Document Entity Information
Document Entity Information | 9 Months Ended |
Sep. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-8841 |
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 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 Common Stock, Shares Outstanding | 1,962,137,094 |
Entity Registrant Name | NEXTERA ENERGY INC |
Entity Central Index Key | 0000753308 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Common Stock [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | NEE |
Security Exchange Name | NYSE |
Corporate Units [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 4.872% Corporate Units |
Trading Symbol | NEE.PRO |
Security Exchange Name | NYSE |
Corporate Units 5.279% [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.279% Corporate Units |
Trading Symbol | NEE.PRP |
Security Exchange Name | NYSE |
Corporate Units 6.219% [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.219% Corporate Units |
Trading Symbol | NEE.PRQ |
Security Exchange Name | NYSE |
FPL [Member] | |
Entity Information [Line Items] | |
Entity File Number | 2-27612 |
Entity Tax Identification Number | 59-0247775 |
Entity Incorporation, State or Country Code | FL |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,000 |
Entity Registrant Name | FLORIDA POWER & LIGHT CO |
Entity Central Index Key | 0000037634 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
OPERATING REVENUES | $ 4,370 | $ 4,785 | $ 12,023 | $ 13,602 | |||
OPERATING EXPENSES | |||||||
Fuel, purchased power and interchange | 1,383 | 1,111 | 3,393 | 2,663 | |||
Other operations and maintenance | 910 | 922 | 2,764 | 2,656 | |||
Depreciation and amortization | 1,230 | 1,279 | 2,960 | 3,108 | |||
Taxes other than income taxes and other – net | 481 | 454 | 1,368 | 1,278 | |||
Total operating expenses – net | 4,004 | 3,766 | 10,485 | 9,705 | |||
GAINS (LOSSES) ON DISPOSAL OF BUSINESSES/ASSETS – NET | 13 | (11) | 20 | 279 | |||
OPERATING INCOME | 379 | 1,008 | 1,558 | 4,176 | |||
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (335) | (208) | (671) | (1,839) | |||
Equity in earnings of equity method investees | 109 | 249 | 465 | 13 | |||
Allowance for equity funds used during construction | 37 | 22 | 100 | 64 | |||
Interest income | 7 | 7 | 33 | 31 | |||
Gains on disposal of investments and other property – net | 17 | 16 | 69 | 42 | |||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | (26) | 87 | 137 | (23) | |||
Other net periodic benefit income | 64 | 50 | 193 | 149 | |||
Other – net | 25 | 21 | 74 | 25 | |||
Total other income (deductions) – net | (102) | 244 | 400 | (1,538) | |||
INCOME BEFORE INCOME TAXES | 277 | 1,252 | 1,958 | 2,638 | |||
INCOME TAX EXPENSE (BENEFIT) | (27) | 129 | 84 | 79 | |||
NET INCOME | 304 | 1,123 | 1,874 | 2,559 | |||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 143 | 106 | 495 | 365 | |||
Net income (loss) attributable to NEE | $ 447 | $ 1,229 | $ 2,369 | $ 2,924 | |||
Earnings per share of common stock: | |||||||
Basic (in dollars per share) | $ 0.23 | $ 0.63 | $ 1.21 | $ 1.49 | |||
Assuming dilution (in dollars per share) | $ 0.23 | $ 0.62 | $ 1.20 | $ 1.49 | |||
FPL [Member] | |||||||
OPERATING REVENUES | $ 4,134 | $ 3,859 | [1] | $ 10,673 | $ 9,885 | [1] | |
OPERATING EXPENSES | |||||||
Fuel, purchased power and interchange | 1,218 | 970 | [1] | 2,953 | 2,276 | [1] | |
Other operations and maintenance | 416 | 414 | [1] | 1,211 | 1,217 | [1] | |
Depreciation and amortization | 815 | 899 | [1] | 1,724 | 1,990 | [1] | |
Taxes other than income taxes and other – net | 419 | 400 | [1] | 1,175 | 1,113 | [1] | |
Total operating expenses – net | 2,868 | 2,683 | [1] | 7,063 | 6,596 | [1] | |
OPERATING INCOME | 1,266 | 1,176 | [1] | 3,610 | 3,289 | [1] | |
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (152) | (155) | [1] | (461) | (484) | [1] | |
Allowance for equity funds used during construction | 35 | 21 | [1] | 93 | 62 | [1] | |
Other – net | 8 | 0 | [1] | 11 | 2 | [1] | |
Total other income (deductions) – net | (109) | (134) | [1] | (357) | (420) | [1] | |
INCOME BEFORE INCOME TAXES | 1,157 | 1,042 | [1] | 3,253 | 2,869 | [1] | |
INCOME TAX EXPENSE (BENEFIT) | 230 | 194 | [1] | 667 | 535 | [1] | |
NET INCOME | [2] | $ 927 | $ 848 | [1] | $ 2,586 | $ 2,334 | [1],[3] |
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | ||||||
[2] | FPL's comprehensive income is the same as reported net income. | ||||||
[3] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
NET INCOME | $ 304 | $ 1,123 | $ 1,874 | $ 2,559 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income | 0 | 2 | 4 | 7 |
Net unrealized gains (losses) on available for sale securities: | ||||
Net unrealized gains (losses) on securities still held | (2) | 3 | (9) | 9 |
Reclassification from accumulated other comprehensive income (loss) to net income | (1) | (1) | (3) | (2) |
Reclassification from accumulated other comprehensive income (loss) to net income | 1 | 1 | 3 | 2 |
Net unrealized gains (losses) on foreign currency translation | (13) | 8 | 2 | (10) |
Other comprehensive income related to equity method investees | 1 | 0 | 1 | 0 |
Total other comprehensive income (loss), net of tax | (14) | 13 | (2) | 6 |
IMPACT OF DISPOSAL OF A BUSINESS (NET OF $19 TAX BENEFIT) | 0 | 0 | 0 | 10 |
COMPREHENSIVE INCOME | 290 | 1,136 | 1,872 | 2,575 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 148 | 104 | 495 | 366 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 438 | $ 1,240 | $ 2,367 | $ 2,941 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) of unrealized gains/losses on cash flow hedges from AOCI | $ (1) | $ (1) | $ (2) | |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | $ (1) | 1 | (3) | 3 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 1 | 1 | 1 | 1 |
Tax expense (benefit) of defined benefit pension and other benefits plans reclassified from AOCI to net income | (1) | $ (1) | (1) | (1) |
Tax expense (benefit) of other comprehensive income (loss) related to equity method investees | $ 1 | $ 1 | ||
Tax benefit of disposal of a business | $ (19) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 692 | $ 1,105 | |
Customer receivables, net of allowances | 3,205 | 2,263 | |
Other receivables | 653 | 711 | |
Materials, supplies and fossil fuel inventory | 1,744 | 1,552 | |
Regulatory assets | 589 | 377 | |
Derivatives | 1,079 | 570 | |
Other | 1,610 | 804 | |
Total current assets | 9,572 | 7,382 | |
Other assets: | |||
Property, plant and equipment – net | 99,141 | 91,803 | |
Special use funds | 8,485 | 7,779 | |
Investment in equity method investees | 5,942 | 5,728 | |
Prepaid benefit costs | 1,845 | 1,707 | |
Regulatory assets | 3,665 | 3,712 | |
Derivatives | 1,258 | 1,647 | |
Goodwill | 4,844 | 4,254 | |
Other | 4,411 | 3,672 | |
Total other assets | 129,591 | 120,302 | |
TOTAL ASSETS | 139,163 | 127,684 | |
Current liabilities: | |||
Commercial paper | 3,594 | 1,551 | |
Other short-term debt | 700 | 458 | |
Current portion of long-term debt | 2,955 | 4,138 | |
Accounts payable | 5,456 | 4,615 | |
Customer deposits | 482 | 474 | |
Accrued interest and taxes | 1,157 | 519 | |
Derivatives | 2,597 | 311 | |
Accrued construction-related expenditures | 1,396 | 991 | |
Regulatory liabilities | 296 | 245 | |
Other | 1,823 | 2,256 | |
Total current liabilities | 20,456 | 15,558 | |
Other liabilities and deferred credits: | |||
Long-term debt | 48,092 | 41,944 | |
Asset retirement obligations | 2,968 | 3,057 | |
Deferred income taxes | 8,134 | 8,020 | |
Regulatory liabilities | 10,717 | 10,735 | |
Derivatives | 1,538 | 1,199 | |
Other | 2,532 | 2,242 | |
Total other liabilities and deferred credits | 73,981 | 67,197 | |
TOTAL LIABILITIES | 94,437 | 82,755 | |
COMMITMENTS AND CONTINGENCIES | |||
REDEEMABLE NONCONTROLLING INTERESTS | 79 | 0 | |
EQUITY | |||
Common stock | 20 | 20 | |
Additional paid-in capital | 11,259 | 11,222 | |
Retained earnings | 25,464 | 25,363 | |
Accumulated other comprehensive loss | (94) | (92) | |
Total common shareholders' equity | 36,649 | 36,513 | |
Noncontrolling interests | 7,998 | 8,416 | |
TOTAL EQUITY | 44,647 | 44,929 | |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 139,163 | 127,684 | |
FPL [Member] | |||
Current assets: | |||
Cash and cash equivalents | 71 | 25 | [1] |
Customer receivables, net of allowances | 1,548 | 1,141 | [1] |
Other receivables | 374 | 405 | [1] |
Materials, supplies and fossil fuel inventory | 922 | 899 | [1] |
Regulatory assets | 562 | 360 | [1] |
Other | 164 | 182 | [1] |
Total current assets | 3,641 | 3,012 | [1] |
Other assets: | |||
Electric utility plant and other property – net | 57,026 | 53,879 | [1] |
Special use funds | 5,860 | 5,347 | [1] |
Prepaid benefit costs | 1,630 | 1,550 | [1] |
Regulatory assets | 3,259 | 3,399 | [1] |
Goodwill | 2,989 | 2,989 | [1] |
Other | 840 | 825 | [1] |
Total other assets | 71,604 | 67,989 | [1] |
TOTAL ASSETS | 75,245 | 71,001 | [1] |
Current liabilities: | |||
Commercial paper | 699 | 1,551 | [1] |
Other short-term debt | 200 | 200 | [1] |
Current portion of long-term debt | 536 | 354 | [1] |
Accounts payable | 1,195 | 874 | [1] |
Customer deposits | 475 | 468 | [1] |
Accrued interest and taxes | 913 | 300 | [1] |
Accrued construction-related expenditures | 461 | 423 | [1] |
Regulatory liabilities | 279 | 224 | [1] |
Other | 598 | 948 | [1] |
Total current liabilities | 5,356 | 5,342 | [1] |
Other liabilities and deferred credits: | |||
Long-term debt | 16,788 | 16,882 | [1] |
Asset retirement obligations | 1,953 | 1,871 | [1] |
Deferred income taxes | 6,982 | 6,519 | [1] |
Regulatory liabilities | 10,578 | 10,600 | [1] |
Other | 509 | 559 | [1] |
Total other liabilities and deferred credits | 36,810 | 36,431 | [1] |
TOTAL LIABILITIES | 42,166 | 41,773 | [1] |
COMMITMENTS AND CONTINGENCIES | [1] | ||
EQUITY | |||
Common stock | 1,373 | 1,373 | [1] |
Additional paid-in capital | 19,936 | 18,236 | [1] |
Retained earnings | 11,770 | 9,619 | [1] |
TOTAL EQUITY | 33,079 | 29,228 | [1] |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ 75,245 | $ 71,001 | [1] |
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Customer receivables, allowances | $ 39 | $ 67 | |
Property, plant and equipment – net | 99,141 | 91,803 | |
Current portion of long-term debt | 2,955 | 4,138 | |
Accounts payable | 5,456 | 4,615 | |
Long-term debt | $ 48,092 | $ 41,944 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 3,200,000,000 | 3,200,000,000 | |
Common stock, shares, outstanding (in shares) | 1,962,000,000 | 1,960,000,000 | |
FPL [Member] | |||
Customer receivables, allowances | $ 14 | $ 44 | [1] |
Current portion of long-term debt | 536 | 354 | [1] |
Accounts payable | 1,195 | 874 | [1] |
Long-term debt | $ 16,788 | $ 16,882 | [1] |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | [1] |
Common stock, shares authorized (in shares) | 1,000 | 1,000 | [1] |
Common stock, shares, outstanding (in shares) | 1,000 | 1,000 | [1] |
Common stock, shares, issued (in shares) | 1,000 | 1,000 | [1] |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Property, plant and equipment – net | $ 19,216 | $ 18,084 | |
Current portion of long-term debt | 27 | 27 | |
Accounts payable | 360 | 1,433 | |
Long-term debt | 537 | 493 | |
Noncontrolling interest in variable interest entity | $ 7,993 | $ 8,413 | |
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | $ 1,874 | $ 2,559 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 2,960 | 3,108 | ||
Nuclear fuel and other amortization | 202 | 184 | ||
Unrealized losses on marked to market derivative contracts – net | 2,250 | 952 | ||
Foreign currency transaction losses (gains) | (70) | 5 | ||
Deferred income taxes | 140 | (44) | ||
Cost recovery clauses and franchise fees | (202) | (34) | ||
Equity in earnings of equity method investees | (465) | (13) | ||
Distributions of earnings from equity method investees | 392 | 339 | ||
Gains on disposal of businesses, assets and investments – net | (89) | (321) | ||
Other – net | (399) | 131 | ||
Changes in operating assets and liabilities: | ||||
Current assets | (1,227) | (513) | ||
Noncurrent assets | (316) | (169) | ||
Current liabilities | 1,138 | 414 | ||
Noncurrent liabilities | 48 | 33 | ||
Net cash provided by operating activities | 6,236 | 6,631 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL Segment | (4,472) | (4,379) | ||
Capital expenditures of Gulf Power | (527) | (859) | ||
Independent power and other investments of NEER | (6,799) | (3,908) | ||
Nuclear fuel purchases | (206) | (158) | ||
Other capital expenditures | (1) | (8) | ||
Sale of independent power and other investments of NEER | 384 | 178 | ||
Proceeds from sale or maturity of securities in special use funds | 3,233 | 3,163 | ||
Purchases of securities in special use funds | (3,498) | (3,306) | ||
Other – net | 41 | 71 | ||
Net cash used in investing activities | (11,845) | (9,206) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt, including premiums and discounts | 9,614 | 11,898 | ||
Retirements of long-term debt | (4,262) | (3,690) | ||
Proceeds from differential membership investors | 328 | 572 | ||
Net change in commercial paper | 2,043 | (2,516) | ||
Proceeds from other short-term debt | 0 | 2,158 | ||
Repayments of other short-term debt | (258) | (2,100) | ||
Payments from related parties under a cash sweep and credit support agreement – net | 295 | 70 | ||
Issuances of common stock/equity units – net | (100) | |||
Issuances of common stock/equity units – net | 7 | |||
Dividends | (2,267) | (2,057) | ||
Other – net | (434) | (321) | ||
Net cash provided by (used in) financing activities | 5,066 | 3,914 | ||
Effects of currency translation on cash, cash equivalents and restricted cash | 1 | (10) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (542) | 1,329 | ||
Cash, cash equivalents and restricted cash at beginning of period | 1,546 | 1,108 | ||
Cash, cash equivalents and restricted cash at end of period | 1,004 | 2,437 | ||
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 4,664 | 4,612 | ||
Increase in property, plant and equipment related to an acquisition | 0 | 353 | ||
Decrease in joint venture investments related to an acquisition | 0 | 145 | ||
FPL [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | [1] | 2,586 | 2,334 | [2],[3] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,724 | 1,990 | [2] | |
Nuclear fuel and other amortization | 130 | 125 | [2] | |
Deferred income taxes | 488 | 353 | [2] | |
Cost recovery clauses and franchise fees | (202) | (34) | [2] | |
Other – net | (197) | (5) | [2] | |
Changes in operating assets and liabilities: | ||||
Current assets | (312) | (503) | [2] | |
Noncurrent assets | (86) | (48) | [2] | |
Current liabilities | 576 | 514 | [2] | |
Noncurrent liabilities | (7) | (32) | [2] | |
Net cash provided by operating activities | 4,700 | 4,694 | [2] | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (5,000) | (5,224) | [2] | |
Nuclear fuel purchases | (110) | (122) | [2] | |
Proceeds from sale or maturity of securities in special use funds | 2,223 | 1,964 | [2] | |
Purchases of securities in special use funds | (2,302) | (2,027) | [2] | |
Other – net | (8) | (20) | [2] | |
Net cash used in investing activities | (5,197) | (5,429) | [2] | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt, including premiums and discounts | 1,388 | 3,003 | [2] | |
Retirements of long-term debt | (1,304) | (1,467) | [2] | |
Net change in commercial paper | (852) | (1,674) | [2] | |
Capital contributions from NEE | 1,700 | 2,750 | [2] | |
Dividends | (435) | (1,760) | [2] | |
Other – net | (21) | (38) | [2] | |
Net cash provided by (used in) financing activities | 476 | 814 | [2] | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (21) | 79 | [2] | |
Cash, cash equivalents and restricted cash at beginning of period | 160 | 264 | [2] | |
Cash, cash equivalents and restricted cash at end of period | 139 | 343 | [2] | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | $ 817 | $ 734 | [2] | |
[1] | FPL's comprehensive income is the same as reported net income. | |||
[2] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | |||
[3] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Retained Earnings [Member]Adoption of accounting standards update [Member] | [1] | Total Common Shareholders' Equity Parent [Member] | Total Common Shareholders' Equity Parent [Member]Adoption of accounting standards update [Member] | [1] | Noncontrolling Interest [Member] | FPL [Member] | FPL [Member]Common Stock [Member] | FPL [Member]Additional Paid-in Capital [Member] | FPL [Member]Retained Earnings [Member] | |||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 1,956,000,000 | |||||||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 41,360 | $ 20 | $ 11,955 | $ (169) | $ 25,199 | $ (11) | $ 37,005 | $ (11) | $ 4,355 | $ 25,797 | [2] | $ 1,373 | [2] | $ 15,485 | [2] | $ 8,939 | [2] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net Income (loss) | 2,559 | 2,924 | 2,924 | (361) | 2,334 | [3],[4],[5] | 2,334 | [2] | ||||||||||||||
Premium on equity units | (587) | (587) | ||||||||||||||||||||
Shares issued, share-based payment activity | 4,000,000 | |||||||||||||||||||||
Share-based payment activity | 102 | 102 | ||||||||||||||||||||
Dividends on common stock | (2,057) | [6] | (2,057) | [6] | (1,760) | [2] | ||||||||||||||||
Other comprehensive income (loss) | 6 | 7 | 7 | (1) | ||||||||||||||||||
Issuances of common stock/equity units - net | (92) | (92) | ||||||||||||||||||||
Impact of a disposal of business | [7] | 10 | 10 | |||||||||||||||||||
Other differential membership interests activity | (13) | (13) | 720 | |||||||||||||||||||
Capital contributions from NEE | 2,750 | [3] | 2,750 | [2] | ||||||||||||||||||
Other | 0 | (1) | (1) | 62 | (1) | [2] | ||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 1,960,000,000 | |||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 42,062 | $ 20 | 11,365 | (152) | 26,054 | 37,287 | 4,775 | 29,120 | [2] | 1,373 | [2] | 18,235 | [2] | 9,512 | [2] | |||||||
Beginning balance at Dec. 31, 2019 | 487 | |||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | (4) | |||||||||||||||||||||
Other differential membership interests activity | (318) | |||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 165 | |||||||||||||||||||||
Beginning Balance (in shares) at Jun. 30, 2020 | 1,959,000,000 | |||||||||||||||||||||
Beginning Balance at Jun. 30, 2020 | 41,574 | $ 20 | 11,705 | (163) | 25,511 | 37,073 | 4,501 | 29,882 | [2] | 1,373 | [2] | 18,085 | [2] | 10,424 | [2] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net Income (loss) | 1,123 | 1,229 | 1,229 | (105) | 848 | [4],[5] | 848 | [2] | ||||||||||||||
Premium on equity units | (334) | (334) | ||||||||||||||||||||
Shares issued, share-based payment activity | 1,000,000 | |||||||||||||||||||||
Share-based payment activity | 43 | 43 | ||||||||||||||||||||
Dividends on common stock | (686) | [8] | (686) | [8] | (1,760) | [2] | ||||||||||||||||
Other comprehensive income (loss) | 13 | 11 | 11 | 2 | ||||||||||||||||||
Issuances of common stock/equity units - net | (41) | (41) | ||||||||||||||||||||
Other differential membership interests activity | (6) | (6) | 348 | |||||||||||||||||||
Capital contributions from NEE | [2] | 150 | ||||||||||||||||||||
Other | (2) | (2) | 29 | |||||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 1,960,000,000 | |||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 42,062 | $ 20 | 11,365 | (152) | 26,054 | 37,287 | 4,775 | 29,120 | [2] | 1,373 | [2] | 18,235 | [2] | 9,512 | [2] | |||||||
Beginning balance at Jun. 30, 2020 | 291 | |||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | (1) | |||||||||||||||||||||
Other differential membership interests activity | (125) | |||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 165 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Retained earnings | $ 25,363 | $ 9,619 | [9] | |||||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 1,960,000,000 | 1,960,000,000 | 1,000 | [9] | ||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 44,929 | $ 20 | 11,222 | (92) | 25,363 | 36,513 | 8,416 | $ 29,228 | [9] | 1,373 | [2] | 18,236 | [2] | 9,619 | [2] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net Income (loss) | 1,874 | 2,369 | 2,369 | (496) | 2,586 | [5] | 2,586 | |||||||||||||||
Shares issued, share-based payment activity | 3,000,000 | |||||||||||||||||||||
Share-based payment activity | 70 | 70 | ||||||||||||||||||||
Dividends on common stock | (2,267) | [10] | (2,267) | [10] | (435) | |||||||||||||||||
Other comprehensive income (loss) | $ (2) | (2) | (2) | 0 | ||||||||||||||||||
Other differential membership interests activity | 36 | |||||||||||||||||||||
Capital contributions from NEE | $ 1,700 | 1,700 | ||||||||||||||||||||
Other (in shares) | (1,000,000) | |||||||||||||||||||||
Other | (33) | (1) | (34) | 42 | ||||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2021 | 1,962,000,000 | 1,962,000,000 | 1,000 | |||||||||||||||||||
Ending Balance at Sep. 30, 2021 | $ 44,647 | $ 20 | 11,259 | (94) | 25,464 | 36,649 | 7,998 | $ 33,079 | 1,373 | 19,936 | 11,770 | |||||||||||
Beginning balance at Dec. 31, 2020 | 0 | |||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 1 | |||||||||||||||||||||
