revenues | | $ | 8,820 |
| | $ | 1,065 |
| | $ | 3,802 |
| | $ | (85 | ) | | $ | 13,602 |
|
| Operating Expenses (Income) | | | | | | | | | | |
| Fuel, purchased power and interchange | | 1,936 |
| | 341 |
| | 478 |
| | (92 | ) | | 2,663 |
|
| Other operations and maintenance | | 1,041 |
| | 177 |
| | 1,284 |
| | 154 |
| | 2,656 |
|
| Depreciation and amortization | | 1,775 |
| | 215 |
| | 1,069 |
| | 49 |
| | 3,108 |
|
| Losses (gains) on disposal of businesses/assets - net | | (1 | ) | | — |
| | (288 | ) | | 10 |
| | (279 | ) |
| Taxes other than income taxes and other - net | | 1,028 |
| | 84 |
| | 163 |
| | 3 |
| | 1,278 |
|
| Total operating expenses - net | | 5,779 |
| | 817 |
| | 2,706 |
| | 124 |
| | 9,426 |
|
| Operating Income (Loss) | | 3,041 |
| | 248 |
| | 1,096 |
| | (209 | ) | | 4,176 |
|
| Other Income (Deductions) | | | | | | | | | | |
| Interest expense | | (450 | ) | | (34 | ) | | (576 | ) | | (779 | ) | | (1,839 | ) |
| Equity in earnings (losses) of equity method investees | | — |
| | — |
| | 13 |
| | — |
| | 13 |
|
| Allowance for equity funds used during construction | | 44 |
| | 18 |
| | 2 |
| | — |
| | 64 |
|
| Interest income | | 1 |
| | 2 |
| | 22 |
| | 6 |
| | 31 |
|
| Gains on disposal of investments and other property - net | | — |
| | — |
| | 42 |
| | — |
| | 42 |
|
| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | | — |
| | — |
| | (23 | ) | | — |
| | (23 | ) |
| Other net periodic benefit income | | — |
| | — |
| | — |
| | 149 |
| | 149 |
|
| Other - net | | (2 | ) | | — |
| | 19 |
| | 8 |
| | 25 |
|
| Total other income (deductions) - net | | (407 | ) | | (14 | ) | | (501 | ) | | (616 | ) | | (1,538 | ) |
| Income (Loss) before Income Taxes | | 2,634 |
| | 234 |
| | 595 |
| | (825 | ) | | 2,638 |
|
| Income Tax Expense (Benefit) | | 486 |
| | 49 |
| | (215 | ) | | (241 | ) | | 79 |
|
| Net Income (Loss) | | 2,148 |
| | 185 |
| | 810 |
| | (584 | ) | | 2,559 |
|
| Net Loss Attributable to Noncontrolling Interests | | — |
| | — |
| | 365 |
| | — |
| | 365 |
|
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 2,148 |
| | $ | 185 |
| | $ | 1,175 |
| | $ | (584 | ) | | $ | 2,924 |
|
| Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | | | | | | | | | | |
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 2,148 |
| | $ | 185 |
| | $ | 1,175 |
| | $ | (584 | ) | | $ | 2,924 |
|
| Adjustments - pretax:(b) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | 777 |
| | 543 |
| | 1,320 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | 8 |
| | — |
| | 8 |
|
| Differential membership interests-related | | — |
| | — |
| | 89 |
| | — |
| | 89 |
|
| NEP investment gains - net | | — |
| | — |
| | 79 |
| | — |
| | 79 |
|
| Gain on disposal of a business | | — |
| | — |
| | (272 | ) | | — |
| | (272 | ) |
| Less related income tax expense (benefit) | | — |
| | — |
| | (245 | ) | | (136 | ) | | (381 | ) |
| Adjusted Earnings (Loss) | | $ | 2,148 |
| | $ | 185 |
| | $ | 1,611 |
| | $ | (177 | ) | | $ | 3,767 |
|
| Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | | $ | 4.37 |
| | $ | 0.38 |
| | $ | 2.39 |
| | $ | (1.20 | ) | | $ | 5.94 |
|
| Adjustments - pretax:(b) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | 1.58 |
| | 1.10 |
| | 2.68 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | 0.02 |
| | — |
| | 0.02 |
|
| Differential membership interests-related | | — |
| | — |
| | 0.18 |
| | — |
| | 0.18 |
|
| NEP investment gains - net | | — |
| | — |
| | 0.16 |
| | — |
| | 0.16 |
|
| Gain on disposal of a business | | — |
| | — |
| | (0.55 | ) | | — |
| | (0.55 | ) |
| Less related income tax expense (benefit) | | — |
| | — |
| | (0.51 | ) | | (0.26 | ) | | (0.77 | ) |
| Adjusted Earnings (Loss) Per Share | | $ | 4.37 |
| | $ | 0.38 |
| | $ | 3.27 |
| | $ | (0.36 | ) | | $ | 7.66 |
|
| Weighted-average shares outstanding (assuming dilution) | | | | | | | | | | 492 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
————————————
| | | | | | | | | | | | | |
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
| (b) | After tax impact by segment is as follows: | | | NEER | | Corporate and Other | | NextEra Energy |
| | | | | Adjusted Earnings | | Adjusted EPS | | Adjusted Earnings | | Adjusted EPS | | Adjusted Earnings | | Adjusted EPS |
