Document Entity Information Doc
Document Entity Information Document | 3 Months Ended |
Mar. 31, 2016shares | |
Entity Information [Line Items] | |
Entity Registrant Name | NEXTERA ENERGY INC |
Entity Central Index Key | 753,308 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 461,445,951 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
FPL [Member] | |
Entity Information [Line Items] | |
Entity Registrant Name | FLORIDA POWER & LIGHT CO |
Entity Central Index Key | 37,634 |
Current Fiscal Year End Date | --12-31 |
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 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
OPERATING REVENUES | $ 3,835 | $ 4,104 | |
OPERATING EXPENSES | |||
Fuel, purchased power and interchange | 928 | 1,363 | |
Other operations and maintenance | 799 | 735 | |
Merger-related | 4 | 4 | |
Depreciation and amortization | 537 | 547 | |
Taxes other than income taxes and other | 333 | 326 | |
Total operating expenses | 2,601 | 2,975 | |
OPERATING INCOME | 1,234 | 1,129 | |
OTHER INCOME (DEDUCTIONS) | |||
Interest expense | (509) | (321) | |
Benefits associated with differential membership interests - net | 84 | 57 | |
Equity in earnings of equity method investees | 32 | 9 | |
Allowance for equity funds used during construction | 25 | 11 | |
Interest income | 18 | 21 | |
Gains on disposal of assets - net | 15 | 22 | |
Other - net | (3) | 8 | |
Total other deductions - net | (338) | (193) | |
INCOME BEFORE INCOME TAXES | 896 | 936 | |
INCOME TAXES | 259 | 286 | |
Net Income (Loss) | 637 | 650 | |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1 | 0 | |
Net Income (Loss) Attributable to Parent | $ 636 | $ 650 | |
Earnings per share of common stock: | |||
Basic | $ 1.38 | $ 1.47 | |
Assuming dilution | 1.37 | 1.45 | |
Dividends per share of common stock | $ 0.87 | $ 0.77 | |
Weighted-average number of common shares outstanding: | |||
Basic | 460.5 | 442.3 | |
Assuming dilution | 462.9 | 448.8 | |
FPL [Member] | |||
OPERATING REVENUES | $ 2,303 | $ 2,541 | |
OPERATING EXPENSES | |||
Fuel, purchased power and interchange | 700 | 1,005 | |
Other operations and maintenance | 390 | 353 | |
Depreciation and amortization | 219 | 242 | |
Taxes other than income taxes and other | 280 | 274 | |
Total operating expenses | 1,589 | 1,874 | |
OPERATING INCOME | 714 | 667 | |
OTHER INCOME (DEDUCTIONS) | |||
Interest expense | (112) | (115) | |
Allowance for equity funds used during construction | 24 | 10 | |
Other - net | 1 | 1 | |
Total other deductions - net | (87) | (104) | |
INCOME BEFORE INCOME TAXES | 627 | 563 | |
INCOME TAXES | 234 | 204 | |
Net Income (Loss) Attributable to Parent | [1] | $ 393 | $ 359 |
[1] | (a)FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
NET INCOME | $ 637 | $ 650 |
Net unrealized gains (losses) on cash flow hedges: | ||
Effective portion of net unrealized losses (net of $26 tax benefit) | 0 | (52) |
Reclassification from accumulated other comprehensive loss to net income (net of $13 and $4 tax expense, respectively) | 23 | 18 |
Net unrealized gains (losses) on available for sale securities: | ||
Net unrealized gains on securities still held (net of $7 and $9 tax expense, respectively) | 8 | 12 |
Reclassification from accumulated other comprehensive income to net income (net of $1 and $7 tax benefit, respectively) | (1) | (10) |
Defined benefit pension and other benefits plans (net of $4 and $10 tax benefit, respectively) | (7) | (16) |
Net unrealized gains on foreign currency translation (net of less than $1 and $8 tax expense, respectively) | 20 | 14 |
Other comprehensive loss related to equity method investee (net of $2 and $1 tax benefit, respectively) | (3) | (2) |
Total other comprehensive income (loss), net of tax | 40 | (36) |
COMPREHENSIVE INCOME | 677 | 614 |
LESS COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (13) | (3) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 690 | $ 617 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Tax expense (benefit) of unrealized gains/losses on cash flow hedges | $ 0 | $ (26) |
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income | 13 | 4 |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | 7 | 9 |
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income | (1) | (7) |
Tax expense (benefit) of defined benefit pension and other benefits plans | (4) | (10) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | 8 |
Other comprehensive income (loss) related to equity method investee, tax | $ (2) | $ (1) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 73,648 | $ 72,606 |
Nuclear fuel | 2,153 | 2,067 |
Construction work in progress | 6,519 | 5,657 |
Accumulated depreciation and amortization | (19,426) | (18,944) |
Total property, plant and equipment - net ($11,458 and $7,966 related to VIEs, respectively) | 62,894 | 61,386 |
CURRENT ASSETS | ||
Cash and cash equivalents | 628 | 571 |
Customer receivables, net of allowances | 1,574 | 1,784 |
Other receivables | 693 | 481 |
Materials, supplies and fossil fuel inventory | 1,287 | 1,259 |
Regulatory assets: | ||
Deferred clause and franchise expenses | 33 | 75 |
Derivatives | 253 | 218 |
Other | 203 | 210 |
Derivatives | 815 | 712 |
Assets held for sale | 1,092 | 1,009 |
Other | 518 | 476 |
Total current assets | 7,096 | 6,795 |
OTHER ASSETS | ||
Special use funds | 5,166 | 5,138 |
Other investments ($486 related to a VIE at March 31, 2016) | 1,892 | 1,786 |
Prepaid benefit costs | 1,179 | 1,155 |
Regulatory assets: | ||
Purchased power agreement termination | 704 | 726 |
Securitized storm-recovery costs ($118 and $128 related to a VIE, respectively) | 191 | 208 |
Other | 839 | 844 |
Derivatives | 1,391 | 1,202 |
Other | 3,285 | 3,239 |
Total other assets | 14,647 | 14,298 |
TOTAL ASSETS | 84,637 | 82,479 |
CAPITALIZATION | ||
Common stock | 5 | 5 |
Additional paid-in capital | 8,645 | 8,596 |
Retained earnings | 14,375 | 14,140 |
Accumulated other comprehensive loss | (113) | (167) |
Total common shareholders' equity | 22,912 | 22,574 |
Noncontrolling interests | 718 | 538 |
Total equity | 23,630 | 23,112 |
Long-term debt | 27,791 | 26,681 |
Total capitalization | 51,421 | 49,793 |
CURRENT LIABILITIES | ||
Commercial paper | 1,560 | 374 |
Notes payable | 912 | 412 |
Current maturities of long-term debt | 2,145 | 2,220 |
Accounts payable | 1,139 | 2,529 |
Customer deposits | 472 | 473 |
Accrued interest and taxes | 543 | 449 |
Derivatives | 974 | 882 |
Accrued construction-related expenditures | 930 | 921 |
Liabilities associated with assets held for sale | 969 | 992 |
Other | 943 | 855 |
Total current liabilities | 10,587 | 10,107 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,509 | 2,469 |
Deferred income taxes | 9,982 | 9,827 |
Regulatory liabilities: | ||
Accrued asset removal costs | 1,778 | 1,930 |
Asset retirement obligation regulatory expense difference | 2,167 | 2,182 |
Other | 515 | 494 |
Derivatives | 699 | 530 |
Deferral related to differential membership interests - VIEs | 3,059 | 3,142 |
Other | 1,920 | 2,005 |
Total other liabilities and deferred credits | $ 22,629 | $ 22,579 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 84,637 | $ 82,479 |
FPL [Member] | ||
ELECTRIC UTILITY PLANT | ||
Plant in service and other property | 41,574 | 41,227 |
Nuclear fuel | 1,368 | 1,306 |
Construction work in progress | 3,221 | 2,850 |
Accumulated depreciation and amortization | (12,027) | (11,862) |
Total electric utility plant - net | 34,136 | 33,521 |
CURRENT ASSETS | ||
Cash and cash equivalents | 31 | 23 |
Customer receivables, net of allowances | 697 | 849 |
Other receivables | 176 | 123 |
Materials, supplies and fossil fuel inventory | 844 | 826 |
Regulatory assets: | ||
Deferred clause and franchise expenses | 33 | 75 |
Derivatives | 253 | 218 |
Other | 201 | 209 |
Other | 141 | 184 |
Total current assets | 2,376 | 2,507 |
OTHER ASSETS | ||
Special use funds | 3,518 | 3,504 |
Prepaid benefit costs | 1,258 | 1,243 |
Regulatory assets: | ||
Purchased power agreement termination | 704 | 726 |
Securitized storm-recovery costs ($118 and $128 related to a VIE, respectively) | 191 | 208 |
Other | 583 | 579 |
Other | 346 | 235 |
Total other assets | 6,600 | 6,495 |
TOTAL ASSETS | 43,112 | 42,523 |
CAPITALIZATION | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 7,733 | 7,733 |
Retained earnings | 5,940 | 6,447 |
Total equity | 15,046 | 15,553 |
Long-term debt | 9,924 | 9,956 |
Total capitalization | 24,970 | 25,509 |
CURRENT LIABILITIES | ||
Commercial paper | 550 | 56 |
Notes payable | 600 | 100 |
Current maturities of long-term debt | 66 | 64 |
Accounts payable | 554 | 664 |
Customer deposits | 468 | 469 |
Accrued interest and taxes | 343 | 279 |
Derivatives | 256 | 222 |
Accrued construction-related expenditures | 226 | 240 |
Other | 343 | 355 |
Total current liabilities | 3,406 | 2,449 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 1,844 | 1,822 |
Deferred income taxes | 8,047 | 7,730 |
Regulatory liabilities: | ||
Accrued asset removal costs | 1,768 | 1,921 |
Asset retirement obligation regulatory expense difference | 2,167 | 2,182 |
Other | 507 | 492 |
Other | 403 | 418 |
Total other liabilities and deferred credits | $ 14,736 | $ 14,565 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 43,112 | $ 42,523 |
CONDENSED CONSOLIDATED BALANCE6
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
PROPERTY, PLANT AND EQUIPMENT | ||
Total property, plant and equipment - net | $ 62,894 | $ 61,386 |
CURRENT ASSETS | ||
Customer receivables, allowances | 9 | 13 |
OTHER ASSETS | ||
Other investments | 1,892 | 1,786 |
Securitized storm-recovery costs | 191 | 208 |
CAPITALIZATION | ||
Long-term debt | $ 27,791 | $ 26,681 |
CURRENT LIABILITIES | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Outstanding | 461,000,000 | 461,000,000 |
Related to VIEs [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Total property, plant and equipment - net | $ 11,458 | $ 7,966 |
OTHER ASSETS | ||
Other investments | 486 | 0 |
Securitized storm-recovery costs | 118 | 128 |
CAPITALIZATION | ||
Long-term debt | 5,185 | 684 |
FPL [Member] | ||
CURRENT ASSETS | ||
Customer receivables, allowances | 1 | 3 |
OTHER ASSETS | ||
Securitized storm-recovery costs | 191 | 208 |
CAPITALIZATION | ||
Long-term debt | $ 9,924 | $ 9,956 |
CURRENT LIABILITIES | ||
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 1,000 | 1,000 |
Common Stock, Shares, Outstanding | 1,000 | 1,000 |
Common Stock, Shares, Issued | 1,000 | 1,000 |
FPL [Member] | Related to VIEs [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Total property, plant and equipment - net | $ 118 | $ 128 |
CAPITALIZATION | ||
Long-term debt | $ 176 | $ 210 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 637 | $ 650 | |
Net Income | 636 | 650 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 537 | 547 | |
Nuclear fuel and other amortization | 114 | 90 | |
Unrealized gains on marked to market derivative contracts - net | (48) | (99) | |
Foreign currency transaction loss | 40 | 0 | |
Deferred income taxes | 214 | 262 | |
Cost recovery clauses and franchise fees | 124 | 66 | |
Benefits associated with differential membership interests - net | (84) | (57) | |
Allowance for equity funds used during construction | (25) | (11) | |
Other - net | 8 | 7 | |
Changes in operating assets and liabilities: | |||
Customer and other receivables | 188 | 118 | |
Materials, supplies and fossil fuel inventory | (27) | 43 | |
Other current assets | 8 | (23) | |
Other assets | (85) | (2) | |
Accounts payable and customer deposits | (40) | (157) | |
Margin cash collateral | (3) | (187) | |
Income taxes | 38 | 12 | |
Interest and other taxes | 93 | 105 | |
Other current liabilities | (145) | (152) | |
Other liabilities | 1 | (31) | |
Net cash provided by operating activities | 1,545 | 1,181 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures of FPL | (1,133) | (721) | |
Independent power and other investments of NEER | (2,614) | (740) | |
Nuclear fuel purchases | (89) | (91) | |
Other capital expenditures and other investments | (43) | (14) | |
Proceeds from sale or maturity of securities in special use funds | 823 | 771 | |
Purchases of securities in special use funds | (838) | (828) | |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 292 | 0 | |
Other - net | (79) | 59 | |
Net cash used in investing activities | (3,681) | (1,564) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 1,250 | 194 | |
Retirements of long-term debt | (367) | (170) | |
Proceeds from notes payable | 500 | 625 | |
Net change in commercial paper | 1,186 | (22) | |
Issuances of common stock - net | 17 | 16 | |
Dividends | (401) | (341) | |
Other - net | 8 | (27) | |
Net cash provided by (used in) financing activities | 2,193 | 275 | |
Net increase (decrease) in cash and cash equivalents | 57 | (108) | |
Cash and cash equivalents at beginning of period | 571 | 577 | |
Cash and cash equivalents at end of period | 628 | 469 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | 1,252 | 632 | |
Decrease (increase) in property, plant and equipment as a result of a settlement | (68) | 25 | |
FPL [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | [1] | 393 | 359 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 219 | 242 | |
Nuclear fuel and other amortization | 58 | 54 | |
Deferred income taxes | 304 | 72 | |
Cost recovery clauses and franchise fees | 124 | 66 | |
Allowance for equity funds used during construction | (24) | (10) | |
Other - net | 6 | 20 | |
Changes in operating assets and liabilities: | |||
Customer and other receivables | 136 | 39 | |
Materials, supplies and fossil fuel inventory | (18) | 7 | |
Other current assets | 14 | (39) | |
Other assets | (14) | (17) | |
Accounts payable and customer deposits | (15) | (30) | |
Income taxes | (85) | 157 | |
Interest and other taxes | 109 | 112 | |
Other current liabilities | (86) | (67) | |
Other liabilities | (8) | (13) | |
Net cash provided by operating activities | 1,113 | 952 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures of FPL | (1,133) | (721) | |
Nuclear fuel purchases | (62) | (44) | |
Proceeds from sale or maturity of securities in special use funds | 530 | 589 | |
Purchases of securities in special use funds | (544) | (606) | |
Other - net | 20 | 24 | |
Net cash used in investing activities | (1,189) | (758) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Retirements of long-term debt | (33) | (31) | |
Proceeds from notes payable | 500 | 0 | |
Net change in commercial paper | 494 | (722) | |
Capital contribution from NEE | 0 | 550 | |
Dividends | (900) | 0 | |
Other - net | 23 | 23 | |
Net cash provided by (used in) financing activities | 84 | (180) | |
Net increase (decrease) in cash and cash equivalents | 8 | 14 | |
Cash and cash equivalents at beginning of period | 23 | 14 | |
Cash and cash equivalents at end of period | 31 | 28 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | $ 363 | $ 282 | |
[1] | (a)FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | 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 Parent [Member] | Noncontrolling Interest [Member] |
Beginning Balance (in shares) at Dec. 31, 2014 | 443 | |||||||
Beginning Balance at Dec. 31, 2014 | $ 20,168 | $ 4 | $ 7,193 | $ (14) | $ (40) | $ 12,773 | $ 19,916 | $ 252 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 650 | 650 | 650 | |||||
Issuances of common stock, net of issuance cost of less than $1 | 13 | 1 | 14 | |||||
Exercise of stock options and other incentive plan activity (in shares) | 1 | |||||||
Exercise of stock options and other incentive plan activity | 2 | 2 | ||||||
Dividends on common stock | (341) | (341) | ||||||
Earned compensation under ESOP | 10 | 1 | 11 | |||||
Other comprehensive loss | (36) | (33) | (33) | (3) | ||||
Sale of NEER assets to NEP | 16 | 16 | (11) | |||||
Distributions to noncontrolling interests | (4) | |||||||
Other | (5) | |||||||
Ending Balance (in shares) at Mar. 31, 2015 | 444 | |||||||
Ending Balance at Mar. 31, 2015 | $ 20,464 | $ 4 | 7,234 | (12) | (73) | 13,082 | 20,235 | 229 |
Beginning Balance (in shares) at Dec. 31, 2015 | 461 | 461 | ||||||
Beginning Balance at Dec. 31, 2015 | $ 23,112 | $ 5 | 8,597 | (1) | (167) | 14,140 | 22,574 | 538 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 637 | 636 | 636 | 1 | ||||
Issuances of common stock, net of issuance cost of less than $1 | 8 | 8 | ||||||
Exercise of stock options and other incentive plan activity | 3 | 3 | ||||||
Dividends on common stock | (401) | (401) | ||||||
Earned compensation under ESOP | 10 | 1 | 11 | |||||
Other comprehensive loss | $ 40 | 54 | 54 | (14) | ||||
Sale of NEER assets to NEP | 27 | 27 | 198 | |||||
Distributions to noncontrolling interests | (9) | |||||||
Other | 4 | |||||||
Ending Balance (in shares) at Mar. 31, 2016 | 461 | 461 | ||||||
Ending Balance at Mar. 31, 2016 | $ 23,630 | $ 5 | $ 8,645 | $ 0 | $ (113) | $ 14,375 | $ 22,912 | $ 718 |
Employee Retirement Benefits
