UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q |
| [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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Commission | Exact name of registrants as specified in their | IRS Employer | |||||
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APPLICABLE ONLY TO CORPORATE ISSUERS: | |||||||
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 |
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PART I - FINANCIAL INFORMATION |
Item 1. Financial Statements |
FPL GROUP, INC. |
Three Months Ended | Nine Months Ended | ||||||||||||||||
2001 | 2000 | 2001 | 2000 | ||||||||||||||
OPERATING REVENUES | $ | 2,529 | $ | 2,087 | $ | 6,636 | $ | 5,225 | |||||||||
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OPERATING EXPENSES |
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Fuel, purchased power and interchange |
| 1,242 |
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| 845 |
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| 3,247 |
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| 1,992 |
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Other operations and maintenance |
| 306 |
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| 314 |
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| 929 |
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| 907 |
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Merger-related |
| - |
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| - |
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| 30 |
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| - |
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Depreciation and amortization | 246 | 237 | 732 | 763 | |||||||||||||
Taxes other than income taxes | 195 | 180 | 538 | 469 | |||||||||||||
Total operating expenses | 1,989 | 1,576 | 5,476 | 4,131 | |||||||||||||
OPERATING INCOME | 540 | 511 | 1,160 | 1,094 | |||||||||||||
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OTHER INCOME (DEDUCTIONS) |
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Interest charges |
| (83 | ) |
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| (74 | ) |
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| (250 | ) |
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| (201 | ) | ||
Preferred stock dividends - FPL |
| (4 | ) |
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| (4 | ) |
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| (11 | ) |
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| (11 | ) | ||
Other - net | 46 | 46 | 94 | 80 | |||||||||||||
Total other deductions - net | (41 | ) | (32 | ) | (167 | ) | (132 | ) | |||||||||
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INCOME BEFORE INCOME TAXES |
| 499 |
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| 479 |
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| 993 |
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| 962 |
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INCOME TAXES | 165 | 165 | 330 | 323 | |||||||||||||
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NET INCOME | $ | 334 | $ | 314 | $ | 663 | $ | 639 | |||||||||
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Earnings per share of common stock: |
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Basic | $ | 1.98 |
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| $ | 1.85 |
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| $ | 3.93 |
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| $ | 3.75 |
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Assuming dilution | $ | 1.98 |
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| $ | 1.84 |
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| $ | 3.93 |
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| $ | 3.75 |
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Dividends per share of common stock | $ | 0.56 |
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| $ | 0.54 |
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| $ | 1.68 |
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| $ | 1.62 |
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Weighted-average number of common shares outstanding: |
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Basic |
| 169 |
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| 170 |
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| 169 |
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| 170 |
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Assuming dilution |
| 169 |
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| 171 |
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| 169 |
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| 171 |
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FPL GROUP, INC. |
September 30, | December 31, | |||||||||||
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PROPERTY, PLANT AND EQUIPMENT |
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Electric utility plant in service and other property, including | ||||||||||||