Other differential membership interests activity | 78 | |||||||||||||||||||||
Ending balance at Sep. 30, 2021 | 79 | |||||||||||||||||||||
Beginning Balance (in shares) at Jun. 30, 2021 | 1,962,000,000 | |||||||||||||||||||||
Beginning Balance at Jun. 30, 2021 | 45,114 | $ 20 | 11,224 | (85) | 25,773 | 36,932 | 8,182 | 31,488 | 1,373 | 19,272 | 10,843 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net Income (loss) | 304 | 447 | 447 | (144) | $ 927 | [5] | 927 | |||||||||||||||
Share-based payment activity | 47 | 47 | ||||||||||||||||||||
Dividends on common stock | [11] | (756) | (756) | |||||||||||||||||||
Other comprehensive income (loss) | $ (14) | (9) | (9) | (5) | ||||||||||||||||||
Other differential membership interests activity | (44) | |||||||||||||||||||||
Capital contributions from NEE | 665 | |||||||||||||||||||||
Other | (12) | 0 | (12) | 9 | (1) | |||||||||||||||||
Ending Balance (in shares) at Sep. 30, 2021 | 1,962,000,000 | 1,962,000,000 | 1,000 | |||||||||||||||||||
Ending Balance at Sep. 30, 2021 | $ 44,647 | $ 20 | $ 11,259 | $ (94) | $ 25,464 | $ 36,649 | $ 7,998 | $ 33,079 | $ 1,373 | $ 19,936 | $ 11,770 | |||||||||||
Beginning balance at Jun. 30, 2021 | 0 | |||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||||
Net income (loss) | 1 | |||||||||||||||||||||
Other differential membership interests activity | 78 | |||||||||||||||||||||
Ending balance at Sep. 30, 2021 | 79 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Retained earnings | $ 25,464 | $ 11,770 | ||||||||||||||||||||
[1] | See Note 11 – Measurement of Credit Losses on Financial Instruments. | |||||||||||||||||||||
[2] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | |||||||||||||||||||||
[3] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | |||||||||||||||||||||
[4] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | |||||||||||||||||||||
[5] | FPL's comprehensive income is the same as reported net income. | |||||||||||||||||||||
[6] | Dividends per share were $0.35 for each of the quarterly periods in 2020. | |||||||||||||||||||||
[7] | See Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests. | |||||||||||||||||||||
[8] | Dividends per share were $0.35 for the three months ended September 30, 2020 | |||||||||||||||||||||
[9] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | |||||||||||||||||||||
[10] | Dividends per share were $0.385 for each of the quarterly periods in 2021. | |||||||||||||||||||||
[11] | Dividends per share were $0.385 for the three months ended September 30, 2021. |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends per share of common stock (in dollars per share) | $ 0.385 | $ 0.385 | $ 0.385 | $ 0.35 | $ 0.35 | $ 0.35 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue from Contracts with Customers 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. NEE’s revenue from contracts with customers was approximately $5.4 billion ($4.1 billion at FPL) and $4.9 billion ($3.8 billion at FPL) for the three months ended September 30, 2021 and 2020, respectively, and $14.1 billion ($10.6 billion at FPL) and $12.9 billion ($9.8 billion at FPL) for the nine months ended September 30, 2021 and 2020, 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 condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar. During the nine months ended September 30, 2021, NEER did not recognize approximately $180 million of revenue related to reimbursable expenses from a counterparty that are deemed not probable of collection. These reimbursable expenses arose from the impact of severe prolonged winter weather in Texas in February 2021 (February weather event). These determinations were made based on assessments of the counterparty's creditworthiness and NEER's ability to collect. 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. 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 September 30, 2021 and December 31, 2020, FPL's unbilled revenues amounted to approximately $545 million and $454 million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. Certain contracts with customers contain a fixed price which primarily relate to certain power purchase agreements with maturity dates through 2041. As of September 30, 2021, FPL expects to record approximately $405 million of revenues related to the fixed capacity price components of such contracts over the remaining terms of the related contracts as the capacity is provided. These contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts. 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 2021 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 ISO annual auctions through 2025 and certain power purchase agreements with maturity dates through 2034. At September 30, 2021, NEER expects to record approximately $750 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 | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the applicable 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 and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. For interest rate and foreign currency derivative instruments, 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 (losses) of equity method investees in NEE's condensed consolidated statements of income. In addition, for the nine months ended September 30, 2020, NEE reclassified from AOCI approximately $23 million ($3 million after tax) to gains on disposal of businesses/assets – net (see Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests) because it became probable that related future transactions being hedged would not occur. At September 30, 2021, 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 $6 million of net losses included in AOCI at September 30, 2021 are 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 Measurements of Derivative 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. 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. The tables below present NEE's and FPL's gross derivative positions at September 30, 2021 and December 31, 2020, 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, as well as the location of the net derivative position on the condensed consolidated balance sheets. September 30, 2021 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 4,155 $ 6,856 $ 1,833 $ (10,589) $ 2,255 Interest rate contracts $ — $ 125 $ — $ (38) 87 Foreign currency contracts $ — $ 12 $ — $ (17) (5) Total derivative assets $ 2,337 FPL – commodity contracts $ — $ 14 $ 9 $ (7) $ 16 Liabilities: NEE: Commodity contracts $ 4,609 $ 6,770 $ 2,281 $ (10,238) $ 3,422 Interest rate contracts $ — $ 700 $ — $ (38) 662 Foreign currency contracts $ — $ 68 $ — $ (17) 51 Total derivative liabilities $ 4,135 FPL – commodity contracts $ — $ 5 $ 10 $ (7) $ 8 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,079 Noncurrent derivative assets (c) 1,258 Total derivative assets $ 2,337 Current derivative liabilities (d) $ 2,597 Noncurrent derivative liabilities (e) 1,538 Total derivative liabilities $ 4,135 Net fair value by FPL balance sheet line item: Current other assets $ 16 Current other liabilities $ 6 Noncurrent other liabilities 2 Total derivative liabilities $ 8 ——————————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively. (b) Reflects the netting of approximately $803 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $21 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $62 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $411 million in margin cash collateral paid to counterparties. December 31, 2020 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 919 $ 1,881 $ 1,679 $ (2,325) $ 2,154 Interest rate contracts $ — $ 81 $ — $ (41) 40 Foreign currency contracts $ — $ 57 $ — $ (34) 23 Total derivative assets $ 2,217 FPL – commodity contracts $ — $ 1 $ 2 $ — $ 3 Liabilities: NEE: Commodity contracts $ 1,004 $ 1,468 $ 305 $ (2,277) $ 500 Interest rate contracts $ — $ 1,042 $ — $ (41) 1,001 Foreign currency contracts $ — $ 43 $ — $ (34) 9 Total derivative liabilities $ 1,510 FPL – commodity contracts $ — $ — $ 3 $ — $ 3 Net fair value by NEE balance sheet line item: Current derivative assets $ 570 Noncurrent derivative assets (b) 1,647 Total derivative assets $ 2,217 Current derivative liabilities (c) $ 311 Noncurrent derivative liabilities 1,199 Total derivative liabilities $ 1,510 Net fair value by FPL balance sheet line item: Current other assets $ 3 Current other liabilities $ 2 Noncurrent other liabilities 1 Total derivative liabilities $ 3 ——————————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Reflects the netting of approximately $184 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $136 million in margin cash collateral paid to counterparties. At September 30, 2021 and December 31, 2020, NEE had approximately $20 million and $6 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at September 30, 2021 and December 31, 2020, NEE had approximately $591 million and $315 million (none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets. 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. The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at September 30, 2021 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type September 30, 2021 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 483 $ 247 Discounted cash flow Forward price (per MWh) $(3) — $189 $37 Forward contracts – gas 207 86 Discounted cash flow Forward price (per MMBtu) $2 — $18 $4 Forward contracts – congestion 31 8 Discounted cash flow Forward price (per MWh) $(8) — $72 $— Options – power 78 11 Option models Implied correlations 34% — 85% 53% Implied volatilities 25% — 268% 73% Options – primarily gas 865 717 Option models Implied correlations 34% — 85% 53% Implied volatilities 16% — 160% 46% Full requirements and unit contingent contracts 125 1,192 Discounted cash flow Forward price (per MWh) $3 — $301 $71 Customer migration rate (b) —% — 14% 1% Forward contracts – other 44 20 Total $ 1,833 $ 2,281 ——————————————— (a) Unobservable inputs were weighted by volume. (b) 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 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. The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended September 30, 2021 2020 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at June 30 $ 584 $ — $ 1,305 $ (6) Realized and unrealized gains (losses): Included in operating revenues (1,138) — (55) — Included in regulatory assets and liabilities 1 1 (1) (1) Purchases 62 — 37 — Settlements 80 (2) (108) 1 Issuances (52) — (26) — Transfers out (a) 15 — (2) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (448) $ (1) $ 1,150 $ (6) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (b) $ (1,107) $ — $ (46) $ — ——————————————— (a) Transfers from Level 3 to Level 2 were a result of increased observability of market data. (b) For the three months ended September 30, 2021 and 2020, unrealized losses of approximately $1,107 million and $46 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Nine Months Ended September 30, 2021 2020 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 1,374 $ (1) $ 1,207 $ (8) Realized and unrealized gains (losses): Included in earnings (a) (1,795) — 294 — Included in other comprehensive income (loss) (b) — — 1 — Included in regulatory assets and liabilities 2 2 (3) (3) Purchases 153 — 157 — Sales (c) — — 114 — Settlements (54) (2) (490) 5 Issuances (116) — (98) — Transfers in (d) 1 — — — Transfers out (d) (13) — (32) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (448) $ (1) $ 1,150 $ (6) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (e) $ (1,581) $ — $ 79 $ — ——————————————— (a) For the nine months ended September 30, 2021 and 2020, realized and unrealized gains (losses) of approximately $(1,794) million and $314 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) See Note 11 – Disposal of Businesses / Assets and Sale of Noncontrolling Ownership Interests. (d) 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. (e) For the nine months ended September 30, 2021 and 2020, unrealized gains (losses) of approximately $(1,581) million and $90 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Income Statement Impact of Derivative Instruments – Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (millions) Commodity contracts (a) – operating revenues $ (1,291) $ (327) $ (2,708) $ 245 Foreign currency contracts – interest expense (13) 34 (69) (30) Interest rate contracts – interest expense 7 131 340 (710) Losses reclassified from AOCI: Interest rate contracts (b) (1) (3) (4) (30) Foreign currency contracts – interest expense (1) (1) (2) (3) Total $ (1,299) $ (166) $ (2,443) $ (528) ——————————————— (a) For the three and nine months ended September 30, 2021, FPL recorded gains of approximately $9 million and $13 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2020, FPL recorded losses of approximately $1 million and $3 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. (b) For the nine months ended September 30, 2020, approximately $23 million was reclassified to gains on disposal of businesses/assets – net (see Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests); remaining balances were reclassified to interest expense on NEE's condensed consolidated statements of income. Notional Volumes of Derivative Instruments – The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and the related 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: September 30, 2021 December 31, 2020 Commodity Type NEE FPL NEE FPL (millions) Power (89) MWh — (90) MWh — Natural gas (1,336) MMBtu 80 MMBtu (607) MMBtu 87 MMBtu Oil (40) barrels — (6) barrels — At September 30, 2021 and December 31, 2020, NEE had interest rate contracts with a notional amount of approximately $10.8 billion and a net notional amount of approximately $10.5 billion, respectively, and foreign currency contracts with a notional amount of approximately $1.0 billion and $1.0 billion, 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 September 30, 2021 and December 31, 2020, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $6.2 billion ($14 million for FPL) and $1.9 billion ($3 million for FPL), respectively. If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative contracts contain multiple types of credit-related triggers. To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements. If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a 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 $620 million (none at FPL) at September 30, 2021 and $80 million (none at FPL) at December 31, 2020. If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $2.8 billion ($30 million at FPL) at September 30, 2021 and $1.2 billion ($75 million at FPL) at December 31, 2020. 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 $985 million ($225 million at FPL) at September 30, 2021 and $880 million ($75 million at FPL) at December 31, 2020. Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At September 30, 2021 and December 31, 2020, applicable NEE subsidiaries have posted approximately $83 million (none at FPL) and $2 million (none at FPL), respectively, in cash, and $461 million (none at FPL) and $66 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. |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Non-derivative fair value measurements consist of NEE’s and FPL’s cash equivalents and restricted cash equivalents, special use funds and other investments. The fair value of these financial assets is determined by using the valuation techniques and inputs as described in Note 2 – Fair Value Measurements of Derivative Instruments as well as below. 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. Recurring Non-Derivative Fair Value Measurements – NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: September 30, 2021 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 150 $ — $ — $ 150 FPL – equity securities $ 81 $ — $ — $ 81 Special use funds: (b) NEE: Equity securities $ 2,445 $ 2,849 (c) $ — $ 5,294 U.S. Government and municipal bonds $ 816 $ 66 $ — $ 882 Corporate debt securities $ 1 $ 862 $ — $ 863 Mortgage-backed securities $ — $ 439 $ — $ 439 Other debt securities $ — $ 144 $ — $ 144 FPL: Equity securities $ 833 $ 2,594 (c) $ — $ 3,427 U.S. Government and municipal bonds $ 652 $ 49 $ — $ 701 Corporate debt securities $ — $ 640 $ — $ 640 Mortgage-backed securities $ — $ 314 $ — $ 314 Other debt securities $ — $ 129 $ — $ 129 Other investments: (d) NEE: Equity securities $ 66 $ 1 $ — $ 67 Debt securities $ 125 $ 173 $ 23 $ 321 FPL – equity securities $ 13 $ — $ — $ 13 ——————————————— (a) Includes restricted cash equivalents of approximately $68 million ($67 million for FPL) in current other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. December 31, 2020 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 742 $ — $ — $ 742 FPL – equity securities $ 137 $ — $ — $ 137 Special use funds: (b) NEE: Equity securities $ 2,237 $ 2,489 (c) $ — $ 4,726 U.S. Government and municipal bonds $ 590 $ 127 $ — $ 717 Corporate debt securities $ 1 $ 870 $ — $ 871 Mortgage-backed securities $ — $ 422 $ — $ 422 Other debt securities $ — $ 124 $ — $ 124 FPL: Equity securities $ 752 $ 2,260 (c) $ — $ 3,012 U.S. Government and municipal bonds $ 449 $ 87 $ — $ 536 Corporate debt securities $ — $ 627 $ — $ 627 Mortgage-backed securities $ — $ 335 $ — $ 335 Other debt securities $ — $ 119 $ — $ 119 Other investments: (d) NEE: Equity securities $ 62 $ — $ — $ 62 Debt securities $ 91 $ 127 $ — $ 218 FPL – equity securities $ 12 $ — $ — $ 12 ——————————————— (a) Includes restricted cash equivalents of approximately $111 million ($91 million for FPL) in current other assets and $42 million ($42 million for FPL) in noncurrent other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Contingent Consideration – At September 30, 2021, NEER had approximately $265 million of contingent consideration liabilities which are included in noncurrent other liabilities on NEE's condensed consolidated balance sheet. The liabilities relate to contingent consideration for the completion of capital expenditures for future development projects in connection with the acquisition of GridLiance Holdco, LP and GridLiance GP, LLC (see Note 5 – GridLiance). NEECH guarantees the contingent consideration obligations under the GridLiance acquisition agreements. Significant inputs and assumptions used in the fair value measurement, some of which are Level 3 and require judgement, include the projected timing and amount of future cash flows, estimated probability of completing future development projects as well as discount rates. 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: September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated (millions) NEE: Special use funds (a) $ 863 $ 864 $ 919 $ 920 Other investments (b) $ 73 $ 73 $ 29 $ 29 Long-term debt, including current portion $ 51,047 $ 55,102 (c) $ 46,082 $ 51,525 (c) FPL: Special use funds (a) $ 649 $ 650 $ 718 $ 719 Long-term debt, including current portion $ 17,324 $ 20,273 (c) $ 17,236 $ 21,178 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Included in noncurrent other assets on NEE's condensed consolidated balance sheets. (c) At September 30, 2021 and December 31, 2020, substantially all is Level 2 for NEE and FPL. Special Use Funds – The special use funds noted above and those carried at fair value (see Recurring Non-Derivative Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $8,409 million and $7,703 million at September 30, 2021 and December 31, 2020, respectively ($5,784 million and $5,271 million, respectively, for FPL), and FPL's storm fund assets of $76 million and $76 million at September 30, 2021 and December 31, 2020, 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 $2,259 million and $2,009 million at September 30, 2021 and December 31, 2020, respectively ($1,727 million and $1,521 million, respectively, for FPL). Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at September 30, 2021 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at September 30, 2021 of approximately one year. The cost of securities sold is determined using the specific identification method. Effective January 1, 2020, NEE and FPL adopted an accounting standards update that provides a modified version of the other than temporary impairment model for debt securities. The new available for sale debt security impairment model no longer allows consideration of the length of time during which the fair value has been less than its amortized cost basis when determining whether a credit loss exists. Credit losses are required to be presented as an allowance rather than as a write-down on securities not intended to be sold or required to be sold. NEE and FPL adopted this model prospectively. See Note 11 – Measurement of Credit Losses on Financial Instruments. For FPL's special use funds, changes in fair value of debt and equity securities, including any estimated credit losses of debt securities, 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 estimated credit losses and unrealized losses on debt securities intended or required to be sold prior to recovery of the amortized cost basis, which are recognized in other – net in NEE's condensed consolidated statements of income. Changes in fair value of equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE’s condensed consolidated statements of income. Unrealized gains (losses) recognized on equity securities held at September 30, 2021 and 2020 are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 (millions) Unrealized gains (losses) $ (25) $ 223 $ 565 $ 65 $ (13) $ 129 $ 375 $ 50 Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 (millions) Realized gains $ 17 $ 30 $ 61 $ 86 $ 14 $ 21 $ 46 $ 66 Realized losses $ 14 $ 17 $ 58 $ 50 $ 11 $ 10 $ 46 $ 38 Proceeds from sale or maturity of securities $ 245 $ 555 $ 1,303 $ 2,046 $ 191 $ 475 $ 988 $ 1,747 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (millions) Unrealized gains $ 81 $ 134 $ 65 $ 104 Unrealized losses (a) $ 12 $ 9 $ 8 $ 9 Fair value $ 799 $ 201 $ 556 $ 150 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2021 and December 31, 2020 were not material to NEE or FPL. Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law. The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes NEE's effective income tax rate for the three months ended September 30, 2021 and 2020 was approximately (9.7)% and 10.3%, respectively, and for the nine months ended September 30, 2021 and 2020 was approximately 4.3% and 3.0%, respectively. NEE's effective income tax rate is based on the composition of pre-tax income and primarily reflects the impact of unfavorable changes in the fair value of commodity derivatives for the three and nine months ended September 30, 2021. For the nine months ended September 30, 2020, NEE's effective income tax rate also reflects the first quarter of 2020 impact of unfavorable changes in the fair value of interest rate derivative instruments and equity securities held in NEER's nuclear decommissioning funds, and the gain on the sale of the Spain solar projects that was not taxable for federal and state income tax purposes (see Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests). A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State income taxes – net of federal income tax benefit 5.4 1.9 2.9 3.8 1.0 1.3 3.7 4.0 Taxes attributable to noncontrolling interests 15.6 1.8 — — 6.9 2.9 — — PTCs and ITCs – NEER (36.2) (7.4) — — (15.3) (8.7) — — Amortization of deferred regulatory credit (14.1) (4.4) (3.5) (5.3) (6.2) (5.4) (3.5) (5.0) Foreign operations 0.7 — — — 0.3 (2.2) — — Other – net (2.1) (2.6) (0.5) (0.9) (3.4) (5.9) (0.7) (1.4) Effective income tax rate (9.7) % 10.3 % 19.9 % 18.6 % 4.3 % 3.0 % 20.5 % 18.6 % NEE recognizes PTCs as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the expected value of most wind projects and a fundamental component of such wind projects' results of operations. PTCs, as well as ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Merger of FPL and Gulf Power Company – On January 1, 2021, FPL and Gulf Power Company merged, with FPL as the surviving entity. However, FPL will continue to be regulated as two separate ratemaking entities until the FPSC approves consolidation of the FPL segment and Gulf Power rates and tariffs. The FPL segment and Gulf Power will continue to be separate operating segments of NEE as well as FPL through 2021. See Note 13. As a result of the merger, FPL acquired assets of approximately $6.7 billion, primarily relating to property, plant and equipment of approximately $4.9 billion and regulatory assets of $1.2 billion, and assumed liabilities of approximately $3.9 billion, including $1.8 billion of debt, primarily long-term debt, $729 million of deferred income taxes and $566 million of regulatory liabilities. Additionally, goodwill of approximately $2.7 billion and purchase accounting adjustments associated with the 2019 Gulf Power Company acquisition by NEE were transferred to FPL from NEE Corporate and Other. The assets acquired and liabilities assumed by FPL were at carrying amounts as the merger was between entities under common control. GridLiance – On March 31, 2021, a wholly owned subsidiary of NEET acquired GridLiance Holdco, LP and GridLiance GP, LLC (GridLiance), which owns and operates three FERC-regulated transmission utilities with approximately 700 miles of high-voltage transmission lines across six states, five in the Midwest and Nevada. The purchase price included approximately $502 million in cash consideration, and the assumption of approximately $175 million of debt, excluding post-closing adjustments. |
NEP
NEP | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NEP | NEP 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 September 30, 2021 and December 31, 2020, the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NextEra Energy Resources or its subsidiaries were approximately $306 million and $10 million, respectively, and are included in accounts payable. Fee income related to the CSCS agreement and the service agreements totaled approximately $38 million and $31 million for the three months ended September 30, 2021 and 2020, respectively, and $108 million and $88 million for the nine months ended September 30, 2021 and 2020, respectively, and is included in operating revenues in NEE's condensed consolidated statements of income. Amounts due from NEP of approximately $51 million and $68 million are included in other receivables and $32 million and $32 million are included in noncurrent other assets at September 30, 2021 and December 31, 2020, respectively. Under the CSCS agreement, NEECH or NextEra Energy Resources guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $587 million at September 30, 2021 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2021 to 2059 and included certain project performance obligations and obligations under financing and interconnection agreements. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. At September 30, 2021, approximately $30 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet. See also Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests for sales to NEP. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) NEER – At September 30, 2021, NEE consolidates 43 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 electric generation facilities with the capability of producing 1,450 MW. These entities sell their electric output to third parties under power sales contracts 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 VIEs were approximately $174 million and $26 million, respectively, at September 30, 2021 and $188 million and $22 million, respectively, at December 31, 2020. At September 30, 2021 and December 31, 2020, the assets of these 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 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 $1,015 million and $570 million, respectively, at September 30, 2021 and $751 million and $607 million, respectively, at December 31, 2020. At September 30, 2021 and December 31, 2020, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt. NEE consolidates a NEET VIE that is constructing an approximately 280-mile electricity transmission line. A NEET subsidiary is the primary beneficiary and controls the most significant activities during the construction period, including controlling the construction budget. NEET is entitled to receive 50% of the profits and losses of the entity. The assets and liabilities of the VIE totaled approximately $556 million and $77 million, respectively, at September 30, 2021, and $423 million and $68 million, respectively, at December 31, 2020. At September 30, 2021 and December 31, 2020, the assets and liabilities of this VIE consisted primarily of property, plant and equipment and accounts payable. NextEra Energy Resources consolidates a VIE which has a 10% direct ownership interest in wind generation facilities and solar PV facilities which have the capability of producing approximately 400 MW and 599 MW, respectively. These entities sell their electric output under power sales contracts to third parties with expiration dates ranging from 2025 through 2040. These entities are also considered a VIE because the holders of differential membership interests in these entities do not have substantive rights over the significant activities of these entities. The assets and liabilities of the VIE were approximately $1,528 million and $81 million, respectively, at September 30, 2021, and $1,572 million and $393 million, respectively, at December 31, 2020. At September 30, 2021 and December 31, 2020, the assets and liabilities of this VIE consisted primarily of property, plant and equipment and accounts payable. The other 36 NextEra Energy Resources VIEs that are consolidated primarily relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind generation and solar PV facilities with the capability of producing a total of approximately 10,478 MW and 763 MW, respectively, and own wind generation and solar PV facilities that, upon completion of construction, which is anticipated in the fourth quarter of 2021, are expected to have a total generating capacity of 80 MW and 590 MW, respectively. These entities sell, or will sell, their electric output either under power sales contracts to third parties with expiration dates ranging from 2024 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. NextEra Energy Resources has financing obligations with respect to these entities, including 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 $16,779 million and $1,009 million, respectively, at September 30, 2021 and $16,180 million and $1,741 million, respectively, at December 31, 2020. At September 30, 2021 and December 31, 2020, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and accounts payable. Other – At September 30, 2021 and December 31, 2020, several NEE subsidiaries had investments totaling approximately $4,273 million ($3,570 million at FPL) and $3,704 million ($3,124 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and mortgage-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities. Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in NEP OpCo (see Note 6). 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 $4,071 million and $3,932 million at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, subsidiaries of NEE had guarantees related to certain obligations of one of these entities, as well as commitments to invest an additional approximately $85 million in several of these entities. See further discussion of such guarantee and commitments in Note 12 – Commitments and – Contracts, respectively. |
Employee Retirement Benefits
Employee Retirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The components of net periodic income for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 (millions) Service cost $ 23 $ 22 $ 1 $ — $ 68 $ 64 $ 1 $ 1 Interest cost 16 23 1 3 48 69 3 6 Expected return on plan assets (85) (80) — — (255) (241) — — Amortization of actuarial loss 6 4 1 — 18 13 4 2 Amortization of prior service benefit — (1) (4) (4) (1) (1) (11) (12) Special termination benefits (a) — 4 — — — 13 — — Net periodic income at NEE $ (40) $ (28) $ (1) $ (1) $ (122) $ (83) $ (3) $ (3) Net periodic income allocated to FPL $ (27) $ (21) $ (1) $ (1) $ (81) $ (63) $ (3) $ (3) _________________________ (a) Reflects enhanced early retirement benefit. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances and borrowings during the nine months ended September 30, 2021 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL – Senior unsecured notes $ 1,327 Variable (a)(b) 2023 – 2071 NEECH: Debentures $ 2,150 Variable (a) 2023 Debentures $ 3,500 0.65% – 1.90% 2023 – 2028 Term loans $ 645 Variable (a) 2023 – 2024 NEER – Senior secured limited-recourse notes (c) $ 1,773 2.92% – 4.70% 2028 – 2038 ——————————————— (a) Variable rate is based on an underlying index plus or minus a specified margin. (b) Includes approximately $327 million that allows individual noteholders to require repayment at specified dates prior to maturity in 2071. (c) Includes $1,513 million of 2.92% notes maturing in 2038 which are secured by a first priority security interest in certain assets, including 100% of the ownership interests in Florida Pipeline Holdings, LLC (Florida Pipeline Holdings), an indirect wholly owned subsidiary of NextEra Energy Resources, and certain of Florida Pipeline Holdings' subsidiaries, including the entity that has a 100% ownership interest in Florida Southeast Connection and the entities that directly or indirectly have a 42.5% ownership interest in Sabal Trail. Also includes $260 million of 4.70% notes maturing in 2028 which are secured by a first priority security interest in certain assets, including 100% ownership interests in Florida Pipeline Funding, LLC (the indirect parent of Florida Pipeline Holdings). See Note 5 – Merger of FPL and Gulf Power Company and – GridLiance regarding the assumption of debt during the quarter ended March 31, 2021. In August 2021, FPL redeemed $1.25 billion aggregate principal amount of its Floating Rate Notes due July 28, 2023. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity Earnings Per Share – The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (millions, except per share amounts) Numerator: Net income attributable to NEE – basic $ 447 $ 1,229 $ 2,369 $ 2,924 Adjustment for the impact of dilutive securities at NEP (a) — (1) — — Net income attributable to NEE – assuming dilution $ 447 $ 1,228 $ 2,369 $ 2,924 Denominator: Weighted-average number of common shares outstanding – basic 1,962.7 1,959.4 1,962.2 1,958.4 Equity units, stock options, performance share awards and restricted stock (b) 10.2 9.5 9.1 9.3 Weighted-average number of common shares outstanding – assuming dilution 1,972.9 1,968.9 1,971.3 1,967.7 Earnings per share attributable to NEE: Basic $ 0.23 $ 0.63 $ 1.21 $ 1.49 Assuming dilution $ 0.23 $ 0.62 $ 1.20 $ 1.49 ——————————————— (a) The three months ended September 30, 2020 adjustment is related to the NEP Series A convertible preferred units. (b) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to equity units, stock options and/or performance share awards, as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 1.2 million and 46.0 million for the three months ended September 30, 2021 and 2020, respectively, and 40.4 million and 36.2 million for the nine months ended September 30, 2021 and 2020, respectively. On September 14, 2020, NEE's board of directors approved a four-for-one split of NEE common stock effective October 26, 2020. NEE's authorized common stock increased from 800 million to 3.2 billion shares. Prior year's share and share-based data included in NEE's condensed consolidated financial statements have been retrospectively adjusted to reflect the 2020 stock split. Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Three Months Ended September 30, 2021 Balances, June 30, 2021 $ 12 $ 11 $ (73) $ (39) $ 4 $ (85) Other comprehensive income (loss) before reclassifications — (2) — (13) 1 (14) Amounts reclassified from AOCI — (1) (a) 1 (b) — — — Net other comprehensive income (loss) — (3) 1 (13) 1 (14) Less other comprehensive income attributable to noncontrolling interests — — — 5 — 5 Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) Attributable to NEE $ 12 $ 8 $ (72) $ (39) $ 5 $ (86) 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) Nine months ended September 30, 2021 Balances, December 31, 2020 $ 8 $ 20 $ (75) $ (49) $ 4 $ (92) Other comprehensive income (loss) before reclassifications — (9) — 2 1 (6) Amounts reclassified from AOCI 4 (c) (3) (a) 3 (b) — — 4 Net other comprehensive income (loss) 4 (12) 3 2 1 (2) Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) Attributable to NEE $ 12 $ 8 $ (72) $ (39) $ 5 $ (86) ——————————————— (a) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (b) Reclassified to other net periodic benefit income in NEE's condensed consolidated statements of income. (c) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Three Months Ended September 30, 2020 Balances, June 30, 2020 $ 1 $ 16 $ (113) $ (73) $ 3 $ (166) Other comprehensive income (loss) before reclassifications — 3 — 8 — 11 Amounts reclassified from AOCI 2 (a) (1) (b) 1 (c) — — 2 Net other comprehensive income (loss) 2 2 1 8 — 13 Balances, September 30, 2020 $ 3 $ 18 $ (112) $ (65) $ 3 $ (153) Attributable to noncontrolling interests $ — $ — $ — $ (1) $ — $ (1) Attributable to NEE $ 3 $ 18 $ (112) $ (64) $ 3 $ (152) 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) Nine Months Ended September 30, 2020 Balances, December 30, 2019 $ (27) $ 11 $ (114) $ (42) $ 3 $ (169) Other comprehensive income (loss) before reclassifications — 9 — (10) — (1) Amounts reclassified from AOCI 7 (a) (2) (b) 2 (c) — — 7 Net other comprehensive income (loss) 7 7 2 (10) — 6 Impact of disposal of a business 23 (d) — (13) (d) 10 Balances, September 30, 2020 $ 3 $ 18 $ (112) $ (65) $ 3 $ (153) Attributable to noncontrolling interests $ — $ — $ — $ (1) $ — $ (1) Attributable to NEE $ 3 $ 18 $ (112) $ (64) $ 3 $ (152) ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (c) Reclassified to other net periodic benefit income in NEE's condensed consolidated statements of income. (d) Reclassified to gains (losses) on disposal of businesses/assets – net and interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments and Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies FPL 2021 Base Rate Proceeding – In March 2021, FPL filed a petition with the FPSC requesting, among other things, approval of a four four four On August 10, 2021, FPL and several intervenors in FPL's base rate proceeding filed with the FPSC a joint motion requesting that the FPSC approve a stipulation and settlement signed by those parties (proposed 2021 rate agreement) that would resolve all matters in FPL's pending base rate proceeding. Key elements of the proposed 2021 rate agreement, which would be effective from January 2022 through at least December 2025, include the following: • New retail base rates and charges would be established for the combined utility system (including the former Gulf Power Company service area) resulting in the following increases in annualized retail base revenues: ◦ $692 million beginning January 1, 2022, and ◦ $560 million beginning January 1, 2023. • In addition, FPL will receive, subject to conditions specified in the proposed 2021 rate agreement, base rate increases associated with the addition of up to 894 MW annually of new solar generation (through a Solar Base Rate Adjustment (SoBRA) mechanism) in each of 2024 and 2025, and can carry forward any unused MW in 2024 to 2025. FPL has agreed to an installed cost cap of $1,250 per kilowatt and will be required to demonstrate that these proposed solar facilities are cost effective. • FPL's authorized regulatory ROE would be 10.60%, with a range of 9.70% to 11.70%. If FPL's earned regulatory ROE were to fall below 9.70%, FPL could seek retail base rate relief. If the earned regulatory ROE were to rise above 11.70%, any party with standing could seek a review of FPL's retail base rates. If the average 30-year U.S. Treasury rate is 2.49% or greater over a consecutive six • Subject to certain conditions, FPL could amortize, over the term of the proposed 2021 rate agreement, up to $1.45 billion of depreciation reserve surplus, provided that in any year of the proposed 2021 rate agreement FPL would amortize at least enough reserve amount to maintain its minimum authorized regulatory ROE and also would not amortize any reserve amount that would result in an earned regulatory ROE in excess of its maximum authorized regulatory ROE. FPL is limited to the amortization of $200 million of depreciation reserve surplus during the first year of the proposed 2021 rate agreement. • FPL will be authorized to expand SolarTogether™, a voluntary community solar program that gives FPL electric customers an opportunity to participate directly in the expansion of solar energy and receive credits on their related monthly customer bill, by constructing an additional 1,788 MW of solar generation from 2022 through 2025, such that the total capacity of SolarTogether™ would be 3,278 MW. • Future storm restoration costs would continue to be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that produces a surcharge of no more than $4 for every 1,000 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 were to exceed $800 million in any given calendar year, FPL could request an increase to the $4 surcharge. • If federal or state permanent corporate income tax changes become effective during the term of the proposed 2021 rate agreement, FPL will be able to prospectively adjust base rates after a review by the FPSC. The proposed 2021 rate agreement is subject to FPSC approval. Hearings on the proposed four Regulatory Assets of Gulf Power – In March 2021, the FPSC approved a request to establish regulatory assets of approximately $462 million for the unrecovered investment in Plant Crist and to defer the recovery of the regulatory assets until base rates are reset in the base rate proceeding discussed above. The amount and recovery period are subject to FPSC prudence review. In March 2021, the FPSC approved a request to begin recovering eligible storm restoration costs, which are currently estimated at approximately $186 million, related to Hurricane Sally through an interim surcharge effective March 2, 2021, with the amount collected subject to refund based on an FPSC prudence review. Restricted Cash – At September 30, 2021 and December 31, 2020, NEE had approximately $312 million ($68 million for FPL) and $441 million ($135 million for FPL), respectively, of restricted cash, of which approximately $312 million ($68 million for FPL) and $374 million ($93 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $761 million is netted against derivative assets and $410 million is netted against derivative liabilities at September 30, 2021 and $183 million is netted against derivative assets and $136 million is netted against derivative liabilities at December 31, 2020. See Note 2. Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests – In February 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, which resulted in net cash proceeds of approximately €111 million (approximately $121 million). In connection with the sale, a gain of approximately $270 million (pretax and after tax) was recorded in NEE's condensed consolidated statements of income for the nine months ended September 30, 2020 and is included in gains (losses) on disposal of businesses/assets – net. In December 2020, a subsidiary of NextEra Energy Resources sold its 100% ownership interest in a 100 MW solar generation facility and a 30 MW battery storage facility that was under construction in Arizona to a NEP subsidiary. In connection with the sale, approximately $155 million of cash received, which was subject to post-closing adjustments, was recorded as a contract liability, which was included in current other liabilities on NEE's condensed consolidated balance sheet at December 31, 2020. During the three months ended June 30, 2021, upon the facilities achieving commercial operations, the contract liability was reversed and the sale was recognized for accounting purposes. In October 2021, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of their 100% ownership interests in three wind generation facilities and one solar generation facility located in the West and Midwest regions of the U.S. with a total generating capacity of 467 MW and 33.3% of the noncontrolling ownership interests in four solar generation facilities and multiple distributed generation solar facilities located in geographically diverse locations throughout the U.S. representing a total net generating capacity of 122 MW for cash proceeds of approximately $563 million, plus working capital and other adjustments of $26 million (subject to post-closing adjustments). A NEER affiliate will continue to operate the facilities included in the sale. 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 condensed consolidated balance sheets, were approximately $546 million at September 30, 2021 and primarily represent property, plant and equipment. Liabilities associated with assets held for sale, which are included in current other liabilities on NEE's condensed consolidated balance sheets, were approximately $20 million at September 30, 2021. In addition, as a result of the sale, NEP assumed noncontrolling interests related to differential membership investors, which totaled approximately $122 million at September 30, 2021, and are included in noncontrolling interests on NEE's condensed consolidated balance sheet, and NEER will record approximately $124 million in noncontrolling ownership interests. NextEra Energy Resources is in the process of finalizing the accounting for the transaction. In October 2021, subsidiaries of NextEra Energy Resources entered into an agreement to sell to a NEP subsidiary a 50% controlling ownership interest in a portfolio of seven wind generation facilities and six solar generation facilities in geographically diverse locations throughout the U.S. representing a total net generating capacity of 1,260 MW and 58 MW of battery storage capacity, all of which are currently under construction. NEER expects to close the sale during the fourth quarter of 2021 or in early 2022, subject to the satisfaction of customary closing conditions and the receipt of regulatory approvals, for approximately $849 million, subject to closing adjustments. Additionally, NEP’s share of the entities’ noncontrolling interests related to differential membership investors is estimated to be approximately $866 million at the time of closing. Allowance for Doubtful Accounts and Bad Debt – FPL maintains an accumulated provision for uncollectible customer accounts receivable that is estimated using a percentage, derived from historical revenue and write-off trends, of the previous four months of revenue and includes estimates of credit and other losses based on both current events and forecasts. 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, as well as includes estimates for credit and other losses based on both current events and forecasts. When necessary, NEER uses the specific identification method for all other receivables. Credit Losses – NEE's credit department monitors current and forward credit exposure to counterparties and their affiliates. Prospective and existing customers are reviewed for creditworthiness based on established standards and credit quality indicators. Credit quality indicators and standards that are closely monitored include credit ratings, certain financial ratios and delinquency trends which are based off the latest available information. Customers not meeting minimum standards provide various credit enhancements or secured payment terms, such as letters of credit, the posting of margin cash collateral or use of master netting arrangements. For the nine months ended September 30, 2021 and 2020, NEE recorded approximately $143 million and $79 million of bad debt expense, including credit losses, respectively, which are included in O&M expenses in NEE’s condensed consolidated statements of income. The amount for the nine months ended September 30, 2021 primarily relates to credit losses at NEER driven by the operational and energy market impacts of the February weather event. The estimate for credit losses related to the impacts of the February weather event was developed based on NEE’s assessment of the ultimate collectability of these receivables under potential workout scenarios. At September 30, 2021, approximately $127 million of allowances are included in noncurrent other assets on NEE's condensed consolidated balance sheet related to the February weather event. Measurement of Credit Losses on Financial Instruments – Effective January 1, 2020, NEE and FPL adopted an accounting standards update that provides for a new methodology, the current expected credit loss (CECL) model, to account for credit losses for certain financial assets measured at amortized cost. On January 1, 2020, NEE recorded a reduction to retained earnings of approximately $11 million representing the cumulative effect of adopting the new standards update, which primarily related to the impact of applying the CECL model to NEER's receivables. The impact of adopting the new standards update was not material to FPL. See also Note 3 – Special Use Funds. Property Plant and Equipment – Property, plant and equipment consists of the following: NEE FPL September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (millions) Electric plant in service and other property $ 110,776 $ 105,860 $ 66,367 $ 62,963 Nuclear fuel 1,734 1,604 1,187 1,143 Construction work in progress 15,342 10,639 6,473 5,361 Property, plant and equipment, gross 127,852 118,103 74,027 69,467 Accumulated depreciation and amortization (28,711) (26,300) (17,001) (15,588) Property, plant and equipment – net $ 99,141 $ 91,803 $ 57,026 $ 53,879 Reference Rate Reform – In March 2020, the Financial Accounting Standards Board issued an accounting standards update which provides certain options to apply GAAP guidance on contract modifications and hedge accounting as companies transition from the London Inter-Bank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. NEE’s and FPL’s contracts that reference LIBOR or other interbank offered rates mainly relate to debt and derivative instruments. The standards update was effective upon issuance but can be applied prospectively through December 31, 2022. As agreements that reference LIBOR or other interbank offered rates as an interest rate benchmark are amended, NEE and FPL evaluate whether to apply the options provided by the standards update with regard to eligible contract modifications. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments – NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures for the FPL segment 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. Also see Note 3 – Contingent Consideration. At September 30, 2021, estimated capital expenditures for the remainder of 2021 through 2025 were as follows: Remainder of 2021 2022 2023 2024 2025 Total (millions) FPL Segment: Generation: (a) New (b) $ 530 $ 1,540 $ 1,670 $ 1,600 $ 810 $ 6,150 Existing 670 1,155 1,005 945 695 4,470 Transmission and distribution (c) 1,145 3,665 3,575 3,925 4,300 16,610 Nuclear fuel 80 170 120 145 145 660 General and other 320 760 750 645 795 3,270 Total $ 2,745 $ 7,290 $ 7,120 $ 7,260 $ 6,745 $ 31,160 Gulf Power $ 320 $ 695 $ 625 $ 685 $ 685 $ 3,010 NEER: (d) Wind (e) $ 680 $ 1,870 $ 40 $ 35 $ 30 $ 2,655 Solar (f) 815 2,330 1,055 425 20 4,645 Battery storage — — 5 — — 5 Nuclear, including nuclear fuel 75 200 150 195 190 810 Natural gas pipelines (g) 85 290 — — — 375 Rate-regulated transmission 160 205 75 55 30 525 Other 280 410 50 50 55 845 Total $ 2,095 $ 5,305 $ 1,375 $ 760 $ 325 $ 9,860 ——————————————— (a) Includes AFUDC of approximately $25 million, $70 million, $70 million, $55 million and $35 million for the remainder of 2021 through 2025, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $15 million, $50 million, $40 million, $55 million and $45 million for the remainder of 2021 through 2025, respectively. (d) Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 4,294 MW. (f) Includes capital expenditures for new solar projects (including solar plus battery storage projects) and related transmission totaling approximately 6,083 MW. (g) Construction of natural gas pipelines are subject to certain conditions, including applicable regulatory approvals and in certain cases the resolution of legal challenges. The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates. In addition to guarantees noted in Note 6 with regards to NEP, NEECH has guaranteed or provided indemnifications or letters of credit related to third parties, including certain obligations of investments in joint ventures accounted for under the equity method, totaling approximately $484 million at September 30, 2021. These obligations primarily related to guaranteeing the residual value of certain financing leases. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material. 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 with expiration dates through 2042. At September 30, 2021, NEER has entered into contracts with expiration dates ranging from late October 2021 through 2040 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 $4.1 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 late October 2021 through 2042. The required capacity and/or minimum payments under contracts, including those discussed above, at September 30, 2021 were estimated as follows: Remainder of 2021 2022 2023 2024 2025 Thereafter (millions) FPL (a) $ 265 $ 995 $ 980 $ 955 $ 900 $ 9,385 NEER (b)(c)(d) $ 1,470 $ 2,935 $ 350 $ 245 $ 150 $ 1,780 ——————————————— (a) Includes approximately $105 million, $415 million, $410 million, $410 million, $405 million and $6,360 million for the remainder of 2021 through 2025 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause. For the three and nine months ended September 30, 2021, the charges associated with these agreements totaled approximately $105 million and $314 million, respectively, of which $26 million and $79 million, respectively, were eliminated in consolidation at NEE. For the three and nine months ended September 30, 2020, the charges associated with these agreements totaled approximately $104 million and $280 million, respectively, of which $27 million and $81 million, respectively, were eliminated in consolidation at NEE. (b) Includes approximately $25 million, $70 million, $70 million, $70 million and $1,155 million for 2022 through 2025 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31.5% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline, which is currently estimated to be in 2022. (c) Includes approximately $210 million of commitments to invest in technology and other investments through 2029. See Note 7 – Other. (d) Includes approximately $115 million, $85 million, $35 million, $10 million, $5 million and $5 million for the remainder of 2021 through 2025 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, except at Duane Arnold which obtained an exemption from the NRC and maintains a $100 million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $13.1 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $963 million ($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 $143 million ($82 million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit No. 2, which approximates $16 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 limit of $50 million for property damage, decontamination risks and non-nuclear perils. NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence, except at Duane Arnold. 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 $163 million ($104 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $2 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 the FPL segment's or Gulf Power's future storm restoration costs exceed their respective storm and property insurance reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of the FPL segment or Gulf Power, would be borne by NEE and FPL, and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. Coronavirus Pandemic – NEE and FPL are closely monitoring the global outbreak of COVID-19 and are taking steps intended to mitigate the potential risks to NEE and FPL posed by COVID-19. NEE, including FPL, has implemented its pandemic plan, which includes putting in place various processes and procedures to limit the impact on its business, as well as the spread of the virus in its workforce. NEE and its subsidiaries, including FPL, have been able to access the capital markets. To date, there has been no material impact on NEE’s or FPL’s workforce, operations, financial performance, liquidity or on their supply chain as a result of |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The tables below present information for NEE's and FPL's segments. NEE's segments include its reportable segments, the FPL segment, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses, as well as an operating segment of NEE, Gulf Power, a rate-regulated utility business. FPL's reportable segments include the FPL segment and Gulf Power. See Note 5 – Merger of FPL and Gulf Power Company. Corporate and Other for each of NEE and FPL represents other business activities, such as purchase accounting adjustments for Gulf Power Company, includes eliminating entries, and may include the net effect of rounding. NEE's segment information is as follows: Three Months Ended September 30, 2021 2020 FPL Seg-ment Gulf Power NEER (a) Corporate NEE FPL Seg-ment Gulf Power NEER (a) Corporate NEE (millions) Operating revenues $ 3,694 $ 440 $ 258 $ (22) $ 4,370 $ 3,455 $ 404 $ 953 $ (27) $ 4,785 Operating expenses – net $ 2,541 $ 326 $ 1,093 $ 44 $ 4,004 $ 2,395 $ 289 $ 1,021 $ 61 $ 3,766 Gains (losses) on disposal of businesses/assets – net $ — $ — $ 12 $ 1 $ 13 $ — $ — $ (5) $ (6) $ (11) Net income (loss) attributable to NEE $ 836 $ 91 $ (428) (b) $ (52) $ 447 $ 757 $ 91 $ 376 (b) $ 5 $ 1,229 Nine Months Ended September 30, 2021 2020 FPL Seg-ment Gulf Power NEER (a) Corporate NEE FPL Seg-ment Gulf Power NEER (a) Corporate NEE (millions) Operating revenues $ 9,536 $ 1,137 $ 1,420 $ (70) $ 12,023 $ 8,820 $ 1,065 $ 3,802 $ (85) $ 13,602 Operating expenses – net $ 6,187 $ 876 $ 3,289 $ 133 $ 10,485 $ 5,780 $ 817 $ 2,994 $ 114 $ 9,705 Gains (losses) on disposal of businesses/assets – net $ — $ — $ 25 $ (5) $ 20 $ 1 $ — $ 288 $ (10) $ 279 Net income (loss) attributable to NEE $ 2,375 $ 211 $ (252) (b) $ 35 $ 2,369 $ 2,148 $ 185 $ 1,175 (b) $ (584) $ 2,924 ——————————————— (a) 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. (b) See Note 4 for a discussion of NEER's tax benefits related to PTCs. September 30, 2021 December 31, 2020 FPL Segment Gulf Power NEER Corporate NEE FPL Segment Gulf Power NEER Corporate NEE (millions) Total assets $ 65,618 $ 6,978 $ 63,493 $ 3,074 $ 139,163 $ 61,610 $ 6,725 $ 55,633 $ 3,716 $ 127,684 FPL's segment information is as follows: Three Months Ended September 30, 2021 2020 FPL Segment Gulf Power Corporate FPL FPL Segment Gulf Power Corporate FPL (millions) Operating revenues $ 3,694 $ 440 $ — $ 4,134 $ 3,455 $ 404 $ — $ 3,859 Operating expenses – net $ 2,541 $ 326 $ 1 $ 2,868 $ 2,395 $ 289 $ (1) $ 2,683 Net income $ 836 $ 91 $ — $ 927 $ 757 $ 91 $ — $ 848 Nine Months Ended September 30, 2021 2020 FPL Segment Gulf Power Corporate FPL FPL Segment Gulf Power Corporate FPL (millions) Operating revenues $ 9,536 $ 1,137 $ — $ 10,673 $ 8,820 $ 1,065 $ — $ 9,885 Operating expenses – net (a) $ 6,187 $ 876 $ — $ 7,063 $ 5,780 $ 817 $ (1) $ 6,596 Net income $ 2,375 $ 211 $ — $ 2,586 $ 2,148 $ 185 $ 1 $ 2,334 ——————————————— (a) FPL's income statement line for total operating expenses – net includes gains (losses) on disposal of businesses/assets – net. September 30, 2021 December 31, 2020 FPL Segment Gulf Power Corporate FPL FPL Segment Gulf Power Corporate FPL (millions) Total assets $ 65,618 $ 6,978 $ 2,649 $ 75,245 $ 61,610 $ 6,725 $ 2,666 $ 71,001 |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
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 fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the applicable 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 and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. |
Fair Value Measurements | Fair Value Measurements of Derivative 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. 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. 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. |
Restricted Cash | Restricted Cash – At September 30, 2021 and December 31, 2020, NEE had approximately $312 million ($68 million for FPL) and $441 million ($135 million for FPL), respectively, of restricted cash, of which approximately $312 million ($68 million for FPL) and $374 million ($93 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $761 million is netted against derivative assets and $410 million is netted against derivative liabilities at September 30, 2021 and $183 million is netted against derivative assets and $136 million is netted against derivative liabilities at December 31, 2020. See Note 2. |
Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests | Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests – In February 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, which resulted in net cash proceeds of approximately €111 million (approximately $121 million). In connection with the sale, a gain of approximately $270 million (pretax and after tax) was recorded in NEE's condensed consolidated statements of income for the nine months ended September 30, 2020 and is included in gains (losses) on disposal of businesses/assets – net. In December 2020, a subsidiary of NextEra Energy Resources sold its 100% ownership interest in a 100 MW solar generation facility and a 30 MW battery storage facility that was under construction in Arizona to a NEP subsidiary. In connection with the sale, approximately $155 million of cash received, which was subject to post-closing adjustments, was recorded as a contract liability, which was included in current other liabilities on NEE's condensed consolidated balance sheet at December 31, 2020. During the three months ended June 30, 2021, upon the facilities achieving commercial operations, the contract liability was reversed and the sale was recognized for accounting purposes. In October 2021, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of their 100% ownership interests in three wind generation facilities and one solar generation facility located in the West and Midwest regions of the U.S. with a total generating capacity of 467 MW and 33.3% of the noncontrolling ownership interests in four solar generation facilities and multiple distributed generation solar facilities located in geographically diverse locations throughout the U.S. representing a total net generating capacity of 122 MW for cash proceeds of approximately $563 million, plus working capital and other adjustments of $26 million (subject to post-closing adjustments). A NEER affiliate will continue to operate the facilities included in the sale. 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 condensed consolidated balance sheets, were approximately $546 million at September 30, 2021 and primarily represent property, plant and equipment. Liabilities associated with assets held for sale, which are included in current other liabilities on NEE's condensed consolidated balance sheets, were approximately $20 million at September 30, 2021. In addition, as a result of the sale, NEP assumed noncontrolling interests related to differential membership investors, which totaled approximately $122 million at September 30, 2021, and are included in noncontrolling interests on NEE's condensed consolidated balance sheet, and NEER will record approximately $124 million in noncontrolling ownership interests. NextEra Energy Resources is in the process of finalizing the accounting for the transaction. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts and Bad Debt – FPL maintains an accumulated provision for uncollectible customer accounts receivable that is estimated using a percentage, derived from historical revenue and write-off trends, of the previous four months of revenue and includes estimates of credit and other losses based on both current events and forecasts. 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, as well as includes estimates for credit and other losses based on both current events and forecasts. When necessary, NEER uses the specific identification method for all other receivables. Credit Losses – NEE's credit department monitors current and forward credit exposure to counterparties and their affiliates. Prospective and existing customers are reviewed for creditworthiness based on established standards and credit quality indicators. Credit quality indicators and standards that are closely monitored include credit ratings, certain financial ratios and delinquency trends which are based off the latest available information. Customers not meeting minimum standards provide various credit enhancements or secured payment terms, such as letters of credit, the posting of margin cash collateral or use of master netting arrangements. For the nine months ended September 30, 2021 and 2020, NEE recorded approximately $143 million and $79 million of bad debt expense, including credit losses, respectively, which are included in O&M expenses in NEE’s condensed consolidated statements of income. The amount for the nine months ended September 30, 2021 primarily relates to credit losses at NEER driven by the operational and energy market impacts of the February weather event. The estimate for credit losses related to the impacts of the February weather event was developed based on NEE’s assessment of the ultimate collectability of these receivables under potential workout scenarios. At September 30, 2021, approximately $127 million of allowances are included in noncurrent other assets on NEE's condensed consolidated balance sheet related to the February weather event. Measurement of Credit Losses on Financial Instruments – Effective January 1, 2020, NEE and FPL adopted an accounting standards update that provides for a new methodology, the current expected credit loss (CECL) model, to account for credit losses for certain financial assets measured at amortized cost. On January 1, 2020, NEE recorded a reduction to retained earnings of approximately $11 million representing the cumulative effect of adopting the new standards update, which primarily related to the impact of applying the CECL model to NEER's receivables. The impact of adopting the new standards update was not material to FPL. See also Note 3 – Special Use Funds. |
Reference Rate Reform, Policy | Reference Rate Reform – In March 2020, the Financial Accounting Standards Board issued an accounting standards update which provides certain options to apply GAAP guidance on contract modifications and hedge accounting as companies transition from the London Inter-Bank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. NEE’s and FPL’s contracts that reference LIBOR or other interbank offered rates mainly relate to debt and derivative instruments. The standards update was effective upon issuance but can be applied prospectively through December 31, 2022. As agreements that reference LIBOR or other interbank offered rates as an interest rate benchmark are amended, NEE and FPL evaluate whether to apply the options provided by the standards update with regard to eligible contract modifications. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020, 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, as well as the location of the net derivative position on the condensed consolidated balance sheets. September 30, 2021 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 4,155 $ 6,856 $ 1,833 $ (10,589) $ 2,255 Interest rate contracts $ — $ 125 $ — $ (38) 87 Foreign currency contracts $ — $ 12 $ — $ (17) (5) Total derivative assets $ 2,337 FPL – commodity contracts $ — $ 14 $ 9 $ (7) $ 16 Liabilities: NEE: Commodity contracts $ 4,609 $ 6,770 $ 2,281 $ (10,238) $ 3,422 Interest rate contracts $ — $ 700 $ — $ (38) 662 Foreign currency contracts $ — $ 68 $ — $ (17) 51 Total derivative liabilities $ 4,135 FPL – commodity contracts $ — $ 5 $ 10 $ (7) $ 8 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,079 Noncurrent derivative assets (c) 1,258 Total derivative assets $ 2,337 Current derivative liabilities (d) $ 2,597 Noncurrent derivative liabilities (e) 1,538 Total derivative liabilities $ 4,135 Net fair value by FPL balance sheet line item: Current other assets $ 16 Current other liabilities $ 6 Noncurrent other liabilities 2 Total derivative liabilities $ 8 ——————————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively. (b) Reflects the netting of approximately $803 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $21 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $62 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $411 million in margin cash collateral paid to counterparties. December 31, 2020 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 919 $ 1,881 $ 1,679 $ (2,325) $ 2,154 Interest rate contracts $ — $ 81 $ — $ (41) 40 Foreign currency contracts $ — $ 57 $ — $ (34) 23 Total derivative assets $ 2,217 FPL – commodity contracts $ — $ 1 $ 2 $ — $ 3 Liabilities: NEE: Commodity contracts $ 1,004 $ 1,468 $ 305 $ (2,277) $ 500 Interest rate contracts $ — $ 1,042 $ — $ (41) 1,001 Foreign currency contracts $ — $ 43 $ — $ (34) 9 Total derivative liabilities $ 1,510 FPL – commodity contracts $ — $ — $ 3 $ — $ 3 Net fair value by NEE balance sheet line item: Current derivative assets $ 570 Noncurrent derivative assets (b) 1,647 Total derivative assets $ 2,217 Current derivative liabilities (c) $ 311 Noncurrent derivative liabilities 1,199 Total derivative liabilities $ 1,510 Net fair value by FPL balance sheet line item: Current other assets $ 3 Current other liabilities $ 2 Noncurrent other liabilities 1 Total derivative liabilities $ 3 ——————————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Reflects the netting of approximately $184 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $136 million in margin cash collateral paid to counterparties. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at September 30, 2021 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type September 30, 2021 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 483 $ 247 Discounted cash flow Forward price (per MWh) $(3) — $189 $37 Forward contracts – gas 207 86 Discounted cash flow Forward price (per MMBtu) $2 — $18 $4 Forward contracts – congestion 31 8 Discounted cash flow Forward price (per MWh) $(8) — $72 $— Options – power 78 11 Option models Implied correlations 34% — 85% 53% Implied volatilities 25% — 268% 73% Options – primarily gas 865 717 Option models Implied correlations 34% — 85% 53% Implied volatilities 16% — 160% 46% Full requirements and unit contingent contracts 125 1,192 Discounted cash flow Forward price (per MWh) $3 — $301 $71 Customer migration rate (b) —% — 14% 1% Forward contracts – other 44 20 Total $ 1,833 $ 2,281 ——————————————— (a) Unobservable inputs were weighted by volume. (b) Applies only to full requirements contracts. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: Significant Unobservable Input Position Impact on Forward price Purchase power/gas Increase (decrease) Sell power/gas Decrease (increase) Implied correlations Purchase option Decrease (increase) Sell option Increase (decrease) Implied volatilities Purchase option Increase (decrease) Sell option Decrease (increase) Customer migration rate Sell power (a) Decrease (increase) ——————————————— (a) Assumes the contract is in a gain position. |
Reconciliation of changes in the fair value 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: Three Months Ended September 30, 2021 2020 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at June 30 $ 584 $ — $ 1,305 $ (6) Realized and unrealized gains (losses): Included in operating revenues (1,138) — (55) — Included in regulatory assets and liabilities 1 1 (1) (1) Purchases 62 — 37 — Settlements 80 (2) (108) 1 Issuances (52) — (26) — Transfers out (a) 15 — (2) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (448) $ (1) $ 1,150 $ (6) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (b) $ (1,107) $ — $ (46) $ — ——————————————— (a) Transfers from Level 3 to Level 2 were a result of increased observability of market data. (b) For the three months ended September 30, 2021 and 2020, unrealized losses of approximately $1,107 million and $46 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Nine Months Ended September 30, 2021 2020 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 1,374 $ (1) $ 1,207 $ (8) Realized and unrealized gains (losses): Included in earnings (a) (1,795) — 294 — Included in other comprehensive income (loss) (b) — — 1 — Included in regulatory assets and liabilities 2 2 (3) (3) Purchases 153 — 157 — Sales (c) — — 114 — Settlements (54) (2) (490) 5 Issuances (116) — (98) — Transfers in (d) 1 — — — Transfers out (d) (13) — (32) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (448) $ (1) $ 1,150 $ (6) Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (e) $ (1,581) $ — $ 79 $ — ——————————————— (a) For the nine months ended September 30, 2021 and 2020, realized and unrealized gains (losses) of approximately $(1,794) million and $314 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) See Note 11 – Disposal of Businesses / Assets and Sale of Noncontrolling Ownership Interests. (d) 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. (e) For the nine months ended September 30, 2021 and 2020, unrealized gains (losses) of approximately $(1,581) million and $90 million, respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. |
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: September 30, 2021 December 31, 2020 Commodity Type NEE FPL NEE FPL (millions) Power (89) MWh — (90) MWh — Natural gas (1,336) MMBtu 80 MMBtu (607) MMBtu 87 MMBtu Oil (40) barrels — (6) barrels — |
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 condensed consolidated statements of income as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (millions) Commodity contracts (a) – operating revenues $ (1,291) $ (327) $ (2,708) $ 245 Foreign currency contracts – interest expense (13) 34 (69) (30) Interest rate contracts – interest expense 7 131 340 (710) Losses reclassified from AOCI: Interest rate contracts (b) (1) (3) (4) (30) Foreign currency contracts – interest expense (1) (1) (2) (3) Total $ (1,299) $ (166) $ (2,443) $ (528) ——————————————— (a) For the three and nine months ended September 30, 2021, FPL recorded gains of approximately $9 million and $13 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2020, FPL recorded losses of approximately $1 million and $3 million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. (b) For the nine months ended September 30, 2020, approximately $23 million was reclassified to gains on disposal of businesses/assets – net (see Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests); remaining balances were reclassified to interest expense on NEE's condensed consolidated statements of income. |
Non-Derivative Fair Value Mea_2
Non-Derivative Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities and other fair value measurements | NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: September 30, 2021 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 150 $ — $ — $ 150 FPL – equity securities $ 81 $ — $ — $ 81 Special use funds: (b) NEE: Equity securities $ 2,445 $ 2,849 (c) $ — $ 5,294 U.S. Government and municipal bonds $ 816 $ 66 $ — $ 882 Corporate debt securities $ 1 $ 862 $ — $ 863 Mortgage-backed securities $ — $ 439 $ — $ 439 Other debt securities $ — $ 144 $ — $ 144 FPL: Equity securities $ 833 $ 2,594 (c) $ — $ 3,427 U.S. Government and municipal bonds $ 652 $ 49 $ — $ 701 Corporate debt securities $ — $ 640 $ — $ 640 Mortgage-backed securities $ — $ 314 $ — $ 314 Other debt securities $ — $ 129 $ — $ 129 Other investments: (d) NEE: Equity securities $ 66 $ 1 $ — $ 67 Debt securities $ 125 $ 173 $ 23 $ 321 FPL – equity securities $ 13 $ — $ — $ 13 ——————————————— (a) Includes restricted cash equivalents of approximately $68 million ($67 million for FPL) in current other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. December 31, 2020 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 742 $ — $ — $ 742 FPL – equity securities $ 137 $ — $ — $ 137 Special use funds: (b) NEE: Equity securities $ 2,237 $ 2,489 (c) $ — $ 4,726 U.S. Government and municipal bonds $ 590 $ 127 $ — $ 717 Corporate debt securities $ 1 $ 870 $ — $ 871 Mortgage-backed securities $ — $ 422 $ — $ 422 Other debt securities $ — $ 124 $ — $ 124 FPL: Equity securities $ 752 $ 2,260 (c) $ — $ 3,012 U.S. Government and municipal bonds $ 449 $ 87 $ — $ 536 Corporate debt securities $ — $ 627 $ — $ 627 Mortgage-backed securities $ — $ 335 $ — $ 335 Other debt securities $ — $ 119 $ — $ 119 Other investments: (d) NEE: Equity securities $ 62 $ — $ — $ 62 Debt securities $ 91 $ 127 $ — $ 218 FPL – equity securities $ 12 $ — $ — $ 12 ——————————————— (a) Includes restricted cash equivalents of approximately $111 million ($91 million for FPL) in current other assets and $42 million ($42 million for FPL) in noncurrent other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at September 30, 2021 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type September 30, 2021 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 483 $ 247 Discounted cash flow Forward price (per MWh) $(3) — $189 $37 Forward contracts – gas 207 86 Discounted cash flow Forward price (per MMBtu) $2 — $18 $4 Forward contracts – congestion 31 8 Discounted cash flow Forward price (per MWh) $(8) — $72 $— Options – power 78 11 Option models Implied correlations 34% — 85% 53% Implied volatilities 25% — 268% 73% Options – primarily gas 865 717 Option models Implied correlations 34% — 85% 53% Implied volatilities 16% — 160% 46% Full requirements and unit contingent contracts 125 1,192 Discounted cash flow Forward price (per MWh) $3 — $301 $71 Customer migration rate (b) —% — 14% 1% Forward contracts – other 44 20 Total $ 1,833 $ 2,281 ——————————————— (a) Unobservable inputs were weighted by volume. (b) Applies only to full requirements contracts. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: Significant Unobservable Input Position Impact on 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. |
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: September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated (millions) NEE: Special use funds (a) $ 863 $ 864 $ 919 $ 920 Other investments (b) $ 73 $ 73 $ 29 $ 29 Long-term debt, including current portion $ 51,047 $ 55,102 (c) $ 46,082 $ 51,525 (c) FPL: Special use funds (a) $ 649 $ 650 $ 718 $ 719 Long-term debt, including current portion $ 17,324 $ 20,273 (c) $ 17,236 $ 21,178 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Included in noncurrent other assets on NEE's condensed consolidated balance sheets. (c) At September 30, 2021 and December 31, 2020, substantially all is Level 2 for NEE and FPL. |
Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date | Unrealized gains (losses) recognized on equity securities held at September 30, 2021 and 2020 are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 (millions) Unrealized gains (losses) $ (25) $ 223 $ 565 $ 65 $ (13) $ 129 $ 375 $ 50 |
Gains and Losses on Available-for-sale Debt Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 (millions) Realized gains $ 17 $ 30 $ 61 $ 86 $ 14 $ 21 $ 46 $ 66 Realized losses $ 14 $ 17 $ 58 $ 50 $ 11 $ 10 $ 46 $ 38 Proceeds from sale or maturity of securities $ 245 $ 555 $ 1,303 $ 2,046 $ 191 $ 475 $ 988 $ 1,747 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (millions) Unrealized gains $ 81 $ 134 $ 65 $ 104 Unrealized losses (a) $ 12 $ 9 $ 8 $ 9 Fair value $ 799 $ 201 $ 556 $ 150 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2021 and December 31, 2020 were not material to NEE or FPL. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State income taxes – net of federal income tax benefit 5.4 1.9 2.9 3.8 1.0 1.3 3.7 4.0 Taxes attributable to noncontrolling interests 15.6 1.8 — — 6.9 2.9 — — PTCs and ITCs – NEER (36.2) (7.4) — — (15.3) (8.7) — — Amortization of deferred regulatory credit (14.1) (4.4) (3.5) (5.3) (6.2) (5.4) (3.5) (5.0) Foreign operations 0.7 — — — 0.3 (2.2) — — Other – net (2.1) (2.6) (0.5) (0.9) (3.4) (5.9) (0.7) (1.4) Effective income tax rate (9.7) % 10.3 % 19.9 % 18.6 % 4.3 % 3.0 % 20.5 % 18.6 % |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Net periodic benefit (income) cost | The components of net periodic income for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 (millions) Service cost $ 23 $ 22 $ 1 $ — $ 68 $ 64 $ 1 $ 1 Interest cost 16 23 1 3 48 69 3 6 Expected return on plan assets (85) (80) — — (255) (241) — — Amortization of actuarial loss 6 4 1 — 18 13 4 2 Amortization of prior service benefit — (1) (4) (4) (1) (1) (11) (12) Special termination benefits (a) — 4 — — — 13 — — Net periodic income at NEE $ (40) $ (28) $ (1) $ (1) $ (122) $ (83) $ (3) $ (3) Net periodic income allocated to FPL $ (27) $ (21) $ (1) $ (1) $ (81) $ (63) $ (3) $ (3) _________________________ (a) Reflects enhanced early retirement benefit. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances and borrowings during the nine months ended September 30, 2021 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL – Senior unsecured notes $ 1,327 Variable (a)(b) 2023 – 2071 NEECH: Debentures $ 2,150 Variable (a) 2023 Debentures $ 3,500 0.65% – 1.90% 2023 – 2028 Term loans $ 645 Variable (a) 2023 – 2024 NEER – Senior secured limited-recourse notes (c) $ 1,773 2.92% – 4.70% 2028 – 2038 ——————————————— (a) Variable rate is based on an underlying index plus or minus a specified margin. (b) Includes approximately $327 million that allows individual noteholders to require repayment at specified dates prior to maturity in 2071. (c) Includes $1,513 million of 2.92% notes maturing in 2038 which are secured by a first priority security interest in certain assets, including 100% of the ownership interests in Florida Pipeline Holdings, LLC (Florida Pipeline Holdings), an indirect wholly owned subsidiary of NextEra Energy Resources, and certain of Florida Pipeline Holdings' subsidiaries, including the entity that has a 100% ownership interest in Florida Southeast Connection and the entities that directly or indirectly have a 42.5% ownership interest in Sabal Trail. Also includes $260 million of 4.70% notes maturing in 2028 which are secured by a first priority security interest in certain assets, including 100% ownership interests in Florida Pipeline Funding, LLC (the indirect parent of Florida Pipeline Holdings). |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Reconciliation of basic and diluted earnings per share of common stock | Earnings Per Share – The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (millions, except per share amounts) Numerator: Net income attributable to NEE – basic $ 447 $ 1,229 $ 2,369 $ 2,924 Adjustment for the impact of dilutive securities at NEP (a) — (1) — — Net income attributable to NEE – assuming dilution $ 447 $ 1,228 $ 2,369 $ 2,924 Denominator: Weighted-average number of common shares outstanding – basic 1,962.7 1,959.4 1,962.2 1,958.4 Equity units, stock options, performance share awards and restricted stock (b) 10.2 9.5 9.1 9.3 Weighted-average number of common shares outstanding – assuming dilution 1,972.9 1,968.9 1,971.3 1,967.7 Earnings per share attributable to NEE: Basic $ 0.23 $ 0.63 $ 1.21 $ 1.49 Assuming dilution $ 0.23 $ 0.62 $ 1.20 $ 1.49 ——————————————— (a) The three months ended September 30, 2020 adjustment is related to the NEP Series A convertible preferred units. (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. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Three Months Ended September 30, 2021 Balances, June 30, 2021 $ 12 $ 11 $ (73) $ (39) $ 4 $ (85) Other comprehensive income (loss) before reclassifications — (2) — (13) 1 (14) Amounts reclassified from AOCI — (1) (a) 1 (b) — — — Net other comprehensive income (loss) — (3) 1 (13) 1 (14) Less other comprehensive income attributable to noncontrolling interests — — — 5 — 5 Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) Attributable to NEE $ 12 $ 8 $ (72) $ (39) $ 5 $ (86) 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) Nine months ended September 30, 2021 Balances, December 31, 2020 $ 8 $ 20 $ (75) $ (49) $ 4 $ (92) Other comprehensive income (loss) before reclassifications — (9) — 2 1 (6) Amounts reclassified from AOCI 4 (c) (3) (a) 3 (b) — — 4 Net other comprehensive income (loss) 4 (12) 3 2 1 (2) Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) Attributable to NEE $ 12 $ 8 $ (72) $ (39) $ 5 $ (86) ——————————————— (a) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (b) Reclassified to other net periodic benefit income in NEE's condensed consolidated statements of income. (c) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Three Months Ended September 30, 2020 Balances, June 30, 2020 $ 1 $ 16 $ (113) $ (73) $ 3 $ (166) Other comprehensive income (loss) before reclassifications — 3 — 8 — 11 Amounts reclassified from AOCI 2 (a) (1) (b) 1 (c) — — 2 Net other comprehensive income (loss) 2 2 1 8 — 13 Balances, September 30, 2020 $ 3 $ 18 $ (112) $ (65) $ 3 $ (153) Attributable to noncontrolling interests $ — $ — $ — $ (1) $ — $ (1) Attributable to NEE $ 3 $ 18 $ (112) $ (64) $ 3 $ (152) 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) Nine Months Ended September 30, 2020 Balances, December 30, 2019 $ (27) $ 11 $ (114) $ (42) $ 3 $ (169) Other comprehensive income (loss) before reclassifications — 9 — (10) — (1) Amounts reclassified from AOCI 7 (a) (2) (b) 2 (c) — — 7 Net other comprehensive income (loss) 7 7 2 (10) — 6 Impact of disposal of a business 23 (d) — (13) (d) 10 Balances, September 30, 2020 $ 3 $ 18 $ (112) $ (65) $ 3 $ (153) Attributable to noncontrolling interests $ — $ — $ — $ (1) $ — $ (1) Attributable to NEE $ 3 $ 18 $ (112) $ (64) $ 3 $ (152) ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (c) Reclassified to other net periodic benefit income in NEE's condensed consolidated statements of income. (d) Reclassified to gains (losses) on disposal of businesses/assets – net and interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments and Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Property Plant and Equipment – Property, plant and equipment consists of the following: NEE FPL September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (millions) Electric plant in service and other property $ 110,776 $ 105,860 $ 66,367 $ 62,963 Nuclear fuel 1,734 1,604 1,187 1,143 Construction work in progress 15,342 10,639 6,473 5,361 Property, plant and equipment, gross 127,852 118,103 74,027 69,467 Accumulated depreciation and amortization (28,711) (26,300) (17,001) (15,588) Property, plant and equipment – net $ 99,141 $ 91,803 $ 57,026 $ 53,879 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At September 30, 2021, estimated capital expenditures for the remainder of 2021 through 2025 were as follows: Remainder of 2021 2022 2023 2024 2025 Total (millions) FPL Segment: Generation: (a) New (b) $ 530 $ 1,540 $ 1,670 $ 1,600 $ 810 $ 6,150 Existing 670 1,155 1,005 945 695 4,470 Transmission and distribution (c) 1,145 3,665 3,575 3,925 4,300 16,610 Nuclear fuel 80 170 120 145 145 660 General and other 320 760 750 645 795 3,270 Total $ 2,745 $ 7,290 $ 7,120 $ 7,260 $ 6,745 $ 31,160 Gulf Power $ 320 $ 695 $ 625 $ 685 $ 685 $ 3,010 NEER: (d) Wind (e) $ 680 $ 1,870 $ 40 $ 35 $ 30 $ 2,655 Solar (f) 815 2,330 1,055 425 20 4,645 Battery storage — — 5 — — 5 Nuclear, including nuclear fuel 75 200 150 195 190 810 Natural gas pipelines (g) 85 290 — — — 375 Rate-regulated transmission 160 205 75 55 30 525 Other 280 410 50 50 55 845 Total $ 2,095 $ 5,305 $ 1,375 $ 760 $ 325 $ 9,860 ——————————————— (a) Includes AFUDC of approximately $25 million, $70 million, $70 million, $55 million and $35 million for the remainder of 2021 through 2025, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $15 million, $50 million, $40 million, $55 million and $45 million for the remainder of 2021 through 2025, respectively. (d) Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 4,294 MW. (f) Includes capital expenditures for new solar projects (including solar plus battery storage projects) and related transmission totaling approximately 6,083 MW. (g) Construction of natural gas pipelines are subject to certain conditions, including applicable regulatory approvals and in certain cases the resolution of legal challenges. |
Required capacity and/or minimum payments under contracts | The required capacity and/or minimum payments under contracts, including those discussed above, at September 30, 2021 were estimated as follows: Remainder of 2021 2022 2023 2024 2025 Thereafter (millions) FPL (a) $ 265 $ 995 $ 980 $ 955 $ 900 $ 9,385 NEER (b)(c)(d) $ 1,470 $ 2,935 $ 350 $ 245 $ 150 $ 1,780 ——————————————— (a) Includes approximately $105 million, $415 million, $410 million, $410 million, $405 million and $6,360 million for the remainder of 2021 through 2025 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause. For the three and nine months ended September 30, 2021, the charges associated with these agreements totaled approximately $105 million and $314 million, respectively, of which $26 million and $79 million, respectively, were eliminated in consolidation at NEE. For the three and nine months ended September 30, 2020, the charges associated with these agreements totaled approximately $104 million and $280 million, respectively, of which $27 million and $81 million, respectively, were eliminated in consolidation at NEE. (b) Includes approximately $25 million, $70 million, $70 million, $70 million and $1,155 million for 2022 through 2025 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31.5% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline, which is currently estimated to be in 2022. (c) Includes approximately $210 million of commitments to invest in technology and other investments through 2029. See Note 7 – Other. (d) Includes approximately $115 million, $85 million, $35 million, $10 million, $5 million and $5 million for the remainder of 2021 through 2025 and thereafter, respectively, of joint obligations of NEECH and NEER. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment information | NEE's segment information is as follows: Three Months Ended September 30, 2021 2020 FPL Seg-ment Gulf Power NEER (a) Corporate NEE FPL Seg-ment Gulf Power NEER (a) Corporate NEE (millions) Operating revenues $ 3,694 $ 440 $ 258 $ (22) $ 4,370 $ 3,455 $ 404 $ 953 $ (27) $ 4,785 Operating expenses – net $ 2,541 $ 326 $ 1,093 $ 44 $ 4,004 $ 2,395 $ 289 $ 1,021 $ 61 $ 3,766 Gains (losses) on disposal of businesses/assets – net $ — $ — $ 12 $ 1 $ 13 $ — $ — $ (5) $ (6) $ (11) Net income (loss) attributable to NEE $ 836 $ 91 $ (428) (b) $ (52) $ 447 $ 757 $ 91 $ 376 (b) $ 5 $ 1,229 Nine Months Ended September 30, 2021 2020 FPL Seg-ment Gulf Power NEER (a) Corporate NEE FPL Seg-ment Gulf Power NEER (a) Corporate NEE (millions) Operating revenues $ 9,536 $ 1,137 $ 1,420 $ (70) $ 12,023 $ 8,820 $ 1,065 $ 3,802 $ (85) $ 13,602 Operating expenses – net $ 6,187 $ 876 $ 3,289 $ 133 $ 10,485 $ 5,780 $ 817 $ 2,994 $ 114 $ 9,705 Gains (losses) on disposal of businesses/assets – net $ — $ — $ 25 $ (5) $ 20 $ 1 $ — $ 288 $ (10) $ 279 Net income (loss) attributable to NEE $ 2,375 $ 211 $ (252) (b) $ 35 $ 2,369 $ 2,148 $ 185 $ 1,175 (b) $ (584) $ 2,924 ——————————————— (a) 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. (b) See Note 4 for a discussion of NEER's tax benefits related to PTCs. September 30, 2021 December 31, 2020 FPL Segment Gulf Power NEER Corporate NEE FPL Segment Gulf Power NEER Corporate NEE (millions) Total assets $ 65,618 $ 6,978 $ 63,493 $ 3,074 $ 139,163 $ 61,610 $ 6,725 $ 55,633 $ 3,716 $ 127,684 FPL's segment information is as follows: Three Months Ended September 30, 2021 2020 FPL Segment Gulf Power Corporate FPL FPL Segment Gulf Power Corporate FPL (millions) Operating revenues $ 3,694 $ 440 $ — $ 4,134 $ 3,455 $ 404 $ — $ 3,859 Operating expenses – net $ 2,541 $ 326 $ 1 $ 2,868 $ 2,395 $ 289 $ (1) $ 2,683 Net income $ 836 $ 91 $ — $ 927 $ 757 $ 91 $ — $ 848 Nine Months Ended September 30, 2021 2020 FPL Segment Gulf Power Corporate FPL FPL Segment Gulf Power Corporate FPL (millions) Operating revenues $ 9,536 $ 1,137 $ — $ 10,673 $ 8,820 $ 1,065 $ — $ 9,885 Operating expenses – net (a) $ 6,187 $ 876 $ — $ 7,063 $ 5,780 $ 817 $ (1) $ 6,596 Net income $ 2,375 $ 211 $ — $ 2,586 $ 2,148 $ 185 $ 1 $ 2,334 ——————————————— (a) FPL's income statement line for total operating expenses – net includes gains (losses) on disposal of businesses/assets – net. September 30, 2021 December 31, 2020 FPL Segment Gulf Power Corporate FPL FPL Segment Gulf Power Corporate FPL (millions) Total assets $ 65,618 $ 6,978 $ 2,649 $ 75,245 $ 61,610 $ 6,725 $ 2,666 $ 71,001 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 5,400 | $ 4,900 | $ 14,100 | $ 12,900 | |
NEER Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, remaining performance obligation | 750 | 750 | |||
Unrecognized Revenue | 180 | ||||
FPL [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 4,100 | $ 3,800 | 10,600 | $ 9,800 | |
Unbilled revenues | 545 | 545 | $ 454 | ||
Revenue, remaining performance obligation | $ 405 | $ 405 | |||
Revenue Benchmark [Member] | FPL [Member] | Customer Concentration Risk | Retail Customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 90.00% |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Reclassification from AOCI, before Tax | $ 23 | ||
Reclassification from AOCI, Net of Tax | $ 3 | ||
Total loss to be reclassified during next 12 months | $ 6 | ||
Margin cash collateral received from counterparties that was not offset against derivative assets | 20 | $ 6 | |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | 591 | 315 | |
FPL | |||
Derivative [Line Items] | |||
Margin cash collateral received from counterparties that was not offset against derivative assets | 0 | 0 | |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | $ 0 | $ 0 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 2,337 | $ 2,217 |
Derivative Asset, Current | 1,079 | 570 |
Derivative Asset, Noncurrent | 1,258 | 1,647 |
Derivative liability | 4,135 | 1,510 |
Derivative Liability, Current | 2,597 | 311 |
Derivative Liability, Noncurrent | 1,538 | 1,199 |
Current Derivative Assets Member [Domain] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 803 | |
Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 21 | 184 |
Current derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 62 | 136 |
Non Current derivative liabilities [Domain] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 411 | |
Commodity Contract [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,255 | 2,154 |
Derivative liability | 3,422 | 500 |
Derivative asset, netting | (10,589) | (2,325) |
Derivative liability, netting | (10,238) | (2,277) |
Commodity Contract [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 4,155 | 919 |
Derivative Liability, Gross Liability | 4,609 | 1,004 |
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 6,856 | 1,881 |
Derivative Liability, Gross Liability | 6,770 | 1,468 |
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 1,833 | 1,679 |
Derivative Liability, Gross Liability | 2,281 | 305 |
Interest Rate Contract [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 87 | 40 |
Derivative liability | 662 | 1,001 |
Derivative asset, netting | (38) | (41) |
Derivative liability, netting | (38) | (41) |
Interest Rate Contract [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 125 | 81 |
Derivative Liability, Gross Liability | 700 | 1,042 |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Currency Swap [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (5) | 23 |
Derivative liability | 51 | 9 |
Derivative asset, netting | (17) | (34) |
Derivative liability, netting | (17) | (34) |
Currency Swap [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 12 | 57 |
Derivative Liability, Gross Liability | 68 | 43 |
Currency Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
FPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 8 | 3 |
FPL [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 16 | 3 |
FPL [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 6 | 2 |
FPL [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Noncurrent | 2 | 1 |
FPL [Member] | Commodity Contract [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 16 | 3 |
Derivative liability | 8 | 3 |
Derivative asset, netting | (7) | 0 |
Derivative liability, netting | (7) | 0 |
FPL [Member] | Commodity Contract [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
FPL [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 14 | 1 |
Derivative Liability, Gross Liability | 5 | 0 |
FPL [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 9 | 2 |
Derivative Liability, Gross Liability | $ 10 | $ 3 |
Derivative Instruments (Signifi
Derivative Instruments (Significant Unobservable Inputs) (Details) - Fair Value, Inputs, Level 3 [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 1,833,000,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,281,000,000 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 189 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (3) |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 37 |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 483,000,000 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 18 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 2 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 4 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 207,000,000 |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 85.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 34.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 53.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 268.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 25.00% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 73.00% |
Option Contracts, Power [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 78,000,000 |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 85.00% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 34.00% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 53.00% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 160.00% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 16.00% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 46.00% |
Option Contracts, Primarily Gas [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 865,000,000 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 301 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 3 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | $ 71 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Maximum | Discounted Cash Flow 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 | Discounted Cash Flow 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] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 125,000,000 |
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 44,000,000 |
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Congestion [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 31,000,000 |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 72 |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (8) |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 0 |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 247,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 86,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 11,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 717,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,192,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 20,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Congestion [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 8,000,000 |
Derivative Instruments (Reconci
Derivative Instruments (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | $ (448) | $ 1,150 | $ (448) | $ 1,150 |
Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | 584 | 1,305 | 1,374 | 1,207 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in earnings | (1,138) | (55) | (1,795) | 294 |
Included in other comprehensive income | 0 | 1 | ||
Included in regulatory assets and liabilities | 1 | (1) | 2 | (3) |
Purchases | 62 | 37 | 153 | 157 |
Sales | 0 | 114 | ||
Settlements | 80 | (108) | (54) | (490) |
Issuances | (52) | (26) | (116) | (98) |
Transfers in | 1 | 0 | ||
Transfers out | 15 | (2) | (13) | (32) |
Fair value based on significant unobservable inputs, ending balance | 1,150 | 1,150 | ||
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | (1,107) | (46) | (1,581) | 79 |
Realized and unrealized gains (losses) reflected in operating revenues | (1,794) | 314 | ||
Unrealized gains (losses) reflected in operating revenues, for derivatives still held at the reporting date | (1,107) | (46) | (1,581) | 90 |
FPL [Member] | ||||
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | (1) | (6) | (1) | (6) |
FPL [Member] | Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | 0 | (6) | (1) | (8) |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | ||
Included in regulatory assets and liabilities | 1 | (1) | 2 | (3) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | ||
Settlements | (2) | 1 | (2) | 5 |
Issuances | 0 | 0 | 0 | 0 |
Transfers in | 0 | 0 | ||
Transfers out | 0 | 0 | 0 | 0 |
Fair value based on significant unobservable inputs, ending balance | (6) | (6) | ||
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 0 | $ 0 | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 2,281 | $ 2,281 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Gains on disposal of businesses/assets | $ (13) | $ 11 | $ (20) | $ (279) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,299) | (166) | (2,443) | (528) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Gains (losses) included in operating revenues [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,291) | (327) | (2,708) | 245 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (13) | 34 | (69) | (30) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 7 | 131 | 340 | (710) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (1) | (1) | (2) | (3) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (1) | (3) | (4) | (30) |
Gains on disposal of businesses/assets | (23) | |||
FPL [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | $ 9 | $ (1) | $ 13 | $ (3) |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Billions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)MWhMMBTUbbl | Dec. 31, 2020USD ($)MWhMMBTUbbl | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 10.8 | $ 10.5 |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 1 | $ 1 |
Short [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MWh) | MWh | 89 | 90 |
Short [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MMBtu) | MMBTU | 1,336 | 607 |
Short [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in barrels) | bbl | (40) | (6) |
FPL [Member] | Short [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in barrels) | bbl | 0 | 0 |
FPL [Member] | Long [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MWh) | MWh | 0 | 0 |
FPL [Member] | Long [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MMBtu) | MMBTU | 80 | 87 |
Derivative Instruments (Credit-
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 6,200 | $ 1,900 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 620 | 80 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 2,800 | 1,200 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 985 | 880 |
Collateral already posted, aggregate fair value | 83 | 2 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | 461 | 66 |
FPL [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 14 | 3 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 0 | 0 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 30 | 75 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 225 | 75 |
Collateral already posted, aggregate fair value | 0 | 0 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | $ 0 | $ 0 |
Non-Derivative Fair Value Mea_3
Non-Derivative Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | $ 312 | $ 441 |
Derivatives: | ||
Derivative assets | 2,337 | 2,217 |
Derivatives: | ||
Derivative liability | 4,135 | 1,510 |
NEER Segment | ||
Derivatives: | ||
Contingent consideration liabilities | 265 | |
Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 150 | 742 |
Special use funds: | ||
Equity securities | 5,294 | 4,726 |
U.S. Government and municipal bonds | 882 | 717 |
Corporate debt securities | 863 | 871 |
Mortgage-backed securities | 439 | 422 |
Other debt securities | 144 | 124 |
Other investments: | ||
Equity Securities | 67 | 62 |
Debt securities | 321 | 218 |
Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (10,589) | (2,325) |
Derivative assets | 2,255 | 2,154 |
Derivatives: | ||
Derivative liability, netting | (10,238) | (2,277) |
Derivative liability | 3,422 | 500 |
Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (38) | (41) |
Derivative assets | 87 | 40 |
Derivatives: | ||
Derivative liability, netting | (38) | (41) |
Derivative liability | 662 | 1,001 |
Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | (17) | (34) |
Derivative assets | (5) | 23 |