Employee Retirement Benefits | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries. NEE also has a supplemental executive retirement plan, which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees, and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The components of net periodic (income) cost for the plans are as follows: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2016 2015 2016 2015 (millions) Service cost $ 16 $ 18 $ 1 $ 1 Interest cost 26 24 3 3 Expected return on plan assets (65 ) (63 ) — — Amortization of prior service benefit — — (1 ) — Net periodic (income) cost at NEE $ (23 ) $ (21 ) $ 3 $ 4 Net periodic (income) cost at FPL $ (15 ) $ (14 ) $ 2 $ 3 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the 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 primarily with outstanding and forecasted debt issuances and borrowings, 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 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 condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the 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 condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. In January 2016, NEE discontinued hedge accounting for its cash flow and fair value hedges related to interest rate and foreign currency derivative instruments and, therefore, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense in NEE's condensed consolidated statements of income. In addition, for three months ended March 31, 2016 , NEE reclassified approximately $14 million ( $9 million after tax) from AOCI to interest expense because it became probable that the related forecasted transaction being hedged would not occur. At March 31, 2016 , NEE's AOCI included amounts related to the discontinued interest rate cash flow hedges with expiration dates through October 2036 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $36 million of net losses included in AOCI at March 31, 2016 is expected to be reclassified into earnings within the next 12 months as the principal and/or interest payments are made. Such amounts assume no change in scheduled principal payments. Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at March 31, 2016 and December 31, 2015 , 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 3 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets. March 31, 2016 Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 6,772 $ 5,281 $ 2,201 $ 1,114 Interest rate contracts 60 490 47 486 Foreign currency swaps — 98 — 89 Total fair values $ 6,832 $ 5,869 $ 2,248 $ 1,689 FPL: Commodity contracts $ 11 $ 261 $ 7 $ 257 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 815 Assets held for sale 42 Noncurrent derivative assets (b) 1,391 Current derivative liabilities (c) $ 974 Liabilities associated with assets held for sale 16 Noncurrent derivative liabilities (d) 699 Total derivatives $ 2,248 $ 1,689 Net fair value by FPL balance sheet line item: Current other assets $ 3 Noncurrent other assets 4 Current derivative liabilities $ 256 Noncurrent other liabilities 1 Total derivatives $ 7 $ 257 ______________________ (a) Reflects the netting of approximately $261 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $165 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $8 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $14 million in margin cash collateral paid to counterparties. December 31, 2015 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ — $ — $ 5,906 $ 4,580 $ 1,937 $ 982 Interest rate contracts 33 155 2 160 34 319 Foreign currency swaps — 132 — — — 127 Total fair values $ 33 $ 287 $ 5,908 $ 4,740 $ 1,971 $ 1,428 FPL: Commodity contracts $ — $ — $ 7 $ 225 $ 4 $ 222 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 712 Assets held for sale 57 Noncurrent derivative assets (b) 1,202 Current derivative liabilities (c) $ 882 Liabilities associated with assets held for sale 16 Noncurrent derivative liabilities (d) 530 Total derivatives $ 1,971 $ 1,428 Net fair value by FPL balance sheet line item: Current other assets $ 3 Noncurrent other assets 1 Current derivative liabilities $ 222 Total derivatives $ 4 $ 222 ______________________ (a) Reflects the netting of approximately $279 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $151 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $46 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $13 million in margin cash collateral paid to counterparties. At March 31, 2016 and December 31, 2015 , NEE had approximately $26 million and $27 million ( none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at March 31, 2016 and December 31, 2015 , NEE had approximately $150 million and $116 million ( none at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets. Income Statement Impact of Derivative Instruments - Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows: Three Months Ended March 31, 2015 Interest Rate Contracts Foreign Currency Swaps Total (millions) Losses recognized in OCI $ (70 ) $ (8 ) $ (78 ) Losses reclassified from AOCI to net income $ (20 ) (a) $ (2 ) (b) $ (22 ) ———————————— (a) Included in interest expense. (b) Losses of approximately $3 million are included in interest expense and the balances are included in other - net. Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended 2016 2015 (millions) Commodity contracts: (a) Operating revenues $ 330 $ 237 Fuel, purchased power and interchange 2 2 Foreign currency swaps - interest expense 30 — Interest rate contracts - interest expense (179 ) (13 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (28 ) — Foreign currency swaps (3 ) — Total $ 152 $ 226 ———————————— (a) For the three months ended March 31, 2016 and 2015, FPL recorded losses of approximately $108 million and $86 million , respectively, related to commodity contracts as regulatory assets on its condensed 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 condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and 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: March 31, 2016 December 31, 2015 Commodity Type NEE FPL NEE FPL (millions) Power (113 ) MWh — (112 ) MWh — Natural gas 1,611 MMBtu 915 MMBtu 1,321 MMBtu 833 MMBtu Oil (9 ) barrels — (9 ) barrels — At March 31, 2016 and December 31, 2015 , NEE had interest rate contracts with notional amounts totaling approximately $8.2 billion and $8.3 billion , respectively, and foreign currency swaps with notional amounts totaling approximately $700 million and $715 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 March 31, 2016 and December 31, 2015 , the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $2.4 billion ( $259 million for FPL) and $2.2 billion ( $224 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 $350 million ( $30 million at FPL) as of March 31, 2016 and $250 million ( $20 million at FPL) as of December 31, 2015 . 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 $2.5 billion ( $0.5 billion at FPL) as of March 31, 2016 and $2.5 billion ( $0.6 billion at FPL) as of December 31, 2015 . Some contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures to 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 $385 million ( $105 million at FPL) as of March 31, 2016 and $660 million ( $120 million at FPL) as of December 31, 2015 . Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At March 31, 2016 and December 31, 2015 , applicable NEE subsidiaries have posted approximately $182 million ( none at FPL) and $123 million ( $3 million 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 and Restricted Cash - 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 exchange exposure related primarily 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: March 31, 2016 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 315 $ — $ — $ 315 FPL - equity securities $ 30 $ — $ — $ 30 Special use funds: (c) NEE: Equity securities $ 1,280 $ 1,364 (d) $ — $ 2,644 U.S. Government and municipal bonds $ 386 $ 163 $ — $ 549 Corporate debt securities $ — $ 793 $ — $ 793 Mortgage-backed securities $ — $ 455 $ — $ 455 Other debt securities $ — $ 72 $ — $ 72 FPL: Equity securities $ 320 $ 1,246 (d) $ — $ 1,566 U.S. Government and municipal bonds $ 295 $ 137 $ — $ 432 Corporate debt securities $ — $ 600 $ — $ 600 Mortgage-backed securities $ — $ 353 $ — $ 353 Other debt securities $ — $ 59 $ — $ 59 Other investments: NEE: Equity securities $ 29 $ 1 $ — $ 30 Debt securities $ 8 $ 161 $ — $ 169 Derivatives: NEE: Commodity contracts $ 2,604 $ 2,817 $ 1,351 $ (4,571 ) $ 2,201 (e) Interest rate contracts $ — $ 60 $ — $ (13 ) $ 47 (e) FPL - commodity contracts $ — $ 8 $ 3 $ (4 ) $ 7 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 2,574 $ 2,132 $ 575 $ (4,167 ) $ 1,114 (e) Interest rate contracts $ — $ 363 $ 127 $ (4 ) $ 486 (e) Foreign currency swaps $ — $ 98 $ — $ (9 ) $ 89 (e) FPL - commodity contracts $ — $ 250 $ 11 $ (4 ) $ 257 (e) ———————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash of approximately $108 million ( $30 million for FPL) in other current assets on the condensed consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. (d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (e) See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. December 31, 2015 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 312 $ — $ — $ 312 FPL - equity securities $ 36 $ — $ — $ 36 Special use funds: (c) NEE: Equity securities $ 1,320 $ 1,354 (d) $ — $ 2,674 U.S. Government and municipal bonds $ 446 $ 166 $ — $ 612 Corporate debt securities $ — $ 713 $ — $ 713 Mortgage-backed securities $ — $ 412 $ — $ 412 Other debt securities $ — $ 52 $ — $ 52 FPL: Equity securities $ 364 $ 1,234 (d) $ — $ 1,598 U.S. Government and municipal bonds $ 335 $ 145 $ — $ 480 Corporate debt securities $ — $ 531 $ — $ 531 Mortgage-backed securities $ — $ 327 $ — $ 327 Other debt securities $ — $ 40 $ — $ 40 Other investments: NEE: Equity securities $ 30 $ 10 $ — $ 40 Debt securities $ 39 $ 132 $ — $ 171 Derivatives: NEE: Commodity contracts $ 2,187 $ 2,540 $ 1,179 $ (3,969 ) $ 1,937 (e) Interest rate contracts $ — $ 35 $ — $ (1 ) $ 34 (e) FPL - commodity contracts $ — $ 1 $ 6 $ (3 ) $ 4 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 2,153 $ 1,887 $ 540 $ (3,598 ) $ 982 (e) Interest rate contracts $ — $ 214 $ 101 $ 4 $ 319 (e) Foreign currency swaps $ — $ 132 $ — $ (5 ) $ 127 (e) FPL - commodity contracts $ — $ 219 $ 6 $ (3 ) $ 222 (e) ———————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash of approximately $61 million ( $36 million for FPL) in other current assets on the condensed consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. (d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (e) See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. Significant Unobservable Inputs Used in Recurring Fair Value Measurements - The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, 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 March 31, 2016 are as follows: Transaction Type Fair Value at March 31, 2016 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 694 $ 248 Discounted cash flow Forward price (per MWh) $7 — $101 Forward contracts - gas 24 29 Discounted cash flow Forward price (per MMBtu) $1 — $5 Forward contracts - other commodity related 7 3 Discounted cash flow Forward price (various) $(42) — $43 Options - power 52 47 Option models Implied correlations (5)% — 99% Implied volatilities 2% — 185% Options - primarily gas 152 205 Option models Implied correlations (5)% — 99% Implied volatilities 1% — 146% Full requirements and unit contingent contracts 422 43 Discounted cash flow Forward price (per MWh) $(18) — $242 Customer migration rate (a) —% — 20% Total $ 1,351 $ 575 —————————— (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 $127 million at March 31, 2016 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: Three Months Ended March 31, 2016 2015 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year $ 538 $ — $ 622 $ 5 Realized and unrealized gains (losses): Included in earnings (a) 254 — 30 — Included in other comprehensive income (loss) (6 ) — 15 — Included in regulatory assets and liabilities (3 ) (3 ) (1 ) (1 ) Purchases 100 — 22 — Settlements (133 ) (5 ) (187 ) (5 ) Issuances (74 ) — (20 ) — Transfers in (b) 3 — (19 ) — Transfers out (b) (30 ) — (11 ) — Fair value of net derivatives based on significant unobservable inputs at March 31 $ 649 $ (8 ) $ 451 $ (1 ) 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) $ 196 $ — $ 38 $ — ———————————— (a) For the three months ended March 31, 2016 and 2015 , realized and unrealized gains of approximately $274 million and $47 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. (b) Transfers into Level 3 were a result of decreased observability of market data and 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 three months ended March 31, 2016 and 2015 , unrealized gains of approximately $216 million and $55 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. Contingent Consideration - NEE recorded a liability related to a contingent holdback as part of the 2015 acquisition of a portfolio of seven long-term contracted natural gas pipeline assets located in Texas (Texas pipelines). See Note 9 - Contracts. Fair Value of Financial Instruments Recorded at Other than Fair Value - The carrying amounts of cash equivalents, commercial paper and notes payable approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value, are as follows: March 31, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 653 $ 653 $ 675 $ 675 Other investments - primarily notes receivable $ 517 $ 770 (b) $ 512 $ 722 (b) Long-term debt, including current maturities $ 29,931 (c) $ 31,928 (d) $ 28,897 (c) $ 30,412 (d) FPL: Special use funds (a) $ 508 $ 508 $ 528 $ 528 Long-term debt, including current maturities $ 9,990 $ 11,509 (d) $ 10,020 $ 11,028 (d) ———————————— (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 March 31, 2016 and December 31, 2015 , NEE had no notes receivable reported in non-accrual status. (c) Excludes debt totaling $936 million and $938 million , respectively, reflected in liabilities associated with assets held for sale on NEE's condensed consolidated balance sheet for which the carrying amount approximates fair value. See Note 8 - Assets and Liabilities Associated with Assets Held for Sale. (d) As of March 31, 2016 and December 31, 2015 , for NEE, approximately $18,378 million and $18,031 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, primarily 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 $74 million at March 31, 2016 and December 31, 2015 , respectively, and NEE's nuclear decommissioning fund assets of $5,091 million and $5,064 million at March 31, 2016 and December 31, 2015 ( $3,443 million and $3,430 million , respectively, for FPL). 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 $1,864 million and $1,470 million , respectively, at March 31, 2016 and $1,823 million and $1,505 million , respectively, at December 31, 2015 ( $1,446 million and $702 million , respectively, at March 31, 2016 and $1,409 million and $732 million , respectively, at December 31, 2015 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 and included in other - net in NEE's condensed consolidated statements of income. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at March 31, 2016 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at March 31, 2016 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 Three Months Ended Three Months Ended 2016 2015 2016 2015 (millions) Realized gains $ 22 $ 98 $ 10 $ 68 Realized losses $ 18 $ 69 $ 10 $ 61 Proceeds from sale or maturity of securities $ 701 $ 729 $ 530 $ 589 The unrealized gains on available for sale securities are as follows: NEE FPL March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (millions) Equity securities $ 1,183 $ 1,166 $ 874 $ 863 Debt securities $ 41 $ 17 $ 31 $ 14 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 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (millions) Unrealized losses (a) $ 36 $ 51 $ 33 $ 45 Fair value $ 428 $ 1,129 $ 370 $ 861 ———————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2016 and December 31, 2015 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 Nuclear Decommissioning Financing Committee pursuant to New Hampshire law. The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes NEE's effective income tax rates for the three months ended March 31, 2016 and 2015 were approximately 29% and 31% , respectively. The rates for both periods reflect the benefit of PTCs of approximately $ 42 million and $ 38 million , respectively, related to NEER's wind projects, as well as ITCs and deferred income tax benefits associated with grants under the Recovery Act (convertible ITCs) totaling approximately $ 37 million and $ 18 million , respectively, related to solar and certain wind projects at NEER. NEE recognizes PTCs as wind energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the financial viability of most wind projects and a fundamental component of such wind projects' results of operations. PTCs, as well as deferred income tax benefits associated with convertible ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production (PTC roll off). |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) In February 2015, the FASB issued an accounting standards update that modified the existing consolidation guidance. The standard makes changes to both the variable interest entity model and the voting interest entity model, including modifying the evaluation of whether limited partnerships or similar legal entities are VIEs or voting interest entities and amending the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs. The standard was effective for NEE and FPL beginning January 1, 2016, and the modified retrospective approach was adopted. The adoption of the standard did not result in any changes to the previous consolidation conclusions; however, it did result in a limited number of entities being considered VIEs and the related disclosure was provided for the current period. As of March 31, 2016 , NEE has twenty-six 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 $ 195 million and $ 230 million at March 31, 2016 and December 31, 2015 , respectively, and consisted primarily of storm-recovery property, which are included in securitized storm-recovery costs on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $ 241 million and $ 278 million at March 31, 2016 and December 31, 2015 , respectively, and consisted primarily of storm-recovery bonds, which are included in long-term debt on NEE's and FPL's condensed consolidated balance sheets. FPL entered into a purchased power agreement effective in 1995 with a 330 MW coal-fired facility to purchase substantially all of the facility's capacity and electrical output over a substantial portion of its estimated useful life. The facility is considered a VIE because FPL absorbs a portion of the 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 the facility, including operations and maintenance, FPL is not the primary beneficiary and does not consolidate this VIE. 