nuclear fuel and construction work in progress | $ | 22,747 | $ | 21,022 | ||||||||
Less accumulated depreciation and amortization | (11,463 | ) | (11,088 | ) | ||||||||
Total property, plant and equipment - net | 11,284 | 9,934 | ||||||||||
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CURRENT ASSETS |
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Cash and cash equivalents |
| 299 |
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| 129 |
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Customer receivables, net of allowances of $9 and $7, respectively |
| 806 |
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| 637 |
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Materials, supplies and fossil fuel inventory - at average cost |
| 341 |
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| 370 |
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Deferred clause expenses |
| 314 |
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| 337 |
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Other | 246 | 308 | ||||||||||
Total current assets | 2,006 | 1,781 | ||||||||||
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OTHER ASSETS |
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Special use funds of FPL |
| 1,509 |
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| 1,497 |
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Other investments |
| 994 |
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| 651 |
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Other | 1,562 | 1,437 | ||||||||||
Total other assets | 4,065 | 3,585 | ||||||||||
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TOTAL ASSETS | $ | 17,355 | $ | 15,300 | ||||||||
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CAPITALIZATION |
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Common stock | $ | 2 |
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| $ | 2 |
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Additional paid-in capital |
| 2,805 |
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| 2,788 |
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Retained earnings |
| 3,181 |
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| 2,803 |
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Accumulated other comprehensive loss | (9 | ) | - | |||||||||
Total common shareholders' equity |
| 5,979 |
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| 5,593 |
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Preferred stock of FPL without sinking fund requirements |
| 226 |
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| 226 |
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Long-term debt | 4,872 | 3,976 | ||||||||||
Total capitalization | 11,077 | 9,795 | ||||||||||
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CURRENT LIABILITIES |
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Debt due within one year |
| 1,563 |
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| 1,223 |
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Accounts payable |
| 464 |
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| 564 |
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Accrued interest, taxes and other | 1,510 | 976 | ||||||||||
Total current liabilities | 3,537 | 2,763 | ||||||||||
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OTHER LIABILITIES AND DEFERRED CREDITS |
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Accumulated deferred income taxes |
| 1,307 |
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| 1,378 |
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Unamortized regulatory and investment tax credits |
| 238 |
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| 269 |
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Other | 1,196 | 1,095 | ||||||||||
Total other liabilities and deferred credits | 2,741 | 2,742 | ||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | $ | 17,355 | $ | 15,300 | ||||||||
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FPL GROUP, INC. |
Nine Months Ended | |||||||
2001 | 2000 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 1,663 | $ | 1,055 | |||
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Capital expenditures of FPL |
| (850 | ) |
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| (915 | ) |
Independent power investments |
| (1,495 | ) |
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| (394 | ) |
Other - net | (83 | ) | (82 | ) | |||
Net cash used in investing activities | (2,428 | ) | (1,391 | ) | |||
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Issuance of long-term debt |
| 920 |
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| 387 |
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Retirement of long-term debt |
| (66 | ) |
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| (272 | ) |
Increase in commercial paper |
| 366 |
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| 597 |
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Repurchase of common stock |