Derivatives: | ||
Derivative liability, netting | (17) | (34) |
Derivative liability | 51 | 9 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 150 | 742 |
Special use funds: | ||
Equity securities | 2,445 | 2,237 |
U.S. Government and municipal bonds | 816 | 590 |
Corporate debt securities | 1 | 1 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 66 | 62 |
Debt securities | 125 | 91 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 4,155 | 919 |
Derivatives: | ||
Derivative Liability, Gross Liability | 4,609 | 1,004 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 2,849 | 2,489 |
U.S. Government and municipal bonds | 66 | 127 |
Corporate debt securities | 862 | 870 |
Mortgage-backed securities | 439 | 422 |
Other debt securities | 144 | 124 |
Other investments: | ||
Equity Securities | 1 | 0 |
Debt securities | 173 | 127 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 6,856 | 1,881 |
Derivatives: | ||
Derivative Liability, Gross Liability | 6,770 | 1,468 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 125 | 81 |
Derivatives: | ||
Derivative Liability, Gross Liability | 700 | 1,042 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 12 | 57 |
Derivatives: | ||
Derivative Liability, Gross Liability | 68 | 43 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 0 | 0 |
Debt securities | 23 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 1,833 | 1,679 |
Derivatives: | ||
Derivative Liability, Gross Liability | 2,281 | 305 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 68 | 111 |
Other Noncurrent Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 42 | |
FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 68 | 135 |
Derivatives: | ||
Derivative liability | 8 | 3 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 81 | 137 |
Special use funds: | ||
Equity securities | 3,427 | 3,012 |
U.S. Government and municipal bonds | 701 | 536 |
Corporate debt securities | 640 | 627 |
Mortgage-backed securities | 314 | 335 |
Other debt securities | 129 | 119 |
Other investments: | ||
Equity Securities | 13 | 12 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (7) | 0 |
Derivative assets | 16 | 3 |
Derivatives: | ||
Derivative liability, netting | (7) | 0 |
Derivative liability | 8 | 3 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 81 | 137 |
Special use funds: | ||
Equity securities | 833 | 752 |
U.S. Government and municipal bonds | 652 | 449 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 13 | 12 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 2,594 | 2,260 |
U.S. Government and municipal bonds | 49 | 87 |
Corporate debt securities | 640 | 627 |
Mortgage-backed securities | 314 | 335 |
Other debt securities | 129 | 119 |
Other investments: | ||
Equity Securities | 0 | 0 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 14 | 1 |
Derivatives: | ||
Derivative Liability, Gross Liability | 5 | 0 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 0 | 0 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 9 | 2 |
Derivatives: | ||
Derivative Liability, Gross Liability | 10 | 3 |
FPL [Member] | Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | $ 67 | 91 |
FPL [Member] | Other Noncurrent Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | $ 42 |
Non-Derivative Fair Value Mea_4
Non-Derivative Fair Value Measurements (Fair Value of Instruments Recorded at Other Than Fair Value and Special Use Funds) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special use funds: nuclear decommissioning fund assets | $ 8,409 | $ 7,703 |
Special Use Funds Storm Fund Assets | 76 | 76 |
Available for sale debt securities amortized cost | $ 2,259 | 2,009 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Fair Value Assumptions, Expected Term | 1 year | |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 863 | 919 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 73 | 29 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 51,047 | 46,082 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 864 | 920 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 73 | 29 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 55,102 | 51,525 |
FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special use funds: nuclear decommissioning fund assets | 5,784 | 5,271 |
Special Use Funds Storm Fund Assets | 76 | 76 |
Available for sale debt securities amortized cost | $ 1,727 | 1,521 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Fair Value Assumptions, Expected Term | 1 year | |
FPL [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 649 | 718 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 17,324 | 17,236 |
FPL [Member] | Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 650 | 719 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | $ 20,273 | $ 21,178 |
Non-Derivative Fair Value Mea_5
Non-Derivative Fair Value Measurements (Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date) (Details) - Equity Securities [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains (losses) | $ (25) | $ 223 | $ 565 | $ 65 |
FPL [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains (losses) | $ (13) | $ 129 | $ 375 | $ 50 |
Non-Derivative Fair Value Mea_6
Non-Derivative Fair Value Measurements (Gains and Losses on Available-for-sale Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | $ 17 | $ 30 | $ 61 | $ 86 | |
Realized Losses | 14 | 17 | 58 | 50 | |
Proceeds from sale or maturity of securities | 245 | 555 | 1,303 | 2,046 | |
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 81 | 81 | $ 134 | ||
Unrealized losses | 12 | 12 | 9 | ||
Fair value | 799 | 799 | 201 | ||
FPL [Member] | Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | 14 | 21 | 46 | 66 | |
Realized Losses | 11 | 10 | 46 | 38 | |
Proceeds from sale or maturity of securities | 191 | $ 475 | 988 | $ 1,747 | |
FPL [Member] | Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 65 | 65 | 104 | ||
Unrealized losses | 8 | 8 | 9 | ||
Fair value | $ 556 | $ 556 | $ 150 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | (9.70%) | 10.30% | 4.30% | 3.00% |
Production tax credit (PTC), roll off period | 10 years |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increases (reductions) resulting from: | ||||
State income taxes – net of federal income tax benefit | 5.40% | 1.90% | 1.00% | 1.30% |
Taxes attributable to noncontrolling interests | 15.60% | 1.80% | 6.90% | 2.90% |
PTCs and ITCs – NEER | (36.20%) | (7.40%) | (15.30%) | (8.70%) |
Amortization of deferred regulatory credit | (14.10%) | (4.40%) | (6.20%) | (5.40%) |
Foreign operations | 0.70% | 0.00% | 0.30% | (2.20%) |
Other – net | (2.10%) | (2.60%) | (3.40%) | (5.90%) |
Effective income tax rate | (9.70%) | 10.30% | 4.30% | 3.00% |
FPL [Member] | ||||
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increases (reductions) resulting from: | ||||
State income taxes – net of federal income tax benefit | 2.90% | 3.80% | 3.70% | 4.00% |
Taxes attributable to noncontrolling interests | 0.00% | 0.00% | 0.00% | 0.00% |
PTCs and ITCs – NEER | 0.00% | 0.00% | 0.00% | 0.00% |
Amortization of deferred regulatory credit | (3.50%) | (5.30%) | (3.50%) | (5.00%) |
Foreign operations | 0.00% | 0.00% | 0.00% | 0.00% |
Other – net | (0.50%) | (0.90%) | (0.70%) | (1.40%) |
Effective income tax rate | 19.90% | 18.60% | 20.50% | 18.60% |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($)utlitystatemi | Sep. 30, 2021USD ($) | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
Business Acquisition [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | $ 139,163 | $ 127,684 | ||
Goodwill | 4,844 | $ 4,254 | ||
FPL | ||||
Business Acquisition [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | $ 6,700 | |||
Property, plant and equipment | 4,900 | |||
Regulatory assets | 1,200 | |||
Assumed liabilities | 3,900 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt | 1,800 | |||
Deferred income taxes | 729 | |||
Regulatory liabilities | 566 | |||
Goodwill | $ 2,700 | |||
GridLiance [Member] | NextEra Energy Transmission, LLC Subsidiary [Member] | ||||
Business Acquisition [Line Items] | ||||
Assumed liabilities | 210 | |||
Goodwill | 592 | |||
Number of FERC-r transmission utilities | utlity | 3 | |||
Number of miles of power lines | mi | 700 | |||
Number of states in which entity operates | state | 6 | |||
Debt assumed | $ 175 | |||
Assets assumed | 384 | |||
Goodwill, Expected Tax Deductible Amount | $ 586 | |||
Contingent consideration liabilities | 264 | |||
Cash purchase price | $ 502 | |||
GridLiance [Member] | NextEra Energy Transmission, LLC Subsidiary [Member] | Midwest And Nevada [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of states in which entity operates | state | 5 |
NEP (Details)
NEP (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||||
Investment in equity method investees | $ 5,942 | $ 5,942 | $ 5,728 | ||
Guarantor obligations, current carrying value | 484 | 484 | |||
Debt instrument, fair value disclosure | 30 | 30 | |||
NextEra Energy Partners [Member] | |||||
Schedule of Investments [Line Items] | |||||
Guarantor obligations, current carrying value | 587 | 587 | |||
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fee income | 38 | $ 31 | 108 | $ 88 | |
Due from related parties, current | 51 | 51 | 68 | ||
Due from related parties, noncurrent | 32 | 32 | 32 | ||
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | NextEra Energy Partners [Member] | |||||
Schedule of Investments [Line Items] | |||||
Due to related parties | $ 306 | $ 306 | $ 10 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021MW | Sep. 30, 2021USD ($)variable_interest_entitymiMW | Dec. 31, 2020USD ($) | ||
Variable Interest Entity [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | $ 139,163 | $ 127,684 | ||
Carrying amount of liabilities, consolidated variable interest entity | 94,437 | 82,755 | ||
Investment in equity method investees | $ 5,942 | 5,728 | ||
NEER Segment | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 43 | |||
Other variable interest entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investments in special purpose entities | $ 4,273 | 3,704 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | 556 | 423 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 77 | 68 | ||
Electricity Transmission Line (in miles) | mi | 280 | |||
Percentage of profits and losses | 50.00% | |||
FPL [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | $ 75,245 | 71,001 | [1] | |
Carrying amount of liabilities, consolidated variable interest entity | 42,166 | 41,773 | [1] | |
FPL [Member] | Other variable interest entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investments in special purpose entities | $ 3,570 | 3,124 | ||
NextEra Energy Resources [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 2 | |||
Carrying amount of assets, consolidated variable interest entity | $ 174 | 188 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 26 | 22 | ||
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 1,450 | |||
NextEra Energy Resources [Member] | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 36 | |||
Carrying amount of assets, consolidated variable interest entity | $ 16,779 | 16,180 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 1,009 | 1,741 | ||
Wind electric generating facility capability (in megawatts) | MW | 10,478 | |||
Solar generating facility capability (in MW) | MW | 763 | |||
NextEra Energy Resources [Member] | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | Forecast [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Wind electric generating facility capability (in megawatts) | MW | 80 | |||
Solar generating facility capability (in MW) | MW | 590 | |||
NextEra Energy Resources [Member] | Variable Interest Entities Wind and Solar PV Facilities [Member[ | ||||
Variable Interest Entity [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | $ 1,528 | 1,572 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 81 | 393 | ||
Ownership percentage | 10.00% | |||
Wind electric generating facility capability (in megawatts) | MW | 400 | |||
Solar generating facility capability (in MW) | MW | 599 | |||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 3 | |||
Carrying amount of assets, consolidated variable interest entity | $ 1,015 | 751 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 570 | 607 | ||
Ownership percentage | 50.00% | |||
Number of entities with ownership interest contributed | variable_interest_entity | 5 | |||
Solar generating facility capability (in MW) | MW | 409 | |||
Other Investments [Member] | Subsidiaries of NEE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investment in equity method investees | $ 4,071 | $ 3,932 | ||
Additions to investments in equity method investees | $ 85 | |||
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |
Employee Retirement Benefits (D
Employee Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | $ 23 | $ 22 | $ 68 | $ 64 |
Interest cost | 16 | 23 | 48 | 69 |
Expected return on plan assets | (85) | (80) | (255) | (241) |
Amortization of prior service benefit | 0 | (1) | (1) | (1) |
Amortization of actuarial loss | 6 | 4 | 18 | 13 |
Special termination benefits | 0 | 4 | 0 | 13 |
Net periodic benefit (income) cost | (40) | (28) | (122) | (83) |
Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | 1 | 0 | 1 | 1 |
Interest cost | 1 | 3 | 3 | 6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (4) | (4) | (11) | (12) |
Amortization of actuarial loss | 1 | 0 | 4 | 2 |
Special termination benefits | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (1) | (1) | (3) | (3) |
FPL [Member] | Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | (27) | (21) | (81) | (63) |
FPL [Member] | Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | $ (1) | $ (1) | $ (3) | $ (3) |
Debt - Long-term Debt Issuances
Debt - Long-term Debt Issuances and Borrowings (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Senior Secured Limited Resource Notes Maturing in 2038 | NEER Segment | Florida Pipeline Holdings LLC | |
Debt Instrument [Line Items] | |
Security interest (as a percent) | 100.00% |
Senior Secured Limited Resource Notes Maturing in 2038 | NEER Segment | Florida Southeast Connection | |
Debt Instrument [Line Items] | |
Security interest (as a percent) | 100.00% |
Senior Secured Limited Resource Notes Maturing in 2038 | NEER Segment | Sabal Trail Transmission | |
Debt Instrument [Line Items] | |
Security interest (as a percent) | 42.50% |
Senior Secured Limited Resource Notes Maturing in 2028 | NEER Segment | Florida Pipeline Funding LLC | |
Debt Instrument [Line Items] | |
Security interest (as a percent) | 100.00% |
FPL [Member] | Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,327,000,000 |
Interest Rate Terms | Variable |
Principal amount not required to be held to final maturity | $ 327,000,000 |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures variable [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 2,150,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 3,500,000,000 |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | Minimum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 0.65% |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | Maximum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 1.90% |
NextEra Energy Capital Holdings, Inc. [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 645,000,000 |
Interest Rate Terms | Variable |
NEER Segment | Senior Secured Limited Recourse Notes | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,773,000,000 |
NEER Segment | Senior Secured Limited Recourse Notes | Minimum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 2.92% |
NEER Segment | Senior Secured Limited Recourse Notes | Maximum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 4.70% |
Florida Pipeline Holdings LLC | Senior Secured Limited Resource Notes Maturing in 2038 | NEER Segment | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,513,000,000 |
Interest Rate (as a percent) | 2.92% |
Florida Pipeline Funding LLC | Senior Secured Limited Resource Notes Maturing in 2028 | NEER Segment | |
Debt Instrument [Line Items] | |
Principal Amount | $ 260,000,000 |
Interest Rate (as a percent) | 4.70% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Aug. 31, 2021USD ($) |
Senior Unsecured Notes Due 2023 | FPL [Member] | |
Debt Instrument [Line Items] | |
Debt redeemed | $ 1,250 |
Equity (Earnings Per Share) (De
Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||||
Net income attributable to NEE - basic | $ 447 | $ 1,229 | $ 2,369 | $ 2,924 |
Adjustment for the impact of dilutive securities at NEP(a) | 0 | (1) | 0 | 0 |
Net income attributable to NEE – assuming dilution | $ 447 | $ 1,228 | $ 2,369 | $ 2,924 |
Denominator: | ||||
Weighted-average number of common shares outstanding – basic | 1,962.7 | 1,959.4 | 1,962.2 | 1,958.4 |
Equity units, stock options, performance share awards and restricted stock | 10.2 | 9.5 | 9.1 | 9.3 |
Weighted-average number of common shares outstanding – assuming dilution | 1,972.9 | 1,968.9 | 1,971.3 | 1,967.7 |
Earnings per share attributable to NEE: | ||||
Basic (in dollars per share) | $ 0.23 | $ 0.63 | $ 1.21 | $ 1.49 |
Assuming dilution (in dollars per share) | $ 0.23 | $ 0.62 | $ 1.20 | $ 1.49 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | Sep. 14, 2020shares | Sep. 30, 2021shares | Sep. 30, 2020shares | Sep. 30, 2021shares | Sep. 30, 2020shares | Dec. 31, 2020shares | Oct. 26, 2020shares |
Equity [Abstract] | |||||||
Antidilutive securities (in shares) | 1,200,000 | 46,000,000 | 40,400,000 | 36,200,000 | |||
Stock split, conversion ratio | 4 | ||||||
Common stock, shares authorized (in shares) | 800,000,000 | 3,200,000,000 | 3,200,000,000 | 3,200,000,000 | 3,200,000,000 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ 45,114 | $ 41,574 | $ 44,929 | $ 41,360 | |
Other comprehensive income before reclassifications | (14) | 11 | |||
Amounts reclassified from AOCI | 0 | 2 | |||
Total other comprehensive income (loss), net of tax | (14) | 13 | (2) | 6 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (94) | (153) | (94) | (153) | $ (92) |
Attributable to noncontrolling interests | (8) | (8) | |||
Attributable to NEE | (86) | (86) | |||
Ending Balance | 44,647 | 42,062 | 44,647 | 42,062 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 12 | 1 | 8 | (27) | |
Other comprehensive income before reclassifications | 0 | 0 | |||
Amounts reclassified from AOCI | 4 | 7 | |||
Total other comprehensive income (loss), net of tax | 4 | 7 | |||
Impact of disposal of a business | 23 | ||||
Ending Balance | 12 | 3 | 12 | 3 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 11 | 16 | 20 | 11 | |
Other comprehensive income before reclassifications | (9) | 9 | |||
Amounts reclassified from AOCI | (3) | (2) | |||
Total other comprehensive income (loss), net of tax | (12) | 7 | |||
Impact of disposal of a business | 0 | ||||
Ending Balance | 8 | 18 | 8 | 18 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (73) | (113) | (75) | (114) | |
Other comprehensive income before reclassifications | 0 | 0 | |||
Amounts reclassified from AOCI | 3 | 2 | |||
Total other comprehensive income (loss), net of tax | 3 | 2 | |||
Impact of disposal of a business | |||||
Ending Balance | (72) | (112) | (72) | (112) | |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (39) | (73) | (49) | (42) | |
Other comprehensive income before reclassifications | 2 | (10) | |||
Amounts reclassified from AOCI | 0 | 0 | |||
Total other comprehensive income (loss), net of tax | 2 | (10) | |||
Impact of disposal of a business | (13) | ||||
Ending Balance | (47) | (65) | (47) | (65) | |
Accumulated Other-than-Temporary Impairment Including Portion Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 4 | 3 | 4 | 3 | |
Other comprehensive income before reclassifications | 1 | 0 | |||
Amounts reclassified from AOCI | 0 | 0 | |||
Total other comprehensive income (loss), net of tax | 1 | 0 | |||
Impact of disposal of a business | |||||
Ending Balance | 5 | 3 | 5 | 3 | |
AOCI Including Portion Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (85) | (166) | (92) | (169) | |
Other comprehensive income before reclassifications | (6) | (1) | |||
Amounts reclassified from AOCI | 4 | 7 | |||
Total other comprehensive income (loss), net of tax | (2) | 6 | |||
Impact of disposal of a business | 10 | ||||
Ending Balance | (94) | (153) | (94) | (153) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending Balance | 0 | 0 | 0 | 0 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending Balance | 0 | 0 | 0 | 0 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending Balance | 0 | 0 | 0 | 0 | |
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending Balance | (8) | (1) | (8) | (1) | |
Accumulated Other-than-Temporary Impairment Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending Balance | 0 | 0 | 0 | 0 | |
AOCI Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending Balance | (8) | (1) | (8) | (1) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending balance, attributable to NEE | 12 | 3 | 12 | 3 | |
Net Unrealized Gains (Losses) on Available for Sale Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income before reclassifications | (2) | 3 | |||