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 the facility are recovered through the fuel clause as approved by the FPSC. NEER - NEE consolidates twenty-four 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, as well as construction, and has the obligation to absorb expected losses of these VIEs. A subsidiary of NEER is the primary beneficiary of, and therefore consolidates, NEP, which consolidates NEP OpCo because of NEP’s controlling interest in the general partner of NEP OpCo. NEP is a limited partnership formed to acquire, manage and own contracted clean energy projects with stable, long-term cash flows through a limited partner interest in NEP OpCo. NEE owns a controlling non-economic general partner interest in NEP and a limited partner interest in NEP OpCo, and presents NEP's limited partner interest as a noncontrolling interest in NEE's consolidated financial statements. At March 31, 2016, NEE owns common units of NEP OpCo representing noncontrolling interest in NEP’s operating projects of approximately 70.8% . The assets and liabilities of NEP were approximately $ 6.7 billion and $ 4.9 billion , respectively, at March 31, 2016, and primarily consisted of property, plant and equipment and long-term debt. A NEER VIE consolidates two entities which own and operate natural gas/oil electric generation 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 generation 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 $ 92 million and $ 51 million , respectively, at March 31, 2016 and $ 84 million and $ 47 million , respectively, at December 31, 2015 , and consisted primarily of property, plant and equipment and long-term debt. Two indirect subsidiaries of NEER each contributed, to a NEP subsidiary, an approximately 50 % ownership interest in three entities which own solar PV facilities that, upon completion of construction, are expected to have a total generating capacity of 277 MW, of which approximately 237 MW have been placed in service as of March 31, 2016 . Each of the two indirect subsidiaries of NEER is considered a VIE since it has insufficient equity at risk, and is consolidated by NEER. The VIEs use third-party debt and equity to finance a portion of development and construction activities and require subordinated financing from NEER to complete the facility under construction. These VIEs will sell their electric output to third parties under power sales contracts with expiration dates in 2035 and 2036 . The debt balances are secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NEER. The assets and liabilities of these VIEs were approximately $ 726 million and $ 710 million , respectively, at March 31, 2016 , and $ 657 million and $ 626 million , respectively, at December 31, 2015 , and consisted primarily of property, plant and equipment and long-term debt. The other twenty NEER VIEs consolidate several entities which own and operate wind electric generation facilities with the capability of producing a total of 5,272 MW. These VIEs sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2018 through 2041 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 generation facilities, including certain tax attributes. The debt is secured by liens against the generation 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 $ 7.6 billion and $ 4.2 billion , respectively, at March 31, 2016 and $ 7.6 billion and $ 5.0 billion , respectively, at December 31, 2015 . At March 31, 2016 and December 31, 2015 , the assets and liabilities of the VIEs consisted primarily of property, plant and equipment, deferral related to differential membership interests and long-term debt. NEECH - NEECH consolidates a special purpose entity that has insufficient equity at risk and is considered a VIE. The entity provided a loan in the form of a note receivable (see Note 3 - Fair Value of Financial Instruments Recorded at Other than Fair Value) to an unrelated third party, and also issued senior secured bonds which are collateralized by the note receivable. The assets and liabilities of the VIE were approximately $ 516 million and $ 501 million , respectively, at March 31, 2016, and consisted primarily of notes receivables and long-term debt. Other - As of March 31, 2016 and December 31, 2015 , several NEE subsidiaries have investments totaling approximately $ 2,272 million ($ 1,851 million at FPL) and $ 602 million ($ 476 million at FPL), respectively, in certain entities which invest mainly in mortgage-backed securities, and also at March 31, 2016 , in common collective trusts. These investments are included in special use funds and other investments on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. As of March 31, 2016 , NEE subsidiaries, including FPL, are not the primary beneficiary and therefore do not consolidate any of these entities because they have no power over activities, do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities. Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method. These entities are limited partnerships or similar entity structures in which the limited partners or nonmanaging members do not have substantive rights, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $260 million at March 31, 2016 , which are included in other investments on NEE’s condensed consolidated balance sheet. Subsidiaries of NEE have committed to invest an additional approximately $35 million in two of the entities. |
Common Shareholders' Equity
Common Shareholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Common Shareholders' Equity | Common Shareholders' Equity Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended 2016 2015 (millions, except per share amounts) Numerator - net income attributable to NEE $ 636 $ 650 Denominator: Weighted-average number of common shares outstanding - basic 460.5 442.3 Equity units, performance share awards, stock options and restricted stock (a) 2.4 6.5 Weighted-average number of common shares outstanding - assuming dilution 462.9 448.8 Earnings per share attributable to NEE: Basic $ 1.38 $ 1.47 Assuming dilution $ 1.37 $ 1.45 ———————————— (a) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to stock options and performance share awards which were not included in the denominator above due to their antidilutive effect were approximately 0.2 million and 0.1 million for the three months ended March 31, 2016 and 2015 , respectively. Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investee Total (millions) Three Months Ended March 31, 2016 Balances, December 31, 2015 $ (170 ) $ 174 $ (62 ) $ (85 ) $ (24 ) $ (167 ) Other comprehensive Income (loss) before reclassifications — 8 (7 ) 20 (3 ) 18 Amounts reclassified from AOCI 23 (a) (1 ) (b) — — — 22 Net other comprehensive income (loss) 23 7 (7 ) 20 (3 ) 40 Less other comprehensive loss attributable to noncontrolling interests (1 ) — — (13 ) — (14 ) Balances, March 31, 2016 $ (146 ) $ 181 $ (69 ) $ (52 ) $ (27 ) $ (113 ) ———————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investee Total (millions) Three Months Ended March 31, 2015 Balances, December 31. 2014 $ (156 ) $ 218 $ (20 ) $ (58 ) $ (24 ) $ (40 ) Other comprehensive income (loss) before reclassifications (52 ) 12 (16 ) 14 (2 ) (44 ) Amounts reclassified from AOCI 18 (a) (10 ) (b) — — — 8 Net other comprehensive income (loss) (34 ) 2 (16 ) 14 (2 ) (36 ) Less other comprehensive loss attributable to noncontrolling interests (1 ) — — (2 ) — (3 ) Balances, March 31, 2015 $ (189 ) $ 220 $ (36 ) $ (42 ) $ (26 ) $ (73 ) ———————————— (a) Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2016 were as follows: Date Issued Company Debt Issuances/Borrowings Interest Rate Principal Amount Maturity Date (millions) January 2016 NEER subsidiary Limited-recourse construction and term loan facility Variable (a)(b) $ 98 2035 February 2016 NEP subsidiary Senior secured revolving credit facility Variable (a) $ 75 2019 February 2016 NEECH Term loan 1.00 % $ 100 2021 March 2016 NEP subsidiary Limited-recourse construction and term loan facility Variable (a)(b) $ 41 2022 March 2016 NEECH Debentures 2.30 % $ 500 2019 March 2016 NEER subsidiary Senior secured limited-recourse term loan Variable (a)(b) $ 76 2027 March 2016 NEER subsidiary Senior secured limited-recourse term loan Variable (a)(b) $ 89 2028 January - March 2016 NEER subsidiary Cash grant bridge loan facilities Variable (a) $ 155 2018 January - March 2016 NEER subsidiary Limited-recourse construction and term loan facility Variable (a)(b) $ 106 2035 ———————————— (a) Variable rate is based on an underlying index plus a margin. (b) Interest rate swap agreements have been entered into with respect to these issuances. See Note 2. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies NextEra Energy Partners, LP - In February and March 2016, NEP completed the sale of 11,155,000 common units representing limited partnership interests in NEP in a public offering for an aggregate purchase price of approximately $287 million , or $25.76 per common unit. This offering, together with issuances of additional common units under NEP's at-the-market equity issuance program during the three months ended March 31, 2016, resulted in a decrease of NEE’s interest in NEP's operating projects to approximately 70.8% at March 31, 2016. Leases - In February 2016, the FASB issued an accounting standards update which requires, among other things, that lessees recognize a lease liability, initially measured at the present value of the future lease payments; and a right-of-use asset for all leases (with the exception of short-term leases). The standards update will be effective for NEE and FPL beginning January 1, 2019. Early adoption is permitted. Lessees and lessors must apply a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. NEE and FPL are currently evaluating the effect the adoption of this standards update will have on their consolidated financial statements. Stock-Based Compensation - In March 2016, the FASB issued an accounting standards update related to the accounting for employee share-based payment awards including simplification in areas such as (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. The standards update will be effective for NEE and FPL beginning January 1, 2017. Early adoption is permitted and each provision has specific adoption methods required within the standards update. NEE and FPL are currently evaluating the effect the adoption of this standards update will have on their consolidated financial statements. Assets and Liabilities Associated with Assets Held for Sale - On April 4, 2016, a subsidiary of NEER completed the sale of its ownership interest in merchant natural gas generation facilities located in Texas with a total generating capacity of 2,884 MW for net cash proceeds of approximately $456 million , after transaction costs and working capital adjustments. A NEER affiliate will continue to operate the facilities included in the sale for an initial period of up to one year. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $254 million ( $107 million after tax) will be recorded in NEE's condensed consolidated statements of income during the three-months ended June 30, 2016. The carrying amounts of the major classes of assets and liabilities related to the facilities that were classified as held for sale on NEE's condensed consolidated balance sheets at March 31, 2016 and December 31, 2015 primarily represent property, plant and equipment and the long-term debt associated with the facilities. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments - NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures 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, as well as the investment in the development and construction of its natural gas pipeline assets. Capital expenditures for Corporate and Other primarily include the cost to meet customer-specific requirements and maintain the fiber-optic network for FPL FiberNet and the cost to maintain existing transmission facilities at NEET. At March 31, 2016 , estimated capital expenditures for the remainder of 2016 through 2020 for which applicable internal approvals (and also FPSC approvals for FPL, if required) have been received were as follows: Remainder of 2016 2017 2018 2019 2020 Total (millions) FPL: Generation: (a) New (b)(c) $ 850 $ 60 $ 5 $ 5 $ — $ 920 Existing 500 955 685 535 550 3,225 Transmission and distribution 1,410 2,060 1,985 2,485 2,335 10,275 Nuclear fuel 105 125 190 170 210 800 General and other 110 265 240 185 185 985 Total $ 2,975 $ 3,465 $ 3,105 $ 3,380 $ 3,280 $ 16,205 NEER: Wind (d) $ 1,810 $ 50 $ 35 $ 30 $ 30 $ 1,955 Solar (e) 735 10 — — — 745 Nuclear, including nuclear fuel 250 235 265 275 245 1,270 Natural gas pipelines (f) 1,220 775 465 35 20 2,515 Other 255 55 75 50 65 500 Total $ 4,270 $ 1,125 $ 840 $ 390 $ 360 $ 6,985 Corporate and Other $ 190 $ 165 $ 125 $ 155 $ 120 $ 755 ———————————— (a) Includes AFUDC of approximately $ 51 million , $ 14 million and $ 11 million for the remainder of 2016 through 2018, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Excludes capital expenditures of approximately $ 940 million for the natural gas-fired combined-cycle unit in Okeechobee County, Florida for the period from the end of 2016 (when approval by the Florida Power Plant Siting Board (Siting Board), comprised of the Florida governor and cabinet is expected) through 2019. Also 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 and maintain an NRC license for each unit. (d) Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,565 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 860 MW. (f) Includes capital expenditures for construction of three natural gas pipelines, including equity contributions associated with equity investments in joint ventures for two pipelines and AFUDC associated with the third pipeline. The natural gas pipelines are subject to certain conditions. 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 March 31, 2016 , FPL is obligated under a take-or-pay purchased power contract to pay for 375 MW annually through 2021. FPL also has various firm pay-for-performance contracts to purchase approximately 444 MW from certain cogenerators and small power producers with expiration dates ranging from 2025 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 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 and Florida Southeast Connection, 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 the completion of construction of the pipeline system to be built by Sabal Trail and Florida Southeast Connection. On April 1, 2016, a wholly owned NEER subsidiary purchased an additional 9.5% interest in Sabal Trail, resulting in a 42.5% total ownership interest. See Commitments above. As of March 31, 2016 , NEER has entered into contracts with expiration dates ranging from May 2016 through 2032 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 and has made commitments for the construction of the natural gas pipelines. Approximately $5.1 billion of related commitments 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 late April 2016 through 2018 . The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2016 were estimated as follows: Remainder of 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 135 $ 170 $ 155 $ 135 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 795 $ 930 $ 870 $ 860 $ 910 $ 12,970 Coal, including transportation $ 70 $ 45 $ 5 $ 5 $ — $ — NEER $ 3,515 $ 750 $ 610 $ 130 $ 75 $ 320 Corporate and Other (d)(e) $ 80 $ 5 $ 5 $ — $ 5 $ — ———————————— (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 47 million and $ 119 million for the three months ended March 31, 2016 and 2015 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 16 million and $ 44 million for the three months ended March 31, 2016 and 2015 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $ 200 million , $ 295 million , $ 290 million , $ 360 million and $7,885 million in 2017, 2018, 2019 , 2020 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 $35 million commitment to invest primarily in clean power and technology businesses through 2021. (e) Excludes approximately $865 million in 2016 of joint obligations of NEECH and NEER which are included in the NEER amounts above. In October 2015, a subsidiary of NEP completed the acquisition of the Texas pipelines. The purchase price is subject to (i) a $200 million holdback payable, in whole or in part, upon satisfaction of financial performance and capital expenditure thresholds relating to planned expansion projects (contingent holdback) and (ii) a $200 million holdback retained to satisfy any indemnification obligations of the sellers through April 2017. The carrying amount of such holdbacks totaled $187 million and $191 million , respectively, and are included in other current liabilities and other liabilities on NEE's condensed consolidated balance sheets at March 31, 2016. At December 31, 2015, the carrying amount of such holdbacks were included in other liabilities on NEE's condensed consolidated balance sheets. 