Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | NEXTERA ENERGY INC | ||
Entity Central Index Key | 753308 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $44,591,917,850 | ||
Entity Common Stock, Shares Outstanding | 443,453,049 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
FPL [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | FLORIDA POWER & LIGHT CO | ||
Entity Central Index Key | 37634 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING REVENUES | $17,021 | $15,136 | $14,256 | |
OPERATING EXPENSES | ||||
Fuel, purchased power and interchange | 5,602 | 4,958 | 5,121 | |
Other operations and maintenance | 3,149 | 3,194 | 3,155 | |
Impairment charges | 11 | 300 | 0 | |
Depreciation and amortization | 2,551 | 2,163 | 1,518 | |
Taxes other than income taxes and other | 1,324 | 1,280 | 1,186 | |
Total operating expenses | 12,637 | 11,895 | 10,980 | |
OPERATING INCOME | 4,384 | 3,241 | 3,276 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | -1,261 | -1,121 | -1,038 | |
Benefits associated with differential membership interests - net | 199 | 165 | 81 | |
Equity in earnings of equity method investees | 93 | 25 | 13 | |
Allowance for equity funds used during construction | 37 | 63 | 67 | |
Interest income | 80 | 78 | 86 | |
Gains on disposal of assets - net | 105 | 54 | 157 | |
Gain (loss) associated with Maine fossil | 21 | -67 | 0 | |
Other than temporary impairment losses on securities held in nuclear decommissioning funds | -13 | -11 | -16 | |
Other - net | 0 | 27 | -23 | |
Total other deductions - net | -739 | -787 | -673 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 3,645 | 2,454 | [1] | 2,603 |
INCOME TAXES | 1,176 | 777 | [1] | 692 |
INCOME FROM CONTINUING OPERATIONS | 2,469 | 1,677 | [1] | 1,911 |
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 0 | 231 | [1],[2] | 0 |
NET INCOME | 2,469 | 1,908 | 1,911 | |
Net income attributable to noncontrolling interest | -4 | 0 | 0 | |
Net income attributable to parent | 2,465 | 1,908 | 1,911 | |
Earnings per share attributable to NEE - basic: | ||||
Basic EPS - Continuing operations | $5.67 | $3.95 | [3] | $4.59 |
Basic EPS - Discontinued operations | $0 | $0.55 | $0 | |
Total | $5.67 | $4.50 | $4.59 | |
Earnings per share attributable to NEE - assuming dilution: | ||||
Diluted EPS - Continuing operations | $5.60 | $3.93 | [3] | $4.56 |
Basic EPS - Discontinued operations | $0 | $0.54 | $0 | |
Total | $5.60 | $4.47 | $4.56 | |
Weighted-average number of common shares outstanding: | ||||
Basic | 434.4 | 424.2 | 416.7 | |
Assuming dilution | 440.1 | 427 | 419.2 | |
FPL [Member] | ||||
OPERATING REVENUES | 11,421 | 10,445 | 10,114 | |
OPERATING EXPENSES | ||||
Fuel, purchased power and interchange | 4,375 | 3,925 | 4,265 | |
Other operations and maintenance | 1,620 | 1,699 | 1,773 | |
Depreciation and amortization | 1,432 | 1,159 | 659 | |
Taxes other than income taxes and other | 1,166 | 1,123 | 1,060 | |
Total operating expenses | 8,593 | 7,906 | 7,757 | |
OPERATING INCOME | 2,828 | 2,539 | 2,357 | |
OTHER INCOME (DEDUCTIONS) | ||||
Interest expense | -439 | -415 | -417 | |
Allowance for equity funds used during construction | 36 | 55 | 52 | |
Other - net | 2 | 5 | 0 | |
Total other deductions - net | -401 | -355 | -365 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,427 | 2,184 | 1,992 | |
INCOME TAXES | 910 | 835 | 752 | |
Net income attributable to parent | $1,517 | $1,349 | $1,240 | |
[1] | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||
[2] | See Note 6. | |||
[3] | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $2,469 | $1,908 | $1,911 |
Effective portion of net unrealized gains (losses) (net of $80 tax benefit, $45 tax expense and $55 tax benefit, respectively) | -141 | 84 | -106 |
Reclassification from accumulated other comprehensive income to net income (net of $57, $38 and $25 tax expense, respectively) | 98 | 67 | 44 |
Net unrealized gains on securities still held (net of $45, $84 and $48 tax expense, respectively) | 62 | 118 | 70 |
Reclassification from accumulated other comprehensive income to net income (net of $26, $10 and $52 tax benefit, respectively) | -41 | -17 | -77 |
Defined benefit pension and other benefits plans (net of $27 tax benefit, $61 tax expense and $19 tax benefit, respectively) | -43 | 97 | -28 |
Net unrealized gains (losses) on foreign currency translation (net of $12 and $22 tax benefit and $3 tax expense, respectively) | -25 | -45 | 7 |
Other comprehensive income (loss) related to equity method investee (net of $5 tax benefit, $5 tax expense and $7 tax benefit, respectively) | -8 | 7 | -11 |
Total other comprehensive income (loss), net of tax | -98 | 311 | -101 |
COMPREHENSIVE INCOME | 2,371 | 2,219 | 1,810 |
LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | -2 | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $2,369 | $2,219 | $1,810 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedges - Effective portion of net unrealized gains (tax (benefit) expense) | ($80) | $45 | ($55) |
Cash Flow Hedges - Reclassification from AOCI to net income (tax (benefit) expense) | 57 | 38 | 25 |
Available for Sale - Net unrealized gains on securities still held (tax (benefit) expense) | 45 | 84 | 48 |
Available for Sale - Reclassification from AOCI to net income (tax (benefit) expense) | -26 | -10 | -52 |
Defined benefit pension and other benefits plans (tax (benefit) expense) | -27 | 61 | -19 |
Net unrealized gains on foreign currency translation (tax (benefit) expense) | -12 | -22 | 3 |
Other comprehensive income (loss) related to equity method investee, tax | ($5) | $5 | ($7) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
PROPERTY, PLANT AND EQUIPMENT | |||
Electric plant in service and other property | $68,042 | $62,699 | |
Nuclear fuel | 2,006 | 2,059 | |
Construction work in progress | 3,591 | 4,690 | |
Less accumulated depreciation and amortization | -17,934 | -16,728 | |
Total property, plant and equipment - net | 55,705 | 52,720 | |
CURRENT ASSETS | |||
Cash and cash equivalents | 577 | 438 | |
Customer receivables, net of allowances | 1,805 | 1,777 | |
Other receivables | 354 | 512 | |
Materials, supplies and fossil fuel inventory | 1,292 | 1,153 | |
Regulatory assets: | |||
Deferred clause and franchise expenses | 268 | 192 | |
Derivatives | 364 | 0 | |
Other | 116 | 116 | |
Derivatives | 990 | 498 | |
Deferred income taxes | 739 | 753 | |
Other | 439 | 403 | |
Total current assets | 6,944 | 5,842 | |
OTHER ASSETS | |||
Special use funds | 5,166 | 4,780 | |
Other investments | 1,399 | 1,121 | |
Prepaid benefit costs | 1,244 | 1,456 | |
Regulatory assets: | |||
Securitized storm-recovery costs | 294 | 372 | |
Other | 657 | 426 | |
Derivatives | 1,009 | 1,163 | |
Other | 2,511 | 1,426 | |
Total other assets | 12,280 | 10,744 | |
TOTAL ASSETS | 74,929 | 69,306 | |
CAPITALIZATION | |||
Common stock | 4 | 4 | |
Additional paid-in capital | 7,179 | 6,411 | |
Retained earnings | 12,773 | 11,569 | |
Accumulated other comprehensive income (loss) | -40 | 56 | |
Total common shareholders' equity | 19,916 | 18,040 | |
Noncontrolling interests | 252 | 0 | |
Total equity | 20,168 | 18,040 | |
Long-term debt | 24,367 | 23,969 | |
Total capitalization | 44,535 | 42,009 | |
CURRENT LIABILITIES | |||
Commercial paper | 1,142 | 691 | |
Current maturities of long-term debt | 3,515 | 3,766 | |
Accounts payable | 1,354 | 1,200 | |
Customer deposits | 462 | 452 | |
Accrued interest and taxes | 474 | 473 | |
Derivatives | 1,289 | 838 | |
Accrued construction-related expenditures | 676 | 839 | |
Other | 751 | 930 | |
Total current liabilities | 9,663 | 9,189 | |
OTHER LIABILITIES AND DEFERRED CREDITS | |||
Asset retirement obligations | 1,986 | 1,850 | |
Deferred income taxes | 9,261 | 8,144 | |
Regulatory liabilities: | |||
Accrued asset removal costs | 1,904 | 1,839 | |
Asset retirement obligation regulatory expense difference | 2,257 | 2,082 | |
Other | 476 | 462 | |
Derivatives | 466 | 473 | |
Deferral related to differential membership interests - VIEs | 2,704 | 2,001 | |
Other | 1,677 | 1,257 | |
Total other liabilities and deferred credits | 20,731 | 18,108 | |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL CAPITALIZATION AND LIABILITIES | 74,929 | 69,306 | |
FPL [Member] | |||
ELECTRIC UTILITY PLANT | |||
Plant in service and other property | 39,027 | 36,838 | |
Nuclear fuel | 1,217 | 1,240 | |
Construction work in progress | 1,694 | 1,818 | |
Less accumulated depreciation and amortization | -11,282 | -10,944 | |
Total electric utility plant - net | 30,656 | 28,952 | |
CURRENT ASSETS | |||
Cash and cash equivalents | 14 | 19 | |
Customer receivables, net of allowances | 773 | 757 | |
Other receivables | 136 | 137 | |
Materials, supplies and fossil fuel inventory | 848 | 742 | |
Regulatory assets: | |||
Deferred clause and franchise expenses | 268 | 192 | |
Derivatives | 364 | 0 | |
Other | 111 | 105 | |
Deferred income taxes | 0 | 98 | [1] |
Other | 120 | 261 | |
Total current assets | 2,634 | 2,213 | |
OTHER ASSETS | |||
Special use funds | 3,524 | 3,273 | |
Prepaid benefit costs | 1,189 | 1,142 | |
Regulatory assets: | |||
Securitized storm-recovery costs | 294 | 372 | |
Other | 468 | 396 | |
Other | 542 | 140 | |
Total other assets | 6,017 | 5,323 | |
TOTAL ASSETS | 39,307 | 36,488 | |
CAPITALIZATION | |||
Common stock | 1,373 | 1,373 | |
Additional paid-in capital | 6,279 | 6,179 | |
Retained earnings | 5,499 | 5,532 | |
Total common shareholders' equity | 13,151 | 13,084 | |
Long-term debt | 9,413 | 8,473 | |
Total capitalization | 22,564 | 21,557 | |
CURRENT LIABILITIES | |||
Commercial paper | 1,142 | 204 | |
Current maturities of long-term debt | 60 | 356 | |
Accounts payable | 647 | 611 | |
Customer deposits | 458 | 447 | |
Accrued interest and taxes | 245 | 272 | |
Derivatives | 370 | 1 | |
Accrued construction-related expenditures | 233 | 202 | |
Other | 331 | 437 | |
Total current liabilities | 3,486 | 2,530 | |
OTHER LIABILITIES AND DEFERRED CREDITS | |||
Asset retirement obligations | 1,355 | 1,285 | |
Deferred income taxes | 6,835 | 6,355 | |
Regulatory liabilities: | |||
Accrued asset removal costs | 1,898 | 1,839 | |
Asset retirement obligation regulatory expense difference | 2,257 | 2,082 | |
Other | 476 | 386 | |
Other | 436 | 454 | |
Total other liabilities and deferred credits | 13,257 | 12,401 | |
COMMITMENTS AND CONTINGENCIES | |||
TOTAL CAPITALIZATION AND LIABILITIES | $39,307 | $36,488 | |
[1] | Included in other current assets on FPL's consolidated balance sheets. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Total property, plant and equipment - net | $55,705 | $52,720 |
Customer receivables, net of allowances | 27 | 14 |
Securitized storm-recovery costs | 294 | 372 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, outstanding (in shares) | 443,000,000 | 435,000,000 |
Long-term debt | 24,367 | 23,969 |
Related to VIEs [Member] | ||
Total property, plant and equipment - net | 6,414 | 5,127 |
Securitized storm-recovery costs | 180 | 228 |
Long-term debt | 1,077 | 1,207 |
FPL [Member] | ||
Customer receivables, net of allowances | 5 | 5 |
Securitized storm-recovery costs | 294 | 372 |
Common stock, authorized (in shares) | 1,000 | 1,000 |
Common stock, par value | $0 | $0 |
Common stock, issued (in shares) | 1,000 | 1,000 |
Common stock, outstanding (in shares) | 1,000 | 1,000 |
Long-term debt | 9,413 | 8,473 |
FPL [Member] | Related to VIEs [Member] | ||
Securitized storm-recovery costs | 180 | 228 |
Long-term debt | $273 | $331 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $2,469 | $1,908 | $1,911 | |
NET INCOME | 2,465 | 1,908 | 1,911 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 2,551 | 2,163 | 1,518 | |
Nuclear fuel and other amortization | 345 | 358 | 259 | |
Impairment charges | 11 | 300 | 0 | |
Unrealized gains on marked to market energy contracts | -411 | -10 | -85 | |
Deferred income taxes | 1,205 | 853 | 682 | |
Cost recovery clauses and franchise fees | -67 | -166 | 129 | |
Benefits associated with differential membership interests - net | -199 | -165 | -81 | |
Gain from discontinued operations, net of income taxes | 0 | -231 | [1],[2] | 0 |
Loss (gain) associated with Maine fossil | -21 | 67 | 0 | |
Other - net | 155 | 77 | -151 | |
Changes in operating assets and liabilities: | ||||
Customer and other receivables | -7 | -268 | -286 | |
Materials, supplies and fossil fuel inventory | -135 | -81 | 1 | |
Other current assets | -30 | 8 | -46 | |
Other assets | -220 | 8 | 3 | |
Accounts payable and customer deposits | 110 | 122 | -56 | |
Margin cash collateral | -59 | 156 | 104 | |
Income taxes | -75 | -56 | -20 | |
Other current liabilities | -110 | 143 | 154 | |
Other liabilities | -12 | -84 | -44 | |
Net cash provided by operating activities | 5,500 | 5,102 | 3,992 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | -3,067 | -2,691 | -4,070 | |
Independent power and other investments of NEER | -3,514 | -3,454 | -4,591 | |
Cash grants under the American Recovery and Reinvestment Act of 2009 | 343 | 165 | 196 | |
Nuclear fuel purchases | -287 | -371 | -305 | |
Other capital expenditures and other investments | -149 | -166 | -495 | |
Sale of independent power and other investments of NEER | 307 | 165 | 0 | |
Change in loan proceeds restricted for construction | -40 | 228 | 314 | |
Proceeds from sale or maturity of securities in special use funds and other investments | 4,621 | 4,405 | 5,301 | |
Purchases of securities in special use funds and other investments | -4,767 | -4,470 | -5,419 | |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 438 | 0 | 0 | |
Other - net | -246 | 66 | 141 | |
Net cash used in investing activities | -6,361 | -6,123 | -8,928 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 5,054 | 4,371 | 6,630 | |
Retirements of long-term debt | -4,750 | -2,396 | -1,612 | |
Proceeds from sale of differential membership interests | 978 | 448 | 808 | |
Payments to differential membership investors | -71 | -63 | -139 | |
Net change in short-term debt | 451 | -720 | 61 | |
Issuances of common stock - net | 633 | 842 | 405 | |
Repurchases of common stock | 0 | 0 | -19 | |
Dividends on common stock | -1,261 | -1,122 | -1,004 | |
Other - net | -34 | -230 | -242 | |
Net cash provided by (used in) financing activities | 1,000 | 1,130 | 4,888 | |
Net increase (decrease) in cash and cash equivalents | 139 | 109 | -48 | |
Cash and cash equivalents at beginning of year | 438 | 329 | 377 | |
Cash and cash equivalents at end of year | 577 | 438 | 329 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||
Cash paid for interest (net of amount capitalized) | 1,181 | 1,070 | 1,001 | |
Cash paid (received) for income taxes - net | 46 | -20 | 25 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 956 | 1,098 | 970 | |
Sale of hydropower generation plants through assumption of debt by buyer | 0 | 700 | 0 | |
Changes in property, plant and equipment as a result of a settlement | 181 | 0 | 0 | |
FPL [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
NET INCOME | 1,517 | 1,349 | 1,240 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,432 | 1,159 | 659 | |
Nuclear fuel and other amortization | 201 | 184 | 122 | |
Deferred income taxes | 601 | 617 | 988 | |
Cost recovery clauses and franchise fees | -67 | -166 | 129 | |
Other - net | 94 | 46 | -94 | |
Changes in operating assets and liabilities: | ||||
Customer and other receivables | -10 | -5 | -96 | |
Materials, supplies and fossil fuel inventory | -106 | -16 | 33 | |
Other current assets | -9 | 15 | -20 | |
Other assets | -103 | -12 | -41 | |
Accounts payable and customer deposits | 28 | -1 | -33 | |
Income taxes | -34 | 384 | -111 | |
Other current liabilities | -64 | 11 | 68 | |
Other liabilities | -26 | -7 | -21 | |
Net cash provided by operating activities | 3,454 | 3,558 | 2,823 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | -3,067 | -2,691 | -4,070 | |
Nuclear fuel purchases | -174 | -212 | -215 | |
Proceeds from sale or maturity of securities in special use funds and other investments | 3,349 | 3,342 | 3,790 | |
Purchases of securities in special use funds and other investments | -3,414 | -3,389 | -3,838 | |
Other - net | -268 | 30 | 68 | |
Net cash used in investing activities | -3,574 | -2,920 | -4,265 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 997 | 497 | 1,296 | |
Retirements of long-term debt | -355 | -453 | -50 | |
Net change in short-term debt | 938 | 99 | -225 | |
Capital contributions from NEE | 100 | 275 | 440 | |
Dividends on common stock | -1,550 | -1,070 | 0 | |
Other - net | -15 | -7 | -15 | |
Net cash provided by (used in) financing activities | 115 | -659 | 1,446 | |
Net increase (decrease) in cash and cash equivalents | -5 | -21 | 4 | |
Cash and cash equivalents at beginning of year | 19 | 40 | 36 | |
Cash and cash equivalents at end of year | 14 | 19 | 40 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||
Cash paid for interest (net of amount capitalized) | 417 | 410 | 400 | |
Cash paid (received) for income taxes - net | 342 | -166 | -124 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | $404 | $386 | $472 | |
[1] | 2013 amounts were reclassified to conform to current year's presentation. See NoteB 4 - Nonrecurring Fair Value Measurements. | |||
[2] | See Note 6. |
CONSOLIDATED_STATEMENTS_OF_COM2
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Unearned ESOP Compensation [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total common Shareholders' Equity [Member] | Noncontrolling Interest [Member] | FPL [Member] | FPL [Member] | FPL [Member] | FPL [Member] | ||
In Millions, except Share data, unless otherwise specified | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | |||||||||||
BEGINNING BALANCE at Dec. 31, 2011 | $10,850 | $1,373 | $5,464 | $4,013 | ||||||||||
Beginning Balance at Dec. 31, 2011 | 14,943 | 4 | 5,270 | -53 | -154 | 9,876 | 14,943 | 0 | ||||||
Balances (in shares) at Dec. 31, 2011 | 416,000,000 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 1,911 | 1,911 | 1,911 | |||||||||||
NET INCOME | 1,911 | 1,240 | 1,240 | |||||||||||
Issuances of common stock, net of issuance cost of less than $1 | 367 | 4 | 371 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 6,000,000 | |||||||||||||
Repurchases of common stock | -19 | -19 | ||||||||||||
Repurchases of common stock (in shares) | 0 | |||||||||||||
Exercise of stock options and other incentive plan activity | 98 | 98 | ||||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 2,000,000 | |||||||||||||
Dividends on common stock | [1] | -1,004 | -1,004 | |||||||||||
Earned compensation under ESOP | 34 | 10 | 44 | |||||||||||
Other comprehensive income (loss) | -101 | -101 | -101 | |||||||||||
Premium on equity units | -151 | -151 | ||||||||||||
Issuance costs on equity units | -24 | -24 | ||||||||||||
Capital contributions from NEE | 440 | 440 | ||||||||||||
Other | -1 | 1 | ||||||||||||
Ending Balance at Dec. 31, 2012 | 16,068 | 4 | 5,575 | -39 | -255 | 10,783 | 16,068 | 0 | ||||||
ENDING BALANCE at Dec. 31, 2012 | 12,530 | 1,373 | 5,903 | 5,254 | ||||||||||
Balance (in shares) at Dec. 31, 2012 | [2] | 424,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | [3],[4],[5],[6] | 272 | ||||||||||||
NET INCOME | [3],[5] | 288 | ||||||||||||
Ending Balance at Mar. 31, 2013 | ||||||||||||||
BEGINNING BALANCE at Dec. 31, 2012 | 12,530 | 1,373 | 5,903 | 5,254 | ||||||||||
Beginning Balance at Dec. 31, 2012 | 16,068 | 4 | 5,575 | -39 | -255 | 10,783 | 16,068 | 0 | ||||||
Balances (in shares) at Dec. 31, 2012 | [2] | 424,000,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 1,908 | 1,908 | 1,908 | |||||||||||
NET INCOME | 1,908 | 1,349 | 1,349 | |||||||||||
Issuances of common stock, net of issuance cost of less than $1 | 823 | 4 | 827 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 10,000,000 | |||||||||||||
Exercise of stock options and other incentive plan activity | 74 | 74 | ||||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | |||||||||||||
Dividends on common stock | [1] | -1,122 | -1,122 | |||||||||||
Earned compensation under ESOP | 37 | 9 | 46 | |||||||||||
Other comprehensive income (loss) | 311 | 311 | 311 | |||||||||||
Premium on equity units | -62 | -62 | ||||||||||||
Issuance costs on equity units | -10 | -10 | ||||||||||||
Capital contributions from NEE | 275 | 275 | ||||||||||||
Other | 1 | -1 | ||||||||||||
Dividends to NEE | -1,070 | |||||||||||||
Ending Balance at Dec. 31, 2013 | 18,040 | 4 | 6,437 | -26 | 56 | 11,569 | 18,040 | |||||||
ENDING BALANCE at Dec. 31, 2013 | 18,040 | 13,084 | 1,373 | 6,179 | 5,532 | |||||||||
Balance (in shares) at Dec. 31, 2013 | 435,000,000 | 435,000,000 | [2] | 1,000 | ||||||||||
BEGINNING BALANCE at Sep. 30, 2013 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | [3],[5] | 327 | ||||||||||||
NET INCOME | [3],[5] | 248 | ||||||||||||
Ending Balance at Dec. 31, 2013 | 18,040 | |||||||||||||
ENDING BALANCE at Dec. 31, 2013 | 18,040 | 13,084 | 1,373 | |||||||||||
Balance (in shares) at Dec. 31, 2013 | 435,000,000 | 1,000 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | [3],[5] | 430 | ||||||||||||
NET INCOME | [3],[5] | 430 | 347 | |||||||||||
Ending Balance at Mar. 31, 2014 | ||||||||||||||
BEGINNING BALANCE at Dec. 31, 2013 | 18,040 | 13,084 | 1,373 | 6,179 | 5,532 | |||||||||
Beginning Balance at Dec. 31, 2013 | 18,040 | 4 | 6,437 | -26 | 56 | 11,569 | 18,040 | 0 | ||||||
Balances (in shares) at Dec. 31, 2013 | 435,000,000 | 435,000,000 | [2] | 1,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 2,469 | 2,465 | 2,465 | 4 | ||||||||||
NET INCOME | 2,465 | 1,517 | 1,517 | |||||||||||
Issuances of common stock, net of issuance cost of less than $1 | 604 | 3 | 607 | |||||||||||
Issuances of common stock, net of issuance cost (in shares) | 7,000,000 | |||||||||||||
Exercise of stock options and other incentive plan activity | 102 | 102 | ||||||||||||
Exercise of stock options and other incentive plan activity (in shares) | 1,000,000 | |||||||||||||
Dividends on common stock | [1] | -1,261 | -1,261 | |||||||||||
Earned compensation under ESOP | 50 | 9 | 59 | |||||||||||
Other comprehensive income (loss) | -98 | -96 | -96 | -2 | ||||||||||
NEP acquisition of limited partnership interest in NEP OpCo | 232 | |||||||||||||
Capital contributions from NEE | 100 | 100 | ||||||||||||
Other | 18 | |||||||||||||
Dividends to NEE | -1,550 | |||||||||||||
Ending Balance at Dec. 31, 2014 | 20,168 | 4 | 7,193 | -14 | -40 | 12,773 | 19,916 | 252 | ||||||
ENDING BALANCE at Dec. 31, 2014 | 19,916 | 13,151 | 1,373 | 6,279 | 5,499 | |||||||||
Balance (in shares) at Dec. 31, 2014 | 443,000,000 | 443,000,000 | [2] | 1,000 | ||||||||||
BEGINNING BALANCE at Sep. 30, 2014 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | [3],[5] | 884 | ||||||||||||
NET INCOME | [3],[5] | 884 | 286 | |||||||||||
Ending Balance at Dec. 31, 2014 | 20,168 | |||||||||||||
ENDING BALANCE at Dec. 31, 2014 | $19,916 | $13,151 | $1,373 | |||||||||||
Balance (in shares) at Dec. 31, 2014 | 443,000,000 | 1,000 | ||||||||||||
[1] | Dividends per share were $2.90, $2.64 and $2.40 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
[2] | Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled approximately 1 million, 2 million and 3 million at DecemberB 31, 2014, 2013 and 2012, respectively; the original number of shares purchased and held by the ESOP Trust was approximately 25 million shares. | |||||||||||||
[3] | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | |||||||||||||
[4] | First quarter of 2013 includes an after-tax gain from discontinued operations. See Note 6. | |||||||||||||
[5] | The sum of the quarterly amounts may not equal the total for the year due to rounding. | |||||||||||||
[6] | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. |
CONSOLIDATED_STATEMENTS_OF_COM3
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Statement of Stockholders' Equity [Abstract] | |||||||
Common stock issuance cost | $1 | $1 | $1 | ||||
Dividends per share of common stock | $0.73 | [1] | $0.66 | [1] | $2.90 | $2.64 | $2.40 |
Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust (in shares) | 1 | 2 | 1 | 2 | 3 | ||
Original number of shares purchased and held by the ESOP Trust (in shares) | 25 | 25 | 25 | 25 | 25 | ||
[1] | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. |
Summary_of_Significant_Account
Summary of Significant Accounting and Reporting Policies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Summary of Significant Accounting and Reporting Policies [Abstract] | ||||||||||
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies | |||||||||
Basis of Presentation - The operations of NextEra Energy, Inc. (NEE) are conducted primarily through its wholly-owned subsidiary Florida Power & Light Company (FPL) and its wholly-owned indirect subsidiary NextEra Energy Resources, LLC (NEER). FPL, a rate-regulated electric utility, supplies electric service to approximately 4.7 million customer accounts throughout most of the east and lower west coasts of Florida. NEER invests in independent power projects through both controlled and consolidated entities and non-controlling ownership interests in joint ventures essentially all of which are accounted for under the equity method. | ||||||||||
The consolidated financial statements of NEE and FPL include the accounts of their respective majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. | ||||||||||
NextEra Energy Partners, LP - NEE, through NEER, formed NextEra Energy Partners, LP (NEP) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows through a limited partnership interest in NextEra Energy Operating Partners, LP (NEP OpCo). On July 1, 2014, NEP closed its initial public offering (IPO) by issuing 18,687,500 common units representing limited partnership interests. The proceeds from the sale of the common units, net of underwriting discounts, commissions and structuring fees, were approximately $438 million. NEP used such proceeds to purchase 18,687,500 common units of NEP OpCo, of which approximately $288 million was used to purchase common units from an indirect wholly-owned subsidiary of NEE and $150 million was used to purchase common units from NEP OpCo. Through an indirect wholly-owned subsidiary, NEE retained 74,440,000 units of NEP OpCo representing a 79.9% interest in NEP's operating projects. Additionally, NEE owns a controlling general partnership interest in NEP and consolidates this entity for financial reporting purposes and presents NEP's limited partnership interest as a noncontrolling interest in NEE's consolidated financial statements. The IPO resulted in a deferred gain of approximately $299 million which is reflected in noncurrent other liabilities on NEE's consolidated balance sheet at December 31, 2014. Upon completion of the IPO, NEP, through NEER's contribution of energy projects to NEP OpCo, owned a portfolio of ten wind and solar projects with generation capacity totaling approximately 990 megawatts (MW). | ||||||||||
Regulation - FPL is subject to rate regulation by the Florida Public Service Commission (FPSC) and the Federal Energy Regulatory Commission (FERC). Its rates are designed to recover the cost of providing electric service to its customers including a reasonable rate of return on invested capital. As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. | ||||||||||
Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through the various clauses, include substantially all fuel, purchased power and interchange costs, certain construction-related costs for FPL's planned additional nuclear units at Turkey Point and FPL's solar generating facilities, and conservation and certain environmental-related costs. Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery. Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods. | ||||||||||
If FPL were no longer subject to cost-based rate regulation, the existing regulatory assets and liabilities would be written off unless regulators specify an alternative means of recovery or refund. In addition, the FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred. The continued applicability of regulatory accounting is assessed at each reporting period. | ||||||||||
Revenues and Rates - FPL's retail and wholesale utility rate schedules are approved by the FPSC and the FERC, respectively. FPL records unbilled base revenues for the estimated amount of energy delivered to customers but not yet billed. FPL's unbilled base revenues are included in customer receivables on NEE's and FPL's consolidated balance sheets and amounted to approximately $223 million and $200 million at December 31, 2014 and 2013, respectively. FPL's operating revenues also include amounts resulting from cost recovery clauses (see Regulation above), franchise fees, gross receipts taxes and surcharges related to storm-recovery bonds (see Note 8 - FPL). Franchise fees and gross receipts taxes are imposed on FPL; however, the FPSC allows FPL to include in the amounts charged to customers the amount of the gross receipts tax for all customers and the franchise amount for those customers located in the jurisdiction that imposes the fee. Accordingly, franchise fees and gross receipts taxes are reported gross in operating revenues and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income and were approximately $716 million, $680 million and $684 million in 2014, 2013 and 2012, respectively. The revenues from the surcharges related to storm-recovery bonds included in operating revenues in NEE's and FPL's consolidated statements of income were approximately $109 million, $108 million and $106 million in 2014, 2013 and 2012, respectively. FPL also collects municipal utility taxes which are reported gross in customer receivables and accounts payable on NEE's and FPL's consolidated balance sheets. | ||||||||||
FPL Rates Effective January 2013 - December 2016 - In January 2013, the FPSC issued a final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding (2012 rate agreement). Key elements of the 2012 rate agreement, which is effective from January 2013 through December 2016, include, among other things, the following: | ||||||||||
• | New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis. | |||||||||
• | FPL's allowed regulatory return on common equity (ROE) is 10.50%, with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50%, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates. | |||||||||
• | Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational. (Cape Canaveral and Riviera Beach became operational in April 2013 and April 2014, respectively, and Port Everglades is expected to be operational by mid-2016.) | |||||||||
• | Cost recovery of FPL's West County Energy Center (WCEC) Unit No. 3 will continue to occur through the capacity cost recovery clause (capacity clause) (reported as retail base revenues); however, such recovery will not be limited to the projected annual fuel cost savings as was the case in the previous rate agreement discussed below. | |||||||||
• | Subject to certain conditions, FPL may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under the 2010 rate agreement discussed below (approximately $224 million) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50%. | |||||||||
• | Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kilowatt-hours (kWh) of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million. | |||||||||
• | An incentive mechanism whereby customers will receive 100% of certain gains, including but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold. The gains exceeding that specified threshold will be shared by FPL and its customers. | |||||||||
FPL Rates Effective March 2010 - December 2012 - Effective March 1, 2010, pursuant to an FPSC final order (2010 FPSC rate order), new retail base rates for FPL were established, resulting in an increase in retail base revenues of approximately $75 million on an annualized basis. The 2010 FPSC rate order, among other things, also established a regulatory ROE of 10.0% with a range of plus or minus 100 basis points. In February 2011, the FPSC issued a final order approving a stipulation and settlement agreement between FPL and principal parties in FPL's 2009 rate case (2010 rate agreement). The 2010 rate agreement, which was effective through December 31, 2012, provided for, among other things, a reduction in depreciation expense (surplus depreciation credit) in any calendar year up to a cap in 2010 of $267 million, a cap in subsequent years of $267 million plus the amount of any unused portion from prior years, and a total cap of $776 million over the course of the 2010 rate agreement, provided that in any year of the 2010 rate agreement FPL was required to use enough surplus depreciation credit to maintain an earned regulatory ROE within the range of 9.0% - 11.0%. The 2010 rate agreement also permitted incremental cost recovery through FPL's capacity clause for WCEC Unit No. 3 up to the amount of the projected annual fuel savings for customers. | ||||||||||
NEER's revenue is recorded on the basis of commodities delivered, contracts settled or services rendered and includes estimated amounts yet to be billed to customers. Certain commodity contracts for the purchase and sale of power that meet the definition of a derivative are recorded at fair value with subsequent changes in fair value recognized as revenue. See Energy Trading below and Note 3. | ||||||||||
In May 2014, the Financial Accounting Standards Board issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard is effective for NEE and FPL beginning January 1, 2017. NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements. | ||||||||||
Electric Plant, Depreciation and Amortization - The cost of additions to units of property of FPL and NEER is added to electric plant in service. In accordance with regulatory accounting, the cost of FPL's units of utility property retired, less estimated net salvage value, is charged to accumulated depreciation. Maintenance and repairs of property as well as replacements and renewals of items determined to be less than units of utility property are charged to other operations and maintenance (O&M) expenses. At December 31, 2014, the electric generating, transmission, distribution and general facilities of FPL represented approximately 51%, 11%, 33% and 5%, respectively, of FPL's gross investment in electric utility plant in service and other property. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. A number of NEER's generating facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $10.4 billion at December 31, 2014. The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant (convertible investment tax credits (ITCs)) for certain renewable energy property (renewable property). Convertible ITCs are recorded as a reduction in property, plant and equipment on NEE's and FPL's consolidated balance sheets and are amortized as a reduction to depreciation and amortization expense over the estimated life of the related property. At December 31, 2014 and 2013, convertible ITCs, net of amortization, were approximately $1.6 billion ($159 million at FPL) and $1.5 billion ($165 million at FPL). At December 31, 2014 and 2013, approximately $1 million and $182 million, respectively, of such convertible ITCs are included in other receivables on NEE's consolidated balance sheets. | ||||||||||
Depreciation of FPL's electric property is primarily provided on a straight-line average remaining life basis. FPL includes in depreciation expense a provision for fossil and solar plant dismantlement, interim asset removal costs, accretion related to asset retirement obligations (see Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below), storm recovery amortization and amortization of pre-construction costs associated with planned nuclear units recovered through a cost recovery clause. For substantially all of FPL's property, depreciation studies are typically performed and filed with the FPSC at least every four years. As part of the 2010 FPSC rate order, the FPSC approved new depreciation rates which became effective January 1, 2010. In accordance with the 2012 rate agreement, FPL is not required to file depreciation studies during the effective period of the agreement and the previously approved depreciation rates remain in effect. As discussed in Revenue and Rates above, the use of reserve amortization (the reduction of the reserve under the 2012 rate agreement and the surplus depreciation credit under the 2010 rate agreement) is permitted under the 2012 and 2010 rate agreements. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time assuming normal weather. This forecast establishes a fixed targeted regulatory ROE. In order to earn the targeted regulatory ROE in each reporting period under the 2012 and 2010 rate agreements, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by reserve amortization or reversal to earn the targeted regulatory ROE. In accordance with the 2012 and 2010 rate agreements, FPL recorded approximately $(33) million, $155 million and $480 million of reserve (reversal) amortization in 2014, 2013 and 2012, respectively. Beginning in 2013, the reserve is amortized as a reduction of (or reversed as an increase to) regulatory liabilities - accrued asset removal costs on NEE's and FPL's consolidated balance sheets. The weighted annual composite depreciation and amortization rate for FPL's electric utility plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed above, was approximately 3.3%, 3.4% and 3.3% for 2014, 2013 and 2012, respectively. | ||||||||||
NEER's electric plant in service less salvage value, if any, are depreciated primarily using the straight-line method over their estimated useful lives. At December 31, 2014 and 2013, wind, nuclear, natural gas and solar plants represented approximately 63% and 62%, 12% and 13%, 8% and 9%, and 7% and 6%, respectively, of NEER's depreciable electric plant in service and other property. The estimated useful lives of NEER's plants range primarily from 25 to 30 years for wind, natural gas and solar plants and from 25 to 47 years for nuclear plants. NEER reviews the estimated useful lives of its fixed assets on an ongoing basis. NEER's oil and gas production assets, representing approximately 6% of NEER's depreciable electric plant in service and other property at both December 31, 2014 and 2013, are accounted for under the successful efforts method. Depletion expenses for the acquisition of reserve rights and development costs are recognized using the unit of production method. | ||||||||||
Nuclear Fuel - FPL and NEER have several contracts for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel. See Note 13 - Contracts. FPL's and NEER's nuclear fuel costs are charged to fuel expense on a unit of production method. | ||||||||||
Construction Activity - Allowance for funds used during construction (AFUDC) is a non-cash item which represents the allowed cost of capital, including an ROE, used to finance FPL construction projects. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of interest expense and the remainder is recorded as other income. FPSC rules limit the recording of AFUDC to projects that have an estimated cost in excess of 0.5% of a utility's plant in service balance and require more than one year to complete. FPSC rules allow construction projects below the 0.5% threshold as a component of rate base. During 2014, 2013 and 2012, FPL capitalized AFUDC at a rate of 6.34%, 6.52% and 6.41%, respectively, which amounted to approximately $50 million, $81 million and $74 million, respectively. See Note 13 - Commitments. | ||||||||||
FPL's construction work in progress includes construction materials, progress payments on major equipment contracts, engineering costs, AFUDC and other costs directly associated with the construction of various projects. Upon completion of the projects, these costs are transferred to electric utility plant in service and other property. Capitalized costs associated with construction activities are charged to O&M expenses when recoverability is no longer probable. See Regulation above for information on recovery of costs associated with new nuclear capacity and solar generating facilities. | ||||||||||
NEER capitalizes project development costs once it is probable that such costs will be realized through the ultimate construction of a power plant or sale of development rights. At December 31, 2014 and 2013, NEER's capitalized development costs totaled approximately $122 million and $162 million, respectively, which are included in noncurrent other assets on NEE's consolidated balance sheets. These costs include land rights and other third-party costs directly associated with the development of a new project. Upon commencement of construction, these costs either are transferred to construction work in progress or remain in other assets, depending upon the nature of the cost. Capitalized development costs are charged to O&M expenses when it is no longer probable that these costs will be realized. | ||||||||||
NEER's construction work in progress includes construction materials, prepayments on turbine generators and other equipment, third-party engineering costs, capitalized interest and other costs directly associated with the construction and development of various projects. Interest capitalized on construction projects amounted to approximately $104 million, $109 million and $139 million during 2014, 2013 and 2012, respectively. Interest expense allocated from NextEra Energy Capital Holdings, Inc. (NEECH) to NEER is based on a deemed capital structure of 70% debt. Upon commencement of plant operation, costs associated with construction work in progress are transferred to electric plant in service and other property. | ||||||||||
Asset Retirement Obligations - NEE and FPL each account for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets. The asset retirement cost is subsequently allocated to expense using a systematic and rational method over the asset’s estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in the consolidated statements of income. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when asset retirement cost is depleted, in the case of NEE's non-rate regulated operations, and ARO and regulatory liability, in the case of FPL. See Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below and Note 12. | ||||||||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs - For ratemaking purposes, FPL accrues for the cost of end of life retirement and disposal of its nuclear, fossil and solar plants over the expected service life of each unit based on nuclear decommissioning and fossil and solar dismantlement studies periodically filed with the FPSC. In addition, FPL accrues for interim removal costs over the life of the related assets based on depreciation studies approved by the FPSC. As approved by the FPSC, FPL previously suspended its annual decommissioning accrual. For financial reporting purposes, FPL recognizes decommissioning and dismantlement liabilities in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. Any differences between expense recognized for financial reporting purposes and the amount recovered through rates are reported as a regulatory liability in accordance with regulatory accounting. See Revenues and Rates, Electric Plant, Depreciation and Amortization, Asset Retirement Obligations above and Note 12. | ||||||||||
Nuclear decommissioning studies are performed at least every five years and are submitted to the FPSC for approval. FPL filed updated nuclear decommissioning studies with the FPSC in December 2010. These studies reflect FPL's current plans, under the operating licenses, for prompt dismantlement of Turkey Point Units Nos. 3 and 4 following the end of plant operation with decommissioning activities commencing in 2032 and 2033, respectively, and provide for St. Lucie Unit No. 1 to be mothballed beginning in 2036 with decommissioning activities to be integrated with the prompt dismantlement of St. Lucie Unit No. 2 in 2043. These studies also assume that FPL will be storing spent fuel on site pending removal to a U.S. government facility. The studies indicate FPL's portion of the ultimate costs of decommissioning its four nuclear units, including costs associated with spent fuel storage above what is expected to be refunded by the U.S. Department of Energy (DOE) under a spent fuel settlement agreement, to be approximately $6.2 billion, or $2.6 billion expressed in 2014 dollars. | ||||||||||
Restricted funds for the payment of future expenditures to decommission FPL's nuclear units are included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's and FPL's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. See Note 4. FPL does not currently make contributions to the decommissioning funds, other than the reinvestment of dividends and interest. Fund earnings, consisting of dividends, interest and realized gains and losses, as well as any changes in unrealized gains and losses are not recognized in income and are reflected as a corresponding offset in the related regulatory liability accounts. During 2014, 2013 and 2012 fund earnings on decommissioning funds were approximately $91 million, $167 million and $98 million, respectively. The tax effects of amounts not yet recognized for tax purposes are included in accumulated deferred income taxes. | ||||||||||
Fossil and solar plant dismantlement studies are typically performed at least every four years and are submitted to the FPSC for approval. FPL's latest fossil and solar plant dismantlement studies became effective January 1, 2010 and resulted in an annual expense of $18 million which is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. At December 31, 2014, FPL's portion of the ultimate cost to dismantle its fossil and solar units is approximately $746 million, or $385 million expressed in 2014 dollars. In accordance with the 2012 rate agreement, FPL is not required to file fossil and solar dismantlement studies during the effective period of the agreement. | ||||||||||
NEER records nuclear decommissioning liabilities for Seabrook Station (Seabrook), Duane Arnold Energy Center (Duane Arnold) and Point Beach Nuclear Power Plant (Point Beach) in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. The liability is being accreted using the interest method through the date decommissioning activities are expected to be complete. See Note 12. At December 31, 2014 and 2013, NEER's ARO related to nuclear decommissioning was approximately $462 million and $434 million, respectively, and was determined using various internal and external data and applying a probability percentage to a variety of scenarios regarding the life of the plant and timing of decommissioning. NEER's portion of the ultimate cost of decommissioning its nuclear plants, including costs associated with spent fuel storage above what is expected to be refunded by the DOE under a spent fuel settlement agreement, is estimated to be approximately $11.9 billion, or $2.0 billion expressed in 2014 dollars. | ||||||||||
Seabrook files a comprehensive nuclear decommissioning study with the New Hampshire Nuclear Decommissioning Financing Committee (NDFC) every four years; the most recent study was filed in 2011. Seabrook's decommissioning funding plan is also subject to annual review by the NDFC. Currently, there are no ongoing decommissioning funding requirements for Seabrook, Duane Arnold and Point Beach, however, the U.S. Nuclear Regulatory Commission (NRC), and in the case of Seabrook, the NDFC, has the authority to require additional funding in the future. NEER's portion of Seabrook's, Duane Arnold's and Point Beach's restricted funds for the payment of future expenditures to decommission these plants is included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. Market adjustments result in a corresponding adjustment to other comprehensive income (OCI), except for unrealized losses associated with marketable securities considered to be other than temporary, including any credit losses, which are recognized as other than temporary impairment losses on securities held in nuclear decommissioning funds in NEE's consolidated statements of income. Fund earnings are recognized in income and are reinvested in the funds. See Note 4. The tax effects of amounts not yet recognized for tax purposes are included in accumulated deferred income taxes. | ||||||||||
Major Maintenance Costs - FPL uses the accrue-in-advance method for recognizing costs associated with planned major nuclear maintenance, in accordance with regulatory treatment, and records the related accrual as a regulatory liability. FPL expenses costs associated with planned fossil maintenance as incurred. FPL's estimated nuclear maintenance costs for each nuclear unit's next planned outage are accrued over the period from the end of the last outage to the end of the next planned outage. Any difference between the estimated and actual costs is included in O&M expenses when known. The accrued liability for nuclear maintenance costs at December 31, 2014 and 2013 totaled approximately $50 million and $70 million, respectively, and is included in regulatory liabilities - other on NEE's and FPL's consolidated balance sheets. For the years ended December 31, 2014, 2013 and 2012, FPL recognized approximately $76 million, $92 million and $104 million, respectively, in nuclear maintenance costs which are primarily included in O&M expenses in NEE's and FPL's consolidated statements of income. | ||||||||||
NEER uses the deferral method to account for certain planned major maintenance costs. NEER's major maintenance costs for its nuclear generating units and combustion turbines are capitalized and amortized on a unit of production method over the period from the end of the last outage to the beginning of the next planned outage. NEER's capitalized major maintenance costs, net of accumulated amortization, totaled approximately $141 million and $92 million at December 31, 2014 and 2013, respectively, and are included in noncurrent other assets on NEE's consolidated balance sheets. For the years ended December 31, 2014, 2013 and 2012, NEER amortized approximately $81 million, $93 million and $100 million in major maintenance costs which are included in O&M expenses in NEE's consolidated statements of income. | ||||||||||
Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. | ||||||||||
Restricted Cash - At December 31, 2014 and 2013, NEE had approximately $228 million ($38 million for FPL) and $215 million ($38 million for FPL), respectively, of restricted cash included in other current assets on NEE's and FPL's consolidated balance sheets, which was restricted primarily for margin cash collateral and debt service payments. Where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments. See Note 3. | ||||||||||
Allowance for Doubtful Accounts - 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 five months of revenue. Additional amounts are included in the provision to address specific items that are not considered in the calculation described above. NEER regularly reviews collectibility of its receivables and establishes a provision for losses estimated as a percentage of accounts receivable based on the historical bad debt write-off trends for its retail electricity provider operations and, when necessary, using the specific identification method for all other receivables. | ||||||||||
Inventory - FPL values materials, supplies and fossil fuel inventory using a weighted-average cost method. NEER's materials, supplies and fossil fuel inventories are carried at the lower of weighted-average cost or market, unless evidence indicates that the weighted-average cost (even if in excess of market) will be recovered with a normal profit upon sale in the ordinary course of business. | ||||||||||
Energy Trading - NEE provides full energy and capacity requirements services primarily to distribution utilities, which include load-following services and various ancillary services, in certain markets and engages in power and gas marketing and trading activities to optimize the value of electricity and fuel contracts, generating facilities and gas infrastructure assets, as well as to take advantage of projected favorable commodity price movements. Trading contracts that meet the definition of a derivative are accounted for at fair value and realized gains and losses from all trading contracts, including those where physical delivery is required, are recorded net for all periods presented. See Note 3. | ||||||||||
Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve - In connection with the 2007 storm-recovery bond financing (see Note 8 - FPL), the net proceeds to FPL from the sale of the storm-recovery property were used primarily to reimburse FPL for its estimated net of tax deficiency in its storm and property insurance reserve (storm reserve) and provide for a storm and property insurance reserve fund (storm fund). Upon the issuance of the storm-recovery bonds, the storm reserve deficiency was reclassified to securitized storm-recovery costs and is recorded as a regulatory asset on NEE's and FPL's consolidated balance sheets. As storm-recovery charges are billed to customers, the securitized storm-recovery costs are amortized and included in depreciation and amortization in NEE's and FPL's consolidated statements of income. Marketable securities held in the storm fund are classified as available for sale and are carried at fair value with market adjustments, including any other than temporary impairment losses, resulting in a corresponding adjustment to the storm reserve. Fund earnings, net of taxes, are reinvested in the fund. The tax effects of amounts not yet recognized for tax purposes are included in accumulated deferred income taxes. The storm fund is included in special use funds on NEE's and FPL's consolidated balance sheets and was approximately $75 million and $74 million at December 31, 2014 and 2013, respectively. See Note 4. | ||||||||||
The storm reserve that was reestablished in an FPSC financing order related to the issuance of the storm-recovery bonds was not initially reflected on NEE's and FPL's consolidated balance sheets because the associated regulatory asset did not meet the specific recognition criteria under the accounting guidance for certain regulated entities. As a result, the storm reserve will be recognized as a regulatory liability as the storm-recovery charges are billed to customers and charged to depreciation and amortization in NEE's and FPL's consolidated statements of income. Furthermore, the storm reserve will be reduced as storm costs are reimbursed. As of December 31, 2014, FPL had the capacity to absorb up to approximately $122 million in future prudently incurred storm restoration costs without seeking recovery through a rate adjustment from the FPSC or filing a petition with the FPSC. | ||||||||||
Impairment of Long-Lived Assets - NEE evaluates long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is required to be recognized if the carrying value of the asset exceeds the undiscounted future net cash flows associated with that asset. The impairment loss to be recognized is the amount by which the carrying value of the long-lived asset exceeds the asset's fair value. In most instances, the fair value is determined by discounting estimated future cash flows using an appropriate interest rate. See Note 4 - Nonrecurring Fair Value Measurements. | ||||||||||
Goodwill and Other Intangible Assets - NEE's goodwill and other intangible assets are as follows: | ||||||||||
Weighted- | December 31, | |||||||||
Average | ||||||||||
Useful Lives | 2014 | 2013 | ||||||||
(years) | (millions) | |||||||||
Goodwill: | ||||||||||
Merchant reporting unit | $ | 72 | $ | 72 | ||||||
Wind reporting unit | 47 | 49 | ||||||||
Fiber-optic telecommunications reporting unit | 28 | 28 | ||||||||
