Document Entity Information Doc
Document Entity Information Document | 9 Months Ended |
Sep. 30, 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 | 467,267,977 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
OPERATING REVENUES | $ 4,805 | $ 4,954 | $ 12,457 | $ 13,417 | |
OPERATING EXPENSES | |||||
Fuel, purchased power and interchange | 1,217 | 1,472 | 3,105 | 4,151 | |
Other operations and maintenance | 833 | 819 | 2,474 | 2,353 | |
Merger-related | 123 | 7 | 129 | 20 | |
Depreciation and amortization | 983 | 798 | 2,262 | 2,082 | |
Taxes other than income taxes and other - net | 370 | 377 | 805 | 1,054 | |
Total operating expenses | 3,526 | 3,473 | 8,775 | 9,660 | |
OPERATING INCOME | 1,279 | 1,481 | 3,682 | 3,757 | |
OTHER INCOME (DEDUCTIONS) | |||||
Interest expense | (369) | (311) | (1,480) | (912) | |
Benefits associated with differential membership interests - net | 59 | 40 | 220 | 151 | |
Equity in earnings of equity method investees | 70 | 51 | 147 | 87 | |
Allowance for equity funds used during construction | 20 | 20 | 62 | 48 | |
Interest income | 23 | 22 | 61 | 65 | |
Gains on disposal of assets - net | 9 | 15 | 36 | 42 | |
Other Than Temporary Impairment Losses On Securities Held In Nuclear Decommissioning Funds | (2) | (24) | (19) | (32) | |
Revaluation of contingent consideration | 101 | 0 | 118 | 0 | |
Other - net | 17 | 8 | 40 | 27 | |
Total other deductions - net | (72) | (179) | (815) | (524) | |
INCOME BEFORE INCOME TAXES | 1,207 | 1,302 | 2,867 | 3,233 | |
INCOME TAXES | 418 | 421 | 879 | 981 | |
Net Income (Loss) | 789 | 881 | 1,988 | 2,252 | |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 36 | 2 | 42 | 7 | |
Net Income (Loss) Attributable to Parent | $ 753 | $ 879 | $ 1,946 | $ 2,245 | |
Earnings per share of common stock: | |||||
Basic | $ 1.63 | $ 1.94 | $ 4.21 | $ 5.02 | |
Assuming dilution | 1.62 | 1.93 | 4.19 | 4.97 | |
Dividends per share of common stock | $ 0.87 | $ 0.77 | $ 2.61 | $ 2.31 | |
Weighted-average number of common shares outstanding: | |||||
Basic | 463.3 | 454.1 | 461.7 | 447.3 | |
Assuming dilution | 466 | 456 | 464.7 | 451.3 | |
FPL [Member] | |||||
OPERATING REVENUES | $ 3,283 | $ 3,274 | $ 8,337 | $ 8,812 | |
OPERATING EXPENSES | |||||
Fuel, purchased power and interchange | 1,045 | 1,195 | 2,556 | 3,298 | |
Other operations and maintenance | 403 | 410 | 1,203 | 1,147 | |
Depreciation and amortization | 587 | 485 | 1,207 | 1,154 | |
Taxes other than income taxes and other - net | 327 | 329 | 908 | 910 | |
Total operating expenses | 2,362 | 2,419 | 5,874 | 6,509 | |
OPERATING INCOME | 921 | 855 | 2,463 | 2,303 | |
OTHER INCOME (DEDUCTIONS) | |||||
Interest expense | (114) | (110) | (342) | (337) | |
Allowance for equity funds used during construction | 17 | 20 | 55 | 46 | |
Other - net | 0 | (2) | 3 | (1) | |
Total other deductions - net | (97) | (92) | (284) | (292) | |
INCOME BEFORE INCOME TAXES | 824 | 763 | 2,179 | 2,011 | |
INCOME TAXES | 309 | 274 | 823 | 728 | |
Net Income (Loss) Attributable to Parent | [1] | $ 515 | $ 489 | $ 1,356 | $ 1,283 |
[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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
NET INCOME | $ 789 | $ 881 | $ 1,988 | $ 2,252 |
Net unrealized gains (losses) on cash flow hedges: | ||||
Effective portion of net unrealized losses (net of $55 and $55 tax benefit, respectively) | 0 | (97) | 0 | (107) |
Reclassification from accumulated other comprehensive loss to net income (net of $3, less than $1, $26 and $16 tax expense, respectively) | 17 | 11 | 53 | 50 |
Net unrealized gains (losses) on available for sale securities: | ||||
Net unrealized gains (losses) on securities still held (net of $23 tax expense, $30 tax benefit, $42 tax expense and $26 tax benefit, respectively) | 31 | (38) | 56 | (33) |
Reclassification from accumulated other comprehensive loss to net income (net of $2, $7, $6 and $16 tax benefit, respectively) | (2) | (8) | (8) | (21) |
Defined benefit pension and other benefits plans (net of $4 and $10 tax benefit, respectively) | 0 | 0 | (7) | (16) |
Net unrealized gains (losses) on foreign currency translation (net of $1 tax expense, $21, $2 and $4 tax benefit, respectively) | (9) | (33) | 19 | (5) |
Other comprehensive gains (losses) related to equity method investee (net of $0, $2, $3 and $1 tax benefit, respectively) | 3 | (3) | (1) | (2) |
Total other comprehensive income (loss), net of tax | 40 | (168) | 112 | (134) |
COMPREHENSIVE INCOME | 829 | 713 | 2,100 | 2,118 |
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 30 | (1) | 22 | 1 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 799 | $ 714 | $ 2,078 | $ 2,117 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tax expense (benefit) of unrealized gains/losses on cash flow hedges | $ 0 | $ (55) | $ 0 | $ (55) |
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income | 3 | 0 | 26 | 16 |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | 23 | (30) | 42 | (26) |
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income | (2) | (7) | (6) | (16) |
Tax expense (benefit) of defined benefit pension and other benefits plans | 0 | 0 | (4) | (10) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 1 | (21) | (2) | (4) |
Other comprehensive income (loss) related to equity method investee, tax | $ 0 | $ (2) | $ (3) | $ (1) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 76,559 | $ 72,606 |
Nuclear fuel | 2,154 | 2,067 |
Construction work in progress | 7,150 | 5,657 |
Accumulated depreciation and amortization | (20,246) | (18,944) |
Total property, plant and equipment - net ($12,331 and $7,966 related to VIEs, respectively) | 65,617 | 61,386 |
CURRENT ASSETS | ||
Cash and cash equivalents | 681 | 571 |
Customer receivables, net of allowances | 1,921 | 1,784 |
Other receivables | 938 | 481 |
Materials, supplies and fossil fuel inventory | 1,309 | 1,259 |
Regulatory assets: | ||
Derivatives | 0 | 218 |
Other | 301 | 285 |
Derivatives | 612 | 712 |
Assets held for sale | 526 | 1,009 |
Other | 459 | 476 |
Total current assets | 6,747 | 6,795 |
OTHER ASSETS | ||
Special use funds | 5,450 | 5,138 |
Other investments ($483 related to a VIE at September 30, 2016) | 2,380 | 1,786 |
Prepaid benefit costs | 1,225 | 1,155 |
Regulatory assets: | ||
Purchased power agreement termination | 658 | 726 |
Other ($84 and $128 related to a VIE, respectively) | 1,114 | 1,052 |
Derivatives | 1,394 | 1,202 |
Other | 3,279 | 3,239 |
Total other assets | 15,500 | 14,298 |
TOTAL ASSETS | 87,864 | 82,479 |
CAPITALIZATION | ||
Common stock | 5 | 5 |
Additional paid-in capital | 9,039 | 8,596 |
Retained earnings | 14,899 | 14,140 |
Accumulated other comprehensive loss | (36) | (167) |
Total common shareholders' equity | 23,907 | 22,574 |
Noncontrolling interests | 962 | 538 |
Total equity | 24,869 | 23,112 |
Long-term debt | 28,195 | 26,681 |
Total capitalization | 53,064 | 49,793 |
CURRENT LIABILITIES | ||
Commercial paper | 628 | 374 |
Notes payable | 490 | 412 |
Current maturities of long-term debt | 2,364 | 2,220 |
Accounts payable | 2,800 | 2,529 |
Customer deposits | 469 | 473 |
Accrued interest and taxes | 861 | 449 |
Derivatives | 377 | 882 |
Accrued construction-related expenditures | 781 | 921 |
Liabilities associated with assets held for sale | 456 | 992 |
Other | 1,230 | 855 |
Total current liabilities | 10,456 | 10,107 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,637 | 2,469 |
Deferred income taxes | 10,582 | 9,827 |
Regulatory liabilities: | ||
Accrued asset removal costs | 1,940 | 1,930 |
Asset retirement obligation regulatory expense difference | 2,290 | 2,182 |
Other | 507 | 494 |
Derivatives | 999 | 530 |
Deferral related to differential membership interests - VIEs | 3,274 | 3,142 |
Other | 2,115 | 2,005 |
Total other liabilities and deferred credits | 24,344 | 22,579 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 87,864 | 82,479 |
FPL [Member] | ||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY | ||
Plant in service and other property | 43,700 | 41,227 |
Nuclear fuel | 1,333 | 1,306 |
Construction work in progress | 2,817 | 2,850 |
Accumulated depreciation and amortization | (12,406) | (11,862) |
Total electric utility plant and other property - net | 35,444 | 33,521 |
CURRENT ASSETS | ||
Cash and cash equivalents | 46 | 23 |
Customer receivables, net of allowances | 1,013 | 849 |
Other receivables | 112 | 123 |
Materials, supplies and fossil fuel inventory | 868 | 826 |
Regulatory assets: | ||
Derivatives | 0 | 218 |
Other | 300 | 284 |
Other | 146 | 184 |
Total current assets | 2,485 | 2,507 |
OTHER ASSETS | ||
Special use funds | 3,706 | 3,504 |
Prepaid benefit costs | 1,286 | 1,243 |
Regulatory assets: | ||
Purchased power agreement termination | 658 | 726 |
Other ($84 and $128 related to a VIE, respectively) | 854 | 787 |
Other | 184 | 235 |
Total other assets | 6,688 | 6,495 |
TOTAL ASSETS | 44,617 | 42,523 |
CAPITALIZATION | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 7,732 | 7,733 |
Retained earnings | 6,503 | 6,447 |
Total equity | 15,608 | 15,553 |
Long-term debt | 9,846 | 9,956 |
Total capitalization | 25,454 | 25,509 |
CURRENT LIABILITIES | ||
Commercial paper | 464 | 56 |
Notes payable | 450 | 100 |
Current maturities of long-term debt | 67 | 64 |
Accounts payable | 759 | 664 |
Customer deposits | 464 | 469 |
Accrued interest and taxes | 785 | 279 |
Derivatives | 5 | 222 |
Accrued construction-related expenditures | 245 | 240 |
Other | 462 | 355 |