| - |
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| (85 | ) |
Dividends on common stock | (285 | ) | (275 | ) | |||
Net cash provided by financing activities | 935 | 352 | |||||
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Net increase in cash and cash equivalents |
| 170 |
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| 16 |
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Cash and cash equivalents at beginning of period | 129 | 361 | |||||
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Cash and cash equivalents at end of period | $ | 299 | $ | 377 | |||
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Supplemental schedule of noncash investing and financing activities: |
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Additions to capital lease obligations | $ | 57 |
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| $ | 42 |
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FLORIDA POWER & LIGHT COMPANY |
Three Months Ended | Nine Months Ended | |||||||||||||||
2001 | 2000 | 2001 | 2000 | |||||||||||||
OPERATING REVENUES | $ | 2,272 | $ | 1,917 | $ | 5,854 | $ | 4,788 | ||||||||
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OPERATING EXPENSES |
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Fuel, purchased power and interchange |
| 1,106 |
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| 774 |
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| 2,808 |
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| 1,845 |
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Other operations and maintenance |
| 248 |
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| 258 |
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| 758 |
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| 745 |
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Merger-related |
| - |
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| - |
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| 26 |
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| - |
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Depreciation and amortization |
| 223 |
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| 221 |
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| 673 |
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| 722 |
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Income taxes |
| 164 |
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| 165 |
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| 333 |
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| 326 |
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Taxes other than income taxes | 193 | 173 | 529 | 455 | ||||||||||||
Total operating expenses | 1,934 | 1,591 | 5,127 | 4,093 | ||||||||||||
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OPERATING INCOME | 338 | 326 | 727 | 695 | ||||||||||||
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OTHER INCOME (DEDUCTIONS) |
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Interest charges |
| (44 | ) |
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| (47 | ) |
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| (144 | ) |
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| (129 | ) | |
Other - net | - | - | (2 | ) | (2 | ) | ||||||||||
Total other deductions - net | (44 | ) | (47 | ) | (146 | ) | (131 | ) | ||||||||
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NET INCOME |
| 294 |
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| 279 |
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| 581 |
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| 564 |
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PREFERRED STOCK DIVIDENDS | 4 | 4 | 11 | 11 | ||||||||||||
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NET INCOME AVAILABLE TO FPL GROUP | $ | 290 | $ | 275 | $ | 570 | $ | 553 | ||||||||
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FLORIDA POWER & LIGHT COMPANY |
September 30, | December 31, | |||||||||||
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ELECTRIC UTILITY PLANT |
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Plant in service, including nuclear fuel and construction work in progress | $ | 19,549 |
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| $ | 19,033 |
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Less accumulated depreciation and amortization | (11,242 | ) | (10,919 | ) | ||||||||
Electric utility plant - net | 8,307 | 8,114 | ||||||||||
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CURRENT ASSETS |
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Cash and cash equivalents |
| 216 |
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| 66 |
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Customer receivables, net of allowances of $8 and $7, respectively |
| 709 |
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| 489 |
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Materials, supplies and fossil fuel inventory - at average cost |