Amounts reclassified from AOCI | (1) | (1) | |||
Total other comprehensive income (loss), net of tax | (3) | 2 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8 | 18 | 8 | 18 | |
Attributable to noncontrolling interests | 0 | 0 | |||
Attributable to NEE | 8 | 8 | |||
Ending balance, attributable to NEE | 8 | 18 | 8 | 18 | |
Defined Benefit Pension and Other Benefits Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income before reclassifications | 0 | 0 | |||
Amounts reclassified from AOCI | 1 | 1 | |||
Total other comprehensive income (loss), net of tax | 1 | 1 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (72) | (112) | (72) | (112) | |
Attributable to noncontrolling interests | 0 | 0 | |||
Attributable to NEE | (72) | (72) | |||
Ending balance, attributable to NEE | (72) | (112) | (72) | (112) | |
Net Unrealized Gains (Losses) on Foreign Currency Translation | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income before reclassifications | (13) | 8 | |||
Amounts reclassified from AOCI | 0 | 0 | |||
Total other comprehensive income (loss), net of tax | (13) | 8 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (47) | (65) | (47) | (65) | |
Attributable to noncontrolling interests | (8) | (8) | |||
Attributable to NEE | (39) | (39) | |||
Ending balance, attributable to NEE | (39) | (64) | (39) | (64) | |
Accumulated Other-than-Temporary Impairment Attributable to Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Ending balance, attributable to NEE | 5 | 3 | 5 | 3 | |
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (85) | (163) | (92) | (169) | |
Total other comprehensive income (loss), net of tax | (9) | 11 | (2) | 7 | |
Ending Balance | (94) | (152) | (94) | (152) | |
Ending balance, attributable to NEE | (86) | (152) | (86) | (152) | |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income before reclassifications | 0 | 0 | |||
Amounts reclassified from AOCI | 0 | 2 | |||
Total other comprehensive income (loss), net of tax | 0 | 2 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12 | 3 | 12 | 3 | |
Attributable to noncontrolling interests | 0 | 0 | |||
Attributable to NEE | 12 | 12 | |||
Other Comprehensive Income (Loss) Related to Equity Method Investees | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other comprehensive income before reclassifications | 1 | 0 | |||
Amounts reclassified from AOCI | 0 | 0 | |||
Total other comprehensive income (loss), net of tax | 1 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5 | $ 3 | 5 | $ 3 | |
Attributable to noncontrolling interests | 0 | 0 | |||
Attributable to NEE | $ 5 | $ 5 |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies - FPL Base Rate Proceedings (Details) - Forecast [Member] - FPL [Member] | Jan. 01, 2023USD ($) | Jan. 01, 2022USD ($) | Jan. 31, 2022 | Dec. 31, 2025MW | Dec. 31, 2024MW | Dec. 31, 2022USD ($) | Dec. 31, 2025USD ($)kWh$ / kWMW |
Accounting Policies [Line Items] | |||||||
Base rate plan term | 4 years | ||||||
Increase in base rate revenues | $ 560,000,000 | $ 692,000,000 | |||||
SoBRA MW additions capacity | MW | 894 | 894 | |||||
SoBRA base rate revenue installed solar cap cost per unit of power | $ / kW | 1,250 | ||||||
Regulatory return on common equity | 10.60% | ||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought | 9.70% | ||||||
Earned regulatory ROE threshold below which retail base rate reduction may be sought | 11.70% | ||||||
Contingent ROE, treasury rate, thirty year average threshold | 2.49% | ||||||
Contingent ROE, consecutive term | 6 months | ||||||
Contingent return on common equity | 10.80% | ||||||
Contingent Earned regulatory ROE threshold below which retail base rate relief may be sought | 9.80% | ||||||
Contingent earned regulatory ROE threshold above which retail base rate reduction may be sought | 11.80% | ||||||
Maximum amount of depreciation reserve that may be amortized | $ 200,000,000 | $ 1,450,000,000 | |||||
SolarTogether MW additions capacity | MW | 1,788 | ||||||
SolarTogether MW total capacity | MW | 3,278 | ||||||
Time period after filing of a cost recovery petition that future storm restoration costs would be recoverable on an interim basis | 60 days | ||||||
Maximum storm surcharge | $ 4 | ||||||
Increment of usage in Kwh on which storm surcharge is based | kWh | 1,000 | ||||||
Cost of recovery, period | 12 months | ||||||
Threshold of storm restoration costs in any given calendar year at which surcharge may be increased | $ 800,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting and Reporting Policies - Additional Information (Details) € in Millions, $ in Millions | Oct. 25, 2021USD ($)facilityMW | Feb. 29, 2020EUR (€)MW | Feb. 29, 2020EUR (€)solar_generation_facility | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)MW | Sep. 29, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | ||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Restricted Cash and Cash Equivalents | $ 312 | $ 312 | $ 441 | ||||||||||||||||
Restricted cash related to margin cash collateral that is netted against derivative instruments | 761 | 761 | 183 | ||||||||||||||||
restricted cash related to margin cash collateral that is netted against derivative liabilities | 410 | 410 | 136 | ||||||||||||||||
Gain in connection with sale | 13 | $ (11) | 20 | $ 279 | |||||||||||||||
Customer deposits | 482 | 482 | 474 | ||||||||||||||||
Bad debt expense, including credit losses | 143 | 79 | |||||||||||||||||
Noncurrent accounts receivable allowances | 127 | 127 | |||||||||||||||||
Retained Earnings | 44,647 | 42,062 | 44,647 | 42,062 | $ 45,114 | 44,929 | $ 41,574 | $ 41,360 | |||||||||||
Gulf Power Segment | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Regulatory Assets, Coal Generating Assets, Remaining Net Book Value | $ 462 | ||||||||||||||||||
Hurricane Sally | Gulf Power Segment | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Recoverable storm costs | 186 | ||||||||||||||||||
FPL [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Restricted Cash and Cash Equivalents | 68 | 68 | 135 | ||||||||||||||||
Customer deposits | 475 | 475 | 468 | [1] | |||||||||||||||
Retained Earnings | 33,079 | 29,120 | [2] | 33,079 | 29,120 | [2] | 31,488 | $ 29,228 | [1] | 29,882 | [2] | 25,797 | [2] | ||||||
Subsidiary of NextEra Energy Resources | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Solar Generating Capacity | MW | 100 | ||||||||||||||||||
Solar Plus Storage Facility Capacity | MW | 30 | ||||||||||||||||||
Customer deposits | $ 155 | ||||||||||||||||||
Subsidiary of NextEra Energy Resources | Subsequent Event | United States, Geographically Dispersed | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Generating capacity (MW) | MW | 122 | ||||||||||||||||||
Number of solar generation facilities | facility | 4 | ||||||||||||||||||
Subsidiary of NextEra Energy Resources | Solar-Plus-Storage Facility | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | ||||||||||||||||||
Retained Earnings [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Retained Earnings | 25,464 | 26,054 | 25,464 | 26,054 | 25,773 | $ 25,363 | 25,511 | 25,199 | |||||||||||
Retained Earnings [Member] | Adoption of accounting standards update [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Retained Earnings | [3] | (11) | |||||||||||||||||
Retained Earnings [Member] | FPL [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Retained Earnings | 11,770 | $ 9,512 | [2] | 11,770 | 9,512 | [2] | $ 10,843 | 9,619 | [2] | $ 10,424 | [2] | $ 8,939 | [2] | ||||||
Other Current Assets [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Restricted cash and cash equivalents, current | 312 | 312 | 374 | ||||||||||||||||
Other Current Assets [Member] | FPL [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Restricted cash and cash equivalents, current | 68 | 68 | $ 93 | ||||||||||||||||
Two solar generation facilities located in Spain | Disposed of by Sale [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Gain in connection with sale | 270 | ||||||||||||||||||
Gain (after tax) in connection with sale | $ 270 | ||||||||||||||||||
Two solar generation facilities located in Spain | Disposed of by Sale [Member] | NextEra Energy Resources [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Number of generation facilities sold | solar_generation_facility | 2 | ||||||||||||||||||
Generating capacity (MW) | MW | 99.8 | ||||||||||||||||||
Purchase price | € 111 | € 111 | $ 121 | ||||||||||||||||
Three wind facilities and one solar facility | Disposed of by Sale [Member] | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 546 | 546 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | $ 20 | $ 20 | |||||||||||||||||
Three wind facilities and one solar facility | Disposed of by Sale [Member] | Subsidiary of NextEra Energy Resources | Subsequent Event | United States, Midwest and West Regions | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Generating capacity (MW) | MW | 467 | ||||||||||||||||||
Number of wind generation facilities | facility | 3 | ||||||||||||||||||
Number of solar generation facilities | facility | 1 | ||||||||||||||||||
Three wind facilities and one solar facility | Disposed of by Sale [Member] | Subsidiary of NextEra Energy Resources | NEP | Subsequent Event | United States, Midwest and West Regions | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | ||||||||||||||||||
Assumption Of Noncontrolling Interest | $ 122 | ||||||||||||||||||
Four solar facilities and multiple generation solar facilities | Disposed of by Sale [Member] | Subsidiary of NextEra Energy Resources | NEP | Subsequent Event | United States, Geographically Dispersed | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 33.30% | ||||||||||||||||||
Other Noncontrolling Interests | $ 124 | ||||||||||||||||||
Three wind generation facilities and one solar facility and four solar facilities and multiple distributed generation solar facilities | Disposed of by Sale [Member] | NextEra Energy Resources [Member] | Subsequent Event | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Purchase price | 563 | ||||||||||||||||||
Disposal Group, Including Discontinued Operation, Working Capital | $ 26 | ||||||||||||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | Subsidiary of NextEra Energy Resources | NEP | Subsequent Event | United States, Geographically Dispersed | |||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||
Generating capacity (MW) | MW | 1,260 | ||||||||||||||||||
Purchase price | $ 849 | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||||||||||||||||||
Solar Plus Storage Facility Capacity | MW | 58 | ||||||||||||||||||
Number of wind generation facilities | facility | 7 | ||||||||||||||||||
Number of solar generation facilities | facility | 6 | ||||||||||||||||||
Assumption Of Noncontrolling Interest | $ 866 | ||||||||||||||||||
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | ||||||||||||||||||
[2] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | ||||||||||||||||||
[3] | See Note 11 – Measurement of Credit Losses on Financial Instruments. |
Summary of Significant Accoun_6
Summary of Significant Accounting and Reporting Policies - Property, Plant and Equiptment (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Electric plant in service and other property | $ 110,776 | $ 105,860 | |
Nuclear fuel | 1,734 | 1,604 | |
Construction work in progress | 15,342 | 10,639 | |
Property, plant and equipment, gross | 127,852 | 118,103 | |
Accumulated depreciation and amortization | (28,711) | (26,300) | |
Property, plant and equipment – net | 99,141 | 91,803 | |
FPL [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 74,027 | 69,467 | |
Electric plant in service and other property | 66,367 | 62,963 | |
Nuclear fuel | 1,187 | 1,143 | |
Construction work in progress | 6,473 | 5,361 | |
Accumulated depreciation and amortization | (17,001) | (15,588) | |
Electric utility plant and other property – net | $ 57,026 | $ 53,879 | [1] |
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |
Commitments and Contingencies_2
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)MW | |
Planned Capital Expenditures [Line Items] | |
Guarantor obligations, current carrying value | $ 484 |
FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 2,745 |
2022 | 7,290 |
2023 | 7,120 |
2024 | 7,260 |
2025 | 6,745 |
Total | 31,160 |
Gulf Power Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 320 |
2022 | 695 |
2023 | 625 |
2024 | 685 |
2025 | 685 |
Total | 3,010 |
NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 2,095 |
2022 | 5,305 |
2023 | 1,375 |
2024 | 760 |
2025 | 325 |
Total | 9,860 |
New Generation Expenditures [Member] | FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 530 |
2022 | 1,540 |
2023 | 1,670 |
2024 | 1,600 |
2025 | 810 |
Total | 6,150 |
Existing Generation Expenditures [Member] | FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 670 |
2022 | 1,155 |
2023 | 1,005 |
2024 | 945 |
2025 | 695 |
Total | 4,470 |
Transmission And Distribution Expenditures [Member] | FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 1,145 |
2022 | 3,665 |
2023 | 3,575 |
2024 | 3,925 |
2025 | 4,300 |
Total | 16,610 |
Allowance for funds used during construction (AFUDC) - remainder of 2021 | 15 |
Allowance for funds used during construction (AFUDC) - 2022 | 50 |
Allowance for funds used during construction (AFUDC) - 2023 | 40 |
Allowance for funds used during construction (AFUDC) - 2024 | 55 |
Allowance for funds used during construction (AFUDC) - 2025 | 45 |
Nuclear Fuel Expenditures [Member] | FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 80 |
2022 | 170 |
2023 | 120 |
2024 | 145 |
2025 | 145 |
Total | 660 |
General And Other Expenditures [Member] | FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 320 |
2022 | 760 |
2023 | 750 |
2024 | 645 |
2025 | 795 |
Total | 3,270 |
Wind Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 680 |
2022 | 1,870 |
2023 | 40 |
2024 | 35 |
2025 | 30 |
Total | $ 2,655 |
Planned new generation over 5 year period (in megawatts) | MW | 4,294 |
Solar Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | $ 815 |
2022 | 2,330 |
2023 | 1,055 |
2024 | 425 |
2025 | 20 |
Total | $ 4,645 |
Planned new generation over 5 year period (in megawatts) | MW | 6,083 |
Battery Storage Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | $ 0 |
2022 | 0 |
2023 | 5 |
2024 | 0 |
2025 | 0 |
Total | 5 |
Nuclear Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 75 |
2022 | 200 |
2023 | 150 |
2024 | 195 |
2025 | 190 |
Total | 810 |
Pipelines [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 85 |
2022 | 290 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Total | 375 |
Rate-Regulated Transmission [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 160 |
2022 | 205 |
2023 | 75 |
2024 | 55 |
2025 | 30 |
Total | 525 |
Other Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2021 | 280 |
2022 | 410 |
2023 | 50 |
2024 | 50 |
2025 | 55 |
Total | 845 |
Generation Expenditures [Member] | FPL Segment | |
Planned Capital Expenditures [Line Items] | |
Allowance for funds used during construction (AFUDC) - remainder of 2021 | 25 |
Allowance for funds used during construction (AFUDC) - 2022 | 70 |
Allowance for funds used during construction (AFUDC) - 2023 | 70 |
Allowance for funds used during construction (AFUDC) - 2024 | 55 |
Allowance for funds used during construction (AFUDC) - 2025 | $ 35 |
Commitments and Contingencies_3
Commitments and Contingencies (Long-term Purchase Commitment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
NEER Segment | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2021 | $ 1,470 | $ 1,470 | ||
2022 | 2,935 | 2,935 | ||
2023 | 350 | 350 | ||
2024 | 245 | 245 | ||
2025 | 150 | 150 | ||
Thereafter | 1,780 | 1,780 | ||
Commitment to invest | 210 | 210 | ||
Joint Obligations Remainder Current Year | 115 | 115 | ||
Joint Obligations Second Year | 85 | 85 | ||
Joint Obligations Third Year | 35 | 35 | ||
Joint Obligations Fourth Year | 10 | 10 | ||
Joint Obligations Fifth Year | 5 | 5 | ||
Joint Obligations After Fifth Year | 5 | 5 | ||
Contract Group 1 [Member] | NEER Segment | ||||
Long-term Purchase Commitment [Line Items] | ||||
Commitment amount included in capital expenditures | 4,100 | 4,100 | ||
Mountain Valley Pipeline [Member] | NEER Segment | ||||
Required capacity and/or minimum payments [Abstract] | ||||
2022 | 25 | 25 | ||
2023 | 70 | 70 | ||
2024 | 70 | 70 | ||
2025 | 70 | 70 | ||
Thereafter | $ 1,155 | $ 1,155 | ||
Equity method investment, ownership percentage | 31.50% | 31.50% | ||
FPL [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2021 | $ 265 | $ 265 | ||
2022 | 995 | 995 | ||
2023 | 980 | 980 | ||
2024 | 955 | 955 | ||
2025 | 900 | 900 | ||
Thereafter | 9,385 | 9,385 | ||
Related Party Transaction, Amounts of Transaction | 105 | $ 104 | 314 | $ 280 |
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2021 | 105 | 105 | ||
2022 | 415 | 415 | ||
2023 | 410 | 410 | ||
2024 | 410 | 410 | ||
2025 | 405 | 405 | ||
Thereafter | 6,360 | 6,360 | ||
Consolidation, Eliminations [Member] | FPL [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Related Party Transaction, Amounts of Transaction | $ 26 | $ 27 | $ 79 | $ 81 |
Commitments and Contingencies_4
Commitments and Contingencies (Insurance) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
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 | 13,100 |
Potential retrospective assessments under secondary financial protection system | 963 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 143 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750 |
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | $ 1,500 |
Coinsurance, percent | 10.00% |
Coinsurance, limit of coverage per loss per site occurrence | $ 400 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 163 |
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 amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 104 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | 100 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 50 |
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 | 2 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 2 |
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 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | $ 4,370 | $ 4,785 | $ 12,023 | $ 13,602 | |||||
Operating expenses – net | 4,004 | 3,766 | 10,485 | 9,705 | |||||
Gains (losses) on disposal of businesses/assets – net | 13 | (11) | 20 | 279 | |||||
Net income (loss) attributable to NEE | 447 | 1,229 | 2,369 | 2,924 | |||||
Net Income | $ 304 | 1,123 | $ 1,874 | 2,559 | |||||
Deemed capital structure of NextEra Energy Resources | 70.00% | 70.00% | |||||||
Total assets | $ 139,163 | $ 139,163 | $ 127,684 | ||||||
FPL [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 4,134 | 3,859 | [1] | 10,673 | 9,885 | [1] | |||
Operating expenses – net | 2,868 | 2,683 | [1] | 7,063 | 6,596 | [1] | |||
Net Income | [2] | 927 | 848 | [1] | 2,586 | 2,334 | [1],[3] | ||
Total assets | 75,245 | 75,245 | 71,001 | [4] | |||||
Operating Segments [Member] | Gulf Power Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 440 | 404 | 1,137 | 1,065 | |||||
Operating expenses – net | 326 | 289 | 876 | 817 | |||||
Gains (losses) on disposal of businesses/assets – net | 0 | 0 | 0 | 0 | |||||
Net income (loss) attributable to NEE | 91 | 91 | |||||||
Net Income | 91 | 91 | 211 | 185 | |||||
Total assets | 6,978 | 6,978 | 6,725 | ||||||
Operating Segments [Member] | FPL Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 3,694 | 3,455 | 9,536 | 8,820 | |||||
Operating expenses – net | 2,541 | 2,395 | 6,187 | 5,780 | |||||
Gains (losses) on disposal of businesses/assets – net | 0 | 0 | 0 | 1 | |||||
Net income (loss) attributable to NEE | [2] | 836 | 757 | ||||||
Net Income | 836 | 757 | 2,375 | 2,148 | |||||
Total assets | 65,618 | 65,618 | 61,610 | ||||||
Operating Segments [Member] | NEER Segment | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 258 | 953 | 1,420 | 3,802 | |||||
Operating expenses – net | 1,093 | 1,021 | 3,289 | 2,994 | |||||
Gains (losses) on disposal of businesses/assets – net | 12 | (5) | 25 | 288 | |||||
Net income (loss) attributable to NEE | (428) | 376 | (252) | 1,175 | |||||
Total assets | 63,493 | 63,493 | 55,633 | ||||||
Corporate and Other [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | (22) | (27) | (70) | (85) | |||||
Operating expenses – net | 44 | 61 | 133 | 114 | |||||
Gains (losses) on disposal of businesses/assets – net | 1 | (6) | (5) | (10) | |||||
Net income (loss) attributable to NEE | (52) | 5 | 35 | (584) | |||||
Total assets | 3,074 | 3,074 | 3,716 | ||||||
Corporate and Other [Member] | FPL [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 0 | 0 | 0 | 0 | |||||
Operating expenses – net | 1 | (1) | 0 | (1) | |||||
Net Income | 0 | $ 0 | 0 | $ 1 | |||||
Total assets | $ 2,649 | $ 2,649 | $ 2,666 | ||||||
[1] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | ||||||||
[2] | FPL's comprehensive income is the same as reported net income. | ||||||||
[3] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. | ||||||||
[4] | Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 – Merger of FPL and Gulf Power Company. |