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 $ 13.1 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $ 1.0 billion ($ 509 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., 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 $ 187 million ($ 113 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $ 3 million , $ 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 either its transmission and distribution property or natural gas pipeline assets, 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 solar thermal facilities in Spain (Spain solar projects) 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 condensed consolidated balance sheets, and totaled $585 million and $127 million , respectively, as of March 31, 2016 . 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. Since the third quarter of 2014, events of default have 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. Impairments recorded due to the changes of law caused the project-level subsidiaries in Spain to have a negative net equity position on their balance sheets, which requires them under Spanish law to commence liquidation proceedings if the net equity position is not restored to specified levels. Prior to 2015, Spanish law had provided an exemption applicable to the project-level subsidiaries that enabled the exclusion of asset-related impairments in the equity calculation. Such exemption was not granted for 2015, and therefore the project-level subsidiaries commenced liquidation on April 23, 2015. The liquidators are reviewing the liquidation balance sheets and inventory schedules and will make recommendations to NextEra Energy España, S.L. (NEE España), the NEER subsidiary in Spain that is the direct shareholder of the project-level subsidiaries, to either restructure the project-level debt or file for insolvency. The liquidation event could cause the lenders to seek to accelerate the payment of the project-related debt and/or foreclose on the project assets, which they have not done to date. However, as part of a settlement agreement reached in December 2013 between NEECH, NEE España, 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 $42 million as of March 31, 2016 ) in letters of credit to fund operating and debt service reserves under the project-level financing, of which €14 million (approximately $16 million ) has been drawn as of March 31, 2016 . NEE España, the project-level subsidiaries and the lenders have been in negotiations 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 the lenders will not exercise remedies available to them under the project financing agreements for, among other things, current and future events of default, if any, or for the commencement of liquidation by the project-level subsidiaries. Legal Proceedings - 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 represented proposed findings of fact and conclusions of law which were subject to de novo review by the U.S. District Court for the Southern District of New York. In March 2015, the U.S. District Court issued a final order which effectively affirmed the findings of the U.S. Bankruptcy Court in NEE's favor. In April 2015, Adelphia filed an appeal of the final order to the U.S. Court of Appeals for the Second Circuit and oral argument is scheduled for June 2016. NEE and FPL are vigorously defending, and believe that they or their affiliates have meritorious defenses to, the lawsuit described above. In addition to the legal proceeding 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. Entities in which subsidiaries of NEE, including FPL, have a partial 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 lawsuit 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 lawsuit 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 | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [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 and includes eliminating entries. NEE's segment information is as follows: Three Months Ended March 31, 2016 2015 FPL NEER (a) Corporate and Other NEE Consoli- dated FPL NEER (a)(b) Corporate (b) NEE Consoli- dated (millions) Operating revenues $ 2,303 $ 1,441 $ 91 $ 3,835 $ 2,541 $ 1,462 $ 101 $ 4,104 Operating expenses $ 1,589 $ 946 $ 66 $ 2,601 $ 1,874 $ 1,029 $ 72 $ 2,975 Net income attributable to NEE $ 393 $ 224 (c) $ 19 $ 636 $ 359 $ 280 (c) $ 11 $ 650 ———————————— (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) Amounts were adjusted to reflect the fourth quarter 2015 segment change related to natural gas pipeline projects. (c) See Note 4 for a discussion of NEER's tax benefits related to PTCs. March 31, 2016 December 31, 2015 FPL NEER Corporate and Other NEE Consoli- dated FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 43,112 $ 39,129 $ 2,396 $ 84,637 $ 42,523 $ 37,647 $ 2,309 $ 82,479 |
Summarized Financial Informatio
Summarized Financial Information of Capital Holdings | 3 Months Ended |
Mar. 31, 2016 | |
Summarized Financial Information [Abstract] | |
Summarized Financial Information of Capital Holdings | 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 including those that were registered pursuant to the Securities Act of 1933, as amended, are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows: Condensed Consolidating Statements of Income Three Months Ended March 31, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Operating revenues $ — $ 1,535 $ 2,300 $ 3,835 $ — $ 1,567 $ 2,537 $ 4,104 Operating expenses (4 ) (1,005 ) (1,592 ) (2,601 ) (4 ) (1,095 ) (1,876 ) (2,975 ) Interest expense — (397 ) (112 ) (509 ) (1 ) (205 ) (115 ) (321 ) Equity in earnings of subsidiaries 638 — (638 ) — 645 — (645 ) — Other income - net — 147 24 171 — 117 11 128 Income (loss) before income taxes 634 280 (18 ) 896 640 384 (88 ) 936 Income tax expense (benefit) (2 ) 30 231 259 (10 ) 93 203 286 Net income (loss) 636 250 (249 ) 637 650 291 (291 ) 650 Less net income attributable to noncontrolling interests — 1 — 1 — — — — Net income (loss) attributable to NEE $ 636 $ 249 $ (249 ) $ 636 $ 650 $ 291 $ (291 ) $ 650 ———————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 690 $ 310 $ (310 ) $ 690 $ 617 $ 274 $ (274 ) $ 617 ———————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Balance Sheets March 31, 2016 December 31, 2015 NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 27 $ 36,130 $ 46,163 $ 82,320 $ 27 $ 34,921 $ 45,382 $ 80,330 Accumulated depreciation and amortization (16 ) (7,383 ) (12,027 ) (19,426 ) (16 ) (7,067 ) (11,861 ) (18,944 ) Total property, plant and equipment - net 11 28,747 34,136 62,894 11 27,854 33,521 61,386 CURRENT ASSETS Cash and cash equivalents 2 593 33 628 — 546 25 571 Receivables 64 1,575 628 2,267 90 1,510 665 2,265 Other 4 2,731 1,466 4,201 4 2,443 1,512 3,959 Total current assets 70 4,899 2,127 7,096 94 4,499 2,202 6,795 OTHER ASSETS Investment in subsidiaries 22,691 — (22,691 ) — 22,544 — (22,544 ) — Other 908 8,033 5,706 14,647 823 7,790 5,685 14,298 Total other assets 23,599 8,033 (16,985 ) 14,647 23,367 7,790 (16,859 ) 14,298 TOTAL ASSETS $ 23,680 $ 41,679 $ 19,278 $ 84,637 $ 23,472 $ 40,143 $ 18,864 $ 82,479 CAPITALIZATION Common shareholders' equity $ 22,912 $ 7,639 $ (7,639 ) $ 22,912 $ 22,574 $ 6,990 $ (6,990 ) $ 22,574 Noncontrolling interests — 718 — 718 — 538 — 538 Long-term debt — 17,867 9,924 27,791 — 16,725 9,956 26,681 Total capitalization 22,912 26,224 2,285 51,421 22,574 24,253 2,966 49,793 CURRENT LIABILITIES Debt due within one year — 3,401 1,216 4,617 — 2,786 220 3,006 Accounts payable — 651 488 1,139 4 1,919 606 2,529 Other 196 3,188 1,447 4,831 252 3,003 1,317 4,572 Total current liabilities 196 7,240 3,151 10,587 256 7,708 2,143 10,107 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 665 1,844 2,509 — 647 1,822 2,469 Deferred income taxes 91 2,385 7,506 9,982 157 2,396 7,274 9,827 Other 481 5,165 4,492 10,138 485 5,139 4,659 10,283 Total other liabilities and deferred credits 572 8,215 13,842 22,629 642 8,182 13,755 22,579 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 23,680 $ 41,679 $ 19,278 $ 84,637 $ 23,472 $ 40,143 $ 18,864 $ 82,479 ———————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 2015 NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated (millions) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 728 $ 613 $ 204 $ 1,545 $ 907 $ 225 $ 49 $ 1,181 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases — (2,683 ) (1,196 ) (3,879 ) — (801 ) (765 ) (1,566 ) Capital contributions from NEE (321 ) — 321 — (551 ) — 551 — Proceeds from the sale of a noncontrolling interest in subsidiaries — 292 — 292 — — — — Other - net — (98 ) 4 (94 ) — 2 — 2 Net cash used in investing activities (321 ) (2,489 ) (871 ) (3,681 ) (551 ) (799 ) (214 ) (1,564 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 1,250 — 1,250 — 194 — 194 Retirements of long-term debt — (333 ) (34 ) (367 ) — (139 ) (31 ) (170 ) Proceeds from notes payable — — 500 500 — 625 — 625 Net change in commercial paper — 692 494 1,186 — 700 (722 ) (22 ) Issuances of common stock 17 — — 17 16 — — 16 Dividends on common stock (401 ) — — (401 ) (341 ) — — (341 ) Contributions from (dividends to) NEE — 312 (312 ) — — (902 ) 902 — Other - net (21 ) 2 27 8 (31 ) (25 ) 29 (27 ) Net cash provided by (used in) financing activities (405 ) 1,923 675 2,193 (356 ) 453 178 275 Net increase (decrease) in cash and cash equivalents 2 47 8 57 — (121 ) 13 (108 ) Cash and cash equivalents at beginning of period — 546 25 571 — 562 15 577 Cash and cash equivalents at end of period $ 2 $ 593 $ 33 $ 628 $ — $ 441 $ 28 $ 469 ———————————— (a) Represents primarily FPL and consolidating adjustments. |
Derivative Instruments (Policie
Derivative Instruments (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | 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 primarily with outstanding and forecasted debt issuances and borrowings, 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 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 condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the 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 condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. In January 2016, NEE discontinued hedge accounting for its cash flow and fair value hedges related to interest rate and foreign currency derivative instruments and, therefore, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense in NEE's condensed consolidated statements of income. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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 and Restricted Cash - 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 exchange exposure related primarily 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. |
Summary of Significant Accoun22
Summary of Significant Accounting and Reporting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
NextEra Energy Partners, LP | NextEra Energy Partners, LP - In February and March 2016, NEP completed the sale of 11,155,000 common units representing limited partnership interests in NEP in a public offering for an aggregate purchase price of approximately $287 million , or $25.76 per common unit. This offering, together with issuances of additional common units under NEP's at-the-market equity issuance program during the three months ended March 31, 2016, resulted in a decrease of NEE’s interest in NEP's operating projects to approximately 70.8% at March 31, 2016. |
Leases | Leases - In February 2016, the FASB issued an accounting standards update which requires, among other things, that lessees recognize a lease liability, initially measured at the present value of the future lease payments; and a right-of-use asset for all leases (with the exception of short-term leases). The standards update will be effective for NEE and FPL beginning January 1, 2019. Early adoption is permitted. Lessees and lessors must apply a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. NEE and FPL are currently evaluating the effect the adoption of this standards update will have on their consolidated financial statements. |
Stock-Based Compensation | Stock-Based Compensation - In March 2016, the FASB issued an accounting standards update related to the accounting for employee share-based payment awards including simplification in areas such as (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. The standards update will be effective for NEE and FPL beginning January 1, 2017. Early adoption is permitted and each provision has specific adoption methods required within the standards update. NEE and FPL are currently evaluating the effect the adoption of this standards update will have on their consolidated financial statements. |
Assets and Liabilities Associated with Assets Held for Sale | Assets and Liabilities Associated with Assets Held for Sale - On April 4, 2016, a subsidiary of NEER completed the sale of its ownership interest in merchant natural gas generation facilities located in Texas with a total generating capacity of 2,884 MW for net cash proceeds of approximately $456 million , after transaction costs and working capital adjustments. A NEER affiliate will continue to operate the facilities included in the sale for an initial period of up to one year. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $254 million ( $107 million after tax) will be recorded in NEE's condensed consolidated statements of income during the three-months ended June 30, 2016. The carrying amounts of the major classes of assets and liabilities related to the facilities that were classified as held for sale on NEE's condensed consolidated balance sheets at March 31, 2016 and December 31, 2015 primarily represent property, plant and equipment and the long-term debt associated with the facilities. |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net periodic benefit (income) cost | The components of net periodic (income) cost for the plans are as follows: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2016 2015 2016 2015 (millions) Service cost $ 16 $ 18 $ 1 $ 1 Interest cost 26 24 3 3 Expected return on plan assets (65 ) (63 ) — — Amortization of prior service benefit — — (1 ) — Net periodic (income) cost at NEE $ (23 ) $ (21 ) $ 3 $ 4 Net periodic (income) cost at FPL $ (15 ) $ (14 ) $ 2 $ 3 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | March 31, 2016 Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 6,772 $ 5,281 $ 2,201 $ 1,114 Interest rate contracts 60 490 47 486 Foreign currency swaps — 98 — 89 Total fair values $ 6,832 $ 5,869 $ 2,248 $ 1,689 FPL: Commodity contracts $ 11 $ 261 $ 7 $ 257 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 815 Assets held for sale 42 Noncurrent derivative assets (b) 1,391 Current derivative liabilities (c) $ 974 Liabilities associated with assets held for sale 16 Noncurrent derivative liabilities (d) 699 Total derivatives $ 2,248 $ 1,689 Net fair value by FPL balance sheet line item: Current other assets $ 3 Noncurrent other assets 4 Current derivative liabilities $ 256 Noncurrent other liabilities 1 Total derivatives $ 7 $ 257 ______________________ (a) Reflects the netting of approximately $261 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $165 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $8 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $14 million in margin cash collateral paid to counterparties. December 31, 2015 Fair Values of Derivatives Designated as Hedging Instruments for Accounting Purposes - Gross Basis Fair Values of Derivatives Not Designated as Hedging Instruments for Accounting Purposes - Gross Basis Total Derivatives Combined - Net Basis Assets Liabilities Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ — $ — $ 5,906 $ 4,580 $ 1,937 $ 982 Interest rate contracts 33 155 2 160 34 319 Foreign currency swaps — 132 — — — 127 Total fair values $ 33 $ 287 $ 5,908 $ 4,740 $ 1,971 $ 1,428 FPL: Commodity contracts $ — $ — $ 7 $ 225 $ 4 $ 222 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 712 Assets held for sale 57 Noncurrent derivative assets (b) 1,202 Current derivative liabilities (c) $ 882 Liabilities associated with assets held for sale 16 Noncurrent derivative liabilities (d) 530 Total derivatives $ 1,971 $ 1,428 Net fair value by FPL balance sheet line item: Current other assets $ 3 Noncurrent other assets 1 Current derivative liabilities $ 222 Total derivatives $ 4 $ 222 ______________________ (a) Reflects the netting of approximately $279 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $151 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $46 million in margin cash collateral paid to counterparties. (d) Reflects the netting of approximately $13 million in margin cash collateral paid to counterparties. |