| | Net losses (gains) associated with non-qualifying hedges | | | $ | 580 |
| | $ | 1.17 |
| | $ | 407 |
| | $ | 0.84 |
| | $ | 987 |
| | $ | 2.01 |
|
| | Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | | $ | 4 |
| | $ | 0.01 |
| | $ | — |
| | $ | — |
| | $ | 4 |
| | $ | 0.01 |
|
| | Differential membership interests-related | | | $ | 67 |
| | $ | 0.14 |
| | $ | — |
| | $ | — |
| | $ | 67 |
| | $ | 0.14 |
|
| | NEP investment gains - net | | | $ | 60 |
| | $ | 0.12 |
| | $ | — |
| | $ | — |
| | $ | 60 |
| | $ | 0.12 |
|
| | Gain on disposal of a business | | | $ | (274 | ) | | $ | (0.56 | ) | | $ | — |
| | $ | — |
| | $ | (274 | ) | | $ | (0.56 | ) |
| | Operating income of Spain solar projects | | | $ | (1 | ) | | $ | — |
| | $ | — |
| | $ | — |
| | $ | (1 | ) | | $ | — |
|
NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| Preliminary | |
| Nine Months Ended September 30, 2019 | | FPL | | Gulf Power | | NEER(a) | | Corporate and
Other(a)(b) | | NextEra Energy |
| Operating Revenues | | $ | 9,267 |
| | $ | 1,134 |
| | $ | 4,301 |
| | $ | (86 | ) | | $ | 14,616 |
|
| Operating Expenses (Income) | | | | | | | | | | |
| Fuel, purchased power and interchange | | 2,478 |
| | 420 |
| | 507 |
| | (97 | ) | | 3,308 |
|
| Other operations and maintenance | | 1,070 |
| | 191 |
| | 1,187 |
| | 128 |
| | 2,576 |
|
| Depreciation and amortization | | 2,005 |
| | 180 |
| | 1,019 |
| | 43 |
| | 3,247 |
|
| Losses (gains) on disposal of businesses/assets - net | | (4 | ) | | — |
| | (375 | ) | | 1 |
| | (378 | ) |
| Taxes other than income taxes and other - net | | 1,033 |
| | 110 |
| | 241 |
| | 3 |
| | 1,387 |
|
| Total operating expenses - net | | 6,582 |
| | 901 |
| | 2,579 |
| | 78 |
| | 10,140 |
|
| Operating Income (Loss) | | 2,685 |
| | 233 |
| | 1,722 |
| | (164 | ) | | 4,476 |
|
| Other Income (Deductions) | | | | | | | | | | |
| Interest expense | | (442 | ) | | (40 | ) | | (691 | ) | | (888 | ) | | (2,061 | ) |
| Equity in earnings (losses) of equity method investees | | — |
| | — |
| | (79 | ) | | (1 | ) | | (80 | ) |
| Allowance for equity funds used during construction | | 46 |
| | 1 |
| | 4 |
| | — |
| | 51 |
|
| Interest income | | 4 |
| | 3 |
| | 28 |
| | 6 |
| | 41 |
|
| Gains on disposal of investments and other property - net | | — |
| | — |
| | 37 |
| | — |
| | 37 |
|
| Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | | — |
| | — |
| | 157 |
| | — |
| | 157 |
|
| Other net periodic benefit income | | — |
| | — |
| | — |
| | 136 |
| | 136 |
|
| Other - net | | (1 | ) | | (1 | ) | | 35 |
| | 10 |
| | 43 |
|
| Total other income (deductions) - net | | (393 | ) | | (37 | ) | | (509 | ) | | (737 | ) | | (1,676 | ) |
| Income (Loss) before Income Taxes | | 2,292 |
| | 196 |
| | 1,213 |
| | (901 | ) | | 2,800 |
|
| Income Tax Expense (Benefit) | | 358 |
| | 38 |
| | 89 |
| | (229 | ) | | 256 |
|
| Net Income (Loss) | | 1,934 |
| | 158 |
| | 1,124 |
| | (672 | ) | | 2,544 |
|
| Net Loss Attributable to Noncontrolling Interests | | — |
| | — |
| | 250 |
| | — |
| | 250 |
|
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 1,934 |
| | $ | 158 |
| | $ | 1,374 |
| | $ | (672 | ) | | $ | 2,794 |
|
| Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | | | | | | | | | | |
| Net Income (Loss) Attributable to NextEra Energy, Inc. | | $ | 1,934 |
| | $ | 158 |
| | $ | 1,374 |
| | $ | (672 | ) | | $ | 2,794 |
|
| Adjustments - pretax:(c) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | 249 |
| | 681 |
| | 930 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | (165 | ) | | — |
| | (165 | ) |
| Differential membership interests-related | | — |
| | — |
| | 90 |
| | — |
| | 90 |
|
| NEP investment gains - net | | — |
| | — |
| | (173 | ) | | — |
| | (173 | ) |
| Operating income of Spain solar projects | | — |
| | — |
| | (12 | ) | | — |
| | (12 | ) |
| Acquisition-related | | — |
| | 22 |
| | 8 |
| | 19 |
| | 49 |
|
| Less related income tax expense (benefit) | | — |
| | (6 | ) | | (1 | ) | | (150 | ) | | (157 | ) |
| Adjusted Earnings (Loss) | | $ | 1,934 |
| | $ | 174 |
| | $ | 1,370 |
| | $ | (122 | ) | | $ | 3,356 |
|
| Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | | $ | 4.00 |
| | $ | 0.33 |
| | $ | 2.84 |