Total goodwill | $ | 147 | $ | 149 | ||||||
Other intangible assets not subject to amortization, primarily land easements | $ | 143 | $ | 143 | ||||||
Other intangible assets subject to amortization: | ||||||||||
Purchased power agreements | 22 | $ | 348 | $ | 70 | |||||
Customer lists | 5 | 34 | 35 | |||||||
Other, primarily transmission and development rights, permits and licenses | 24 | 105 | 98 | |||||||
Total | 487 | 203 | ||||||||
Less accumulated amortization | (125 | ) | (112 | ) | ||||||
Total other intangible assets subject to amortization - net | $ | 362 | $ | 91 | ||||||
NEE's goodwill relates to various acquisitions which were accounted for using the purchase method of accounting. Other intangible assets subject to amortization are amortized, primarily on a straight-line basis, over their estimated useful lives. For the years ended December 31, 2014, 2013 and 2012, amortization expense was approximately $15 million, $13 million and $14 million, respectively, and is expected to be approximately $14 million, $24 million, $20 million, $19 million and $17 million for 2015, 2016, 2017, 2018 and 2019, respectively. | ||||||||||
Goodwill and other intangible assets are included in noncurrent other assets on NEE's consolidated balance sheets. Goodwill and other intangible assets not subject to amortization are assessed for impairment at least annually by applying a fair value-based analysis. Other intangible assets subject to amortization are periodically reviewed when impairment indicators are present to assess recoverability from future operations using undiscounted future cash flows. | ||||||||||
Pension and Other Postretirement Plans - NEE allocates net periodic pension benefit income to its subsidiaries based on the pensionable earnings of the subsidiaries' employees; net periodic supplemental executive retirement plan (SERP) benefit costs to its subsidiaries based upon actuarial calculations by participant; and postretirement health care and life insurance benefits (other benefits) net periodic benefit costs to its subsidiaries based upon the number of eligible employees at each subsidiary. | ||||||||||
Accounting guidance requires recognition of the funded status of benefit plans in the balance sheet, with changes in the funded status recognized in other comprehensive income within shareholders' equity in the year in which the changes occur. Since NEE is the plan sponsor, and its subsidiaries do not have separate rights to the plan assets or direct obligations to their employees, this accounting guidance is reflected at NEE and not allocated to the subsidiaries. The portion of previously unrecognized actuarial gains and losses and prior service costs or credits that are estimated to be allocable to FPL as net periodic benefit (income) cost in future periods and that otherwise would be recorded in accumulated other comprehensive income (AOCI) are classified as regulatory assets and liabilities at NEE in accordance with regulatory treatment. | ||||||||||
Stock-Based Compensation - NEE accounts for stock-based payment transactions based on grant-date fair value. Compensation costs for awards with graded vesting are recognized on a straight-line basis over the requisite service period for the entire award. See Note 10 - Stock-Based Compensation. | ||||||||||
Income Taxes - Deferred income taxes are recognized on all significant temporary differences between the financial statement and tax bases of assets and liabilities. In connection with the tax sharing agreement between NEE and its subsidiaries, the income tax provision at each subsidiary reflects the use of the "separate return method," except that tax benefits that could not be used on a separate return basis, but are used on the consolidated tax return, are recorded by the subsidiary that generated the tax benefits. Any remaining consolidated income tax benefits or expenses are recorded at the corporate level. Included in other regulatory assets and other regulatory liabilities on NEE's and FPL's consolidated balance sheets is the revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules. The net regulatory asset totaled $250 million ($236 million for FPL) and $233 million ($218 million for FPL) at December 31, 2014 and 2013, respectively, and is being amortized in accordance with the regulatory treatment over the estimated lives of the assets or liabilities for which the deferred tax amount was initially recognized. | ||||||||||
NEER recognizes ITCs as a reduction to income tax expense when the related energy property is placed into service. Production tax credits (PTCs) are recognized as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes and are recorded as a reduction of current income taxes payable, unless limited by tax law in which instance they are recorded as deferred tax assets. NEE and FPL record a deferred income tax benefit created by the convertible ITCs on the difference between the financial statement and tax bases of renewable property. For NEER, this deferred income tax benefit is recorded in income tax expense in the year that the renewable property is placed in service. For FPL, this deferred income tax benefit is offset by a regulatory liability, which is amortized as a reduction of depreciation expense over the approximate lives of the related renewable property in accordance with the regulatory treatment. At December 31, 2014 and 2013, the net deferred income tax benefits associated with FPL's convertible ITCs were approximately $50 million and $52 million, respectively, and are included in other regulatory assets and regulatory liabilities on NEE's and FPL's consolidated balance sheets. | ||||||||||
A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that such assets will not be realized. NEE recognizes interest income (expense) related to unrecognized tax benefits (liabilities) in interest income and interest expense, respectively, net of the amount deferred at FPL. At FPL, the offset to accrued interest receivable (payable) on income taxes is classified as a regulatory liability (regulatory asset) which will be amortized to income (expense) over a five-year period upon settlement in accordance with regulatory treatment. All tax positions taken by NEE in its income tax returns that are recognized in the financial statements must satisfy a more-likely-than-not threshold. See Note 5. | ||||||||||
Sale of Differential Membership Interests - Certain subsidiaries of NEER sold their Class B membership interest in entities that have ownership interests in wind facilities, with generating capacity totaling approximately 4,490 MW at December 31, 2014, to third-party investors. In exchange for the cash received, the holders of the Class B membership interests will receive a portion of the economic attributes of the facilities, including income tax attributes, for variable periods. The transactions are not treated as a sale under the accounting rules and the proceeds received are deferred and recorded as a liability in deferral related to differential membership interests - VIEs on NEE's consolidated balance sheets. The deferred amount is being recognized in benefits associated with differential membership interests - net in NEE's consolidated statements of income as the Class B members receive their portion of the economic attributes. NEE continues to operate and manage the wind facilities, and consolidates the entities that own the wind facilities. | ||||||||||
Variable Interest Entities (VIEs) - An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. NEE and FPL evaluate whether an entity is a VIE whenever reconsideration events as defined by the accounting guidance occur. See Note 8. | ||||||||||
Proposed Merger - In December 2014, NEE and Hawaiian Electric Industries, Inc. (HEI) entered into an Agreement and Plan of Merger (the merger agreement) pursuant to which Hawaiian Electric Company, Inc., HEI's wholly-owned electric utility subsidiary, will become a wholly-owned subsidiary of NEE and each outstanding share of HEI common stock will be converted into the right to receive 0.2413 shares of NEE common stock. The companies are working to complete the merger by the end of 2015. However, completion of the merger and the actual closing date depend upon the satisfaction of a number of conditions, including approval by HEI shareholders and the receipt of required regulatory approvals. The merger agreement contains certain termination rights and provides that, upon termination of the merger agreement under specified circumstances, HEI or NEE, as the case may be, would be required to pay to the other party a termination fee of $90 million and reimburse the other party for up to $5 million of its documented out-of-pocket expenses incurred in connection with the merger agreement. |
Employee_Retirement_Benefits
Employee Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Employee Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||
Employee Retirement Benefits | Employee Retirement Benefits | |||||||||||||||||||||||||||||||
Employee Benefit Plans and Other Postretirement Plan - NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries. NEE also has a SERP, which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees. The impact of this SERP component is included within pension benefits in the following tables, and was not material to NEE's financial statements for the years ended December 31, 2014, 2013 and 2012. In addition to pension benefits, NEE sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. | ||||||||||||||||||||||||||||||||
Plan Assets, Benefit Obligations and Funded Status - The changes in assets and benefit obligations of the plans and the plans' funded status are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 3,692 | $ | 3,385 | $ | 26 | $ | 26 | ||||||||||||||||||||||||
Actual return on plan assets | 203 | 455 | 2 | 2 | ||||||||||||||||||||||||||||
Employer contributions(a) | 3 | 1 | 28 | 28 | ||||||||||||||||||||||||||||
Participant contributions | — | — | 6 | 5 | ||||||||||||||||||||||||||||
Benefit payments(a) | (200 | ) | (149 | ) | (39 | ) | (35 | ) | ||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 3,698 | $ | 3,692 | $ | 23 | $ | 26 | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Obligation at January 1 | $ | 2,254 | $ | 2,372 | $ | 354 | $ | 397 | ||||||||||||||||||||||||
Service cost | 63 | 73 | 3 | 4 | ||||||||||||||||||||||||||||
Interest cost | 102 | 95 | 16 | 14 | ||||||||||||||||||||||||||||
Participant contributions | — | — | 6 | 5 | ||||||||||||||||||||||||||||
Plan amendments | (11 | ) | — | — | — | |||||||||||||||||||||||||||
Special termination benefits(b) | — | 46 | — | — | ||||||||||||||||||||||||||||
Actuarial losses (gains) - net | 264 | (183 | ) | 20 | (31 | ) | ||||||||||||||||||||||||||
Benefit payments(a) | (200 | ) | (149 | ) | (39 | ) | (35 | ) | ||||||||||||||||||||||||
Obligation at December 31(c) | $ | 2,472 | $ | 2,254 | $ | 360 | $ | 354 | ||||||||||||||||||||||||
Funded status: | ||||||||||||||||||||||||||||||||
Prepaid (accrued) benefit cost at NEE at December 31 | $ | 1,226 | $ | 1,438 | $ | (337 | ) | $ | (328 | ) | ||||||||||||||||||||||
Prepaid (accrued) benefit cost at FPL at December 31 | $ | 1,186 | $ | 1,139 | $ | (234 | ) | $ | (249 | ) | ||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | Employer contributions and benefit payments include only those amounts contributed directly to, or paid directly from, plan assets. FPL's portion of contributions related to SERP benefits was less than $1 million for 2014 and 2013, respectively. FPL's portion of contributions related to other benefits was $27 million and $25 million for 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
(b) | Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative. | |||||||||||||||||||||||||||||||
(c) | NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at December 31, 2014 and 2013 was $2,417 million and $2,197 million, respectively. | |||||||||||||||||||||||||||||||
NEE's and FPL's prepaid (accrued) benefit cost shown above are included on the consolidated balance sheets as follows: | ||||||||||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Prepaid benefit costs | $ | 1,244 | $ | 1,456 | $ | — | $ | — | $ | 1,189 | $ | 1,142 | $ | — | $ | — | ||||||||||||||||
Accrued benefit cost included in other current liabilities | (4 | ) | (5 | ) | (23 | ) | (26 | ) | (2 | ) | (2 | ) | (19 | ) | (22 | ) | ||||||||||||||||
Accrued benefit cost included in other liabilities | (14 | ) | (13 | ) | (314 | ) | (302 | ) | (1 | ) | (1 | ) | (215 | ) | (227 | ) | ||||||||||||||||
Prepaid (accrued) benefit cost at December 31 | $ | 1,226 | $ | 1,438 | $ | (337 | ) | $ | (328 | ) | $ | 1,186 | $ | 1,139 | $ | (234 | ) | $ | (249 | ) | ||||||||||||
NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid (accrued) benefit cost are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Components of AOCI: | ||||||||||||||||||||||||||||||||
Unrecognized prior service benefit (cost) (net of $1 and $4 tax benefit and $2 and $2 tax expense, respectively) | $ | (2 | ) | $ | (8 | ) | $ | 3 | $ | 4 | ||||||||||||||||||||||
Unrecognized gain (loss) (net of $10 tax benefit, $18 tax expense and $5 and $3 tax benefit, respectively) | (16 | ) | 30 | (5 | ) | (3 | ) | |||||||||||||||||||||||||
Total | $ | (18 | ) | $ | 22 | $ | (2 | ) | $ | 1 | ||||||||||||||||||||||
NEE's unrecognized amounts included in regulatory assets (liabilities) yet to be recognized as components of net prepaid (accrued) benefit cost are as follows: | ||||||||||||||||||||||||||||||||
Regulatory | Regulatory | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | |||||||||||||||||||||||||||||||
(Pension) | (SERP and Other) | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Unrecognized prior service cost (benefit) | $ | 10 | $ | 25 | $ | (13 | ) | $ | (14 | ) | ||||||||||||||||||||||
Unrecognized losses (gains) | 128 | (98 | ) | 46 | 29 | |||||||||||||||||||||||||||
Total | $ | 138 | $ | (73 | ) | $ | 33 | $ | 15 | |||||||||||||||||||||||
The following table provides the weighted-average assumptions used to determine benefit obligations for the plans. These rates are used in determining net periodic benefit cost in the following year. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 3.95 | % | 4.8 | % | 3.85 | % | 4.6 | % | ||||||||||||||||||||||||
Salary increase | 4.1 | % | 4 | % | 4.1 | % | 4 | % | ||||||||||||||||||||||||
With regard to the other benefits plan, currently the retiree cost sharing structure largely insulates NEE and FPL from the effects of any future increase in health care costs. An increase or decrease of one percentage point in assumed health care cost trend rates would have a corresponding effect on the other benefits accumulated obligation of approximately $2 million at December 31, 2014. | ||||||||||||||||||||||||||||||||
NEE's investment policy for the pension plan recognizes the benefit of protecting the plan's funded status, thereby avoiding the necessity of future employer contributions. Its broad objectives are to achieve a high rate of total return with a prudent level of risk taking while maintaining sufficient liquidity and diversification to avoid large losses and preserve capital over the long term. | ||||||||||||||||||||||||||||||||
The NEE pension plan fund's current target asset allocation, which is expected to be reached over time, is 45% equity investments, 32% fixed income investments, 13% alternative investments and 10% convertible securities. The pension fund's investment strategy emphasizes traditional investments, broadly diversified across the global equity and fixed income markets, using a combination of different investment styles and vehicles. The pension fund's equity and fixed income holdings consist of both directly held securities as well as commingled investment arrangements such as common and collective trusts, pooled separate accounts, registered investment companies and limited partnerships. The pension fund's convertible security assets are principally direct holdings of convertible securities and includes a convertible security oriented limited partnership. The pension fund's alternative investment holdings are primarily absolute return oriented limited partnerships that use a broad range of investment strategies on a global basis and real estate oriented investments in limited partnerships. | ||||||||||||||||||||||||||||||||
The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows: | ||||||||||||||||||||||||||||||||
December 31, 2014(a) | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Equity securities(b) | $ | 984 | $ | 31 | $ | — | $ | 1,015 | ||||||||||||||||||||||||
Equity commingled vehicles(c) | — | 767 | — | 767 | ||||||||||||||||||||||||||||
U.S. Government and municipal bonds | 144 | 20 | — | 164 | ||||||||||||||||||||||||||||
Corporate debt securities(d) | — | 355 | — | 355 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 223 | — | 223 | ||||||||||||||||||||||||||||
Debt security commingled vehicles(e) | — | 209 | — | 209 | ||||||||||||||||||||||||||||
Convertible securities | 45 | 229 | — | 274 | ||||||||||||||||||||||||||||
Limited partnerships(f) | — | 293 | 398 | 691 | ||||||||||||||||||||||||||||
Total | $ | 1,173 | $ | 2,127 | $ | 398 | $ | 3,698 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | See Note 4 for discussion of fair value measurement techniques and inputs. | |||||||||||||||||||||||||||||||
(b) | Includes foreign investments of $321 million. | |||||||||||||||||||||||||||||||
(c) | Includes foreign investments of $306 million. Fair values have been estimated using net asset value (NAV) per share of the investments. | |||||||||||||||||||||||||||||||
(d) | Includes foreign investments of $88 million. | |||||||||||||||||||||||||||||||
(e) | Includes foreign investments of $15 million and $148 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments. | |||||||||||||||||||||||||||||||
(f) | Includes foreign investments of $185 million. Also includes fixed income oriented commingled investment arrangements of $426 million, convertible security oriented limited partnerships of $77 million and alternative investments of $188 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3. | |||||||||||||||||||||||||||||||
December 31, 2013(a) | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Equity securities(b) | $ | 1,028 | $ | — | $ | — | $ | 1,028 | ||||||||||||||||||||||||
Equity commingled vehicles(c) | — | 656 | — | 656 | ||||||||||||||||||||||||||||
U.S. Government and municipal bonds | 115 | 35 | — | 150 | ||||||||||||||||||||||||||||
Corporate debt securities(d) | — | 348 | — | 348 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 249 | — | 249 | ||||||||||||||||||||||||||||
Debt security commingled vehicles(e) | — | 526 | — | 526 | ||||||||||||||||||||||||||||
Convertible securities | 46 | 236 | — | 282 | ||||||||||||||||||||||||||||
Limited partnerships(f) | — | 226 | 227 | 453 | ||||||||||||||||||||||||||||
Total | $ | 1,189 | $ | 2,276 | $ | 227 | $ | 3,692 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | See Note 4 for discussion of fair value measurement techniques and inputs. | |||||||||||||||||||||||||||||||
(b) | Includes foreign investments of $337 million. | |||||||||||||||||||||||||||||||
(c) | Includes foreign investments of $234 million. Fair values have been estimated using NAV per share of the investments. | |||||||||||||||||||||||||||||||
(d) | Includes foreign investments of $67 million. | |||||||||||||||||||||||||||||||
(e) | Includes foreign investments of $54 million and $145 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments. | |||||||||||||||||||||||||||||||
(f) | Includes foreign investments of $104 million. Also, includes fixed income oriented commingled investment arrangements of $244 million, convertible security oriented limited partnerships of $80 million and alternative investments of $129 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3. | |||||||||||||||||||||||||||||||
With regard to its other benefits plan, NEE's policy is to fund claims as incurred during the year through NEE contributions, participant contributions and plan assets. The other benefits plan's assets are invested with a focus on assuring the availability of funds to pay benefits while maintaining sufficient diversification to avoid large losses and preserve capital. The other benefits plan's fund has a strategic asset allocation that targets a mix of 60% equity investments and 40% fixed income investments. The fund's investment strategy consists of traditional investments, diversified across the global equity and fixed income markets. The fund's equity and fixed income investments are comprised of assets classified as commingled vehicles such as common and collective trusts, pooled separate accounts, registered investment companies or other forms of pooled investment arrangements. | ||||||||||||||||||||||||||||||||
The fair value measurements of NEE's other benefits plan assets at December 31, 2014 and 2013 are substantially all Level 2 and include approximately $14 million and $18 million of equity commingled vehicles (of which $3 million and $5 million were foreign investments) and $8 million and $6 million of debt security commingled vehicles, respectively. | ||||||||||||||||||||||||||||||||
Expected Cash Flows - NEE anticipates paying approximately $23 million for eligible retiree medical expenses on behalf of the other benefits plan during 2015. | ||||||||||||||||||||||||||||||||
The following table provides information about benefit payments expected to be paid by the plans, net of government drug subsidy, for each of the following calendar years: | ||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 154 | $ | 28 | ||||||||||||||||||||||||||||
2016 | $ | 157 | $ | 27 | ||||||||||||||||||||||||||||
2017 | $ | 162 | $ | 29 | ||||||||||||||||||||||||||||
2018 | $ | 167 | $ | 28 | ||||||||||||||||||||||||||||
2019 | $ | 169 | $ | 27 | ||||||||||||||||||||||||||||
2020 - 2024 | $ | 880 | $ | 123 | ||||||||||||||||||||||||||||
Net Periodic Cost - The components of net periodic benefit (income) cost for the plans are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Service cost | $ | 63 | $ | 73 | $ | 65 | $ | 3 | $ | 4 | $ | 5 | ||||||||||||||||||||
Interest cost | 102 | 95 | 98 | 16 | 14 | 18 | ||||||||||||||||||||||||||
Expected return on plan assets | (241 | ) | (237 | ) | (238 | ) | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||
Amortization of transition obligation | — | — | — | — | — | 1 | ||||||||||||||||||||||||||
Amortization of prior service cost (benefit) | 5 | 7 | 5 | (3 | ) | (2 | ) | (1 | ) | |||||||||||||||||||||||
Amortization of losses | — | 2 | — | — | 2 | — | ||||||||||||||||||||||||||
SERP settlements | — | — | 3 | — | — | — | ||||||||||||||||||||||||||
Special termination benefits | — | 46 | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit (income) cost at NEE | $ | (71 | ) | $ | (14 | ) | $ | (67 | ) | $ | 15 | $ | 17 | $ | 21 | |||||||||||||||||
Net periodic benefit (income) cost at FPL | $ | (46 | ) | $ | (5 | ) | $ | (43 | ) | $ | 11 | $ | 13 | $ | 16 | |||||||||||||||||
Other Comprehensive Income - The components of net periodic benefit income (cost) recognized in OCI for the plans are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Prior service benefit (cost) (net of $3 tax expense, $3 tax benefit and $4 tax expense, respectively) | $ | 4 | $ | — | $ | (6 | ) | $ | — | $ | — | $ | 7 | |||||||||||||||||||
Net gains (losses) (net of $29 tax benefit, $58 tax expense, $16 tax benefit, $1 tax benefit, $3 tax expense and $3 tax benefit, respectively) | (45 | ) | 91 | (25 | ) | (3 | ) | 4 | (5 | ) | ||||||||||||||||||||||
Amortization of prior service benefit | 1 | 2 | 1 | — | — | — | ||||||||||||||||||||||||||
Total | $ | (40 | ) | $ | 93 | $ | (30 | ) | $ | (3 | ) | $ | 4 | $ | 2 | |||||||||||||||||
Regulatory Assets (Liabilities) - The components of net periodic benefit (income) cost recognized during the year in regulatory assets (liabilities) for the plans are as follows: | ||||||||||||||||||||||||||||||||
Regulatory | Regulatory | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | |||||||||||||||||||||||||||||||
(Pension) | (SERP and Other) | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Prior service benefit | $ | (12 | ) | $ | — | $ | (1 | ) | $ | — | ||||||||||||||||||||||
Unrecognized losses (gains) | 226 | (252 | ) | 17 | (26 | ) | ||||||||||||||||||||||||||
Amortization of prior service cost (benefit) | (3 | ) | (4 | ) | 2 | 1 | ||||||||||||||||||||||||||
Amortization of unrecognized losses | — | (1 | ) | — | (2 | ) | ||||||||||||||||||||||||||
Total | $ | 211 | $ | (257 | ) | $ | 18 | $ | (27 | ) | ||||||||||||||||||||||
The weighted-average assumptions used to determine net periodic benefit (income) cost for the plans are as follows: | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.65 | % | 4.6 | % | 3.75 | % | 4.53 | % | (a) | |||||||||||||||||||
Salary increase | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | ||||||||||||||||||||
Expected long-term rate of return(b) | 7.75 | % | 7.75 | % | 7.75 | % | 7.25 | % | 7.75 | % | 8 | % | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | Reflects a mid-year rate change due to cost remeasurement resulting from a plan amendment. | |||||||||||||||||||||||||||||||
(b) | In developing the expected long-term rate of return on assets assumption for its plans, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its funds. NEE also considered its funds' historical compounded returns. | |||||||||||||||||||||||||||||||
Employee Contribution Plans - NEE offers employee retirement savings plans which allow eligible participants to contribute a percentage of qualified compensation through payroll deductions. NEE makes matching contributions to participants' accounts. Defined contribution expense pursuant to these plans was approximately $59 million, $46 million and $44 million for NEE ($37 million, $30 million and $29 million for FPL) for the years ended December 31, 2014, 2013 and 2012, respectively. See Note 10 - Employee Stock Ownership Plan. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||
NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation and gas infrastructure assets. | |||||||||||||||||||||||||||||||||||||||||
With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the over-the-counter (OTC) markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as 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 the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause). For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's consolidated statements of income. Settlement gains and losses are included within the line items in the consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's consolidated statements of cash flows. | |||||||||||||||||||||||||||||||||||||||||
While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, optimizing the value of NEER's power generation and gas infrastructure assets, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so. In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk. Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable. For interest rate and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life. The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of OCI and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur. The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period. In April 2013, NEE discontinued hedge accounting for cash flow hedges related to interest rate swaps associated with the solar projects in Spain (see Note 13 - Spain Solar Projects). At December 31, 2014, NEE's AOCI included amounts related to interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $53 million of net losses included in AOCI at December 31, 2014 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made. Such amounts assume no change in interest rates, currency exchange rates or scheduled principal payments. | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at December 31, 2014 and December 31, 2013, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral (see Note 4 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | |||||||||||||||||||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | |||||||||||||||||||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | ||||||||||||||||||||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | ||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
NEE: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 6,145 | $ | 5,290 | $ | 1,949 | $ | 1,358 | |||||||||||||||||||||||||||||
Interest rate contracts | 35 | 126 | — | 125 | 50 | 266 | |||||||||||||||||||||||||||||||||||
Foreign currency swaps | — | 131 | — | — | — | 131 | |||||||||||||||||||||||||||||||||||
Total fair values | $ | 35 | $ | 257 | $ | 6,145 | $ | 5,415 | $ | 1,999 | $ | 1,755 | |||||||||||||||||||||||||||||
FPL: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 8 | $ | 371 | $ | 7 | $ | 370 | |||||||||||||||||||||||||||||
Net fair value by NEE balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current derivative assets(a) | $ | 990 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets(b) | 1,009 | ||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities(c) | $ | 1,289 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities(d) | 466 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 1,999 | $ | 1,755 | |||||||||||||||||||||||||||||||||||||
Net fair value by FPL balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current other assets | $ | 6 | |||||||||||||||||||||||||||||||||||||||
Noncurrent other assets | 1 | ||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | $ | 370 | |||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 7 | $ | 370 | |||||||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Reflects the netting of approximately $197 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
(b) | Reflects the netting of approximately $97 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
(c) | Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties. | ||||||||||||||||||||||||||||||||||||||||
(d) | Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | |||||||||||||||||||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | |||||||||||||||||||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | ||||||||||||||||||||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | ||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
NEE: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 4,543 | $ | 3,633 | $ | 1,571 | $ | 940 | |||||||||||||||||||||||||||||
Interest rate contracts | 89 | 127 | 1 | 93 | 90 | 220 | |||||||||||||||||||||||||||||||||||
Foreign currency swaps | — | 50 | — | 101 | — | 151 | |||||||||||||||||||||||||||||||||||
Total fair values | $ | 89 | $ | 177 | $ | 4,544 | $ | 3,827 | $ | 1,661 | $ | 1,311 | |||||||||||||||||||||||||||||
FPL: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 55 | $ | 9 | $ | 48 | $ | 2 | |||||||||||||||||||||||||||||
Net fair value by NEE balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current derivative assets(a) | $ | 498 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets(b) | 1,163 | ||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | $ | 838 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | 473 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 1,661 | $ | 1,311 | |||||||||||||||||||||||||||||||||||||
Net fair value by FPL balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current other assets | $ | 48 | |||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | $ | 1 | |||||||||||||||||||||||||||||||||||||||
Noncurrent other liabilities | 1 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 48 | $ | 2 | |||||||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Reflects the netting of approximately $181 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
(b) | Reflects the netting of approximately $98 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, NEE had approximately $60 million and $24 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's consolidated balance sheets. Additionally, at December 31, 2014 and 2013, NEE had approximately $122 million and $42 million (none at FPL), respectively, in margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||||||
Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's consolidated financial statements (none at FPL) as follows: | |||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Interest | Foreign | Total | Interest | Foreign | Total | Commodity | Interest | Foreign | Total | ||||||||||||||||||||||||||||||||
Rate | Currency | Rate | Currency | Contracts | Rate | Currency | |||||||||||||||||||||||||||||||||||
Contracts | Swaps | Contracts | Swaps | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) recognized in OCI | $ | (132 | ) | $ | (89 | ) | $ | (221 | ) | $ | 150 | $ | (21 | ) | $ | 129 | $ | — | $ | (131 | ) | $ | (30 | ) | $ | (161 | ) | ||||||||||||||
Gains (losses) reclassified from AOCI to net income(a) | $ | (77 | ) | $ | (78 | ) | (b) | $ | (155 | ) | $ | (61 | ) | $ | (44 | ) | (b) | $ | (105 | ) | $ | 8 | $ | (56 | ) | $ | (21 | ) | (b) | $ | (69 | ) | |||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Included in operating revenues for commodity contracts and interest expense for interest rate contracts. | ||||||||||||||||||||||||||||||||||||||||
(b) | For 2014, 2013 and 2012, losses of approximately $8 million, $4 million and $3 million, respectively, are included in interest expense and the balances are included in other - net. | ||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, NEE recorded gains (losses) of approximately $20 million, $(65) million and $44 million, respectively, on fair value hedges which resulted in corresponding increases (decreases) in the related debt. | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's consolidated statements of income as follows: | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts:(a) | |||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 420 | $ | 76 | $ | 171 | |||||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 1 | — | 38 | ||||||||||||||||||||||||||||||||||||||
Foreign currency swap - other - net | (1 | ) | (72 | ) | (60 | ) | |||||||||||||||||||||||||||||||||||
Interest rate contracts - interest expense | (64 | ) | 3 | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 356 | $ | 7 | $ | 149 | |||||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | For the years ended December 31, 2014, 2013 and 2012, FPL recorded gains (losses) of approximately $(289) million, $81 million and $(177) million, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||
Notional Volumes of Derivative Instruments - The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and their hedges, nor do they represent NEE's and FPL's net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Commodity Type | NEE | FPL | NEE | FPL | |||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Power | (73 | ) | MWh(a) | — | (276 | ) | MWh(a) | — | |||||||||||||||||||||||||||||||||
Natural gas | 1,436 | MMBtu(b) | 845 | MMBtu(b) | 1,140 | MMBtu(b) | 674 | MMBtu(b) | |||||||||||||||||||||||||||||||||
Oil | (11 | ) | barrels | — | (10 | ) | barrels | — | |||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Megawatt-hours | ||||||||||||||||||||||||||||||||||||||||
(b) | One million British thermal units | ||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, NEE had interest rate contracts with notional amounts totaling approximately $7.4 billion and $6.5 billion, respectively, and foreign currency swaps with notional amounts totaling $661 million and $662 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
Credit-Risk-Related Contingent Features - Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. At December 31, 2014 and 2013, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $2.7 billion ($369 million for FPL) and $2.1 billion ($9 million for FPL), respectively. | |||||||||||||||||||||||||||||||||||||||||
If the credit-risk-related contingent features underlying these agreements and other commodity-related contracts 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 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 two 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 $700 million ($130 million at FPL) as of December 31, 2014 and $400 million ($20 million at FPL) as of December 31, 2013. 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 ($0.7 billion at FPL) and $2.3 billion ($0.4 billion at FPL) as of December 31, 2014 and 2013, respectively. Some 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 $850 million ($200 million at FPL) and $800 million ($150 million at FPL) as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||
Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At December 31, 2014, applicable NEE subsidiaries have posted approximately $20 million (none at FPL) in cash which could be applied toward the collateral requirements described above. In addition, at December 31, 2014 and 2013, applicable NEE subsidiaries have posted approximately $236 million (none at FPL) and $210 million (none at FPL), respectively, in the form of letters of credit which could be applied toward the collateral requirements described above. FPL and NEECH have 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 where a counterparty may demand additional collateral based on subjective events and/or conditions. Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||
The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect their placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. | ||||||||||||||||||||||||
Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. NEE primarily holds investments in money market funds. The fair value of these funds is calculated using current market prices. | ||||||||||||||||||||||||
Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. | ||||||||||||||||||||||||
Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using 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 swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted 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 a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the agreements. | ||||||||||||||||||||||||
Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||
NEE - equity securities | $ | 32 | $ | — | $ | — | $ | 32 | ||||||||||||||||
Special use funds:(b) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 1,217 | $ | 1,417 | (c) | $ | — | $ | 2,634 | |||||||||||||||
U.S. Government and municipal bonds | $ | 520 | $ | 191 | $ | — | $ | 711 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 704 | $ | — | $ | 704 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 493 | $ | — | $ | 493 | ||||||||||||||||
Other debt securities | $ | 25 | $ | 32 | $ | — | $ | 57 | ||||||||||||||||
FPL: | ||||||||||||||||||||||||
Equity securities | $ | 324 | $ | 1,237 | (c) | $ | — | $ | 1,561 | |||||||||||||||
U.S. Government and municipal bonds | $ | 435 | $ | 165 | $ | — | $ | 600 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 501 | $ | — | $ | 501 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 422 | $ | — | $ | 422 | ||||||||||||||||
Other debt securities | $ | 25 | $ | 20 | $ | — | $ | 45 | ||||||||||||||||
Other investments: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 35 | $ | 1 | $ | — | $ | 36 | ||||||||||||||||
Debt securities | $ | 5 | $ | 170 | $ | — | $ | 175 | ||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,801 | $ | 3,177 | $ | 1,167 | $ | (4,196 | ) | $ | 1,949 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 35 | $ | — | $ | 15 | $ | 50 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 2 | $ | 6 | $ | (1 | ) | $ | 7 | (d) | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,720 | $ | 3,150 | $ | 420 | $ | (3,932 | ) | $ | 1,358 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 126 | $ | 125 | $ | 15 | $ | 266 | (d) | |||||||||||||
Foreign currency swaps | $ | — | $ | 131 | $ | — | $ | — | $ | 131 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 370 | $ | 1 | $ | (1 | ) | $ | 370 | (d) | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | |||||||||||||||||||||||
(b) | 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 the Carrying Amount 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) | See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||
NEE - equity securities | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||
Special use funds:(b) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 1,170 | $ | 1,336 | (c) | $ | — | $ | 2,506 | |||||||||||||||
U.S. Government and municipal bonds | $ | 647 | $ | 180 | $ | — | $ | 827 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 597 | $ | — | $ | 597 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 479 | $ | — | $ | 479 | ||||||||||||||||
Other debt securities | $ | 16 | $ | 44 | $ | — | $ | 60 | ||||||||||||||||
FPL: | ||||||||||||||||||||||||
Equity securities | $ | 291 | $ | 1,176 | (c) | $ | — | $ | 1,467 | |||||||||||||||
U.S. Government and municipal bonds | $ | 584 | $ | 154 | $ | — | $ | 738 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 421 | $ | — | $ | 421 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 401 | $ | — | $ | 401 | ||||||||||||||||
Other debt securities | $ | 16 | $ | 30 | $ | — | $ | 46 | ||||||||||||||||
Other investments: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 51 | $ | — | $ | — | $ | 51 | ||||||||||||||||
Debt securities | $ | 11 | $ | 107 | $ | — | $ | 118 | ||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,368 | $ | 2,106 | $ | 1,069 | $ | (2,972 | ) | $ | 1,571 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 90 | $ | — | $ | — | $ | 90 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 53 | $ | 2 | $ | (7 | ) | $ | 48 | (d) | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,285 | $ | 1,994 | $ | 354 | $ | (2,693 | ) | $ | 940 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 127 | $ | 93 | $ | — | $ | 220 | (d) | |||||||||||||
Foreign currency swaps | $ | — | $ | 151 | $ | — | $ | — | $ | 151 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 7 | $ | 2 | $ | (7 | ) | $ | 2 | (d) | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | |||||||||||||||||||||||
(b) | 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 the Carrying Amount below. | |||||||||||||||||||||||
(c) | Primarily invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL. | |||||||||||||||||||||||
(d) | See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. | |||||||||||||||||||||||
Significant Unobservable Inputs Used in Recurring Fair Value Measurements - The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, customer migration rates from full requirements contracts and some implied volatility curves, are modeled using proprietary models based on historical data and industry standard techniques. | ||||||||||||||||||||||||
All price, volatility, correlation and customer migration inputs used in valuation are subject to validation by the Trading Risk Management group. The Trading Risk Management group performs a risk management function responsible for assessing credit, market and operational risk impact, reviewing valuation methodology and modeling, confirming transactions, monitoring approval processes and developing and monitoring trading limits. The Trading Risk Management group is separate from the transacting group. For markets where independent third-party data is readily available, validation is conducted daily by directly reviewing this market data against inputs utilized by the transacting group, and indirectly by critically reviewing daily risk reports. For markets where independent third-party data is not readily available, additional analytical reviews are performed on at least a quarterly basis. These analytical reviews are designed to ensure that all price and volatility curves used for fair valuing transactions are adequately validated each quarter, and are reviewed and approved by the Trading Risk Management group. In addition, other valuation assumptions such as implied correlations and customer migration rates are reviewed and approved by the Trading Risk Management group on a periodic basis. Newly created models used in the valuation process are also subject to testing and approval by the Trading Risk Management group prior to use and established models are reviewed annually, or more often as needed, by the Trading Risk Management group. | ||||||||||||||||||||||||
On a monthly basis, the Exposure Management Committee (EMC), which is comprised of certain members of senior management, meets with representatives from the Trading Risk Management group and the transacting group to discuss NEE's and FPL's energy risk profile and operations, to review risk reports and to discuss fair value issues as necessary. The EMC develops guidelines required for an appropriate risk management control infrastructure, which includes implementation and monitoring of compliance with Trading Risk Management policy. The EMC executes its risk management responsibilities through direct oversight and delegation of its responsibilities to the Trading Risk Management group, as well as to other corporate and business unit personnel. | ||||||||||||||||||||||||
The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at December 31, 2014 are as follows: | ||||||||||||||||||||||||
Transaction Type | Fair Value at | Valuation | Significant | Range | ||||||||||||||||||||
31-Dec-14 | Technique(s) | Unobservable Inputs | ||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Forward contracts - power | $ | 487 | $ | 97 | Discounted cash flow | Forward price (per MWh) | $6 | — | $119 | |||||||||||||||
Forward contracts - gas | 74 | 55 | Discounted cash flow | Forward price (per MMBtu) | $1 | — | $6 | |||||||||||||||||
Forward contracts - other commodity related | 44 | 41 | Discounted cash flow | Forward price (various) | $— | — | $13 | |||||||||||||||||
Options - power | 114 | 92 | Option models | Implied correlations | -4% | — | 98% | |||||||||||||||||
Implied volatilities | 1% | — | 166% | |||||||||||||||||||||
Options - gas | 54 | 98 | Option models | Implied correlations | -4% | — | 98% | |||||||||||||||||
Implied volatilities | 1% | — | 146% | |||||||||||||||||||||
Full requirements and unit contingent contracts | 394 | 37 | Discounted cash flow | Forward price (per MWh) | ($16) | — | $184 | |||||||||||||||||
Customer migration rate(a) | —% | — | 20% | |||||||||||||||||||||
Total | $ | 1,167 | $ | 420 | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Applies only to full requirements contracts. | |||||||||||||||||||||||
The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: | ||||||||||||||||||||||||
Significant Unobservable Input | Position | Impact on | ||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||
Forward price | Purchase power/gas | Increase (decrease) | ||||||||||||||||||||||
Sell power/gas | Decrease (increase) | |||||||||||||||||||||||
Implied correlations | Purchase option | Decrease (increase) | ||||||||||||||||||||||
Sell option | Increase (decrease) | |||||||||||||||||||||||
Implied volatilities | Purchase option | Increase (decrease) | ||||||||||||||||||||||
Sell option | Decrease (increase) | |||||||||||||||||||||||
Customer migration rate | Sell power(a) | Decrease (increase) | ||||||||||||||||||||||
———————————— | ||||||||||||||||||||||||
(a) | Assumes the contract is in a gain position. | |||||||||||||||||||||||
In addition, the fair value measurement of interest rate swap liabilities related to the solar projects in Spain of approximately $125 million at December 31, 2014 includes a significant credit valuation adjustment. The credit valuation adjustment, considered an unobservable input, reflects management's assessment of non-performance risk of the subsidiaries related to the solar projects in Spain that are party to the swap agreements. | ||||||||||||||||||||||||
The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
NEE | FPL | NEE | FPL | NEE | FPL | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year | $ | 622 | $ | — | $ | 566 | $ | 2 | $ | 486 | $ | 4 | ||||||||||||
Realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings(a) | (77 | ) | — | 299 | — | 218 | — | |||||||||||||||||
Included in other comprehensive income | 18 | — | — | — | — | — | ||||||||||||||||||
Included in regulatory assets and liabilities | 7 | 7 | — | — | 5 | 5 | ||||||||||||||||||
Purchases | 55 | — | 101 | — | 273 | (7 | ) | |||||||||||||||||
Settlements | 194 | (2 | ) | (55 | ) | (2 | ) | (181 | ) | — | ||||||||||||||
Issuances | (122 | ) | — | (173 | ) | — | (243 | ) | — | |||||||||||||||
Transfers in(b) | 80 | — | (120 | ) | — | 20 | — | |||||||||||||||||
Transfers out(b) | (155 | ) | — | 4 | — | (12 | ) | — | ||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 | $ | 622 | $ | 5 | $ | 622 | $ | — | $ | 566 | $ | 2 | ||||||||||||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c) | $ | 248 | $ | — | $ | 329 | $ | — | $ | 152 | $ | — | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | For the year ended December 31, 2014, $79 million of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year December 31, 2013, $302 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year ended December 31, 2012, $220 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | |||||||||||||||||||||||
(b) | Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. Transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. | |||||||||||||||||||||||
(c) | For the years ended December 31, 2014 and 2013, $328 million and $330 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the year ended December 31, 2012, $157 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | |||||||||||||||||||||||
Nonrecurring Fair Value Measurements - NEE tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In February 2013, the Spanish government enacted a new law that made further changes to the economic framework of renewable energy projects including, among other things, changes that negatively affect the projected economics of the 99.8 MW of solar thermal facilities that affiliates of NEER were constructing in Spain (Spain solar projects) (see Note 13 - Spain Solar Projects). Due to the February 2013 change in law, NEER performed a recoverability analysis, considering, among other things, working with lenders to restructure the financing agreements, abandoning the projects or selling the projects, and concluded that the undiscounted cash flows of the Spain solar projects were less than the carrying value of the projects. Accordingly, NEER performed a fair value analysis based on the income approach to determine the amount of the impairment. Based on the fair value analysis, property, plant and equipment with a carrying amount of approximately $800 million were written down to their estimated fair value of $500 million as of March 31, 2013, resulting in an impairment of $300 million (which is recorded as a separate line item in NEE's consolidated statements of income for the year ended December 31, 2013) and other related charges ($342 million after-tax, see Note 5). | ||||||||||||||||||||||||
The estimate of the fair value was based on the discounted cash flows which were determined using a market participant view of the Spain solar projects upon completion and final commissioning of the projects. As part of the valuation, NEER used observable inputs where available, including the revised renewable energy pricing under the February 2013 change in law. Significant unobservable inputs (Level 3), including forecasts of generation, estimates of tariff escalation rates and estimated costs of debt and equity capital, were also used in the estimation of fair value. In addition, NEER made certain assumptions regarding the projected capital and maintenance expenditures based on the estimated costs to complete the Spain solar projects and ongoing capital and maintenance expenditures. An increase in the revenue and generation forecasts, a decrease in the projected capital and maintenance expenditures or a decrease in the weighted-average cost of capital each would result in an increased fair market value. Changes in the opposite direction of those unobservable inputs would result in a decreased fair market value. See Note 13 - Spain Solar Projects for a discussion of additional developments that could potentially impact the Spain solar projects. | ||||||||||||||||||||||||
In 2013, NEER initiated a plan and received internal authorization to pursue the sale of its ownership interests in oil-fired generating plants located in Maine (Maine fossil) with a total generating capacity of 796 MW. In connection with the decision to sell Maine fossil, a loss of approximately $67 million ($43 million after-tax) was originally reflected in net gain from discontinued operations, net of income taxes in NEE's consolidated statements of income for the year ended December 31, 2013. The fair value measurement (Level 3) was based on the estimated sales price less the estimated costs to sell. The estimated sales price was estimated using an income approach based primarily on capacity revenue forecasts. In March 2014, NEER decided not to pursue the sale of Maine fossil due to the divergence between the achievable sales price and management's view of the assets' value, which increased as a result of significant market changes. Accordingly, the Maine fossil assets were written-up to management's current estimate of fair value resulting in a gain of approximately $21 million ($12 million after-tax). The fair value measurement (Level 3) was estimated using an income approach based primarily on the updated capacity revenue forecasts. Based on NEER's decision to retain Maine fossil, the $67 million loss recorded during the year ended December 31, 2013 was reclassified from discontinued operations to income from continuing operations and together with the $21 million gain recorded during the year ended December 31, 2014 are included as a separate line item in NEE's consolidated statements of income. | ||||||||||||||||||||||||
Fair Value of Financial Instruments Recorded at the Carrying Amount - The carrying amounts of cash equivalents and commercial paper approximate their fair values. The carrying amounts and estimated fair values of other financial instruments, excluding those recorded at fair value and disclosed above in Recurring Fair Value Measurements, are as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Special use funds(a) | $ | 567 | $ | 567 | $ | 311 | $ | 311 | ||||||||||||||||
Other investments - primarily notes receivable | $ | 525 | $ | 679 | (b) | $ | 531 | $ | 627 | (b) | ||||||||||||||
Long-term debt, including current maturities | $ | 27,876 | $ | 30,337 | (c) | $ | 27,728 | $ | 28,612 | (c) | ||||||||||||||
FPL: | ||||||||||||||||||||||||
Special use funds(a) | $ | 395 | $ | 395 | $ | 200 | $ | 200 | ||||||||||||||||
Long-term debt, including current maturities | $ | 9,473 | $ | 11,105 | (c) | $ | 8,829 | $ | 9,451 | (c) | ||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis. | |||||||||||||||||||||||
(b) | Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of December 31, 2014 and 2013, NEE had no notes receivable reported in non-accrual status. | |||||||||||||||||||||||
(c) | As of December 31, 2014 and 2013, for NEE, approximately $19,973 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2). | |||||||||||||||||||||||