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: March 31, 2016 December 31, 2015 Commodity Type NEE FPL NEE FPL (millions) Power (113 ) MWh — (112 ) MWh — Natural gas 1,611 MMBtu 915 MMBtu 1,321 MMBtu 833 MMBtu Oil (9 ) barrels — (9 ) barrels — |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Gains (losses) related to NEE's derivatives not designated as hedging instruments are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended 2016 2015 (millions) Commodity contracts: (a) Operating revenues $ 330 $ 237 Fuel, purchased power and interchange 2 2 Foreign currency swaps - interest expense 30 — Interest rate contracts - interest expense (179 ) (13 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (28 ) — Foreign currency swaps (3 ) — Total $ 152 $ 226 ———————————— (a) For the three months ended March 31, 2016 and 2015, FPL recorded losses of approximately $108 million and $86 million , respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. |
Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Gains (losses) related to NEE's cash flow hedges are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows: Three Months Ended March 31, 2015 Interest Rate Contracts Foreign Currency Swaps Total (millions) Losses recognized in OCI $ (70 ) $ (8 ) $ (78 ) Losses reclassified from AOCI to net income $ (20 ) (a) $ (2 ) (b) $ (22 ) ———————————— (a) Included in interest expense. (b) Losses of approximately $3 million are included in interest expense and the balances are included in other - net. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 315 $ — $ — $ 315 FPL - equity securities $ 30 $ — $ — $ 30 Special use funds: (c) NEE: Equity securities $ 1,280 $ 1,364 (d) $ — $ 2,644 U.S. Government and municipal bonds $ 386 $ 163 $ — $ 549 Corporate debt securities $ — $ 793 $ — $ 793 Mortgage-backed securities $ — $ 455 $ — $ 455 Other debt securities $ — $ 72 $ — $ 72 FPL: Equity securities $ 320 $ 1,246 (d) $ — $ 1,566 U.S. Government and municipal bonds $ 295 $ 137 $ — $ 432 Corporate debt securities $ — $ 600 $ — $ 600 Mortgage-backed securities $ — $ 353 $ — $ 353 Other debt securities $ — $ 59 $ — $ 59 Other investments: NEE: Equity securities $ 29 $ 1 $ — $ 30 Debt securities $ 8 $ 161 $ — $ 169 Derivatives: NEE: Commodity contracts $ 2,604 $ 2,817 $ 1,351 $ (4,571 ) $ 2,201 (e) Interest rate contracts $ — $ 60 $ — $ (13 ) $ 47 (e) FPL - commodity contracts $ — $ 8 $ 3 $ (4 ) $ 7 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 2,574 $ 2,132 $ 575 $ (4,167 ) $ 1,114 (e) Interest rate contracts $ — $ 363 $ 127 $ (4 ) $ 486 (e) Foreign currency swaps $ — $ 98 $ — $ (9 ) $ 89 (e) FPL - commodity contracts $ — $ 250 $ 11 $ (4 ) $ 257 (e) ———————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash of approximately $108 million ( $30 million for FPL) in other current assets on the condensed consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. (d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (e) See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. December 31, 2015 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 312 $ — $ — $ 312 FPL - equity securities $ 36 $ — $ — $ 36 Special use funds: (c) NEE: Equity securities $ 1,320 $ 1,354 (d) $ — $ 2,674 U.S. Government and municipal bonds $ 446 $ 166 $ — $ 612 Corporate debt securities $ — $ 713 $ — $ 713 Mortgage-backed securities $ — $ 412 $ — $ 412 Other debt securities $ — $ 52 $ — $ 52 FPL: Equity securities $ 364 $ 1,234 (d) $ — $ 1,598 U.S. Government and municipal bonds $ 335 $ 145 $ — $ 480 Corporate debt securities $ — $ 531 $ — $ 531 Mortgage-backed securities $ — $ 327 $ — $ 327 Other debt securities $ — $ 40 $ — $ 40 Other investments: NEE: Equity securities $ 30 $ 10 $ — $ 40 Debt securities $ 39 $ 132 $ — $ 171 Derivatives: NEE: Commodity contracts $ 2,187 $ 2,540 $ 1,179 $ (3,969 ) $ 1,937 (e) Interest rate contracts $ — $ 35 $ — $ (1 ) $ 34 (e) FPL - commodity contracts $ — $ 1 $ 6 $ (3 ) $ 4 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 2,153 $ 1,887 $ 540 $ (3,598 ) $ 982 (e) Interest rate contracts $ — $ 214 $ 101 $ 4 $ 319 (e) Foreign currency swaps $ — $ 132 $ — $ (5 ) $ 127 (e) FPL - commodity contracts $ — $ 219 $ 6 $ (3 ) $ 222 (e) ———————————— (a) Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively. (b) Includes restricted cash of approximately $61 million ( $36 million for FPL) in other current assets on the condensed consolidated balance sheets. (c) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below. (d) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (e) See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at March 31, 2016 are as follows: Transaction Type Fair Value at March 31, 2016 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 694 $ 248 Discounted cash flow Forward price (per MWh) $7 — $101 Forward contracts - gas 24 29 Discounted cash flow Forward price (per MMBtu) $1 — $5 Forward contracts - other commodity related 7 3 Discounted cash flow Forward price (various) $(42) — $43 Options - power 52 47 Option models Implied correlations (5)% — 99% Implied volatilities 2% — 185% Options - primarily gas 152 205 Option models Implied correlations (5)% — 99% Implied volatilities 1% — 146% Full requirements and unit contingent contracts 422 43 Discounted cash flow Forward price (per MWh) $(18) — $242 Customer migration rate (a) —% — 20% Total $ 1,351 $ 575 —————————— (a) Applies only to full requirements contracts. |
Reconciliation of changes in the fair value measured based on significant unobservable inputs | The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended March 31, 2016 2015 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year $ 538 $ — $ 622 $ 5 Realized and unrealized gains (losses): Included in earnings (a) 254 — 30 — Included in other comprehensive income (loss) (6 ) — 15 — Included in regulatory assets and liabilities (3 ) (3 ) (1 ) (1 ) Purchases 100 — 22 — Settlements (133 ) (5 ) (187 ) (5 ) Issuances (74 ) — (20 ) — Transfers in (b) 3 — (19 ) — Transfers out (b) (30 ) — (11 ) — Fair value of net derivatives based on significant unobservable inputs at March 31 $ 649 $ (8 ) $ 451 $ (1 ) 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) $ 196 $ — $ 38 $ — ———————————— (a) For the three months ended March 31, 2016 and 2015 , realized and unrealized gains of approximately $274 million and $47 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. (b) Transfers into Level 3 were a result of decreased observability of market data and 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 three months ended March 31, 2016 and 2015 , unrealized gains of approximately $216 million and $55 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. |
Fair Value, by Balance Sheet Grouping | Fair Value of Financial Instruments Recorded at Other than Fair Value - The carrying amounts of cash equivalents, commercial paper and notes payable approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value, are as follows: March 31, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 653 $ 653 $ 675 $ 675 Other investments - primarily notes receivable $ 517 $ 770 (b) $ 512 $ 722 (b) Long-term debt, including current maturities $ 29,931 (c) $ 31,928 (d) $ 28,897 (c) $ 30,412 (d) FPL: Special use funds (a) $ 508 $ 508 $ 528 $ 528 Long-term debt, including current maturities $ 9,990 $ 11,509 (d) $ 10,020 $ 11,028 (d) ———————————— (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 March 31, 2016 and December 31, 2015 , NEE had no notes receivable reported in non-accrual status. (c) Excludes debt totaling $936 million and $938 million , respectively, reflected in liabilities associated with assets held for sale on NEE's condensed consolidated balance sheet for which the carrying amount approximates fair value. See Note 8 - Assets and Liabilities Associated with Assets Held for Sale. (d) As of March 31, 2016 and December 31, 2015 , for NEE, approximately $18,378 million and $18,031 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, primarily 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 Three Months Ended Three Months Ended 2016 2015 2016 2015 (millions) Realized gains $ 22 $ 98 $ 10 $ 68 Realized losses $ 18 $ 69 $ 10 $ 61 Proceeds from sale or maturity of securities $ 701 $ 729 $ 530 $ 589 The unrealized gains on available for sale securities are as follows: NEE FPL March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (millions) Equity securities $ 1,183 $ 1,166 $ 874 $ 863 Debt securities $ 41 $ 17 $ 31 $ 14 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 March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (millions) Unrealized losses (a) $ 36 $ 51 $ 33 $ 45 Fair value $ 428 $ 1,129 $ 370 $ 861 ———————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at March 31, 2016 and December 31, 2015 were not material to NEE or FPL. |
Common Shareholders' Equity (Ta
Common Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Reconciliation of basic and diluted earnings per share of common stock | Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended 2016 2015 (millions, except per share amounts) Numerator - net income attributable to NEE $ 636 $ 650 Denominator: Weighted-average number of common shares outstanding - basic 460.5 442.3 Equity units, performance share awards, stock options and restricted stock (a) 2.4 6.5 Weighted-average number of common shares outstanding - assuming dilution 462.9 448.8 Earnings per share attributable to NEE: Basic $ 1.38 $ 1.47 Assuming dilution $ 1.37 $ 1.45 ———————————— (a) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investee Total (millions) Three Months Ended March 31, 2016 Balances, December 31, 2015 $ (170 ) $ 174 $ (62 ) $ (85 ) $ (24 ) $ (167 ) Other comprehensive Income (loss) before reclassifications — 8 (7 ) 20 (3 ) 18 Amounts reclassified from AOCI 23 (a) (1 ) (b) — — — 22 Net other comprehensive income (loss) 23 7 (7 ) 20 (3 ) 40 Less other comprehensive loss attributable to noncontrolling interests (1 ) — — (13 ) — (14 ) Balances, March 31, 2016 $ (146 ) $ 181 $ (69 ) $ (52 ) $ (27 ) $ (113 ) ———————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investee Total (millions) Three Months Ended March 31, 2015 Balances, December 31. 2014 $ (156 ) $ 218 $ (20 ) $ (58 ) $ (24 ) $ (40 ) Other comprehensive income (loss) before reclassifications (52 ) 12 (16 ) 14 (2 ) (44 ) Amounts reclassified from AOCI 18 (a) (10 ) (b) — — — 8 Net other comprehensive income (loss) (34 ) 2 (16 ) 14 (2 ) (36 ) Less other comprehensive loss attributable to noncontrolling interests (1 ) — — (2 ) — (3 ) Balances, March 31, 2015 $ (189 ) $ 220 $ (36 ) $ (42 ) $ (26 ) $ (73 ) ———————————— (a) Reclassified to interest expense and other - net in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of assets - net in NEE's condensed consolidated statements of income. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances and borrowings by subsidiaries of NEE during the three months ended March 31, 2016 were as follows: Date Issued Company Debt Issuances/Borrowings Interest Rate Principal Amount Maturity Date (millions) January 2016 NEER subsidiary Limited-recourse construction and term loan facility Variable (a)(b) $ 98 2035 February 2016 NEP subsidiary Senior secured revolving credit facility Variable (a) $ 75 2019 February 2016 NEECH Term loan 1.00 % $ 100 2021 March 2016 NEP subsidiary Limited-recourse construction and term loan facility Variable (a)(b) $ 41 2022 March 2016 NEECH Debentures 2.30 % $ 500 2019 March 2016 NEER subsidiary Senior secured limited-recourse term loan Variable (a)(b) $ 76 2027 March 2016 NEER subsidiary Senior secured limited-recourse term loan Variable (a)(b) $ 89 2028 January - March 2016 NEER subsidiary Cash grant bridge loan facilities Variable (a) $ 155 2018 January - March 2016 NEER subsidiary Limited-recourse construction and term loan facility Variable (a)(b) $ 106 2035 ———————————— (a) Variable rate is based on an underlying index plus a margin. (b) Interest rate swap agreements have been entered into with respect to these issuances. See Note 2. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At March 31, 2016 , estimated capital expenditures for the remainder of 2016 through 2020 for which applicable internal approvals (and also FPSC approvals for FPL, if required) have been received were as follows: Remainder of 2016 2017 2018 2019 2020 Total (millions) FPL: Generation: (a) New (b)(c) $ 850 $ 60 $ 5 $ 5 $ — $ 920 Existing 500 955 685 535 550 3,225 Transmission and distribution 1,410 2,060 1,985 2,485 2,335 10,275 Nuclear fuel 105 125 190 170 210 800 General and other 110 265 240 185 185 985 Total $ 2,975 $ 3,465 $ 3,105 $ 3,380 $ 3,280 $ 16,205 NEER: Wind (d) $ 1,810 $ 50 $ 35 $ 30 $ 30 $ 1,955 Solar (e) 735 10 — — — 745 Nuclear, including nuclear fuel 250 235 265 275 245 1,270 Natural gas pipelines (f) 1,220 775 465 35 20 2,515 Other 255 55 75 50 65 500 Total $ 4,270 $ 1,125 $ 840 $ 390 $ 360 $ 6,985 Corporate and Other $ 190 $ 165 $ 125 $ 155 $ 120 $ 755 ———————————— (a) Includes AFUDC of approximately $ 51 million , $ 14 million and $ 11 million for the remainder of 2016 through 2018, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Excludes capital expenditures of approximately $ 940 million for the natural gas-fired combined-cycle unit in Okeechobee County, Florida for the period from the end of 2016 (when approval by the Florida Power Plant Siting Board (Siting Board), comprised of the Florida governor and cabinet is expected) through 2019. Also 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 and maintain an NRC license for each unit. (d) Consists of capital expenditures for new wind projects and related transmission totaling approximately 1,565 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 860 MW. (f) Includes capital expenditures for construction of three natural gas pipelines, including equity contributions associated with equity investments in joint ventures for two pipelines and AFUDC associated with the third pipeline. The natural gas pipelines are subject to certain conditions. See Contracts below. |
Required capacity and/or minimum payments under contracts | The required capacity and/or minimum payments under the contracts discussed above as of March 31, 2016 were estimated as follows: Remainder of 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 135 $ 170 $ 155 $ 135 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 795 $ 930 $ 870 $ 860 $ 910 $ 12,970 Coal, including transportation $ 70 $ 45 $ 5 $ 5 $ — $ — NEER $ 3,515 $ 750 $ 610 $ 130 $ 75 $ 320 Corporate and Other (d)(e) $ 80 $ 5 $ 5 $ — $ 5 $ — ———————————— (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 47 million and $ 119 million for the three months ended March 31, 2016 and 2015 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 16 million and $ 44 million for the three months ended March 31, 2016 and 2015 , respectively. (b) Recoverable through the fuel clause. (c) Includes approximately $ 200 million , $ 295 million , $ 290 million , $ 360 million and $7,885 million in 2017, 2018, 2019 , 2020 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 $35 million commitment to invest primarily in clean power and technology businesses through 2021. (e) Excludes approximately $865 million in 2016 of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment information | NEE's segment information is as follows: Three Months Ended March 31, 2016 2015 FPL NEER (a) Corporate and Other NEE Consoli- dated FPL NEER (a)(b) Corporate (b) NEE Consoli- dated (millions) Operating revenues $ 2,303 $ 1,441 $ 91 $ 3,835 $ 2,541 $ 1,462 $ 101 $ 4,104 Operating expenses $ 1,589 $ 946 $ 66 $ 2,601 $ 1,874 $ 1,029 $ 72 $ 2,975 Net income attributable to NEE $ 393 $ 224 (c) $ 19 $ 636 $ 359 $ 280 (c) $ 11 $ 650 ———————————— (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) Amounts were adjusted to reflect the fourth quarter 2015 segment change related to natural gas pipeline projects. (c) See Note 4 for a discussion of NEER's tax benefits related to PTCs. March 31, 2016 December 31, 2015 FPL NEER Corporate and Other NEE Consoli- dated FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 43,112 $ 39,129 $ 2,396 $ 84,637 $ 42,523 $ 37,647 $ 2,309 $ 82,479 |
Summarized Financial Informat30