| | $ | (1.39 | ) | | $ | 5.78 |
|
| Adjustments - pretax:(c) | | | | | | | | | | |
| Net losses (gains) associated with non-qualifying hedges | | — |
| | — |
| | 0.52 |
| | 1.40 |
| | 1.92 |
|
| Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | — |
| | — |
| | (0.34 | ) | | — |
| | (0.34 | ) |
| Differential membership interests-related | | — |
| | — |
| | 0.19 |
| | — |
| | 0.19 |
|
| NEP investment gains - net | | — |
| | — |
| | (0.36 | ) | | — |
| | (0.36 | ) |
| Operating income of Spain solar projects | | — |
| | — |
| | (0.02 | ) | | — |
| | (0.02 | ) |
| Acquisition-related | | — |
| | 0.05 |
| | 0.02 |
| | 0.03 |
| | 0.10 |
|
| Less related income tax expense (benefit) | | — |
| | (0.02 | ) | | (0.02 | ) | | (0.29 | ) | | (0.33 | ) |
| Adjusted Earnings (Loss) Per Share | | $ | 4.00 |
| | $ | 0.36 |
| | $ | 2.83 |
| | $ | (0.25 | ) | | $ | 6.94 |
|
| Weighted-average shares outstanding (assuming dilution) | | | | | | | | | | 484 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
————————————
| | | | | | | | | | | | | | | | |
| (a) | During the fourth quarter of 2019, NEET, which was previously reported in Corporate and Other, was moved to the NEER segment. Amounts for NEER and Corporate and Other were adjusted to reflect the segment change. |
| (b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
| (c) | After tax impact by segment is as follows: | | Gulf Power | | NEER | | Corporate and Other | | NextEra Energy |
| | | | Adjusted Earnings | | Adjusted
EPS | | Adjusted Earnings | | Adjusted
EPS | | Adjusted
EPS | | Adjusted
EPS | | Adjusted Earnings | | Adjusted
EPS |
| | Net losses (gains) associated with non-qualifying hedges | | $ | — |
| | $ | — |
| | $ | 187 |
| | $ | 0.38 |
| | $ | 507 |
| | $ | 1.05 |
| | $ | 694 |
| | $ | 1.43 |
|
| | Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | | $ | — |
| | $ | — |
| | $ | (118 | ) | | $ | (0.24 | ) | | $ | — |
| | $ | — |
| | $ | (118 | ) | | $ | (0.24 | ) |
| | Differential membership interests-related | | $ | — |
| | $ | — |
| | $ | 67 |
| | $ | 0.14 |
| | $ | — |
| | $ | — |
| | $ | 67 |
| | $ | 0.14 |
|
| | NEP investment gains - net | | $ | — |
| | $ | — |
| | $ | (134 | ) | | $ | (0.28 | ) | | $ | — |
| | $ | — |
| | $ | (134 | ) | | $ | (0.28 | ) |
| | Operating income of Spain solar projects | | $ | — |
| | $ | — |
| | $ | (12 | ) | | $ | (0.02 | ) | | $ | — |
| | $ | — |
| | $ | (12 | ) | | $ | (0.02 | ) |
| | Acquisition-related | | $ | 16 |
| | $ | 0.03 |
| | $ | 6 |
| | $ | 0.01 |
| | $ | 43 |
| | $ | 0.09 |
| | $ | 65 |
| | $ | 0.13 |
|
| | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
| NextEra Energy, Inc. | | | | | | | | | | |
| Condensed Consolidated Balance Sheets | | | | | | | | |
(millions) (unaudited) | | | | | | Preliminary | |
| September 30, 2020 | | FPL | | Gulf Power | | NEER | | Corporate and
Other(a) | | NextEra Energy |
| Property, Plant and Equipment | | | | | | | | | | |
| Electric plant in service and other property | | $ | 56,802 |
| | $ | 5,674 |
| | $ | 38,767 |
| | $ | 242 |
| | $ | 101,485 |
|
| Nuclear fuel | | 1,123 |
| | — |
| | 488 |
| | — |
| | 1,611 |
|
| Construction work in progress | | 4,129 |
| | 1,075 |
| | 7,072 |
| | 3 |
| | 12,279 |
|
| Accumulated depreciation and amortization | | (14,295 | ) | | (1,487 | ) | | (10,561 | ) | | (177 | ) | | (26,520 | ) |
| Total property, plant and equipment - net | | 47,759 |
| | 5,262 |
| | 35,766 |
| | 68 |
| | 88,855 |
|
| Current Assets | | | | | | | | | | |
| Cash and cash equivalents | | 114 |
| | 32 |
| | 486 |
| | 1,329 |
| | 1,961 |
|
| Customer receivables, net of allowances | | 1,396 |
| | 178 |
| | 998 |
| | — |
| | 2,572 |
|
| Other receivables | | 351 |
| | 60 |
| | 554 |
| | (260 | ) | | 705 |
|
| Materials, supplies and fossil fuel inventory | | 781 |
| | 129 |
| | 504 |
| | — |
| | 1,414 |
|
| Regulatory assets | | 264 |
| | 138 |
| | 1 |
| | (9 | ) | | 394 |
|
| Derivatives | | 2 |
| | — |
| | 434 |
| | 5 |
| | 441 |
|
| Other | | 160 |
| | 61 |
| | 1,334 |
| | (16 | ) | | 1,539 |
|
| Total current assets | | 3,068 |
| | 598 |
| | 4,311 |
| | 1,049 |
| | 9,026 |
|
| Other Assets | | | | | | | | | | |
| Special use funds | | 4,945 |
| | — |
| | 2,230 |
| | — |
| | 7,175 |
|
| Investment in equity method investees | | — |