Total current liabilities | 3,701 | 2,449 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 1,890 | 1,822 |
Deferred income taxes | 8,349 | 7,730 |
Regulatory liabilities: | ||
Accrued asset removal costs | 1,928 | 1,921 |
Asset retirement obligation regulatory expense difference | 2,290 | 2,182 |
Other | 508 | 492 |
Other | 497 | 418 |
Total other liabilities and deferred credits | 15,462 | 14,565 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 44,617 | $ 42,523 |
CONDENSED CONSOLIDATED BALANCE6
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
PROPERTY, PLANT AND EQUIPMENT | ||
Total property, plant and equipment - net | $ 65,617 | $ 61,386 |
CURRENT ASSETS | ||
Customer receivables, allowances | 13 | 13 |
OTHER ASSETS | ||
Other investments | 2,380 | 1,786 |
Other ($84 and $128 related to a VIE, respectively) | 1,114 | 1,052 |
CAPITALIZATION | ||
Long-term debt | $ 28,195 | $ 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 | 467,000,000 | 461,000,000 |
Related to VIEs [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Total property, plant and equipment - net | $ 12,331 | $ 7,966 |
OTHER ASSETS | ||
Other investments | 483 | 0 |
Other ($84 and $128 related to a VIE, respectively) | 84 | 128 |
CAPITALIZATION | ||
Long-term debt | 5,368 | 684 |
FPL [Member] | ||
CURRENT ASSETS | ||
Customer receivables, allowances | 4 | 3 |
OTHER ASSETS | ||
Other ($84 and $128 related to a VIE, respectively) | 854 | 787 |
CAPITALIZATION | ||
Long-term debt | $ 9,846 | $ 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] | ||
OTHER ASSETS | ||
Other ($84 and $128 related to a VIE, respectively) | $ 84 | $ 128 |
CAPITALIZATION | ||
Long-term debt | $ 143 | $ 210 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 1,988 | $ 2,252 | |
Net Income | 1,946 | 2,245 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,262 | 2,082 | |
Nuclear fuel and other amortization | 275 | 280 | |
Unrealized losses (gains) on marked to market derivative contracts - net | 369 | (393) | |
Foreign currency transaction losses | 99 | 0 | |
Deferred income taxes | 766 | 848 | |
Cost recovery clauses and franchise fees | 111 | 114 | |
Purchased power agreement termination | 0 | 521 | |
Benefits associated with differential membership interests - net | (220) | (151) | |
Allowance for equity funds used during construction | (62) | (48) | |
Gains on sale and disposal of assets - net | (291) | (39) | |
Other - net | (116) | 133 | |
Changes in operating assets and liabilities: | |||
Customer and other receivables | (150) | (123) | |
Materials, supplies and fossil fuel inventory | (59) | (52) | |
Other current assets | 5 | (56) | |
Other assets | (17) | (28) | |
Accounts payable and customer deposits | 54 | (131) | |
Margin cash collateral | (142) | (79) | |
Income taxes | 48 | 45 | |
Interest and other taxes | 384 | 386 | |
Other current liabilities | 18 | 83 | |
Other liabilities | (28) | (89) | |
Net cash provided by operating activities | 5,294 | 4,513 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures of FPL | (2,976) | (2,440) | |
Independent power and other investments of NEER | (4,610) | (2,870) | |
Nuclear fuel purchases | (194) | (310) | |
Other capital expenditures and other investments | (149) | (56) | |
Sale of independent power and other investments of NEER | 395 | 34 | |
Proceeds from sale or maturity of securities in special use funds | 2,635 | 3,751 | |
Purchases of securities in special use funds | (2,711) | (3,872) | |
Proceeds from sale of a noncontrolling interest in subsidiaries | 645 | 319 | |
Other - net | (18) | (33) | |
Net cash used in investing activities | (6,983) | (5,477) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 4,644 | 3,462 | |
Retirements of long-term debt | (2,654) | (3,097) | |
Proceeds from differential membership investors | 328 | 46 | |
Payments To Differential Membership Investors | 84 | 68 | |
Proceeds from notes payable | 500 | 1,450 | |
Repayments of notes payable | (362) | (313) | |
Net change in commercial paper | 254 | (116) | |
Issuances of common stock - net | 528 | 1,274 | |
Dividends | (1,205) | (1,031) | |
Other - net | (150) | (39) | |
Net cash provided by (used in) financing activities | 1,799 | 1,568 | |
Net increase (decrease) in cash and cash equivalents | 110 | 604 | |
Cash and cash equivalents at beginning of period | 571 | 577 | |
Cash and cash equivalents at end of period | 681 | 1,181 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | 2,655 | 1,840 | |
Increase in property, plant and equipment as a result of a settlement | (70) | (5) | |
Proceeds from differential membership investors used to reduce debt | 100 | 0 | |
FPL [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | [1] | 1,356 | 1,283 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,207 | 1,154 | |
Nuclear fuel and other amortization | 167 | 160 | |
Deferred income taxes | 569 | 107 | |
Cost recovery clauses and franchise fees | 111 | 114 | |
Purchased power agreement termination | 0 | 521 | |
Allowance for equity funds used during construction | (55) | (46) | |
Other - net | 23 | 54 | |
Changes in operating assets and liabilities: | |||
Customer and other receivables | (169) | (250) | |
Materials, supplies and fossil fuel inventory | (42) | (39) | |
Other current assets | 26 | (49) | |
Other assets | 12 | (41) | |
Accounts payable and customer deposits | 94 | 32 | |
Income taxes | 150 | 366 | |
Interest and other taxes | 369 | 357 | |
Other current liabilities | 66 | 28 | |
Other liabilities | (94) | (41) | |
Net cash provided by operating activities | 3,790 | 2,668 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures of FPL | (2,976) | (2,440) | |
Nuclear fuel purchases | (121) | (178) | |
Proceeds from sale or maturity of securities in special use funds | 1,775 | 3,099 | |
Purchases of securities in special use funds | (1,836) | (3,149) | |
Other - net | 32 | (86) | |
Net cash used in investing activities | (3,126) | (2,754) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt | 150 | 85 | |
Retirements of long-term debt | (262) | (550) | |
Proceeds from notes payable | 500 | 0 | |
Repayments of notes payable | (150) | 0 | |
Net change in commercial paper | 408 | (896) | |
Capital contribution from NEE | 0 | 1,454 | |
Dividends | (1,300) | 0 | |
Other - net | 13 | 9 | |
Net cash provided by (used in) financing activities | (641) | 102 | |
Net increase (decrease) in cash and cash equivalents | 23 | 16 | |
Cash and cash equivalents at beginning of period | 23 | 14 | |
Cash and cash equivalents at end of period | 46 | 30 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | $ 475 | $ 355 | |
[1] | (a)FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - 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 | 2,252 | 2,245 | 2,245 | 7 | ||||
Issuances of common stock, net of issuance cost of less than $1 (in shares) | 17 | |||||||
Issuances of common stock, net of issuance cost of less than $1 | $ 1 | 1,289 | 3 | 1,293 | ||||
Exercise of stock options and other incentive plan activity (in shares) | 1 | |||||||
Exercise of stock options and other incentive plan activity | 58 | 58 | ||||||
Dividends on common stock | (1,031) | (1,031) | ||||||
Earned compensation under ESOP | 31 | 5 | 36 | |||||
Premium on equity units | (80) | (80) | ||||||
Other comprehensive income(loss) | (134) | (128) | (128) | (6) | ||||
Issuance costs of equity units | (25) | (25) | ||||||
Sale of NEER assets to NEP | 34 | 34 | 261 | |||||
Distributions to noncontrolling interests | (13) | |||||||
Other changes in noncontrolling interests in subsidiaries | 7 | |||||||
Ending Balance (in shares) at Sep. 30, 2015 | 461 | |||||||
Ending Balance at Sep. 30, 2015 | $ 22,826 | $ 5 | 8,500 | (6) | (168) | 13,987 | 22,318 | 508 |
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 | 1,988 | 1,946 | 1,946 | 42 | ||||
Issuances of common stock, net of issuance cost of less than $1 (in shares) | 5 | |||||||
Issuances of common stock, net of issuance cost of less than $1 | 523 | 523 | ||||||
Exercise of stock options and other incentive plan activity (in shares) | 1 | |||||||
Exercise of stock options and other incentive plan activity | 57 | 57 | ||||||
Dividends on common stock | (1,205) | (1,205) | ||||||
Earned compensation under ESOP | 38 | 1 | 39 | |||||
Premium on equity units | (200) | (200) | ||||||
Other comprehensive income(loss) | $ 112 | 131 | 131 | (19) | ||||
Issuance costs of equity units | (25) | (25) | ||||||
Sale of NEER assets to NEP | 49 | 49 | 440 | |||||
Distributions to noncontrolling interests | (37) | |||||||
Other changes in noncontrolling interests in subsidiaries | (2) | |||||||
Adoption of accounting standards update | 18 | 18 | ||||||
Ending Balance (in shares) at Sep. 30, 2016 | 467 | 467 | ||||||
Ending Balance at Sep. 30, 2016 | $ 24,869 | $ 5 | $ 9,039 | $ 0 | $ (36) | $ 14,899 | $ 23,907 | $ 962 |
Employee Retirement Benefits
Employee Retirement Benefits | 9 Months Ended |