Special Use Funds - The special use funds noted above and those carried at fair value (see Recurring Fair Value Measurements above) consist of FPL's storm fund assets of approximately $75 million and NEE's and FPL's nuclear decommissioning fund assets of $5,091 million and $3,449 million, respectively, at December 31, 2014. The investments held in the special use funds consist of equity and debt securities which are primarily classified as available for sale and carried at estimated fair value. The amortized cost of debt and equity securities is approximately $1,906 million and $1,366 million, respectively, at December 31, 2014 and $1,954 million and $1,384 million, respectively, at December 31, 2013 ($1,519 million and $664 million, respectively, at December 31, 2014 and $1,595 million and $694 million, respectively, at December 31, 2013 for FPL). For FPL's special use funds, consistent with regulatory treatment, changes in fair value, including any other than temporary impairment losses, result in a corresponding adjustment to the related regulatory liability accounts. For NEE's non-rate regulated operations, changes in fair value result in a corresponding adjustment to OCI, except for unrealized losses associated with marketable securities considered to be other than temporary, including any credit losses, which are recognized as other than temporary impairment losses on securities held in nuclear decommissioning funds in NEE's consolidated statements of income. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at December 31, 2014 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at December 31, 2014 of approximately three years. The cost of securities sold is determined using the specific identification method. | ||||||||||||||||||||||||
Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Realized gains | $ | 211 | $ | 246 | $ | 252 | $ | 120 | $ | 182 | $ | 98 | ||||||||||||
Realized losses | $ | 115 | $ | 88 | $ | 67 | $ | 94 | $ | 59 | $ | 46 | ||||||||||||
Proceeds from sale or maturity of securities | $ | 4,092 | $ | 4,190 | $ | 5,028 | $ | 3,349 | $ | 3,342 | $ | 3,790 | ||||||||||||
The unrealized gains on available for sale securities are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities | $ | 1,267 | $ | 1,125 | $ | 896 | $ | 777 | ||||||||||||||||
Debt securities | $ | 66 | $ | 42 | $ | 54 | $ | 36 | ||||||||||||||||
The unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Unrealized losses(a) | $ | 7 | $ | 32 | $ | 5 | $ | 25 | ||||||||||||||||
Fair value | $ | 542 | $ | 1,069 | $ | 434 | $ | 844 | ||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at December 31, 2014 and 2013 were not material to NEE or FPL. | |||||||||||||||||||||||
Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the NDFC pursuant to New Hampshire law. | ||||||||||||||||||||||||
The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||||
The components of income taxes are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Federal: | ||||||||||||||||||||||||
Current(a) | $ | — | $ | (145 | ) | $ | (4 | ) | $ | 240 | $ | 174 | $ | (261 | ) | |||||||||
Deferred | 1,077 | 853 | 636 | 542 | 540 | 906 | ||||||||||||||||||
Total federal | 1,077 | 708 | 632 | 782 | 714 | 645 | ||||||||||||||||||
State: | ||||||||||||||||||||||||
Current(a) | (29 | ) | 69 | 14 | 68 | 44 | 26 | |||||||||||||||||
Deferred | 128 | — | 46 | 60 | 77 | 81 | ||||||||||||||||||
Total state | 99 | 69 | 60 | 128 | 121 | 107 | ||||||||||||||||||
Total income taxes | $ | 1,176 | $ | 777 | $ | 692 | $ | 910 | $ | 835 | $ | 752 | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes provision for unrecognized tax benefits. | |||||||||||||||||||||||
A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||||
Increases (reductions) resulting from: | ||||||||||||||||||||||||
State income taxes - net of federal income tax benefit | 1.8 | 1.8 | 1.5 | 3.4 | 3.6 | 3.5 | ||||||||||||||||||
PTCs and ITCs - NEER | (5.1 | ) | (8.5 | ) | (7.8 | ) | — | — | — | |||||||||||||||
Convertible ITCs - NEER | (1.4 | ) | (2.5 | ) | (1.5 | ) | — | — | — | |||||||||||||||
Valuation allowance associated with Spain solar projects(a) | 0.7 | 5.2 | — | — | — | — | ||||||||||||||||||
Charges associated with Canadian assets | 1.3 | — | — | — | — | — | ||||||||||||||||||
Other - net | — | 0.7 | (0.6 | ) | (0.9 | ) | (0.4 | ) | (0.7 | ) | ||||||||||||||
Effective income tax rate | 32.3 | % | 31.7 | % | 26.6 | % | 37.5 | % | 38.2 | % | 37.8 | % | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||
The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||
Property-related | $ | 11,700 | $ | 11,247 | $ | 7,457 | $ | 6,948 | ||||||||||||||||
Pension | 489 | 567 | 459 | 441 | ||||||||||||||||||||
Nuclear decommissioning trusts | 258 | 188 | — | — | ||||||||||||||||||||
Net unrealized gains on derivatives | 390 | 260 | — | — | ||||||||||||||||||||
Investments in partnerships and joint ventures | 291 | 166 | — | — | ||||||||||||||||||||
Other | 769 | 700 | 435 | 399 | ||||||||||||||||||||
Total deferred tax liabilities | 13,897 | 13,128 | 8,351 | 7,788 | ||||||||||||||||||||
Deferred tax assets and valuation allowance: | ||||||||||||||||||||||||
Decommissioning reserves | 427 | 431 | 374 | 361 | ||||||||||||||||||||
Postretirement benefits | 154 | 145 | 99 | 107 | ||||||||||||||||||||
Net operating loss carryforwards | 1,070 | 1,343 | — | 96 | ||||||||||||||||||||
Tax credit carryforwards | 2,742 | 2,522 | — | — | ||||||||||||||||||||
ARO and accrued asset removal costs | 737 | 795 | 686 | 670 | ||||||||||||||||||||
Other | 820 | 959 | 318 | 297 | ||||||||||||||||||||
Valuation allowance(a) | (323 | ) | (325 | ) | — | — | ||||||||||||||||||
Net deferred tax assets | 5,627 | 5,870 | 1,477 | 1,531 | ||||||||||||||||||||
Net accumulated deferred income taxes | $ | 8,270 | $ | 7,258 | $ | 6,874 | $ | 6,257 | ||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards. | |||||||||||||||||||||||
Deferred tax assets and liabilities are included on the consolidated balance sheets as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Deferred income taxes - current assets | $ | 739 | $ | 753 | $ | — | $ | 98 | (a) | |||||||||||||||
Noncurrent other assets | 264 | 139 | — | — | ||||||||||||||||||||
Other current liabilities | (12 | ) | (6 | ) | (39 | ) | — | |||||||||||||||||
Deferred income taxes - noncurrent liabilities | (9,261 | ) | (8,144 | ) | (6,835 | ) | (6,355 | ) | ||||||||||||||||
Net accumulated deferred income taxes | $ | (8,270 | ) | $ | (7,258 | ) | $ | (6,874 | ) | $ | (6,257 | ) | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Included in other current assets on FPL's consolidated balance sheets. | |||||||||||||||||||||||
The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2014 are as follows: | ||||||||||||||||||||||||
Amount | Expiration | |||||||||||||||||||||||
Dates | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Net operating loss carryforwards: | ||||||||||||||||||||||||
Federal | $ | 752 | 2026-2034 | |||||||||||||||||||||
State | 169 | 2015-2034 | ||||||||||||||||||||||
Foreign | 149 | (a) | 2017-2033 | |||||||||||||||||||||
Net operating loss carryforwards | $ | 1,070 | ||||||||||||||||||||||
Tax credit carryforwards: | ||||||||||||||||||||||||
Federal | $ | 2,409 | 2022-2034 | |||||||||||||||||||||
State | 333 | (b) | 2015-2036 | |||||||||||||||||||||
Tax credit carryforwards | $ | 2,742 | ||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes $119 million of net operating loss carryforwards with an indefinite expiration period. | |||||||||||||||||||||||
(b) | Includes $149 million of ITC carryforwards with an indefinite expiration period. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations |
In 2013, a subsidiary of NEER completed the sale of its ownership interest in a portfolio of hydropower generation plants and related assets with a total generating capacity of 351 MW located in Maine and New Hampshire. The sales price primarily included the assumption by the buyer of $700 million in related debt. In connection with the sale, a gain of approximately $372 million ($231 million after-tax) is reflected in gain from discontinued operations, net of income taxes in NEE's consolidated statements of income for the year ended December 31, 2013. The operations of the hydropower generation plants, exclusive of the gain, were not material to NEE's consolidated statements of income for the years ended December 31, 2013 and 2012. | |
See Note 4 - Nonrecurring Fair Value Measurements for a discussion of the decision not to pursue the sale of Maine fossil and the related financial statement impacts. |
JointlyOwned_Electric_Plants
Jointly-Owned Electric Plants | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Jointly-Owned Electric Plants [Abstract] | |||||||||||||||
Jointly-Owned Electric Plants | Jointly-Owned Electric Plants | ||||||||||||||
Certain NEE subsidiaries own undivided interests in the jointly-owned facilities described below, and are entitled to a proportionate share of the output from those facilities. The subsidiaries are responsible for their share of the operating costs, as well as providing their own financing. Accordingly, each subsidiary includes its proportionate share of the facilities and related revenues and expenses in the appropriate balance sheet and statement of income captions. NEE's and FPL's respective shares of direct expenses for these facilities are included in fuel, purchased power and interchange, O&M, depreciation and amortization and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income. | |||||||||||||||
NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: | |||||||||||||||
December 31, 2014 | |||||||||||||||
Ownership | Gross | Accumulated | Construction | ||||||||||||
Interest | Investment(a) | Depreciation(a) | Work | ||||||||||||
in Progress | |||||||||||||||
(millions) | |||||||||||||||
FPL: | |||||||||||||||
St. Lucie Unit No. 2 | 85 | % | $ | 2,112 | $ | 752 | $ | 21 | |||||||
St. Johns River Power Park units and coal terminal | 20 | % | $ | 399 | $ | 201 | $ | 1 | |||||||
Scherer Unit No. 4 | 76 | % | $ | 1,105 | $ | 352 | $ | 14 | |||||||
NEER: | |||||||||||||||
Duane Arnold | 70 | % | $ | 449 | $ | 120 | $ | 22 | |||||||
Seabrook | 88.23 | % | $ | 1,010 | $ | 212 | $ | 90 | |||||||
Wyman Station Unit No. 4 | 84.35 | % | $ | 24 | $ | 1 | $ | 1 | |||||||
Corporate and Other: | |||||||||||||||
Transmission substation assets located in Seabrook, New Hampshire | 88.23 | % | $ | 72 | $ | 17 | $ | 2 | |||||||
______________________ | |||||||||||||||
(a) | Excludes nuclear fuel. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities |
As of December 31, 2014, NEE has eighteen VIEs which it consolidates and has interests in certain other VIEs which it does not consolidate. | |
FPL - FPL is considered the primary beneficiary of, and therefore consolidates, a VIE that is a wholly-owned bankruptcy remote special purpose subsidiary that it formed in 2007 for the sole purpose of issuing storm-recovery bonds pursuant to the securitization provisions of the Florida Statutes and a financing order of the FPSC. FPL is considered the primary beneficiary because FPL has the power to direct the significant activities of the VIE, and its equity investment, which is subordinate to the bondholder's interest in the VIE, is at risk. Storm restoration costs incurred by FPL during 2005 and 2004 exceeded the amount in FPL's funded storm and property insurance reserve, resulting in a storm reserve deficiency. In 2007, the VIE issued $652 million aggregate principal amount of senior secured bonds (storm-recovery bonds), primarily for the after-tax equivalent of the total of FPL's unrecovered balance of the 2004 storm restoration costs, the 2005 storm restoration costs and to reestablish FPL's storm and property insurance reserve. In connection with this financing, net proceeds, after debt issuance costs, to the VIE (approximately $644 million) were used to acquire the storm-recovery property, which includes the right to impose, collect and receive a storm-recovery charge from all customers receiving electric transmission or distribution service from FPL under rate schedules approved by the FPSC or under special contracts, certain other rights and interests that arise under the financing order issued by the FPSC and certain other collateral pledged by the VIE that issued the bonds. The storm-recovery bonds are payable only from and are secured by the storm-recovery property. The bondholders have no recourse to the general credit of FPL. The assets of the VIE were approximately $279 million and $324 million at December 31, 2014 and 2013, respectively, and consisted primarily of storm-recovery property, which are included in securitized storm-recovery costs on NEE's and FPL's consolidated balance sheets. The liabilities of the VIE were approximately $338 million and $394 million at December 31, 2014 and 2013, respectively, and consisted primarily of storm-recovery bonds, which are included in long-term debt on NEE's and FPL's consolidated balance sheets. | |
FPL entered into a purchased power agreement effective in 1994 with a 250 MW coal-fired qualifying facility and a purchased power agreement effective in 1995 with a 330 MW coal-fired qualifying facility to purchase substantially all of each facility's capacity and electrical output over a substantial portion of their estimated useful life. These facilities are considered VIEs because FPL absorbs a portion of each facility's variability related to changes in the market price of coal through the price it pays per MWh (energy payment). Since FPL does not control the most significant activities of each facility, including operations and maintenance, FPL is not the primary beneficiary and does not consolidate these VIEs. The energy payments paid by FPL will fluctuate as coal prices change. This fluctuation does not expose FPL to losses since the energy payments paid by FPL to each facility are recovered through the fuel clause as approved by the FPSC. | |
NEER - NEE consolidates seventeen NEER VIEs. NEER is considered the primary beneficiary of these VIEs since NEER controls the most significant activities of these VIEs, including operations and maintenance, and through its 100% equity ownership has the obligation to absorb expected losses of these VIEs. | |
A NEER VIE consolidates two entities which own and operate natural gas/oil electric generating facilities with the capability of producing 110 MW. This VIE sells its electric output under power sales contracts to a third party, with expiration dates in 2018 and 2020. The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel. This VIE uses third party debt and equity to finance its operations. The debt is secured by liens against the generating facilities and the other assets of these entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of the VIE were approximately $85 million and $55 million, respectively, at December 31, 2014 and $85 million and $63 million, respectively, at December 31, 2013, and consisted primarily of property, plant and equipment and long-term debt. | |
The other sixteen NEER VIEs consolidate several entities which own and operate wind electric generating facilities with the capability of producing a total of 4,490 MW. These VIEs sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2018 through 2039 or in the spot market. The VIEs use third-party debt and/or equity to finance their operations. Certain investors that hold no equity interest in the VIEs hold differential membership interests, which give them the right to receive a portion of the economic attributes of the generating facilities, including certain tax attributes. The debt is secured by liens against the generating facilities and the other assets of these entities or by pledges of NEER's 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 $6.6 billion and $4.1 billion, respectively, at December 31, 2014. Twelve of the sixteen were VIEs at December 31, 2013 and were consolidated; the assets and liabilities of those VIEs totaled approximately $5.3 billion and $3.3 billion, respectively, at December 31, 2013. At December 31, 2014 and 2013, the assets and liabilities of the VIEs consisted primarily of property, plant and equipment, deferral related to differential membership interests and long-term debt. | |
Other - As of December 31, 2014 and 2013, several NEE subsidiaries have investments totaling approximately $716 million ($606 million at FPL) and $668 million ($505 million at FPL), respectively, in certain special purpose entities, which consisted primarily of investments in mortgage-backed securities. These investments are included in special use funds and other investments on NEE's consolidated balance sheets and in special use funds on FPL's consolidated balance sheets. As of December 31, 2014, NEE subsidiaries, including FPL, are not the primary beneficiary 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. |
Investments_in_Partnerships_an
Investments in Partnerships and Joint Ventures | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments in Partnerships and Joint Ventures [Abstract] | ||||||||
Investments in Partnerships and Joint Ventures | Investments in Partnerships and Joint Ventures | |||||||
Certain subsidiaries of NEE, primarily NEER, have non-controlling non-majority owned interests in various partnerships and joint ventures, essentially all of which own electric generating facilities. At December 31, 2014 and 2013, NEE's investments in partnerships and joint ventures totaled approximately $663 million and $422 million, respectively, which are included in other investments on NEE's consolidated balance sheets. NEER's interest in these partnerships and joint ventures range from approximately 29% to 50%. At December 31, 2014 and 2013, the principal entities included in NEER's investments in partnerships and joint ventures were Desert Sunlight Investment Holdings, LLC and Northeast Energy, LP. | ||||||||
Summarized combined information for these principal entities is as follows: | ||||||||
2014 | 2013 | |||||||
(millions) | ||||||||
Net income | $ | 171 | $ | 37 | ||||
Total assets | $ | 2,636 | $ | 1,955 | ||||
Total liabilities | $ | 1,645 | $ | 1,299 | ||||
Partners'/members' equity | $ | 991 | $ | 656 | ||||
NEER's share of underlying equity in the principal entities | $ | 495 | $ | 328 | ||||
Difference between investment carrying amount and underlying equity in net assets(a) | (4 | ) | (5 | ) | ||||
NEER's investment carrying amount for the principal entities | $ | 491 | $ | 323 | ||||
______________________ | ||||||||
(a) | The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets. | |||||||
In 2004, a trust created by NEE sold $300 million of 5 7/8% preferred trust securities to the public and $9 million of common trust securities to NEE. The trust is an unconsolidated 100%-owned finance subsidiary. The proceeds from the sale of the preferred and common trust securities were used to buy 5 7/8% junior subordinated debentures maturing in March 2044 from NEECH. NEE has fully and unconditionally guaranteed the preferred trust securities and the junior subordinated debentures. |
Common_Shareholders_Equity
Common Shareholders' Equity | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Common Shareholders' Equity | Common Shareholders' Equity | |||||||||||||||||||||||
Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE from continuing operations is as follows: | ||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(millions, except per share amounts) | ||||||||||||||||||||||||
Numerator - income from continuing operations attributable to NEE (a)(b) | $ | 2,465 | $ | 1,677 | $ | 1,911 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding - basic | 434.4 | 424.2 | 416.7 | |||||||||||||||||||||
Equity units, performance share awards, options, forward sale agreements and restricted stock(c) | 5.7 | 2.8 | 2.5 | |||||||||||||||||||||
Weighted-average number of common shares outstanding - assuming dilution | 440.1 | 427 | 419.2 | |||||||||||||||||||||
Earnings per share attributable to NEE from continuing operations:(b) | ||||||||||||||||||||||||
Basic | $ | 5.67 | $ | 3.95 | $ | 4.59 | ||||||||||||||||||
Assuming dilution | $ | 5.6 | $ | 3.93 | $ | 4.56 | ||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income. | |||||||||||||||||||||||
(b) | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||
(c) | 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, the forward sale agreement described below, stock options and performance share awards and restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 2.6 million, 7.1 million and 11.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Issuance of Common Stock and Forward Sale Agreement - In November 2013, NEE sold 4.5 million shares of its common stock at a price of $88.03 per share, and a forward counterparty borrowed and sold 6.6 million shares of NEE's common stock in connection with a forward sale agreement. In December 2014, NEE physically settled the forward sale agreement by delivering 6.6 million shares of its common stock to the forward counterparty in exchange for cash proceeds of approximately $552 million. The forward sale price used to determine the cash proceeds received by NEE was calculated based on the initial forward sale price of $88.03 per share less certain adjustments as specified in the forward sale agreement. Prior to the settlement date, the forward sale agreement had a dilutive effect on NEE’s earnings per share when the average market price per share of NEE’s common stock was above the adjusted forward sale price per share. | ||||||||||||||||||||||||
Common Stock Dividend Restrictions - NEE's charter does not limit the dividends that may be paid on its common stock. FPL's mortgage securing FPL's first mortgage bonds contains provisions which, under certain conditions, restrict the payment of dividends and other distributions to NEE. These restrictions do not currently limit FPL's ability to pay dividends to NEE. | ||||||||||||||||||||||||
Employee Stock Ownership Plan - The employee retirement savings plans of NEE include a leveraged ESOP feature. Shares of common stock held by the trust for the employee retirement savings plans (Trust) are used to provide all or a portion of the employers' matching contributions. Dividends received on all shares, along with cash contributions from the employers, are used to pay principal and interest on an ESOP loan held by a subsidiary of NEECH. Dividends on shares allocated to employee accounts and used by the Trust for debt service are replaced with shares of common stock, at prevailing market prices, in an equivalent amount. For purposes of computing basic and fully diluted earnings per share, ESOP shares that have been committed to be released are considered outstanding. | ||||||||||||||||||||||||
ESOP-related compensation expense was approximately $59 million, $46 million and $44 million in 2014, 2013 and 2012, respectively. The related share release was based on the fair value of shares allocated to employee accounts during the period. Interest income on the ESOP loan is eliminated in consolidation. ESOP-related unearned compensation included as a reduction of common shareholders' equity at December 31, 2014 was approximately $14 million, representing unallocated shares at the original issue price. The fair value of the ESOP-related unearned compensation account using the closing price of NEE common stock at December 31, 2014 was approximately $103 million. | ||||||||||||||||||||||||
Stock-Based Compensation - Net income for the years ended December 31, 2014, 2013 and 2012 includes approximately $60 million, $67 million and $57 million, respectively, of compensation costs and $23 million, $26 million and $22 million, respectively, of income tax benefits related to stock-based compensation arrangements. Compensation cost capitalized for the years ended December 31, 2014, 2013 and 2012 was not material. As of December 31, 2014, there were approximately $63 million of unrecognized compensation costs related to nonvested/nonexercisable stock-based compensation arrangements. These costs are expected to be recognized over a weighted-average period of 1.9 years. | ||||||||||||||||||||||||
At December 31, 2014, approximately 17 million shares of common stock were authorized for awards to officers, employees and non-employee directors of NEE and its subsidiaries under NEE's: (a) Amended and Restated 2011 Long Term Incentive Plan, (b) 2007 Non-Employee Directors Stock Plan and (c) earlier equity compensation plans under which shares are reserved for issuance under existing grants, but no additional shares are available for grant under the earlier plans. NEE satisfies restricted stock and performance share awards by issuing new shares of its common stock or by purchasing shares of its common stock in the open market. NEE satisfies stock option exercises by issuing new shares of its common stock. NEE generally grants most of its stock-based compensation awards in the first quarter of each year. | ||||||||||||||||||||||||
Restricted Stock and Performance Share Awards - Restricted stock typically vests within three years after the date of grant and is subject to, among other things, restrictions on transferability prior to vesting. The fair value of restricted stock is measured based upon the closing market price of NEE common stock as of the date of grant. Performance share awards are typically payable at the end of a three-year performance period if the specified performance criteria are met. The fair value of performance share awards is estimated primarily based upon the closing market price of NEE common stock as of the date of grant less the present value of expected dividends, multiplied by an estimated performance multiple which is subsequently trued up based on actual performance. | ||||||||||||||||||||||||
The activity in restricted stock and performance share awards for the year ended December 31, 2014 was as follows: | ||||||||||||||||||||||||
Shares | Weighted- | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||
Restricted Stock: | ||||||||||||||||||||||||
Nonvested balance, January 1, 2014 | 713,836 | $ | 63.59 | |||||||||||||||||||||
Granted | 238,986 | $ | 93.46 | |||||||||||||||||||||
Vested | (356,187 | ) | $ | 63.77 | ||||||||||||||||||||
Forfeited | (17,138 | ) | $ | 74.87 | ||||||||||||||||||||
Nonvested balance, December 31, 2014 | 579,497 | $ | 75.65 | |||||||||||||||||||||
Performance Share Awards: | ||||||||||||||||||||||||
Nonvested balance, January 1, 2014 | 1,195,917 | $ | 55.55 | |||||||||||||||||||||
Granted | 553,963 | $ | 71.52 | |||||||||||||||||||||
Vested | (708,323 | ) | $ | 50.89 | ||||||||||||||||||||
Forfeited | (45,330 | ) | $ | 63.58 | ||||||||||||||||||||
Nonvested balance, December 31, 2014 | 996,227 | $ | 67.19 | |||||||||||||||||||||
The weighted-average grant date fair value per share of restricted stock granted for the years ended December 31, 2013 and 2012 was $74.02 and $60.78 respectively. The weighted-average grant date fair value per share of performance share awards granted for the years ended December 31, 2013 and 2012 was $58.53 and $51.23, respectively. | ||||||||||||||||||||||||
The total fair value of restricted stock and performance share awards vested was $85 million, $82 million and $71 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Options - Options typically vest within three years after the date of grant and have a maximum term of ten years. The exercise price of each option granted equals the closing market price of NEE common stock on the date of grant. The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Expected volatility(a) | 20.32% | 20.08 - 20.15% | 21.00% | |||||||||||||||||||||
Expected dividends | 3.11% | 3.28 - 3.64% | 3.99% | |||||||||||||||||||||
Expected term (years)(b) | 7 | 7 | 6.7 | |||||||||||||||||||||
Risk-free rate | 2.17% | 1.15 - 1.40% | 1.37% | |||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Based on historical experience. | |||||||||||||||||||||||
(b) | Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. | |||||||||||||||||||||||
Option activity for the year ended December 31, 2014 was as follows: | ||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||||||||||
Underlying | Average | Average | Intrinsic | |||||||||||||||||||||
Options | Exercise | Remaining | Value | |||||||||||||||||||||
Price | Contractual | (millions) | ||||||||||||||||||||||
Per Share | Term | |||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Balance, January 1, 2014 | 3,191,547 | $ | 54.7 | |||||||||||||||||||||
Granted | 198,358 | $ | 93.27 | |||||||||||||||||||||
Exercised | (564,870 | ) | $ | 46.51 | ||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||
Expired | — | — | ||||||||||||||||||||||
Balance, December 31, 2014 | 2,825,035 | $ | 59.04 | 5.8 | $ | 133 | ||||||||||||||||||
Exercisable, December 31, 2014 | 2,344,937 | $ | 55.08 | 5.2 | $ | 120 | ||||||||||||||||||
The weighted-average grant date fair value of options granted was $14.09, $9.20 and $7.69 per share for the years ended December 31, 2014, 2013 and 2012, respectively. The total intrinsic value of stock options exercised was approximately $30 million, $14 million and $57 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Cash received from option exercises was approximately $26 million, $14 million and $55 million for the years ended December 31, 2014, 2013 and 2012, respectively. The tax benefits realized from options exercised were approximately $11 million, $5 million and $22 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Preferred Stock - NEE's charter authorizes the issuance of 100 million shares of serial preferred stock, $0.01 par value, none of which are outstanding. FPL's charter authorizes the issuance of 10,414,100 shares of preferred stock, $100 par value, 5 million shares of subordinated preferred stock, no par value, and 5 million shares of preferred stock, no par value, none of which are outstanding. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Net Unrealized | Net Unrealized | Defined Benefit | Net Unrealized | Other | Total | |||||||||||||||||||
Gains (Losses) | Gains (Losses) | Pension and | Gains (Losses) | Comprehensive | ||||||||||||||||||||
on Cash Flow | on Available for | Other Benefits | on Foreign | Income (Loss) | ||||||||||||||||||||
Hedges | Sale Securities | Plans | Currency | Related to Equity | ||||||||||||||||||||
Translation | Method Investee | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balances, December 31, 2011 | $ | (204 | ) | $ | 103 | $ | (46 | ) | $ | 5 | $ | (12 | ) | $ | (154 | ) | ||||||||
Other comprehensive income (loss) | (62 | ) | (7 | ) | (28 | ) | 7 | (11 | ) | (101 | ) | |||||||||||||
Balances, December 31, 2012 | (266 | ) | 96 | (74 | ) | 12 | (23 | ) | (255 | ) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 84 | 118 | 95 | (45 | ) | 7 | 259 | |||||||||||||||||
Amounts reclassified from AOCI | 67 | (a) | (17 | ) | (b) | 2 | — | — | 52 | |||||||||||||||
Net other comprehensive income (loss) | 151 | 101 | 97 | (45 | ) | 7 | 311 | |||||||||||||||||
Balances, December 31, 2013 | (115 | ) | 197 | 23 | (33 | ) | (16 | ) | 56 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (141 | ) | 62 | (44 | ) | (25 | ) | (8 | ) | (156 | ) | |||||||||||||
Amounts reclassified from AOCI | 98 | (a) | (41 | ) | (b) | 1 | — | — | 58 | |||||||||||||||
Net other comprehensive income (loss) | (43 | ) | 21 | (43 | ) | (25 | ) | (8 | ) | (98 | ) | |||||||||||||
Less other comprehensive loss attributable to noncontrolling interests | 2 | — | — | — | — | 2 | ||||||||||||||||||
Balances, December 31, 2014 | $ | (156 | ) | $ | 218 | $ | (20 | ) | $ | (58 | ) | $ | (24 | ) | $ | (40 | ) | |||||||
———————————— | ||||||||||||||||||||||||
(a) | Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments. | |||||||||||||||||||||||
(b) | Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income. |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt | |||||||||||||||
Long-term debt consists of the following: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Maturity | Balance | Weighted- | Balance | Weighted- | ||||||||||||
Date | Average | Average | ||||||||||||||
Interest Rate | Interest Rate | |||||||||||||||
(millions) | (millions) | |||||||||||||||
FPL: | ||||||||||||||||
First mortgage bonds - fixed | 2017 - 2044 | $ | 8,490 | 4.95 | % | $ | 7,490 | 5.12 | % | |||||||
Storm-recovery bonds - fixed(a) | 2017 - 2021 | 331 | 5.24 | % | 386 | 5.22 | % | |||||||||
Pollution control, solid waste disposal and industrial development revenue bonds - variable(b)(c) | 2020 - 2029 | 633 | 0.05 | % | 633 | 0.07 | % | |||||||||
Other long-term debt - variable(c) | 2014 | — | 300 | 0.66 | % | |||||||||||
Other long-term debt - fixed | 2014 - 2040 | 55 | 4.96 | % | 55 | 4.96 | % | |||||||||
Unamortized discount | (36 | ) | (35 | ) | ||||||||||||
Total long-term debt of FPL | 9,473 | 8,829 | ||||||||||||||
Less current maturities of long-term debt | 60 | 356 | ||||||||||||||
Long-term debt of FPL, excluding current maturities | 9,413 | 8,473 | ||||||||||||||
NEECH: | ||||||||||||||||
Debentures - fixed(d) | 2015 - 2023 | 3,125 | 3.87 | % | 2,550 | 4.43 | % | |||||||||
Debentures, related to NEE's equity units - fixed | 2014 - 2018 | 2,152 | 1.54 | % | 2,503 | 1.55 | % | |||||||||
Junior subordinated debentures - fixed | 2044 - 2073 | 2,978 | 5.84 | % | 3,353 | 6.16 | % | |||||||||
Senior secured bonds - fixed(e) | 2030 | 500 | 7.5 | % | 500 | 7.5 | % | |||||||||
Japanese yen denominated senior notes - fixed(d) | 2030 | 83 | 5.13 | % | 95 | 5.13 | % | |||||||||
Japanese yen denominated term loans - variable(c)(d) | 2014 - 2017 | 459 | 1.83 | % | 419 | 1.45 | % | |||||||||
Other long-term debt - fixed | 2016 - 2044 | 510 | 2.7 | % | 150 | 0.86 | % | |||||||||
Other long-term debt - variable(c) | 2014 - 2019 | 716 | 2.44 | % | 1,665 | 1.27 | % | |||||||||
Fair value hedge adjustment (see Note 3) | 20 | 4 | ||||||||||||||
Unamortized discount | (1 | ) | — | |||||||||||||
Total long-term debt of NEECH | 10,542 | 11,239 | ||||||||||||||
Less current maturities of long-term debt | 1,787 | 1,469 | ||||||||||||||
Long-term debt of NEECH, excluding current maturities | 8,755 | 9,770 | ||||||||||||||
NEER: | ||||||||||||||||
Senior secured limited-recourse bonds and notes - fixed | 2017 - 2038 | 2,273 | 6.02 | % | 2,523 | 5.84 | % | |||||||||
Senior secured limited-recourse term loans - primarily variable(c)(d) | 2015 - 2032 | 4,242 | 3.12 | % | 3,874 | 3.18 | % | |||||||||
Other long-term debt - primarily variable(c)(d)(f) | 2015 - 2030 | 656 | 3.71 | % | 808 | 3.48 | % | |||||||||
Canadian revolving credit facilities - variable(c) | 2014 - 2016 | 704 | 2.33 | % | 472 | 2.33 | % | |||||||||
Unamortized discount | (8 | ) | (10 | ) | ||||||||||||
Total long-term debt of NEER | 7,867 | 7,667 | ||||||||||||||
Less current maturities of long-term debt(f) | 1,668 | 1,941 | ||||||||||||||
Long-term debt of NEER, excluding current maturities | 6,199 | 5,726 | ||||||||||||||
Total long-term debt | $ | 24,367 | $ | 23,969 | ||||||||||||
______________________ | ||||||||||||||||
(a) | Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially. | |||||||||||||||
(b) | Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2014, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds. | |||||||||||||||
(c) | Variable rate is based on an underlying index plus a margin except for in 2014 approximately $983 million and in 2013 approximately $1.1 billion of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin. | |||||||||||||||
(d) | Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3. | |||||||||||||||
(e) | Issued by a wholly-owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount. | |||||||||||||||
(f) | See Note 13 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects. | |||||||||||||||
Minimum annual maturities of long-term debt for NEE are approximately $3,515 million, $1,285 million, $2,608 million, $1,440 million and $1,943 million for 2015, 2016, 2017, 2018 and 2019, respectively. The respective amounts for FPL are approximately $60 million, $64 million, $367 million, $72 million and $76 million. | ||||||||||||||||
At December 31, 2014 and 2013, short-term borrowings had a weighted-average interest rate of 0.40% (0.40% for FPL) and 0.20% (0.11% for FPL), respectively. Available lines of credit aggregated approximately $7.9 billion ($4.9 billion for NEECH and $3.0 billion for FPL) at December 31, 2014. These facilities provide for the issuance of letters of credit of up to approximately $6.6 billion ($4.1 billion for NEECH and $2.5 billion for FPL). The issuance of letters of credit is subject to the aggregate commitment under the applicable facility. While no direct borrowings were outstanding at December 31, 2014, letters of credit totaling $843 million and $3 million were outstanding under the NEECH and FPL credit facilities, respectively. | ||||||||||||||||
NEE has guaranteed certain payment obligations of NEECH, including most of those under NEECH's debt, including all of its debentures and commercial paper issuances, as well as most of its payment guarantees and indemnifications. NEECH has guaranteed certain debt and other obligations of NEER and its subsidiaries. | ||||||||||||||||
In May 2012, NEE sold $600 million of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series E Debenture due June 1, 2017 issued in the principal amount of $1,000 by NEECH (see table above). Each stock purchase contract requires the holder to purchase by no later than June 1, 2015 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range of $64.35 to $77.22. If purchased on the final settlement date, as of December 31, 2014, the number of shares issued would (subject to antidilution adjustments) range from 0.7835 shares if the applicable market value of a share of common stock is less than or equal to $64.35, to 0.6529 shares if the applicable market value of a share is equal to or greater than $77.22, with applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending May 27, 2015. Total annual distributions on the equity units will be at the rate of 5.599%, consisting of interest on the debentures (1.70% per year) and payments under the stock purchase contracts (3.899% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2015. The holder of the equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder’s obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE. | ||||||||||||||||
Also, in May 2012, NEECH completed a remarketing of $350 million aggregate principal amount of its Series C Debentures due June 1, 2014 (Debentures). The Debentures were issued in May 2009 as components of equity units issued concurrently by NEE (2009 equity units). The Debentures were fully and unconditionally guaranteed by NEE. In connection with the remarketing of the Debentures, the interest rate on the Debentures was reset to 1.611% per year, and interest was payable on June 1 and December 1 of each year, commencing June 1, 2012. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the 2009 equity units, on June 1, 2012, NEE issued 5,400,500 shares of common stock in exchange for $350 million. | ||||||||||||||||
In September 2012, NEE sold $650 million of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series F Debenture due September 1, 2017 issued in the principal amount of $1,000 by NEECH (see table above). Each stock purchase contract requires the holder to purchase by no later than September 1, 2015 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range of $67.15 to $80.58. If purchased on the final settlement date, as of December 31, 2014, the number of shares issued would (subject to antidilution adjustments) range from 0.7507 shares if the applicable market value of a share of common stock is less than or equal to $67.15, to 0.6256 shares if the applicable market value of a share is equal to or greater than $80.58, with applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending August 27, 2015. Total annual distributions on the equity units will be at the rate of 5.889%, consisting of interest on the debentures (1.60% per year) and payments under the stock purchase contracts (4.289% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2015. The holder of the equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder’s obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE. | ||||||||||||||||
In August 2013, NEECH completed a remarketing of approximately $402.4 million aggregate principal amount of its Series D Debentures due September 1, 2015, which constitutes a portion of the $402.5 million aggregate principal amount of such debentures (Debentures) that were issued in September 2010 as components of equity units issued concurrently by NEE (2010 equity units). The Debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the Debentures, the interest rate on the Debentures was reset to 1.339% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2013. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the 2010 equity units, in August and September 2013, NEE issued a total of 5,946,530 shares of common stock in exchange for $402.5 million. | ||||||||||||||||
In September 2013, NEE sold $500 million of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series G Debenture due September 1, 2018 issued in the principal amount of $1,000 by NEECH (see table above). Each stock purchase contract requires the holder to purchase by no later than September 1, 2016 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range of $82.70 to $99.24. If purchased on the final settlement date, as of December 31, 2014, the number of shares issued would (subject to antidilution adjustments) range from 0.6062 shares if the applicable market value of a share of common stock is less than or equal to $82.70 to 0.5051 shares if the applicable market value of a share is equal to or greater than $99.24, with applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending August 29, 2016. Total annual distributions on the equity units will be at the rate of 5.799%, consisting of interest on the debentures (1.45% per year) and payments under the stock purchase contracts (4.349% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2016. The holder of the equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE. | ||||||||||||||||
Prior to the issuance of NEE’s common stock, the stock purchase contracts, if dilutive, will be reflected in NEE’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of NEE common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon settlement of the stock purchase contracts over the number of shares that could be purchased by NEE in the market, at the average market price during the period, using the proceeds receivable upon settlement. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Asset Retirement Obligations [Abstract] | ||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | |||||||||||
FPL's ARO relates primarily to the nuclear decommissioning obligation of its nuclear units. FPL's AROs other than nuclear decommissioning are not significant. The accounting provisions result in timing differences in the recognition of legal asset retirement costs for financial reporting purposes and the method the FPSC allows FPL to recover in rates. NEER's ARO relates primarily to the nuclear decommissioning obligation of its nuclear plants and obligations for the dismantlement of its wind facilities located on leased property. See Note 1 - Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs. | ||||||||||||
A rollforward of NEE's and FPL's ARO is as follows: | ||||||||||||
FPL | NEER | NEE | ||||||||||
(millions) | ||||||||||||
Balances, December 31, 2012 | $ | 1,206 | $ | 509 | $ | 1,715 | ||||||
Liabilities incurred | 1 | 24 | 25 | |||||||||
Accretion expense | 64 | 35 | 99 | |||||||||
Liabilities settled | (1 | ) | (2 | ) | (3 | ) | ||||||
Revision in estimated cash flows - net | 15 | (1 | ) | 14 | ||||||||
Balances, December 31, 2013 | 1,285 | 565 | 1,850 | |||||||||
Liabilities incurred | 1 | 29 | 30 | |||||||||
Accretion expense | 70 | 38 | 108 | |||||||||
Liabilities settled | — | (1 | ) | (1 | ) | |||||||
Revision in estimated cash flows - net | (1 | ) | — | (1 | ) | |||||||
Balances, December 31, 2014 | $ | 1,355 | $ | 631 | $ | 1,986 | ||||||
Restricted funds for the payment of future expenditures to decommission NEE's and FPL's nuclear units included in special use funds on NEE's and FPL's consolidated balance sheets are as follows (see Note 4 - Special Use Funds): | ||||||||||||
FPL | NEER | NEE | ||||||||||
(millions) | ||||||||||||
Balances, December 31, 2014 | $ | 3,449 | $ | 1,642 | $ | 5,091 | ||||||
Balances, December 31, 2013 | $ | 3,199 | $ | 1,507 | $ | 4,706 | ||||||
NEE and FPL have identified but not recognized ARO liabilities related to electric transmission and distribution and telecommunications assets resulting from easements over property not owned by NEE or FPL. These easements are generally perpetual and only require retirement action upon abandonment or cessation of use of the property or facility for its specified purpose. The ARO liability is not estimable for such easements as NEE and FPL intend to use these properties indefinitely. In the event NEE and FPL decide to abandon or cease the use of a particular easement, an ARO liability would be recorded at that time. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||||||||||||||
Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction or acquisition of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities and the procurement of nuclear fuel. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects and the procurement of nuclear fuel. Capital expenditures for Corporate and Other primarily include the cost for construction of two natural gas pipeline systems, consisting of three separate pipelines, as well as the cost to meet customer-specific requirements and maintain the fiber-optic network for the fiber-optic telecommunications business (FPL FiberNet) and the cost to maintain existing transmission facilities at NextEra Energy Transmission, LLC. | ||||||||||||||||||||||||
At December 31, 2014, estimated capital expenditures for 2015 through 2019 were as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Generation:(a) | ||||||||||||||||||||||||
New(b)(c) | $ | 395 | $ | 400 | $ | 5 | $ | 5 | $ | — | $ | 805 | ||||||||||||
Existing | 785 | 635 | 640 | 495 | 440 | 2,995 | ||||||||||||||||||
Transmission and distribution | 1,725 | 1,965 | 1,760 | 1,625 | 1,680 | 8,755 | ||||||||||||||||||
Nuclear fuel | 205 | 220 | 125 | 150 | 175 | 875 | ||||||||||||||||||
General and other | 325 | 230 | 215 | 160 | 130 | 1,060 | ||||||||||||||||||
Total(d) | $ | 3,435 | $ | 3,450 | $ | 2,745 | $ | 2,435 | $ | 2,425 | $ | 14,490 | ||||||||||||
NEER:(e) | ||||||||||||||||||||||||
Wind | $ | 1,345 | $ | 275 | $ | 10 | $ | 15 | $ | 10 | $ | 1,655 | ||||||||||||
Solar | 1,210 | 555 | — | — | — | 1,765 | ||||||||||||||||||
Nuclear, including nuclear fuel | 270 | 295 | 245 | 240 | 280 | 1,330 | ||||||||||||||||||
Other | 275 | 60 | 50 | 120 | 100 | 605 | ||||||||||||||||||
Total | $ | 3,100 | $ | 1,185 | $ | 305 | $ | 375 | $ | 390 | $ | 5,355 | ||||||||||||
Corporate and Other(f) | $ | 510 | $ | 1,200 | $ | 695 | $ | 455 | $ | 145 | $ | 3,005 | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes AFUDC of approximately $54 million and $17 million for 2015 and 2016, respectively. | |||||||||||||||||||||||
(b) | Includes land, generating structures, transmission interconnection and integration and licensing. | |||||||||||||||||||||||
(c) | Consists of projects that have received FPSC approval or applicable internal approvals. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit. | |||||||||||||||||||||||
(d) | FPL has identified $800 million to $1.1 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above. | |||||||||||||||||||||||
(e) | Consists of capital expenditures for new wind and solar projects and related transmission totaling approximately 1,760 MW and gas infrastructure investments that have received applicable internal approvals. Excludes new wind and solar projects in advanced development requiring internal approvals. | |||||||||||||||||||||||
(f) | Includes capital expenditures totaling approximately $2.5 billion for construction of three natural gas pipelines that have received applicable internal approvals, including $2.0 billion of equity contributions associated with equity investments in joint ventures for two pipelines and $515 million, which includes AFUDC of approximately $3 million, $17 million, and $11 million for 2015 through 2017, respectively, associated with the third pipeline. The natural gas pipelines are subject to certain conditions, including FERC approval. See Contracts below. | |||||||||||||||||||||||
The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates. | ||||||||||||||||||||||||
Contracts - In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has commitments under long-term purchased power and fuel contracts. As of December 31, 2014, FPL is obligated under take-or-pay purchased power contracts with JEA and with subsidiaries of The Southern Company (Southern subsidiaries) to pay for approximately 1,330 MW annually through December 2015 and 375 MW annually thereafter through 2021. FPL also has various firm pay-for-performance contracts to purchase approximately 705 MW from certain cogenerators and small power producers (qualifying facilities) with expiration dates ranging from 2024 through 2034. The purchased power contracts provide for capacity and energy payments. Energy payments are based on the actual power taken under these contracts. Capacity payments for the pay-for-performance contracts are subject to the qualifying facilities meeting certain contract conditions. FPL has contracts with expiration dates through 2036 for the purchase and transportation of natural gas and coal, and storage of natural gas. In addition, FPL has entered into 25-year natural gas transportation agreements with each of Sabal Trail Transmission, LLC (Sabal Trail, an entity in which a wholly-owned NEECH subsidiary has a 33% ownership interest), and Florida Southeast Connection, LLC (Florida Southeast Connection, a wholly-owned NEECH subsidiary), each of which will build, own and operate a pipeline that will be part of a natural gas pipeline system, for a quantity of 400,000 MMBtu/day beginning on May 1, 2017 and increasing to 600,000 MMBtu/day on May 1, 2020. These agreements contain firm commitments that are contingent upon the occurrence of certain events, including FERC approval and completion of construction of the pipeline system to be built by Sabal Trail and Florida Southeast Connection. See Commitments above. | ||||||||||||||||||||||||
As of December 31, 2014, NEER has entered into contracts with expiration dates ranging from March 2015 through 2030 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, conversion, enrichment and fabrication of nuclear fuel. Approximately $2.7 billion of commitments under such contracts are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the purchase, transportation and storage of natural gas and firm transmission service with expiration dates ranging from March 2015 through 2033. | ||||||||||||||||||||||||
Included in Corporate and Other in the table below is the remaining commitment by NEECH subsidiaries of approximately $2.1 billion for the construction of the natural gas pipelines. Amounts committed for 2015 through 2019 are also included in the estimated capital expenditures table in Commitments above. | ||||||||||||||||||||||||
The required capacity and/or minimum payments under the contracts discussed above as of December 31, 2014 were estimated as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Capacity charges:(a) | ||||||||||||||||||||||||
Qualifying facilities | $ | 290 | $ | 250 | $ | 255 | $ | 260 | $ | 265 | $ | 1,700 | ||||||||||||
JEA and Southern subsidiaries | $ | 195 | $ | 70 | $ | 50 | $ | 10 | $ | — | $ | — | ||||||||||||
Minimum charges, at projected prices:(b) | ||||||||||||||||||||||||
Natural gas, including transportation and storage(c) | $ | 1,175 | $ | 760 | $ | 750 | $ | 830 | $ | 830 | $ | 13,780 | ||||||||||||
Coal, including transportation | $ | 115 | $ | 50 | $ | 35 | $ | — | $ | — | $ | — | ||||||||||||
NEER | $ | 1,770 | $ | 860 | $ | 140 | $ | 135 | $ | 85 | $ | 390 | ||||||||||||
Corporate and Other(d)(e) | $ | 370 | $ | 880 | $ | 445 | $ | 385 | $ | 70 | $ | 40 | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $485 million, $487 million and $523 million for the years ended December 31, 2014, 2013 and 2012, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $299 million, $263 million and $276 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||
(b) | Recoverable through the fuel clause. | |||||||||||||||||||||||
(c) | Includes approximately $200 million, $295 million, $290 million and $8,245 million in 2017, 2018, 2019 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. | |||||||||||||||||||||||
(d) | Includes an approximately $45 million commitment to invest in clean power and technology businesses through 2021. | |||||||||||||||||||||||
(e) | Excludes approximately $555 million, in 2015, of joint obligations of NEECH and NEER which are included in the NEER amounts above. | |||||||||||||||||||||||
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 $375 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $13.2 billion of liability insurance coverage per incident at any nuclear reactor in the United States. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $1.0 billion ($509 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the United States, payable at a rate not to exceed $152 million ($76 million for FPL) per incident per year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $15 million, $38 million and $19 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. 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 $175 million ($106 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $5 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 its transmission and distribution property and has no property insurance coverage for FPL FiberNet's fiber-optic cable. Should FPL's future storm restoration costs exceed the reserve amount established through the issuance of storm-recovery bonds by a VIE in 2007, FPL may recover storm restoration costs, subject to prudence review by the FPSC, either 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 FPL or Lone Star Transmission, LLC, would be borne by NEE and/or FPL and/or their affiliates, as the case may be, and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity. | ||||||||||||||||||||||||
Spain Solar Projects - In March 2013 and May 2013, events of default occurred under the project-level financing agreements for the Spain solar projects (project-level financing) as a result of changes of law that occurred in December 2012 and February 2013. These changes of law negatively affected the projected economics of the projects and caused the project-level financing to be unsupportable by expected future project cash flows. Under the project-level financing, events of default (including those discussed below) provide for, among other things, a right by the lenders (which they have not exercised) to accelerate the payment of the project-level debt. Accordingly, in 2013, the project-level debt and the associated derivative liabilities related to interest rate swaps were classified as current maturities of long-term debt and current derivative liabilities, respectively, on NEE's consolidated balance sheets, and totaled $647 million and $125 million, respectively, as of December 31, 2014. In July 2013, the Spanish government published a new law that created a new economic framework for the Spanish renewable energy sector. Additional regulatory pronouncements from the Spanish government needed to complete and implement the framework were finalized in June 2014. Based on NEE's assessment, the regulatory pronouncements do not indicate a further impairment of the Spain solar projects. However, the Spanish government's interpretation of the new remuneration scheme resulted in a reduction to 2013 revenues of approximately $19 million which was reflected in operating revenues for the year ended December 31, 2014 in NEE's consolidated statements of income. During the third quarter of 2014, events of default occurred under the project-level financing agreements related to certain debt service coverage ratio covenants not being met. The project-level subsidiaries have requested the lenders to waive the events of default related to the debt service coverage ratio. | ||||||||||||||||||||||||