| | — |
| | 7,143 |
| | 1 |
| | 7,144 |
|
| Prepaid benefit costs | | 1,534 |
| | — |
| | 2 |
| | (4 | ) | | 1,532 |
|
| Regulatory assets | | 2,351 |
| | 581 |
| | 116 |
| | 243 |
| | 3,291 |
|
| Derivatives | | — |
| | — |
| | 1,603 |
| | 19 |
| | 1,622 |
|
| Goodwill | | 300 |
| | — |
| | 1,216 |
| | 2,698 |
| | 4,214 |
|
| Other | | 546 |
| | 238 |
| | 2,574 |
| | 165 |
| | 3,523 |
|
| Total other assets | | 9,676 |
| | 819 |
| | 14,884 |
| | 3,122 |
| | 28,501 |
|
| Total Assets | | $ | 60,503 |
| | $ | 6,679 |
| | $ | 54,961 |
| | $ | 4,239 |
| | $ | 126,382 |
|
| Capitalization | | | | | | | | | | |
| Common stock | | $ | 1,373 |
| | $ | 678 |
| | $ | — |
| | $ | (2,046 | ) | | $ | 5 |
|
| Additional paid-in capital | | 12,752 |
| | 1,863 |
| | 12,889 |
| | (16,124 | ) | | 11,380 |
|
| Retained earnings | | 9,562 |
| | 210 |
| | 20,317 |
| | (4,035 | ) | | 26,054 |
|
| Accumulated other comprehensive loss | | — |
| | (1 | ) | | (40 | ) | | (111 | ) | | (152 | ) |
| Total common shareholders' equity | | 23,687 |
| | 2,750 |
| | 33,166 |
| | (22,316 | ) | | 37,287 |
|
| Noncontrolling interests | | — |
| | — |
| | 4,775 |
| | — |
| | 4,775 |
|
| Total equity | | 23,687 |
| | 2,750 |
| | 37,941 |
| | (22,316 | ) | | 42,062 |
|
| Redeemable noncontrolling interests | | — |
| | — |
| | 165 |
| | — |
| | 165 |
|
| Long-term debt | | 15,730 |
| | 1,260 |
| | 4,298 |
| | 21,506 |
| | 42,794 |
|
| Total capitalization | | 39,417 |
| | 4,010 |
| | 42,404 |
| | (810 | ) | | 85,021 |
|
| Current Liabilities | | | | | | | | | | |
| Other short-term debt | | — |
| | 200 |
| | 58 |
| | 200 |
| | 458 |
|
| Current portion of long-term debt | | 79 |
| | 300 |
| | 289 |
| | 4,376 |
| | 5,044 |
|
| Accounts payable | | 850 |
| | 133 |
| | 3,839 |
| | (78 | ) | | 4,744 |
|
| Customer deposits | | 451 |
| | 37 |
| | 6 |
| | — |
| | 494 |
|
| Accrued interest and taxes | | 894 |
| | 52 |
| | 174 |
| | 50 |
| | 1,170 |
|
| Derivatives | | 10 |
| | — |
| | 281 |
| | 19 |
| | 310 |
|
| Accrued construction-related expenditures | | 372 |
| | 18 |
| | 738 |
| | — |
| | 1,128 |
|
| Regulatory liabilities | | 260 |
| | 21 |
| | 1 |
| | 9 |
| | 291 |
|
| Other | | 475 |
| | 370 |
| | 843 |
| | 385 |
| | 2,073 |
|
| Total current liabilities | | 3,391 |
| | 1,131 |
| | 6,229 |
| | 4,961 |
| | 15,712 |
|
| Other Liabilities and Deferred Credits | | | | | | | | | | |
| Asset retirement obligations | | 2,331 |
| | 92 |
| | 1,131 |
| | — |
| | 3,554 |
|
| Deferred income taxes | | 5,615 |
| | 700 |
| | 3,220 |
| | (1,298 | ) | | 8,237 |
|
| Regulatory liabilities | | 9,344 |
| | 563 |
| | 135 |
| | — |
| | 10,042 |
|
| Derivatives | | 1 |
| | — |
| | 615 |
| | 964 |
| | 1,580 |
|
| Other | | 404 |
| | 183 |
| | 1,227 |
| | 422 |
| | 2,236 |
|
| Total other liabilities and deferred credits | | 17,695 |
| | 1,538 |
| | 6,328 |
| | 88 |
| | 25,649 |
|
| Commitments and Contingencies | | | | | | | | | | |
| Total Capitalization and Liabilities | | $ | 60,503 |
| | $ | 6,679 |
| | $ | 54,961 |
| | $ | 4,239 |
| | $ | 126,382 |
|
|
| |
| ———————————— |
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
|
| | | | | | | | | | | | | | | | | | | | |
| NextEra Energy, Inc. | | | | | | | | | | |
| Condensed Consolidated Balance Sheets | | | | | | Preliminary | |
| (millions) | | | | | |
| (unaudited) | | | | | | | | | | |
| December 31, 2019 | | FPL | | Gulf Power | | NEER | | Corporate and Other(a) | | NextEra Energy |
| Property, Plant and Equipment | | | | | | | | | | |
| Electric plant in service and other property | | $ | 54,523 |
| | $ | 5,628 |
| | $ | 35,746 |
| | $ | 196 |
| | $ | 96,093 |
|
| Nuclear fuel | | 1,153 |
| | — |
| | 602 |
| | — |
| | 1,755 |
|
| Construction work in progress | | 3,351 |
| | 765 |
| | 5,151 |
| | 63 |
| | 9,330 |
|
| Accumulated depreciation and amortization | | (13,953 | ) | | (1,630 | ) | | (9,457 | ) | | (128 | ) | | (25,168 | ) |
| Total property, plant and equipment - net | | 45,074 |
| | 4,763 |
| | 32,042 |
| | 131 |
| | 82,010 |
|
| Current Assets | | | | | | | | | | |
| Cash and cash equivalents | | 77 |
| | 6 |
| | 352 |
| | 165 |
| | 600 |
|
| Customer receivables, net of allowances | | 1,024 |
| | 143 |
| | 1,113 |
| | 2 |
| | 2,282 |
|