| 269 |
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| 313 |
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Deferred clause expenses |
| 314 |
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| 337 |
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Other | 119 | 211 | ||||||||||
Total current assets | 1,627 | 1,416 | ||||||||||
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OTHER ASSETS |
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Special use funds |
| 1,509 |
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| 1,497 |
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Other | 865 | 993 | ||||||||||
Total other assets | 2,374 | 2,490 | ||||||||||
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TOTAL ASSETS | $ | 12,308 | $ | 12,020 | ||||||||
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CAPITALIZATION |
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Common shareholder's equity | $ | 5,535 |
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| $ | 5,032 |
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Preferred stock without sinking fund requirements |
| 226 |
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| 226 |
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Long-term debt | 2,578 | 2,577 | ||||||||||
Total capitalization | 8,339 | 7,835 | ||||||||||
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CURRENT LIABILITIES |
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Debt due within one year |
| - |
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| 625 |
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Accounts payable |
| 391 |
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| 458 |
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Accrued interest, taxes and other | 1,433 | 859 | ||||||||||
Total current liabilities | 1,824 | 1,942 | ||||||||||
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OTHER LIABILITIES AND DEFERRED CREDITS |
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Accumulated deferred income taxes |
| 921 |
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| 1,084 |
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Unamortized regulatory and investment tax credits |
| 238 |
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| 269 |
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Other | 986 | 890 | ||||||||||
Total other liabilities and deferred credits | 2,145 | 2,243 | ||||||||||
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COMMITMENTS AND CONTINGENCIES |
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TOTAL CAPITALIZATION AND LIABILITIES | $ | 12,308 | $ | 12,020 | ||||||||
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FLORIDA POWER & LIGHT COMPANY |
Nine Months Ended | ||||||||
2001 | 2000 | |||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 1,742 | $ | 964 | ||||
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Capital expenditures |
| (850 | ) |
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| (915 | ) | |
Other - net | (38 | ) | (53 | ) | ||||
Net cash used in investing activities | (888 | ) | (968 | ) | ||||
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Issuance of long-term debt |
| - |
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| 387 |
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Retirement of long-term debt |
| (66 | ) |
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| (272 | ) | |
Increase (decrease) in commercial paper |
| (560 | ) |
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| 241 |
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Dividends |
| (478 | ) |
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| (488 | ) | |
Capital contributions from FPL Group | 400 | 400 | ||||||
Net cash provided by (used in) financing activities | (704 | ) | 268 | |||||
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Net increase in cash and cash equivalents |
| 150 |
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| 264 |
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Cash and cash equivalents at beginning of period | 66 | - | ||||||
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Cash and cash equivalents at end of period | $ | 216 | $ | 264 | ||||
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Supplemental schedule of noncash investing and financing activities: |
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Additions to capital lease obligations | $ | 57 |
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| $ | 42 |
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Transfer of net assets to FPL FiberNet, LLC | $ | - |
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| $ | 100 |
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FPL GROUP, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
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2001 | 2002 | 2003 | 2004 | 2005 | ||||||||||
FPL: | (millions) | |||||||||||||
Capacity payments: |
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JEA and Southern Companies | $ | 50 |