As part of a settlement agreement reached in December 2013 between NEECH, NextEra Energy España, S.L. (NEE España), which is the NEER subsidiary in Spain that is the direct shareholder of the project-level subsidiaries, the project-level subsidiaries and the lenders, the future recourse of the lenders under the project-level financing is effectively limited to the letters of credit described below and to the assets of the project-level subsidiaries. Under the settlement agreement, the lenders, among other things, irrevocably waived events of default related to changes of law that existed at the time of the settlement as described above, and NEECH affiliates provided for the project-level subsidiaries to post approximately €37 million (approximately $45 million as of December 31, 2014) in letters of credit to fund operating and debt service reserves under the project-level financing. NEE España, the project-level subsidiaries and the lenders will continue to seek to restructure the project-level financing; however, there can be no assurance that the project-level financing will be successfully restructured or that additional events of default under the project-level financing will not occur. | ||||||||||||||||||||||||
Legal Proceedings - In November 1999, the Attorney General of the United States, on behalf of the U.S. Environmental Protection Agency (EPA), brought an action in the U.S. District Court for the Northern District of Georgia against Georgia Power Company and other subsidiaries of The Southern Company for certain alleged violations of the Prevention of Significant Deterioration (PSD) provisions and the New Source Performance Standards (NSPS) of the Clean Air Act. In May 2001, the EPA amended its complaint to allege, among other things, that Georgia Power Company constructed and is continuing to operate Scherer Unit No. 4, in which FPL owns an interest of approximately 76%, without obtaining a PSD permit, without complying with NSPS requirements, and without applying best available control technology for nitrogen oxides, sulfur dioxides and particulate matter as required by the Clean Air Act. It also alleges that unspecified major modifications have been made at Scherer Unit No. 4 that require its compliance with the aforementioned Clean Air Act provisions. The EPA seeks injunctive relief requiring the installation of best available control technology and civil penalties. Under the EPA's civil penalty rules, the EPA could assess up to $25,000 per day for each violation from an unspecified date after June 1, 1975 through January 30, 1997, up to $27,500 per day for each violation from January 31, 1997 through March 15, 2004, up to $32,500 per day for each violation from March 16, 2004 through January 12, 2009 and up to $37,500 per day for each violation thereafter. Georgia Power Company has answered the amended complaint, asserting that it has complied with all requirements of the Clean Air Act, denying the plaintiff's allegations of liability, denying that the plaintiff is entitled to any of the relief that it seeks and raising various other defenses. In June 2001, a federal district court stayed discovery and administratively closed the case and the EPA has not yet moved to reopen the case. In April 2007, the U.S. Supreme Court in a separate unrelated case rejected an argument that a "major modification" occurs at a plant only when there is a resulting increase in the hourly rate of air emissions. Georgia Power Company has made a similar argument in defense of its case, but has other factual and legal defenses that are unaffected by the U.S. Supreme Court's decision. | ||||||||||||||||||||||||
In 1995 and 1996, NEE, through an indirect subsidiary, purchased from Adelphia Communications Corporation (Adelphia) 1,091,524 shares of Adelphia common stock and 20,000 shares of Adelphia preferred stock (convertible into 2,358,490 shares of Adelphia common stock) for an aggregate price of approximately $35,900,000. On January 29, 1999, Adelphia repurchased all of these shares for $149,213,130 in cash. In June 2004, Adelphia, Adelphia Cablevision, L.L.C. and the Official Committee of Unsecured Creditors of Adelphia filed a complaint against NEE and its indirect subsidiary in the U.S. Bankruptcy Court, Southern District of New York. The complaint alleges that the repurchase of these shares by Adelphia was a fraudulent transfer, in that at the time of the transaction Adelphia (i) was insolvent or was rendered insolvent, (ii) did not receive reasonably equivalent value in exchange for the cash it paid, and (iii) was engaged or about to engage in a business or transaction for which any property remaining with Adelphia had unreasonably small capital. The complaint seeks the recovery for the benefit of Adelphia's bankruptcy estate of the cash paid for the repurchased shares, plus interest from January 29, 1999. NEE filed an answer to the complaint. NEE believes that the complaint is without merit because, among other reasons, Adelphia will be unable to demonstrate that (i) Adelphia's repurchase of shares from NEE, which repurchase was at the market value for those shares, was not for reasonably equivalent value, (ii) Adelphia was insolvent at the time of the stock repurchase, or (iii) the stock repurchase left Adelphia with unreasonably small capital. The trial was completed in May 2012 and closing arguments were heard in July 2012. In May 2014, the U.S. Bankruptcy Court, Southern District of New York, issued its decision after trial, finding, among other things, that Adelphia was not insolvent, or rendered insolvent, at the time of the stock repurchase. The bankruptcy court further ruled that Adelphia was not left with inadequate capital or equitably insolvent at the time of the stock repurchase. The decision after trial represents proposed findings of fact and conclusions of law which are subject to de novo review by the U.S. District Court for the Southern District of New York. Adelphia filed its objections to the decision in June 2014 and NEE filed its response to those objections in July 2014. The issuance of a final order by the district court is pending. | ||||||||||||||||||||||||
NEE and FPL are vigorously defending, and believe that they or their affiliates have meritorious defenses to, the lawsuits described above. In addition to the legal proceedings discussed above, NEE and its subsidiaries, including FPL, are involved in other legal and regulatory proceedings, actions and claims in the ordinary course of their businesses. Generating plants in which subsidiaries of NEE, including FPL, have an ownership interest are also involved in legal and regulatory proceedings, actions and claims, the liabilities from which, if any, would be shared by such subsidiary. In the event that NEE and FPL, or their affiliates, do not prevail in the lawsuits described above or these other legal and regulatory proceedings, actions and claims, there may be a material adverse effect on their financial statements. While management is unable to predict with certainty the outcome of the lawsuits described above or these other legal and regulatory proceedings, actions and claims, based on current knowledge it is not expected that their ultimate resolution, individually or collectively, will have a material adverse effect on the financial statements of NEE or FPL. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||
NEE's reportable segments are FPL, a rate-regulated electric utility, and NEER, a competitive energy business. NEER's segment information includes an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs. Corporate and Other represents other business activities, other segments that are not separately reportable and eliminating entries. NEE's operating revenues derived from the sale of electricity represented approximately 91%, 92% and 93% of NEE's operating revenues for the years ended December 31, 2014, 2013 and 2012. Approximately 2%, 1% and 1% of operating revenues were from foreign sources for each of the three years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, approximately 4% of long-lived assets were located in foreign countries. | ||||||||||||||||||||||||||||||||||||||||||||||||
NEE's segment information is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
FPL | NEER(a) | Corp. | NEE | FPL | NEER(a) | Corp. | NEE | FPL | NEER(a) | Corp. | NEE | |||||||||||||||||||||||||||||||||||||
and | Consoli- | and | Consoli- | and | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
Other | dated | Other | dated | Other | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 11,421 | $ | 5,191 | $ | 409 | $ | 17,021 | $ | 10,445 | $ | 4,333 | $ | 358 | $ | 15,136 | $ | 10,114 | $ | 3,895 | $ | 247 | $ | 14,256 | ||||||||||||||||||||||||
Operating expenses(b) | $ | 8,593 | $ | 3,724 | $ | 320 | $ | 12,637 | $ | 7,906 | $ | 3,730 | $ | 259 | $ | 11,895 | $ | 7,757 | $ | 3,024 | $ | 199 | $ | 10,980 | ||||||||||||||||||||||||
Interest expense | $ | 439 | $ | 666 | $ | 156 | $ | 1,261 | $ | 415 | $ | 528 | $ | 178 | $ | 1,121 | $ | 417 | $ | 474 | $ | 147 | $ | 1,038 | ||||||||||||||||||||||||
Interest income | $ | 3 | $ | 26 | $ | 51 | $ | 80 | $ | 6 | $ | 19 | $ | 53 | $ | 78 | $ | 6 | $ | 20 | $ | 60 | $ | 86 | ||||||||||||||||||||||||
Depreciation and amortization | $ | 1,432 | $ | 1,051 | $ | 68 | $ | 2,551 | $ | 1,159 | $ | 949 | $ | 55 | $ | 2,163 | $ | 659 | $ | 818 | $ | 41 | $ | 1,518 | ||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | $ | — | $ | 93 | $ | — | $ | 93 | $ | — | $ | 26 | $ | (1 | ) | $ | 25 | $ | — | $ | 19 | $ | (6 | ) | $ | 13 | ||||||||||||||||||||||
Income tax expense (benefit)(c)(d)(e) | $ | 910 | $ | 282 | $ | (16 | ) | $ | 1,176 | $ | 835 | $ | (42 | ) | $ | (16 | ) | $ | 777 | $ | 752 | $ | (7 | ) | $ | (53 | ) | $ | 692 | |||||||||||||||||||
Income (loss) from continuing operations(d)(e) | $ | 1,517 | $ | 989 | $ | (37 | ) | $ | 2,469 | $ | 1,349 | $ | 340 | $ | (12 | ) | $ | 1,677 | $ | 1,240 | $ | 687 | $ | (16 | ) | $ | 1,911 | |||||||||||||||||||||
Gain from discontinued operations, net of income taxes(e)(f) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 216 | $ | 15 | $ | 231 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Net income (loss) attributable to NEE(d) | $ | 1,517 | $ | 985 | $ | (37 | ) | $ | 2,465 | $ | 1,349 | $ | 556 | $ | 3 | $ | 1,908 | $ | 1,240 | $ | 687 | $ | (16 | ) | $ | 1,911 | ||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | $ | 3,241 | $ | 3,627 | $ | 149 | $ | 7,017 | $ | 2,903 | $ | 3,613 | $ | 166 | $ | 6,682 | $ | 4,285 | $ | 4,681 | $ | 495 | $ | 9,461 | ||||||||||||||||||||||||
Property, plant and equipment | $ | 41,938 | $ | 30,155 | $ | 1,546 | $ | 73,639 | $ | 39,896 | $ | 28,080 | $ | 1,472 | $ | 69,448 | $ | 38,249 | $ | 25,333 | $ | 1,335 | $ | 64,917 | ||||||||||||||||||||||||
Accumulated depreciation and amortization | $ | 11,282 | $ | 6,268 | $ | 384 | $ | 17,934 | $ | 10,944 | $ | 5,455 | $ | 329 | $ | 16,728 | $ | 10,698 | $ | 4,535 | $ | 271 | $ | 15,504 | ||||||||||||||||||||||||
Total assets(g) | $ | 39,307 | $ | 32,919 | $ | 2,703 | $ | 74,929 | $ | 36,488 | $ | 30,154 | $ | 2,664 | $ | 69,306 | $ | 34,853 | $ | 27,139 | $ | 2,447 | $ | 64,439 | ||||||||||||||||||||||||
Investment in equity method investees | $ | — | $ | 537 | $ | 126 | $ | 663 | $ | — | $ | 365 | $ | 57 | $ | 422 | $ | — | $ | 243 | $ | 19 | $ | 262 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual NEECH corporate interest expense is included in Corporate and Other. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | NEER includes an impairment charge of $300 million in 2013 related to the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | NEER includes after-tax charges of $342 million in 2013 associated with the impairment of the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
(e) | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
(f) | See Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||
(g) | In 2012, NEER includes assets held for sale of approximately $335 million. |
Summarized_Financial_Informati
Summarized Financial Information of NEECH | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information of NEECH | Summarized Financial Information of NEECH | |||||||||||||||||||||||||||||||||||||||||||||||
NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL. NEECH’s debentures and junior subordinated debentures that are registered pursuant to the Securities Act of 1933, as amended, are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
tor) | dated | tor) | dated | tor) | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | — | $ | 5,614 | $ | 11,407 | $ | 17,021 | $ | — | $ | 4,703 | $ | 10,433 | $ | 15,136 | $ | — | $ | 4,154 | $ | 10,102 | $ | 14,256 | ||||||||||||||||||||||||
Operating expenses | (19 | ) | (4,039 | ) | (8,579 | ) | (12,637 | ) | (18 | ) | (3,983 | ) | (7,894 | ) | (11,895 | ) | (21 | ) | (3,214 | ) | (7,745 | ) | (10,980 | ) | ||||||||||||||||||||||||
Interest expense | (6 | ) | (819 | ) | (436 | ) | (1,261 | ) | (8 | ) | (705 | ) | (408 | ) | (1,121 | ) | (11 | ) | (619 | ) | (408 | ) | (1,038 | ) | ||||||||||||||||||||||||
Equity in earnings of subsidiaries | 2,494 | — | (2,494 | ) | — | 1,915 | — | (1,915 | ) | — | 1,925 | — | (1,925 | ) | — | |||||||||||||||||||||||||||||||||
Other income (deductions) - net(b) | 1 | 487 | 34 | 522 | 2 | 281 | 51 | 334 | 7 | 313 | 45 | 365 | ||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes(b) | 2,470 | 1,243 | (68 | ) | 3,645 | 1,891 | 296 | 267 | 2,454 | 1,900 | 634 | 69 | 2,603 | |||||||||||||||||||||||||||||||||||
Income tax expense (benefit)(b) | 5 | 262 | 909 | 1,176 | (2 | ) | (55 | ) | 834 | 777 | (11 | ) | (50 | ) | 753 | 692 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations(b) | 2,465 | 981 | (977 | ) | 2,469 | 1,893 | 351 | (567 | ) | 1,677 | 1,911 | 684 | (684 | ) | 1,911 | |||||||||||||||||||||||||||||||||
Gain from discontinued operations, net of income taxes(b) | — | — | — | — | 15 | 216 | — | 231 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,465 | 981 | (977 | ) | 2,469 | 1,908 | 567 | (567 | ) | 1,908 | 1,911 | 684 | (684 | ) | 1,911 | |||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interests | — | (4 | ) | — | (4 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to NEE | $ | 2,465 | $ | 977 | $ | (977 | ) | $ | 2,465 | $ | 1,908 | $ | 567 | $ | (567 | ) | $ | 1,908 | $ | 1,911 | $ | 684 | $ | (684 | ) | $ | 1,911 | |||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
tor) | dated | tor) | dated | tor) | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to NEE | $ | 2,369 | $ | 924 | $ | (924 | ) | $ | 2,369 | $ | 2,219 | $ | 781 | $ | (781 | ) | $ | 2,219 | $ | 1,810 | $ | 611 | $ | (611 | ) | $ | 1,810 | |||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||||
tor) | dated | tor) | dated | |||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||||||||||||||||||||||||||
Electric plant in service and other property | $ | 27 | $ | 31,674 | $ | 41,938 | $ | 73,639 | $ | 31 | $ | 29,511 | $ | 39,906 | $ | 69,448 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation and amortization | (12 | ) | (6,640 | ) | (11,282 | ) | (17,934 | ) | (10 | ) | (5,774 | ) | (10,944 | ) | (16,728 | ) | ||||||||||||||||||||||||||||||||
Total property, plant and equipment - net | 15 | 25,034 | 30,656 | 55,705 | 21 | 23,737 | 28,962 | 52,720 | ||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | 562 | 15 | 577 | — | 418 | 20 | 438 | ||||||||||||||||||||||||||||||||||||||||
Receivables | 82 | 1,378 | 699 | 2,159 | 78 | 1,542 | 669 | 2,289 | ||||||||||||||||||||||||||||||||||||||||
Other | 19 | 2,512 | 1,677 | 4,208 | 6 | 1,814 | 1,295 | 3,115 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 101 | 4,452 | 2,391 | 6,944 | 84 | 3,774 | 1,984 | 5,842 | ||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 19,703 | — | (19,703 | ) | — | 17,910 | — | (17,910 | ) | — | ||||||||||||||||||||||||||||||||||||||
Other | 736 | 6,066 | 5,478 | 12,280 | 694 | 5,129 | 4,921 | 10,744 | ||||||||||||||||||||||||||||||||||||||||
Total other assets | 20,439 | 6,066 | (14,225 | ) | 12,280 | 18,604 | 5,129 | (12,989 | ) | 10,744 | ||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 20,555 | $ | 35,552 | $ | 18,822 | $ | 74,929 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||||||||||||||||||
CAPITALIZATION | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shareholders' equity | $ | 19,916 | $ | 6,552 | $ | (6,552 | ) | $ | 19,916 | $ | 18,040 | $ | 4,816 | $ | (4,816 | ) | $ | 18,040 | ||||||||||||||||||||||||||||||
Noncontrolling interests | — | 252 | — | 252 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Long-term debt | — | 14,954 | 9,413 | 24,367 | — | 15,496 | 8,473 | 23,969 | ||||||||||||||||||||||||||||||||||||||||
Total capitalization | 19,916 | 21,758 | 2,861 | 44,535 | 18,040 | 20,312 | 3,657 | 42,009 | ||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt due within one year | — | 3,455 | 1,202 | 4,657 | — | 3,896 | 561 | 4,457 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | 707 | 647 | 1,354 | — | 589 | 611 | 1,200 | ||||||||||||||||||||||||||||||||||||||||
Other | 182 | 2,075 | 1,395 | 3,652 | 199 | 2,203 | 1,130 | 3,532 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 182 | 6,237 | 3,244 | 9,663 | 199 | 6,688 | 2,302 | 9,189 | ||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligations | — | 631 | 1,355 | 1,986 | — | 565 | 1,285 | 1,850 | ||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 149 | 2,608 | 6,504 | 9,261 | 166 | 1,963 | 6,015 | 8,144 | ||||||||||||||||||||||||||||||||||||||||
Other | 308 | 4,318 | 4,858 | 9,484 | 304 | 3,112 | 4,698 | 8,114 | ||||||||||||||||||||||||||||||||||||||||
Total other liabilities and deferred credits | 457 | 7,557 | 12,717 | 20,731 | 470 | 5,640 | 11,998 | 18,108 | ||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | $ | 20,555 | $ | 35,552 | $ | 18,822 | $ | 74,929 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||
(Guar- | Consoli- | (Guar- | Consoli- | (Guar- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
antor) | dated | antor) | dated | antor) | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 1,615 | $ | 1,976 | $ | 1,909 | $ | 5,500 | $ | 1,147 | $ | 1,466 | $ | 2,489 | $ | 5,102 | $ | 1,166 | $ | 1,091 | $ | 1,735 | $ | 3,992 | ||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (1 | ) | (3,741 | ) | (3,275 | ) | (7,017 | ) | — | (3,756 | ) | (2,926 | ) | (6,682 | ) | — | (5,176 | ) | (4,285 | ) | (9,461 | ) | ||||||||||||||||||||||||||
Capital contributions from NEE | (912 | ) | — | 912 | — | (777 | ) | — | 777 | — | (440 | ) | — | 440 | — | |||||||||||||||||||||||||||||||||
Cash grants under the Recovery Act | — | 343 | — | 343 | — | 165 | — | 165 | — | 196 | — | 196 | ||||||||||||||||||||||||||||||||||||
Sale of independent power and other investments of NEER | — | 307 | — | 307 | — | 165 | — | 165 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Change in loan proceeds restricted for construction | — | (40 | ) | — | (40 | ) | — | 228 | — | 228 | — | 314 | — | 314 | ||||||||||||||||||||||||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | — | 438 | — | 438 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other - net | 10 | (73 | ) | (329 | ) | (392 | ) | — | 17 | (16 | ) | 1 | 1 | 20 | 2 | 23 | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | (903 | ) | (2,766 | ) | (2,692 | ) | (6,361 | ) | (777 | ) | (3,181 | ) | (2,165 | ) | (6,123 | ) | (439 | ) | (4,646 | ) | (3,843 | ) | (8,928 | ) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of long-term debt | — | 4,057 | 997 | 5,054 | — | 3,874 | 497 | 4,371 | — | 5,334 | 1,296 | 6,630 | ||||||||||||||||||||||||||||||||||||
Retirements of long-term debt | — | (4,395 | ) | (355 | ) | (4,750 | ) | — | (1,943 | ) | (453 | ) | (2,396 | ) | — | (1,562 | ) | (50 | ) | (1,612 | ) | |||||||||||||||||||||||||||
Proceeds from sale of differential membership interests | — | 978 | — | 978 | — | 448 | — | 448 | — | 808 | — | 808 | ||||||||||||||||||||||||||||||||||||
Net change in short-term debt | — | (487 | ) | 938 | 451 | — | (819 | ) | 99 | (720 | ) | — | 286 | (225 | ) | 61 | ||||||||||||||||||||||||||||||||
Issuances of common stock - net | 633 | — | — | 633 | 842 | — | — | 842 | 405 | — | — | 405 | ||||||||||||||||||||||||||||||||||||
Dividends on common stock | (1,261 | ) | — | — | (1,261 | ) | (1,122 | ) | — | — | (1,122 | ) | (1,004 | ) | — | — | (1,004 | ) | ||||||||||||||||||||||||||||||
Other - net | (84 | ) | 781 | (802 | ) | (105 | ) | (92 | ) | 286 | (487 | ) | (293 | ) | (127 | ) | (1,363 | ) | 1,090 | (400 | ) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (712 | ) | 934 | 778 | 1,000 | (372 | ) | 1,846 | (344 | ) | 1,130 | (726 | ) | 3,503 | 2,111 | 4,888 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 144 | (5 | ) | 139 | (2 | ) | 131 | (20 | ) | 109 | 1 | (52 | ) | 3 | (48 | ) | |||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | 418 | 20 | 438 | 2 | 287 | 40 | 329 | 1 | 339 | 37 | 377 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | 562 | $ | 15 | $ | 577 | $ | — | $ | 418 | $ | 20 | $ | 438 | $ | 2 | $ | 287 | $ | 40 | $ | 329 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Data (Unaudited) [Abstract] | ||||||||||||||||
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) | |||||||||||||||
Condensed consolidated quarterly financial information is as follows: | ||||||||||||||||
March 31(a) | June 30(a) | September 30(a) | December 31(a) | |||||||||||||
(millions, except per share amounts) | ||||||||||||||||
NEE: | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenues(b) | $ | 3,674 | $ | 4,029 | $ | 4,654 | $ | 4,664 | ||||||||
Operating income(b) | $ | 738 | $ | 951 | $ | 1,163 | $ | 1,532 | ||||||||
Income from continuing operations(b) | $ | 430 | $ | 492 | $ | 664 | $ | 884 | ||||||||
Net income(b) | $ | 430 | $ | 492 | $ | 664 | $ | 884 | ||||||||
Net income attributable to NEE(b) | $ | 430 | $ | 492 | $ | 660 | $ | 884 | ||||||||
Earnings per share attributable to NEE - basic:(f) | ||||||||||||||||
Continuing operations | $ | 0.99 | $ | 1.13 | $ | 1.52 | $ | 2.03 | ||||||||
Net income | $ | 0.99 | $ | 1.13 | $ | 1.52 | $ | 2.03 | ||||||||
Earnings per share attributable to NEE - assuming dilution:(f) | ||||||||||||||||
Continuing operations | $ | 0.98 | $ | 1.12 | $ | 1.5 | $ | 2 | ||||||||
Net income | $ | 0.98 | $ | 1.12 | $ | 1.5 | $ | 2 | ||||||||
Dividends per share | $ | 0.725 | $ | 0.725 | $ | 0.725 | $ | 0.725 | ||||||||
High-low common stock sales prices | $96.13 - $83.97 | $102.51 - $93.28 | $102.46 - $91.79 | $110.84 - $90.33 | ||||||||||||
2013 | ||||||||||||||||
Operating revenues(b) | $ | 3,279 | $ | 3,833 | $ | 4,394 | $ | 3,630 | ||||||||
Operating income(b)(c) | $ | 434 | $ | 981 | $ | 1,185 | $ | 641 | ||||||||
Income from continuing operations(b)(c)(d) | $ | 41 | $ | 610 | $ | 698 | $ | 327 | ||||||||
Net income(b)(c)(e) | $ | 272 | $ | 610 | $ | 698 | $ | 327 | ||||||||
Earnings per share - basic:(f) | ||||||||||||||||
Continuing operations(c)(d) | $ | 0.1 | $ | 1.45 | $ | 1.65 | $ | 0.76 | ||||||||
Net income(c)(e) | $ | 0.65 | $ | 1.45 | $ | 1.65 | $ | 0.76 | ||||||||
Earnings per share - assuming dilution:(f) | ||||||||||||||||
Continuing operations(c)(d) | $ | 0.1 | $ | 1.44 | $ | 1.64 | $ | 0.75 | ||||||||
Net income(c)(e) | $ | 0.64 | $ | 1.44 | $ | 1.64 | $ | 0.75 | ||||||||
Dividends per share | $ | 0.66 | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
High-low common stock sales prices | $77.79 - 69.81 | $82.65 - 74.78 | $88.39 - 78.81 | $89.75 - 78.97 | ||||||||||||
FPL: | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenues(b) | $ | 2,535 | $ | 2,889 | $ | 3,315 | $ | 2,682 | ||||||||
Operating income(b) | $ | 632 | $ | 782 | $ | 834 | $ | 580 | ||||||||
Net income(b) | $ | 347 | $ | 423 | $ | 462 | $ | 286 | ||||||||
2013 | ||||||||||||||||
Operating revenues(b) | $ | 2,188 | $ | 2,696 | $ | 3,020 | $ | 2,541 | ||||||||
Operating income(b) | $ | 543 | $ | 724 | $ | 778 | $ | 495 | ||||||||
Net income(b) | $ | 288 | $ | 391 | $ | 422 | $ | 248 | ||||||||
______________________ | ||||||||||||||||
(a) | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | |||||||||||||||
(b) | The sum of the quarterly amounts may not equal the total for the year due to rounding. | |||||||||||||||
(c) | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||
(d) | First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||
(e) | First quarter of 2013 includes an after-tax gain from discontinued operations. See Note 6. | |||||||||||||||
(f) | The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. |
Summary_of_Significant_Account1
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting and Reporting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The operations of NextEra Energy, Inc. (NEE) are conducted primarily through its wholly-owned subsidiary Florida Power & Light Company (FPL) and its wholly-owned indirect subsidiary NextEra Energy Resources, LLC (NEER). FPL, a rate-regulated electric utility, supplies electric service to approximately 4.7 million customer accounts throughout most of the east and lower west coasts of Florida. NEER invests in independent power projects through both controlled and consolidated entities and non-controlling ownership interests in joint ventures essentially all of which are accounted for under the equity method. |
The consolidated financial statements of NEE and FPL include the accounts of their respective majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Certain amounts included in prior years' consolidated financial statements have been reclassified to conform to the current year's presentation. The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. | |
Noncontrolling Interest Disclosure | NextEra Energy Partners, LP - NEE, through NEER, formed NextEra Energy Partners, LP (NEP) to acquire, manage and own contracted clean energy projects with stable, long-term cash flows through a limited partnership interest in NextEra Energy Operating Partners, LP (NEP OpCo). On July 1, 2014, NEP closed its initial public offering (IPO) by issuing 18,687,500 common units representing limited partnership interests. The proceeds from the sale of the common units, net of underwriting discounts, commissions and structuring fees, were approximately $438 million. NEP used such proceeds to purchase 18,687,500 common units of NEP OpCo, of which approximately $288 million was used to purchase common units from an indirect wholly-owned subsidiary of NEE and $150 million was used to purchase common units from NEP OpCo. Through an indirect wholly-owned subsidiary, NEE retained 74,440,000 units of NEP OpCo representing a 79.9% interest in NEP's operating projects. Additionally, NEE owns a controlling general partnership interest in NEP and consolidates this entity for financial reporting purposes and presents NEP's limited partnership interest as a noncontrolling interest in NEE's consolidated financial statements. The IPO resulted in a deferred gain of approximately $299 million which is reflected in noncurrent other liabilities on NEE's consolidated balance sheet at December 31, 2014. Upon completion of the IPO, NEP, through NEER's contribution of energy projects to NEP OpCo, owned a portfolio of ten wind and solar projects with generation capacity totaling approximately 990 megawatts (MW). |
Regulation | Regulation - FPL is subject to rate regulation by the Florida Public Service Commission (FPSC) and the Federal Energy Regulatory Commission (FERC). Its rates are designed to recover the cost of providing electric service to its customers including a reasonable rate of return on invested capital. As a result of this cost-based regulation, FPL follows the accounting guidance that allows regulators to create assets and impose liabilities that would not be recorded by non-rate regulated entities. Regulatory assets and liabilities represent probable future revenues that will be recovered from or refunded to customers through the ratemaking process. |
Cost recovery clauses, which are designed to permit full recovery of certain costs and provide a return on certain assets allowed to be recovered through the various clauses, include substantially all fuel, purchased power and interchange costs, certain construction-related costs for FPL's planned additional nuclear units at Turkey Point and FPL's solar generating facilities, and conservation and certain environmental-related costs. Revenues from cost recovery clauses are recorded when billed; FPL achieves matching of costs and related revenues by deferring the net underrecovery or overrecovery. Any underrecovered costs or overrecovered revenues are collected from or returned to customers in subsequent periods. | |
If FPL were no longer subject to cost-based rate regulation, the existing regulatory assets and liabilities would be written off unless regulators specify an alternative means of recovery or refund. In addition, the FPSC has the authority to disallow recovery of costs that it considers excessive or imprudently incurred. The continued applicability of regulatory accounting is assessed at each reporting period. | |
Revenues and Rates | Revenues and Rates - FPL's retail and wholesale utility rate schedules are approved by the FPSC and the FERC, respectively. FPL records unbilled base revenues for the estimated amount of energy delivered to customers but not yet billed. FPL's unbilled base revenues are included in customer receivables on NEE's and FPL's consolidated balance sheets and amounted to approximately $223 million and $200 million at December 31, 2014 and 2013, respectively. FPL's operating revenues also include amounts resulting from cost recovery clauses (see Regulation above), franchise fees, gross receipts taxes and surcharges related to storm-recovery bonds (see Note 8 - FPL). Franchise fees and gross receipts taxes are imposed on FPL; however, the FPSC allows FPL to include in the amounts charged to customers the amount of the gross receipts tax for all customers and the franchise amount for those customers located in the jurisdiction that imposes the fee. Accordingly, franchise fees and gross receipts taxes are reported gross in operating revenues and taxes other than income taxes and other in NEE's and FPL's consolidated statements of income and were approximately $716 million, $680 million and $684 million in 2014, 2013 and 2012, respectively. The revenues from the surcharges related to storm-recovery bonds included in operating revenues in NEE's and FPL's consolidated statements of income were approximately $109 million, $108 million and $106 million in 2014, 2013 and 2012, respectively. FPL also collects municipal utility taxes which are reported gross in customer receivables and accounts payable on NEE's and FPL's consolidated balance sheets. |
Revenue Recognition, Policy | NEER's revenue is recorded on the basis of commodities delivered, contracts settled or services rendered and includes estimated amounts yet to be billed to customers. Certain commodity contracts for the purchase and sale of power that meet the definition of a derivative are recorded at fair value with subsequent changes in fair value recognized as revenue. See Energy Trading below and Note 3. |
In May 2014, the Financial Accounting Standards Board issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers. The standard is effective for NEE and FPL beginning January 1, 2017. NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements. | |
Electric Plant, Depreciation and Amortization | Electric Plant, Depreciation and Amortization - The cost of additions to units of property of FPL and NEER is added to electric plant in service. In accordance with regulatory accounting, the cost of FPL's units of utility property retired, less estimated net salvage value, is charged to accumulated depreciation. Maintenance and repairs of property as well as replacements and renewals of items determined to be less than units of utility property are charged to other operations and maintenance (O&M) expenses. At December 31, 2014, the electric generating, transmission, distribution and general facilities of FPL represented approximately 51%, 11%, 33% and 5%, respectively, of FPL's gross investment in electric utility plant in service and other property. Substantially all of FPL's properties are subject to the lien of FPL's mortgage, which secures most debt securities issued by FPL. A number of NEER's generating facilities are encumbered by liens securing various financings. The net book value of NEER's assets serving as collateral was approximately $10.4 billion at December 31, 2014. The American Recovery and Reinvestment Act of 2009, as amended (Recovery Act), provided for an option to elect a cash grant (convertible investment tax credits (ITCs)) for certain renewable energy property (renewable property). Convertible ITCs are recorded as a reduction in property, plant and equipment on NEE's and FPL's consolidated balance sheets and are amortized as a reduction to depreciation and amortization expense over the estimated life of the related property. At December 31, 2014 and 2013, convertible ITCs, net of amortization, were approximately $1.6 billion ($159 million at FPL) and $1.5 billion ($165 million at FPL). At December 31, 2014 and 2013, approximately $1 million and $182 million, respectively, of such convertible ITCs are included in other receivables on NEE's consolidated balance sheets. |
Depreciation of FPL's electric property is primarily provided on a straight-line average remaining life basis. FPL includes in depreciation expense a provision for fossil and solar plant dismantlement, interim asset removal costs, accretion related to asset retirement obligations (see Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below), storm recovery amortization and amortization of pre-construction costs associated with planned nuclear units recovered through a cost recovery clause. For substantially all of FPL's property, depreciation studies are typically performed and filed with the FPSC at least every four years. As part of the 2010 FPSC rate order, the FPSC approved new depreciation rates which became effective January 1, 2010. In accordance with the 2012 rate agreement, FPL is not required to file depreciation studies during the effective period of the agreement and the previously approved depreciation rates remain in effect. As discussed in Revenue and Rates above, the use of reserve amortization (the reduction of the reserve under the 2012 rate agreement and the surplus depreciation credit under the 2010 rate agreement) is permitted under the 2012 and 2010 rate agreements. FPL files a twelve-month forecast with the FPSC each year which contains a regulatory ROE intended to be earned based on the best information FPL has at that time assuming normal weather. This forecast establishes a fixed targeted regulatory ROE. In order to earn the targeted regulatory ROE in each reporting period under the 2012 and 2010 rate agreements, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items is adjusted, in part, by reserve amortization or reversal to earn the targeted regulatory ROE. In accordance with the 2012 and 2010 rate agreements, FPL recorded approximately $(33) million, $155 million and $480 million of reserve (reversal) amortization in 2014, 2013 and 2012, respectively. Beginning in 2013, the reserve is amortized as a reduction of (or reversed as an increase to) regulatory liabilities - accrued asset removal costs on NEE's and FPL's consolidated balance sheets. The weighted annual composite depreciation and amortization rate for FPL's electric utility plant in service, including capitalized software, but excluding the effects of decommissioning, dismantlement and the depreciation adjustments discussed above, was approximately 3.3%, 3.4% and 3.3% for 2014, 2013 and 2012, respectively. | |
NEER's electric plant in service less salvage value, if any, are depreciated primarily using the straight-line method over their estimated useful lives. At December 31, 2014 and 2013, wind, nuclear, natural gas and solar plants represented approximately 63% and 62%, 12% and 13%, 8% and 9%, and 7% and 6%, respectively, of NEER's depreciable electric plant in service and other property. The estimated useful lives of NEER's plants range primarily from 25 to 30 years for wind, natural gas and solar plants and from 25 to 47 years for nuclear plants. NEER reviews the estimated useful lives of its fixed assets on an ongoing basis. NEER's oil and gas production assets, representing approximately 6% of NEER's depreciable electric plant in service and other property at both December 31, 2014 and 2013, are accounted for under the successful efforts method. Depletion expenses for the acquisition of reserve rights and development costs are recognized using the unit of production method. | |
Nuclear Fuel | Nuclear Fuel - FPL and NEER have several contracts for the supply of uranium, conversion, enrichment and fabrication of nuclear fuel. See Note 13 - Contracts. FPL's and NEER's nuclear fuel costs are charged to fuel expense on a unit of production method. |
Construction Activity | Construction Activity - Allowance for funds used during construction (AFUDC) is a non-cash item which represents the allowed cost of capital, including an ROE, used to finance FPL construction projects. The portion of AFUDC attributable to borrowed funds is recorded as a reduction of interest expense and the remainder is recorded as other income. FPSC rules limit the recording of AFUDC to projects that have an estimated cost in excess of 0.5% of a utility's plant in service balance and require more than one year to complete. FPSC rules allow construction projects below the 0.5% threshold as a component of rate base. During 2014, 2013 and 2012, FPL capitalized AFUDC at a rate of 6.34%, 6.52% and 6.41%, respectively, which amounted to approximately $50 million, $81 million and $74 million, respectively. See Note 13 - Commitments. |
FPL's construction work in progress includes construction materials, progress payments on major equipment contracts, engineering costs, AFUDC and other costs directly associated with the construction of various projects. Upon completion of the projects, these costs are transferred to electric utility plant in service and other property. Capitalized costs associated with construction activities are charged to O&M expenses when recoverability is no longer probable. See Regulation above for information on recovery of costs associated with new nuclear capacity and solar generating facilities. | |
NEER capitalizes project development costs once it is probable that such costs will be realized through the ultimate construction of a power plant or sale of development rights. At December 31, 2014 and 2013, NEER's capitalized development costs totaled approximately $122 million and $162 million, respectively, which are included in noncurrent other assets on NEE's consolidated balance sheets. These costs include land rights and other third-party costs directly associated with the development of a new project. Upon commencement of construction, these costs either are transferred to construction work in progress or remain in other assets, depending upon the nature of the cost. Capitalized development costs are charged to O&M expenses when it is no longer probable that these costs will be realized. | |
NEER's construction work in progress includes construction materials, prepayments on turbine generators and other equipment, third-party engineering costs, capitalized interest and other costs directly associated with the construction and development of various projects. Interest capitalized on construction projects amounted to approximately $104 million, $109 million and $139 million during 2014, 2013 and 2012, respectively. Interest expense allocated from NextEra Energy Capital Holdings, Inc. (NEECH) to NEER is based on a deemed capital structure of 70% debt. Upon commencement of plant operation, costs associated with construction work in progress are transferred to electric plant in service and other property. | |
Asset Retirement Obligations | Asset Retirement Obligations - NEE and FPL each account for asset retirement obligations and conditional asset retirement obligations (collectively, AROs) under accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred if it can be reasonably estimated, with the offsetting associated asset retirement costs capitalized as part of the carrying amount of the long-lived assets. The asset retirement cost is subsequently allocated to expense using a systematic and rational method over the asset’s estimated useful life. Changes in the ARO resulting from the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense, which is included in depreciation and amortization expense in the consolidated statements of income. Changes resulting from revisions to the timing or amount of the original estimate of cash flows are recognized as an increase or a decrease in the asset retirement cost, or income when asset retirement cost is depleted, in the case of NEE's non-rate regulated operations, and ARO and regulatory liability, in the case of FPL. See Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs below and Note 12. |
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs | Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs - For ratemaking purposes, FPL accrues for the cost of end of life retirement and disposal of its nuclear, fossil and solar plants over the expected service life of each unit based on nuclear decommissioning and fossil and solar dismantlement studies periodically filed with the FPSC. In addition, FPL accrues for interim removal costs over the life of the related assets based on depreciation studies approved by the FPSC. As approved by the FPSC, FPL previously suspended its annual decommissioning accrual. For financial reporting purposes, FPL recognizes decommissioning and dismantlement liabilities in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. Any differences between expense recognized for financial reporting purposes and the amount recovered through rates are reported as a regulatory liability in accordance with regulatory accounting. See Revenues and Rates, Electric Plant, Depreciation and Amortization, Asset Retirement Obligations above and Note 12. |
Nuclear decommissioning studies are performed at least every five years and are submitted to the FPSC for approval. FPL filed updated nuclear decommissioning studies with the FPSC in December 2010. These studies reflect FPL's current plans, under the operating licenses, for prompt dismantlement of Turkey Point Units Nos. 3 and 4 following the end of plant operation with decommissioning activities commencing in 2032 and 2033, respectively, and provide for St. Lucie Unit No. 1 to be mothballed beginning in 2036 with decommissioning activities to be integrated with the prompt dismantlement of St. Lucie Unit No. 2 in 2043. These studies also assume that FPL will be storing spent fuel on site pending removal to a U.S. government facility. The studies indicate FPL's portion of the ultimate costs of decommissioning its four nuclear units, including costs associated with spent fuel storage above what is expected to be refunded by the U.S. Department of Energy (DOE) under a spent fuel settlement agreement, to be approximately $6.2 billion, or $2.6 billion expressed in 2014 dollars. | |
Restricted funds for the payment of future expenditures to decommission FPL's nuclear units are included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's and FPL's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. See Note 4. FPL does not currently make contributions to the decommissioning funds, other than the reinvestment of dividends and interest. Fund earnings, consisting of dividends, interest and realized gains and losses, as well as any changes in unrealized gains and losses are not recognized in income and are reflected as a corresponding offset in the related regulatory liability accounts. During 2014, 2013 and 2012 fund earnings on decommissioning funds were approximately $91 million, $167 million and $98 million, respectively. The tax effects of amounts not yet recognized for tax purposes are included in accumulated deferred income taxes. | |
Fossil and solar plant dismantlement studies are typically performed at least every four years and are submitted to the FPSC for approval. FPL's latest fossil and solar plant dismantlement studies became effective January 1, 2010 and resulted in an annual expense of $18 million which is recorded in depreciation and amortization expense in NEE's and FPL's consolidated statements of income. At December 31, 2014, FPL's portion of the ultimate cost to dismantle its fossil and solar units is approximately $746 million, or $385 million expressed in 2014 dollars. In accordance with the 2012 rate agreement, FPL is not required to file fossil and solar dismantlement studies during the effective period of the agreement. | |
NEER records nuclear decommissioning liabilities for Seabrook Station (Seabrook), Duane Arnold Energy Center (Duane Arnold) and Point Beach Nuclear Power Plant (Point Beach) in accordance with accounting guidance that requires a liability for the fair value of an ARO to be recognized in the period in which it is incurred. The liability is being accreted using the interest method through the date decommissioning activities are expected to be complete. See Note 12. At December 31, 2014 and 2013, NEER's ARO related to nuclear decommissioning was approximately $462 million and $434 million, respectively, and was determined using various internal and external data and applying a probability percentage to a variety of scenarios regarding the life of the plant and timing of decommissioning. NEER's portion of the ultimate cost of decommissioning its nuclear plants, including costs associated with spent fuel storage above what is expected to be refunded by the DOE under a spent fuel settlement agreement, is estimated to be approximately $11.9 billion, or $2.0 billion expressed in 2014 dollars. | |
Seabrook files a comprehensive nuclear decommissioning study with the New Hampshire Nuclear Decommissioning Financing Committee (NDFC) every four years; the most recent study was filed in 2011. Seabrook's decommissioning funding plan is also subject to annual review by the NDFC. Currently, there are no ongoing decommissioning funding requirements for Seabrook, Duane Arnold and Point Beach, however, the U.S. Nuclear Regulatory Commission (NRC), and in the case of Seabrook, the NDFC, has the authority to require additional funding in the future. NEER's portion of Seabrook's, Duane Arnold's and Point Beach's restricted funds for the payment of future expenditures to decommission these plants is included in nuclear decommissioning reserve funds, which are included in special use funds on NEE's consolidated balance sheets. Marketable securities held in the decommissioning funds are primarily classified as available for sale and carried at fair value. Market adjustments result in a corresponding adjustment to other comprehensive income (OCI), except for unrealized losses associated with marketable securities considered to be other than temporary, including any credit losses, which are recognized as other than temporary impairment losses on securities held in nuclear decommissioning funds in NEE's consolidated statements of income. Fund earnings are recognized in income and are reinvested in the funds. See Note 4. The tax effects of amounts not yet recognized for tax purposes are included in accumulated deferred income taxes. | |
Major Maintenance Costs | Major Maintenance Costs - FPL uses the accrue-in-advance method for recognizing costs associated with planned major nuclear maintenance, in accordance with regulatory treatment, and records the related accrual as a regulatory liability. FPL expenses costs associated with planned fossil maintenance as incurred. FPL's estimated nuclear maintenance costs for each nuclear unit's next planned outage are accrued over the period from the end of the last outage to the end of the next planned outage. Any difference between the estimated and actual costs is included in O&M expenses when known. The accrued liability for nuclear maintenance costs at December 31, 2014 and 2013 totaled approximately $50 million and $70 million, respectively, and is included in regulatory liabilities - other on NEE's and FPL's consolidated balance sheets. For the years ended December 31, 2014, 2013 and 2012, FPL recognized approximately $76 million, $92 million and $104 million, respectively, in nuclear maintenance costs which are primarily included in O&M expenses in NEE's and FPL's consolidated statements of income. |
NEER uses the deferral method to account for certain planned major maintenance costs. NEER's major maintenance costs for its nuclear generating units and combustion turbines are capitalized and amortized on a unit of production method over the period from the end of the last outage to the beginning of the next planned outage. NEER's capitalized major maintenance costs, net of accumulated amortization, totaled approximately $141 million and $92 million at December 31, 2014 and 2013, respectively, and are included in noncurrent other assets on NEE's consolidated balance sheets. For the years ended December 31, 2014, 2013 and 2012, NEER amortized approximately $81 million, $93 million and $100 million in major maintenance costs which are included in O&M expenses in NEE's consolidated statements of income. | |
Cash Equivalents | Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. |
Restricted Cash | Restricted Cash - At December 31, 2014 and 2013, NEE had approximately $228 million ($38 million for FPL) and $215 million ($38 million for FPL), respectively, of restricted cash included in other current assets on NEE's and FPL's consolidated balance sheets, which was restricted primarily for margin cash collateral and debt service payments. Where offsetting positions exist, restricted cash related to margin cash collateral is netted against derivative instruments. See Note 3. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts - 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 five months of revenue. Additional amounts are included in the provision to address specific items that are not considered in the calculation described above. NEER regularly reviews collectibility of its receivables and establishes a provision for losses estimated as a percentage of accounts receivable based on the historical bad debt write-off trends for its retail electricity provider operations and, when necessary, using the specific identification method for all other receivables. |
Inventory | Inventory - FPL values materials, supplies and fossil fuel inventory using a weighted-average cost method. NEER's materials, supplies and fossil fuel inventories are carried at the lower of weighted-average cost or market, unless evidence indicates that the weighted-average cost (even if in excess of market) will be recovered with a normal profit upon sale in the ordinary course of business. |
Energy Trading | Energy Trading - NEE provides full energy and capacity requirements services primarily to distribution utilities, which include load-following services and various ancillary services, in certain markets and engages in power and gas marketing and trading activities to optimize the value of electricity and fuel contracts, generating facilities and gas infrastructure assets, as well as to take advantage of projected favorable commodity price movements. Trading contracts that meet the definition of a derivative are accounted for at fair value and realized gains and losses from all trading contracts, including those where physical delivery is required, are recorded net for all periods presented. See Note 3. |
Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve | Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve - In connection with the 2007 storm-recovery bond financing (see Note 8 - FPL), the net proceeds to FPL from the sale of the storm-recovery property were used primarily to reimburse FPL for its estimated net of tax deficiency in its storm and property insurance reserve (storm reserve) and provide for a storm and property insurance reserve fund (storm fund). Upon the issuance of the storm-recovery bonds, the storm reserve deficiency was reclassified to securitized storm-recovery costs and is recorded as a regulatory asset on NEE's and FPL's consolidated balance sheets. As storm-recovery charges are billed to customers, the securitized storm-recovery costs are amortized and included in depreciation and amortization in NEE's and FPL's consolidated statements of income. Marketable securities held in the storm fund are classified as available for sale and are carried at fair value with market adjustments, including any other than temporary impairment losses, resulting in a corresponding adjustment to the storm reserve. Fund earnings, net of taxes, are reinvested in the fund. The tax effects of amounts not yet recognized for tax purposes are included in accumulated deferred income taxes. The storm fund is included in special use funds on NEE's and FPL's consolidated balance sheets and was approximately $75 million and $74 million at December 31, 2014 and 2013, respectively. See Note 4. |
The storm reserve that was reestablished in an FPSC financing order related to the issuance of the storm-recovery bonds was not initially reflected on NEE's and FPL's consolidated balance sheets because the associated regulatory asset did not meet the specific recognition criteria under the accounting guidance for certain regulated entities. As a result, the storm reserve will be recognized as a regulatory liability as the storm-recovery charges are billed to customers and charged to depreciation and amortization in NEE's and FPL's consolidated statements of income. Furthermore, the storm reserve will be reduced as storm costs are reimbursed. As of December 31, 2014, FPL had the capacity to absorb up to approximately $122 million in future prudently incurred storm restoration costs without seeking recovery through a rate adjustment from the FPSC or filing a petition with the FPSC. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - NEE evaluates long-lived assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is required to be recognized if the carrying value of the asset exceeds the undiscounted future net cash flows associated with that asset. The impairment loss to be recognized is the amount by which the carrying value of the long-lived asset exceeds the asset's fair value. In most instances, the fair value is determined by discounting estimated future cash flows using an appropriate interest rate. See Note 4 - Nonrecurring Fair Value Measurements. |
Goodwill and Other Intangible Assets | NEE's goodwill relates to various acquisitions which were accounted for using the purchase method of accounting. Other intangible assets subject to amortization are amortized, primarily on a straight-line basis, over their estimated useful lives. For the years ended December 31, 2014, 2013 and 2012, amortization expense was approximately $15 million, $13 million and $14 million, respectively, and is expected to be approximately $14 million, $24 million, $20 million, $19 million and $17 million for 2015, 2016, 2017, 2018 and 2019, respectively. |