| Other receivables | | 333 |
| | 7 |
| | 404 |
| | (219 | ) | | 525 |
|
| Materials, supplies and fossil fuel inventory | | 722 |
| | 127 |
| | 479 |
| | — |
| | 1,328 |
|
| Regulatory assets | | 227 |
| | 117 |
| | 1 |
| | (10 | ) | | 335 |
|
| Derivatives | | 3 |
| | — |
| | 740 |
| | 19 |
| | 762 |
|
| Other | | 133 |
| | 45 |
| | 1,398 |
| | — |
| | 1,576 |
|
| Total current assets | | 2,519 |
| | 445 |
| | 4,487 |
| | (43 | ) | | 7,408 |
|
| Other Assets | | | | | | | | | | |
| Special use funds | | 4,771 |
| | — |
| | 2,183 |
| | — |
| | 6,954 |
|
| Investment in equity method investees | | — |
| | — |
| | 7,453 |
| | — |
| | 7,453 |
|
| Prepaid benefit costs | | 1,477 |
| | — |
| | 2 |
| | (42 | ) | | 1,437 |
|
| Regulatory assets | | 2,549 |
| | 418 |
| | 104 |
| | 216 |
| | 3,287 |
|
| Derivatives | | — |
| | — |
| | 1,613 |
| | 11 |
| | 1,624 |
|
| Goodwill | | 300 |
| | — |
| | 1,217 |
| | 2,687 |
| | 4,204 |
|
| Other | | 498 |
| | 229 |
| | 2,415 |
| | 172 |
| | 3,314 |
|
| Total other assets | | 9,595 |
| | 647 |
| | 14,987 |
| | 3,044 |
| | 28,273 |
|
| Total Assets | | $ | 57,188 |
| | $ | 5,855 |
| | $ | 51,516 |
| | $ | 3,132 |
| | $ | 117,691 |
|
| Capitalization | | | | | | | | | | |
| Common stock | | $ | 1,373 |
| | $ | 678 |
| | $ | — |
| | $ | (2,046 | ) | | $ | 5 |
|
| Additional paid-in capital | | 10,851 |
| | 1,013 |
| | 11,991 |
| | (11,885 | ) | | 11,970 |
|
| Retained earnings | | 9,174 |
| | 26 |
| | 19,154 |
| | (3,155 | ) | | 25,199 |
|
| Accumulated other comprehensive loss | | — |
| | (1 | ) | | (51 | ) | | (117 | ) | | (169 | ) |
| Total common shareholders' equity | | 21,398 |
| | 1,716 |
| | 31,094 |
| | (17,203 | ) | | 37,005 |
|
| Noncontrolling interests | | — |
| | — |
| | 4,355 |
| | — |
| | 4,355 |
|
| Total equity | | 21,398 |
| | 1,716 |
| | 35,449 |
| | (17,203 | ) | | 41,360 |
|
| Redeemable noncontrolling interests | | — |
| | — |
| | 487 |
| | — |
| | 487 |
|
| Long-term debt | | 14,131 |
| | 1,510 |
| | 4,407 |
| | 17,495 |
| | 37,543 |
|
| Total capitalization | | 35,529 |
| | 3,226 |
| | 40,343 |
| | 292 |
| | 79,390 |
|
| Current Liabilities | | | | | | | | | | |
| Commercial paper | | 1,482 |
| | 192 |
| | — |
| | 842 |
| | 2,516 |
|
| Other short-term debt | | — |
| | 200 |
| | — |
| | 200 |
| | 400 |
|
| Current portion of long-term debt | | 30 |
| | 175 |
| | 215 |
| | 1,704 |
| | 2,124 |
|
| Accounts payable | | 768 |
| | 301 |
| | 2,652 |
| | (90 | ) | | 3,631 |
|
| Customer deposits | | 459 |
| | 34 |
| | 6 |
| | — |
| | 499 |
|
| Accrued interest and taxes | | 266 |
| | 29 |
| | 178 |
| | 85 |
| | 558 |
|
| Derivatives | | 12 |
| | 1 |
| | 326 |
| | 5 |
| | 344 |
|
| Accrued construction-related expenditures | | 426 |
| | 25 |
| | 701 |
| | — |
| | 1,152 |
|
| Regulatory liabilities | | 284 |
| | 25 |
| | — |
| | 11 |
| | 320 |
|
| Other | | 498 |
| | 140 |
| | 1,494 |
| | 177 |
| | 2,309 |
|
| Total current liabilities | | 4,225 |
| | 1,122 |
| | 5,572 |
| | 2,934 |
| | 13,853 |
|
| Other Liabilities and Deferred Credits | | | | | | | | | | |
| Asset retirement obligations | | 2,268 |
| | 117 |
| | 1,072 |
| | — |
| | 3,457 |
|
| Deferred income taxes | | 5,415 |
| | 626 |
| | 3,061 |
| | (741 | ) | | 8,361 |
|
| Regulatory liabilities | | 9,296 |
| | 527 |
| | 129 |
| | (16 | ) | | 9,936 |
|
| Derivatives | | 1 |
| | — |
| | 435 |
| | 427 |
| | 863 |
|
| Other | | 454 |
| | 237 |
| | 904 |
| | 236 |
| | 1,831 |
|
| Total other liabilities and deferred credits | | 17,434 |
| | 1,507 |
| | 5,601 |
| | (94 | ) | | 24,448 |
|
| Commitments and Contingencies | | | | | | | | | | |
| Total Capitalization and Liabilities | | $ | 57,188 |
| | $ | 5,855 |
| | $ | 51,516 |
| | $ | 3,132 |
| | $ | 117,691 |
|
|
| |
| ———————————— |
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| Preliminary | |
| Nine Months Ended September 30, 2020 | | FPL | | Gulf Power | | NEER | | Corporate and
Other(a) | | NextEra Energy |
| Cash Flows From Operating Activities | | | | | | | | | | |
| Net income (loss) | | $ | 2,148 |
| | $ | 185 |
| | $ | 810 |
| | $ | (584 | ) | | $ | 2,559 |
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | |
| Depreciation and amortization | | 1,775 |
| | 215 |
| | 1,069 |
| | 49 |
| | 3,108 |
|