| $ | 200 |
| $ | 200 |
| $ | 200 |
| $ | 200 |
Qualifying facilities | $ | 80 |
| $ | 330 |
| $ | 340 |
| $ | 350 |
| $ | 340 |
Other electricity suppliers | $ | 5 |
| $ | 75 |
| $ | 95 |
| $ | 95 |
| $ | 45 |
Minimum payments, at projected prices: |
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Southern Companies - energy | $ | 15 |
| $ | 50 |
| $ | 60 |
| $ | 50 |
| $ | 60 |
Natural gas, including transportation | $ | 115 |
| $ | 655 |
| $ | 635 |
| $ | 635 |
| $ | 630 |
Coal | $ | 23 |
| $ | 45 |
| $ | 20 |
| $ | 10 |
| $ | 10 |
Oil | $ | 20 |
| $ | 10 |
| $ | - |
| $ | - |
| $ | - |
FPL Energy: |
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Natural gas, including transportation and storage | $ | 10 |
| $ | 20 |
| $ | 15 |
| $ | 15 |
| $ | 15 |
Charges under these contracts were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2001 Charges | 2000 Charges | 2001 Charges | 2000 Charges | |||||||||||||||||||||||||||||
| Energy/ |
| Energy/ |
| Energy/ |
| Energy/ | |||||||||||||||||||||||||
FPL: | (millions) | |||||||||||||||||||||||||||||||
JEA and Southern Companies | $ | 48 | (a) |
| $ | 42 | (b) |
| $ | 47 | (a) |
| $ | 42 | (b) |
| $ | 149 | (a) |
| $ | 126 | (b) |
| $ | 150 | (a) |
| $ | 114 | (b) | |
Qualifying facilities | $ | 80 | (c) |
| $ | 32 | (b) |
| $ | 80 | (c) |
| $ | 41 | (b) |
| $ | 236 | (c) |
| $ | 100 | (b) |
| $ | 238 | (c) |
| $ | 101 | (b) | |
Other electricity suppliers | $ | 13 | (c) |
| $ | 2 | (b) |
| $ | - |
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| $ | - |
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| $ | 22 | (c) |
| $ | 4 | (b) |
| $ | - |
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| $ | - |
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Natural gas, including transportation | $ | - |
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| $ | 220 | (b) |
| $ | - |
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| $ | 167 | (b) |
| $ | - |
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| $ | 636 | (b) |
| $ | - |
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| $ | 379 | (b) | |
Coal | $ | - |
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| $ | 12 | (b) |
| $ | - |
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| $ | 13 | (b) |
| $ | - |
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| $ | 37 | (b) |
| $ | - |
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| $ | 37 | (b) | |
Oil | $ | - |
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| $ | 75 | (b) |
| $ | - |
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| $ | 140 | (b) |
| $ | - |
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| $ | 264 | (b) |
| $ | - |
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| $ | 250 | (b) | |
FPL Energy: | ||||||||||||||||||||||||||||||||
Natural gas, including | ||||||||||||||||||||||||||||||||
transportation and storage | $ | - | $ | 5 | $ | - | $ | 4 | $ | - | $ | 13 | $ | - | $ | 12 | ||||||||||||||||
_____________________ | ||||||||||||||||||||||||||||||||
(a) Recovered through base rates and the capacity clause. | ||||||||||||||||||||||||||||||||
(b) Recovered through the fuel clause. | ||||||||||||||||||||||||||||||||
(c) Recovered through the capacity clause. |
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Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2001 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||
| FPL | Corporate |
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| FPL | Corporate |
| ||||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 2,272 |
|
| $ | 228 |
|
| $ | 29 |
|
| $ | 2,529 |
|
| $ | 1,917 |
|
| $ | 149 |
|
| $ | 21 |
|
| $ | 2,087 |
| ||||||||||||||||
Net income | $ | 290 |
|
| $ | 44 |
|
| $ | - |
|
| $ | 334 |
|
| $ | 275 |
|
| $ | 32 |
|
| $ | 7 |
|
| $ | 314 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
| ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2001 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||
| FPL | Corporate |
|
| FPL | Corporate |
| ||||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 5,854 |
|
| $ | 691 |
|
| $ | 91 |
|
| $ | 6,636 |
|
| $ | 4,788 |
|
| $ | 370 |
|
| $ | 67 |
|
| $ | 5,225 |
| ||||||||||||||||
Net income (loss)(a) | $ | 570 |
|
| $ | 100 | (b) |
| $ | (7 | ) |
| $ | 663 |
|
| $ | 553 |
|
| $ | 74 |
|
| $ | 12 |
|
| $ | 639 |
| ||||||||||||||||
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|
|
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|
|
| ||||||||||||||||
September 30, 2001 | December 31, 2000 | ||||||||||||||||||||||||||||||||||||||||||||||
| FPL | Corporate |
|
| FPL | Corporate |
| ||||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 12,308 |
|
| $ | 4,518 |
|
| $ | 529 |
|
| $ | 17,355 |
|
| $ | 12,020 |
|
| $ | 2,679 |
|
| $ | 601 |
|
| $ | 15,300 |
| ||||||||||||||||
_____________________ | |||||||||||||||||||||||||||||||||||||||||||||||
(a) | Includes merger-related expense in 2001 of $19 million after-tax, of which $16 million was recognized by FPL and $3 million by Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||||||||