Goodwill and other intangible assets are included in noncurrent other assets on NEE's consolidated balance sheets. Goodwill and other intangible assets not subject to amortization are assessed for impairment at least annually by applying a fair value-based analysis. Other intangible assets subject to amortization are periodically reviewed when impairment indicators are present to assess recoverability from future operations using undiscounted future cash flows. | |
Pension and Other Postretirement Plans | Pension and Other Postretirement Plans - NEE allocates net periodic pension benefit income to its subsidiaries based on the pensionable earnings of the subsidiaries' employees; net periodic supplemental executive retirement plan (SERP) benefit costs to its subsidiaries based upon actuarial calculations by participant; and postretirement health care and life insurance benefits (other benefits) net periodic benefit costs to its subsidiaries based upon the number of eligible employees at each subsidiary. |
Accounting guidance requires recognition of the funded status of benefit plans in the balance sheet, with changes in the funded status recognized in other comprehensive income within shareholders' equity in the year in which the changes occur. Since NEE is the plan sponsor, and its subsidiaries do not have separate rights to the plan assets or direct obligations to their employees, this accounting guidance is reflected at NEE and not allocated to the subsidiaries. The portion of previously unrecognized actuarial gains and losses and prior service costs or credits that are estimated to be allocable to FPL as net periodic benefit (income) cost in future periods and that otherwise would be recorded in accumulated other comprehensive income (AOCI) are classified as regulatory assets and liabilities at NEE in accordance with regulatory treatment. | |
Stock-Based Compensation | Stock-Based Compensation - NEE accounts for stock-based payment transactions based on grant-date fair value. Compensation costs for awards with graded vesting are recognized on a straight-line basis over the requisite service period for the entire award. See Note 10 - Stock-Based Compensation. |
Income Taxes | Income Taxes - Deferred income taxes are recognized on all significant temporary differences between the financial statement and tax bases of assets and liabilities. In connection with the tax sharing agreement between NEE and its subsidiaries, the income tax provision at each subsidiary reflects the use of the "separate return method," except that tax benefits that could not be used on a separate return basis, but are used on the consolidated tax return, are recorded by the subsidiary that generated the tax benefits. Any remaining consolidated income tax benefits or expenses are recorded at the corporate level. Included in other regulatory assets and other regulatory liabilities on NEE's and FPL's consolidated balance sheets is the revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules. The net regulatory asset totaled $250 million ($236 million for FPL) and $233 million ($218 million for FPL) at December 31, 2014 and 2013, respectively, and is being amortized in accordance with the regulatory treatment over the estimated lives of the assets or liabilities for which the deferred tax amount was initially recognized. |
NEER recognizes ITCs as a reduction to income tax expense when the related energy property is placed into service. Production tax credits (PTCs) are recognized as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes and are recorded as a reduction of current income taxes payable, unless limited by tax law in which instance they are recorded as deferred tax assets. NEE and FPL record a deferred income tax benefit created by the convertible ITCs on the difference between the financial statement and tax bases of renewable property. For NEER, this deferred income tax benefit is recorded in income tax expense in the year that the renewable property is placed in service. For FPL, this deferred income tax benefit is offset by a regulatory liability, which is amortized as a reduction of depreciation expense over the approximate lives of the related renewable property in accordance with the regulatory treatment. At December 31, 2014 and 2013, the net deferred income tax benefits associated with FPL's convertible ITCs were approximately $50 million and $52 million, respectively, and are included in other regulatory assets and regulatory liabilities on NEE's and FPL's consolidated balance sheets. | |
A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that such assets will not be realized. NEE recognizes interest income (expense) related to unrecognized tax benefits (liabilities) in interest income and interest expense, respectively, net of the amount deferred at FPL. At FPL, the offset to accrued interest receivable (payable) on income taxes is classified as a regulatory liability (regulatory asset) which will be amortized to income (expense) over a five-year period upon settlement in accordance with regulatory treatment. All tax positions taken by NEE in its income tax returns that are recognized in the financial statements must satisfy a more-likely-than-not threshold. See Note 5. | |
Sale of Differential Membership Interests | Sale of Differential Membership Interests - Certain subsidiaries of NEER sold their Class B membership interest in entities that have ownership interests in wind facilities, with generating capacity totaling approximately 4,490 MW at December 31, 2014, to third-party investors. In exchange for the cash received, the holders of the Class B membership interests will receive a portion of the economic attributes of the facilities, including income tax attributes, for variable periods. The transactions are not treated as a sale under the accounting rules and the proceeds received are deferred and recorded as a liability in deferral related to differential membership interests - VIEs on NEE's consolidated balance sheets. The deferred amount is being recognized in benefits associated with differential membership interests - net in NEE's consolidated statements of income as the Class B members receive their portion of the economic attributes. NEE continues to operate and manage the wind facilities, and consolidates the entities that own the wind facilities. |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) - An entity is considered to be a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. A reporting company is required to consolidate a VIE as its primary beneficiary when it has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. NEE and FPL evaluate whether an entity is a VIE whenever reconsideration events as defined by the accounting guidance occur. See Note 8. |
Proposed Merger [Policy Text Block] | Proposed Merger - In December 2014, NEE and Hawaiian Electric Industries, Inc. (HEI) entered into an Agreement and Plan of Merger (the merger agreement) pursuant to which Hawaiian Electric Company, Inc., HEI's wholly-owned electric utility subsidiary, will become a wholly-owned subsidiary of NEE and each outstanding share of HEI common stock will be converted into the right to receive 0.2413 shares of NEE common stock. The companies are working to complete the merger by the end of 2015. However, completion of the merger and the actual closing date depend upon the satisfaction of a number of conditions, including approval by HEI shareholders and the receipt of required regulatory approvals. The merger agreement contains certain termination rights and provides that, upon termination of the merger agreement under specified circumstances, HEI or NEE, as the case may be, would be required to pay to the other party a termination fee of $90 million and reimburse the other party for up to $5 million of its documented out-of-pocket expenses incurred in connection with the merger agreement. |
Fair Value of Financial Instruments, Policy | 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 their placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. |
Cash Equivalents - Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. NEE primarily holds investments in money market funds. The fair value of these funds is calculated using current market prices. | |
Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. | |
Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using 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 swaps to mitigate and adjust interest rate and foreign currency exposure related to certain outstanding and forecasted 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 a discounted cash flows valuation technique based on the net amount of estimated future cash inflows and outflows related to the agreements. | |
Derivatives, Policy | NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the commodity price risk inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated with outstanding and forecasted debt issuances, and to optimize the value of NEER's power generation and gas infrastructure assets. |
With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and gas marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the over-the-counter (OTC) markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge the commodity price risk associated with the fuel requirements of the assets, where applicable, as well as 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 the energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. | |
Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel and purchased power cost recovery clause (fuel clause). For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues; fuel purchases used in the production of electricity are recognized in fuel, purchased power and interchange expense; and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's consolidated statements of income. Settlement gains and losses are included within the line items in the consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's consolidated statements of cash flows. | |
While most of NEE's derivatives are entered into for the purpose of managing commodity price risk, optimizing the value of NEER's power generation and gas infrastructure assets, reducing the impact of volatility in interest rates on outstanding and forecasted debt issuances and managing foreign currency risk, hedge accounting is only applied where specific criteria are met and it is practicable to do so. In order to apply hedge accounting, the transaction must be designated as a hedge and it must be highly effective in offsetting the hedged risk. Additionally, for hedges of forecasted transactions, the forecasted transactions must be probable. For interest rate and foreign currency derivative instruments, generally NEE assesses a hedging instrument's effectiveness by using nonstatistical methods including dollar value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item. Hedge effectiveness is tested at the inception of the hedge and on at least a quarterly basis throughout its life. The effective portion of the gain or loss on a derivative instrument designated as a cash flow hedge is reported as a component of OCI and is reclassified into earnings in the period(s) during which the transaction being hedged affects earnings or when it becomes probable that a forecasted transaction being hedged would not occur. The ineffective portion of net unrealized gains (losses) on these hedges is reported in earnings in the current period. |
Summary_of_Significant_Account2
Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Summary of Significant Accounting and Reporting Policies [Abstract] | ||||||||||
Schedule of Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets - NEE's goodwill and other intangible assets are as follows: | |||||||||
Weighted- | December 31, | |||||||||
Average | ||||||||||
Useful Lives | 2014 | 2013 | ||||||||
(years) | (millions) | |||||||||
Goodwill: | ||||||||||
Merchant reporting unit | $ | 72 | $ | 72 | ||||||
Wind reporting unit | 47 | 49 | ||||||||
Fiber-optic telecommunications reporting unit | 28 | 28 | ||||||||
Total goodwill | $ | 147 | $ | 149 | ||||||
Other intangible assets not subject to amortization, primarily land easements | $ | 143 | $ | 143 | ||||||
Other intangible assets subject to amortization: | ||||||||||
Purchased power agreements | 22 | $ | 348 | $ | 70 | |||||
Customer lists | 5 | 34 | 35 | |||||||
Other, primarily transmission and development rights, permits and licenses | 24 | 105 | 98 | |||||||
Total | 487 | 203 | ||||||||
Less accumulated amortization | (125 | ) | (112 | ) | ||||||
Total other intangible assets subject to amortization - net | $ | 362 | $ | 91 | ||||||
Employee_Retirement_Benefits_T
Employee Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Employee Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||
Plan assets, benefit obligations, and funded status included in the consolidated balance sheets | Plan Assets, Benefit Obligations and Funded Status - The changes in assets and benefit obligations of the plans and the plans' funded status are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 3,692 | $ | 3,385 | $ | 26 | $ | 26 | ||||||||||||||||||||||||
Actual return on plan assets | 203 | 455 | 2 | 2 | ||||||||||||||||||||||||||||
Employer contributions(a) | 3 | 1 | 28 | 28 | ||||||||||||||||||||||||||||
Participant contributions | — | — | 6 | 5 | ||||||||||||||||||||||||||||
Benefit payments(a) | (200 | ) | (149 | ) | (39 | ) | (35 | ) | ||||||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 3,698 | $ | 3,692 | $ | 23 | $ | 26 | ||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||
Obligation at January 1 | $ | 2,254 | $ | 2,372 | $ | 354 | $ | 397 | ||||||||||||||||||||||||
Service cost | 63 | 73 | 3 | 4 | ||||||||||||||||||||||||||||
Interest cost | 102 | 95 | 16 | 14 | ||||||||||||||||||||||||||||
Participant contributions | — | — | 6 | 5 | ||||||||||||||||||||||||||||
Plan amendments | (11 | ) | — | — | — | |||||||||||||||||||||||||||
Special termination benefits(b) | — | 46 | — | — | ||||||||||||||||||||||||||||
Actuarial losses (gains) - net | 264 | (183 | ) | 20 | (31 | ) | ||||||||||||||||||||||||||
Benefit payments(a) | (200 | ) | (149 | ) | (39 | ) | (35 | ) | ||||||||||||||||||||||||
Obligation at December 31(c) | $ | 2,472 | $ | 2,254 | $ | 360 | $ | 354 | ||||||||||||||||||||||||
Funded status: | ||||||||||||||||||||||||||||||||
Prepaid (accrued) benefit cost at NEE at December 31 | $ | 1,226 | $ | 1,438 | $ | (337 | ) | $ | (328 | ) | ||||||||||||||||||||||
Prepaid (accrued) benefit cost at FPL at December 31 | $ | 1,186 | $ | 1,139 | $ | (234 | ) | $ | (249 | ) | ||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | Employer contributions and benefit payments include only those amounts contributed directly to, or paid directly from, plan assets. FPL's portion of contributions related to SERP benefits was less than $1 million for 2014 and 2013, respectively. FPL's portion of contributions related to other benefits was $27 million and $25 million for 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
(b) | Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative. | |||||||||||||||||||||||||||||||
(c) | NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at December 31, 2014 and 2013 was $2,417 million and $2,197 million, respectively. | |||||||||||||||||||||||||||||||
NEE's and FPL's prepaid (accrued) benefit cost shown above are included on the consolidated balance sheets as follows: | ||||||||||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Prepaid benefit costs | $ | 1,244 | $ | 1,456 | $ | — | $ | — | $ | 1,189 | $ | 1,142 | $ | — | $ | — | ||||||||||||||||
Accrued benefit cost included in other current liabilities | (4 | ) | (5 | ) | (23 | ) | (26 | ) | (2 | ) | (2 | ) | (19 | ) | (22 | ) | ||||||||||||||||
Accrued benefit cost included in other liabilities | (14 | ) | (13 | ) | (314 | ) | (302 | ) | (1 | ) | (1 | ) | (215 | ) | (227 | ) | ||||||||||||||||
Prepaid (accrued) benefit cost at December 31 | $ | 1,226 | $ | 1,438 | $ | (337 | ) | $ | (328 | ) | $ | 1,186 | $ | 1,139 | $ | (234 | ) | $ | (249 | ) | ||||||||||||
Unrecognized amounts included in accumulated other comprehensive income (loss) | NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid (accrued) benefit cost are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Components of AOCI: | ||||||||||||||||||||||||||||||||
Unrecognized prior service benefit (cost) (net of $1 and $4 tax benefit and $2 and $2 tax expense, respectively) | $ | (2 | ) | $ | (8 | ) | $ | 3 | $ | 4 | ||||||||||||||||||||||
Unrecognized gain (loss) (net of $10 tax benefit, $18 tax expense and $5 and $3 tax benefit, respectively) | (16 | ) | 30 | (5 | ) | (3 | ) | |||||||||||||||||||||||||
Total | $ | (18 | ) | $ | 22 | $ | (2 | ) | $ | 1 | ||||||||||||||||||||||
Unrecognized amounts included in regulatory assets (liabilities) | NEE's unrecognized amounts included in regulatory assets (liabilities) yet to be recognized as components of net prepaid (accrued) benefit cost are as follows: | |||||||||||||||||||||||||||||||
Regulatory | Regulatory | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | |||||||||||||||||||||||||||||||
(Pension) | (SERP and Other) | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Unrecognized prior service cost (benefit) | $ | 10 | $ | 25 | $ | (13 | ) | $ | (14 | ) | ||||||||||||||||||||||
Unrecognized losses (gains) | 128 | (98 | ) | 46 | 29 | |||||||||||||||||||||||||||
Total | $ | 138 | $ | (73 | ) | $ | 33 | $ | 15 | |||||||||||||||||||||||
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost | The weighted-average assumptions used to determine net periodic benefit (income) cost for the plans are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Discount rate | 4.8 | % | 4 | % | 4.65 | % | 4.6 | % | 3.75 | % | 4.53 | % | (a) | |||||||||||||||||||
Salary increase | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | 4 | % | ||||||||||||||||||||
Expected long-term rate of return(b) | 7.75 | % | 7.75 | % | 7.75 | % | 7.25 | % | 7.75 | % | 8 | % | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | Reflects a mid-year rate change due to cost remeasurement resulting from a plan amendment. | |||||||||||||||||||||||||||||||
(b) | In developing the expected long-term rate of return on assets assumption for its plans, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its funds. NEE also considered its funds' historical compounded returns. | |||||||||||||||||||||||||||||||
The following table provides the weighted-average assumptions used to determine benefit obligations for the plans. These rates are used in determining net periodic benefit cost in the following year. | ||||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate | 3.95 | % | 4.8 | % | 3.85 | % | 4.6 | % | ||||||||||||||||||||||||
Salary increase | 4.1 | % | 4 | % | 4.1 | % | 4 | % | ||||||||||||||||||||||||
Fair value measurements of pension plan assets by hierarchy level | The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows: | |||||||||||||||||||||||||||||||
December 31, 2014(a) | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Equity securities(b) | $ | 984 | $ | 31 | $ | — | $ | 1,015 | ||||||||||||||||||||||||
Equity commingled vehicles(c) | — | 767 | — | 767 | ||||||||||||||||||||||||||||
U.S. Government and municipal bonds | 144 | 20 | — | 164 | ||||||||||||||||||||||||||||
Corporate debt securities(d) | — | 355 | — | 355 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 223 | — | 223 | ||||||||||||||||||||||||||||
Debt security commingled vehicles(e) | — | 209 | — | 209 | ||||||||||||||||||||||||||||
Convertible securities | 45 | 229 | — | 274 | ||||||||||||||||||||||||||||
Limited partnerships(f) | — | 293 | 398 | 691 | ||||||||||||||||||||||||||||
Total | $ | 1,173 | $ | 2,127 | $ | 398 | $ | 3,698 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | See Note 4 for discussion of fair value measurement techniques and inputs. | |||||||||||||||||||||||||||||||
(b) | Includes foreign investments of $321 million. | |||||||||||||||||||||||||||||||
(c) | Includes foreign investments of $306 million. Fair values have been estimated using net asset value (NAV) per share of the investments. | |||||||||||||||||||||||||||||||
(d) | Includes foreign investments of $88 million. | |||||||||||||||||||||||||||||||
(e) | Includes foreign investments of $15 million and $148 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments. | |||||||||||||||||||||||||||||||
(f) | Includes foreign investments of $185 million. Also includes fixed income oriented commingled investment arrangements of $426 million, convertible security oriented limited partnerships of $77 million and alternative investments of $188 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3. | |||||||||||||||||||||||||||||||
December 31, 2013(a) | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | |||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Equity securities(b) | $ | 1,028 | $ | — | $ | — | $ | 1,028 | ||||||||||||||||||||||||
Equity commingled vehicles(c) | — | 656 | — | 656 | ||||||||||||||||||||||||||||
U.S. Government and municipal bonds | 115 | 35 | — | 150 | ||||||||||||||||||||||||||||
Corporate debt securities(d) | — | 348 | — | 348 | ||||||||||||||||||||||||||||
Asset-backed securities | — | 249 | — | 249 | ||||||||||||||||||||||||||||
Debt security commingled vehicles(e) | — | 526 | — | 526 | ||||||||||||||||||||||||||||
Convertible securities | 46 | 236 | — | 282 | ||||||||||||||||||||||||||||
Limited partnerships(f) | — | 226 | 227 | 453 | ||||||||||||||||||||||||||||
Total | $ | 1,189 | $ | 2,276 | $ | 227 | $ | 3,692 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||
(a) | See Note 4 for discussion of fair value measurement techniques and inputs. | |||||||||||||||||||||||||||||||
(b) | Includes foreign investments of $337 million. | |||||||||||||||||||||||||||||||
(c) | Includes foreign investments of $234 million. Fair values have been estimated using NAV per share of the investments. | |||||||||||||||||||||||||||||||
(d) | Includes foreign investments of $67 million. | |||||||||||||||||||||||||||||||
(e) | Includes foreign investments of $54 million and $145 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments. | |||||||||||||||||||||||||||||||
(f) | Includes foreign investments of $104 million. Also, includes fixed income oriented commingled investment arrangements of $244 million, convertible security oriented limited partnerships of $80 million and alternative investments of $129 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3. | |||||||||||||||||||||||||||||||
Expected benefit payments, net of government drug subsidy | The following table provides information about benefit payments expected to be paid by the plans, net of government drug subsidy, for each of the following calendar years: | |||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
2015 | $ | 154 | $ | 28 | ||||||||||||||||||||||||||||
2016 | $ | 157 | $ | 27 | ||||||||||||||||||||||||||||
2017 | $ | 162 | $ | 29 | ||||||||||||||||||||||||||||
2018 | $ | 167 | $ | 28 | ||||||||||||||||||||||||||||
2019 | $ | 169 | $ | 27 | ||||||||||||||||||||||||||||
2020 - 2024 | $ | 880 | $ | 123 | ||||||||||||||||||||||||||||
Net periodic benefit (income) cost | Net Periodic Cost - The components of net periodic benefit (income) cost for the plans are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Service cost | $ | 63 | $ | 73 | $ | 65 | $ | 3 | $ | 4 | $ | 5 | ||||||||||||||||||||
Interest cost | 102 | 95 | 98 | 16 | 14 | 18 | ||||||||||||||||||||||||||
Expected return on plan assets | (241 | ) | (237 | ) | (238 | ) | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||||
Amortization of transition obligation | — | — | — | — | — | 1 | ||||||||||||||||||||||||||
Amortization of prior service cost (benefit) | 5 | 7 | 5 | (3 | ) | (2 | ) | (1 | ) | |||||||||||||||||||||||
Amortization of losses | — | 2 | — | — | 2 | — | ||||||||||||||||||||||||||
SERP settlements | — | — | 3 | — | — | — | ||||||||||||||||||||||||||
Special termination benefits | — | 46 | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit (income) cost at NEE | $ | (71 | ) | $ | (14 | ) | $ | (67 | ) | $ | 15 | $ | 17 | $ | 21 | |||||||||||||||||
Net periodic benefit (income) cost at FPL | $ | (46 | ) | $ | (5 | ) | $ | (43 | ) | $ | 11 | $ | 13 | $ | 16 | |||||||||||||||||
Components of net periodic benefit income (cost) recognized in OCI | Other Comprehensive Income - The components of net periodic benefit income (cost) recognized in OCI for the plans are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Prior service benefit (cost) (net of $3 tax expense, $3 tax benefit and $4 tax expense, respectively) | $ | 4 | $ | — | $ | (6 | ) | $ | — | $ | — | $ | 7 | |||||||||||||||||||
Net gains (losses) (net of $29 tax benefit, $58 tax expense, $16 tax benefit, $1 tax benefit, $3 tax expense and $3 tax benefit, respectively) | (45 | ) | 91 | (25 | ) | (3 | ) | 4 | (5 | ) | ||||||||||||||||||||||
Amortization of prior service benefit | 1 | 2 | 1 | — | — | — | ||||||||||||||||||||||||||
Total | $ | (40 | ) | $ | 93 | $ | (30 | ) | $ | (3 | ) | $ | 4 | $ | 2 | |||||||||||||||||
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities) | Regulatory Assets (Liabilities) - The components of net periodic benefit (income) cost recognized during the year in regulatory assets (liabilities) for the plans are as follows: | |||||||||||||||||||||||||||||||
Regulatory | Regulatory | |||||||||||||||||||||||||||||||
Assets (Liabilities) | Assets (Liabilities) | |||||||||||||||||||||||||||||||
(Pension) | (SERP and Other) | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
Prior service benefit | $ | (12 | ) | $ | — | $ | (1 | ) | $ | — | ||||||||||||||||||||||
Unrecognized losses (gains) | 226 | (252 | ) | 17 | (26 | ) | ||||||||||||||||||||||||||
Amortization of prior service cost (benefit) | (3 | ) | (4 | ) | 2 | 1 | ||||||||||||||||||||||||||
Amortization of unrecognized losses | — | (1 | ) | — | (2 | ) | ||||||||||||||||||||||||||
Total | $ | 211 | $ | (257 | ) | $ | 18 | $ | (27 | ) | ||||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of derivative instruments in statement of financial position, fair value | Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at December 31, 2014 and December 31, 2013, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral (see Note 4 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | |||||||||||||||||||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | |||||||||||||||||||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | ||||||||||||||||||||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | ||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
NEE: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 6,145 | $ | 5,290 | $ | 1,949 | $ | 1,358 | |||||||||||||||||||||||||||||
Interest rate contracts | 35 | 126 | — | 125 | 50 | 266 | |||||||||||||||||||||||||||||||||||
Foreign currency swaps | — | 131 | — | — | — | 131 | |||||||||||||||||||||||||||||||||||
Total fair values | $ | 35 | $ | 257 | $ | 6,145 | $ | 5,415 | $ | 1,999 | $ | 1,755 | |||||||||||||||||||||||||||||
FPL: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 8 | $ | 371 | $ | 7 | $ | 370 | |||||||||||||||||||||||||||||
Net fair value by NEE balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current derivative assets(a) | $ | 990 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets(b) | 1,009 | ||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities(c) | $ | 1,289 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities(d) | 466 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 1,999 | $ | 1,755 | |||||||||||||||||||||||||||||||||||||
Net fair value by FPL balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current other assets | $ | 6 | |||||||||||||||||||||||||||||||||||||||
Noncurrent other assets | 1 | ||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | $ | 370 | |||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 7 | $ | 370 | |||||||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Reflects the netting of approximately $197 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
(b) | Reflects the netting of approximately $97 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
(c) | Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties. | ||||||||||||||||||||||||||||||||||||||||
(d) | Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivatives | Fair Values of Derivatives Not | Total Derivatives Combined - | |||||||||||||||||||||||||||||||||||||||
Designated as Hedging | Designated as Hedging | Net Basis | |||||||||||||||||||||||||||||||||||||||
Instruments for Accounting | Instruments for Accounting | ||||||||||||||||||||||||||||||||||||||||
Purposes - Gross Basis | Purposes - Gross Basis | ||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
NEE: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 4,543 | $ | 3,633 | $ | 1,571 | $ | 940 | |||||||||||||||||||||||||||||
Interest rate contracts | 89 | 127 | 1 | 93 | 90 | 220 | |||||||||||||||||||||||||||||||||||
Foreign currency swaps | — | 50 | — | 101 | — | 151 | |||||||||||||||||||||||||||||||||||
Total fair values | $ | 89 | $ | 177 | $ | 4,544 | $ | 3,827 | $ | 1,661 | $ | 1,311 | |||||||||||||||||||||||||||||
FPL: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | 55 | $ | 9 | $ | 48 | $ | 2 | |||||||||||||||||||||||||||||
Net fair value by NEE balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current derivative assets(a) | $ | 498 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets(b) | 1,163 | ||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | $ | 838 | |||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | 473 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 1,661 | $ | 1,311 | |||||||||||||||||||||||||||||||||||||
Net fair value by FPL balance sheet line item: | |||||||||||||||||||||||||||||||||||||||||
Current other assets | $ | 48 | |||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | $ | 1 | |||||||||||||||||||||||||||||||||||||||
Noncurrent other liabilities | 1 | ||||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | 48 | $ | 2 | |||||||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Reflects the netting of approximately $181 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
(b) | Reflects the netting of approximately $98 million in margin cash collateral received from counterparties. | ||||||||||||||||||||||||||||||||||||||||
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Commodity Type | NEE | FPL | NEE | FPL | |||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Power | (73 | ) | MWh(a) | — | (276 | ) | MWh(a) | — | |||||||||||||||||||||||||||||||||
Natural gas | 1,436 | MMBtu(b) | 845 | MMBtu(b) | 1,140 | MMBtu(b) | 674 | MMBtu(b) | |||||||||||||||||||||||||||||||||
Oil | (11 | ) | barrels | — | (10 | ) | barrels | — | |||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Megawatt-hours | ||||||||||||||||||||||||||||||||||||||||
(b) | One million British thermal units | ||||||||||||||||||||||||||||||||||||||||
Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, gain (loss) in statement of financial performance | Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's consolidated statements of income as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts:(a) | |||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 420 | $ | 76 | $ | 171 | |||||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 1 | — | 38 | ||||||||||||||||||||||||||||||||||||||
Foreign currency swap - other - net | (1 | ) | (72 | ) | (60 | ) | |||||||||||||||||||||||||||||||||||
Interest rate contracts - interest expense | (64 | ) | 3 | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 356 | $ | 7 | $ | 149 | |||||||||||||||||||||||||||||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | For the years ended December 31, 2014, 2013 and 2012, FPL recorded gains (losses) of approximately $(289) million, $81 million and $(177) million, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedging [Member] | |||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments, gain (loss) in statement of financial performance | Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's consolidated financial statements (none at FPL) as follows: | ||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
Interest | Foreign | Total | Interest | Foreign | Total | Commodity | Interest | Foreign | Total | ||||||||||||||||||||||||||||||||
Rate | Currency | Rate | Currency | Contracts | Rate | Currency | |||||||||||||||||||||||||||||||||||
Contracts | Swaps | Contracts | Swaps | Contracts | Swaps | ||||||||||||||||||||||||||||||||||||
(millions) | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) recognized in OCI | $ | (132 | ) | $ | (89 | ) | $ | (221 | ) | $ | 150 | $ | (21 | ) | $ | 129 | $ | — | $ | (131 | ) | $ | (30 | ) | $ | (161 | ) | ||||||||||||||
Gains (losses) reclassified from AOCI to net income(a) | $ | (77 | ) | $ | (78 | ) | (b) | $ | (155 | ) | $ | (61 | ) | $ | (44 | ) | (b) | $ | (105 | ) | $ | 8 | $ | (56 | ) | $ | (21 | ) | (b) | $ | (69 | ) | |||||||||
______________________ | |||||||||||||||||||||||||||||||||||||||||
(a) | Included in operating revenues for commodity contracts and interest expense for interest rate contracts. | ||||||||||||||||||||||||||||||||||||||||
(b) | For 2014, 2013 and 2012, losses of approximately $8 million, $4 million and $3 million, respectively, are included in interest expense and the balances are included in other - net. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Financial assets and liabilities and other fair value measurements | Recurring Fair Value Measurements - NEE's and FPL's financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||
NEE - equity securities | $ | 32 | $ | — | $ | — | $ | 32 | ||||||||||||||||
Special use funds:(b) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 1,217 | $ | 1,417 | (c) | $ | — | $ | 2,634 | |||||||||||||||
U.S. Government and municipal bonds | $ | 520 | $ | 191 | $ | — | $ | 711 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 704 | $ | — | $ | 704 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 493 | $ | — | $ | 493 | ||||||||||||||||
Other debt securities | $ | 25 | $ | 32 | $ | — | $ | 57 | ||||||||||||||||
FPL: | ||||||||||||||||||||||||
Equity securities | $ | 324 | $ | 1,237 | (c) | $ | — | $ | 1,561 | |||||||||||||||
U.S. Government and municipal bonds | $ | 435 | $ | 165 | $ | — | $ | 600 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 501 | $ | — | $ | 501 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 422 | $ | — | $ | 422 | ||||||||||||||||
Other debt securities | $ | 25 | $ | 20 | $ | — | $ | 45 | ||||||||||||||||
Other investments: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 35 | $ | 1 | $ | — | $ | 36 | ||||||||||||||||
Debt securities | $ | 5 | $ | 170 | $ | — | $ | 175 | ||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,801 | $ | 3,177 | $ | 1,167 | $ | (4,196 | ) | $ | 1,949 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 35 | $ | — | $ | 15 | $ | 50 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 2 | $ | 6 | $ | (1 | ) | $ | 7 | (d) | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,720 | $ | 3,150 | $ | 420 | $ | (3,932 | ) | $ | 1,358 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 126 | $ | 125 | $ | 15 | $ | 266 | (d) | |||||||||||||
Foreign currency swaps | $ | — | $ | 131 | $ | — | $ | — | $ | 131 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 370 | $ | 1 | $ | (1 | ) | $ | 370 | (d) | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | |||||||||||||||||||||||
(b) | 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 the Carrying Amount 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) | See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(a) | Total | ||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||
NEE - equity securities | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||
Special use funds:(b) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 1,170 | $ | 1,336 | (c) | $ | — | $ | 2,506 | |||||||||||||||
U.S. Government and municipal bonds | $ | 647 | $ | 180 | $ | — | $ | 827 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 597 | $ | — | $ | 597 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 479 | $ | — | $ | 479 | ||||||||||||||||
Other debt securities | $ | 16 | $ | 44 | $ | — | $ | 60 | ||||||||||||||||
FPL: | ||||||||||||||||||||||||
Equity securities | $ | 291 | $ | 1,176 | (c) | $ | — | $ | 1,467 | |||||||||||||||
U.S. Government and municipal bonds | $ | 584 | $ | 154 | $ | — | $ | 738 | ||||||||||||||||
Corporate debt securities | $ | — | $ | 421 | $ | — | $ | 421 | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 401 | $ | — | $ | 401 | ||||||||||||||||
Other debt securities | $ | 16 | $ | 30 | $ | — | $ | 46 | ||||||||||||||||
Other investments: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Equity securities | $ | 51 | $ | — | $ | — | $ | 51 | ||||||||||||||||
Debt securities | $ | 11 | $ | 107 | $ | — | $ | 118 | ||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,368 | $ | 2,106 | $ | 1,069 | $ | (2,972 | ) | $ | 1,571 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 90 | $ | — | $ | — | $ | 90 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 53 | $ | 2 | $ | (7 | ) | $ | 48 | (d) | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Commodity contracts | $ | 1,285 | $ | 1,994 | $ | 354 | $ | (2,693 | ) | $ | 940 | (d) | ||||||||||||
Interest rate contracts | $ | — | $ | 127 | $ | 93 | $ | — | $ | 220 | (d) | |||||||||||||
Foreign currency swaps | $ | — | $ | 151 | $ | — | $ | — | $ | 151 | (d) | |||||||||||||
FPL - commodity contracts | $ | — | $ | 7 | $ | 2 | $ | (7 | ) | $ | 2 | (d) | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. | |||||||||||||||||||||||
(b) | 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 the Carrying Amount below. | |||||||||||||||||||||||
(c) | Primarily invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL. | |||||||||||||||||||||||
(d) | See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. | |||||||||||||||||||||||
Reconciliation of changes in the fair value of derivatives measured based on significant unobservable inputs | The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
NEE | FPL | NEE | FPL | NEE | FPL | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year | $ | 622 | $ | — | $ | 566 | $ | 2 | $ | 486 | $ | 4 | ||||||||||||
Realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings(a) | (77 | ) | — | 299 | — | 218 | — | |||||||||||||||||
Included in other comprehensive income | 18 | — | — | — | — | — | ||||||||||||||||||
Included in regulatory assets and liabilities | 7 | 7 | — | — | 5 | 5 | ||||||||||||||||||
Purchases | 55 | — | 101 | — | 273 | (7 | ) | |||||||||||||||||
Settlements | 194 | (2 | ) | (55 | ) | (2 | ) | (181 | ) | — | ||||||||||||||
Issuances | (122 | ) | — | (173 | ) | — | (243 | ) | — | |||||||||||||||
Transfers in(b) | 80 | — | (120 | ) | — | 20 | — | |||||||||||||||||
Transfers out(b) | (155 | ) | — | 4 | — | (12 | ) | — | ||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 | $ | 622 | $ | 5 | $ | 622 | $ | — | $ | 566 | $ | 2 | ||||||||||||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c) | $ | 248 | $ | — | $ | 329 | $ | — | $ | 152 | $ | — | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | For the year ended December 31, 2014, $79 million of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year December 31, 2013, $302 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year ended December 31, 2012, $220 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | |||||||||||||||||||||||
(b) | Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. Transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. | |||||||||||||||||||||||
(c) | For the years ended December 31, 2014 and 2013, $328 million and $330 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the year ended December 31, 2012, $157 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | |||||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at December 31, 2014 are as follows: | |||||||||||||||||||||||
Transaction Type | Fair Value at | Valuation | Significant | Range | ||||||||||||||||||||
31-Dec-14 | Technique(s) | Unobservable Inputs | ||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Forward contracts - power | $ | 487 | $ | 97 | Discounted cash flow | Forward price (per MWh) | $6 | — | $119 | |||||||||||||||
Forward contracts - gas | 74 | 55 | Discounted cash flow | Forward price (per MMBtu) | $1 | — | $6 | |||||||||||||||||
Forward contracts - other commodity related | 44 | 41 | Discounted cash flow | Forward price (various) | $— | — | $13 | |||||||||||||||||
Options - power | 114 | 92 | Option models | Implied correlations | -4% | — | 98% | |||||||||||||||||
Implied volatilities | 1% | — | 166% | |||||||||||||||||||||
Options - gas | 54 | 98 | Option models | Implied correlations | -4% | — | 98% | |||||||||||||||||
Implied volatilities | 1% | — | 146% | |||||||||||||||||||||
Full requirements and unit contingent contracts | 394 | 37 | Discounted cash flow | Forward price (per MWh) | ($16) | — | $184 | |||||||||||||||||
Customer migration rate(a) | —% | — | 20% | |||||||||||||||||||||
Total | $ | 1,167 | $ | 420 | ||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Applies only to full requirements contracts. | |||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | Fair Value of Financial Instruments Recorded at the Carrying Amount - The carrying amounts of cash equivalents and commercial paper approximate their fair values. The carrying amounts and estimated fair values of other financial instruments, excluding those recorded at fair value and disclosed above in Recurring Fair Value Measurements, are as follows: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
NEE: | ||||||||||||||||||||||||
Special use funds(a) | $ | 567 | $ | 567 | $ | 311 | $ | 311 | ||||||||||||||||
Other investments - primarily notes receivable | $ | 525 | $ | 679 | (b) | $ | 531 | $ | 627 | (b) | ||||||||||||||
Long-term debt, including current maturities | $ | 27,876 | $ | 30,337 | (c) | $ | 27,728 | $ | 28,612 | (c) | ||||||||||||||
FPL: | ||||||||||||||||||||||||
Special use funds(a) | $ | 395 | $ | 395 | $ | 200 | $ | 200 | ||||||||||||||||
Long-term debt, including current maturities | $ | 9,473 | $ | 11,105 | (c) | $ | 8,829 | $ | 9,451 | (c) | ||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis. | |||||||||||||||||||||||
(b) | Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of December 31, 2014 and 2013, NEE had no notes receivable reported in non-accrual status. | |||||||||||||||||||||||
(c) | As of December 31, 2014 and 2013, for NEE, approximately $19,973 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2). | |||||||||||||||||||||||
Available-for-sale Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: | |||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Realized gains | $ | 211 | $ | 246 | $ | 252 | $ | 120 | $ | 182 | $ | 98 | ||||||||||||
Realized losses | $ | 115 | $ | 88 | $ | 67 | $ | 94 | $ | 59 | $ | 46 | ||||||||||||
Proceeds from sale or maturity of securities | $ | 4,092 | $ | 4,190 | $ | 5,028 | $ | 3,349 | $ | 3,342 | $ | 3,790 | ||||||||||||
The unrealized gains on available for sale securities are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Equity securities | $ | 1,267 | $ | 1,125 | $ | 896 | $ | 777 | ||||||||||||||||
Debt securities | $ | 66 | $ | 42 | $ | 54 | $ | 36 | ||||||||||||||||
The unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Unrealized losses(a) | $ | 7 | $ | 32 | $ | 5 | $ | 25 | ||||||||||||||||
Fair value | $ | 542 | $ | 1,069 | $ | 434 | $ | 844 | ||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at December 31, 2014 and 2013 were not material to NEE or FPL. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||
Components of income taxes | The components of income taxes are as follows: | |||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Federal: | ||||||||||||||||||||||||
Current(a) | $ | — | $ | (145 | ) | $ | (4 | ) | $ | 240 | $ | 174 | $ | (261 | ) | |||||||||
Deferred | 1,077 | 853 | 636 | 542 | 540 | 906 | ||||||||||||||||||
Total federal | 1,077 | 708 | 632 | 782 | 714 | 645 | ||||||||||||||||||
State: | ||||||||||||||||||||||||
Current(a) | (29 | ) | 69 | 14 | 68 | 44 | 26 | |||||||||||||||||
Deferred | 128 | — | 46 | 60 | 77 | 81 | ||||||||||||||||||
Total state | 99 | 69 | 60 | 128 | 121 | 107 | ||||||||||||||||||
Total income taxes | $ | 1,176 | $ | 777 | $ | 692 | $ | 910 | $ | 835 | $ | 752 | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes provision for unrecognized tax benefits. | |||||||||||||||||||||||
Reconciliation between the effective income tax rates and the applicable statutory rates | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: | |||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||||
Increases (reductions) resulting from: | ||||||||||||||||||||||||
State income taxes - net of federal income tax benefit | 1.8 | 1.8 | 1.5 | 3.4 | 3.6 | 3.5 | ||||||||||||||||||
PTCs and ITCs - NEER | (5.1 | ) | (8.5 | ) | (7.8 | ) | — | — | — | |||||||||||||||
Convertible ITCs - NEER | (1.4 | ) | (2.5 | ) | (1.5 | ) | — | — | — | |||||||||||||||
Valuation allowance associated with Spain solar projects(a) | 0.7 | 5.2 | — | — | — | — | ||||||||||||||||||
Charges associated with Canadian assets | 1.3 | — | — | — | — | — | ||||||||||||||||||
Other - net | — | 0.7 | (0.6 | ) | (0.9 | ) | (0.4 | ) | (0.7 | ) | ||||||||||||||
Effective income tax rate | 32.3 | % | 31.7 | % | 26.6 | % | 37.5 | % | 38.2 | % | 37.8 | % | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||
Schedule of deferred income tax liabilities and assets | The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows: | |||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||
Property-related | $ | 11,700 | $ | 11,247 | $ | 7,457 | $ | 6,948 | ||||||||||||||||
Pension | 489 | 567 | 459 | 441 | ||||||||||||||||||||
Nuclear decommissioning trusts | 258 | 188 | — | — | ||||||||||||||||||||
Net unrealized gains on derivatives | 390 | 260 | — | — | ||||||||||||||||||||
Investments in partnerships and joint ventures | 291 | 166 | — | — | ||||||||||||||||||||
Other | 769 | 700 | 435 | 399 | ||||||||||||||||||||
Total deferred tax liabilities | 13,897 | 13,128 | 8,351 | 7,788 | ||||||||||||||||||||
Deferred tax assets and valuation allowance: | ||||||||||||||||||||||||
Decommissioning reserves | 427 | 431 | 374 | 361 | ||||||||||||||||||||
Postretirement benefits | 154 | 145 | 99 | 107 | ||||||||||||||||||||
Net operating loss carryforwards | 1,070 | 1,343 | — | 96 | ||||||||||||||||||||
Tax credit carryforwards | 2,742 | 2,522 | — | — | ||||||||||||||||||||
ARO and accrued asset removal costs | 737 | 795 | 686 | 670 | ||||||||||||||||||||
Other | 820 | 959 | 318 | 297 | ||||||||||||||||||||
Valuation allowance(a) | (323 | ) | (325 | ) | — | — | ||||||||||||||||||
Net deferred tax assets | 5,627 | 5,870 | 1,477 | 1,531 | ||||||||||||||||||||
Net accumulated deferred income taxes | $ | 8,270 | $ | 7,258 | $ | 6,874 | $ | 6,257 | ||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards. | |||||||||||||||||||||||
Deferred tax assets and liabilities are included on the consolidated balance sheets as follows: | ||||||||||||||||||||||||
NEE | FPL | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Deferred income taxes - current assets | $ | 739 | $ | 753 | $ | — | $ | 98 | (a) | |||||||||||||||
Noncurrent other assets | 264 | 139 | — | — | ||||||||||||||||||||
Other current liabilities | (12 | ) | (6 | ) | (39 | ) | — | |||||||||||||||||
Deferred income taxes - noncurrent liabilities | (9,261 | ) | (8,144 | ) | (6,835 | ) | (6,355 | ) | ||||||||||||||||
Net accumulated deferred income taxes | $ | (8,270 | ) | $ | (7,258 | ) | $ | (6,874 | ) | $ | (6,257 | ) | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Included in other current assets on FPL's consolidated balance sheets. | |||||||||||||||||||||||
Components of deferred tax assets relating to net operating loss carryforwards | The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2014 are as follows: | |||||||||||||||||||||||
Amount | Expiration | |||||||||||||||||||||||
Dates | ||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Net operating loss carryforwards: | ||||||||||||||||||||||||
Federal | $ | 752 | 2026-2034 | |||||||||||||||||||||
State | 169 | 2015-2034 | ||||||||||||||||||||||
Foreign | 149 | (a) | 2017-2033 | |||||||||||||||||||||
Net operating loss carryforwards | $ | 1,070 | ||||||||||||||||||||||
Tax credit carryforwards: | ||||||||||||||||||||||||
Federal | $ | 2,409 | 2022-2034 | |||||||||||||||||||||
State | 333 | (b) | 2015-2036 | |||||||||||||||||||||
Tax credit carryforwards | $ | 2,742 | ||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes $119 million of net operating loss carryforwards with an indefinite expiration period. | |||||||||||||||||||||||
(b) | Includes $149 million of ITC carryforwards with an indefinite expiration period. |
JointlyOwned_Electric_Plants_T
Jointly-Owned Electric Plants (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Jointly-Owned Electric Plants [Abstract] | |||||||||||||||
Proportionate Ownership Interest In Jointly-Owned Facilities | NEE's and FPL's proportionate ownership interest in jointly-owned facilities is as follows: | ||||||||||||||
December 31, 2014 | |||||||||||||||
Ownership | Gross | Accumulated | Construction | ||||||||||||
Interest | Investment(a) | Depreciation(a) | Work | ||||||||||||
in Progress | |||||||||||||||
(millions) | |||||||||||||||
FPL: | |||||||||||||||
St. Lucie Unit No. 2 | 85 | % | $ | 2,112 | $ | 752 | $ | 21 | |||||||
St. Johns River Power Park units and coal terminal | 20 | % | $ | 399 | $ | 201 | $ | 1 | |||||||
Scherer Unit No. 4 | 76 | % | $ | 1,105 | $ | 352 | $ | 14 | |||||||
NEER: | |||||||||||||||
Duane Arnold | 70 | % | $ | 449 | $ | 120 | $ | 22 | |||||||
Seabrook | 88.23 | % | $ | 1,010 | $ | 212 | $ | 90 | |||||||
Wyman Station Unit No. 4 | 84.35 | % | $ | 24 | $ | 1 | $ | 1 | |||||||
Corporate and Other: | |||||||||||||||
Transmission substation assets located in Seabrook, New Hampshire | 88.23 | % | $ | 72 | $ | 17 | $ | 2 | |||||||
______________________ | |||||||||||||||
(a) | Excludes nuclear fuel. |
Investments_in_Partnerships_an1
Investments in Partnerships and Joint Ventures (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments in Partnerships and Joint Ventures [Abstract] | ||||||||
Summarized combined information for principal operating entities | Summarized combined information for these principal entities is as follows: | |||||||
2014 | 2013 | |||||||
(millions) | ||||||||
Net income | $ | 171 | $ | 37 | ||||
Total assets | $ | 2,636 | $ | 1,955 | ||||
Total liabilities | $ | 1,645 | $ | 1,299 | ||||
Partners'/members' equity | $ | 991 | $ | 656 | ||||
NEER's share of underlying equity in the principal entities | $ | 495 | $ | 328 | ||||
Difference between investment carrying amount and underlying equity in net assets(a) | (4 | ) | (5 | ) | ||||
NEER's investment carrying amount for the principal entities | $ | 491 | $ | 323 | ||||
______________________ | ||||||||
(a) | The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets. |
Common_Shareholders_Equity_Tab
Common Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE from continuing operations is as follows: | |||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(millions, except per share amounts) | ||||||||||||||||||||||||
Numerator - income from continuing operations attributable to NEE (a)(b) | $ | 2,465 | $ | 1,677 | $ | 1,911 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding - basic | 434.4 | 424.2 | 416.7 | |||||||||||||||||||||
Equity units, performance share awards, options, forward sale agreements and restricted stock(c) | 5.7 | 2.8 | 2.5 | |||||||||||||||||||||
Weighted-average number of common shares outstanding - assuming dilution | 440.1 | 427 | 419.2 | |||||||||||||||||||||
Earnings per share attributable to NEE from continuing operations:(b) | ||||||||||||||||||||||||
Basic | $ | 5.67 | $ | 3.95 | $ | 4.59 | ||||||||||||||||||
Assuming dilution | $ | 5.6 | $ | 3.93 | $ | 4.56 | ||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income. | |||||||||||||||||||||||
(b) | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||
(c) | 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. | |||||||||||||||||||||||
Restricted stock, performance share awards, and option activity | The activity in restricted stock and performance share awards for the year ended December 31, 2014 was as follows: | |||||||||||||||||||||||
Shares | Weighted- | |||||||||||||||||||||||
Average | ||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||
Restricted Stock: | ||||||||||||||||||||||||
Nonvested balance, January 1, 2014 | 713,836 | $ | 63.59 | |||||||||||||||||||||
Granted | 238,986 | $ | 93.46 | |||||||||||||||||||||
Vested | (356,187 | ) | $ | 63.77 | ||||||||||||||||||||
Forfeited | (17,138 | ) | $ | 74.87 | ||||||||||||||||||||
Nonvested balance, December 31, 2014 | 579,497 | $ | 75.65 | |||||||||||||||||||||
Performance Share Awards: | ||||||||||||||||||||||||
Nonvested balance, January 1, 2014 | 1,195,917 | $ | 55.55 | |||||||||||||||||||||
Granted | 553,963 | $ | 71.52 | |||||||||||||||||||||
Vested | (708,323 | ) | $ | 50.89 | ||||||||||||||||||||
Forfeited | (45,330 | ) | $ | 63.58 | ||||||||||||||||||||
Nonvested balance, December 31, 2014 | 996,227 | $ | 67.19 | |||||||||||||||||||||
Option activity for the year ended December 31, 2014 was as follows: | ||||||||||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||||||||||
Underlying | Average | Average | Intrinsic | |||||||||||||||||||||
Options | Exercise | Remaining | Value | |||||||||||||||||||||
Price | Contractual | (millions) | ||||||||||||||||||||||
Per Share | Term | |||||||||||||||||||||||
(years) | ||||||||||||||||||||||||
Balance, January 1, 2014 | 3,191,547 | $ | 54.7 | |||||||||||||||||||||
Granted | 198,358 | $ | 93.27 | |||||||||||||||||||||
Exercised | (564,870 | ) | $ | 46.51 | ||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||
Expired | — | — | ||||||||||||||||||||||
Balance, December 31, 2014 | 2,825,035 | $ | 59.04 | 5.8 | $ | 133 | ||||||||||||||||||
Exercisable, December 31, 2014 | 2,344,937 | $ | 55.08 | 5.2 | $ | 120 | ||||||||||||||||||
Assumptions used to estimate fair value of options | The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Expected volatility(a) | 20.32% | 20.08 - 20.15% | 21.00% | |||||||||||||||||||||
Expected dividends | 3.11% | 3.28 - 3.64% | 3.99% | |||||||||||||||||||||
Expected term (years)(b) | 7 | 7 | 6.7 | |||||||||||||||||||||
Risk-free rate | 2.17% | 1.15 - 1.40% | 1.37% | |||||||||||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Based on historical experience. | |||||||||||||||||||||||
(b) | Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. | |||||||||||||||||||||||
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 | Net Unrealized | Defined Benefit | Net Unrealized | Other | Total | |||||||||||||||||||
Gains (Losses) | Gains (Losses) | Pension and | Gains (Losses) | Comprehensive | ||||||||||||||||||||
on Cash Flow | on Available for | Other Benefits | on Foreign | Income (Loss) | ||||||||||||||||||||
Hedges | Sale Securities | Plans | Currency | Related to Equity | ||||||||||||||||||||
Translation | Method Investee | |||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Balances, December 31, 2011 | $ | (204 | ) | $ | 103 | $ | (46 | ) | $ | 5 | $ | (12 | ) | $ | (154 | ) | ||||||||
Other comprehensive income (loss) | (62 | ) | (7 | ) | (28 | ) | 7 | (11 | ) | (101 | ) | |||||||||||||