Summarized Financial Information of Capital Holdings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summarized Financial Information [Abstract] | |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income Three Months Ended March 31, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Operating revenues $ — $ 1,535 $ 2,300 $ 3,835 $ — $ 1,567 $ 2,537 $ 4,104 Operating expenses (4 ) (1,005 ) (1,592 ) (2,601 ) (4 ) (1,095 ) (1,876 ) (2,975 ) Interest expense — (397 ) (112 ) (509 ) (1 ) (205 ) (115 ) (321 ) Equity in earnings of subsidiaries 638 — (638 ) — 645 — (645 ) — Other income - net — 147 24 171 — 117 11 128 Income (loss) before income taxes 634 280 (18 ) 896 640 384 (88 ) 936 Income tax expense (benefit) (2 ) 30 231 259 (10 ) 93 203 286 Net income (loss) 636 250 (249 ) 637 650 291 (291 ) 650 Less net income attributable to noncontrolling interests — 1 — 1 — — — — Net income (loss) attributable to NEE $ 636 $ 249 $ (249 ) $ 636 $ 650 $ 291 $ (291 ) $ 650 ———————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Three Months Ended March 31, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 690 $ 310 $ (310 ) $ 690 $ 617 $ 274 $ (274 ) $ 617 ———————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Three Months Ended March 31, 2016 2015 NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated (millions) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 728 $ 613 $ 204 $ 1,545 $ 907 $ 225 $ 49 $ 1,181 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases — (2,683 ) (1,196 ) (3,879 ) — (801 ) (765 ) (1,566 ) Capital contributions from NEE (321 ) — 321 — (551 ) — 551 — Proceeds from the sale of a noncontrolling interest in subsidiaries — 292 — 292 — — — — Other - net — (98 ) 4 (94 ) — 2 — 2 Net cash used in investing activities (321 ) (2,489 ) (871 ) (3,681 ) (551 ) (799 ) (214 ) (1,564 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 1,250 — 1,250 — 194 — 194 Retirements of long-term debt — (333 ) (34 ) (367 ) — (139 ) (31 ) (170 ) Proceeds from notes payable — — 500 500 — 625 — 625 Net change in commercial paper — 692 494 1,186 — 700 (722 ) (22 ) Issuances of common stock 17 — — 17 16 — — 16 Dividends on common stock (401 ) — — (401 ) (341 ) — — (341 ) Contributions from (dividends to) NEE — 312 (312 ) — — (902 ) 902 — Other - net (21 ) 2 27 8 (31 ) (25 ) 29 (27 ) Net cash provided by (used in) financing activities (405 ) 1,923 675 2,193 (356 ) 453 178 275 Net increase (decrease) in cash and cash equivalents 2 47 8 57 — (121 ) 13 (108 ) Cash and cash equivalents at beginning of period — 546 25 571 — 562 15 577 Cash and cash equivalents at end of period $ 2 $ 593 $ 33 $ 628 $ — $ 441 $ 28 $ 469 ———————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets March 31, 2016 December 31, 2015 NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (a) NEE Consoli- dated (millions) PROPERTY, PLANT AND EQUIPMENT Electric plant in service and other property $ 27 $ 36,130 $ 46,163 $ 82,320 $ 27 $ 34,921 $ 45,382 $ 80,330 Accumulated depreciation and amortization (16 ) (7,383 ) (12,027 ) (19,426 ) (16 ) (7,067 ) (11,861 ) (18,944 ) Total property, plant and equipment - net 11 28,747 34,136 62,894 11 27,854 33,521 61,386 CURRENT ASSETS Cash and cash equivalents 2 593 33 628 — 546 25 571 Receivables 64 1,575 628 2,267 90 1,510 665 2,265 Other 4 2,731 1,466 4,201 4 2,443 1,512 3,959 Total current assets 70 4,899 2,127 7,096 94 4,499 2,202 6,795 OTHER ASSETS Investment in subsidiaries 22,691 — (22,691 ) — 22,544 — (22,544 ) — Other 908 8,033 5,706 14,647 823 7,790 5,685 14,298 Total other assets 23,599 8,033 (16,985 ) 14,647 23,367 7,790 (16,859 ) 14,298 TOTAL ASSETS $ 23,680 $ 41,679 $ 19,278 $ 84,637 $ 23,472 $ 40,143 $ 18,864 $ 82,479 CAPITALIZATION Common shareholders' equity $ 22,912 $ 7,639 $ (7,639 ) $ 22,912 $ 22,574 $ 6,990 $ (6,990 ) $ 22,574 Noncontrolling interests — 718 — 718 — 538 — 538 Long-term debt — 17,867 9,924 27,791 — 16,725 9,956 26,681 Total capitalization 22,912 26,224 2,285 51,421 22,574 24,253 2,966 49,793 CURRENT LIABILITIES Debt due within one year — 3,401 1,216 4,617 — 2,786 220 3,006 Accounts payable — 651 488 1,139 4 1,919 606 2,529 Other 196 3,188 1,447 4,831 252 3,003 1,317 4,572 Total current liabilities 196 7,240 3,151 10,587 256 7,708 2,143 10,107 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 665 1,844 2,509 — 647 1,822 2,469 Deferred income taxes 91 2,385 7,506 9,982 157 2,396 7,274 9,827 Other 481 5,165 4,492 10,138 485 5,139 4,659 10,283 Total other liabilities and deferred credits 572 8,215 13,842 22,629 642 8,182 13,755 22,579 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 23,680 $ 41,679 $ 19,278 $ 84,637 $ 23,472 $ 40,143 $ 18,864 $ 82,479 ———————————— (a) Represents primarily FPL and consolidating adjustments. |
Employee Retirement Benefits (D
Employee Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits [Member] | ||
Net periodic benefit (income) cost [Abstract] | ||
Service cost | $ 16 | $ 18 |
Interest cost | 26 | 24 |
Expected return on plan assets | (65) | (63) |
Amortization of prior service benefit | 0 | 0 |
Net periodic benefit (income) cost | (23) | (21) |
Other Benefits [Member] | ||
Net periodic benefit (income) cost [Abstract] | ||
Service cost | 1 | 1 |
Interest cost | 3 | 3 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service benefit | (1) | 0 |
Net periodic benefit (income) cost | 3 | 4 |
FPL [Member] | Pension Benefits [Member] | ||
Net periodic benefit (income) cost [Abstract] | ||
Net periodic benefit (income) cost | (15) | (14) |
FPL [Member] | Other Benefits [Member] | ||
Net periodic benefit (income) cost [Abstract] | ||
Net periodic benefit (income) cost | $ 2 | $ 3 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Total gain (loss) to be reclassified during next 12 months | $ (36) | |
Margin cash collateral received from counterparties that was not offset against derivative assets | 26 | $ 27 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | 150 | $ 116 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Expense [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Reclassification out of AOCI into interest expense, before tax | 14 | |
Reclassification out of AOCI into interest expense, net of tax | $ 9 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 2,248 | $ 1,971 |
Derivative Liability | 1,689 | 1,428 |
Current derivative assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 815 | 712 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 261 | 279 |
Assets held for sale [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 42 | 57 |
Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,391 | 1,202 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 165 | 151 |
Current derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 974 | 882 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 8 | 46 |
Liabilities associated with assets held-for-sale [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 16 | 16 |
Noncurrent derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 699 | 530 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 14 | 13 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,937 | |
Derivative Liability | 982 | |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 34 | |
Derivative Liability | 319 | |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 127 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 33 | |
Derivative Liability, Fair Value, Gross Liability | 287 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,832 | 5,908 |
Derivative Liability, Fair Value, Gross Liability | 5,869 | 4,740 |
Derivative Asset | 2,248 | |
Derivative Liability | 1,689 | |
FPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 7 | 4 |
Derivative Liability | 257 | 222 |
FPL [Member] | Current derivative assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3 | 3 |
FPL [Member] | Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4 | 1 |
FPL [Member] | Current derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 256 | 222 |
FPL [Member] | Noncurrent derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 1 | |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,772 | 5,906 |
Derivative Liability, Fair Value, Gross Liability | 5,281 | 4,580 |
Derivative Asset | 2,201 | |
Derivative Liability | 1,114 | |
Commodity Contract [Member] | FPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4 | |
Derivative Liability | 222 | |
Commodity Contract [Member] | FPL [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Liability, Fair Value, Gross Liability | 0 | |
Commodity Contract [Member] | FPL [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 11 | 7 |
Derivative Liability, Fair Value, Gross Liability | 261 | 225 |
Derivative Asset | 7 | |
Derivative Liability | 257 | |
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 33 | |
Derivative Liability, Fair Value, Gross Liability | 155 | |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 60 | 2 |
Derivative Liability, Fair Value, Gross Liability | 490 | 160 |
Derivative Asset | 47 | |
Derivative Liability | 486 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Derivative Liability, Fair Value, Gross Liability | 132 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 98 | $ 0 |
Derivative Asset | 0 | |
Derivative Liability | $ 89 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (22) | |
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||
Gains (Losses) Recognized in Other Comprehensive Income (Loss) | (78) | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 152 | 226 |
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | (108) | (86) |
Commodity Contract [Member] | Gains (losses) included in operating revenues [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 330 | 237 |
Commodity Contract [Member] | Gains (losses) included in fuel, purchased power and interchange [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 2 | 2 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (20) | |
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||
Gains (Losses) Recognized in Other Comprehensive Income (Loss) | (70) | |
Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (179) | (13) |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | |
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||
Gains (Losses) Recognized in Other Comprehensive Income (Loss) | (8) | |
Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 30 | 0 |
Cash Flow Hedging [Member] | Currency Swap [Member] | Interest Expense [Member] | ||
Derivative [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (3) | |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (3) | 0 |
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (28) | $ 0 |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | Mar. 31, 2016USD ($)MWhMMBTUbbl | Dec. 31, 2015USD ($)MWhMMBTUbbl |
Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | MWh | (113) | (112) |
Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | MMBTU | 1,611 | 1,321 |
Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | bbl | (9) | (9) |
Interest rate contracts [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 8,200 | $ 8,300 |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 700 | $ 715 |
FPL [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | MWh | 0 | 0 |
FPL [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | MMBTU | 915 | 833 |
FPL [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | bbl | 0 | 0 |
Derivative Instruments (Credit-
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 2,400 | $ 2,200 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 350 | 250 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 2,500 | 2,500 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 385 | 660 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | 182 | 123 |
FPL [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 259 | 224 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 30 | 20 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 500 | 600 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 105 | 120 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | $ 0 | $ 3 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | $ 315 | $ 312 |
Special use funds: | ||
Equity securities | 2,644 | 2,674 |
U.S. Government and municipal bonds | 549 | 612 |
Corporate debt securities | 793 | 713 |
Mortgage-backed securities | 455 | 412 |
Other debt securities | 72 | 52 |
Other investments: | ||
Equity Securities | 30 | 40 |
Debt securities | 169 | 171 |
Derivatives: | ||
Commodity contracts | 2,201 | 1,937 |
Interest rate contracts | 47 | 34 |
Derivatives: | ||
Commodity contracts | 1,114 | 982 |
Interest rate swaps | 486 | 319 |
Foreign currency swaps | 89 | 127 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 315 | 312 |
Special use funds: | ||
Equity securities | 1,280 | 1,320 |
U.S. Government and municipal bonds | 386 | 446 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 29 | 30 |
Debt securities | 8 | 39 |
Derivatives: | ||
Commodity contracts | 2,604 | 2,187 |
Interest rate contracts | 0 | 0 |
Derivatives: | ||
Commodity contracts | 2,574 | 2,153 |
Interest rate swaps | 0 | 0 |
Foreign currency swaps | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 1,364 | 1,354 |
U.S. Government and municipal bonds | 163 | 166 |
Corporate debt securities | 793 | 713 |
Mortgage-backed securities | 455 | 412 |
Other debt securities | 72 | 52 |
Other investments: | ||
Equity Securities | 1 | 10 |
Debt securities | 161 | 132 |
Derivatives: | ||
Commodity contracts | 2,817 | 2,540 |
Interest rate contracts | 60 | 35 |
Derivatives: | ||
Commodity contracts | 2,132 | 1,887 |
Interest rate swaps | 363 | 214 |
Foreign currency swaps | 98 | 132 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 0 | 0 |
Debt securities | 0 | 0 |
Derivatives: | ||
Commodity contracts | 1,351 | 1,179 |
Interest rate contracts | 0 | 0 |
Derivatives: | ||
Commodity contracts | 575 | 540 |
Interest rate swaps | 127 | 101 |
Foreign currency swaps | 0 | 0 |
Netting [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Commodity contracts | (4,571) | (3,969) |
Interest rate contracts | (13) | (1) |
Derivatives: | ||
Commodity contracts | (4,167) | (3,598) |
Interest rate swaps | (4) | 4 |
Foreign currency swaps | (9) | (5) |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 30 | 36 |
Special use funds: | ||
Equity securities | 1,566 | 1,598 |
U.S. Government and municipal bonds | 432 | 480 |
Corporate debt securities | 600 | 531 |
Mortgage-backed securities | 353 | 327 |
Other debt securities | 59 | 40 |
Derivatives: | ||
Commodity contracts | 7 | 4 |
Derivatives: | ||
Commodity contracts | 257 | 222 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 30 | 36 |
Special use funds: | ||
Equity securities | 320 | 364 |
U.S. Government and municipal bonds | 295 | 335 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Derivatives: | ||
Commodity contracts | 0 | 0 |
Derivatives: | ||
Commodity contracts | 0 | 0 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 1,246 | 1,234 |
U.S. Government and municipal bonds | 137 | 145 |
Corporate debt securities | 600 | 531 |
Mortgage-backed securities | 353 | 327 |
Other debt securities | 59 | 40 |
Derivatives: | ||
Commodity contracts | 8 | 1 |
Derivatives: | ||
Commodity contracts | 250 | 219 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 0 | 0 |
U.S. Government and municipal bonds | 0 | 0 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Derivatives: | ||
Commodity contracts | 3 | 6 |
Derivatives: | ||
Commodity contracts | 11 | 6 |
FPL [Member] | Netting [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Commodity contracts | (4) | (3) |
Derivatives: | ||
Commodity contracts | (4) | (3) |
Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 108 | 61 |
Other Current Assets [Member] | FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | $ 30 | $ 36 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs Used in Valuation of Contracts) (Details) - Level 3 [Member] $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 1,351 |
Liabilities, Fair Value Disclosure | 575 |
Forward Contracts - power [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 694 |
Liabilities, Fair Value Disclosure | $ 248 |
Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 7 |
Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 101 |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 24 |
Liabilities, Fair Value Disclosure | $ 29 |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 1 |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 5 |
Forward contracts - other commodity related [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 7 |
Liabilities, Fair Value Disclosure | $ 3 |
Forward contracts - other commodity related [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ (42) |
Forward contracts - other commodity related [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 43 |
Options - Power [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 52 |
Liabilities, Fair Value Disclosure | $ 47 |
Options - Power [Member] | Option Models [Member] | Implied Correlations [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | (5.00%) |
Options - Power [Member] | Option Models [Member] | Implied Correlations [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 99.00% |
Options - Power [Member] | Option Models [Member] | Implied Volatilities [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 2.00% |
Options - Power [Member] | Option Models [Member] | Implied Volatilities [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 185.00% |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 152 |
Liabilities, Fair Value Disclosure | $ 205 |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | Implied Correlations [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | (5.00%) |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | Implied Correlations [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 99.00% |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | Implied Volatilities [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 1.00% |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | Implied Volatilities [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 146.00% |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 422 |