(b) | Includes a $4 million gain related to the effects of applying FAS 133. |
|
|
| |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2001 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||
| FPL |
|
|
| FPL |
|
| ||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | - |
|
| $ | 256 |
|
| $ | 2,273 |
|
| $ | 2,529 |
|
| $ | - |
|
| $ | 170 |
|
| $ | 1,917 |
|
| $ | 2,087 |
| ||||||||||||||
Operating expenses |
| - |
|
|
| (218 | ) |
|
| (1,771 | ) |
|
| (1,989 | ) |
|
| - |
|
|
| (150 | ) |
|
| (1,426 | ) |
|
| (1,576 | ) | ||||||||||||||
Interest charges |
| (8 | ) |
|
| (38 | ) |
|
| (37 | ) |
|
| (83 | ) |
|
| (8 | ) |
|
| (27 | ) |
|
| (39 | ) |
|
| (74 | ) | ||||||||||||||
Other income (deductions) - net | 327 | 56 | (341 | ) | 42 | 319 | 54 | (331 | ) | 42 | |||||||||||||||||||||||||||||||||||
Income before income taxes |
| 319 |
|
|
| 56 |
|
|
| 124 |
|
|
| 499 |
|
|
| 311 |
|
|
| 47 |
|
|
| 121 |
|
|
| 479 |
| ||||||||||||||
Income tax expense (benefit) | (15 | ) | 19 | 161 | 165 | (3 | ) | 4 | 164 | 165 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 334 | $ | 37 | $ | (37 | ) | $ | 334 | $ | 314 | $ | 43 | $ | (43 | ) | $ | 314 | |||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2001 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||
| FPL |
|
|
| FPL |
|
| ||||||||||||||||||||||||||||||||||||||
| (millions) | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Operating revenues | $ | - |
|
| $ | 782 |
|
| $ | 5,854 |
|
| $ | 6,636 |
|
| $ | - |
|
| $ | 437 |
|
| $ | 4,788 |
|
| $ | 5,225 |
| ||||||||||||||
Operating expenses |
| - |
|
|
| (682 | ) |
|
| (4,794 | ) |
|
| (5,476 | ) |
|
| - |
|
|
| (364 | ) |
|
| (3,767 | ) |
|
| (4,131 | ) | ||||||||||||||
Interest charges |
| (22 | ) |
|
| (105 | ) |
|
| (123 | ) |
|
| (250 | ) |
|
| (23 | ) |
|
| (72 | ) |
|
| (106 | ) |
|
| (201 | ) | ||||||||||||||
Other income (deductions) - net | 665 | 129 | (711 | ) | 83 | 655 | 112 | (698 | ) | 69 | |||||||||||||||||||||||||||||||||||
Income before income taxes |
| 643 |
|
|
| 124 |
|
|
| 226 |
|
|
| 993 |
|
|
| 632 |
|
|
| 113 |
|
|
| 217 |
|
|
| 962 |
| ||||||||||||||
Income tax expense (benefit) | (20 | ) | 24 | 326 | 330 | (7 | ) | 11 | 319 | 323 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 663 | $ | 100 | $ | (100 | ) | $ | 663 | $ | 639 | $ | 102 | $ | (102 | ) | $ | 639 | |||||||||||||||||||||||||||
_____________________ | |||||||||||||||||||||||||||||||||||||||||||||
(a) Represents FPL, other subsidiaries and consolidating adjustments. |
| |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2001 | December 31, 2000 | ||||||||||||||||||||||||||||||||||||||||||||||
|
| FPL |
|
|
| FPL |
|
| |||||||||||||||||||||||||||||||||||||||
| (millions) | ||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||||||||||||||||||||||||||
Electric utility plant in | $ | - | $ | 3,191 | $ | 19,556 | $ | 22,747 | $ | - | $ | 1,984 | $ | 19,038 | $ | 21,022 | |||||||||||||||||||||||||||||||
Less accumulated depreciation and amortization | - | (222 | ) | (11,241 | ) | (11,463 | ) | - | (170 | ) | (10,918 | ) | (11,088 | ) | |||||||||||||||||||||||||||||||||
Total property, plant and equipment - net | - | 2,969 | 8,315 | 11,284 | - | 1,814 | 8,120 | 9,934 | |||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Cash and cash equivalents |
| 5 |
|
|
| 78 |
|
|
| 216 |
|
|
| 299 |
|
|
| 12 |
|
|
| 51 |
|
|
| 66 |
|
|
| 129 |
| ||||||||||||||||
Receivables |
| - |
|
|
| 609 |
|
|
| 331 |
|
|
| 940 |
|
|
| 56 |
|
|
| 418 |
|
|
| 409 |
|
|
| 883 |
| ||||||||||||||||
Other | - | 104 | 663 | 767 | - | 66 | 703 | 769 | |||||||||||||||||||||||||||||||||||||||
Total current assets | 5 | 791 | 1,210 | 2,006 | 68 | 535 | 1,178 | 1,781 | |||||||||||||||||||||||||||||||||||||||
OTHER ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Investment in subsidiaries | 6,561 | - | (6,561 | ) | - | 5,967 | - | (5,967 | ) | - | |||||||||||||||||||||||||||||||||||||
Other | 99 | 1,993 | 1,973 | 4,065 | 141 | 1,365 | 2,079 | 3,585 | |||||||||||||||||||||||||||||||||||||||
Total other assets | 6,660 | 1,993 | (4,588 | ) | 4,065 | 6,108 | 1,365 | (3,888 | ) | 3,585 | |||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 6,665 | $ | 5,753 | $ | 4,937 | $ | 17,355 | $ | 6,176 | $ | 3,714 | $ | 5,410 | $ | 15,300 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
CAPITALIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Common shareholders' equity | $ | 5,979 |
|
| $ | 1,026 |
|
| $ | (1,026 | ) |
| $ | 5,979 |
|
| $ | 5,593 |
|
| $ | 935 |
|
| $ | (935 | ) |
| $ | 5,593 |
| ||||||||||||||||
Preferred stock of FPL without sinking fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
requirements |
| - |
|
|
| - |
|
|
| 226 |
|
|
| 226 |
|
|
| - |
|
|
| - |
|
|
| 226 |
|
|
| 226 |
| ||||||||||||||||
Long-term debt | - | 2,294 | 2,578 | 4,872 | - | 1,400 | 2,576 | 3,976 | |||||||||||||||||||||||||||||||||||||||