Sep. 30, 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 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 Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 2016 2015 2016 2015 2016 2015 2016 2015 (millions) Service cost $ 16 $ 17 $ — $ 1 $ 47 $ 53 $ 1 $ 2 Interest cost 26 23 3 3 78 72 10 10 Expected return on plan assets (65 ) (63 ) — — (195 ) (190 ) — (1 ) Amortization of prior service (benefit) cost — — — (1 ) 1 1 (2 ) (2 ) Amortization of losses — — — 1 — — — 2 Net periodic (income) cost at NEE $ (23 ) $ (23 ) $ 3 $ 4 $ (69 ) $ (64 ) $ 9 $ 11 Net periodic (income) cost at FPL $ (15 ) $ (14 ) $ 2 $ 3 $ (44 ) $ (41 ) $ 7 $ 8 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 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 expected future 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 the three and nine months ended September 30, 2016 , NEE reclassified approximately $2 million ( $1 million after tax) and $17 million ( $10 million after tax), respectively, from AOCI to interest expense primarily because it became probable that a related future transaction being hedged would not occur. At September 30, 2016 , NEE's AOCI included amounts related to the discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030. Approximately $84 million of net losses included in AOCI at September 30, 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 September 30, 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. September 30, 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 $ 5,105 $ 3,479 $ 1,943 $ 558 Interest rate contracts 60 788 55 782 Foreign currency swaps 9 35 8 36 Total fair values $ 5,174 $ 4,302 $ 2,006 $ 1,376 FPL: Commodity contracts $ 48 $ 20 $ 33 $ 5 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 612 Noncurrent derivative assets (b) 1,394 Current derivative liabilities $ 377 Noncurrent derivative liabilities 999 Total derivatives $ 2,006 $ 1,376 Net fair value by FPL balance sheet line item: Current other assets $ 22 Noncurrent other assets 11 Current derivative liabilities $ 5 Total derivatives $ 33 $ 5 ——————————————— (a) Reflects the netting of approximately $148 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $93 million in margin cash collateral received from 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 September 30, 2016 and December 31, 2015 , NEE had approximately $20 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 September 30, 2016 and December 31, 2015 , NEE had approximately $121 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, which were previously designated as hedging instruments, are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Interest Rate Contracts Foreign Currency Swaps Total Interest Rate Contracts Foreign Currency Swaps Total (millions) Losses recognized in OCI $ (151 ) $ (1 ) $ (152 ) $ (146 ) $ (16 ) $ (162 ) Gains (losses) reclassified from AOCI to net income $ (18 ) (a) $ 7 (b) $ (11 ) $ (56 ) (a) $ (10 ) (b) $ (66 ) ——————————————— (a) Included in interest expense. (b) For the three and nine months ended September 30, 2015 , losses of approximately $3 million and $9 million , respectively, 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 Nine Months Ended 2016 2015 2016 2015 (millions) Commodity contracts: (a) Operating revenues $ 264 $ 397 $ 502 $ 812 Fuel, purchased power and interchange 1 3 (1 ) 5 Foreign currency swaps - interest expense 15 — 96 — Foreign currency swaps - other - net 1 — (2 ) — Interest rate contracts - interest expense (58 ) (12 ) (515 ) (1 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (18 ) — (71 ) — Foreign currency swaps (3 ) — (9 ) — Total $ 202 $ 388 $ — $ 816 ——————————————— (a) For the three and nine months ended September 30, 2016 , FPL recorded approximately $35 million of losses and $35 million of gains, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2015 , FPL recorded losses of approximately $141 million and $204 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: September 30, 2016 December 31, 2015 Commodity Type NEE FPL NEE FPL (millions) Power (71 ) MWh — (112 ) MWh — Natural gas 1,130 MMBtu 704 MMBtu 1,321 MMBtu 833 MMBtu Oil (7 ) barrels — (9 ) barrels — At September 30, 2016 and December 31, 2015 , NEE had interest rate contracts with notional amounts totaling approximately $14.0 billion and $8.3 billion , respectively, and foreign currency swaps with notional amounts totaling approximately $720 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 September 30, 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 $1.5 billion ( $20 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 $200 million ( none at FPL ) as of September 30, 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 $2.2 billion ( $0.3 billion at FPL) as of September 30, 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 $530 million ( $135 million at FPL) as of September 30, 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 September 30, 2016 and December 31, 2015 , applicable NEE subsidiaries have posted approximately $56 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 | 9 Months Ended |
Sep. 30, 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 expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using 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: September 30, 2016 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 417 $ — $ — $ 417 FPL - equity securities $ 21 $ — $ — $ 21 Special use funds: (c) NEE: Equity securities $ 1,391 $ 1,443 (d) $ — $ 2,834 U.S. Government and municipal bonds $ 321 $ 174 $ — $ 495 Corporate debt securities $ — $ 849 $ — $ 849 Mortgage-backed securities $ — $ 481 $ — $ 481 Other debt securities $ — $ 87 $ — $ 87 FPL: Equity securities $ 395 $ 1,319 (d) $ — $ 1,714 U.S. Government and municipal bonds $ 240 $ 146 $ — $ 386 Corporate debt securities $ — $ 616 $ — $ 616 Mortgage-backed securities $ — $ 375 $ — $ 375 Other debt securities $ — $ 73 $ — $ 73 Other investments: NEE: Equity securities $ 29 $ 9 $ — $ 38 Debt securities $ 10 $ 166 $ — $ 176 Derivatives: NEE: Commodity contracts $ 1,757 $ 2,007 $ 1,341 $ (3,162 ) $ 1,943 (e) Interest rate contracts $ — $ 54 $ 6 $ (5 ) $ 55 (e) Foreign currency swaps $ — $ 9 $ — $ (1 ) $ 8 (e) FPL - commodity contracts $ — $ 46 $ 2 $ (15 ) $ 33 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 1,730 $ 1,198 $ 551 $ (2,921 ) $ 558 (e) Interest rate contracts $ — $ 654 $ 134 $ (6 ) $ 782 (e) Foreign currency swaps $ — $ 35 $ — $ 1 $ 36 (e) FPL - commodity contracts $ — $ 18 $ 2 $ (15 ) $ 5 (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 $81 million ( $21 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 Other than Fair Value 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 Other than Fair Value 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 September 30, 2016 are as follows: Transaction Type Fair Value at September 30, 2016 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 716 $ 237 Discounted cash flow Forward price (per MWh) $— — $84 Forward contracts - gas 28 20 Discounted cash flow Forward price (per MMBtu) $1 — $8 Forward contracts - other commodity related 9 — Discounted cash flow Forward price (various) $(9) — $52 Options - power 56 30 Option models Implied correlations (5)% — 100% Implied volatilities 9% — 123% Options - primarily gas 192 226 Option models Implied correlations (5)% — 100% Implied volatilities 1% — 108% Full requirements and unit contingent contracts 340 38 Discounted cash flow Forward price (per MWh) $(20) — $199 Customer migration rate (a) —% — 20% Total $ 1,341 $ 551 ——————————————— (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 contract net liabilities related to the solar projects in Spain of approximately $128 million at September 30, 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 contracts. See Note 9 - Spain Solar Projects for a discussion related to debt restructuring associated with the Spain solar projects. The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended September 30, 2016 2015 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at June 30 $ 532 $ (1 ) $ 544 $ 4 Realized and unrealized gains (losses): Included in earnings (a) 153 — 115 — Included in regulatory assets and liabilities — — (1 ) (1 ) Purchases 28 — 42 — Settlements (72 ) 1 (109 ) (1 ) Issuances (16 ) — (32 ) — Transfers in (b) 1 — 3 — Transfers out (b) 36 — (16 ) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ 662 $ — $ 546 $ 2 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date (c) $ 150 $ — $ 107 $ — ——————————————— (a) For the three months ended September 30, 2016 and 2015 , realized and unrealized gains of approximately $198 million and $131 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. (b) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data and, in 2016, a favorable change to a credit valuation adjustment. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (c) For the three months ended September 30, 2016 and 2015 , unrealized gains of approximately $194 million and $123 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. Nine Months Ended September 30, 2016 2015 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 538 $ — $ 622 $ 5 Realized and unrealized gains (losses): Included in earnings (a) 373 — 369 — Included in other comprehensive income (loss) (b) (3 ) — 8 — Included in regulatory assets and liabilities — — 3 3 Purchases 203 — 125 — Settlements (300 ) — (376 ) (6 ) Issuances (159 ) — (164 ) — Transfers in (c) 4 — (15 ) — Transfers out (c) 6 — (26 ) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ 662 $ — $ 546 $ 2 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date (d) $ 231 $ — $ 260 $ — ——————————————— (a) For the nine months ended September 30, 2016 and 2015 , realized and unrealized gains of approximately $443 million and $379 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. (b) Reflected in net unrealized gains on foreign currency translation on the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data and, in 2016, a favorable change to a credit valuation adjustment. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the nine months ended September 30, 2016 and 2015 , unrealized gains of approximately $302 million and $271 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: September 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 704 $ 704 $ 675 $ 675 Other investments - primarily notes receivable $ 535 $ 721 (b) $ 512 $ 722 (b) Long-term debt, including current maturities $ 30,555 (c) $ 32,952 (d) $ 28,897 (c) $ 30,412 (d) FPL: Special use funds (a) $ 542 $ 542 $ 528 $ 528 Long-term debt, including current maturities $ 9,913 $ 11,768 (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. (c) Excludes debt totaling $442 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 September 30, 2016 and December 31, 2015 , for NEE, approximately $21,800 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 September 30, 2016 and December 31, 2015 , respectively, and NEE's nuclear decommissioning fund assets of $5,375 million and $5,064 million at September 30, 2016 and December 31, 2015 , respectively ( $3,631 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 $1,867 million and $1,547 million , respectively, at September 30, 2016 and $1,823 million and $1,505 million , respectively, at December 31, 2015 ( $1,419 million and $798 million , respectively, at September 30, 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 in NEE's condensed consolidated statements of income. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at September 30, 2016 of approximately nine years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at September 30, 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 NEE FPL Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 2016 2015 2016 2015 2016 2015 2016 2015 (millions) Realized gains $ 28 $ 35 $ 15 $ 11 $ 83 $ 126 $ 42 $ 56 Realized losses $ 15 $ 21 $ 8 $ 11 $ 53 $ 53 $ 30 $ 26 Proceeds from sale or maturity of securities $ 902 $ 712 $ 661 $ 556 $ 2,330 $ 3,642 $ 1,741 $ 3,094 The unrealized gains on available for sale securities are as follows: NEE FPL September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (millions) Equity securities $ 1,322 $ 1,166 $ 952 $ 863 Debt securities $ 61 $ 17 $ 47 $ 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 September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (millions) Unrealized losses (a) $ 15 $ 51 $ 15 $ 45 Fair value $ 313 $ 1,129 $ 259 $ 861 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 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 | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes NEE's effective income tax rates for the three months ended September 30, 2016 and 2015 were approximately 35% and 32% , respectively. The rates for both periods reflect the benefit of PTCs of approximately $ 19 million and $ 29 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 $ 34 million and $ 16 million , respectively, related to solar and certain wind projects at NEER. NEE's effective income tax rates for the nine months ended September 30, 2016 and 2015 were approximately 31% and 30% , respectively. The rates for both periods reflect the benefit of PTCs of approximately $ 92 million and $ 105 million , respectively, related to NEER's wind projects, as well as ITCs and deferred income tax benefits associated with convertible ITCs totaling approximately $ 115 million and $ 67 million , respectively, related to solar and certain wind projects at NEER, including, in 2015, the effect of a state income tax law change that extended the ITC carryforward period for certain wind projects. 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 ITCs and 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). In April 2016, a court decision was issued approving a reorganization of certain Canadian assets that provided for tax bases in certain of these assets (Canadian tax restructuring). NEE recorded approximately $30 million of the associated income tax benefits during the nine months ended September 30, 2016 , which effectively reversed a portion of the income tax charge NEE recorded in the second quarter of 2014 associated with structuring Canadian assets. In addition, consolidating income tax adjustments for the nine months ended September 30, 2016 include an approximately $58 million income tax charge related to the sale of NEER's ownership interest in merchant natural gas generation facilities located in Texas with a total generating capacity of 2,884 MW (Texas natural gas generation facilities). See Note 8 - Assets and Liabilities Associated with Assets Held for Sale. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 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 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 September 30, 2016 , NEE has twenty-nine 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 $ 171 million and $ 230 million at September 30, 2016 and December 31, 2015 , respectively, and consisted primarily of storm-recovery property, which are included in noncurrent other regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $ 211 million and $ 278 million at September 30, 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. See Note 9 - Contracts for a discussion of FPL's pending purchase of the 330 MW coal-fired facility. NEER - NEE consolidates twenty-seven 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 September 30, 2016 , NEE owns common units of NEP OpCo representing noncontrolling interest in NEP’s operating projects of approximately 65.2% . The assets and liabilities of NEP were approximately $ 7.4 billion and $ 5.2 billion , respectively, at September 30, 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. These entities sell their 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. The entities have third-party debt which 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 $ 90 million and $ 41 million , respectively, at September 30, 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 and operate solar PV facilities with the capability of producing a total of approximately 277 MW. Each of the two indirect subsidiaries of NEER is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NEER. These three entities sell their electric output to third parties under power sales contracts with expiration dates in 2035 and 2036 . The three entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NEER. The assets and liabilities of these VIEs were approximately $ 758 million and $ 681 million , respectively, at September 30, 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-three NEER VIEs that are consolidated relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind electric generation and solar PV facilities with the capability of producing a total of approximately 5,522 MW and 178 MW, respectively, and own solar PV facilities that, upon completion of construction, which is anticipated in the fourth quarter of 2016, are expected to have a total generating capacity of 196 MW. These entities sell, or will sell, their electric output either under power sales contracts to third parties with expiration dates ranging from 2018 through 2046 or in the spot market. Certain investors that have no equity at risk 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 entities have third-party debt which 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 entity which owns assets under construction uses third-party debt and equity to finance its development and construction activities and requires subordinated financing from NEER to complete the facilities under construction. 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 $ 8.5 billion and $ 4.4 billion , respectively, at September 30, 2016 . Twenty of the twenty-three were VIEs at December 31, 2015 and were consolidated; the assets and liabilities of those VIEs totaled approximately $ 7.6 billion and $ 5.0 billion , respectively, at December 31, 2015 . At September 30, 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 $ 513 million and $ 497 million , respectively, at September 30, 2016 , and consisted primarily of notes receivables (included in other investments) and long-term debt. Other - As of September 30, 2016 and December 31, 2015 , several NEE subsidiaries have investments totaling approximately $2,427 million ( $1,975 million at FPL) and $ 602 million ($ 476 million at FPL), respectively, in certain entities which invest mainly in mortgage-backed securities, and also at September 30, 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 September 30, 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 $259 million at September 30, 2016 , which are included in other investments on NEE’s condensed consolidated balance sheet. Subsidiaries of NEE have committed to invest an additional approximately $30 million in two of the entities. |
Common Shareholders' Equity