Liabilities, Fair Value Disclosure | $ 43 |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ (18) |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Forward Price [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 242 |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Customer Migration Rate [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 0.00% |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Customer Migration Rate [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (as a percentage) | 20.00% |
NextEra Energy Resources [Member] | Interest rate contracts [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | $ 127 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Realized and unrealized gains (losses): [Abstract] | ||
Realized and unrealized gains (losses) reflected in operating revenues | $ 274 | $ 47 |
Unrealized gains (losses) reflected in operating revenues related to derivatives still held at the reporting date | 216 | 55 |
Financial Instruments, Net [Member] | ||
Reconciliation of changes in fair value based on significant unobservable inputs Roll Forward [Abstract] | ||
Fair value based on significant unobservable inputs, beginning balance | 538 | 622 |
Realized and unrealized gains (losses): [Abstract] | ||
Included in Earnings | 254 | 30 |
Included in other comprehensive income | (6) | 15 |
Included in regulatory assets and liabilities | (3) | (1) |
Purchases | 100 | 22 |
Settlements | (133) | (187) |
Issuances | (74) | (20) |
Transfers in | 3 | (19) |
Transfers out | (30) | (11) |
Fair value based on significant unobservable inputs, ending balance | 649 | 451 |
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 | 196 | 38 |
FPL [Member] | Financial Instruments, Net [Member] | ||
Reconciliation of changes in fair value based on significant unobservable inputs Roll Forward [Abstract] | ||
Fair value based on significant unobservable inputs, beginning balance | 0 | 5 |
Realized and unrealized gains (losses): [Abstract] | ||
Included in Earnings | 0 | 0 |
Included in other comprehensive income | 0 | 0 |
Included in regulatory assets and liabilities | (3) | (1) |
Purchases | 0 | 0 |
Settlements | (5) | (5) |
Issuances | 0 | 0 |
Transfers in | 0 | 0 |
Transfers out | 0 | 0 |
Fair value based on significant unobservable inputs, ending balance | (8) | (1) |
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 | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Instruments Recorded at Carrying Amount) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Storm Fund Assets | $ 75 | $ 74 |
Special use funds: nuclear decommissioning fund assets | 5,091 | 5,064 |
Available for sale debt securities amortized cost | 1,864 | 1,823 |
Available For Sale Securities Equity Securities Amortized Cost | $ 1,470 | 1,505 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Special Use Funds Storm Fund Weighted Average Maturity | 3 years | |
Liabilities associated with assets held-for-sale [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 936 | 938 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 653 | 675 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 770 | 722 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 31,928 | 30,412 |
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 | 18,378 | 18,031 |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 653 | 675 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 517 | 512 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 29,931 | 28,897 |
FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Storm Fund Assets | 75 | 74 |
Special use funds: nuclear decommissioning fund assets | 3,443 | 3,430 |
Available for sale debt securities amortized cost | 1,446 | 1,409 |
Available For Sale Securities Equity Securities Amortized Cost | $ 702 | 732 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Special Use Funds Storm Fund Weighted Average Maturity | 3 years | |
FPL [Member] | Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 508 | 528 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 11,509 | 11,028 |
FPL [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 508 | 528 |
Long Term Debt Including Current Maturities Fair Value Disclosure | $ 9,990 | $ 10,020 |
Fair Value Measurements (Availa
Fair Value Measurements (Available for Sale Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Realized Gains | $ 22 | $ 98 | |
Realized Losses | 18 | 69 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | 701 | 729 | |
Unrealized losses on available for sale debt securities | 36 | $ 51 | |
Fair value of available for sale securities in an unrealized loss position | 428 | 1,129 | |
FPL [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Realized Gains | 10 | 68 | |
Realized Losses | 10 | 61 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | 530 | $ 589 | |
Unrealized losses on available for sale debt securities | 33 | 45 | |
Fair value of available for sale securities in an unrealized loss position | 370 | 861 | |
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gains | 1,183 | 1,166 | |
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | FPL [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gains | 874 | 863 | |
available for sale securities: Special Use Funds - Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gains | 41 | 17 | |
available for sale securities: Special Use Funds - Debt Securities [Member] | FPL [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gains | $ 31 | $ 14 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (as a percent) | 29.00% | 31.00% |
Production tax credits | $ 42 | $ 38 |
Deferred income tax benefit associated with convertible investment tax credits | $ 37 | $ 18 |
Variable Interest Entities (V43
Variable Interest Entities (VIEs) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)variable_interest_entityMW | Dec. 31, 2015USD ($) | Dec. 31, 2007USD ($) | |
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 26 | ||
Investment in subsidiaries | $ 0 | $ 0 | |
NEP OpCo [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | 6,700 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 4,900 | ||
Ownership percentage | 70.80% | ||
Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | $ 2,272 | 602 | |
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 | 195 | 230 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 241 | 278 | |
FPL [Member] | Qualifying facility 2 [Member] | |||
Variable Interest Entity [Line Items] | |||
Coal fired generating facility capacity (in megawatts) | MW | 330 | ||
FPL [Member] | Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | $ 1,851 | 476 | |
NextEra Energy Resources [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 24 | ||
NextEra Energy Resources [Member] | Gas and/or oil variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 2 | ||
Carrying amount of assets, consolidated variable interest entity | $ 92 | 84 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 51 | 47 | |
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 110 | ||
NextEra Energy Resources [Member] | Wind variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 20 | ||
Carrying amount of assets, consolidated variable interest entity | $ 7,600 | 7,600 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 4,200 | 5,000 | |
Wind electric generating facility capability (in megawatts) | MW | 5,272 | ||
NextEra Energy Resources [Member] | Solar Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 2 | ||
NEECH [Member] | Special Purpose Entity that has Insufficient Equity at Risk [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | $ 516 | ||
Carrying amount of liabilities, consolidated variable interest entity | 501 | ||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | 726 | 657 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 710 | $ 626 | |
Ownership percentage | 50.00% | ||
Wind electric generating facility capability (in megawatts) | MW | 277 | ||
Wind electric generating facility capability, capacity placed in service (in megawatts) | MW | 237 | ||
Subsidiaries of NEE [Member] | |||
Variable Interest Entity [Line Items] | |||
Additional commitments to invest | $ 35 | ||
Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment in subsidiaries | $ 260 |
Common Shareholders' Equity (Ea
Common Shareholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||
Net income attributable to NEE | $ 636 | $ 650 |
Denominator: | ||
Weighted-average number of common shares outstanding - basic | 460.5 | 442.3 |
Equity units, performance share awards, options, forward sale agreement and restricted stock | 2.4 | 6.5 |
Weighted-average number of common shares outstanding - assuming dilution | 462.9 | 448.8 |
Earnings per share attributable to NEE: | ||
Basic (in dollars per share) | $ 1.38 | $ 1.47 |
Assuming dilution (in dollars per share) | $ 1.37 | $ 1.45 |
Antidilutive securities (in shares) | 0.2 | 0.1 |
Common Shareholders' Equity (Ac
Common Shareholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ (167) | $ (40) |
Other comprehensive Income (loss) before reclassifications | 18 | (44) |
Amounts reclassified from AOCI | 22 | 8 |
Net other comprehensive income (loss) | 40 | (36) |
Less other comprehensive loss attributable to noncontrolling interests | (14) | (3) |
Ending balance | (113) | (73) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (170) | (156) |
Other comprehensive Income (loss) before reclassifications | 0 | (52) |
Amounts reclassified from AOCI | 23 | 18 |
Net other comprehensive income (loss) | 23 | (34) |
Less other comprehensive loss attributable to noncontrolling interests | (1) | (1) |
Ending balance | (146) | (189) |
Net Unrealized Gains (Losses) on Available for Sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 174 | 218 |
Other comprehensive Income (loss) before reclassifications | 8 | 12 |
Amounts reclassified from AOCI | (1) | (10) |
Net other comprehensive income (loss) | 7 | 2 |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Ending balance | 181 | 220 |
Defined Benefit Pension and Other Benefits Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (62) | (20) |
Other comprehensive Income (loss) before reclassifications | (7) | (16) |
Amounts reclassified from AOCI | 0 | 0 |
Net other comprehensive income (loss) | (7) | (16) |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Ending balance | (69) | (36) |
Net Unrealized Gains (Losses) on Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (85) | (58) |
Other comprehensive Income (loss) before reclassifications | 20 | 14 |
Amounts reclassified from AOCI | 0 | 0 |
Net other comprehensive income (loss) | 20 | 14 |
Less other comprehensive loss attributable to noncontrolling interests | (13) | (2) |
Ending balance | (52) | (42) |
Other Comprehensive Income (Loss) Related to Equity Method Investee | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (24) | (24) |
Other comprehensive Income (loss) before reclassifications | (3) | (2) |
Amounts reclassified from AOCI | 0 | 0 |
Net other comprehensive income (loss) | (3) | (2) |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 |
Ending balance | $ (27) | $ (26) |
Debt (Details)
Debt (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
NextEra Energy Resources subsidiary [Member] | Revolving Credit Facility [Member] | Limited-recourse construction and term loan facility 2 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 98 |
NextEra Energy Resources subsidiary [Member] | Revolving Credit Facility [Member] | Cash Grant Bridge Loan Facilities 2018 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 155 |
NextEra Energy Resources subsidiary [Member] | Revolving Credit Facility [Member] | Limited-recourse construction and term loan facility 2035 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 106 |
NextEra Energy Resources subsidiary [Member] | Term Loan [Member] | Senior Secured Limited Recourse Term Loan 2027 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 76 |
NextEra Energy Resources subsidiary [Member] | Term Loan [Member] | Senior Secured Limited Recourse Term Loan 2028 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 89 |
NextEra Energy Partners subsidiary [Member] | Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 75 |
NextEra Energy Partners subsidiary [Member] | Revolving Credit Facility [Member] | Limited-recourse construction and term loan facility 2022 [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Terms | Variable |
Proceeds from Issuance of Debt | $ 41 |
Capital Holdings [Member] | Debenture [Member] | Debenture [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.30% |
Face amount | $ 500 |
Capital Holdings [Member] | Term Loan [Member] | Term Loan 2021 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |
Face amount | $ 100 |
Summary of Significant Accoun47
Summary of Significant Accounting and Reporting Policies (Details) $ / shares in Units, $ in Millions | Apr. 04, 2016USD ($)MW | Mar. 31, 2016USD ($)$ / sharesshares |
NEP OpCo [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ownership percentage | 70.80% | |
Public Offering [Member] | NextEra Energy Partners [Member] | Common Stock [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units sold in sale | shares | 11,155,000 | |
Aggregate purchase price of units sold | $ 287 | |
Price of unit (per common unit) | $ / shares | $ 25.76 | |
Subsequent Event [Member] | Merchant Natural Gas Generation Facilities [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Proceeds from sale of ownership interest in merchant natural gas generation facilities | $ 456 | |
Gain on sale of ownership interest in merchant natural gas generation facilities | 254 | |
Gain on sale of ownership interest in merchant natural gas facilities after-tax | $ 107 | |
Subsequent Event [Member] | Merchant Natural Gas Generation Facilities [Member] | NextEra Energy Resources subsidiary [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Total generating capacity | MW | 2,884 |
Commitments and Contingencies48
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 3 Months Ended | 36 Months Ended | |
Mar. 31, 2016USD ($)MW | Mar. 31, 2015USD ($) | Dec. 31, 2019USD ($) | |
Planned Capital Expenditures [Line Items] | |||
Capital expenditures | $ 1,133 | $ 721 | |
Corporate and Other [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 190 | ||
2,017 | 165 | ||
2,018 | 125 | ||
2,019 | 155 | ||
2,020 | 120 | ||
Total | 755 | ||
FPL [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 2,975 | ||
2,017 | 3,465 | ||
2,018 | 3,105 | ||
2,019 | 3,380 | ||
2,020 | 3,280 | ||
Total | 16,205 | ||
Capital expenditures | 1,133 | $ 721 | |
NextEra Energy Resources [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 4,270 | ||
2,017 | 1,125 | ||
2,018 | 840 | ||
2,019 | 390 | ||
2,020 | 360 | ||
Total | 6,985 | ||
New Generation Expenditures [Member] | FPL [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 850 | ||
2,017 | 60 | ||
2,018 | 5 | ||
2,019 | 5 | ||
2,020 | 0 | ||
Total | 920 | ||
Allowance for funds used during construction (AFUDC) - remainder of 2016 | 51 | ||
Allowance for funds used during construction (AFUDC) - 2017 | 14 | ||
Allowance for funds used during construction (AFUDC) - 2018 | 11 | ||
Existing Generation Expenditures [Member] | FPL [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 500 | ||
2,017 | 955 | ||
2,018 | 685 | ||
2,019 | 535 | ||
2,020 | 550 | ||
Total | 3,225 | ||
Transmission And Distribution Expenditures [Member] | FPL [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 1,410 | ||
2,017 | 2,060 | ||
2,018 | 1,985 | ||
2,019 | 2,485 | ||
2,020 | 2,335 | ||
Total | 10,275 | ||
Nuclear Fuel Expenditures [Member] | FPL [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 105 | ||
2,017 | 125 | ||
2,018 | 190 | ||
2,019 | 170 | ||
2,020 | 210 | ||
Total | 800 | ||
General And Other Expenditures [Member] | FPL [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 110 | ||
2,017 | 265 | ||
2,018 | 240 | ||
2,019 | 185 | ||
2,020 | 185 | ||
Total | 985 | ||
Wind Expenditures [Member] | NextEra Energy Resources [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 1,810 | ||
2,017 | 50 | ||
2,018 | 35 | ||
2,019 | 30 | ||
2,020 | 30 | ||
Total | $ 1,955 | ||
Planned new generation over 5 year period (in megawatts) | MW | 1,565 | ||
Solar Expenditures [Member] | NextEra Energy Resources [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | $ 735 | ||
2,017 | 10 | ||
2,018 | 0 | ||
2,019 | 0 | ||
2,020 | 0 | ||
Total | $ 745 | ||
Planned new generation over 5 year period (in megawatts) | MW | 860 | ||
Nuclear Expenditures [Member] | NextEra Energy Resources [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | $ 250 | ||
2,017 | 235 | ||
2,018 | 265 | ||
2,019 | 275 | ||
2,020 | 245 | ||
Total | 1,270 | ||
Pipelines [Member] | NextEra Energy Resources [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 1,220 | ||
2,017 | 775 | ||
2,018 | 465 | ||
2,019 | 35 | ||
2,020 | 20 | ||
Total | 2,515 | ||
Other Expenditures [Member] | NextEra Energy Resources [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Remainder of 2016 | 255 | ||
2,017 | 55 | ||
2,018 | 75 | ||
2,019 | 50 | ||
2,020 | 65 | ||
Total | $ 500 | ||
Natural gas-fired combined-cycle unit [Member] | FPL [Member] | Okeechobee County, Florida [Member] | Scenario, Forecast [Member] | |||
Planned Capital Expenditures [Line Items] | |||
Capital expenditures | $ 940 |
Commitments and Contingencies49
Commitments and Contingencies (Long-term Purchase Commitment) (Details) $ in Millions | May. 01, 2017MMBTU / d | Mar. 31, 2016USD ($)MW | Mar. 31, 2015USD ($) | Apr. 01, 2016 | Oct. 01, 2015USD ($) |
Corporate and Other [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