Total capitalization | 5,979 | 3,320 | 1,778 | 11,077 | 5,593 | 2,335 | 1,867 | 9,795 | |||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Accounts payable and commercial paper |
| - |
|
|
| 1,597 |
|
|
| 391 |
|
|
| 1,988 |
|
|
| - |
|
|
| 705 |
|
|
| 1,017 |
|
|
| 1,722 |
| ||||||||||||||||
Other | 597 | 250 | 702 | 1,549 | 467 | 186 | 388 | 1,041 | |||||||||||||||||||||||||||||||||||||||
Total current liabilities | 597 | 1,847 | 1,093 | 3,537 | 467 | 891 | 1,405 | 2,763 | |||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Accumulated deferred income taxes and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
unamortized tax credits |
| - |
|
|
| 465 |
|
|
| 1,080 |
|
|
| 1,545 |
|
|
| - |
|
|
| 399 |
|
|
| 1,248 |
|
|
| 1,647 |
| ||||||||||||||||
Other | 89 | 121 | 986 | 1,196 | 116 | 89 | 890 | 1,095 | |||||||||||||||||||||||||||||||||||||||
Total other liabilities and deferred credits | 89 | 586 | 2,066 | 2,741 | 116 | 488 | 2,138 | 2,742 | |||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||||||||||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | $ | 6,665 | $ | 5,753 | $ | 4,937 | $ | 17,355 | $ | 6,176 | $ | 3,714 | $ | 5,410 | $ | 15,300 | |||||||||||||||||||||||||||||||
(a) Represents FPL, other subsidiaries and consolidating adjustments. |
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2001 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||
|
| FPL |
|
|
| FPL |
|
| |||||||||||||||||||||||||||||||||||||
| (millions) | ||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY (USED IN) | |||||||||||||||||||||||||||||||||||||||||||||
OPERATING ACTIVITIES | $ | 678 | $ | (278 | ) | $ | 1,263 | $ | 1,663 | $ | 815 | $ | (238 | ) | $ | 478 | $ | 1,055 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Capital expenditures and independent power |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
investments | - | (1,495 | ) | (850 | ) | (2,345 | ) | - | (394 | ) | (915 | ) | (1,309 | ) | |||||||||||||||||||||||||||||||
Capital contributions to subsidiaries |
| (400 | ) |
|
| - |
|
|
| 400 |
|
|
| - |
|
|
| (418 | ) |
|
| - |
|
|
| 418 |
|
|
| - |
| ||||||||||||||
Other - net | - | (46 | ) | (37 | ) | (83 | ) | (7 | ) | (19 | ) | (56 | ) | (82 | ) | ||||||||||||||||||||||||||||||
Net cash used in investing activities | (400 | ) | (1,541 | ) | (487 | ) | (2,428 | ) | (425 | ) | (413 | ) | (553 | ) | (1,391 | ) | |||||||||||||||||||||||||||||
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Issuance of long-term debt |
| - |
|
|
| 920 |
|
|
| - |
|
|
| 920 |
|
|
| - |
|
|
| - |
|
|
| 387 |
|
|
| 387 |
| ||||||||||||||
Retirement of long-term debt |
| - |
|
|
| - |
|
|
| (66 | ) |
|
| (66 | ) |
|
| - |
|
|
| - |
|
|
| (272 | ) |
|
| (272 | ) | ||||||||||||||
Increase (decrease) in commercial paper |
| - |
|
|
| 926 |
|
|
| (560 | ) |
|
| 366 |
|
|
| - |
|
|
| 356 |
|
|
| 241 |
|
|
| 597 |
| ||||||||||||||
Capital contributions from FPL Group |
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 18 |
|
|
| (18 | ) |
|
| - |
| ||||||||||||||
Repurchases of common stock |
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (85 | ) |
|
| - |
|
|
| - |
|
|
| (85 | ) | ||||||||||||||
Dividends | (285 | ) | - | - | (285 | ) | (275 | ) | - | - | (275 | ) | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (285 | ) | 1,846 | (626 | ) | 935 | (360 | ) | 374 | 338 | 352 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Net increase (decrease) in cash and cash equivalents |
| (7 | ) |
|
| 27 |
|
|
| 150 |
|
|
| 170 |
|
|
| 30 |
|
|
| (277 | ) |
|
| 263 |
|
|
| 16 |
| ||||||||||||||
Cash and cash equivalents at beginning of period | 12 | 51 | 66 | 129 | (16 | ) | 376 | 1 | 361 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 5 | $ | 78 | $ | 216 | $ | 299 | $ | 14 | $ | 99 | $ | 264 | $ | 377 | |||||||||||||||||||||||||||||
|
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|
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|
|
|
In October 2001, FPL and FPL Group Capital replaced their bank credit facilities increasing their capacity to $1 billion for FPL and $2 billion for FPL Group Capital. One-half of these facilities have a 364-day term, with the remainder being a three-year term. These facilities will be used to support the companies' commercial paper programs as well as for general corporate purposes. |
|
|
|
|
PART II - OTHER INFORMATION | ||||||
| ||||||
| ||||||
| ||||||
| ||||||
|
| |||||
|
| |||||
| Dennis P. Coyle | Armando J. Olivera | ||||
| Paul J. Evanson | Antonio Rodriguez | ||||
| Lewis Hay III | John A. Stall | ||||
|
| |||||
| ||||||
|
| |||||
| ||||||
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| |||||
| ||||||
|
| |||||
| ||||||
| ||||||
|
| |||||
|
|
|
|
| ||
12(a) | Computation of Ratio of Earnings to Fixed Charges | x |
|
| ||
12(b) | Computation of Ratios |
|
| x | ||
| ||||||
|
|
| ||||
SIGNATURES | ||||
| ||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. | ||||
| ||||
FPL GROUP, INC. | ||||
FLORIDA POWER & LIGHT COMPANY | ||||
(Registrants) | ||||
| ||||
Date: November 8, 2001 | ||||
| ||||
K. MICHAEL DAVIS | ||||
K. Michael Davis |