Common Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Common Shareholders' Equity | Common Shareholders' Equity Stock-Based Compensation - On March 30, 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 was effective for NEE beginning January 1, 2017, however, NEE early adopted the provisions of the standard update during the three months ended June 30, 2016 with an effective date of January 1, 2016. Upon adoption, NEE recorded approximately $18 million primarily related to previously unrecognized excess tax benefits in deferred income taxes with a resulting increase to retained earnings as of January 1, 2016. During the three and nine months ended September 30, 2016, the impact of the accounting standards update resulted in approximately $3 million and $27 million , respectively, of excess tax benefits being recorded in NEE's condensed consolidated statements of income; the three months ended March 31, 2016 impact was approximately $17 million , or $0.04 per share after tax for basic and assuming dilution. All other provisions of the standards update did not have a material impact to NEE's condensed consolidated financial statements. The accounting standards update had no effect on FPL. Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (millions, except per share amounts) Numerator - net income attributable to NEE $ 753 $ 879 $ 1,946 $ 2,245 Denominator: Weighted-average number of common shares outstanding - basic 463.3 454.1 461.7 447.3 Equity units, performance share awards, stock options and restricted stock (a) 2.7 1.9 3.0 4.0 Weighted-average number of common shares outstanding - assuming dilution 466.0 456.0 464.7 451.3 Earnings per share attributable to NEE: Basic $ 1.63 $ 1.94 $ 4.21 $ 5.02 Assuming dilution $ 1.62 $ 1.93 $ 4.19 $ 4.97 ——————————————— (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 equity units, stock options, performance share awards and restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 11.2 million and 8.1 million for the three months ended September 30, 2016 and 2015 , respectively, and 3.9 million and 4.6 million for the nine months ended September 30, 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 September 30, 2016 Balances, June 30, 2016 $ (134 ) $ 193 $ (69 ) $ (44 ) $ (28 ) $ (82 ) Other comprehensive income (loss) before reclassifications — 31 — (9 ) 3 25 Amounts reclassified from AOCI 17 (a) (2 ) (b) — — — 15 Net other comprehensive income (loss) 17 29 — (9 ) 3 40 Less other comprehensive loss attributable to noncontrolling interests — — — (6 ) — (6 ) Balances, September 30, 2016 $ (117 ) $ 222 $ (69 ) $ (47 ) $ (25 ) $ (36 ) ——————————————— (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 September 30, 2015 Balances, June 30, 2015 $ (128 ) $ 210 $ (36 ) $ (27 ) $ (23 ) $ (4 ) Other comprehensive loss before reclassifications (97 ) (38 ) — (33 ) (3 ) (171 ) Amounts reclassified from AOCI 11 (a) (8 ) (b) — — — 3 Net other comprehensive loss (86 ) (46 ) — (33 ) (3 ) (168 ) Less other comprehensive loss attributable to noncontrolling interests (2 ) — — (2 ) — (4 ) Balances, September 30, 2015 $ (212 ) $ 164 $ (36 ) $ (58 ) $ (26 ) $ (168 ) ——————————————— (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. 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) Nine Months Ended September 30, 2016 Balances, December 31, 2015 $ (170 ) $ 174 $ (62 ) $ (85 ) $ (24 ) $ (167 ) Other comprehensive income (loss) before reclassifications — 56 (7 ) 19 (1 ) 67 Amounts reclassified from AOCI 53 (a) (8 ) (b) — — — 45 Net other comprehensive income (loss) 53 48 (7 ) 19 (1 ) 112 Less other comprehensive loss attributable to noncontrolling interests — — — (19 ) — (19 ) Balances, September 30, 2016 $ (117 ) $ 222 $ (69 ) $ (47 ) $ (25 ) $ (36 ) ——————————————— (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) Nine Months Ended September 30, 2015 Balances, December 31, 2014 $ (156 ) $ 218 $ (20 ) $ (58 ) $ (24 ) $ (40 ) Other comprehensive loss before reclassifications (107 ) (33 ) (16 ) (5 ) (2 ) (163 ) Amounts reclassified from AOCI 50 (a) (21 ) (b) — — — 29 Net other comprehensive loss (57 ) (54 ) (16 ) (5 ) (2 ) (134 ) Less other comprehensive loss attributable to noncontrolling interests (1 ) — — (5 ) — (6 ) Balances, September 30, 2015 $ (212 ) $ 164 $ (36 ) $ (58 ) $ (26 ) $ (168 ) ——————————————— (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 | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances and borrowings by subsidiaries of NEE during the nine months ended September 30, 2016 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: Other long-term debt $ 150 Variable (a) 2019 NEECH: Debentures $ 500 2.30 % 2019 Debentures, related to NEE's equity units $ 1,500 1.65 % 2021 Junior subordinated debentures $ 570 5.25 % 2076 Other long-term debt $ 100 1.00 % 2021 NEER: Senior secured limited-recourse term loans $ 837 Variable (a) 2023 - 2035 Other long-term debt $ 925 Variable (a) 2018 - 2022 ——————————————— (a) Variable rate is based on an underlying index plus a margin. Interest rate swap agreements have been entered into with respect to certain of these issuances. See Note 2. See Note 9 - Spain Solar Projects for a discussion related to debt restructuring associated with the Spain solar projects. In August 2016, NEE sold $1.5 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series I Debenture due September 1, 2021, issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than September 1, 2019 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range of $127.63 to $159.54 . If purchased on the final settlement date, as of September 30, 2016, the number of shares issued would (subject to antidilution adjustments) range from 0.3918 shares if the applicable market value of a share of common stock is less than or equal to $127.63 to 0.3134 shares if the applicable market value of a share is equal to or greater than $159.54 , with applicable market value to be determined using the average closing prices of NEE common stock over a 20 -day trading period ending August 28, 2019. Total annual distributions on the equity units will be at the rate of 6.123% , consisting of interest on the debentures ( 1.65% per year) and payments under the stock purchase contracts ( 4.473% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2019. A holder of the equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE. In September 2016, NEECH completed a remarketing of $500 million aggregate principal amount of its Series G Debentures due September 1, 2018 (Debentures) that were issued in September 2013 as components of equity units issued concurrently by NEE (September 2013 equity units). The Debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the Debentures, the interest rate on the Debentures was reset to 1.649% per year, and interest is payable on March 1 and September 1 of each year, commencing March 1, 2017. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the September 2013 equity units, on September 1, 2016, NEE issued 5,101,000 shares of common stock in exchange for $500 million . |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 9 Months Ended |
Sep. 30, 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. In September 2016, NEP completed the sale of 11,962,300 common units representing limited partnership interests in NEP in a public offering for an aggregate purchase price of approximately $342 million , or $28.56 per common unit. These offerings, together with issuances of additional common units under NEP's at-the-market equity issuance program during the nine months ended September 30, 2016 , resulted in a decrease of NEE’s interest in NEP's operating projects to approximately 65.2% at September 30, 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. Assets and Liabilities Associated with Assets Held for Sale - In April 2016, a subsidiary of NEER completed the sale of the Texas natural gas generation facilities for net cash proceeds of approximately $456 million , after transaction costs and working capital adjustments. A NEER affiliate continued to operate the facilities included in the sale through September 2016. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $254 million ( $106 million after tax) was recorded in NEE's condensed consolidated statements of income for the nine months ended September 30, 2016 and is included in taxes other than income taxes and other - net. 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 sheet as of December 31, 2015 primarily represent property, plant and equipment and the related long-term debt. In May 2016, NEER initiated a plan and received internal authorization to pursue the sale of its ownership interests in its natural gas generation facilities located primarily in Pennsylvania, which have a total generating capacity of 840 MW at September 30, 2016 , and subsequently entered into an agreement to sell its ownership interests in these natural gas generation facilities. The transaction is expected to close in the fourth quarter of 2016, pending the satisfaction of customary closing conditions. 