Balances, December 31, 2012 | (266 | ) | 96 | (74 | ) | 12 | (23 | ) | (255 | ) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 84 | 118 | 95 | (45 | ) | 7 | 259 | |||||||||||||||||
Amounts reclassified from AOCI | 67 | (a) | (17 | ) | (b) | 2 | — | — | 52 | |||||||||||||||
Net other comprehensive income (loss) | 151 | 101 | 97 | (45 | ) | 7 | 311 | |||||||||||||||||
Balances, December 31, 2013 | (115 | ) | 197 | 23 | (33 | ) | (16 | ) | 56 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | (141 | ) | 62 | (44 | ) | (25 | ) | (8 | ) | (156 | ) | |||||||||||||
Amounts reclassified from AOCI | 98 | (a) | (41 | ) | (b) | 1 | — | — | 58 | |||||||||||||||
Net other comprehensive income (loss) | (43 | ) | 21 | (43 | ) | (25 | ) | (8 | ) | (98 | ) | |||||||||||||
Less other comprehensive loss attributable to noncontrolling interests | 2 | — | — | — | — | 2 | ||||||||||||||||||
Balances, December 31, 2014 | $ | (156 | ) | $ | 218 | $ | (20 | ) | $ | (58 | ) | $ | (24 | ) | $ | (40 | ) | |||||||
———————————— | ||||||||||||||||||||||||
(a) | Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments. | |||||||||||||||||||||||
(b) | Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt Issuances and Borrowings by Subsidiaries | Long-term debt consists of the following: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Maturity | Balance | Weighted- | Balance | Weighted- | ||||||||||||
Date | Average | Average | ||||||||||||||
Interest Rate | Interest Rate | |||||||||||||||
(millions) | (millions) | |||||||||||||||
FPL: | ||||||||||||||||
First mortgage bonds - fixed | 2017 - 2044 | $ | 8,490 | 4.95 | % | $ | 7,490 | 5.12 | % | |||||||
Storm-recovery bonds - fixed(a) | 2017 - 2021 | 331 | 5.24 | % | 386 | 5.22 | % | |||||||||
Pollution control, solid waste disposal and industrial development revenue bonds - variable(b)(c) | 2020 - 2029 | 633 | 0.05 | % | 633 | 0.07 | % | |||||||||
Other long-term debt - variable(c) | 2014 | — | 300 | 0.66 | % | |||||||||||
Other long-term debt - fixed | 2014 - 2040 | 55 | 4.96 | % | 55 | 4.96 | % | |||||||||
Unamortized discount | (36 | ) | (35 | ) | ||||||||||||
Total long-term debt of FPL | 9,473 | 8,829 | ||||||||||||||
Less current maturities of long-term debt | 60 | 356 | ||||||||||||||
Long-term debt of FPL, excluding current maturities | 9,413 | 8,473 | ||||||||||||||
NEECH: | ||||||||||||||||
Debentures - fixed(d) | 2015 - 2023 | 3,125 | 3.87 | % | 2,550 | 4.43 | % | |||||||||
Debentures, related to NEE's equity units - fixed | 2014 - 2018 | 2,152 | 1.54 | % | 2,503 | 1.55 | % | |||||||||
Junior subordinated debentures - fixed | 2044 - 2073 | 2,978 | 5.84 | % | 3,353 | 6.16 | % | |||||||||
Senior secured bonds - fixed(e) | 2030 | 500 | 7.5 | % | 500 | 7.5 | % | |||||||||
Japanese yen denominated senior notes - fixed(d) | 2030 | 83 | 5.13 | % | 95 | 5.13 | % | |||||||||
Japanese yen denominated term loans - variable(c)(d) | 2014 - 2017 | 459 | 1.83 | % | 419 | 1.45 | % | |||||||||
Other long-term debt - fixed | 2016 - 2044 | 510 | 2.7 | % | 150 | 0.86 | % | |||||||||
Other long-term debt - variable(c) | 2014 - 2019 | 716 | 2.44 | % | 1,665 | 1.27 | % | |||||||||
Fair value hedge adjustment (see Note 3) | 20 | 4 | ||||||||||||||
Unamortized discount | (1 | ) | — | |||||||||||||
Total long-term debt of NEECH | 10,542 | 11,239 | ||||||||||||||
Less current maturities of long-term debt | 1,787 | 1,469 | ||||||||||||||
Long-term debt of NEECH, excluding current maturities | 8,755 | 9,770 | ||||||||||||||
NEER: | ||||||||||||||||
Senior secured limited-recourse bonds and notes - fixed | 2017 - 2038 | 2,273 | 6.02 | % | 2,523 | 5.84 | % | |||||||||
Senior secured limited-recourse term loans - primarily variable(c)(d) | 2015 - 2032 | 4,242 | 3.12 | % | 3,874 | 3.18 | % | |||||||||
Other long-term debt - primarily variable(c)(d)(f) | 2015 - 2030 | 656 | 3.71 | % | 808 | 3.48 | % | |||||||||
Canadian revolving credit facilities - variable(c) | 2014 - 2016 | 704 | 2.33 | % | 472 | 2.33 | % | |||||||||
Unamortized discount | (8 | ) | (10 | ) | ||||||||||||
Total long-term debt of NEER | 7,867 | 7,667 | ||||||||||||||
Less current maturities of long-term debt(f) | 1,668 | 1,941 | ||||||||||||||
Long-term debt of NEER, excluding current maturities | 6,199 | 5,726 | ||||||||||||||
Total long-term debt | $ | 24,367 | $ | 23,969 | ||||||||||||
______________________ | ||||||||||||||||
(a) | Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially. | |||||||||||||||
(b) | Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of December 31, 2014, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds. | |||||||||||||||
(c) | Variable rate is based on an underlying index plus a margin except for in 2014 approximately $983 million and in 2013 approximately $1.1 billion of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin. | |||||||||||||||
(d) | Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3. | |||||||||||||||
(e) | Issued by a wholly-owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount. | |||||||||||||||
(f) | See Note 13 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Asset Retirement Obligations [Abstract] | ||||||||||||
Asset retirement obligation, roll forward analysis | A rollforward of NEE's and FPL's ARO is as follows: | |||||||||||
FPL | NEER | NEE | ||||||||||
(millions) | ||||||||||||
Balances, December 31, 2012 | $ | 1,206 | $ | 509 | $ | 1,715 | ||||||
Liabilities incurred | 1 | 24 | 25 | |||||||||
Accretion expense | 64 | 35 | 99 | |||||||||
Liabilities settled | (1 | ) | (2 | ) | (3 | ) | ||||||
Revision in estimated cash flows - net | 15 | (1 | ) | 14 | ||||||||
Balances, December 31, 2013 | 1,285 | 565 | 1,850 | |||||||||
Liabilities incurred | 1 | 29 | 30 | |||||||||
Accretion expense | 70 | 38 | 108 | |||||||||
Liabilities settled | — | (1 | ) | (1 | ) | |||||||
Revision in estimated cash flows - net | (1 | ) | — | (1 | ) | |||||||
Balances, December 31, 2014 | $ | 1,355 | $ | 631 | $ | 1,986 | ||||||
Funds restricted for decommissioning included in special use funds | Restricted funds for the payment of future expenditures to decommission NEE's and FPL's nuclear units included in special use funds on NEE's and FPL's consolidated balance sheets are as follows (see Note 4 - Special Use Funds): | |||||||||||
FPL | NEER | NEE | ||||||||||
(millions) | ||||||||||||
Balances, December 31, 2014 | $ | 3,449 | $ | 1,642 | $ | 5,091 | ||||||
Balances, December 31, 2013 | $ | 3,199 | $ | 1,507 | $ | 4,706 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Planned Capital Expenditures | At December 31, 2014, estimated capital expenditures for 2015 through 2019 were as follows: | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Total | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Generation:(a) | ||||||||||||||||||||||||
New(b)(c) | $ | 395 | $ | 400 | $ | 5 | $ | 5 | $ | — | $ | 805 | ||||||||||||
Existing | 785 | 635 | 640 | 495 | 440 | 2,995 | ||||||||||||||||||
Transmission and distribution | 1,725 | 1,965 | 1,760 | 1,625 | 1,680 | 8,755 | ||||||||||||||||||
Nuclear fuel | 205 | 220 | 125 | 150 | 175 | 875 | ||||||||||||||||||
General and other | 325 | 230 | 215 | 160 | 130 | 1,060 | ||||||||||||||||||
Total(d) | $ | 3,435 | $ | 3,450 | $ | 2,745 | $ | 2,435 | $ | 2,425 | $ | 14,490 | ||||||||||||
NEER:(e) | ||||||||||||||||||||||||
Wind | $ | 1,345 | $ | 275 | $ | 10 | $ | 15 | $ | 10 | $ | 1,655 | ||||||||||||
Solar | 1,210 | 555 | — | — | — | 1,765 | ||||||||||||||||||
Nuclear, including nuclear fuel | 270 | 295 | 245 | 240 | 280 | 1,330 | ||||||||||||||||||
Other | 275 | 60 | 50 | 120 | 100 | 605 | ||||||||||||||||||
Total | $ | 3,100 | $ | 1,185 | $ | 305 | $ | 375 | $ | 390 | $ | 5,355 | ||||||||||||
Corporate and Other(f) | $ | 510 | $ | 1,200 | $ | 695 | $ | 455 | $ | 145 | $ | 3,005 | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Includes AFUDC of approximately $54 million and $17 million for 2015 and 2016, respectively. | |||||||||||||||||||||||
(b) | Includes land, generating structures, transmission interconnection and integration and licensing. | |||||||||||||||||||||||
(c) | Consists of projects that have received FPSC approval or applicable internal approvals. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit. | |||||||||||||||||||||||
(d) | FPL has identified $800 million to $1.1 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above. | |||||||||||||||||||||||
(e) | Consists of capital expenditures for new wind and solar projects and related transmission totaling approximately 1,760 MW and gas infrastructure investments that have received applicable internal approvals. Excludes new wind and solar projects in advanced development requiring internal approvals. | |||||||||||||||||||||||
(f) | Includes capital expenditures totaling approximately $2.5 billion for construction of three natural gas pipelines that have received applicable internal approvals, including $2.0 billion of equity contributions associated with equity investments in joint ventures for two pipelines and $515 million, which includes AFUDC of approximately $3 million, $17 million, and $11 million for 2015 through 2017, respectively, associated with the third pipeline. The natural gas pipelines are subject to certain conditions, including FERC approval. See Contracts below. | |||||||||||||||||||||||
Required Capacity and/or Minimum Payments | The required capacity and/or minimum payments under the contracts discussed above as of December 31, 2014 were estimated as follows: | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
FPL: | ||||||||||||||||||||||||
Capacity charges:(a) | ||||||||||||||||||||||||
Qualifying facilities | $ | 290 | $ | 250 | $ | 255 | $ | 260 | $ | 265 | $ | 1,700 | ||||||||||||
JEA and Southern subsidiaries | $ | 195 | $ | 70 | $ | 50 | $ | 10 | $ | — | $ | — | ||||||||||||
Minimum charges, at projected prices:(b) | ||||||||||||||||||||||||
Natural gas, including transportation and storage(c) | $ | 1,175 | $ | 760 | $ | 750 | $ | 830 | $ | 830 | $ | 13,780 | ||||||||||||
Coal, including transportation | $ | 115 | $ | 50 | $ | 35 | $ | — | $ | — | $ | — | ||||||||||||
NEER | $ | 1,770 | $ | 860 | $ | 140 | $ | 135 | $ | 85 | $ | 390 | ||||||||||||
Corporate and Other(d)(e) | $ | 370 | $ | 880 | $ | 445 | $ | 385 | $ | 70 | $ | 40 | ||||||||||||
______________________ | ||||||||||||||||||||||||
(a) | Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $485 million, $487 million and $523 million for the years ended December 31, 2014, 2013 and 2012, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $299 million, $263 million and $276 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||
(b) | Recoverable through the fuel clause. | |||||||||||||||||||||||
(c) | Includes approximately $200 million, $295 million, $290 million and $8,245 million in 2017, 2018, 2019 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. | |||||||||||||||||||||||
(d) | Includes an approximately $45 million commitment to invest in clean power and technology businesses through 2021. | |||||||||||||||||||||||
(e) | Excludes approximately $555 million, in 2015, of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | NEE's segment information is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
FPL | NEER(a) | Corp. | NEE | FPL | NEER(a) | Corp. | NEE | FPL | NEER(a) | Corp. | NEE | |||||||||||||||||||||||||||||||||||||
and | Consoli- | and | Consoli- | and | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
Other | dated | Other | dated | Other | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | 11,421 | $ | 5,191 | $ | 409 | $ | 17,021 | $ | 10,445 | $ | 4,333 | $ | 358 | $ | 15,136 | $ | 10,114 | $ | 3,895 | $ | 247 | $ | 14,256 | ||||||||||||||||||||||||
Operating expenses(b) | $ | 8,593 | $ | 3,724 | $ | 320 | $ | 12,637 | $ | 7,906 | $ | 3,730 | $ | 259 | $ | 11,895 | $ | 7,757 | $ | 3,024 | $ | 199 | $ | 10,980 | ||||||||||||||||||||||||
Interest expense | $ | 439 | $ | 666 | $ | 156 | $ | 1,261 | $ | 415 | $ | 528 | $ | 178 | $ | 1,121 | $ | 417 | $ | 474 | $ | 147 | $ | 1,038 | ||||||||||||||||||||||||
Interest income | $ | 3 | $ | 26 | $ | 51 | $ | 80 | $ | 6 | $ | 19 | $ | 53 | $ | 78 | $ | 6 | $ | 20 | $ | 60 | $ | 86 | ||||||||||||||||||||||||
Depreciation and amortization | $ | 1,432 | $ | 1,051 | $ | 68 | $ | 2,551 | $ | 1,159 | $ | 949 | $ | 55 | $ | 2,163 | $ | 659 | $ | 818 | $ | 41 | $ | 1,518 | ||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | $ | — | $ | 93 | $ | — | $ | 93 | $ | — | $ | 26 | $ | (1 | ) | $ | 25 | $ | — | $ | 19 | $ | (6 | ) | $ | 13 | ||||||||||||||||||||||
Income tax expense (benefit)(c)(d)(e) | $ | 910 | $ | 282 | $ | (16 | ) | $ | 1,176 | $ | 835 | $ | (42 | ) | $ | (16 | ) | $ | 777 | $ | 752 | $ | (7 | ) | $ | (53 | ) | $ | 692 | |||||||||||||||||||
Income (loss) from continuing operations(d)(e) | $ | 1,517 | $ | 989 | $ | (37 | ) | $ | 2,469 | $ | 1,349 | $ | 340 | $ | (12 | ) | $ | 1,677 | $ | 1,240 | $ | 687 | $ | (16 | ) | $ | 1,911 | |||||||||||||||||||||
Gain from discontinued operations, net of income taxes(e)(f) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 216 | $ | 15 | $ | 231 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Net income (loss) attributable to NEE(d) | $ | 1,517 | $ | 985 | $ | (37 | ) | $ | 2,465 | $ | 1,349 | $ | 556 | $ | 3 | $ | 1,908 | $ | 1,240 | $ | 687 | $ | (16 | ) | $ | 1,911 | ||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | $ | 3,241 | $ | 3,627 | $ | 149 | $ | 7,017 | $ | 2,903 | $ | 3,613 | $ | 166 | $ | 6,682 | $ | 4,285 | $ | 4,681 | $ | 495 | $ | 9,461 | ||||||||||||||||||||||||
Property, plant and equipment | $ | 41,938 | $ | 30,155 | $ | 1,546 | $ | 73,639 | $ | 39,896 | $ | 28,080 | $ | 1,472 | $ | 69,448 | $ | 38,249 | $ | 25,333 | $ | 1,335 | $ | 64,917 | ||||||||||||||||||||||||
Accumulated depreciation and amortization | $ | 11,282 | $ | 6,268 | $ | 384 | $ | 17,934 | $ | 10,944 | $ | 5,455 | $ | 329 | $ | 16,728 | $ | 10,698 | $ | 4,535 | $ | 271 | $ | 15,504 | ||||||||||||||||||||||||
Total assets(g) | $ | 39,307 | $ | 32,919 | $ | 2,703 | $ | 74,929 | $ | 36,488 | $ | 30,154 | $ | 2,664 | $ | 69,306 | $ | 34,853 | $ | 27,139 | $ | 2,447 | $ | 64,439 | ||||||||||||||||||||||||
Investment in equity method investees | $ | — | $ | 537 | $ | 126 | $ | 663 | $ | — | $ | 365 | $ | 57 | $ | 422 | $ | — | $ | 243 | $ | 19 | $ | 262 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual NEECH corporate interest expense is included in Corporate and Other. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | NEER includes an impairment charge of $300 million in 2013 related to the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes. | |||||||||||||||||||||||||||||||||||||||||||||||
(d) | NEER includes after-tax charges of $342 million in 2013 associated with the impairment of the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
(e) | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
(f) | See Note 6. | |||||||||||||||||||||||||||||||||||||||||||||||
(g) | In 2012, NEER includes assets held for sale of approximately $335 million. |
Summarized_Financial_Informati1
Summarized Financial Information of NEECH (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements | Condensed Consolidating Statements of Income | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
tor) | dated | tor) | dated | tor) | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | $ | — | $ | 5,614 | $ | 11,407 | $ | 17,021 | $ | — | $ | 4,703 | $ | 10,433 | $ | 15,136 | $ | — | $ | 4,154 | $ | 10,102 | $ | 14,256 | ||||||||||||||||||||||||
Operating expenses | (19 | ) | (4,039 | ) | (8,579 | ) | (12,637 | ) | (18 | ) | (3,983 | ) | (7,894 | ) | (11,895 | ) | (21 | ) | (3,214 | ) | (7,745 | ) | (10,980 | ) | ||||||||||||||||||||||||
Interest expense | (6 | ) | (819 | ) | (436 | ) | (1,261 | ) | (8 | ) | (705 | ) | (408 | ) | (1,121 | ) | (11 | ) | (619 | ) | (408 | ) | (1,038 | ) | ||||||||||||||||||||||||
Equity in earnings of subsidiaries | 2,494 | — | (2,494 | ) | — | 1,915 | — | (1,915 | ) | — | 1,925 | — | (1,925 | ) | — | |||||||||||||||||||||||||||||||||
Other income (deductions) - net(b) | 1 | 487 | 34 | 522 | 2 | 281 | 51 | 334 | 7 | 313 | 45 | 365 | ||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes(b) | 2,470 | 1,243 | (68 | ) | 3,645 | 1,891 | 296 | 267 | 2,454 | 1,900 | 634 | 69 | 2,603 | |||||||||||||||||||||||||||||||||||
Income tax expense (benefit)(b) | 5 | 262 | 909 | 1,176 | (2 | ) | (55 | ) | 834 | 777 | (11 | ) | (50 | ) | 753 | 692 | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations(b) | 2,465 | 981 | (977 | ) | 2,469 | 1,893 | 351 | (567 | ) | 1,677 | 1,911 | 684 | (684 | ) | 1,911 | |||||||||||||||||||||||||||||||||
Gain from discontinued operations, net of income taxes(b) | — | — | — | — | 15 | 216 | — | 231 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,465 | 981 | (977 | ) | 2,469 | 1,908 | 567 | (567 | ) | 1,908 | 1,911 | 684 | (684 | ) | 1,911 | |||||||||||||||||||||||||||||||||
Less net income attributable to noncontrolling interests | — | (4 | ) | — | (4 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to NEE | $ | 2,465 | $ | 977 | $ | (977 | ) | $ | 2,465 | $ | 1,908 | $ | 567 | $ | (567 | ) | $ | 1,908 | $ | 1,911 | $ | 684 | $ | (684 | ) | $ | 1,911 | |||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
tor) | dated | tor) | dated | tor) | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to NEE | $ | 2,369 | $ | 924 | $ | (924 | ) | $ | 2,369 | $ | 2,219 | $ | 781 | $ | (781 | ) | $ | 2,219 | $ | 1,810 | $ | 611 | $ | (611 | ) | $ | 1,810 | |||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||||||
(Guaran- | Consoli- | (Guaran- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||||
tor) | dated | tor) | dated | |||||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||||||||||||||||||||||||||||||||
Electric plant in service and other property | $ | 27 | $ | 31,674 | $ | 41,938 | $ | 73,639 | $ | 31 | $ | 29,511 | $ | 39,906 | $ | 69,448 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation and amortization | (12 | ) | (6,640 | ) | (11,282 | ) | (17,934 | ) | (10 | ) | (5,774 | ) | (10,944 | ) | (16,728 | ) | ||||||||||||||||||||||||||||||||
Total property, plant and equipment - net | 15 | 25,034 | 30,656 | 55,705 | 21 | 23,737 | 28,962 | 52,720 | ||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | 562 | 15 | 577 | — | 418 | 20 | 438 | ||||||||||||||||||||||||||||||||||||||||
Receivables | 82 | 1,378 | 699 | 2,159 | 78 | 1,542 | 669 | 2,289 | ||||||||||||||||||||||||||||||||||||||||
Other | 19 | 2,512 | 1,677 | 4,208 | 6 | 1,814 | 1,295 | 3,115 | ||||||||||||||||||||||||||||||||||||||||
Total current assets | 101 | 4,452 | 2,391 | 6,944 | 84 | 3,774 | 1,984 | 5,842 | ||||||||||||||||||||||||||||||||||||||||
OTHER ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 19,703 | — | (19,703 | ) | — | 17,910 | — | (17,910 | ) | — | ||||||||||||||||||||||||||||||||||||||
Other | 736 | 6,066 | 5,478 | 12,280 | 694 | 5,129 | 4,921 | 10,744 | ||||||||||||||||||||||||||||||||||||||||
Total other assets | 20,439 | 6,066 | (14,225 | ) | 12,280 | 18,604 | 5,129 | (12,989 | ) | 10,744 | ||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 20,555 | $ | 35,552 | $ | 18,822 | $ | 74,929 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||||||||||||||||||
CAPITALIZATION | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shareholders' equity | $ | 19,916 | $ | 6,552 | $ | (6,552 | ) | $ | 19,916 | $ | 18,040 | $ | 4,816 | $ | (4,816 | ) | $ | 18,040 | ||||||||||||||||||||||||||||||
Noncontrolling interests | — | 252 | — | 252 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Long-term debt | — | 14,954 | 9,413 | 24,367 | — | 15,496 | 8,473 | 23,969 | ||||||||||||||||||||||||||||||||||||||||
Total capitalization | 19,916 | 21,758 | 2,861 | 44,535 | 18,040 | 20,312 | 3,657 | 42,009 | ||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt due within one year | — | 3,455 | 1,202 | 4,657 | — | 3,896 | 561 | 4,457 | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | 707 | 647 | 1,354 | — | 589 | 611 | 1,200 | ||||||||||||||||||||||||||||||||||||||||
Other | 182 | 2,075 | 1,395 | 3,652 | 199 | 2,203 | 1,130 | 3,532 | ||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 182 | 6,237 | 3,244 | 9,663 | 199 | 6,688 | 2,302 | 9,189 | ||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligations | — | 631 | 1,355 | 1,986 | — | 565 | 1,285 | 1,850 | ||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 149 | 2,608 | 6,504 | 9,261 | 166 | 1,963 | 6,015 | 8,144 | ||||||||||||||||||||||||||||||||||||||||
Other | 308 | 4,318 | 4,858 | 9,484 | 304 | 3,112 | 4,698 | 8,114 | ||||||||||||||||||||||||||||||||||||||||
Total other liabilities and deferred credits | 457 | 7,557 | 12,717 | 20,731 | 470 | 5,640 | 11,998 | 18,108 | ||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | $ | 20,555 | $ | 35,552 | $ | 18,822 | $ | 74,929 | $ | 18,709 | $ | 32,640 | $ | 17,957 | $ | 69,306 | ||||||||||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | NEE | NEECH | Other(a) | NEE | |||||||||||||||||||||||||||||||||||||
(Guar- | Consoli- | (Guar- | Consoli- | (Guar- | Consoli- | |||||||||||||||||||||||||||||||||||||||||||
antor) | dated | antor) | dated | antor) | dated | |||||||||||||||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 1,615 | $ | 1,976 | $ | 1,909 | $ | 5,500 | $ | 1,147 | $ | 1,466 | $ | 2,489 | $ | 5,102 | $ | 1,166 | $ | 1,091 | $ | 1,735 | $ | 3,992 | ||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (1 | ) | (3,741 | ) | (3,275 | ) | (7,017 | ) | — | (3,756 | ) | (2,926 | ) | (6,682 | ) | — | (5,176 | ) | (4,285 | ) | (9,461 | ) | ||||||||||||||||||||||||||
Capital contributions from NEE | (912 | ) | — | 912 | — | (777 | ) | — | 777 | — | (440 | ) | — | 440 | — | |||||||||||||||||||||||||||||||||
Cash grants under the Recovery Act | — | 343 | — | 343 | — | 165 | — | 165 | — | 196 | — | 196 | ||||||||||||||||||||||||||||||||||||
Sale of independent power and other investments of NEER | — | 307 | — | 307 | — | 165 | — | 165 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Change in loan proceeds restricted for construction | — | (40 | ) | — | (40 | ) | — | 228 | — | 228 | — | 314 | — | 314 | ||||||||||||||||||||||||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | — | 438 | — | 438 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other - net | 10 | (73 | ) | (329 | ) | (392 | ) | — | 17 | (16 | ) | 1 | 1 | 20 | 2 | 23 | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | (903 | ) | (2,766 | ) | (2,692 | ) | (6,361 | ) | (777 | ) | (3,181 | ) | (2,165 | ) | (6,123 | ) | (439 | ) | (4,646 | ) | (3,843 | ) | (8,928 | ) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of long-term debt | — | 4,057 | 997 | 5,054 | — | 3,874 | 497 | 4,371 | — | 5,334 | 1,296 | 6,630 | ||||||||||||||||||||||||||||||||||||
Retirements of long-term debt | — | (4,395 | ) | (355 | ) | (4,750 | ) | — | (1,943 | ) | (453 | ) | (2,396 | ) | — | (1,562 | ) | (50 | ) | (1,612 | ) | |||||||||||||||||||||||||||
Proceeds from sale of differential membership interests | — | 978 | — | 978 | — | 448 | — | 448 | — | 808 | — | 808 | ||||||||||||||||||||||||||||||||||||
Net change in short-term debt | — | (487 | ) | 938 | 451 | — | (819 | ) | 99 | (720 | ) | — | 286 | (225 | ) | 61 | ||||||||||||||||||||||||||||||||
Issuances of common stock - net | 633 | — | — | 633 | 842 | — | — | 842 | 405 | — | — | 405 | ||||||||||||||||||||||||||||||||||||
Dividends on common stock | (1,261 | ) | — | — | (1,261 | ) | (1,122 | ) | — | — | (1,122 | ) | (1,004 | ) | — | — | (1,004 | ) | ||||||||||||||||||||||||||||||
Other - net | (84 | ) | 781 | (802 | ) | (105 | ) | (92 | ) | 286 | (487 | ) | (293 | ) | (127 | ) | (1,363 | ) | 1,090 | (400 | ) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (712 | ) | 934 | 778 | 1,000 | (372 | ) | 1,846 | (344 | ) | 1,130 | (726 | ) | 3,503 | 2,111 | 4,888 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 144 | (5 | ) | 139 | (2 | ) | 131 | (20 | ) | 109 | 1 | (52 | ) | 3 | (48 | ) | |||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | 418 | 20 | 438 | 2 | 287 | 40 | 329 | 1 | 339 | 37 | 377 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | 562 | $ | 15 | $ | 577 | $ | — | $ | 418 | $ | 20 | $ | 438 | $ | 2 | $ | 287 | $ | 40 | $ | 329 | ||||||||||||||||||||||||
______________________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Represents FPL and consolidating adjustments. |
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Data (Unaudited) [Abstract] | ||||||||||||||||
Condensed Consolidated Quarterly Financial Information | Condensed consolidated quarterly financial information is as follows: | |||||||||||||||
March 31(a) | June 30(a) | September 30(a) | December 31(a) | |||||||||||||
(millions, except per share amounts) | ||||||||||||||||
NEE: | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenues(b) | $ | 3,674 | $ | 4,029 | $ | 4,654 | $ | 4,664 | ||||||||
Operating income(b) | $ | 738 | $ | 951 | $ | 1,163 | $ | 1,532 | ||||||||
Income from continuing operations(b) | $ | 430 | $ | 492 | $ | 664 | $ | 884 | ||||||||
Net income(b) | $ | 430 | $ | 492 | $ | 664 | $ | 884 | ||||||||
Net income attributable to NEE(b) | $ | 430 | $ | 492 | $ | 660 | $ | 884 | ||||||||
Earnings per share attributable to NEE - basic:(f) | ||||||||||||||||
Continuing operations | $ | 0.99 | $ | 1.13 | $ | 1.52 | $ | 2.03 | ||||||||
Net income | $ | 0.99 | $ | 1.13 | $ | 1.52 | $ | 2.03 | ||||||||
Earnings per share attributable to NEE - assuming dilution:(f) | ||||||||||||||||
Continuing operations | $ | 0.98 | $ | 1.12 | $ | 1.5 | $ | 2 | ||||||||
Net income | $ | 0.98 | $ | 1.12 | $ | 1.5 | $ | 2 | ||||||||
Dividends per share | $ | 0.725 | $ | 0.725 | $ | 0.725 | $ | 0.725 | ||||||||
High-low common stock sales prices | $96.13 - $83.97 | $102.51 - $93.28 | $102.46 - $91.79 | $110.84 - $90.33 | ||||||||||||
2013 | ||||||||||||||||
Operating revenues(b) | $ | 3,279 | $ | 3,833 | $ | 4,394 | $ | 3,630 | ||||||||
Operating income(b)(c) | $ | 434 | $ | 981 | $ | 1,185 | $ | 641 | ||||||||
Income from continuing operations(b)(c)(d) | $ | 41 | $ | 610 | $ | 698 | $ | 327 | ||||||||
Net income(b)(c)(e) | $ | 272 | $ | 610 | $ | 698 | $ | 327 | ||||||||
Earnings per share - basic:(f) | ||||||||||||||||
Continuing operations(c)(d) | $ | 0.1 | $ | 1.45 | $ | 1.65 | $ | 0.76 | ||||||||
Net income(c)(e) | $ | 0.65 | $ | 1.45 | $ | 1.65 | $ | 0.76 | ||||||||
Earnings per share - assuming dilution:(f) | ||||||||||||||||
Continuing operations(c)(d) | $ | 0.1 | $ | 1.44 | $ | 1.64 | $ | 0.75 | ||||||||
Net income(c)(e) | $ | 0.64 | $ | 1.44 | $ | 1.64 | $ | 0.75 | ||||||||
Dividends per share | $ | 0.66 | $ | 0.66 | $ | 0.66 | $ | 0.66 | ||||||||
High-low common stock sales prices | $77.79 - 69.81 | $82.65 - 74.78 | $88.39 - 78.81 | $89.75 - 78.97 | ||||||||||||
FPL: | ||||||||||||||||
2014 | ||||||||||||||||
Operating revenues(b) | $ | 2,535 | $ | 2,889 | $ | 3,315 | $ | 2,682 | ||||||||
Operating income(b) | $ | 632 | $ | 782 | $ | 834 | $ | 580 | ||||||||
Net income(b) | $ | 347 | $ | 423 | $ | 462 | $ | 286 | ||||||||
2013 | ||||||||||||||||
Operating revenues(b) | $ | 2,188 | $ | 2,696 | $ | 3,020 | $ | 2,541 | ||||||||
Operating income(b) | $ | 543 | $ | 724 | $ | 778 | $ | 495 | ||||||||
Net income(b) | $ | 288 | $ | 391 | $ | 422 | $ | 248 | ||||||||
______________________ | ||||||||||||||||
(a) | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | |||||||||||||||
(b) | The sum of the quarterly amounts may not equal the total for the year due to rounding. | |||||||||||||||
(c) | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||
(d) | First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||
(e) | First quarter of 2013 includes an after-tax gain from discontinued operations. See Note 6. | |||||||||||||||
(f) | The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. |
Summary_of_Significant_Account3
Summary of Significant Accounting and Reporting Policies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 34 Months Ended | 48 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2014 | |
account | |||||||
Basis of Presentation [Abstract] | |||||||
Approximate number of customer accounts | 4,700,000 | 4,700,000 | |||||
Noncontrolling Interest [Abstract] | |||||||
Deferred Gain on Sale of Property | $299,000,000 | 299,000,000 | |||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Convertible ITCs | 1,600,000,000 | 1,500,000,000 | |||||
Convertible ITCs included in other receivables | 1,000,000 | 182,000,000 | 1,000,000 | ||||
Construction Activity [Abstract] | |||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | 70.00% | |||||
Restricted Cash [Abstract] | |||||||
Restricted cash, current | 228,000,000 | 215,000,000 | 228,000,000 | ||||
Income Taxes [Abstract] | |||||||
Revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules | 250,000,000 | 233,000,000 | 250,000,000 | ||||
Deferred income tax benefit associated with convertible ITCs | 50,000,000 | 52,000,000 | |||||
Partnership Interest [Member] | |||||||
Noncontrolling Interest [Abstract] | |||||||
Partners' Capital Account, Units, Sold in Public Offering | 18,687,500 | ||||||
Partners' Capital Account, Public Sale of Units Net of Offering Costs | 438,000,000 | ||||||
Renewable Energy Assets, Power Generation Capacity | 990 | ||||||
FPL [Member] | |||||||
Revenues and Rates [Abstract] | |||||||
Unbilled Receivables, Current | 223,000,000 | 200,000,000 | 223,000,000 | ||||
Franchise fees and gross receipts taxes | 716,000,000 | 680,000,000 | 684,000,000 | ||||
Surcharges related to storm-recovery | 109,000,000 | 108,000,000 | 106,000,000 | ||||
FPSC rate orders [Abstract] | |||||||
Increase in base rate revenues | 75,000,000 | ||||||
Regulatory return on common equity (in hundredths) | 10.00% | ||||||
Regulatory return on common equity range (in hundredths) | 1.00% | ||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought (in hundredths) | 9.00% | ||||||
Earned regulatory ROE threshold above which retail base rate reduction may be sought (in hundredths) | 11.00% | ||||||
Maximum amount of surplus depreciation taken in any one calendar year | 267,000,000 | ||||||
Maximum amount of surplus depreciation that may be used over the course of the agreement | 776,000,000 | ||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Percentage of electric generating assets to gross investment in electric utility plant in service (in hundredths) | 51.00% | 51.00% | |||||
Percentage of electric transmission assets to gross investment in electric utility plant in service (in hundredths) | 11.00% | 11.00% | |||||
Percentage of electric distribution assets to gross investment in electric utility plant in service (in hundredths) | 33.00% | 33.00% | |||||
Percentage of general facilities assets to gross investment in electric utility plant in service (in hundredths) | 5.00% | 5.00% | |||||
Convertible ITCs | 159,000,000 | 165,000,000 | |||||
Maximum interval between depreciation studies performed and filed with the FPSC (in years) | 4 | ||||||
Amount of reserve (reversal) amortization recognized | -33,000,000 | 155,000,000 | 480,000,000 | ||||
FPL's composite depreciation rate for electric plant in service (in hundredths) | 3.30% | 3.40% | 3.30% | ||||
Construction Activity [Abstract] | |||||||
Threshold of plant in service balance at which AFUDC may be recorded (in hundredths) | 0.50% | ||||||
AFUDC capitalization rate for FPL (in hundredths) | 6.34% | 6.52% | 6.41% | ||||
AFUDC capitalized for FPL | 50,000,000 | 81,000,000 | 74,000,000 | ||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | |||||||
Maximum interval between nuclear decommissioning studies submitted to the FPSC for approval (in years) | 5 years | ||||||
For FPL, number of nuclear units | 4 | ||||||
FPL's portion of the ultimate costs of nuclear decommissioning | 6,200,000,000 | 6,200,000,000 | |||||
FPL's Ultimate costs of nuclear decommissioning, in current year dollars | 2,600,000,000 | 2,600,000,000 | |||||
FPL's fund earnings on decommissioning funds | 91,000,000 | 167,000,000 | 98,000,000 | ||||
Maximum interval between plant dismantlement studies submitted to the FPSC for approval (in years) | 4 years | ||||||
Plant dismantlement expense approved by the FPSC, effective January 1, 2010 | 18,000,000 | ||||||
Ultimate Costs Of Plant Dismantlement | 746,000,000 | 746,000,000 | |||||
Ultimate Costs Of Plant Dismantlement In Current Year Dollars | 385,000,000 | 385,000,000 | |||||
Major Maintenance Costs [Abstract] | |||||||
Accrued liability for nuclear maintenance costs | 50,000,000 | 70,000,000 | 50,000,000 | ||||
Nuclear maintenance costs | 76,000,000 | 92,000,000 | 104,000,000 | ||||
Restricted Cash [Abstract] | |||||||
Restricted cash, current | 38,000,000 | 38,000,000 | 38,000,000 | ||||
Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve [Abstract] | |||||||
Storm fund included in special use funds | 75,000,000 | 74,000,000 | 75,000,000 | ||||
Capacity to absorb storm restoration costs | 122,000,000 | 122,000,000 | |||||
Income Taxes [Abstract] | |||||||
Revenue equivalent of the difference in accumulated deferred income taxes computed under accounting rules, as compared to regulatory accounting rules | 236,000,000 | 218,000,000 | 236,000,000 | ||||
NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Net book value of assets serving as collateral | 10,400,000,000 | 10,400,000,000 | |||||
Construction Activity [Abstract] | |||||||
Project development costs of NextEra Energy Resources | 122,000,000 | 162,000,000 | 122,000,000 | ||||
Interest capitalized on construction projects of NextEra Energy Resources | 104,000,000 | 109,000,000 | 139,000,000 | ||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | 70.00% | |||||
Decommissioning of Nuclear Plants, Dismantlement of Plants and Other Accrued Asset Removal Costs [Abstract] | |||||||
NextEra Energy Resources' ARO related to nuclear decommissioning | 462,000,000 | 434,000,000 | 462,000,000 | ||||
Ultimate Costs Of Nuclear Decommissioning For Wholly Owned Indirect Subsidiary | 11,900,000,000 | 11,900,000,000 | |||||
Ultimate Costs Of Nuclear Decommissioning In Current Year Dollars For Wholly Owned Indirect Subsidiary | 2,000,000,000 | 2,000,000,000 | |||||
Effective period for Seabrook's decommissioning funding plan (in years) | 4 years | ||||||
Major Maintenance Costs [Abstract] | |||||||
Capitalized major maintenance costs | 141,000,000 | 92,000,000 | 141,000,000 | ||||
Major maintenance costs | 81,000,000 | 93,000,000 | 100,000,000 | ||||
NEER [Member] | Variable Interest Entities Wind Primary Beneficiary [Member] | |||||||
Variable Interest Entities [Abstract] | |||||||
Wind Electric Generating Facility Capability | 4,490 | ||||||
Forecast [Member] | |||||||
FPSC rate orders [Abstract] | |||||||
Regulatory return on common equity range (in hundredths) | 1.00% | ||||||
Forecast [Member] | FPL [Member] | |||||||
FPSC rate orders [Abstract] | |||||||
Increase in base rate revenues | 350,000,000 | ||||||
Regulatory return on common equity (in hundredths) | 10.50% | ||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought (in hundredths) | 9.50% | ||||||
Earned regulatory ROE threshold above which retail base rate reduction may be sought (in hundredths) | 11.50% | ||||||
Minimum depreciation reserve surplus that may be amortized under 2012 rate agreement | 224,000,000 | ||||||
Maximum amount of fossil dismantlement reserve that may be amortized under the 2012 rate agreement | 176,000,000 | ||||||
Maximum surcharge | 4 | ||||||
Increment of usage on which surcharge is based (in kilowatt-hours) | 1,000 | ||||||
Threshold of storm restoration costs in any given calendar year at which surcharge may be increased | 800,000,000 | ||||||
Wind plants [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Percentage of gross depreciable assets by plant type | 63.00% | 62.00% | 63.00% | ||||
Nuclear Plant [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Percentage of gross depreciable assets by plant type | 12.00% | 13.00% | 12.00% | ||||
natural gas plant [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Percentage of gross depreciable assets by plant type | 8.00% | 9.00% | 8.00% | ||||
Solar plants [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Percentage of gross depreciable assets by plant type | 7.00% | 6.00% | 7.00% | ||||
Oil and Gas Properties [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Percentage of gross depreciable assets by plant type | 6.00% | 6.00% | 6.00% | ||||
Minimum [Member] | wind, natural gas and solar plants [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Property, plant and equipment, estimated useful lives (in years) | 25 years | ||||||
Minimum [Member] | Nuclear Plant [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Property, plant and equipment, estimated useful lives (in years) | 25 years | ||||||
Maximum [Member] | wind, natural gas and solar plants [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Property, plant and equipment, estimated useful lives (in years) | 30 years | ||||||
Maximum [Member] | Nuclear Plant [Member] | NEER [Member] | |||||||
Electric Plant, Depreciation and Amortization [Abstract] | |||||||
Property, plant and equipment, estimated useful lives (in years) | 47 years | ||||||
Indirect Wholly-Owned Subsidiary [Member] | Partnership Interest [Member] | |||||||
Noncontrolling Interest [Abstract] | |||||||
Payments to Acquire Limited Partnership Interests | 288,000,000 | ||||||
NEP OpCo [Member] | |||||||
Noncontrolling Interest [Abstract] | |||||||
Partners' Capital Account, Units, Retained | 74,440,000 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 79.90% | ||||||
NEP OpCo [Member] | Partnership Interest [Member] | |||||||
Noncontrolling Interest [Abstract] | |||||||
Payments to Acquire Limited Partnership Interests | 150,000,000 | ||||||
Termination of the Merger Agreement [Member] | HEI [Member] | |||||||
Proposed Merger [Abstract] | |||||||
Amount of termination fee | 90,000,000 | 90,000,000 | |||||
Reimbursement of out of pocket expenses | $5,000,000 | 5,000,000 | |||||
Common Stock [Member] | HEI [Member] | |||||||
Proposed Merger [Abstract] | |||||||
Number of shares received per common stock | 0.2413 |
Summary_of_Significant_Account4
Summary of Significant Accounting and Reporting Policies (Goodwill and Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill: | |||
Goodwill | $147 | $149 | |
Other intangible assets not subject to amortization, primarily land easements | 143 | 143 | |
Other intangible assets: | |||
Total | 487 | 203 | |
Less accumulated amortization | -125 | -112 | |
Total other intangible assets subject to amortization - net | 362 | 91 | |
Intangible assets, amortization [Abstract] | |||
NextEra Energy Resources' amortization expense | 15 | 13 | 14 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 14 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 24 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 20 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 19 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 17 | ||
Purchased power agreements | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 22 years | ||
Total | 348 | 70 | |
Customer lists | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 5 years | ||
Total | 34 | 35 | |
Other, primarily transmission and development rights, permits and licenses | |||
Other intangible assets: | |||
Weighted average useful lives (years) | 24 years | ||
Total | 105 | 98 | |
Merchant reporting unit | |||
Goodwill: | |||
Goodwill | 72 | 72 | |
Wind reporting unit | |||
Goodwill: | |||
Goodwill | 47 | 49 | |
Fiber-optic telecommunications reporting unit | |||
Goodwill: | |||
Goodwill | $28 | $28 |
Employee_Retirement_Benefits_D
Employee Retirement Benefits (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Change in plan assets: | |||||
Plan assets, ending balance | $3,698 | [1] | $3,692 | [1] | |
Pension Benefits [Member] | |||||
Change in plan assets: | |||||
Plan assets, beginning balance | 3,692 | 3,385 | |||
Actual return on plan assets | 203 | 455 | |||
Employer contributions | 3 | [2] | 1 | [2] | |
Participant contributions | 0 | 0 | |||
Benefit payments | -200 | [2] | -149 | [2] | |
Plan assets, ending balance | 3,698 | 3,692 | 3,385 | ||
Change in benefit obligation: | |||||
Obligation, beginning balance | 2,254 | [3] | 2,372 | ||
Service cost | 63 | 73 | 65 | ||
Interest cost | 102 | 95 | 98 | ||
Participant contributions | 0 | 0 | |||
Plan amendments | -11 | 0 | |||
Special termination benefits | 0 | 46 | [4] | 0 | |
Actuarial losses (gains) - net | 264 | -183 | |||
Benefit payments | -200 | [2] | -149 | [2] | |
Obligation, ending balance | 2,472 | [3] | 2,254 | [3] | 2,372 |
Funded status: | |||||
Prepaid (accrued) benefit cost | 1,226 | 1,438 | |||
Accumulated benefit obligation | 2,417 | 2,197 | |||
Amounts recognized in the consolidated balance sheets [Abstract] | |||||
Prepaid benefit costs | 1,244 | 1,456 | |||
Accrued benefit cost included in other current liabilities | -4 | -5 | |||
Accrued benefit cost included in other liabilities | -14 | -13 | |||
Prepaid (accrued) benefit cost | 1,226 | 1,438 | |||
Components of AOCI: | |||||
Unrecognized prior service benefit (cost) (net of $1 and $4 tax benefit and $2 and $2 tax expense, respectively) | -2 | -8 | |||
Unrecognized gain (loss) (net of $10 tax benefit, $18 tax expense and $5 and $3 tax benefit, respectively) | -16 | 30 | |||
Total | -18 | 22 | |||
Tax effects on components of AOCI [Abstract] | |||||
Tax expense (benefit) related to unrecognized prior service benefit (cost) | -1 | -4 | |||
Tax expense (benefit) related to unrecognized gain (loss) | -10 | 18 | |||
Unrecognized amounts included in regulatory assets (liabilities) [Abstract] | |||||
Unrecognized prior service cost (benefit) | 10 | 25 | |||
Unrecognized losses (gains) | 128 | -98 | |||
Total | 138 | -73 | |||
Weighted-average assumptions used to determine benefit obligations [Abstract] | |||||
Discount rate (in hundredths) | 3.95% | 4.80% | |||
Salary increase (in hundredths) | 4.10% | 4.00% | |||
Other Benefits [Member] | |||||
Change in plan assets: | |||||
Plan assets, beginning balance | 26 | 26 | |||
Actual return on plan assets | 2 | 2 | |||
Employer contributions | 28 | [2] | 28 | [2] | |
Participant contributions | 6 | 5 | |||
Benefit payments | -39 | [2] | -35 | [2] | |
Plan assets, ending balance | 23 | 26 | 26 | ||
Change in benefit obligation: | |||||
Obligation, beginning balance | 354 | 397 | |||
Service cost | 3 | 4 | 5 | ||
Interest cost | 16 | 14 | 18 | ||
Participant contributions | 6 | 5 | |||
Plan amendments | 0 | 0 | |||
Special termination benefits | 0 | 0 | 0 | ||
Actuarial losses (gains) - net | 20 | -31 | |||
Benefit payments | -39 | [2] | -35 | [2] | |
Obligation, ending balance | 360 | 354 | 397 | ||
Funded status: | |||||
Prepaid (accrued) benefit cost | -337 | -328 | |||
Amounts recognized in the consolidated balance sheets [Abstract] | |||||
Prepaid benefit costs | 0 | 0 | |||
Accrued benefit cost included in other current liabilities | -23 | -26 | |||
Accrued benefit cost included in other liabilities | -314 | -302 | |||
Prepaid (accrued) benefit cost | -337 | -328 | |||
Components of AOCI: | |||||
Unrecognized prior service benefit (cost) (net of $1 and $4 tax benefit and $2 and $2 tax expense, respectively) | 3 | 4 | |||
Unrecognized gain (loss) (net of $10 tax benefit, $18 tax expense and $5 and $3 tax benefit, respectively) | -5 | -3 | |||
Total | -2 | 1 | |||
Tax effects on components of AOCI [Abstract] | |||||
Tax expense (benefit) related to unrecognized prior service benefit (cost) | 2 | 2 | |||
Tax expense (benefit) related to unrecognized gain (loss) | -5 | -3 | |||
Weighted-average assumptions used to determine benefit obligations [Abstract] | |||||
Discount rate (in hundredths) | 3.85% | 4.60% | |||
Salary increase (in hundredths) | 4.10% | 4.00% | |||
Health care cost trend rate [Abstract] | |||||
Effect of one percentage point increase in assumed health care cost trend rates on accumulated benefit obligation | 2 | ||||
Effect of one percentage point decrease in assumed health care cost trend rates on accumulated benefit obligation | 2 | ||||
SERP and Other Benefits [Member] | |||||
Unrecognized amounts included in regulatory assets (liabilities) [Abstract] | |||||
Unrecognized prior service cost (benefit) | -13 | -14 | |||
Unrecognized losses (gains) | 46 | 29 | |||
Total | 33 | 15 | |||
FPL [Member] | Pension Benefits [Member] | |||||
Funded status: | |||||
Prepaid (accrued) benefit cost | 1,186 | 1,139 | |||
FPL's Contribution Related to SERP | 1 | 1 | |||
Amounts recognized in the consolidated balance sheets [Abstract] | |||||
Prepaid benefit costs | 1,189 | 1,142 | |||
Accrued benefit cost included in other current liabilities | -2 | -2 | |||
Accrued benefit cost included in other liabilities | -1 | -1 | |||
Prepaid (accrued) benefit cost | 1,186 | 1,139 | |||
FPL [Member] | Other Benefits [Member] | |||||
Change in plan assets: | |||||
Employer contributions | 27 | 25 | |||
Funded status: | |||||
Prepaid (accrued) benefit cost | -234 | -249 | |||
Amounts recognized in the consolidated balance sheets [Abstract] | |||||
Prepaid benefit costs | 0 | 0 | |||
Accrued benefit cost included in other current liabilities | -19 | -22 | |||
Accrued benefit cost included in other liabilities | -215 | -227 | |||
Prepaid (accrued) benefit cost | -234 | -249 | |||
Equity Securities [Member] | |||||
Change in plan assets: | |||||
Plan assets, ending balance | $1,015 | [1],[5] | $1,028 | [1],[6] | |
Equity Securities [Member] | Pension Benefits [Member] | |||||
Target asset allocations [Abstract] | |||||
Equity investments, target allocation percentage (in hundredths) | 45.00% | ||||
Equity Securities [Member] | Other Benefits [Member] | |||||
Target asset allocations [Abstract] | |||||
Equity investments, target allocation percentage (in hundredths) | 60.00% | ||||
Debt Securities [Member] | Pension Benefits [Member] | |||||
Target asset allocations [Abstract] | |||||
Equity investments, target allocation percentage (in hundredths) | 32.00% | ||||
Debt Securities [Member] | Other Benefits [Member] | |||||
Target asset allocations [Abstract] | |||||
Equity investments, target allocation percentage (in hundredths) | 40.00% | ||||
Alternative Investments [Member] | Pension Benefits [Member] | |||||
Target asset allocations [Abstract] | |||||
Equity investments, target allocation percentage (in hundredths) | 13.00% | ||||
Convertible Securities [Member] | Pension Benefits [Member] | |||||
Target asset allocations [Abstract] | |||||
Equity investments, target allocation percentage (in hundredths) | 10.00% | ||||
[1] | See Note 4 for discussion of fair value measurement techniques and inputs. | ||||
[2] | Employer contributions and benefit payments include only those amounts contributed directly to, or paid directly from, plan assets. FPL's portion of contributions related to SERP benefits was less than $1 million for 2014 and 2013, respectively. FPL's portion of contributions related to other benefits was $27 million and $25 million for 2014 and 2013 | ||||
[3] | NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at DecemberB 31, 2014 and 2013 was $2,417 million and $2,197 million, respectively. | ||||
[4] | Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative. | ||||
[5] | Includes foreign investments of $321 million. | ||||
[6] | Includes foreign investments of $337 million. |
Employee_Retirement_Benefits_A
Employee Retirement Benefits - Additional Disclosures (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | $3,698 | [1] | $3,692 | [1] | ||
Components of net periodic benefit income (cost) recognized in OCI [Abstract] | ||||||
Total | 43 | -97 | 28 | |||
Employee contribution plans [Abstract] | ||||||
Defined Contribution Plan, Cost Recognized | 59 | 46 | 44 | |||
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 1,173 | [1] | 1,189 | [1] | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 2,127 | [1] | 2,276 | [1] | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 398 | [1] | 227 | [1] | ||
Equity securities [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 1,015 | [1],[2] | 1,028 | [1],[3] | ||
Equity securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 984 | [1],[2] | 1,028 | [1],[3] | ||
Foreign investments | 321 | 337 | ||||
Equity securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 31 | [1],[2] | 0 | [1],[3] | ||
Equity securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[2] | 0 | [1],[3] | ||
Equity commingled vehicles [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 767 | [1],[4] | 656 | [1],[5] | ||
Equity commingled vehicles [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[4] | 0 | [1],[5] | ||
Equity commingled vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 767 | [1],[4] | 656 | [1],[5] | ||
Foreign investments | 306 | 234 | ||||
Equity commingled vehicles [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[4] | 0 | [1],[5] | ||
U.S. Government and municipal bonds [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 164 | [1] | 150 | [1] | ||
U.S. Government and municipal bonds [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 144 | [1] | 115 | [1] | ||
U.S. Government and municipal bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 20 | [1] | 35 | [1] | ||
U.S. Government and municipal bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1] | 0 | [1] | ||
Corporate debt securities [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 355 | [1],[6] | 348 | [1],[7] | ||
Corporate debt securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[6] | 0 | [1],[7] | ||
Corporate debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 355 | [1],[6] | 348 | [1],[7] | ||
Foreign investments | 88 | 67 | ||||
Corporate debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[6] | 0 | [1],[7] | ||
Asset-backed securities [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 223 | [1] | 249 | [1] | ||
Asset-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1] | 0 | [1] | ||
Asset-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 223 | [1] | 249 | [1] | ||
Asset-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1] | 0 | [1] | ||
Debt security commingled vehicles [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 209 | [1],[8] | 526 | [1],[9] | ||
Debt security commingled vehicles [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[8] | 0 | [1],[9] | ||
Debt security commingled vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 209 | [1],[8] | 526 | [1],[9] | ||
Foreign investments | 15 | 54 | ||||
Short-term commingled vehicles | 148 | 145 | ||||
Debt security commingled vehicles [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[8] | 0 | [1],[9] | ||
Convertible securities [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 274 | [1] | 282 | [1] | ||
Convertible securities [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 45 | [1] | 46 | [1] | ||
Convertible securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 229 | [1] | 236 | [1] | ||
Convertible securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1] | 0 | [1] | ||
Limited partnerships [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 691 | [1],[10] | 453 | [1],[11] | ||
Limited partnerships [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 0 | [1],[10] | 0 | [1],[11] | ||
Limited partnerships [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 293 | [1],[10] | 226 | [1],[11] | ||
Foreign investments | 185 | 104 | ||||
Fixed income oriented commingled investment arrangments | 426 | 244 | ||||
Convertible security oriented limited partnership investments | 77 | 80 | ||||
Alternative investments | 188 | 129 | ||||
Limited partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 398 | [1],[10] | 227 | [1],[11] | ||
Pension Benefits [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 3,698 | 3,692 | 3,385 | |||
Expected benefit payments, net of government drug subsidy [Abstract] | ||||||
2015 | 154 | |||||
2016 | 157 | |||||
2017 | 162 | |||||
2018 | 167 | |||||
2019 | 169 | |||||
2020 - 2024 | 880 | |||||
Net periodic benefit (income) cost [Abstract] | ||||||
Service cost | 63 | 73 | 65 | |||
Interest cost | 102 | 95 | 98 | |||
Expected return on plan assets | -241 | -237 | -238 | |||
Amortization of transition obligation | 0 | 0 | 0 | |||
Amortization of prior service cost (benefit) | 5 | 7 | 5 | |||
Amortization of losses | 0 | 2 | 0 | |||
SERP settlements | 0 | 0 | 3 | |||
Special termination benefits | 0 | 46 | [12] | 0 | ||
Net periodic benefit (income) cost | -71 | -14 | -67 | |||
Components of net periodic benefit income (cost) recognized in OCI [Abstract] | ||||||
Prior service benefit (cost) (net of $3 tax expense, $3 tax benefit and $4 tax expense, respectively) | 4 | 0 | -6 | |||
Net gains (losses) (net of $29 tax benefit, $58 tax expense, $16 tax benefit, $1 tax benefit, $3 tax expense and $3 tax benefit, respectively) | -45 | 91 | -25 | |||
Amortization of prior service benefit | 1 | 2 | 1 | |||
Total | -40 | 93 | -30 | |||
Tax effects on components of net periodic benefit income (cost) recognized in OCI [Abstract] | ||||||
Tax expense (benefit) related to prior service cost | 3 | 0 | -3 | |||
Tax expense (benefit) related to net gains (losses) | -29 | 58 | -16 | |||
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities) [Abstract] | ||||||
Prior service benefit | -12 | 0 | ||||
Unrecognized losses (gains) | 226 | -252 | ||||
Amortization of prior service cost (benefit) | -3 | -4 | ||||
Amortization of unrecognized losses | 0 | -1 | ||||
Total | 211 | -257 | ||||
Weighted-average assumptions used to determine net periodic benefit (income) cost [Abstract] | ||||||
Discount rate (in hundredths) | 4.80% | 4.00% | 4.65% | |||
Salary increase (in hundredths) | 4.00% | 4.00% | 4.00% | |||
Expected long-term rate of return (in hundredths) | 7.75% | [13] | 7.75% | [13] | 7.75% | [13] |
Other Pension Plan, Postretirement or Supplemental Plans [Member] | ||||||
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities) [Abstract] | ||||||
Prior service benefit | -1 | 0 | ||||
Unrecognized losses (gains) | 17 | -26 | ||||
Amortization of prior service cost (benefit) | 2 | 1 | ||||
Amortization of unrecognized losses | 0 | -2 | ||||
Total | 18 | -27 | ||||
Other Benefits [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 23 | 26 | 26 | |||
Expected Cash Flows - Retiree Medical Expenses [Abstract] | ||||||
Anticipated payment for eligible retiree medical expenses on behalf of the other benefits plan during 2015 | 23 | |||||
Expected benefit payments, net of government drug subsidy [Abstract] | ||||||
2015 | 28 | |||||
2016 | 27 | |||||
2017 | 29 | |||||
2018 | 28 | |||||
2019 | 27 | |||||
2020 - 2024 | 123 | |||||
Net periodic benefit (income) cost [Abstract] | ||||||
Service cost | 3 | 4 | 5 | |||
Interest cost | 16 | 14 | 18 | |||
Expected return on plan assets | -1 | -1 | -2 | |||
Amortization of transition obligation | 0 | 0 | 1 | |||
Amortization of prior service cost (benefit) | -3 | -2 | -1 | |||
Amortization of losses | 0 | 2 | 0 | |||
SERP settlements | 0 | 0 | 0 | |||
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit (income) cost | 15 | 17 | 21 | |||
Components of net periodic benefit income (cost) recognized in OCI [Abstract] | ||||||
Prior service benefit (cost) (net of $3 tax expense, $3 tax benefit and $4 tax expense, respectively) | 0 | 0 | 7 | |||
Net gains (losses) (net of $29 tax benefit, $58 tax expense, $16 tax benefit, $1 tax benefit, $3 tax expense and $3 tax benefit, respectively) | -3 | 4 | -5 | |||
Amortization of prior service benefit | 0 | 0 | 0 | |||
Total | -3 | 4 | 2 | |||
Tax effects on components of net periodic benefit income (cost) recognized in OCI [Abstract] | ||||||
Tax expense (benefit) related to prior service cost | 0 | 0 | 4 | |||
Tax expense (benefit) related to net gains (losses) | -1 | 3 | -3 | |||