| Nuclear fuel and other amortization | | 123 |
| | 2 |
| | 42 |
| | 17 |
| | 184 |
|
| Unrealized losses on marked to market derivative contracts - net | | — |
| | — |
| | 393 |
| | 559 |
| | 952 |
|
| Foreign currency transaction losses | | — |
| | — |
| | — |
| | 5 |
| | 5 |
|
| Deferred income taxes | | 264 |
| | 89 |
| | 39 |
| | (436 | ) | | (44 | ) |
| Cost recovery clauses and franchise fees | | (30 | ) | | (4 | ) | | — |
| | — |
| | (34 | ) |
| Equity in earnings of equity method investees | | — |
| | — |
| | (13 | ) | | — |
| | (13 | ) |
| Distributions of earnings from equity method investees | | — |
| | — |
| | 339 |
| | — |
| | 339 |
|
| Losses (gains) on disposal of businesses, assets and investments – net | | (1 | ) | | — |
| | (330 | ) | | 10 |
| | (321 | ) |
| Other - net | | 32 |
| | (34 | ) | | 91 |
| | 42 |
| | 131 |
|
| Changes in operating assets and liabilities: | | | |
| | | | | | |
| Current assets | | (460 | ) | | (42 | ) | | (70 | ) | | 59 |
| | (513 | ) |
| Noncurrent assets | | (69 | ) | | 26 |
| | (108 | ) | | (18 | ) | | (169 | ) |
| Current liabilities | | 588 |
| | (61 | ) | | (113 | ) | | — |
| | 414 |
|
| Noncurrent liabilities | | (32 | ) | | (5 | ) | | 53 |
| | 17 |
| | 33 |
|
| Net cash provided by (used in) operating activities | | 4,338 |
| | 371 |
| | 2,202 |
| | (280 | ) | | 6,631 |
|
| Cash Flows From Investing Activities | | | | | | | | | | |
| Capital expenditures of FPL | | (4,379 | ) | | — |
| | — |
| | — |
| | (4,379 | ) |
| Acquisition and capital expenditures of Gulf Power | | — |
| | (859 | ) | | — |
| | — |
| | (859 | ) |
| Independent power and other investments of NEER | | — |
| | — |
| | (3,908 | ) | | — |
| | (3,908 | ) |
| Nuclear fuel purchases | | (122 | ) | | — |
| | (36 | ) | | — |
| | (158 | ) |
| Other capital expenditures, acquisitions and other investments | | — |
| | — |
| | — |
| | (8 | ) | | (8 | ) |
| Sale of independent power and other investments of NEER | | — |
| | — |
| | 178 |
| | — |
| | 178 |
|
| Proceeds from sale or maturity of securities in special use funds and other investments | | 1,964 |
| | — |
| | 993 |
| | 206 |
| | 3,163 |
|
| Purchases of securities in special use funds and other investments | | (2,027 | ) | | — |
| | (1,018 | ) | | (261 | ) | | (3,306 | ) |
| Other - net | | (22 | ) | | 2 |
| | 55 |
| | 36 |
| | 71 |
|
| Net cash used in investing activities | | (4,586 | ) | | (857 | ) | | (3,736 | ) | | (27 | ) | | (9,206 | ) |
| Cash Flows From Financing Activities | | | | | | | | | | |
| Issuances of long-term debt, including premiums and discounts | | 2,952 |
| | 51 |
| | 148 |
| | 8,747 |
| | 11,898 |
|
| Retirements of long-term debt | | (1,291 | ) | | (176 | ) | | (185 | ) | | (2,038 | ) | | (3,690 | ) |
| Proceeds from differential membership investors | | — |
| | — |
| | 572 |
| | — |
| | 572 |
|
| Net change in commercial paper | | (1,482 | ) | | (192 | ) | | — |
| | (842 | ) | | (2,516 | ) |
| Proceeds from other short-term debt | | — |
| | — |
| | 58 |
| | 2,100 |
| | 2,158 |
|
| Repayments of other short-term debt | | — |
| | — |
| | — |
| | (2,100 | ) | | (2,100 | ) |
| Payments from related parties under a cash sweep and credit support agreement – net | | — |
| | — |
| | 70 |
| | — |
| | 70 |
|
| Issuances of common stock/equity units - net | | — |
| | — |
| | — |
| | (100 | ) | | (100 | ) |
| Dividends on common stock | | — |
| | — |
| | — |
| | (2,057 | ) | | (2,057 | ) |
| Dividends & capital distributions from (to) parent - net | | 140 |
| | 850 |
| | 898 |
| | (1,888 | ) | | — |
|
| Other - net | | (37 | ) | | (1 | ) | | 42 |
| | (325 | ) | | (321 | ) |
| Net cash provided by financing activities | | 282 |
| | 532 |
| | 1,603 |
| | 1,497 |
| | 3,914 |
|
| Effects of currency translation on cash, cash equivalents and restricted cash | | — |
| | — |
| | (10 | ) | | — |
| | (10 | ) |
| Net increase in cash, cash equivalents and restricted cash | | 34 |
| | 46 |
| | 59 |
| | 1,190 |
| | 1,329 |
|
| Cash, cash equivalents and restricted cash at beginning of year | | 195 |
| | 69 |
| | 679 |
| | 165 |
| | 1,108 |
|
| Cash, cash equivalents and restricted cash at end of period | | $ | 229 |
| | $ | 115 |
| | $ | 738 |
| | $ | 1,355 |
| | $ | 2,437 |
|
|
| |
| ———————————— |