Remainder of 2016 | $ 80 | ||||
2,017 | 5 | ||||
2,018 | 5 | ||||
2,019 | 0 | ||||
2,020 | 5 | ||||
Thereafter | 0 | ||||
Commitment to invest | 35 | ||||
Joint Obligations Of NEECH and NEER included NEER Amounts due in the current year | 865 | ||||
FPL [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
Capacity payments | 47 | $ 119 | |||
Energy payments | 16 | $ 44 | |||
FPL [Member] | Capacity Charges [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
Remainder of 2016 | 135 | ||||
2,017 | 170 | ||||
2,018 | 155 | ||||
2,019 | 135 | ||||
2,020 | 110 | ||||
Thereafter | $ 690 | ||||
FPL [Member] | Take-or-Pay Contract Range 1 [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum annual purchase commitments (in megawatts) | MW | 375 | ||||
FPL [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
Remainder of 2016 | $ 795 | ||||
2,017 | 930 | ||||
2,018 | 870 | ||||
2,019 | 860 | ||||
2,020 | 910 | ||||
Thereafter | 12,970 | ||||
FPL [Member] | Coal Contract Minimum Payments [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
Remainder of 2016 | 70 | ||||
2,017 | 45 | ||||
2,018 | 5 | ||||
2,019 | 5 | ||||
2,020 | 0 | ||||
Thereafter | $ 0 | ||||
FPL [Member] | Pay-for-Performance Contracts [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Minimum total purchase commitments (in megawatts) | MW | 444 | ||||
FPL [Member] | Scenario, Forecast [Member] | Sabal Trail and Florida Southeast Connection [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Time period under contracts | 25 years | ||||
Long Term Purchase Commiment, Initial Quantity Per Day | MMBTU / d | 400,000 | ||||
Long Term Purchase Commitment, Increased Volume Required | MMBTU / d | 600,000 | ||||
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
2,017 | $ 200 | ||||
2,018 | 295 | ||||
2,019 | 290 | ||||
2,020 | 360 | ||||
Thereafter | 7,885 | ||||
NextEra Energy Resources [Member] | |||||
Required capacity and/or minimum payments [Abstract] | |||||
Remainder of 2016 | 3,515 | ||||
2,017 | 750 | ||||
2,018 | 610 | ||||
2,019 | 130 | ||||
2,020 | 75 | ||||
Thereafter | 320 | ||||
NextEra Energy Resources [Member] | Contract Group 1 [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Commitment amount included in capital expenditures | 5,100 | ||||
NextEra Energy Resources [Member] | Sabal Trail Transmission, LLC [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 42.50% | ||||
NextEra Energy Resources [Member] | Sabal Trail Transmission, LLC [Member] | Subsequent Event [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Equity Method Investment, Percentage of Interests Acquired | 9.50% | ||||
Holdback Payable [Member] | NET Holdings Management, LLC [Member] | Subsidiary of NextEra Energy Partners [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contingent consideration liability | $ 200 | ||||
Indemnity Holdback [Member] | NET Holdings Management, LLC [Member] | Subsidiary of NextEra Energy Partners [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contingent consideration liability | $ 200 | ||||
Other Current Liabilities [Member] | Contingent Holdback [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contingent consideration liability | 187 | ||||
Other Liabilities [Member] | Indemnification Obligations [Member] | |||||
Long-term Purchase Commitment [Line Items] | |||||
Contingent consideration liability | $ 191 |
Commitments and Contingencies50
Commitments and Contingencies (Insurance and Legal Proceedings) (Details) - USD ($) | 24 Months Ended | ||
Dec. 31, 1996 | Mar. 31, 2016 | Jan. 29, 1999 | |
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 | 13,100,000,000 | ||
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 nonnuclear perils per occurrence per site under nuclear inusurance mutal companies for property damage decontamination and premature decommissioning risks | 1,500,000,000 | ||
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 187,000,000 | ||
Legal Proceedings [Abstract] | |||
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 | ||
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 | 3,000,000 | ||
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 amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | $ 113,000,000 |
Commitments and Contingencies51
Commitments and Contingencies (Spain Solar Projects) (Details) - Mar. 31, 2016 € in Millions, $ in Millions | USD ($) | EUR (€) |
NextEra Energy Resources [Member] | ||
Loss Contingencies [Line Items] | ||
Amount of debt outstanding under financing agreements related to Spain solar projects | $ 585 | |
Amount of noncurrent derivative liability classified as current derivative liability due to event of default | 127 | |
Standby Letters of Credit [Member] | Capital Holdings [Member] | ||
Loss Contingencies [Line Items] | ||
Maximum borrowing capacity of letters of credit | 42 | € 37 |
Amount drawn on letters of credit | $ 16 | € 14 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
Deemed capital structure of NextEra Energy Resources | 70.00% | |||
OPERATING REVENUES | $ 3,835 | $ 4,104 | ||
Operating expenses | 2,601 | 2,975 | ||
Net income attributable to NEE | 636 | 650 | ||
Total assets | 84,637 | $ 82,479 | ||
NextEra Energy Resources [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,441 | 1,462 | ||
Operating expenses | 946 | 1,029 | ||
Net income attributable to NEE | 224 | 280 | ||
Total assets | 39,129 | 37,647 | ||
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 91 | 101 | ||
Operating expenses | 66 | 72 | ||
Net income attributable to NEE | 19 | 11 | ||
Total assets | 2,396 | 2,309 | ||
FPL [Member] | ||||
Segment Reporting Information [Line Items] | ||||
OPERATING REVENUES | 2,303 | 2,541 | ||
Operating expenses | 1,589 | 1,874 | ||
Net income attributable to NEE | [1] | 393 | 359 | |
Total assets | 43,112 | $ 42,523 | ||
FPL [Member] | Subsegments [Domain] | ||||
Segment Reporting Information [Line Items] | ||||
Operating expenses | 1,589 | 1,874 | ||
Net income attributable to NEE | $ 393 | $ 359 | ||
[1] | (a)FPL's comprehensive income is the same as reported net income. |
Summarized Financial Informat53
Summarized Financial Information of Capital Holdings (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidating Statements of Income | ||
Operating revenues | $ 3,835 | $ 4,104 |
Operating expenses | (2,601) | (2,975) |
Interest expense | (509) | (321) |
Equity in earnings of subsidiaries | 0 | 0 |
Other income - net | 171 | 128 |
INCOME BEFORE INCOME TAXES | 896 | 936 |
Income tax expense (benefit) | 259 | 286 |
Net Income (Loss) | 637 | 650 |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1) | 0 |
Net Income (Loss) Attributable to Parent | 636 | 650 |
Comprehensive income (loss) attributable to NEE | 690 | 617 |
NextEra Energy (Guarantor) [Member] | ||
Condensed Consolidating Statements of Income | ||
Operating revenues | 0 | 0 |
Operating expenses | (4) | (4) |
Interest expense | 0 | (1) |
Equity in earnings of subsidiaries | 638 | 645 |
Other income - net | 0 | 0 |
INCOME BEFORE INCOME TAXES | 634 | 640 |
Income tax expense (benefit) | (2) | (10) |
Net Income (Loss) | 636 | 650 |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
Net Income (Loss) Attributable to Parent | 636 | 650 |
Comprehensive income (loss) attributable to NEE | 617 | |
Capital Holdings Consolidated [Member] | ||
Condensed Consolidating Statements of Income | ||
Operating revenues | 1,535 | 1,567 |
Operating expenses | (1,005) | (1,095) |
Interest expense | (397) | (205) |
Equity in earnings of subsidiaries | 0 | 0 |
Other income - net | 147 | 117 |
INCOME BEFORE INCOME TAXES | 280 | 384 |
Income tax expense (benefit) | 30 | 93 |
Net Income (Loss) | 250 | 291 |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1 | 0 |
Net Income (Loss) Attributable to Parent | 249 | 291 |
Comprehensive income (loss) attributable to NEE | 310 | 274 |
Other Consolidated Entity And Consolidation Eliminations [Member] | ||
Condensed Consolidating Statements of Income | ||
Operating revenues | 2,300 | 2,537 |
Operating expenses | (1,592) | (1,876) |
Interest expense | (112) | (115) |
Equity in earnings of subsidiaries | (638) | (645) |
Other income - net | 24 | 11 |
INCOME BEFORE INCOME TAXES | (18) | (88) |
Income tax expense (benefit) | 231 | 203 |
Net Income (Loss) | (249) | (291) |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
Net Income (Loss) Attributable to Parent | (249) | (291) |
Comprehensive income (loss) attributable to NEE | $ (310) | $ (274) |
Summarized Financial Informat54
Summarized Financial Information of Capital Holdings (Balance Sheet) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
NEECH a 100% owned subsidiary of NEE | 100.00% | |||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | $ 82,320 | $ 80,330 | ||
Accumulated depreciation and amortization | (19,426) | (18,944) | ||
Total property, plant and equipment - net | 62,894 | 61,386 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 628 | 571 | $ 469 | $ 577 |
Receivables | 2,267 | 2,265 | ||
Other | 4,201 | 3,959 | ||
Total current assets | 7,096 | 6,795 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | 0 | 0 | ||
Other | 14,647 | 14,298 | ||
Total other assets | 14,647 | 14,298 | ||
TOTAL ASSETS | 84,637 | 82,479 | ||
CAPITALIZATION | ||||
Common shareholders' equity | 22,912 | 22,574 | ||
Noncontrolling Interest | 718 | 538 | ||
Long-term debt | 27,791 | 26,681 | ||
Total capitalization | 51,421 | 49,793 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 4,617 | 3,006 | ||
Accounts payable | 1,139 | 2,529 | ||
Other | 4,831 | 4,572 | ||
Total current liabilities | 10,587 | 10,107 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 2,509 | 2,469 | ||
Deferred income taxes | 9,982 | 9,827 | ||
Other | 10,138 | 10,283 | ||
Total other liabilities and deferred credits | $ 22,629 | $ 22,579 | ||
COMMITMENTS AND CONTINGENCIES | ||||
TOTAL CAPITALIZATION AND LIABILITIES | $ 84,637 | $ 82,479 | ||
NextEra Energy (Guarantor) [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | 27 | 27 | ||
Accumulated depreciation and amortization | (16) | (16) | ||
Total property, plant and equipment - net | 11 | 11 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 2 | 0 | 0 | 0 |
Receivables | 64 | 90 | ||
Other | 4 | 4 | ||
Total current assets | 70 | 94 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | 22,691 | 22,544 | ||
Other | 908 | 823 | ||
Total other assets | 23,599 | 23,367 | ||
TOTAL ASSETS | 23,680 | 23,472 | ||
CAPITALIZATION | ||||
Common shareholders' equity | 22,912 | 22,574 | ||
Noncontrolling Interest | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Total capitalization | 22,912 | 22,574 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 0 | 0 | ||
Accounts payable | 0 | 4 | ||
Other | 196 | 252 | ||
Total current liabilities | 196 | 256 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 0 | 0 | ||
Deferred income taxes | 91 | 157 | ||
Other | 481 | 485 | ||
Total other liabilities and deferred credits | 572 | 642 | ||
TOTAL CAPITALIZATION AND LIABILITIES | 23,680 | 23,472 | ||
Capital Holdings Consolidated [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | 36,130 | 34,921 | ||
Accumulated depreciation and amortization | (7,383) | (7,067) | ||
Total property, plant and equipment - net | 28,747 | 27,854 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 593 | 546 | 441 | 562 |
Receivables | 1,575 | 1,510 | ||
Other | 2,731 | 2,443 | ||
Total current assets | 4,899 | 4,499 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | 0 | 0 | ||
Other | 8,033 | 7,790 | ||
Total other assets | 8,033 | 7,790 | ||
TOTAL ASSETS | 41,679 | 40,143 | ||
CAPITALIZATION | ||||
Common shareholders' equity | 7,639 | 6,990 | ||
Noncontrolling Interest | 718 | 538 | ||
Long-term debt | 17,867 | 16,725 | ||
Total capitalization | 26,224 | 24,253 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 3,401 | 2,786 | ||
Accounts payable | 651 | 1,919 | ||
Other | 3,188 | 3,003 | ||
Total current liabilities | 7,240 | 7,708 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 665 | 647 | ||
Deferred income taxes | 2,385 | 2,396 | ||
Other | 5,165 | 5,139 | ||
Total other liabilities and deferred credits | 8,215 | 8,182 | ||
TOTAL CAPITALIZATION AND LIABILITIES | 41,679 | 40,143 | ||
Other Consolidated Entity And Consolidation Eliminations [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | 46,163 | 45,382 | ||
Accumulated depreciation and amortization | (12,027) | (11,861) | ||
Total property, plant and equipment - net | 34,136 | 33,521 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 33 | 25 | $ 28 | $ 15 |
Receivables | 628 | 665 | ||
Other | 1,466 | 1,512 | ||
Total current assets | 2,127 | 2,202 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | (22,691) | (22,544) | ||
Other | 5,706 | 5,685 | ||
Total other assets | (16,985) | (16,859) | ||
TOTAL ASSETS | 19,278 | 18,864 | ||
CAPITALIZATION | ||||
Common shareholders' equity | (7,639) | (6,990) | ||
Noncontrolling Interest | 0 | 0 | ||
Long-term debt | 9,924 | 9,956 | ||
Total capitalization | 2,285 | 2,966 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 1,216 | 220 | ||
Accounts payable | 488 | 606 | ||
Other | 1,447 | 1,317 | ||
Total current liabilities | 3,151 | 2,143 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 1,844 | 1,822 | ||
Deferred income taxes | 7,506 | 7,274 | ||
Other | 4,492 | 4,659 | ||
Total other liabilities and deferred credits | 13,842 | 13,755 | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 19,278 | $ 18,864 |
Summarized Financial Informat55
Summarized Financial Information of Capital Holdings (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 1,545 | $ 1,181 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (3,879) | (1,566) |
Capital contributions from NEE | 0 | 0 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 292 | 0 |
Other - net | (94) | 2 |
Net cash used in investing activities | (3,681) | (1,564) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 1,250 | 194 |
Retirements of long-term debt | (367) | (170) |
Proceeds from notes payable | 500 | 625 |
Net change in commercial paper | 1,186 | (22) |
Issuances of common stock | 17 | 16 |
Dividends on common stock | (401) | (341) |
Contributions from (dividends to) NEE | 0 | 0 |
Other - net (NEE consolidated) | 8 | (27) |
Other - net | 8 | (27) |
Net cash provided by (used in) financing activities | 2,193 | 275 |
Net increase (decrease) in cash and cash equivalents | 57 | (108) |
Cash and cash equivalents at beginning of period | 571 | 577 |
Cash and cash equivalents at end of period | 628 | 469 |
NextEra Energy (Guarantor) [Member] | ||
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 728 | 907 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | 0 | 0 |
Capital contributions from NEE | (321) | (551) |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 0 | 0 |
Other - net | 0 | 0 |
Net cash used in investing activities | (321) | (551) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 0 | 0 |
Retirements of long-term debt | 0 | 0 |
Proceeds from notes payable | 0 | 0 |
Net change in commercial paper | 0 | 0 |
Issuances of common stock | 17 | 16 |
Dividends on common stock | (401) | (341) |
Contributions from (dividends to) NEE | 0 | 0 |
Other - net | (21) | (31) |
Net cash provided by (used in) financing activities | (405) | (356) |
Net increase (decrease) in cash and cash equivalents | 2 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 2 | 0 |
Capital Holdings Consolidated [Member] | ||
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 613 | 225 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (2,683) | (801) |
Capital contributions from NEE | 0 | 0 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 292 | 0 |
Other - net | (98) | 2 |
Net cash used in investing activities | (2,489) | (799) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 1,250 | 194 |
Retirements of long-term debt | (333) | (139) |
Proceeds from notes payable | 0 | 625 |
Net change in commercial paper | 692 | 700 |
Issuances of common stock | 0 | 0 |
Dividends on common stock | 0 | 0 |
Contributions from (dividends to) NEE | 312 | (902) |
Other - net | 2 | (25) |
Net cash provided by (used in) financing activities | 1,923 | 453 |
Net increase (decrease) in cash and cash equivalents | 47 | (121) |
Cash and cash equivalents at beginning of period | 546 | 562 |
Cash and cash equivalents at end of period | 593 | 441 |
Other Consolidated Entity And Consolidation Eliminations [Member] | ||
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 204 | 49 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (1,196) | (765) |
Capital contributions from NEE | 321 | 551 |
Proceeds from the sale of a noncontrolling interest in subsidiaries | 0 | 0 |
Other - net | 4 | 0 |
Net cash used in investing activities | (871) | (214) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 0 | 0 |
Retirements of long-term debt | (34) | (31) |
Proceeds from notes payable | 500 | 0 |
Net change in commercial paper | 494 | (722) |
Issuances of common stock | 0 | 0 |
Dividends on common stock | 0 | 0 |
Contributions from (dividends to) NEE | (312) | 902 |
Other - net | 27 | 29 |
Net cash provided by (used in) financing activities | 675 | 178 |
Net increase (decrease) in cash and cash equivalents | 8 | 13 |
Cash and cash equivalents at beginning of period | 25 | 15 |
Cash and cash equivalents at end of period | $ 33 | $ 28 |