Weighted-average assumptions used to determine net periodic benefit (income) cost [Abstract] | ||||||
Discount rate (in hundredths) | 4.60% | 3.75% | 4.53% | [14] | ||
Salary increase (in hundredths) | 4.00% | 4.00% | 4.00% | |||
Expected long-term rate of return (in hundredths) | 7.25% | [13] | 7.75% | [13] | 8.00% | [13] |
Other Benefits [Member] | Equity commingled vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 14 | [1] | 18 | [1] | ||
Foreign investments | 3 | 5 | ||||
Other Benefits [Member] | Debt security commingled vehicles [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair value measurements of plan assets [Abstract] | ||||||
Fair value | 8 | 6 | ||||
FPL [Member] | ||||||
Employee contribution plans [Abstract] | ||||||
Defined Contribution Plan, Cost Recognized | 37 | 30 | 29 | |||
FPL [Member] | Pension Benefits [Member] | ||||||
Net periodic benefit (income) cost [Abstract] | ||||||
Net periodic benefit (income) cost | -46 | -5 | -43 | |||
FPL [Member] | Other Benefits [Member] | ||||||
Net periodic benefit (income) cost [Abstract] | ||||||
Net periodic benefit (income) cost | $11 | $13 | $16 | |||
[1] | See Note 4 for discussion of fair value measurement techniques and inputs. | |||||
[2] | Includes foreign investments of $321 million. | |||||
[3] | Includes foreign investments of $337 million. | |||||
[4] | Includes foreign investments of $306 million. Fair values have been estimated using net asset value (NAV) per share of the investments. | |||||
[5] | Includes foreign investments of $234 million. Fair values have been estimated using NAV per share of the investments. | |||||
[6] | Includes foreign investments of $88 million. | |||||
[7] | Includes foreign investments of $67 million. | |||||
[8] | Includes foreign investments of $15 million and $148 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments. | |||||
[9] | Includes foreign investments of $54 million and $145 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments. | |||||
[10] | Includes foreign investments of $185 million. Also includes fixed income oriented commingled investment arrangements of $426 million, convertible security oriented limited partnerships of $77 million and alternative investments of $188 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3. | |||||
[11] | Includes foreign investments of $104 million. Also, includes fixed income oriented commingled investment arrangements of $244 million, convertible security oriented limited partnerships of $80 million and alternative investments of $129 million. Fair values have been estimated using NAV per share of the investments. Those investments subject to certain restrictions have been classified as Level 3. | |||||
[12] | Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative. | |||||
[13] | In developing the expected long-term rate of return on assets assumption for its plans, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its funds. NEE also considered its funds' historical compounded returns. | |||||
[14] | Reflects a mid-year rate change due to cost remeasurement resulting from a plan amendment. |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments [Abstract] | ||
Derivative, Collateral, Obligation to Return Cash | $60 | $24 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -53 | |
Margin Cash Collateral Not Netted Against Derivative Liabilities | $122 | $42 |
Derivative_Instruments_Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | $1,999 | $1,661 | ||
Derivative Liabilities | 1,755 | 1,311 | ||
Current derivative assets [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 990 | [1] | 498 | [2] |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 197 | 181 | ||
Non Current Derivative Assets Member [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 1,009 | [3] | 1,163 | [4] |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 97 | 98 | ||
Current derivative liabilities [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Liabilities | 1,289 | [5] | 838 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 20 | |||
Noncurrent derivative liabilities [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Liabilities | 466 | [6] | 473 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 10 | |||
Commodity contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 1,949 | 1,571 | ||
Derivative Liabilities | 1,358 | 940 | ||
Interest Rate Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 50 | 90 | ||
Derivative Liabilities | 266 | 220 | ||
Foreign currency swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 131 | 151 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 6,145 | 4,544 | ||
Derivative Liability, Fair Value, Gross Liability | 5,415 | 3,827 | ||
Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 6,145 | 4,543 | ||
Derivative Liability, Fair Value, Gross Liability | 5,290 | 3,633 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 1 | ||
Derivative Liability, Fair Value, Gross Liability | 125 | 93 | ||
Not Designated as Hedging Instrument [Member] | Foreign currency swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 101 | ||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 35 | 89 | ||
Derivative Liability, Fair Value, Gross Liability | 257 | 177 | ||
Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 35 | 89 | ||
Derivative Liability, Fair Value, Gross Liability | 126 | 127 | ||
Designated as Hedging Instrument [Member] | Foreign currency swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 131 | 50 | ||
FPL [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 7 | 48 | ||
Derivative Liabilities | 370 | 2 | ||
FPL [Member] | Current derivative liabilities [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Liabilities | 370 | 1 | ||
FPL [Member] | Current other assets [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 6 | 48 | ||
FPL [Member] | Other Noncurrent Assets [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 1 | |||
FPL [Member] | Noncurrent other liabilities [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Liabilities | 1 | |||
FPL [Member] | Commodity contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Assets | 7 | 48 | ||
Derivative Liabilities | 370 | 2 | ||
FPL [Member] | Not Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 8 | 55 | ||
Derivative Liability, Fair Value, Gross Liability | 371 | 9 | ||
FPL [Member] | Designated as Hedging Instrument [Member] | Commodity contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Abstract] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Derivative Liability, Fair Value, Gross Liability | $0 | $0 | ||
[1] | Reflects the netting of approximately $197 million in margin cash collateral received from counterparties. | |||
[2] | Reflects the netting of approximately $181 million in margin cash collateral received from counterparties. | |||
[3] | Reflects the netting of approximately $97 million in margin cash collateral received from counterparties. | |||
[4] | Reflects the netting of approximately $98 million in margin cash collateral received from counterparties. | |||
[5] | Reflects the netting of approximately $20 million in margin cash collateral paid to counterparties. | |||
[6] | Reflects the netting of approximately $10 million in margin cash collateral paid to counterparties. |
Derivative_Instruments_Income_
Derivative Instruments (Income Statement Disclosure) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Gains (losses) related to cash flow hedges [Abstract] | ||||||
Gains (losses) recognized in OCI | ($221) | $129 | ($161) | |||
Gains (losses) reclassified from AOCI to net income(a) | -155 | [1] | -105 | [1] | -69 | [1] |
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments | 356 | 7 | 149 | |||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | -289 | 81 | -177 | |||
Fair Value Hedging [Member] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | ||||||
Gain (loss) on fair value hedge reflected in interest expense | 20 | -65 | 44 | |||
Commodity contracts [Member] | ||||||
Gains (losses) related to cash flow hedges [Abstract] | ||||||
Gains (losses) recognized in OCI | 0 | |||||
Gains (losses) reclassified from AOCI to net income(a) | 8 | [1] | ||||
Commodity contracts [Member] | Gain (loss) included in operating revenues [Member] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments | 420 | [2] | 76 | [2] | 171 | [2] |
Commodity contracts [Member] | Gain (loss) included in fuel, purchased power and interchange [Member] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments | 1 | [2] | 0 | [2] | 38 | [2] |
Foreign currency swap [Member] | ||||||
Gains (losses) related to cash flow hedges [Abstract] | ||||||
Gains (losses) recognized in OCI | -89 | -21 | -30 | |||
Gains (losses) reclassified from AOCI to net income(a) | -78 | [1],[3] | -44 | [1],[3] | -21 | [1],[3] |
Foreign currency swap [Member] | Gain (loss) included in other-net [Member] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments | -1 | -72 | -60 | |||
Foreign currency swap [Member] | Gain (loss) included in interest expense [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net loss reclassified from AOCI to earnings | 8 | 4 | 3 | |||
Interest Rate Contract [Member] | ||||||
Gains (losses) related to cash flow hedges [Abstract] | ||||||
Gains (losses) recognized in OCI | -132 | 150 | -131 | |||
Gains (losses) reclassified from AOCI to net income(a) | -77 | [1] | -61 | [1] | -56 | [1] |
Interest Rate Contract [Member] | Gain (loss) included in interest expense [Member] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments [Abstract] | ||||||
Gains (losses) related to derivatives not designated as hedging instruments | ($64) | $3 | $0 | |||
[1] | Included in operating revenues for commodity contracts and interest expense for interest rate contracts. | |||||
[2] | For the years ended DecemberB 31, 2014, 2013 and 2012, FPL recorded gains (losses) of approximately $(289) million, $81 million and $(177) million, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets. | |||||
[3] | For 2014, 2013 and 2012, losses of approximately $8 million, $4 million and $3 million, respectively, are included in interest expense and the balances are included in other - net. |
Derivative_Instruments_Net_Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | MWh | MWh | ||
Power [Member] | ||||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||||
Non monetary net notional volumes | -73,000,000 | [1] | -276,000,000 | [1] |
Natural Gas [Member] | ||||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||||
Non monetary net notional volumes | 1,436,000,000 | [2] | 1,140,000,000 | [2] |
Oil [Member] | ||||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||||
Non monetary net notional volumes | -11,000,000 | -10,000,000 | ||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount of Foreign Currency Cash Flow Hedge Derivatives | 7,400 | 6,500 | ||
Currency Swap [Member] | ||||
Derivative [Line Items] | ||||
Notional Amount of Foreign Currency Cash Flow Hedge Derivatives | 661 | 662 | ||
FPL [Member] | Commodity contract - Power [Member] | ||||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||||
Non monetary net notional volumes | 0 | 0 | ||
FPL [Member] | Commodity contract - Natural gas [Member] | ||||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||||
Non monetary net notional volumes | 845,000,000 | [2] | 674,000,000 | [2] |
FPL [Member] | Commodity contract - Oil [Member] | ||||
Schedule of net notional volume of commodity derivative instruments [Abstract] | ||||
Non monetary net notional volumes | 0 | 0 | ||
[1] | Megawatt-hours | |||
[2] | One million British thermal units |
Derivative_Instruments_Credit_
Derivative Instruments (Credit Risk Disclosures) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $2,700,000,000 | $2,100,000,000 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Bbb Or Baa2 | 700,000,000 | 400,000,000 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Below Investment Grade | 2,800,000,000 | 2,300,000,000 |
Additional Collateral Aggregate Fair Value Due To Other Financial Measures | 850,000,000 | 800,000,000 |
Collateral Already Posted, Aggregate Fair Value | 20,000,000 | |
Letters Of Credit Already Posted Aggregate Fair Value | 236,000,000 | 210,000,000 |
FPL [Member] | ||
Derivative [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | 369,000,000 | 9,000,000 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Bbb Or Baa2 | 130,000,000 | 20,000,000 |
Additional Collateral Aggregate Fair Value Due To Credit Rating Downgrade To Below Investment Grade | 700,000,000 | 400,000,000 |
Additional Collateral Aggregate Fair Value Due To Other Financial Measures | 200,000,000 | 150,000,000 |
Letters Of Credit Already Posted Aggregate Fair Value | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets [Abstract] | ||||
Cash equivalents - equity securities | $32 | $20 | ||
Special use funds [Abstract] | ||||
Equity securities | 2,634 | [1] | 2,506 | [1] |
U.S. Government and municipal bonds | 711 | [1] | 827 | [1] |
Corporate debt securities | 704 | [1] | 597 | [1] |
Mortgage-backed securities | 493 | [1] | 479 | [1] |
Other debt securities | 57 | [1] | 60 | [1] |
Other Investments [Abstract] | ||||
Equity securities | 36 | 51 | ||
Debt securities | 175 | 118 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 1,949 | [2] | 1,571 | [2] |
Interest rate contracts | 50 | [2] | 90 | [2] |
Derivatives [Abstract] | ||||
Commodity contracts | 1,358 | [2] | 940 | [2] |
Interest rate contracts | 266 | [2] | 220 | [2] |
Foreign currency swaps | 131 | [2] | 151 | [2] |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Cash equivalents - equity securities | 32 | 20 | ||
Special use funds [Abstract] | ||||
Equity securities | 1,217 | [1] | 1,170 | [1] |
U.S. Government and municipal bonds | 520 | [1] | 647 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 25 | [1] | 16 | [1] |
Other Investments [Abstract] | ||||
Equity securities | 35 | 51 | ||
Debt securities | 5 | 11 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 1,801 | 1,368 | ||
Interest rate contracts | 0 | 0 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 1,720 | 1,285 | ||
Interest rate contracts | 0 | 0 | ||
Foreign currency swaps | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets [Abstract] | ||||
Cash equivalents - equity securities | 0 | 0 | ||
Special use funds [Abstract] | ||||
Equity securities | 1,417 | [1],[3] | 1,336 | [1],[4] |
U.S. Government and municipal bonds | 191 | [1] | 180 | [1] |
Corporate debt securities | 704 | [1] | 597 | [1] |
Mortgage-backed securities | 493 | [1] | 479 | [1] |
Other debt securities | 32 | [1] | 44 | [1] |
Other Investments [Abstract] | ||||
Equity securities | 1 | 0 | ||
Debt securities | 170 | 107 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 3,177 | 2,106 | ||
Interest rate contracts | 35 | 90 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 3,150 | 1,994 | ||
Interest rate contracts | 126 | 127 | ||
Foreign currency swaps | 131 | 151 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Cash equivalents - equity securities | 0 | 0 | ||
Special use funds [Abstract] | ||||
Equity securities | 0 | [1] | 0 | [1] |
U.S. Government and municipal bonds | 0 | [1] | 0 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 0 | [1] | 0 | [1] |
Other Investments [Abstract] | ||||
Equity securities | 0 | 0 | ||
Debt securities | 0 | 0 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 1,167 | 1,069 | ||
Interest rate contracts | 0 | 0 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 420 | 354 | ||
Interest rate contracts | 125 | 93 | ||
Foreign currency swaps | 0 | 0 | ||
Netting [Member] | ||||
Derivatives [Abstract] | ||||
Commodity contracts | -4,196 | [5] | -2,972 | [5] |
Interest rate contracts | 15 | [5] | 0 | [5] |
Derivatives [Abstract] | ||||
Commodity contracts | -3,932 | [5] | -2,693 | [5] |
Interest rate contracts | 15 | [5] | 0 | [5] |
Foreign currency swaps | 0 | [5] | 0 | [5] |
FPL [Member] | ||||
Special use funds [Abstract] | ||||
Equity securities | 1,561 | [1] | 1,467 | [1] |
U.S. Government and municipal bonds | 600 | [1] | 738 | [1] |
Corporate debt securities | 501 | [1] | 421 | [1] |
Mortgage-backed securities | 422 | [1] | 401 | [1] |
Other debt securities | 45 | [1] | 46 | [1] |
Derivatives [Abstract] | ||||
Commodity contracts | 7 | [2] | 48 | [2] |
Derivatives [Abstract] | ||||
Commodity contracts | 370 | [2] | 2 | [2] |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||||
Special use funds [Abstract] | ||||
Equity securities | 324 | [1] | 291 | [1] |
U.S. Government and municipal bonds | 435 | [1] | 584 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 25 | [1] | 16 | [1] |
Derivatives [Abstract] | ||||
Commodity contracts | 0 | 0 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 0 | 0 | ||
FPL [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Special use funds [Abstract] | ||||
Equity securities | 1,237 | [1],[3] | 1,176 | [1],[4] |
U.S. Government and municipal bonds | 165 | [1] | 154 | [1] |
Corporate debt securities | 501 | [1] | 421 | [1] |
Mortgage-backed securities | 422 | [1] | 401 | [1] |
Other debt securities | 20 | [1] | 30 | [1] |
Derivatives [Abstract] | ||||
Commodity contracts | 2 | 53 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 370 | 7 | ||
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Special use funds [Abstract] | ||||
Equity securities | 0 | [1] | 0 | [1] |
U.S. Government and municipal bonds | 0 | [1] | 0 | [1] |
Corporate debt securities | 0 | [1] | 0 | [1] |
Mortgage-backed securities | 0 | [1] | 0 | [1] |
Other debt securities | 0 | [1] | 0 | [1] |
Derivatives [Abstract] | ||||
Commodity contracts | 6 | 2 | ||
Derivatives [Abstract] | ||||
Commodity contracts | 1 | 2 | ||
FPL [Member] | Netting [Member] | ||||
Derivatives [Abstract] | ||||
Commodity contracts | -1 | [5] | -7 | [5] |
Derivatives [Abstract] | ||||
Commodity contracts | ($1) | [5] | ($7) | [5] |
[1] | 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 the Carrying Amount below. | |||
[2] | See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets. | |||
[3] | Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. | |||
[4] | Primarily invested in commingled funds whose underlying investments would be Level 1 if those investments were held directly by NEE or FPL. | |||
[5] | Includes the effect of the contractual ability to settle contracts under master netting arrangements and margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. |
Fair_Value_Measurements_Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $1,167 | |
Liabilities, Fair Value Disclosure | 420 | |
Forward Contracts - Power [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 487 | |
Liabilities, Fair Value Disclosure | 97 | |
Forward Contracts - Power [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $119 | |
Forward Contracts - Power [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $6 | |
Forward contracts - Gas [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 74 | |
Liabilities, Fair Value Disclosure | 55 | |
Forward contracts - Gas [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $6 | |
Forward contracts - Gas [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $1 | |
Forward contracts - Other [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 44 | |
Liabilities, Fair Value Disclosure | 41 | |
Forward contracts - Other [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $13 | |
Forward contracts - Other [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $0 | |
Option Contracts, Power [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 114 | |
Liabilities, Fair Value Disclosure | 92 | |
Option Contracts, Power [Member] | Implied Correlations [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 98.00% | |
Option Contracts, Power [Member] | Implied Correlations [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | -4.00% | |
Option Contracts, Power [Member] | Implied Volatilities [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 166.00% | |
Option Contracts, Power [Member] | Implied Volatilities [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 1.00% | |
Options - gas [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 54 | |
Liabilities, Fair Value Disclosure | 98 | |
Options - gas [Member] | Implied Correlations [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 98.00% | |
Options - gas [Member] | Implied Correlations [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | -4.00% | |
Options - gas [Member] | Implied Volatilities [Member] | Maximum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 146.00% | |
Options - gas [Member] | Implied Volatilities [Member] | Minimum [Member] | Options Models, Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 1.00% | |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | 394 | |
Liabilities, Fair Value Disclosure | 37 | |
Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | $184 | |
Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Offered Quotes | ($16) | |
Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 20.00% | [1] |
Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Expected Rates | 0.00% | [1] |
NEER [Member] | Interest Rate Swap [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, Fair Value Disclosure | $125 | |
[1] | Applies only to full requirements contracts. |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Change in Fair Value of Derivatives, Significant Unobservable Inputs) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Net Assets Liabilities Measured On Recurring Basis Gain Loss Included In Interest Expense | ($79) | |||||
Realized and unrealized gains (losses): | ||||||
Realized and unrealized gains (losses) reflected in operating revenues | 302 | 220 | ||||
Unrealized gains (losses) reflected in operating revenues, for derivatives still held at the reporting date | 328 | 330 | 157 | |||
Derivative Financial Instruments, Net [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of derivatives based on significant unobservable inputs beginning balance | 622 | 566 | 486 | |||
Realized and unrealized gains (losses): | ||||||
Realized and unrealized gains (losses) included in earnings | -77 | [1] | 299 | [1] | 218 | [1] |
Realized and unrealized gains (losses) included in other comprehensive income | 18 | 0 | 0 | |||
Realized and unrealized gains (losses) included in regulatory assets and liabilities | 7 | 0 | 5 | |||
Purchases | 55 | 101 | 273 | |||
Settlements | 194 | -55 | -181 | |||
Issuances | -122 | -173 | -243 | |||
Transfers in(b) | 80 | [2] | -120 | [2] | 20 | [2] |
Transfers out(b) | -155 | [2] | 4 | [2] | -12 | [2] |
Fair value of derivatives based on significant unobservable inputs ending balance | 622 | 622 | 566 | |||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c) | 248 | [3] | 329 | [3] | 152 | [3] |
FPL [Member] | Derivative Financial Instruments, Net [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of derivatives based on significant unobservable inputs beginning balance | 0 | 2 | 4 | |||
Realized and unrealized gains (losses): | ||||||
Realized and unrealized gains (losses) included in earnings | 0 | 0 | 0 | |||
Realized and unrealized gains (losses) included in other comprehensive income | 0 | 0 | ||||
Realized and unrealized gains (losses) included in regulatory assets and liabilities | 7 | 0 | 5 | |||
Purchases | 0 | 0 | -7 | |||
Settlements | -2 | -2 | 0 | |||
Issuances | 0 | 0 | 0 | |||
Transfers in(b) | 0 | 0 | 0 | |||
Transfers out(b) | 0 | 0 | 0 | |||
Fair value of derivatives based on significant unobservable inputs ending balance | 5 | 0 | 2 | |||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date(c) | $0 | $0 | $0 | |||
[1] | For the year ended DecemberB 31, 2014, $79 million of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year December 31, 2013, $302 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year ended December 31, 2012, $220 million of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. | |||||
[2] | Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. Transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. | |||||
[3] | For the years ended DecemberB 31, 2014 and 2013, $328 million and $330 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the year ended December 31, 2012, $157 million of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in fuel, purchased power and interchange. |
Fair_Value_Measurements_Nonrec
Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $11 | $300 | $0 |
Gain (loss) associated with Maine fossil | 21 | -67 | 0 |
NEER [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capacity of Spain Solar projects - in megawatts | 99.8 | ||
Maine fossil [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Capacity associated with assets previously held for sale (in megawatts) | 796 | ||
Gain (loss) associated with Maine fossil | 21 | -67 | |
After-tax gain (loss) on assets previously held for sale | 12 | -43 | |
Fair Value, Measurements, Nonrecurring [Member] | NEER [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of property, plant, and equipment prior to impairment charge | 800 | ||
Property, plant, and equipment, fair value disclosure | 500 | ||
Impairment charges | 300 | ||
Impairment charges, after-tax | $342 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value of Instruments Recorded at Carrying Amount) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Special Use Funds Storm Fund Assets | $75 | |||
Decommissioning Fund Investments, Fair Value | 5,091 | |||
Available for sale debt securities amortized cost | 1,906 | 1,954 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 1,366 | 1,384 | ||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |||
FPL [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Decommissioning Fund Investments, Fair Value | 3,449 | |||
Available for sale debt securities amortized cost | 1,519 | 1,595 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 664 | 694 | ||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |||
Special Use Funds Storm Fund Weighted Average Maturity | 3 years | |||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Special Use Funds Fair Value Disclosure | 567 | [1] | 311 | [1] |
Other Investments Primarily Notes Receivable Fair Value Disclosure | 525 | 531 | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 27,876 | 27,728 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | FPL [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Special Use Funds Fair Value Disclosure | 395 | [1] | 200 | [1] |
Long Term Debt Including Current Maturities Fair Value Disclosure | 9,473 | 8,829 | ||
Estimated Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Special Use Funds Fair Value Disclosure | 567 | [1] | 311 | [1] |
Other Investments Primarily Notes Receivable Fair Value Disclosure | 679 | [2] | 627 | [2] |
Long Term Debt Including Current Maturities Fair Value Disclosure | 30,337 | [3] | 28,612 | [3] |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long Term Debt Including Current Maturities Fair Value Disclosure | 19,973 | 17,921 | ||
Estimated Fair Value [Member] | FPL [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Special Use Funds Fair Value Disclosure | 395 | [1] | 200 | [1] |
Long Term Debt Including Current Maturities Fair Value Disclosure | $11,105 | [3] | $9,451 | [3] |
[1] | Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis. | |||
[2] | Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by 2029. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of DecemberB 31, 2014 and 2013, NEE had no notes receivable reported in non-accrual status. | |||
[3] | As of December 31, 2014 and 2013, for NEE, approximately $19,973 million and $17,921 million, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, estimated using quoted market prices for the same or similar issues (Level 2) |
Fair_Value_Measurements_Availa
Fair Value Measurements (Available for Sale Securities) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||||
Realized gains | $211 | $246 | $252 | ||
Realized losses | 115 | 88 | 67 | ||
Proceeds from sale and maturity of Available-for-sale Securities | 4,092 | 4,190 | 5,028 | ||
FPL [Member] | |||||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||||
Realized gains | 120 | 182 | 98 | ||
Realized losses | 94 | 59 | 46 | ||
Proceeds from sale and maturity of Available-for-sale Securities | 3,349 | 3,342 | 3,790 | ||
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||||
Unrealized gains | 1,267 | 1,125 | |||
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | FPL [Member] | |||||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||||
Unrealized gains | 896 | 777 | |||
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||||
Unrealized gains | 66 | 42 | |||
Unrealized losses | 7 | [1] | 32 | [1] | |
Fair Value | 542 | 1,069 | |||
Available for sale securities: Special Use Funds - Debt Securities [Member] | FPL [Member] | |||||
Schedule of Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds [Line Items] | |||||
Unrealized gains | 54 | 36 | |||
Unrealized losses | 5 | [1] | 25 | [1] | |
Fair Value | $434 | $844 | |||
[1] | Unrealized losses on available for sale debt securities for securities in an unrealized loss position for greater than twelve months at December 31, 2014 and 2013 were not material to NEE or FPL. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Federal: | ||||||
Current(a) | $0 | [1] | ($145) | [1] | ($4) | [1] |
Deferred | 1,077 | 853 | 636 | |||
Total federal | 1,077 | 708 | 632 | |||
State: | ||||||
Current(a) | -29 | [1] | 69 | [1] | 14 | [1] |
Deferred | 128 | 0 | 46 | |||
Total state | 99 | 69 | 60 | |||
Total income taxes | 1,176 | 777 | [2] | 692 | ||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||||
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% | |||
Increases (reductions) resulting from: | ||||||
State income taxes - net of federal income tax benefit (in hundredths) | 1.80% | 1.80% | 1.50% | |||
PTCs and ITCs - NEER (in hundredths) | -5.10% | -8.50% | -7.80% | |||
Convertible ITCs - NEER (in hundredths) | -1.40% | -2.50% | -1.50% | |||
Valuation allowance associated with Spain solar projects (in hundredths) | 0.70% | [3] | 5.20% | [3] | 0.00% | |
Charges associated with Canadian assets (in hundredths) | 1.30% | 0.00% | 0.00% | |||
Other - net (in hundredths) | 0.00% | 0.70% | -0.60% | |||
Effective income tax rate (in hundredths) | 32.30% | 31.70% | 26.60% | |||
Deferred tax liabilities: | ||||||
Property-related | 11,700 | 11,247 | ||||
Pension | 489 | 567 | ||||
Nuclear decommissioning trusts | 258 | 188 | ||||
Net unrealized gains on derivatives | 390 | 260 | ||||
Investments in partnerships and joint ventures | 291 | 166 | ||||
Other | 769 | 700 | ||||
Total deferred tax liabilities | 13,897 | 13,128 | ||||
Deferred tax assets and valuation allowance: | ||||||
Decommissioning reserves | 427 | 431 | ||||
Postretirement benefits | 154 | 145 | ||||
Net operating loss carryforwards | 1,070 | 1,343 | ||||
Tax credit carryforwards | 2,742 | 2,522 | ||||
ARO and accrued asset removal costs | 737 | 795 | ||||
Other | 820 | 959 | ||||
Valuation allowance(a) | -323 | [4] | -325 | [4] | ||
Net deferred tax assets | 5,627 | 5,870 | ||||
Net accumulated deferred income taxes | 8,270 | 7,258 | ||||
Deferred tax assets and liabilities included in the consolidated balance sheets [Abstract] | ||||||
Deferred income taxes - current assets | 739 | 753 | ||||
Noncurrent other assets | 264 | 139 | ||||
Other current liabilities | -12 | -6 | ||||
Deferred income taxes - noncurrent liabilities | -9,261 | -8,144 | ||||
Net accumulated deferred income taxes | -8,270 | -7,258 | ||||
FPL [Member] | ||||||
Federal: | ||||||
Current(a) | 240 | [1] | 174 | [1] | -261 | [1] |
Deferred | 542 | 540 | 906 | |||
Total federal | 782 | 714 | 645 | |||
State: | ||||||
Current(a) | 68 | [1] | 44 | [1] | 26 | [1] |
Deferred | 60 | 77 | 81 | |||
Total state | 128 | 121 | 107 | |||
Total income taxes | 910 | 835 | 752 | |||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||||
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% | |||
Increases (reductions) resulting from: | ||||||
State income taxes - net of federal income tax benefit (in hundredths) | 3.40% | 3.60% | 3.50% | |||
PTCs and ITCs - NEER (in hundredths) | 0.00% | 0.00% | 0.00% | |||
Convertible ITCs - NEER (in hundredths) | 0.00% | 0.00% | 0.00% | |||
Valuation allowance associated with Spain solar projects (in hundredths) | 0.00% | 0.00% | 0.00% | |||
Charges associated with Canadian assets (in hundredths) | 0.00% | 0.00% | 0.00% | |||
Other - net (in hundredths) | -0.90% | -0.40% | -0.70% | |||
Effective income tax rate (in hundredths) | 37.50% | 38.20% | 37.80% | |||
Deferred tax liabilities: | ||||||
Property-related | 7,457 | 6,948 | ||||
Pension | 459 | 441 | ||||
Nuclear decommissioning trusts | 0 | 0 | ||||
Net unrealized gains on derivatives | 0 | 0 | ||||
Investments in partnerships and joint ventures | 0 | 0 | ||||
Other | 435 | 399 | ||||
Total deferred tax liabilities | 8,351 | 7,788 | ||||
Deferred tax assets and valuation allowance: | ||||||
Decommissioning reserves | 374 | 361 | ||||
Postretirement benefits | 99 | 107 | ||||
Net operating loss carryforwards | 0 | 96 | ||||
Tax credit carryforwards | 0 | 0 | ||||
ARO and accrued asset removal costs | 686 | 670 | ||||
Other | 318 | 297 | ||||
Valuation allowance(a) | 0 | 0 | ||||
Net deferred tax assets | 1,477 | 1,531 | ||||
Net accumulated deferred income taxes | 6,874 | 6,257 | ||||
Deferred tax assets and liabilities included in the consolidated balance sheets [Abstract] | ||||||
Deferred income taxes - current assets | 0 | 98 | [5] | |||
Noncurrent other assets | 0 | 0 | ||||
Other current liabilities | -39 | 0 | ||||
Deferred income taxes - noncurrent liabilities | -6,835 | -6,355 | ||||
Net accumulated deferred income taxes | ($6,874) | ($6,257) | ||||
[1] | Includes provision for unrecognized tax benefits. | |||||
[2] | 2013 amounts were reclassified to conform to current year's presentation. See NoteB 4 - Nonrecurring Fair Value Measurements. | |||||
[3] | Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements | |||||
[4] | Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards. | |||||
[5] | Included in other current assets on FPL's consolidated balance sheets. |
Income_Taxes_Tax_Carryforwards
Income Taxes (Tax Carryforwards and Unrecognized Tax Benefits) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Operating Loss and Tax Credit Carryforwards [Line Items] | |||
Net operating loss carryforwards | $1,070 | $1,343 | |
Tax credit carryforwards | 2,742 | 2,522 | |
Federal [Member] | |||
Operating Loss and Tax Credit Carryforwards [Line Items] | |||
Net operating loss carryforwards | 752 | ||
Tax credit carryforwards | 2,409 | ||
State [Member] | |||
Operating Loss and Tax Credit Carryforwards [Line Items] | |||
Net operating loss carryforwards | 169 | ||
Tax credit carryforwards | 333 | [1] | |
Tax credit carryforward with indefinite expiration period | 149 | ||
Foreign [Member] | |||
Operating Loss and Tax Credit Carryforwards [Line Items] | |||
Net operating loss carryforwards | 149 | [2] | |
Operating loss carryforwards with indefinite expiration period | 119 | ||
FPL [Member] | |||
Operating Loss and Tax Credit Carryforwards [Line Items] | |||
Net operating loss carryforwards | 0 | 96 | |
Tax credit carryforwards | $0 | $0 | |
[1] | Includes $149 million of ITC carryforwards with an indefinite expiration period. | ||
[2] | Includes $119 million of net operating loss carryforwards with an indefinite expiration period. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (Maine Hydro [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
MW | |
Maine Hydro [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Capacity associated with discontinued operations (in megawatts) | 351 |
Assumption of debt | $700 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 372 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $231 |
JointlyOwned_Electric_Plants_D
Jointly-Owned Electric Plants (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
FPL [Member] | Jointly Owned Nuclear Power Plant 1 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | St. Lucie Unit No. 2 | |
Ownership Interest (in hundredths) | 85.00% | |
Gross Investment | $2,112 | [1] |
Accumulated Depreciation | 752 | [1] |
Construction Work in Progress | 21 | |
FPL [Member] | Jointly Owned Nuclear Power Plant 2 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | St. Johns River Power Park units and coal terminal | |
Ownership Interest (in hundredths) | 20.00% | |
Gross Investment | 399 | [1] |
Accumulated Depreciation | 201 | [1] |
Construction Work in Progress | 1 | |
FPL [Member] | Jointly Owned Nuclear Power Plant 3 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | Scherer Unit No. 4 | |
Ownership Interest (in hundredths) | 76.00% | |
Gross Investment | 1,105 | [1] |
Accumulated Depreciation | 352 | [1] |
Construction Work in Progress | 14 | |
NEER [Member] | Jointly Owned Electricity Generation Plant 1 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | Duane Arnold | |
Ownership Interest (in hundredths) | 70.00% | |
Gross Investment | 449 | [1] |
Accumulated Depreciation | 120 | [1] |
Construction Work in Progress | 22 | |
NEER [Member] | Jointly Owned Electricity Generation Plant 2 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | Seabrook | |
Ownership Interest (in hundredths) | 88.23% | |
Gross Investment | 1,010 | [1] |
Accumulated Depreciation | 212 | [1] |
Construction Work in Progress | 90 | |
NEER [Member] | Jointly Owned Electricity Generation Plant 3 [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | Wyman Station Unit No. 4 | |
Ownership Interest (in hundredths) | 84.35% | |
Gross Investment | 24 | [1] |
Accumulated Depreciation | 1 | [1] |
Construction Work in Progress | 1 | |
Corporate and Other [Member] | Jointly Owned Electricity Transmission and Distribution System [Member] | ||
Proportionate ownership interest In jointly-owned facilities [Abstract] | ||
Facility Name | Transmission substation assets located in Seabrook, New Hampshire | |
Ownership Interest (in hundredths) | 88.23% | |
Gross Investment | 72 | [1] |
Accumulated Depreciation | 17 | [1] |
Construction Work in Progress | $2 | |
[1] | Excludes nuclear fuel. |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 |
MW | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | 18 | ||
Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | 716 | $668 | |
FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Storm-recovery bonds aggregate principal amount issued | 652 | ||
Proceeds from issuance of storm-recovery bonds | 644 | ||
Carrying amount of assets, consolidated variable interest entity | 279 | 324 | |
Carrying amount of liabilities, consolidated variable interest entity | 338 | 394 | |
FPL [Member] | Qualifying facility 1 [Member] | |||
Variable Interest Entity [Line Items] | |||
Coal fired generating facility capacity (in megawatts) | 250 | ||
FPL [Member] | Qualifying facility 2 [Member] | |||
Variable Interest Entity [Line Items] | |||
Coal fired generating facility capacity (in megawatts) | 330 | ||
FPL [Member] | Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | 606 | 505 | |
NEER [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | 17 | ||
Ownership percentage (in hundredths) | 100.00% | ||
NEER [Member] | Gas and or Oil Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | 1 | ||
NEER [Member] | Gas and/or oil variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | 85 | 85 | |
Carrying amount of liabilities, consolidated variable interest entity | 55 | 63 | |
Natural gas and or oil electric generating facility capacity (in megawatts) | 110 | ||
NEER [Member] | Wind variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities (in entities) | 16 | 12 | |
Carrying amount of assets, consolidated variable interest entity | 6,600 | 5,300 | |
Carrying amount of liabilities, consolidated variable interest entity | 4,100 | $3,300 | |
Wind electric generating facility capability (in megawatts) | 4,490 |
Investments_in_Partnerships_an2
Investments in Partnerships and Joint Ventures (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2004 | ||
Equity method investment, financial statement, reported amounts [Abstract] | |||||
Ownership interest in partnerships and joint ventures | $663 | $422 | |||
NextEra Energy Resources' ownership interest, low range (in hundredths) | 29.00% | ||||
NextEra Energy Resources' ownership interest, high range (in hundredths) | 50.00% | ||||
Equity method investment, summarized financial information [Abstract] | |||||
Net income | 171 | 37 | |||
Total assets | 2,636 | 1,955 | |||
Total liabilities | 1,645 | 1,299 | |||
Partners'/members' equity | 991 | 656 | |||
NEER's share of underlying equity in the principal entities | 495 | 328 | |||
Difference between investment carrying amount and underlying equity in net assets | -4 | [1] | -5 | [1] | |
NEER's investment carrying amount for the principal entities | 491 | 323 | |||
Preferred trust securities [Abstract] | |||||
Proceeds from sale of preferred trust securities to the public | 300 | ||||
Proceeds from sale of common trust securities to NextEra Energy | $9 | ||||
Ownership interest in trust (in hundredths) | 100.00% | ||||
Interest rate of junior subordinated debentures (in hundredths) | 5.88% | ||||
[1] | The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets. |
Common_Shareholders_Equity_Ear
Common Shareholders' Equity (Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||||||||||||||||||||||
Income from Continuing Operations Attributable to Parent | $2,465 | [1] | $1,677 | [1],[2] | $1,911 | [1] | ||||||||||||||||
Denominator: | ||||||||||||||||||||||
Weighted-average number of common shares outstanding - basic (in shares) | 434.4 | 424.2 | 416.7 | |||||||||||||||||||
Equity units, performance share awards, options, forward sale agreements and restricted stock (in shares) | 5.7 | [3] | 2.8 | [3] | 2.5 | [3] | ||||||||||||||||
Weighted-average number of common shares outstanding - assuming dilution (in shares) | 440.1 | 427 | 419.2 | |||||||||||||||||||
Earnings per share of common stock: | ||||||||||||||||||||||
Basic EPS | $2.03 | [4],[5] | $1.52 | [4],[5] | $1.13 | [4],[5] | $0.99 | [4],[5] | $0.76 | [4],[5],[6] | $1.65 | [4],[5],[6] | $1.45 | [4],[5],[6] | $0.10 | [4],[5],[6] | $5.67 | $3.95 | [2] | $4.59 | ||
Diluted EPS | $2 | [4],[5] | $1.50 | [4],[5] | $1.12 | [4],[5] | $0.98 | [4],[5] | $0.75 | [4],[5] | $1.64 | [4],[5] | $1.44 | [4],[5] | $0.10 | [4],[5],[6],[7] | $5.60 | $3.93 | [2] | $4.56 | ||
Antidilutive securities (in shares) | 2.6 | 7.1 | 11.4 | |||||||||||||||||||
[1] | Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income. | |||||||||||||||||||||
[2] | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||
[3] | Calculated using the treasury stock method.B 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. | |||||||||||||||||||||
[4] | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | |||||||||||||||||||||
[5] | The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. | |||||||||||||||||||||
[6] | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||
[7] | First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. |
Common_Shareholders_Equity_Iss
Common Shareholders' Equity (Issuance of Common Stock and Forward Sale Agreement) (Details) (USD $) | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Stock sold during the period | 4,500,000 | |
Share Price | 88.03 | |
Forward Counterparty [Member] | ||
Class of Stock [Line Items] | ||
Stock sold during the period | 6,600,000 | |
Shares delivered | 6,600,000 | |
Proceeds from Equity | $552 |
Common_Shareholders_Equity_ESO
Common Shareholders' Equity (ESOP) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Ownership Plan [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $59 | $46 | $44 |
ESOP-related unearned compensation at original issue price | 14 | ||
ESOP-related unearned compensation at closing price as of end of period | $103 |
Common_Shareholders_Equity_Sto
Common Shareholders' Equity (Stock-Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based compensation | |||
Stock based compensation costs | $60 | $67 | $57 |
Tax benefits related to stock-based compensation arrangements | 23 | 26 | 22 |
Unrecognized stock based compensation costs | $63 | ||
Unrecognized stock based compensation costs weighted-average period of recognition (in years) | 1 year 10 months 25 days | ||
Common stock authorized for awards (in shares) | 17 |
Common_Shareholders_Equity_Res
Common Shareholders' Equity (Restricted Stock, Performance Share Awards and Options) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Activity [Roll Forward] | |||
Nonvested balance at beginning of year (in shares) | 713,836 | ||
Granted (in shares) | 238,986 | ||
Vested (in shares) | -356,187 | ||
Forfeited (in shares) | -17,138 | ||
Nonvested balance at end of year (in shares) | 579,497 | 713,836 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested balance at beginning of year, weighted-average grant date fair value (in dollars per share) | $63.59 | ||
Granted, weighted-average grant date fair value (in dollars per share) | $93.46 | $74.02 | $60.78 |
Vested, weighted-average grant date fair value (in dollars per share) | $63.77 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $74.87 | ||
Nonvested balance at end of year, weighted-average grant date fair value (in dollars per share) | $75.65 | $63.59 | |
Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Activity [Roll Forward] | |||
Nonvested balance at beginning of year (in shares) | 1,195,917 | ||
Granted (in shares) | 553,963 | ||
Vested (in shares) | -708,323 | ||
Forfeited (in shares) | -45,330 | ||
Nonvested balance at end of year (in shares) | 996,227 | 1,195,917 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested balance at beginning of year, weighted-average grant date fair value (in dollars per share) | $55.55 | ||
Granted, weighted-average grant date fair value (in dollars per share) | $71.52 | $58.53 | $51.23 |
Vested, weighted-average grant date fair value (in dollars per share) | $50.89 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | $63.58 | ||
Nonvested balance at end of year, weighted-average grant date fair value (in dollars per share) | $67.19 | $55.55 | |
Restricted Stock and Performance Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Total fair value of awards vested | $85 | $82 | $71 |
Common_Shareholders_Equity_Ass
Common Shareholders' Equity (Assumptions and Options) (Details) (Options [Member], USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Maximum term (in years) | 10 years | |||||
Assumptions used to estimate the fair value of options using the Black-Scholes option pricing model [Abstract] | ||||||
Expected volatility (in hundredths) | 20.32% | [1] | 21.00% | [1] | ||
Expected volatility, low range (in hundredths) | 20.08% | [1] | ||||
Expected volatility, high range (in hundredths) | 20.15% | [1] | ||||
Expected dividends (in hundredths) | 3.11% | 3.99% | ||||
Expected dividends, low range (in hundredths) | 3.28% | |||||
Expected dividends, high range (in hundredths) | 3.64% | |||||
Expected term (years) | 7 years | [2] | 7 years | [2] | 6 years 8 months 12 days | [2] |
Risk-free rate (in hundredths) | 2.17% | 1.37% | ||||
Risk-free rate, low range (in hundredths) | 1.15% | |||||
Risk-free rate, high range (in hundredths) | 1.40% | |||||
Option activity [Roll Forward] | ||||||
Shares underlying options - Balance at beginning of year (in shares) | 3,191,547 | |||||
Shares underlying options - Granted (in shares) | 198,358 | |||||
Shares underlying options - Exercised (in shares) | -564,870 | |||||
Shares underlying options - Forfeited (in shares) | 0 | |||||
Shares underlying options - Expired (in shares) | 0 | |||||
Shares underlying options - Balance at end of year (in shares) | 2,825,035 | 3,191,547 | ||||
Shares underlying options - Exercisable (in shares) | 2,344,937 | |||||
Additional disclosures pertaining to options [Abstract] | ||||||
Balance at beginning of year, weighted average exercise price (in dollars per share) | $54.70 | |||||
Granted, weighted average exercise price (in dollars per share) | $93.27 | |||||
Exercised, weighted average exercise price (in dollars per share) | $46.51 | |||||
Forfeited, weighted average exercise price (in dollars per share) | $0 | |||||
Expired, weighted average exercise price (in dollars per share) | $0 | |||||
Balance at end of year, weighted average exercise price (in dollars per share) | $59.04 | $54.70 | ||||
Exercisable at end of year, weighted average exercise price (in dollars per share) | $55.08 | |||||
Balance at end of year, weighted average remaining contractual term (years) | 5 years 9 months 18 days | |||||
Balance at end of year, aggregate intrinsic value | $133 | |||||
Exercisable at end of year, weighted average remaining contractual term (years) | 5 years 2 months 12 days | |||||
Exercisable at end of year, aggregate intrinsic value | 120 | |||||
Granted, weighted average grant date fair value (in dollars per share) | $14.09 | $9.20 | $7.69 | |||
Total intrinsic value of stock options exercised | 30 | 14 | 57 | |||
Cash received from option exercises | 26 | 14 | 55 | |||
Tax benefit realized from options exercised | $11 | $5 | $22 | |||
[1] | Based on historical experience. | |||||
[2] | Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. |
Common_Shareholders_Equity_Add
Common Shareholders' Equity (Additional Disclosures Regarding Common and Preferred Stock) (Details) (USD $) | Dec. 31, 2014 |
NextEra Energy [Member] | Serial Preferred Stock [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 100,000,000 |
Par value (in dollars per share) | $0.01 |
Outstanding (in shares) | 0 |
Preferred Stock, $100 Par Value [Member] | FPL [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 10,414,100 |
Par value (in dollars per share) | $100 |
Outstanding (in shares) | 0 |
Preferred Stock, No Par Value [Member] | FPL [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 5,000,000 |
Par value (in dollars per share) | $0 |
Outstanding (in shares) | 0 |
Preferred Stock, No Par Value [Member] | FPL [Member] | Subordinated Preferred Stock [Member] | |
Preferred stock [Abstract] | |
Authorized (in shares) | 5,000,000 |
Par value (in dollars per share) | $0 |
Outstanding (in shares) | 0 |
Common_Shareholders_Equity_Acc
Common Shareholders' Equity (Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated other comprehensive income (loss) | ($40) | $56 | ($255) | ($154) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -156 | 259 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 58 | 52 | ||||
Other comprehensive income (loss) | -98 | 311 | -101 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2 | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated other comprehensive income (loss) | -156 | -115 | -266 | -204 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -141 | 84 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 98 | [1] | 67 | [1] | ||
Other comprehensive income (loss) | -43 | 151 | -62 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 2 | |||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated other comprehensive income (loss) | 218 | 197 | 96 | 103 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 62 | 118 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -41 | [2] | -17 | [2] | ||
Other comprehensive income (loss) | 21 | 101 | -7 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated other comprehensive income (loss) | -20 | 23 | -74 | -46 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -44 | 95 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 2 | ||||
Other comprehensive income (loss) | -43 | 97 | -28 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Translation Adjustment [Member] | ||||||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated other comprehensive income (loss) | -58 | -33 | 12 | 5 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -25 | -45 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Other comprehensive income (loss) | -25 | -45 | 7 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||
Other ComprehesiveIncomeEquityMethod [Member] | ||||||
Components Of Comprehensive Income And Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated other comprehensive income (loss) | -24 | -16 | -23 | -12 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -8 | 7 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||
Other comprehensive income (loss) | -8 | 7 | -11 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $0 | |||||
[1] | Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments. | |||||
[2] | Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income. |
Debt_Schedule_of_Debt_Instrume
Debt (Schedule of Debt Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Less current maturities of long-term debt | $3,515 | $3,766 |
Long-term debt, excluding current maturities | 24,367 | 23,969 |
FPL [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | -36 | -35 |
Total long-term debt | 9,473 | 8,829 |
Less current maturities of long-term debt | 60 | 356 |
Long-term debt, excluding current maturities | 9,413 | 8,473 |
FPL [Member] | First mortgage bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.95% | 5.12% |
Long-term debt, gross | 8,490 | 7,490 |
FPL [Member] | Storm-recovery bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.24% | 5.22% |
Long-term debt, gross | 331 | 386 |
FPL [Member] | Pollution control, solid waste disposal and industrial development revenue bonds - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 0.05% | 0.07% |
Long-term debt, gross | 633 | 633 |
FPL [Member] | Other long-term debt - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 0.66% | |
Long-term debt, gross | 0 | 300 |
FPL [Member] | Other long-term debt - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 4.96% | 4.96% |
Long-term debt, gross | 55 | 55 |
Capital Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | -1 | 0 |
Total long-term debt | 10,542 | 11,239 |
Less current maturities of long-term debt | 1,787 | 1,469 |
Long-term debt, excluding current maturities | 8,755 | 9,770 |
Capital Holdings [Member] | Debentures - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 3.87% | 4.43% |
Long-term debt, gross | 3,125 | 2,550 |
Capital Holdings [Member] | Debentures, related to NEE's equity units - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.54% | 1.55% |
Long-term debt, gross | 2,152 | 2,503 |
Capital Holdings [Member] | Junior subordinated debentures - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.84% | 6.16% |
Long-term debt, gross | 2,978 | 3,353 |
Capital Holdings [Member] | Senior secured bonds - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 7.50% | 7.50% |
Long-term debt, gross | 500 | 500 |
Capital Holdings [Member] | Japanese yen denominated senior notes - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 5.13% | 5.13% |
Long-term debt, gross | 83 | 95 |
Capital Holdings [Member] | Japanese yen denominated term loans - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.83% | 1.45% |
Long-term debt, gross | 459 | 419 |
Capital Holdings [Member] | Fair value hedge adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 20 | 4 |
Capital Holdings [Member] | Other long-term debt - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.44% | 1.27% |
Long-term debt, gross | 716 | 1,665 |
Capital Holdings [Member] | Other long-term debt - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.70% | 0.86% |
Long-term debt, gross | 510 | 150 |
NEER [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | -8 | -10 |
Total long-term debt | 7,867 | 7,667 |
Less current maturities of long-term debt | 1,668 | 1,941 |
Long-term debt, excluding current maturities | 6,199 | 5,726 |