| (a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | |
| Preliminary | |
| Nine Months Ended September 30, 2019 | | FPL | | Gulf Power | | NEER(a) | | Corporate and
Other(a)(b) | | NextEra Energy |
| Cash Flows From Operating Activities | | | | | | | | | | |
| Net income (loss) | | $ | 1,934 |
| | $ | 158 |
| | $ | 1,124 |
| | $ | (672 | ) | | $ | 2,544 |
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | |
| Depreciation and amortization | | 2,005 |
| | 180 |
| | 1,019 |
| | 43 |
| | 3,247 |
|
| Nuclear fuel and other amortization | | 130 |
| | 2 |
| | 44 |
| | 14 |
| | 190 |
|
| Unrealized losses (gains) on marked to market derivative contracts – net | | — |
| | — |
| | (187 | ) | | 322 |
| | 135 |
|
| Foreign currency transaction losses | | — |
| | — |
| | — |
| | 10 |
| | 10 |
|
| Deferred income taxes | | 48 |
| | 3 |
| | 347 |
| | (273 | ) | | 125 |
|
| Cost recovery clauses and franchise fees | | 104 |
| | (11 | ) | | — |
| | — |
| | 93 |
|
| Equity in losses of equity method investees | | — |
| | — |
| | 79 |
| | 1 |
| | 80 |
|
| Distributions of earnings from equity method investees | | — |
| | — |
| | 337 |
| | — |
| | 337 |
|
| Losses (gains) on disposal of businesses, assets and investments – net | | (4 | ) | | — |
| | (412 | ) | | 1 |
| | (415 | ) |
| Other - net | | (15 | ) | | (20 | ) | | (99 | ) | | 60 |
| | (74 | ) |
| Changes in operating assets and liabilities: | | | | | | | | | | |
| Current assets | | (318 | ) | | (67 | ) | | 40 |
| | 35 |
| | (310 | ) |
| Noncurrent assets | | (47 | ) | | 60 |
| | (57 | ) | | (43 | ) | | (87 | ) |
| Current liabilities | | 403 |
| | (39 | ) | | (214 | ) | | 206 |
| | 356 |
|
| Noncurrent liabilities | | (6 | ) | | (4 | ) | | 29 |
| | (7 | ) | | 12 |
|
| Net cash provided by (used in) operating activities | | 4,234 |
| | 262 |
| | 2,050 |
| | (303 | ) | | 6,243 |
|
| Cash Flows From Investing Activities | | | | | | | | | | |
| Capital expenditures of FPL | | (3,603 | ) | | — |
| | — |
| | — |
| | (3,603 | ) |
| Acquisition and capital expenditures of Gulf Power | | — |
| | (471 | ) | | — |
| | (4,457 | ) | | (4,928 | ) |
| Independent power and other investments of NEER | | — |
| | — |
| | (4,628 | ) | | — |
| | (4,628 | ) |
| Nuclear fuel purchases | | (150 | ) | | — |
| | (95 | ) | | — |
| | (245 | ) |
| Other capital expenditures, acquisitions and other investments | | — |
| | — |
| | — |
| | (209 | ) | | (209 | ) |
| Sale of independent power and other investments of NEER | | — |
| | — |
| | 1,228 |
| | — |
| | 1,228 |
|
| Proceeds from sale or maturity of securities in special use funds and other investments | | 1,798 |
| | — |
| | 837 |
| | 177 |
| | 2,812 |
|
| Purchases of securities in special use funds and other investments | | (1,885 | ) | | — |
| | (807 | ) | | (209 | ) | | (2,901 | ) |
| Other - net | | 31 |
| | — |
| | (83 | ) | | 63 |
| | 11 |
|
| Net cash used in investing activities | | (3,809 | ) | | (471 | ) | | (3,548 | ) | | (4,635 | ) | | (12,463 | ) |
| Cash Flows From Financing Activities | | | | | | | | | | |
| Issuances of long-term debt, including premiums and discounts | | 2,493 |
| | 405 |
| | 83 |
| | 7,932 |
| | 10,913 |
|
| Retirements of long-term debt | | (85 | ) | | (105 | ) | | (1,355 | ) | | (2,016 | ) | | (3,561 | ) |
| Proceeds from differential membership investors | | — |
| | — |
| | 190 |
| | — |
| | 190 |
|
| Net change in commercial paper | | (811 | ) | | 155 |
| | — |
| | 422 |
| | (234 | ) |
| Repayments of other short-term debt | | — |
| | — |
| | — |
| | (4,725 | ) | | (4,725 | ) |
| Payments from related parties under a cash sweep and credit support agreement – net | | — |
| | — |
| | 460 |
| | — |
| | 460 |
|
| Issuances of common stock/equity units - net | | — |
| | — |
| | — |
| | 1,488 |
| | 1,488 |
|
| Dividends on common stock | | — |
| | — |
| | — |
| | (1,797 | ) | | (1,797 | ) |
| Dividends & capital distributions from (to) parent - net | | (1,950 | ) | | (241 | ) | | 2,449 |
| | (258 | ) | | — |
|
| Other - net | | (38 | ) | | — |
| | (83 | ) | | (90 | ) | | (211 | ) |
| Net cash provided by (used in) financing activities | | (391 | ) | | 214 |
| | 1,744 |
| | 956 |
| | 2,523 |
|
| Effects of currency translation on cash, cash equivalents and restricted cash | | — |