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 sheet as of September 30, 2016 primarily represent property, plant and equipment and the related long-term debt. Merger Termination - On July 15, 2016, the Hawaii Public Utilities Commission issued an order dismissing NEE's and Hawaiian Electric Company, Inc.'s (HECO) merger application. As a result, on July 16, 2016, NEE terminated the agreement and plan of merger dated as of December 3, 2014 (merger agreement), by and among NEE, Hawaiian Electric Industries, Inc. (HEI), and two wholly owned direct subsidiaries of NEE, NEE Acquisition Sub I, LLC and NEE Acquisition Sub II, Inc., under which HECO, a wholly owned subsidiary of HEI, was to become a subsidiary of NEE. Pursuant to the terms of the merger agreement, NEE paid HEI a termination fee of $90 million plus reimbursement to HEI for out-of-pocket expenses incurred in connection with the merger agreement of $5 million , which was included in merger-related expenses in NEE's condensed consolidated statements of income for the three and nine months ended September 30, 2016. Proposed Oncor-Related Transactions - On July 29, 2016, NEE, EFH Merger Co., LLC (Merger Sub), a direct wholly owned subsidiary of NEE, Energy Future Holdings Corp. (EFH Corp.) and Energy Future Intermediate Holding Company LLC (EFIH), a direct wholly owned subsidiary of EFH Corp., entered into an agreement and plan of merger (merger agreement). Pursuant to the merger agreement and after the reorganization of EFH Corp. (reorganized EFH) under the United States Bankruptcy Code, Merger Sub will acquire 100% of the equity of reorganized EFH Corp. and certain of its direct and indirect subsidiaries, including its indirect ownership of 80.03% of the outstanding equity interests of Oncor Electric Delivery Company LLC (Oncor), a regulated electric distribution and transmission business that operates the largest distribution and transmission system in Texas. The merger agreement, as amended in September 2016, provides that the consideration for the transaction funded by NEE will be $9.796 billion , which will be paid to certain creditors primarily in cash, with the remainder in shares of NEE common stock, which will be paid to certain creditors. The amount of consideration will be subject to adjustment as provided in the merger agreement. Completion of the merger and the actual closing date remain subject to, among other things, confirmation from the United States Bankruptcy Court for the District of Delaware, as well as approvals by the Public Utility Commission of Texas (PUCT) and the FERC . NEE, Merger Sub, EFH Corp. and EFIH have certain specified termination rights under the merger agreement. On October 31, 2016, NEE and Oncor filed a joint application with the PUCT requesting the approval of the EFH Corp. merger, as well as the TTHC merger described below. NEE expects the EFH Corp. merger to be completed in the first half of 2017. On October 30, 2016, NEE and its direct wholly owned subsidiary WSS Acquisition Company (TTHC Merger Sub) entered into an agreement (TTHC merger agreement) with Texas Transmission Holdings Corporation (TTHC) and certain stockholders of TTHC, Cheyne Walk Investment Pte Ltd, Borealis Power Holdings Inc. and BPC Health Corporation (together, the Primary Holders). Pursuant to the TTHC merger agreement, TTHC Merger Sub would merge with TTHC for a total cash merger consideration to be paid by NEE of approximately $2.410 billion , subject to adjustment as provided in the TTHC merger agreement. TTHC, through Texas Transmission Investment LLC (TTI), a wholly owned subsidiary, owns an approximately 20% interest in Oncor. Completion of the TTHC merger and actual closing date remain subject to, among other things, approvals by the PUCT and the FERC. NEE, TTHC Merger Sub, TTHC and the Primary Holders have certain specified termination rights under the TTHC merger agreement. NEE expects the TTHC transaction to be completed in the first half of 2017. On October 29, 2016, T & D Equity Acquisition, LLC (OMI purchaser), a wholly owned subsidiary of NEE, Oncor Management Investment LLC (OMI) and Oncor entered into an agreement for the OMI purchaser to purchase OMI's 0.22% interest in Oncor for approximately $27 million . This transaction is subject to NEE closing on its agreement to acquire EFH Corp. described above. NEE expects the OMI transaction to be completed in the first half of 2017. The TTHC and OMI transactions, when combined with NEE’s agreement to acquire EFH Corp. described above, if approved, would result in NEE owning 100% of Oncor. Proposed Sale Transaction - On November 1, 2016, FN Investments, LLC (FiberNet seller), an indirect wholly owned subsidiary of NEE, and CC FN Holdings LLC (FiberNet purchaser), a wholly owned subsidiary of Crown Castle International Corp., entered into an agreement whereby the FiberNet purchaser will acquire from the FiberNet seller all of the outstanding membership interests in FPL TEL, LLC, FPL FiberNet Holdings, LLC and NextEra FiberNet, LLC (together, FiberNet), which are wholly owned subsidiaries of NEE that provide fiber-optic network services, for a cash purchase price of $1.5 billion , subject to certain adjustments. NEE expects to use a portion of the proceeds to retire approximately $370 million principal amount of FiberNet long-term debt. FiberNet’s total assets and liabilities and its results of operations are not material to NEE. The transaction is subject to, among other things, approval by the Federal Communications Commission and the public service commissions of Georgia, Louisiana and Texas. NEE expects the transaction to close in the first half of 2017. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 September 30, 2016 , estimated capital expenditures for the remainder of 2016 through 2020 for which applicable internal approvals (and also, if required, FPSC approvals for FPL or regulatory approvals for acquisitions) have been received were as follows: Remainder of 2016 2017 2018 2019 2020 Total (millions) FPL: Generation: (a) New (b)(c) $ 155 $ 510 $ 260 $ 135 $ 10 $ 1,070 Existing 245 955 680 525 540 2,945 Transmission and distribution 465 1,995 1,985 2,485 2,335 9,265 Nuclear fuel 45 125 190 170 210 740 General and other 115 265 240 185 185 990 Total $ 1,025 $ 3,850 $ 3,355 $ 3,500 $ 3,280 $ 15,010 NEER: Wind (d) $ 585 $ 860 $ 475 $ 25 $ 25 $ 1,970 Solar (e) 100 15 — — — 115 Nuclear, including nuclear fuel 115 235 265 255 250 1,120 Natural gas pipelines (f) 490 750 815 30 15 2,100 Other 120 45 40 40 40 285 Total $ 1,410 $ 1,905 $ 1,595 $ 350 $ 330 $ 5,590 Corporate and Other $ 50 $ 250 $ 210 $ 215 $ 145 $ 870 ——————————————— (a) Includes AFUDC of approximately $ 19 million , $ 47 million , $ 66 million and $ 29 million for the remainder of 2016 through 2019, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) 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, repowering of existing wind projects and related transmission totaling approximately 3,375 MW, including 660 MW that received applicable internal approvals in October 2016. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 470 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 September 30, 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 September 30, 2016 , NEER has entered into contracts with expiration dates ranging from November 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 $3.8 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 December 2016 through 2019 . The required capacity and/or minimum payments under the contracts discussed above as of September 30, 2016 were estimated as follows: Remainder of 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 45 $ 165 $ 155 $ 135 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 320 $ 1,065 $ 870 $ 860 $ 910 $ 12,970 Coal, including transportation $ 25 $ 120 $ 5 $ 5 $ — $ — NEER $ 1,235 $ 1,345 $ 985 $ 125 $ 95 $ 370 Corporate and Other (d)(e) $ 35 $ 25 $ 5 $ — $ 5 $ — ——————————————— (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 41 million and $ 112 million for the three months ended September 30, 2016 and 2015 , respectively, and approximately $ 134 million and $ 349 million for the nine months ended September 30, 2016 and 2015 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 57 million and $ 99 million for the three months ended September 30, 2016 and 2015 , respectively, and approximately $ 103 million and $ 221 million for the nine months ended September 30, 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 $30 million commitment to invest primarily in clean power and technology businesses through 2021. (e) Excludes approximately $215 million , $190 million and $30 million in 2016, 2017 and 2018, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. In addition, FPL has entered into, and the FPSC and the FERC have approved, a purchase agreement under which FPL will assume ownership of a 330 MW coal-fired generation facility located in Indiantown, Florida for a purchase price of $451 million (including existing debt of approximately $218 million ). FPL currently has a long-term purchased power agreement with this facility for substantially all of its capacity and energy. The remaining payments under the long-term purchased power agreement, which total approximately $810 million (including $23 million for the remainder of 2016) are included in the table above under capacity charges. Upon taking ownership of this facility, which is expected to occur in January 2017, FPL expects to reduce the plant’s operations with the intention of eventually phasing the plant out of service. FPL will also record a regulatory asset for approximately $451 million , which will be amortized over nine years and recovered through the capacity clause with a return on the portion of the unamortized balance of the regulatory asset. Until the plant is phased out of service, FPL will recover the operating costs and fuel costs of the facility through the capacity clause and the fuel clause, respectively. 