NEER [Member] | Senior secured limited-recourse bonds and notes - fixed [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 6.02% | 5.84% |
Long-term debt, gross | 2,273 | 2,523 |
NEER [Member] | Senior secured limited-recourse term loans - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 3.12% | 3.18% |
Long-term debt, gross | 4,242 | 3,874 |
NEER [Member] | Senior secured limited-recourse term loans - primarily variable [Member] | Great of Underlying Index or Floor, Plus a Margin [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 983 | 1,100 |
NEER [Member] | Other long-term debt - primarily variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 3.71% | 3.48% |
Long-term debt, gross | 656 | 808 |
NEER [Member] | Canadian revolving credit facilities - variable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.33% | 2.33% |
Long-term debt, gross | $704 | $472 |
Debt_Minimum_Annual_Maturities
Debt (Minimum Annual Maturities) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Minimum annual maturities of long-term debt [Abstract] | |
2015 | $3,515 |
2016 | 1,285 |
2017 | 2,608 |
2018 | 1,440 |
2019 | 1,943 |
FPL [Member] | |
Minimum annual maturities of long-term debt [Abstract] | |
2015 | 60 |
2016 | 64 |
2017 | 367 |
2018 | 72 |
2019 | $76 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 1 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | |||||
Nov. 30, 2013 | Sep. 30, 2012 | 31-May-12 | Jun. 01, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | |
Debt Instrument [Line Items] | |||||||||
Weighted-average interest rate of commercial paper and short-tem borrowings (in hundredths) | 0.40% | 0.20% | |||||||
Available lines of credit | $7,900,000,000 | ||||||||
Sale of equity units [Abstract] | |||||||||
Issuances of common stock, net of issuance cost (in shares) | 4,500,000 | ||||||||
FPL [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted-average interest rate of commercial paper and short-tem borrowings (in hundredths) | 0.40% | 0.11% | |||||||
Available lines of credit | 3,000,000,000 | ||||||||
Letters of Credit Outstanding, Amount | 3,000,000 | ||||||||
Capital Holdings [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Available lines of credit | 4,900,000,000 | ||||||||
Letters of Credit Outstanding, Amount | 843,000,000 | ||||||||
Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,600,000,000 | ||||||||
Letter of Credit [Member] | FPL [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000,000 | ||||||||
Letter of Credit [Member] | Capital Holdings [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,100,000,000 | ||||||||
NEE Equity Units 2012 [Member] | |||||||||
Sale of equity units [Abstract] | |||||||||
Amount of equity units sold | 650,000,000 | 600,000,000 | |||||||
Stated amount of each equity unit (in dollars per share) | $50 | $50 | |||||||
Undivided beneficial ownership interest per debenture (in hundredths) | 5.00% | 5.00% | |||||||
Principal amount of each debenture | 1,000 | 1,000 | |||||||
Price per share of stock purchase contract - low range (in dollars per share) | $67.15 | $64.35 | |||||||
Price per share of stock purchase contract - high range (in dollars per share) | $80.58 | $77.22 | |||||||
Number Of Shares Subject To Antidilution Adjustments If Purchased On Final Settlement Date At Less Than Or Equal To Low Range Threshold | 0.7507 | 0.7835 | |||||||
Number of shares (subject to antidilution adjustments) if purchased on the final settlement date at equal to or greater than high range threshold (in shares) | 0.6256 | 0.6529 | |||||||
Trading period (in days) over which the market value is determined by reference to the average closing prices of the common stock | 20 days | 20 days | |||||||
Rate of total annual distributions on equity units (in hundredths) | 5.89% | 5.60% | |||||||
Interest rate | 1.60% | 1.70% | |||||||
Rate of payments on stock purchase contracts (in hundredths) | 4.29% | 3.90% | |||||||
NEE Equity Units 2009 [Member] | |||||||||
Sale of equity units [Abstract] | |||||||||
Debentures remarketed | 350,000,000 | ||||||||
Rate of interest on debentures after remarketing | 1.61% | ||||||||
Issuances of common stock, net of issuance cost (in shares) | 5,400,500 | ||||||||
Issuances of common stock | 350,000,000 | ||||||||
NEE Equity Units 2010 [Member] | |||||||||
Sale of equity units [Abstract] | |||||||||
Debentures remarketed | 402,400,000 | ||||||||
Debt Instrument, Face Amount | 402,500,000 | ||||||||
Rate of interest on debentures after remarketing | 1.34% | ||||||||
Issuances of common stock, net of issuance cost (in shares) | 5,946,530 | ||||||||
Issuances of common stock | 402,500,000 | ||||||||
NEE Equity Units 2013 [Member] | |||||||||
Sale of equity units [Abstract] | |||||||||
Amount of equity units sold | 500,000,000 | 500,000,000 | |||||||
Stated amount of each equity unit (in dollars per share) | $50 | $50 | |||||||
Undivided beneficial ownership interest per debenture (in hundredths) | 5.00% | 5.00% | |||||||
Principal amount of each debenture | $1,000 | $1,000 | |||||||
Price per share of stock purchase contract - low range (in dollars per share) | $82.70 | $82.70 | |||||||
Price per share of stock purchase contract - high range (in dollars per share) | $99.24 | $99.24 | |||||||
Number Of Shares Subject To Antidilution Adjustments If Purchased On Final Settlement Date At Less Than Or Equal To Low Range Threshold | 0.6062 | 0.6062 | |||||||
Number of shares (subject to antidilution adjustments) if purchased on the final settlement date at equal to or greater than high range threshold (in shares) | 0.5051 | 0.5051 | |||||||
Trading period (in days) over which the market value is determined by reference to the average closing prices of the common stock | 20 days | ||||||||
Rate of total annual distributions on equity units (in hundredths) | 5.80% | 5.80% | |||||||
Interest rate | 1.45% | 1.45% | |||||||
Rate of payments on stock purchase contracts (in hundredths) | 4.35% | 4.35% |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | $1,850 | $1,715 |
Liabilities incurred | 30 | 25 |
Accretion expense | 108 | 99 |
Liabilities settled | -1 | -3 |
Revision in estimated cash flows - net | -1 | 14 |
Ending balance | 1,986 | 1,850 |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | 5,091 | 4,706 |
NEER [Member] | ||
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | 565 | 509 |
Liabilities incurred | 29 | 24 |
Accretion expense | 38 | 35 |
Liabilities settled | -1 | -2 |
Revision in estimated cash flows - net | 0 | -1 |
Ending balance | 631 | 565 |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | 1,642 | 1,507 |
FPL [Member] | ||
Asset retirement obligation, roll forward analysis [Roll Forward] | ||
Beginning balance | 1,285 | 1,206 |
Liabilities incurred | 1 | 1 |
Accretion expense | 70 | 64 |
Liabilities settled | 0 | -1 |
Revision in estimated cash flows - net | -1 | 15 |
Ending balance | 1,355 | 1,285 |
Restricted funds included in special use funds [Abstract] | ||
Restricted funds | $3,449 | $3,199 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Estimated Planned Capital Expenditures) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
MW | ||
FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | $3,435,000,000 | [1] |
2016 | 3,450,000,000 | [1] |
2017 | 2,745,000,000 | [1] |
2018 | 2,435,000,000 | [1] |
2019 | 2,425,000,000 | [1] |
Total | 14,490,000,000 | [1] |
Incremental Capital Expenditures Low Range | 800,000,000 | |
Incremental Capital Expenditures High Range | 1,100,000,000 | |
FPL [Member] | New Generation Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 395,000,000 | [2],[3],[4] |
2016 | 400,000,000 | [2],[3],[4] |
2017 | 5,000,000 | [2],[3],[4] |
2018 | 5,000,000 | [2],[3],[4] |
2019 | 0 | [2],[3],[4] |
Total | 805,000,000 | [2],[3],[4] |
FPL [Member] | Existing Generation Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 785,000,000 | [2] |
2016 | 635,000,000 | [2] |
2017 | 640,000,000 | [2] |
2018 | 495,000,000 | [2] |
2019 | 440,000,000 | [2] |
Total | 2,995,000,000 | [2] |
FPL [Member] | Transmission and Distribution Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 1,725,000,000 | |
2016 | 1,965,000,000 | |
2017 | 1,760,000,000 | |
2018 | 1,625,000,000 | |
2019 | 1,680,000,000 | |
Total | 8,755,000,000 | |
FPL [Member] | Nuclear Fuel Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 205,000,000 | |
2016 | 220,000,000 | |
2017 | 125,000,000 | |
2018 | 150,000,000 | |
2019 | 175,000,000 | |
Total | 875,000,000 | |
FPL [Member] | General and Other Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 325,000,000 | |
2016 | 230,000,000 | |
2017 | 215,000,000 | |
2018 | 160,000,000 | |
2019 | 130,000,000 | |
Total | 1,060,000,000 | |
FPL [Member] | Generation Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Allowance for funds used during construction (AFUDC) - 2015 | 54,000,000 | |
Allowance for funds used during construction (AFUDC) - 2016 | 17,000,000 | |
NEER [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 3,100,000,000 | |
2016 | 1,185,000,000 | |
2017 | 305,000,000 | |
2018 | 375,000,000 | |
2019 | 390,000,000 | |
Total | 5,355,000,000 | |
Planned New Generation To Be Added over 5 Years | 1,760 | |
NEER [Member] | Wind Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 1,345,000,000 | [5] |
2016 | 275,000,000 | [5] |
2017 | 10,000,000 | [5] |
2018 | 15,000,000 | [5] |
2019 | 10,000,000 | [5] |
Total | 1,655,000,000 | [5] |
NEER [Member] | Solar Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 1,210,000,000 | [5] |
2016 | 555,000,000 | [5] |
2017 | 0 | [5] |
2018 | 0 | [5] |
2019 | 0 | [5] |
Total | 1,765,000,000 | [5] |
NEER [Member] | Nuclear Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 270,000,000 | [5] |
2016 | 295,000,000 | [5] |
2017 | 245,000,000 | [5] |
2018 | 240,000,000 | [5] |
2019 | 280,000,000 | [5] |
Total | 1,330,000,000 | [5] |
NEER [Member] | Other Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 275,000,000 | [5] |
2016 | 60,000,000 | [5] |
2017 | 50,000,000 | [5] |
2018 | 120,000,000 | [5] |
2019 | 100,000,000 | [5] |
Total | 605,000,000 | [5] |
Corporate and Other [Member] | ||
Planned Capital Expenditures [Line Items] | ||
2015 | 510,000,000 | [6] |
2016 | 1,200,000,000 | [6] |
2017 | 695,000,000 | [6] |
2018 | 455,000,000 | [6] |
2019 | 145,000,000 | [6] |
Total | 3,005,000,000 | [6] |
Corporate and Other [Member] | Natural Gas Expenditures [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Planned capital expenditures | 2,500,000,000 | |
Equity Method Investment in Natural Gas Pipeline, next five years | 2,000,000,000 | |
Planned capital expenditures - new natural gas pipeline | 515,000,000 | |
Planned Capital Expenditures AFDUC, 2015 | 3,000,000 | |
Planned Capital Expenditures AFDUC, 2016 | 17,000,000 | |
Planned Capital Expenditures AFDUC, 2017 | $11,000,000 | |
[1] | FPL has identified $800 million to $1.1 billion in potential incremental capital expenditures through 2016 in addition to what is included in the table above. | |
[2] | Includes AFUDC of approximately $54 million and $17 million for 2015 and 2016, respectively. | |
[3] | Includes land, generating structures, transmission interconnection and integration and licensing. | |
[4] | Consists of projects that have received FPSC approval or applicable internal approvals. Excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive an NRC license for each unit. | |
[5] | Consists of capital expenditures for new wind and solar projects and related transmission totaling approximately 1,760 MW and gas infrastructure investments that have received applicable internal approvals.B Excludes new wind and solar projects in advanced development requiring internal approvals. | |
[6] | Includes capital expenditures totaling approximately $2.5 billion for construction of three natural gas pipelines that have received applicable internal approvals, including $2.0 billion of equity contributions associated with equity investments in joint ventures for two pipelines and $515 million, which includes AFUDC of approximately $3 million, $17 million, and $11 million for 2015 through 2017, respectively, associated with the third pipeline. The natural gas pipelines are subject to certain conditions, including FERC approval. See Contracts below. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Required Capacity and/or Minimum Payments Under Contracts) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-17 | ||
MMBTU | |||||
FPL [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments | $485,000,000 | $487,000,000 | $523,000,000 | ||
Energy payments | 299,000,000 | 263,000,000 | 276,000,000 | ||
FPL [Member] | Jea and Southern Subsidiaries Contract Range 1 [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum annual purchase commitments (in megawatts) | 1,330 | ||||
FPL [Member] | Jea and Southern Subsidiaries Contract Range 2 [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum annual purchase commitments (in megawatts) | 375 | ||||
FPL [Member] | Qualifying Facilities Contracts [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum annual purchase commitments (in megawatts) | 705 | ||||
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Forecast [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Time period under contracts | 25 years | ||||
Long Term Purchase Commitment, Initial Volume Required | 400,000 | ||||
Long Term Purchase Commitment, Increased Volume Required | 600,000 | ||||
FPL [Member] | Qualifying Facilities Contracts Capacity Payments [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments and/or minimum payments - 2015 | 290,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2016 | 250,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2017 | 255,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2018 | 260,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2019 | 265,000,000 | [1] | |||
Capacity payments and/or minimum payments - Thereafter | 1,700,000,000 | [1] | |||
FPL [Member] | JEA and Southern Subsidiaries Capacity Payments [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments and/or minimum payments - 2015 | 195,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2016 | 70,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2017 | 50,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2018 | 10,000,000 | [1] | |||
Capacity payments and/or minimum payments - 2019 | 0 | [1] | |||
Capacity payments and/or minimum payments - Thereafter | 0 | [1] | |||
FPL [Member] | Natural Gas Including Transportation and Storage Contract Minimum Payments [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments and/or minimum payments - 2015 | 1,175,000,000 | [2],[3] | |||
Capacity payments and/or minimum payments - 2016 | 760,000,000 | [2],[3] | |||
Capacity payments and/or minimum payments - 2017 | 750,000,000 | [2],[3] | |||
Capacity payments and/or minimum payments - 2018 | 830,000,000 | [2],[3] | |||
Capacity payments and/or minimum payments - 2019 | 830,000,000 | [2],[3] | |||
Capacity payments and/or minimum payments - Thereafter | 13,780,000,000 | [2],[3] | |||
FPL [Member] | Natural Gas Including Transportation and Storage Contract Minimum Payments [Member] | Sabal Trail and Florida Southeast Connection [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments and/or minimum payments - 2017 | 200,000,000 | ||||
Capacity payments and/or minimum payments - 2018 | 295,000,000 | ||||
Capacity payments and/or minimum payments - 2019 | 290,000,000 | ||||
Capacity payments and/or minimum payments - Thereafter | 8,245,000,000 | ||||
FPL [Member] | Coal Including Transportation Contract Minimum Payments [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments and/or minimum payments - 2015 | 115,000,000 | [2] | |||
Capacity payments and/or minimum payments - 2016 | 50,000,000 | [2] | |||
Capacity payments and/or minimum payments - 2017 | 35,000,000 | [2] | |||
Capacity payments and/or minimum payments - 2018 | 0 | [2] | |||
Capacity payments and/or minimum payments - 2019 | 0 | [2] | |||
Capacity payments and/or minimum payments - Thereafter | 0 | [2] | |||
NEECH [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Ownership interest | 100.00% | ||||
NEECH [Member] | Sabal Trail Transmission, LLC [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Ownership interest | 33.00% | ||||
NEER [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Capacity payments and/or minimum payments - 2015 | 1,770,000,000 | ||||
Capacity payments and/or minimum payments - 2016 | 860,000,000 | ||||
Capacity payments and/or minimum payments - 2017 | 140,000,000 | ||||
Capacity payments and/or minimum payments - 2018 | 135,000,000 | ||||
Capacity payments and/or minimum payments - 2019 | 85,000,000 | ||||
Capacity payments and/or minimum payments - Thereafter | 390,000,000 | ||||
NEER [Member] | Contract Group 1 [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment amount included in capital expenditures | 2,700,000,000 | ||||
Corporate and Other [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment to invest | 45,000,000 | ||||
Capacity payments and/or minimum payments - 2015 | 370,000,000 | [4],[5] | |||
Capacity payments and/or minimum payments - 2016 | 880,000,000 | [4],[5] | |||
Capacity payments and/or minimum payments - 2017 | 445,000,000 | [4],[5] | |||
Capacity payments and/or minimum payments - 2018 | 385,000,000 | [4],[5] | |||
Capacity payments and/or minimum payments - 2019 | 70,000,000 | [4],[5] | |||
Capacity payments and/or minimum payments - Thereafter | 40,000,000 | [4],[5] | |||
Joint obligations | $555,000,000 | ||||
[1] | Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $485 million, $487 million and $523 million for the years ended December 31, 2014, 2013 and 2012, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $299 million, $263 million and $276 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
[2] | Recoverable through the fuel clause. | ||||
[3] | (c)Includes approximately $200 million, $295 million, $290 million and $8,245 million in 2017, 2018, 2019 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. | ||||
[4] | Excludes approximately $555 million, in 2015, of joint obligations of NEECH and NEER which are included in the NEER amounts above. | ||||
[5] | Includes an approximately $45 million commitment to invest in clean power and technology businesses through 2021. |
Commitments_and_Contingencies_3
Commitments and Contingencies (Insurance) (Details) (USD $) | Dec. 31, 2014 |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $375,000,000 |
Amount of secondary financial protection liability insurance coverage per incident | 13,200,000,000 |
Potential Retrospective Assessments Under Secondary Financial Protection System | 1,000,000,000 |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 152,000,000 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750,000,000 |
Amount Of Sublimit For Non Nuclear Perils Per Occurrence Per Site Under Nuclear Insurance Mutual Companies For Property Damage Decontamination And Premature Decommissioning Risks | 1,500,000,000 |
Potential Retrospective Assessment, Limited Insurance Coverage Per Occurrence Per Site, Nuclear Insurance Mutual Companies, Property Damage Decontamination And Premature Decommissioning Risks | 175,000,000 |
Seabrook Station Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 15,000,000 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 2,000,000 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 38,000,000 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 5,000,000 |
St Lucie Unit No 2 Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 19,000,000 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 4,000,000 |
FPL [Member] | |
Insurance [Abstract] | |
Potential Retrospective Assessments Under Secondary Financial Protection System | 509,000,000 |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 76,000,000 |
Potential Retrospective Assessment, Limited Insurance Coverage Per Occurrence Per Site, Nuclear Insurance Mutual Companies, Property Damage Decontamination And Premature Decommissioning Risks | $106,000,000 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Spain Solar Projects) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | NEER [Member] | Capital Holdings [Member] | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Spain Solar Revenue Adjustment [Domain] |
USD ($) | USD ($) | Capital Holdings [Member] | Capital Holdings [Member] | NEER [Member] | |
USD ($) | EUR (€) | USD ($) | |||
Loss Contingencies [Line Items] | |||||
Amount of debt outstanding under financing agreements related to Spain solar projects | $647 | ||||
Amount of noncurrent derivative liability classified as current derivative liability due to event of default. | 125 | ||||
Revenues | 19 | ||||
Letters of Credit Outstanding, Amount | $843 | $45 | € 37 |
Commitments_and_Contingencies_5
Commitments and Contingencies (Legal Proceedings) (Details) (USD $) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2014 | Dec. 31, 1996 | Jan. 29, 1999 | |
Legal Proceedings [Abstract] | |||
FPL's interest owned in generation facility Scherer Unit No. 4 (in hundredths) | 76.00% | ||
Maximum amount of civil penalties per day - Clean Air Act from June 1, 1975 through January 30, 1997 | $25,000 | ||
Maximum amount of civil penalties per day - Clean Air Act from January 31, 1997 through March 15, 2004 | 27,500 | ||
Maximum amount of civil penalties per day - Clean Air Act from March 16, 2004 through January 12, 2009 | 32,500 | ||
Maximum amount of civil penalties per day - Clean Air Act from January 13, 2009 forward | 37,500 | ||
Shares of Adelphia common stock purchased (in shares) | 1,091,524 | ||
Shares of Adelphia preferred stock purchased (in shares) | 20,000 | ||
Shares of Adelphia common stock if Adelphia preferred stock converted to Adelphia common stock (in shares) | 2,358,490 | ||
Aggregate price paid for Adelphia common and preferred stock | 35,900,000 | ||
Cash paid by Adelphia for repurchase of Adelphia acquired shares | $149,213,130 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | 70.00% | ||||||||||||||||||||
Percentage of operating revenues derived from the sale of electricity (in hundredths) | 91.00% | 92.00% | 93.00% | |||||||||||||||||||
Maximum percentage of operating revenues from foreign sources (in hundredths) | 2.00% | 1.00% | 1.00% | |||||||||||||||||||
Maximum percentage of long-lived assets located in foreign countries (in hundredths) | 4.00% | 4.00% | 4.00% | 4.00% | ||||||||||||||||||
Operating revenues | $4,664 | [1],[2] | $4,654 | [1],[2] | $4,029 | [1],[2] | $3,674 | [1],[2] | $3,630 | [1],[2] | $4,394 | [1],[2] | $3,833 | [1],[2] | $3,279 | [1],[2] | $17,021 | $15,136 | $14,256 | |||
Operating expenses | 12,637 | 11,895 | 10,980 | |||||||||||||||||||
Interest expense | 1,261 | 1,121 | 1,038 | |||||||||||||||||||
Interest income | 80 | 78 | 86 | |||||||||||||||||||
Depreciation and amortization | 2,551 | 2,163 | 1,518 | |||||||||||||||||||
Equity in losses (earnings) of equity method investees | 93 | 25 | 13 | |||||||||||||||||||
Income tax expense (benefit) | 1,176 | 777 | [3] | 692 | ||||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 884 | [1],[2] | 664 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 327 | [1],[2] | 698 | [1],[2] | 610 | [1],[2] | 41 | [1],[2],[4],[5] | 2,469 | 1,677 | [3] | 1,911 | ||
Income (loss) from continuing operations | 2,465 | [6] | 1,677 | [6],[7] | 1,911 | [6] | ||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | 231 | [3],[8] | 0 | ||||||||||||||||||
Net income (loss) attributable to parent | 884 | [1],[2] | 660 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 2,465 | 1,908 | 1,911 | |||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 7,017 | 6,682 | 9,461 | |||||||||||||||||||
Property, plant and equipment | 73,639 | 69,448 | 73,639 | 69,448 | 64,917 | |||||||||||||||||
Accumulated depreciation and amortization | 17,934 | 16,728 | 17,934 | 16,728 | 15,504 | |||||||||||||||||
Total assets | 74,929 | 69,306 | 74,929 | 69,306 | 64,439 | |||||||||||||||||
Investment in equity method investees | 663 | 422 | 663 | 422 | 262 | |||||||||||||||||
Impairment charges | 11 | 300 | 0 | |||||||||||||||||||
FPL [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating expenses | 8,593 | 7,906 | 7,757 | |||||||||||||||||||
Interest expense | 439 | 415 | 417 | |||||||||||||||||||
Interest income | 3 | 6 | 6 | |||||||||||||||||||
Equity in losses (earnings) of equity method investees | 0 | 0 | 0 | |||||||||||||||||||
Income (loss) from continuing operations | 1,517 | 1,349 | 1,240 | |||||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | 0 | 0 | |||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 3,241 | 2,903 | 4,285 | |||||||||||||||||||
Property, plant and equipment | 41,938 | 39,896 | 41,938 | 39,896 | 38,249 | |||||||||||||||||
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | 11,282 | 10,944 | 11,282 | 10,944 | 10,698 | |||||||||||||||||
Total assets | 39,307 | 36,488 | 39,307 | 36,488 | 34,853 | |||||||||||||||||
Investment in equity method investees | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
NEER [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | 70.00% | ||||||||||||||||||||
Operating revenues | 5,191 | [9] | 4,333 | [9] | 3,895 | [9] | ||||||||||||||||
Operating expenses | 3,724 | [9] | 3,730 | [10],[9] | 3,024 | [9] | ||||||||||||||||
Interest expense | 666 | [9] | 528 | [9] | 474 | [9] | ||||||||||||||||
Interest income | 26 | [9] | 19 | [9] | 20 | [9] | ||||||||||||||||
Depreciation and amortization | 1,051 | [9] | 949 | [9] | 818 | [9] | ||||||||||||||||
Equity in losses (earnings) of equity method investees | 93 | [9] | 26 | [9] | 19 | [9] | ||||||||||||||||
Income tax expense (benefit) | 282 | [11],[9] | -42 | [11],[12],[3],[9] | -7 | [11],[9] | ||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 989 | [9] | 340 | [12],[3],[9] | 687 | [9] | ||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | [9] | 216 | [3],[8],[9] | 0 | [9] | ||||||||||||||||
Net income (loss) attributable to parent | 985 | [9] | 556 | [12],[9] | 687 | [9] | ||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 3,627 | [9] | 3,613 | [9] | 4,681 | [9] | ||||||||||||||||
Property, plant and equipment | 30,155 | [9] | 28,080 | [9] | 30,155 | [9] | 28,080 | [9] | 25,333 | [9] | ||||||||||||
Accumulated depreciation and amortization | 6,268 | [9] | 5,455 | [9] | 6,268 | [9] | 5,455 | [9] | 4,535 | [9] | ||||||||||||
Total assets | 32,919 | [9] | 30,154 | [9] | 32,919 | [9] | 30,154 | [9] | 27,139 | [13],[9] | ||||||||||||
Investment in equity method investees | 537 | [9] | 365 | [9] | 537 | [9] | 365 | [9] | 243 | [9] | ||||||||||||
Corporate and Other [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating revenues | 409 | 358 | 247 | |||||||||||||||||||
Operating expenses | 320 | 259 | 199 | |||||||||||||||||||
Interest expense | 156 | 178 | 147 | |||||||||||||||||||
Interest income | 51 | 53 | 60 | |||||||||||||||||||
Depreciation and amortization | 68 | 55 | 41 | |||||||||||||||||||
Equity in losses (earnings) of equity method investees | 0 | -1 | -6 | |||||||||||||||||||
Income tax expense (benefit) | -16 | -16 | [3] | -53 | ||||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -37 | -12 | [3] | -16 | ||||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | 15 | [3],[8] | 0 | ||||||||||||||||||
Net income (loss) attributable to parent | -37 | 3 | -16 | |||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 149 | 166 | 495 | |||||||||||||||||||
Property, plant and equipment | 1,546 | 1,472 | 1,546 | 1,472 | 1,335 | |||||||||||||||||
Accumulated depreciation and amortization | 384 | 329 | 384 | 329 | 271 | |||||||||||||||||
Total assets | 2,703 | 2,664 | 2,703 | 2,664 | 2,447 | |||||||||||||||||
Investment in equity method investees | 126 | 57 | 126 | 57 | 19 | |||||||||||||||||
FPL [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating revenues | 2,682 | [1],[2] | 3,315 | [1],[2] | 2,889 | [1],[2] | 2,535 | [1],[2] | 2,541 | [1],[2] | 3,020 | [1],[2] | 2,696 | [1],[2] | 2,188 | [1],[2] | 11,421 | 10,445 | 10,114 | |||
Operating expenses | 8,593 | 7,906 | 7,757 | |||||||||||||||||||
Interest expense | 439 | 415 | 417 | |||||||||||||||||||
Depreciation and amortization | 1,432 | 1,159 | 659 | |||||||||||||||||||
Income tax expense (benefit) | 910 | 835 | 752 | |||||||||||||||||||
Net income (loss) attributable to parent | 286 | [1],[2] | 462 | [1],[2] | 423 | [1],[2] | 347 | [1],[2] | 248 | [1],[2] | 422 | [1],[2] | 391 | [1],[2] | 288 | [1],[2] | 1,517 | 1,349 | 1,240 | |||
Public Utilities, Property, Plant and Equipment, Accumulated Depreciation | 11,282 | 10,944 | 11,282 | 10,944 | ||||||||||||||||||
Total assets | 39,307 | 36,488 | 39,307 | 36,488 | ||||||||||||||||||
NEER [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Deemed capital structure of NextEra Energy Resources (in hundredths) | 70.00% | 70.00% | ||||||||||||||||||||
Assets held for sale | 335 | |||||||||||||||||||||
NEER [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Impairment charges | 300 | |||||||||||||||||||||
Impairment charges, after-tax | $342 | |||||||||||||||||||||
[1] | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | |||||||||||||||||||||
[2] | The sum of the quarterly amounts may not equal the total for the year due to rounding. | |||||||||||||||||||||
[3] | 2013 amounts were reclassified to conform to current year's presentation. See NoteB 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||
[4] | First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||
[5] | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||
[6] | Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income. | |||||||||||||||||||||
[7] | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||||
[8] | See Note 6. | |||||||||||||||||||||
[9] | Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual NEECH corporate interest expense is included in Corporate and Other. | |||||||||||||||||||||
[10] | NEER includes an impairment charge of $300 million in 2013 related to the Spain solar projects. See NoteB 4 - Nonrecurring Fair Value Measurements | |||||||||||||||||||||
[11] | NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes | |||||||||||||||||||||
[12] | NEER includes after-tax charges of $342 million in 2013 associated with the impairment of the Spain solar projects. See NoteB 4 - Nonrecurring Fair Value Measurements | |||||||||||||||||||||
[13] | In 2012, NEER includes assets held for sale of approximately $335 million. |
Summarized_Financial_Informati2
Summarized Financial Information of NEECH (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |||||||||||
Consolidated Statements of Income [Abstract] | |||||||||||||||||||||||
Operating revenues | $4,664 | [1],[2] | $4,654 | [1],[2] | $4,029 | [1],[2] | $3,674 | [1],[2] | $3,630 | [1],[2] | $4,394 | [1],[2] | $3,833 | [1],[2] | $3,279 | [1],[2] | $17,021 | $15,136 | $14,256 | ||||
Operating expenses | -12,637 | -11,895 | -10,980 | ||||||||||||||||||||
Interest expense | -1,261 | -1,121 | -1,038 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||||||||||
Other income (deductions) - net | 522 | 334 | [3] | 365 | |||||||||||||||||||
Income from continuing operations before income taxes | 3,645 | 2,454 | [3] | 2,603 | |||||||||||||||||||
Income tax expense (benefit) | 1,176 | 777 | [3] | 692 | |||||||||||||||||||
Income (loss) from continuing operations | 884 | [1],[2] | 664 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 327 | [1],[2] | 698 | [1],[2] | 610 | [1],[2] | 41 | [1],[2],[4],[5] | 2,469 | 1,677 | [3] | 1,911 | |||
Gain from discontinued operations, net of income taxes | 0 | 231 | [3],[6] | 0 | |||||||||||||||||||
Net Income (loss) | 884 | [1],[2] | 664 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 327 | [1],[2] | 698 | [1],[2] | 610 | [1],[2] | 272 | [1],[2],[5],[7] | 2,469 | 1,908 | 1,911 | ||||
Net income attributable to noncontrolling interest | -4 | 0 | 0 | ||||||||||||||||||||
Net income (loss) attributable to parent | 884 | [1],[2] | 660 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 2,465 | 1,908 | 1,911 | ||||||||||||
Comprehensive income (loss) attributable to NEE | 2,369 | 2,219 | 1,810 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||
Electric plant in service and other property | 73,639 | 69,448 | 73,639 | 69,448 | 64,917 | ||||||||||||||||||
Less accumulated depreciation and amortization | -17,934 | -16,728 | -17,934 | -16,728 | -15,504 | ||||||||||||||||||
Total property, plant and equipment - net | 55,705 | 52,720 | 55,705 | 52,720 | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | 577 | 438 | 577 | 438 | 329 | 377 | |||||||||||||||||
Receivables | 2,159 | 2,289 | 2,159 | 2,289 | |||||||||||||||||||
Other | 4,208 | 3,115 | 4,208 | 3,115 | |||||||||||||||||||
Total current assets | 6,944 | 5,842 | 6,944 | 5,842 | |||||||||||||||||||
OTHER ASSETS | |||||||||||||||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other | 12,280 | 10,744 | 12,280 | 10,744 | |||||||||||||||||||
Total other assets | 12,280 | 10,744 | 12,280 | 10,744 | |||||||||||||||||||
TOTAL ASSETS | 74,929 | 69,306 | 74,929 | 69,306 | 64,439 | ||||||||||||||||||
CAPITALIZATION | |||||||||||||||||||||||
Common shareholders' equity | 19,916 | 18,040 | 19,916 | 18,040 | |||||||||||||||||||
Noncontrolling interests | 252 | 0 | 252 | 0 | |||||||||||||||||||
Long-term debt | 24,367 | 23,969 | 24,367 | 23,969 | |||||||||||||||||||
Total capitalization | 44,535 | 42,009 | 44,535 | 42,009 | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Debt due within one year | 4,657 | 4,457 | 4,657 | 4,457 | |||||||||||||||||||
Accounts payable | 1,354 | 1,200 | 1,354 | 1,200 | |||||||||||||||||||
Other | 3,652 | 3,532 | 3,652 | 3,532 | |||||||||||||||||||
Total current liabilities | 9,663 | 9,189 | 9,663 | 9,189 | |||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||||||||||||||||||||
Asset retirement obligations | 1,986 | 1,850 | 1,986 | 1,850 | |||||||||||||||||||
Deferred income taxes | 9,261 | 8,144 | 9,261 | 8,144 | |||||||||||||||||||
Other | 9,484 | 8,114 | 9,484 | 8,114 | |||||||||||||||||||
Total other liabilities and deferred credits | 20,731 | 18,108 | 20,731 | 18,108 | |||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | 74,929 | 69,306 | 74,929 | 69,306 | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | |||||||||||||||||||||||
Net cash provided by operating activities | 5,500 | 5,102 | 3,992 | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -7,017 | -6,682 | -9,461 | ||||||||||||||||||||
Capital contributions from NEE | 0 | 0 | 0 | ||||||||||||||||||||
Cash grants under the Recovery Act | 343 | 165 | 196 | ||||||||||||||||||||
Sale of independent power and other investments of NEER | 307 | 165 | 0 | ||||||||||||||||||||
Change in loan proceeds restricted for construction | -40 | 228 | 314 | ||||||||||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | 438 | 0 | 0 | ||||||||||||||||||||
Other - net | -392 | 1 | 23 | ||||||||||||||||||||
Net cash used in investing activities | -6,361 | -6,123 | -8,928 | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
Issuances of long-term debt | 5,054 | 4,371 | 6,630 | ||||||||||||||||||||
Retirements of long-term debt | -4,750 | -2,396 | -1,612 | ||||||||||||||||||||
Proceeds from sale of differential membership interests | 978 | 448 | 808 | ||||||||||||||||||||
Net change in short-term debt | 451 | -720 | 61 | ||||||||||||||||||||
Issuances of common stock - net | 633 | 842 | 405 | ||||||||||||||||||||
Dividends on common stock | -1,261 | -1,122 | -1,004 | ||||||||||||||||||||
Other - net | -105 | -293 | -400 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 1,000 | 1,130 | 4,888 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 139 | 109 | -48 | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 438 | 329 | 438 | 329 | 377 | 377 | |||||||||||||||||
Cash and cash equivalents at end of year | 577 | 438 | 577 | 438 | 329 | 377 | |||||||||||||||||
NEE (Guarantor) [Member] | |||||||||||||||||||||||
Consolidated Statements of Income [Abstract] | |||||||||||||||||||||||
Operating revenues | 0 | 0 | 0 | ||||||||||||||||||||
Operating expenses | -19 | -18 | -21 | ||||||||||||||||||||
Interest expense | -6 | -8 | -11 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 2,494 | 1,915 | 1,925 | ||||||||||||||||||||
Other income (deductions) - net | 1 | 2 | 7 | ||||||||||||||||||||
Income from continuing operations before income taxes | 2,470 | 1,891 | 1,900 | ||||||||||||||||||||
Income tax expense (benefit) | 5 | -2 | -11 | ||||||||||||||||||||
Income (loss) from continuing operations | 2,465 | 1,893 | 1,911 | ||||||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | 15 | 0 | ||||||||||||||||||||
Net Income (loss) | 2,465 | 1,908 | 1,911 | ||||||||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||||||||||||||
Net income (loss) attributable to parent | 2,465 | 1,908 | 1,911 | ||||||||||||||||||||
Comprehensive income (loss) attributable to NEE | 2,369 | 2,219 | 1,810 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||
Electric plant in service and other property | 27 | 31 | 27 | 31 | |||||||||||||||||||
Less accumulated depreciation and amortization | -12 | -10 | -12 | -10 | |||||||||||||||||||
Total property, plant and equipment - net | 15 | 21 | 15 | 21 | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 2 | ||||||||||||||||||
Receivables | 82 | 78 | 82 | 78 | |||||||||||||||||||
Other | 19 | 6 | 19 | 6 | |||||||||||||||||||
Total current assets | 101 | 84 | 101 | 84 | |||||||||||||||||||
OTHER ASSETS | |||||||||||||||||||||||
Investment in subsidiaries | 19,703 | 17,910 | 19,703 | 17,910 | |||||||||||||||||||
Other | 736 | 694 | 736 | 694 | |||||||||||||||||||
Total other assets | 20,439 | 18,604 | 20,439 | 18,604 | |||||||||||||||||||
TOTAL ASSETS | 20,555 | 18,709 | 20,555 | 18,709 | |||||||||||||||||||
CAPITALIZATION | |||||||||||||||||||||||
Common shareholders' equity | 19,916 | 18,040 | 19,916 | 18,040 | |||||||||||||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||||||||||||
Long-term debt | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total capitalization | 19,916 | 18,040 | 19,916 | 18,040 | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Debt due within one year | 0 | 0 | 0 | 0 | |||||||||||||||||||
Accounts payable | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other | 182 | 199 | 182 | 199 | |||||||||||||||||||
Total current liabilities | 182 | 199 | 182 | 199 | |||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||||||||||||||||||||
Asset retirement obligations | 0 | 0 | 0 | 0 | |||||||||||||||||||
Deferred income taxes | 149 | 166 | 149 | 166 | |||||||||||||||||||
Other | 308 | 304 | 308 | 304 | |||||||||||||||||||
Total other liabilities and deferred credits | 457 | 470 | 457 | 470 | |||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | 20,555 | 18,709 | 20,555 | 18,709 | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | |||||||||||||||||||||||
Net cash provided by operating activities | 1,615 | 1,147 | 1,166 | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -1 | 0 | 0 | ||||||||||||||||||||
Capital contributions from NEE | -912 | -777 | -440 | ||||||||||||||||||||
Cash grants under the Recovery Act | 0 | 0 | 0 | ||||||||||||||||||||
Sale of independent power and other investments of NEER | 0 | 0 | 0 | ||||||||||||||||||||
Change in loan proceeds restricted for construction | 0 | 0 | 0 | ||||||||||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | 0 | 0 | 0 | ||||||||||||||||||||
Other - net | 10 | 0 | 1 | ||||||||||||||||||||
Net cash used in investing activities | -903 | -777 | -439 | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
Issuances of long-term debt | 0 | 0 | 0 | ||||||||||||||||||||
Retirements of long-term debt | 0 | 0 | 0 | ||||||||||||||||||||
Proceeds from sale of differential membership interests | 0 | 0 | 0 | ||||||||||||||||||||
Net change in short-term debt | 0 | 0 | 0 | ||||||||||||||||||||
Issuances of common stock - net | 633 | 842 | 405 | ||||||||||||||||||||
Dividends on common stock | -1,261 | -1,122 | -1,004 | ||||||||||||||||||||
Other - net | -84 | -92 | -127 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | -712 | -372 | -726 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 0 | -2 | 1 | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 0 | 2 | 0 | 2 | 1 | ||||||||||||||||||
Cash and cash equivalents at end of year | 0 | 0 | 0 | 0 | 2 | ||||||||||||||||||
NEECH [Member] | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||
Ownership interest | 100.00% | 100.00% | |||||||||||||||||||||
Consolidated Statements of Income [Abstract] | |||||||||||||||||||||||
Operating revenues | 5,614 | 4,703 | 4,154 | ||||||||||||||||||||
Operating expenses | -4,039 | -3,983 | -3,214 | ||||||||||||||||||||
Interest expense | -819 | -705 | -619 | ||||||||||||||||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||||||||||
Other income (deductions) - net | 487 | 281 | [3] | 313 | |||||||||||||||||||
Income from continuing operations before income taxes | 1,243 | 296 | [3] | 634 | |||||||||||||||||||
Income tax expense (benefit) | 262 | -55 | [3] | -50 | |||||||||||||||||||
Income (loss) from continuing operations | 981 | 351 | [3] | 684 | |||||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | 216 | [3] | 0 | |||||||||||||||||||
Net Income (loss) | 981 | 567 | 684 | ||||||||||||||||||||
Net income attributable to noncontrolling interest | -4 | 0 | 0 | ||||||||||||||||||||
Net income (loss) attributable to parent | 977 | 567 | 684 | ||||||||||||||||||||
Comprehensive income (loss) attributable to NEE | 924 | 781 | 611 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||
Electric plant in service and other property | 31,674 | 29,511 | 31,674 | 29,511 | |||||||||||||||||||
Less accumulated depreciation and amortization | -6,640 | -5,774 | -6,640 | -5,774 | |||||||||||||||||||
Total property, plant and equipment - net | 25,034 | 23,737 | 25,034 | 23,737 | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | 562 | 418 | 562 | 418 | 287 | ||||||||||||||||||
Receivables | 1,378 | 1,542 | 1,378 | 1,542 | |||||||||||||||||||
Other | 2,512 | 1,814 | 2,512 | 1,814 | |||||||||||||||||||
Total current assets | 4,452 | 3,774 | 4,452 | 3,774 | |||||||||||||||||||
OTHER ASSETS | |||||||||||||||||||||||
Investment in subsidiaries | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other | 6,066 | 5,129 | 6,066 | 5,129 | |||||||||||||||||||
Total other assets | 6,066 | 5,129 | 6,066 | 5,129 | |||||||||||||||||||
TOTAL ASSETS | 35,552 | 32,640 | 35,552 | 32,640 | |||||||||||||||||||
CAPITALIZATION | |||||||||||||||||||||||
Common shareholders' equity | 6,552 | 4,816 | 6,552 | 4,816 | |||||||||||||||||||
Noncontrolling interests | 252 | 0 | 252 | 0 | |||||||||||||||||||
Long-term debt | 14,954 | 15,496 | 14,954 | 15,496 | |||||||||||||||||||
Total capitalization | 21,758 | 20,312 | 21,758 | 20,312 | |||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Debt due within one year | 3,455 | 3,896 | 3,455 | 3,896 | |||||||||||||||||||
Accounts payable | 707 | 589 | 707 | 589 | |||||||||||||||||||
Other | 2,075 | 2,203 | 2,075 | 2,203 | |||||||||||||||||||
Total current liabilities | 6,237 | 6,688 | 6,237 | 6,688 | |||||||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||||||||||||||||||||
Asset retirement obligations | 631 | 565 | 631 | 565 | |||||||||||||||||||
Deferred income taxes | 2,608 | 1,963 | 2,608 | 1,963 | |||||||||||||||||||
Other | 4,318 | 3,112 | 4,318 | 3,112 | |||||||||||||||||||
Total other liabilities and deferred credits | 7,557 | 5,640 | 7,557 | 5,640 | |||||||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | 35,552 | 32,640 | 35,552 | 32,640 | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | |||||||||||||||||||||||
Net cash provided by operating activities | 1,976 | 1,466 | 1,091 | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -3,741 | -3,756 | -5,176 | ||||||||||||||||||||
Capital contributions from NEE | 0 | 0 | 0 | ||||||||||||||||||||
Cash grants under the Recovery Act | 343 | 165 | 196 | ||||||||||||||||||||
Sale of independent power and other investments of NEER | 307 | 165 | 0 | ||||||||||||||||||||
Change in loan proceeds restricted for construction | -40 | 228 | 314 | ||||||||||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | 438 | 0 | 0 | ||||||||||||||||||||
Other - net | -73 | 17 | 20 | ||||||||||||||||||||
Net cash used in investing activities | -2,766 | -3,181 | -4,646 | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
Issuances of long-term debt | 4,057 | 3,874 | 5,334 | ||||||||||||||||||||
Retirements of long-term debt | -4,395 | -1,943 | -1,562 | ||||||||||||||||||||
Proceeds from sale of differential membership interests | 978 | 448 | 808 | ||||||||||||||||||||
Net change in short-term debt | -487 | -819 | 286 | ||||||||||||||||||||
Issuances of common stock - net | 0 | 0 | 0 | ||||||||||||||||||||
Dividends on common stock | 0 | 0 | 0 | ||||||||||||||||||||
Other - net | 781 | 286 | -1,363 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 934 | 1,846 | 3,503 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 144 | 131 | -52 | ||||||||||||||||||||
Cash and cash equivalents at beginning of year | 418 | 287 | 418 | 287 | 339 | ||||||||||||||||||
Cash and cash equivalents at end of year | 562 | 418 | 562 | 418 | 287 | ||||||||||||||||||
Other [Member] | |||||||||||||||||||||||
Consolidated Statements of Income [Abstract] | |||||||||||||||||||||||
Operating revenues | 11,407 | [8] | 10,433 | [8] | 10,102 | [8] | |||||||||||||||||
Operating expenses | -8,579 | [8] | -7,894 | [8] | -7,745 | [8] | |||||||||||||||||
Interest expense | -436 | [8] | -408 | [8] | -408 | [8] | |||||||||||||||||
Equity in earnings of subsidiaries | -2,494 | [8] | -1,915 | [8] | -1,925 | [8] | |||||||||||||||||
Other income (deductions) - net | 34 | [8] | 51 | [3],[8] | 45 | [8] | |||||||||||||||||
Income from continuing operations before income taxes | -68 | [8] | 267 | [3],[8] | 69 | [8] | |||||||||||||||||
Income tax expense (benefit) | 909 | [8] | 834 | [3],[8] | 753 | [8] | |||||||||||||||||
Income (loss) from continuing operations | -977 | [8] | -567 | [3],[8] | -684 | [8] | |||||||||||||||||
Gain from discontinued operations, net of income taxes | 0 | [8] | 0 | [3],[8] | 0 | [8] | |||||||||||||||||
Net Income (loss) | -977 | [8] | -567 | [8] | -684 | [8] | |||||||||||||||||
Net income attributable to noncontrolling interest | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Net income (loss) attributable to parent | -977 | [8] | -567 | [8] | -684 | [8] | |||||||||||||||||
Comprehensive income (loss) attributable to NEE | -924 | -781 | -611 | ||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||
Electric plant in service and other property | 41,938 | [8] | 39,906 | [8] | 41,938 | [8] | 39,906 | [8] | |||||||||||||||
Less accumulated depreciation and amortization | -11,282 | [8] | -10,944 | [8] | -11,282 | [8] | -10,944 | [8] | |||||||||||||||
Total property, plant and equipment - net | 30,656 | [8] | 28,962 | [8] | 30,656 | [8] | 28,962 | [8] | |||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | 15 | [8] | 20 | [8] | 15 | [8] | 20 | [8] | 40 | [8] | |||||||||||||
Receivables | 699 | [8] | 669 | [8] | 699 | [8] | 669 | [8] | |||||||||||||||
Other | 1,677 | [8] | 1,295 | [8] | 1,677 | [8] | 1,295 | [8] | |||||||||||||||
Total current assets | 2,391 | [8] | 1,984 | [8] | 2,391 | [8] | 1,984 | [8] | |||||||||||||||
OTHER ASSETS | |||||||||||||||||||||||
Investment in subsidiaries | -19,703 | [8] | -17,910 | [8] | -19,703 | [8] | -17,910 | [8] | |||||||||||||||
Other | 5,478 | [8] | 4,921 | [8] | 5,478 | [8] | 4,921 | [8] | |||||||||||||||
Total other assets | -14,225 | [8] | -12,989 | [8] | -14,225 | [8] | -12,989 | [8] | |||||||||||||||
TOTAL ASSETS | 18,822 | [8] | 17,957 | [8] | 18,822 | [8] | 17,957 | [8] | |||||||||||||||
CAPITALIZATION | |||||||||||||||||||||||
Common shareholders' equity | -6,552 | [8] | -4,816 | [8] | -6,552 | [8] | -4,816 | [8] | |||||||||||||||
Noncontrolling interests | 0 | [8] | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||
Long-term debt | 9,413 | [8] | 8,473 | [8] | 9,413 | [8] | 8,473 | [8] | |||||||||||||||
Total capitalization | 2,861 | [8] | 3,657 | [8] | 2,861 | [8] | 3,657 | [8] | |||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Debt due within one year | 1,202 | [8] | 561 | [8] | 1,202 | [8] | 561 | [8] | |||||||||||||||
Accounts payable | 647 | [8] | 611 | [8] | 647 | [8] | 611 | [8] | |||||||||||||||
Other | 1,395 | [8] | 1,130 | [8] | 1,395 | [8] | 1,130 | [8] | |||||||||||||||
Total current liabilities | 3,244 | [8] | 2,302 | [8] | 3,244 | [8] | 2,302 | [8] | |||||||||||||||
OTHER LIABILITIES AND DEFERRED CREDITS | |||||||||||||||||||||||
Asset retirement obligations | 1,355 | [8] | 1,285 | [8] | 1,355 | [8] | 1,285 | [8] | |||||||||||||||
Deferred income taxes | 6,504 | [8] | 6,015 | [8] | 6,504 | [8] | 6,015 | [8] | |||||||||||||||
Other | 4,858 | [8] | 4,698 | [8] | 4,858 | [8] | 4,698 | [8] | |||||||||||||||
Total other liabilities and deferred credits | 12,717 | [8] | 11,998 | [8] | 12,717 | [8] | 11,998 | [8] | |||||||||||||||
TOTAL CAPITALIZATION AND LIABILITIES | 18,822 | [8] | 17,957 | [8] | 18,822 | [8] | 17,957 | [8] | |||||||||||||||
Condensed Consolidating Statements of Cash Flows [Abstract] | |||||||||||||||||||||||
Net cash provided by operating activities | 1,909 | [8] | 2,489 | [8] | 1,735 | [8] | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases | -3,275 | [8] | -2,926 | [8] | -4,285 | [8] | |||||||||||||||||
Capital contributions from NEE | 912 | [8] | 777 | [8] | 440 | [8] | |||||||||||||||||
Cash grants under the Recovery Act | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Sale of independent power and other investments of NEER | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Change in loan proceeds restricted for construction | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Other - net | -329 | [8] | -16 | [8] | 2 | [8] | |||||||||||||||||
Net cash used in investing activities | -2,692 | [8] | -2,165 | [8] | -3,843 | [8] | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
Issuances of long-term debt | 997 | [8] | 497 | [8] | 1,296 | [8] | |||||||||||||||||
Retirements of long-term debt | -355 | [8] | -453 | [8] | -50 | [8] | |||||||||||||||||
Proceeds from sale of differential membership interests | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Net change in short-term debt | 938 | [8] | 99 | [8] | -225 | [8] | |||||||||||||||||
Issuances of common stock - net | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Dividends on common stock | 0 | [8] | 0 | [8] | 0 | [8] | |||||||||||||||||
Other - net | -802 | [8] | -487 | [8] | 1,090 | [8] | |||||||||||||||||
Net cash provided by (used in) financing activities | 778 | [8] | -344 | [8] | 2,111 | [8] | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | -5 | [8] | -20 | [8] | 3 | [8] | |||||||||||||||||
Cash and cash equivalents at beginning of year | 20 | [8] | 40 | [8] | 20 | [8] | 40 | [8] | 37 | [8] | |||||||||||||
Cash and cash equivalents at end of year | $15 | [8] | $20 | [8] | $15 | [8] | $20 | [8] | $40 | [8] | |||||||||||||
[1] | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | ||||||||||||||||||||||
[2] | The sum of the quarterly amounts may not equal the total for the year due to rounding. | ||||||||||||||||||||||
[3] | 2013 amounts were reclassified to conform to current year's presentation. See NoteB 4 - Nonrecurring Fair Value Measurements. | ||||||||||||||||||||||
[4] | First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | ||||||||||||||||||||||
[5] | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. | ||||||||||||||||||||||
[6] | See Note 6. | ||||||||||||||||||||||
[7] | First quarter of 2013 includes an after-tax gain from discontinued operations. See Note 6. | ||||||||||||||||||||||
[8] | Represents FPL and consolidating adjustments. |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Condensed consolidated quarterly financial information [Abstract] | ||||||||||||||||||||
Operating revenues | $4,664 | [1],[2] | $4,654 | [1],[2] | $4,029 | [1],[2] | $3,674 | [1],[2] | $3,630 | [1],[2] | $4,394 | [1],[2] | $3,833 | [1],[2] | $3,279 | [1],[2] | $17,021 | $15,136 | $14,256 | |
Operating income | 1,532 | [1],[2] | 1,163 | [1],[2] | 951 | [1],[2] | 738 | [1],[2] | 641 | [1],[2] | 1,185 | [1],[2] | 981 | [1],[2] | 434 | [1],[2],[3] | 4,384 | 3,241 | 3,276 | |
Income (loss) from continuing operations | 884 | [1],[2] | 664 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 327 | [1],[2] | 698 | [1],[2] | 610 | [1],[2] | 41 | [1],[2],[3],[4] | 2,469 | 1,677 | [5] | 1,911 |
Net income | 884 | [1],[2] | 664 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 327 | [1],[2] | 698 | [1],[2] | 610 | [1],[2] | 272 | [1],[2],[3],[6] | 2,469 | 1,908 | 1,911 | |
Net income attributable to noncontrolling interest | -4 | 0 | 0 | |||||||||||||||||
Net income (loss) attributable to parent | 884 | [1],[2] | 660 | [1],[2] | 492 | [1],[2] | 430 | [1],[2] | 2,465 | 1,908 | 1,911 | |||||||||
Basic EPS - Continuing operations | $2.03 | [1],[7] | $1.52 | [1],[7] | $1.13 | [1],[7] | $0.99 | [1],[7] | $0.76 | [1],[3],[7] | $1.65 | [1],[3],[7] | $1.45 | [1],[3],[7] | $0.10 | [1],[3],[7] | $5.67 | $3.95 | [8] | $4.59 |
Basic EPS - Net income | $2.03 | [1],[7] | $1.52 | [1],[7] | $1.13 | [1],[7] | $0.99 | [1],[7] | $0.76 | [1],[7] | $1.65 | [1],[7] | $1.45 | [1],[7] | $0.65 | [1],[3],[6],[7] | $5.67 | $4.50 | $4.59 | |
Diluted EPS - Continuing operations | $2 | [1],[7] | $1.50 | [1],[7] | $1.12 | [1],[7] | $0.98 | [1],[7] | $0.75 | [1],[7] | $1.64 | [1],[7] | $1.44 | [1],[7] | $0.10 | [1],[3],[4],[7] | $5.60 | $3.93 | [8] | $4.56 |
Diluted EPS - Net income | $2 | [1],[7] | $1.50 | [1],[7] | $1.12 | [1],[7] | $0.98 | [1],[7] | $0.75 | [1],[7] | $1.64 | [1],[7] | $1.44 | [1],[7] | $0.64 | [1],[3],[6],[7] | $5.60 | $4.47 | $4.56 | |
Dividends per share of common stock | $0.73 | [1] | $0.73 | [1] | $0.73 | [1] | $0.73 | [1] | $0.66 | [1] | $0.66 | [1] | $0.66 | [1] | $0.66 | [1] | $2.90 | $2.64 | $2.40 | |
High common stock sales price (in dollars per share) | $110.84 | $102.46 | $102.51 | $96.13 | $89.75 | $88.39 | $82.65 | $77.79 | ||||||||||||
Low common stock sales price (in dollars per share) | $90.33 | $91.79 | $93.28 | $83.97 | $78.97 | $78.81 | $74.78 | $69.81 | ||||||||||||
FPL [Member] | ||||||||||||||||||||
Condensed consolidated quarterly financial information [Abstract] | ||||||||||||||||||||
Operating revenues | 2,682 | [1],[2] | 3,315 | [1],[2] | 2,889 | [1],[2] | 2,535 | [1],[2] | 2,541 | [1],[2] | 3,020 | [1],[2] | 2,696 | [1],[2] | 2,188 | [1],[2] | 11,421 | 10,445 | 10,114 | |
Operating income | 580 | [1],[2] | 834 | [1],[2] | 782 | [1],[2] | 632 | [1],[2] | 495 | [1],[2] | 778 | [1],[2] | 724 | [1],[2] | 543 | [1],[2] | 2,828 | 2,539 | 2,357 | |
Net income (loss) attributable to parent | $286 | [1],[2] | $462 | [1],[2] | $423 | [1],[2] | $347 | [1],[2] | $248 | [1],[2] | $422 | [1],[2] | $391 | [1],[2] | $288 | [1],[2] | $1,517 | $1,349 | $1,240 | |
[1] | In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year. | |||||||||||||||||||
[2] | The sum of the quarterly amounts may not equal the total for the year due to rounding. | |||||||||||||||||||
[3] | First quarter of 2013 includes impairment and other related charges. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||
[4] | First quarter of 2013 was reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||
[5] | 2013 amounts were reclassified to conform to current year's presentation. See NoteB 4 - Nonrecurring Fair Value Measurements. | |||||||||||||||||||
[6] | First quarter of 2013 includes an after-tax gain from discontinued operations. See Note 6. | |||||||||||||||||||
[7] | The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding. | |||||||||||||||||||
[8] | 2013 amounts were reclassified to conform to current year's presentation. See Note 4 - Nonrecurring Fair Value Measurements. |