| | — |
| | 2 |
| | — |
| | 2 |
|
| Net increase (decrease) in cash, cash equivalents and restricted cash | | 34 |
| | 5 |
| | 248 |
| | (3,982 | ) | | (3,695 | ) |
| Cash, cash equivalents and restricted cash at beginning of year | | 254 |
| | — |
| | 344 |
| | 4,655 |
| | 5,253 |
|
| Cash, cash equivalents and restricted cash at end of period | | $ | 288 |
| | $ | 5 |
| | $ | 592 |
| | $ | 673 |
| | $ | 1,558 |
|
|
| |
| ———————————— |
| (a) | During the fourth quarter of 2019, NEET, which was previously reported in Corporate and Other, was moved to the NEER segment. Amounts for NEER and Corporate and Other were adjusted to reflect the segment change. |
| (b) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
|
| | | | | | | | | | | | | | | |
| Preliminary | |
| | First
Quarter | | Second
Quarter | | Third
Quarter | | Year-To-Date |
| 2019 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.41 |
| | $ | 2.56 |
| | $ | 1.81 |
| | $ | 5.78 |
|
| | | | | | | | |
| FPL - 2019 Earnings Per Share | $ | 1.22 |
| | $ | 1.37 |
| | $ | 1.40 |
| | $ | 4.00 |
|
| New investment growth | 0.12 |
| | 0.10 |
| | 0.10 |
| | 0.32 |
|
| Allowance for funds used during construction | (0.02 | ) | | 0.01 |
| | 0.01 |
| | — |
|
| Other and share dilution | (0.01 | ) | | 0.04 |
| | 0.03 |
| | 0.05 |
|
| FPL - 2020 Earnings Per Share | $ | 1.31 |
| | $ | 1.52 |
| | $ | 1.54 |
| | $ | 4.37 |
|
| | | | | | | | |
| Gulf Power - 2019 Earnings Per Share | $ | 0.08 |
| | $ | 0.09 |
| | 0.16 |
| | $ | 0.33 |
|
| Acquisition-related | — |
| | 0.03 |
| | — |
| | 0.03 |
|
| Operations and maintenance reductions | 0.01 |
| | 0.01 |
| | — |
| | 0.02 |
|
| Allowance for funds used during construction | 0.01 |
| | 0.01 |
| | 0.01 |
| | 0.04 |
|
| COVID-19-related | — |
| | (0.01 | ) | | 0.01 |
| | — |
|
| Weather | — |
| | (0.01 | ) | | (0.01 | ) | | (0.02 | ) |
| Other | (0.02 | ) | | (0.01 | ) | | 0.01 |
| | (0.02 | ) |
| Gulf Power - 2020 Earnings Per Share | $ | 0.08 |
| | $ | 0.11 |
| | $ | 0.18 |
| | $ | 0.38 |
|
| | | | | | | | |
| NEER - 2019 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.67 |
| | $ | 1.39 |
| | $ | 0.78 |
| | $ | 2.84 |
|
| New investments | 0.08 |
| | 0.08 |
| | 0.06 |
| | 0.21 |
|
| Existing generation assets | 0.09 |
| | 0.05 |
| | — |
| | 0.14 |
|
| Gas infrastructure | 0.02 |
| | — |
| | — |
| | 0.02 |
|
| NextEra Energy Transmission | 0.04 |
| | 0.03 |
| | 0.01 |
| | 0.08 |
|
| Customer supply and proprietary power & gas trading | (0.02 | ) | | (0.04 | ) | | 0.01 |
| | (0.05 | ) |
| Asset sales/abandonment | (0.02 | ) | | — |
| | 0.11 |
| | 0.08 |
|
| Non-qualifying hedges impact | (0.02 | ) | | (0.30 | ) | | (0.50 | ) | | (0.79 | ) |
| NEP investment gains - net | 0.01 |
| | (0.52 | ) | | 0.12 |
| | (0.40 | ) |
| Gains on disposal of a business/assets | 0.52 |
| | 0.03 |
| | — |
| | 0.56 |
|
| Acquisition-related | — |
| | — |
| | 0.01 |
| | 0.01 |
|
| Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI - net | (0.64 | ) | | 0.25 |
| | 0.14 |
| | (0.25 | ) |
| Interest and corporate general and administrative expenses | (0.06 | ) | | 0.01 |
| | — |
| | (0.05 | ) |
| Other, including other investment income, income taxes and share dilution | (0.02 | ) | | (0.01 | ) | | 0.02 |
| | (0.01 | ) |
| NEER - 2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.65 |
| | $ | 0.97 |
| | $ | 0.76 |
| | $ | 2.39 |
|
| | | | | | | | |
| Corporate and Other - 2019 Earnings (Loss) Per Share | $ | (0.56 | ) | | $ | (0.29 | ) | | $ | (0.53 | ) | | $ | (1.39 | ) |
| Non-qualifying hedges impact | (0.69 | ) | | 0.28 |
| | 0.65 |
| | 0.21 |
|
| Acquisition-related | 0.09 |
| | 0.01 |
| | — |
| | 0.09 |
|
| Other, including interest expense and share dilution | (0.02 | ) | | (0.01 | ) | | (0.10 | ) | | (0.11 | ) |
| Corporate and Other - 2020 Earnings (Loss) Per Share | $ | (1.18 | ) | | $ | (0.01 | ) | | $ | 0.02 |
| | $ | (1.20 | ) |
| | | | | | | | |
| 2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.86 |
| | $ | 2.59 |
| | $ | 2.50 |
| | $ | 5.94 |
|
| | | | | | | | |
Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
| | | | | | | | |
| The sum of the quarterly amounts may not equal the total for the year due to rounding. |
| | | | | | | | |