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 (indemnity holdback). Contingent consideration is required to be reported at fair value at each reporting date. NEE determined this fair value measurement based on management's probability assessment. The significant inputs and assumptions used in the fair value measurement included the estimated probability of executing contracts related to financial performance and capital expenditure thresholds as well as the appropriate discount rate. During the three and nine months ended September 30, 2016 , NEE recorded approximately $101 million and $118 million , respectively, of fair value adjustments to decrease the contingent holdback based on updated estimates associated with management's probability assessment. The fair value adjustments are included in revaluation of contingent consideration in NEE's condensed consolidated statements of income. At September 30, 2016 and December 31, 2015 , the estimated fair value of the contingent holdback was approximately $70 million and $186 million , respectively, and the carrying amount of the indemnity holdback was approximately $197 million and $188 million , respectively. The contingent and indemnity holdbacks are included in current other liabilities at September 30, 2016 and in noncurrent other liabilities at December 31, 2015 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 $ 13.0 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. FPL expects to file a petition with the FPSC in the fourth quarter of 2016 to seek interim recovery of storm restoration costs associated with Hurricane Hermine in September 2016 and Hurricane Matthew in October 2016 that exceed the reserve amount, as well as to replenish the reserve. 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 - Since 2013, various events of default had 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. Because the lenders had the right to accelerate payment of the project-level debt as a result of the events of default, such 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. Additionally, impairments recorded in 2013 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 required them under Spanish law to commence liquidation proceedings if the net equity position was not restored to specified levels. In August 2016, NextEra Energy España, S.L., the NEER subsidiary in Spain that is the direct shareholder of the project-level subsidiaries, and the project-level subsidiaries entered into an agreement with the lenders to restructure the project-level debt, which included, among other things, a re-amortization of the debt, including extending the maturity date from 2030 to 2037, and reducing the original interest rate under the project-level financing agreements. At closing, the NEECH affiliates’ remaining letter of credit posting obligation on behalf of the project-level subsidiaries of approximately €23 million (approximately $26 million ) was used primarily to make a prepayment of the restructured project-level debt. The noncurrent portions of the restructured project-level debt, net of unamortized debt issuance costs, and associated derivative liabilities related to the interest rate swaps were reclassified as long-term debt and noncurrent derivative liabilities, respectively, on NEE’s condensed consolidated balance sheet as of September 30, 2016 and totaled approximately $537 million and $155 million , respectively, at that date. The debt restructuring allowed the negative net equity position of the project-level subsidiaries to be restored to a level above that which is required by Spanish law and the liquidation process was rescinded. The restructured debt is secured solely by the assets of the project-level subsidiaries. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 September 30, 2016 2015 FPL NEER (a) Corporate and Other NEE Consoli- dated FPL NEER (a)(b) Corporate and Other (b) NEE Consoli- dated (millions) Operating revenues $ 3,283 $ 1,430 $ 92 $ 4,805 $ 3,274 $ 1,586 $ 94 $ 4,954 Operating expenses $ 2,362 $ 974 $ 190 $ 3,526 $ 2,419 $ 972 $ 82 $ 3,473 Net income (loss) attributable to NEE $ 515 $ 307 (c) $ (69 ) $ 753 $ 489 $ 379 (c) $ 11 $ 879 Nine Months Ended September 30, 2016 2015 FPL NEER (a) Corporate and Other NEE Consoli- dated FPL NEER (a)(b) Corporate (b) NEE Consoli- dated (millions) Operating revenues $ 8,337 $ 3,841 $ 279 $ 12,457 $ 8,812 $ 4,315 $ 290 $ 13,417 Operating expenses $ 5,874 $ 2,575 $ 326 $ 8,775 $ 6,509 $ 2,918 $ 233 $ 9,660 Net income (loss) attributable to NEE $ 1,356 $ 765 (c) $ (175 ) $ 1,946 $ 1,283 $ 936 (c) $ 26 $ 2,245 ——————————————— (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. September 30, 2016 December 31, 2015 FPL NEER Corporate and Other NEE Consoli- dated FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 44,617 $ 40,760 $ 2,487 $ 87,864 $ 42,523 $ 37,647 $ 2,309 $ 82,479 |
Summarized Financial Informatio
Summarized Financial Information of Capital Holdings | 9 Months Ended |
Sep. 30, 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 September 30, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Operating revenues $ — $ 1,526 $ 3,279 $ 4,805 $ — $ 1,683 $ 3,271 $ 4,954 Operating expenses (5 ) (1,032 ) (2,489 ) (3,526 ) (3 ) (1,045 ) (2,425 ) (3,473 ) Interest expense — (255 ) (114 ) (369 ) (1 ) (200 ) (110 ) (311 ) Equity in earnings of subsidiaries 765 — (765 ) — 865 — (865 ) — Other income - net 4 276 17 297 — 114 18 132 Income (loss) before income taxes 764 515 (72 ) 1,207 861 552 (111 ) 1,302 Income tax expense (benefit) 11 141 266 418 (18 ) 167 272 421 Net income (loss) 753 374 (338 ) 789 879 385 (383 ) 881 Less net income attributable to noncontrolling interests — 36 — 36 — 2 — 2 Net income (loss) attributable to NEE $ 753 $ 338 $ (338 ) $ 753 $ 879 $ 383 $ (383 ) $ 879 Nine Months Ended September 30, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Operating revenues $ — $ 4,131 $ 8,326 $ 12,457 $ — $ 4,616 $ 8,801 $ 13,417 Operating expenses (14 ) (2,756 ) (6,005 ) (8,775 ) (12 ) (3,124 ) (6,524 ) (9,660 ) Interest expense (1 ) (1,137 ) (342 ) (1,480 ) (3 ) (573 ) (336 ) (912 ) Equity in earnings of subsidiaries 1,989 — (1,989 ) — 2,226 — (2,226 ) — Other income - net 5 603 57 665 — 343 45 388 Income (loss) before income taxes 1,979 841 47 2,867 2,211 1,262 (240 ) 3,233 Income tax expense (benefit) 33 71 775 879 (34 ) 293 722 981 Net income (loss) 1,946 770 (728 ) 1,988 2,245 969 (962 ) 2,252 Less net income attributable to noncontrolling interests — 42 — 42 — 7 — 7 Net income (loss) attributable to NEE $ 1,946 $ 728 $ (728 ) $ 1,946 $ 2,245 $ 962 $ (962 ) $ 2,245 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 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 $ 799 $ 384 $ (384 ) $ 799 $ 714 $ 218 $ (218 ) $ 714 Nine Months Ended September 30, 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 $ 2,078 $ 866 $ (866 ) $ 2,078 $ 2,117 $ 850 $ (850 ) $ 2,117 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Balance Sheets September 30, 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 $ 28 $ 37,986 $ 47,849 $ 85,863 $ 27 $ 34,921 $ 45,382 $ 80,330 Accumulated depreciation and amortization (18 ) (7,823 ) (12,405 ) (20,246 ) (16 ) (7,067 ) (11,861 ) (18,944 ) Total property, plant and equipment - net 10 30,163 35,444 65,617 11 27,854 33,521 61,386 CURRENT ASSETS Cash and cash equivalents — 634 47 681 — 546 25 571 Receivables 210 1,908 741 2,859 90 1,510 665 2,265 Other 4 1,891 1,312 3,207 4 2,443 1,512 3,959 Total current assets 214 4,433 2,100 6,747 94 4,499 2,202 6,795 OTHER ASSETS Investment in subsidiaries 23,851 — (23,851 ) — 22,544 — (22,544 ) — Other 808 8,844 5,848 15,500 823 7,790 5,685 14,298 Total other assets 24,659 8,844 (18,003 ) 15,500 23,367 7,790 (16,859 ) 14,298 TOTAL ASSETS $ 24,883 $ 43,440 $ 19,541 $ 87,864 $ 23,472 $ 40,143 $ 18,864 $ 82,479 CAPITALIZATION Common shareholders' equity $ 23,907 $ 8,196 $ (8,196 ) $ 23,907 $ 22,574 $ 6,990 $ (6,990 ) $ 22,574 Noncontrolling interests — 962 — 962 — 538 — 538 Long-term debt — 18,350 9,845 28,195 — 16,725 9,956 26,681 Total capitalization 23,907 27,508 1,649 53,064 22,574 24,253 2,966 49,793 CURRENT LIABILITIES Debt due within one year — 2,500 982 3,482 — 2,786 220 3,006 Accounts payable 1 2,089 710 2,800 4 1,919 606 2,529 Other 294 2,301 1,579 4,174 252 3,003 1,317 4,572 Total current liabilities 295 6,890 3,271 10,456 256 7,708 2,143 10,107 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 747 1,890 2,637 — 647 1,822 2,469 Deferred income taxes 82 2,636 7,864 10,582 157 2,396 7,274 9,827 Other 599 5,659 4,867 11,125 485 5,139 4,659 10,283 Total other liabilities and deferred credits 681 9,042 14,621 24,344 642 8,182 13,755 22,579 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 24,883 $ 43,440 $ 19,541 $ 87,864 $ 23,472 $ 40,143 $ 18,864 $ 82,479 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 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 $ 1,164 $ 1,781 $ 2,349 $ 5,294 $ 1,242 $ 1,834 $ 1,437 $ 4,513 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (1 ) (4,831 ) (3,097 ) (7,929 ) — (3,058 ) (2,618 ) (5,676 ) Capital contributions from NEE (432 ) — 432 — (1,454 ) — 1,454 — Sale of independent power and other investments of NEER — 395 — 395 — 34 — 34 Proceeds from the sale of a noncontrolling interest in subsidiaries — 645 — 645 — 319 — 319 Other - net — (63 ) (31 ) (94 ) (17 ) 2 (139 ) (154 ) Net cash used in investing activities (433 ) (3,854 ) (2,696 ) (6,983 ) (1,471 ) (2,703 ) (1,303 ) (5,477 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 4,494 150 4,644 — 3,377 85 3,462 Retirements of long-term debt — (2,392 ) (262 ) (2,654 ) — (2,547 ) (550 ) (3,097 ) Proceeds from sale of differential membership interests — 328 — 328 — 46 — 46 Payments to differential membership investors — (84 ) — (84 ) — (68 ) — (68 ) Proceeds from notes payable — — 500 500 — 1,450 — 1,450 Repayments of notes payable — (212 ) (150 ) (362 ) — (313 ) — (313 ) Net change in commercial paper — (154 ) 408 254 — 780 (896 ) (116 ) Issuances of common stock 528 — — 528 1,274 — — 1,274 Dividends on common stock (1,205 ) — — (1,205 ) (1,031 ) — — (1,031 ) Contributions from (dividends to) NEE — 294 (294 ) — — (1,214 ) 1,214 — Other - net (54 ) (113 ) 17 (150 ) (14 ) (55 ) 30 (39 ) Net cash provided by (used in) financing activities (731 ) 2,161 369 1,799 229 1,456 (117 ) 1,568 Net increase in cash and cash equivalents — 88 22 110 — 587 17 604 Cash and cash equivalents at beginning of period — 546 25 571 — 562 15 577 Cash and cash equivalents at end of period $ — $ 634 $ 47 $ 681 $ — $ 1,149 $ 32 $ 1,181 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Derivative Instruments (Policie
Derivative Instruments (Policies) | 9 Months Ended |
Sep. 30, 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 expected future 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) | 9 Months Ended |
Sep. 30, 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 expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using 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) | 9 Months Ended |
Sep. 30, 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. In September 2016, NEP completed the sale of 11,962,300 common units representing limited partnership interests in NEP in a public offering for an aggregate purchase price of approximately $342 million , or $28.56 per common unit. These offerings, together with issuances of additional common units under NEP's at-the-market equity issuance program during the nine months ended September 30, 2016 , resulted in a decrease of NEE’s interest in NEP's operating projects to approximately 65.2% at September 30, 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. |
Assets and Liabilities Associated with Assets Held for Sale | Assets and Liabilities Associated with Assets Held for Sale - In April 2016, a subsidiary of NEER completed the sale of the Texas natural gas generation facilities for net cash proceeds of approximately $456 million , after transaction costs and working capital adjustments. A NEER affiliate continued to operate the facilities included in the sale through September 2016. In connection with the sale and the related consolidating state income tax effects, a gain of approximately $254 million ( $106 million after tax) was recorded in NEE's condensed consolidated statements of income for the nine months ended September 30, 2016 and is included in taxes other than income taxes and other - net. 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 sheet as of December 31, 2015 primarily represent property, plant and equipment and the related long-term debt. In May 2016, NEER initiated a plan and received internal authorization to pursue the sale of its ownership interests in its natural gas generation facilities located primarily in Pennsylvania, which have a total generating capacity of 840 MW at September 30, 2016 , and subsequently entered into an agreement to sell its ownership interests in these natural gas generation facilities. The transaction is expected to close in the fourth quarter of 2016, pending the satisfaction of customary closing conditions. 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 sheet as of September 30, 2016 primarily represent property, plant and equipment and the related long-term deb |
Merger Termination | Merger Termination - On July 15, 2016, the Hawaii Public Utilities Commission issued an order dismissing NEE's and Hawaiian Electric Company, Inc.'s (HECO) merger application. As a result, on July 16, 2016, NEE terminated the agreement and plan of merger dated as of December 3, 2014 (merger agreement), by and among NEE, Hawaiian Electric Industries, Inc. (HEI), and two wholly owned direct subsidiaries of NEE, NEE Acquisition Sub I, LLC and NEE Acquisition Sub II, Inc., under which HECO, a wholly owned subsidiary of HEI, was to become a subsidiary of NEE. Pursuant to the terms of the merger agreement, NEE paid HEI a termination fee of $90 million plus reimbursement to HEI for out-of-pocket expenses incurred in connection with the merger agreement of $5 million , which was included in merger-related expenses in NEE's condensed consolidated statements of income for the three and nine months ended September 30, 2016. |
Stock-Based Compensation | Stock-Based Compensation - On March 30, 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 was effective for NEE beginning January 1, 2017, however, NEE early adopted the provisions of the standard update during the three months ended June 30, 2016 with an effective date of January 1, 2016. Upon adoption, NEE recorded approximately $18 million primarily related to previously unrecognized excess tax benefits in deferred income taxes with a resulting increase to retained earnings as of January 1, 2016. During the three and nine months ended September 30, 2016, the impact of the accounting standards update resulted in approximately $3 million and $27 million , respectively, of excess tax benefits being recorded in NEE's condensed consolidated statements of income; the three months ended March 31, 2016 impact was approximately $17 million , or $0.04 per share after tax for basic and assuming dilution. All other provisions of the standards update did not have a material impact to NEE's condensed consolidated financial statements. The accounting standards update had no effect on FPL. |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 2016 2015 2016 2015 2016 2015 2016 2015 (millions) Service cost $ 16 $ 17 $ — $ 1 $ 47 $ 53 $ 1 $ 2 Interest cost 26 23 3 3 78 72 10 10 Expected return on plan assets (65 ) (63 ) — — (195 ) (190 ) — (1 ) Amortization of prior service (benefit) cost — — — (1 ) 1 1 (2 ) (2 ) Amortization of losses — — — 1 — — — 2 Net periodic (income) cost at NEE $ (23 ) $ (23 ) $ 3 $ 4 $ (69 ) $ (64 ) $ 9 $ 11 Net periodic (income) cost at FPL $ (15 ) $ (14 ) $ 2 $ 3 $ (44 ) $ (41 ) $ 7 $ 8 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Instruments - The tables below present NEE's and FPL's gross derivative positions at September 30, 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. September 30, 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 $ 5,105 $ 3,479 $ 1,943 $ 558 Interest rate contracts 60 788 55 782 Foreign currency swaps 9 35 8 36 Total fair values $ 5,174 $ 4,302 $ 2,006 $ 1,376 FPL: Commodity contracts $ 48 $ 20 $ 33 $ 5 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 612 Noncurrent derivative assets (b) 1,394 Current derivative liabilities $ 377 Noncurrent derivative liabilities 999 Total derivatives $ 2,006 $ 1,376 Net fair value by FPL balance sheet line item: Current other assets $ 22 Noncurrent other assets 11 Current derivative liabilities $ 5 Total derivatives $ 33 $ 5 ——————————————— (a) Reflects the netting of approximately $148 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $93 million in margin cash collateral received from 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: September 30, 2016 December 31, 2015 Commodity Type NEE FPL NEE FPL (millions) Power (71 ) MWh — (112 ) MWh — Natural gas 1,130 MMBtu 704 MMBtu 1,321 MMBtu 833 MMBtu Oil (7 ) 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 Nine Months Ended 2016 2015 2016 2015 (millions) Commodity contracts: (a) Operating revenues $ 264 $ 397 $ 502 $ 812 Fuel, purchased power and interchange 1 3 (1 ) 5 Foreign currency swaps - interest expense 15 — 96 — Foreign currency swaps - other - net 1 — (2 ) — Interest rate contracts - interest expense (58 ) (12 ) (515 ) (1 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (18 ) — (71 ) — Foreign currency swaps (3 ) — (9 ) — Total $ 202 $ 388 $ — $ 816 ——————————————— (a) For the three and nine months ended September 30, 2016 , FPL recorded approximately $35 million of losses and $35 million of gains, respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2015 , FPL recorded losses of approximately $141 million and $204 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, which were previously designated as hedging instruments, are recorded in NEE's condensed consolidated financial statements (none at FPL) as follows: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Interest Rate Contracts Foreign Currency Swaps Total Interest Rate Contracts Foreign Currency Swaps Total (millions) Losses recognized in OCI $ (151 ) $ (1 ) $ (152 ) $ (146 ) $ (16 ) $ (162 ) Gains (losses) reclassified from AOCI to net income $ (18 ) (a) $ 7 (b) $ (11 ) $ (56 ) (a) $ (10 ) (b) $ (66 ) ——————————————— (a) Included in interest expense. (b) For the three and nine months ended September 30, 2015 , losses of approximately $3 million and $9 million , respectively, are included in interest expense and the balances are included in other - net. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2016 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash: (b) NEE - equity securities $ 417 $ — $ — $ 417 FPL - equity securities $ 21 $ — $ — $ 21 Special use funds: (c) NEE: Equity securities $ 1,391 $ 1,443 (d) $ — $ 2,834 U.S. Government and municipal bonds $ 321 $ 174 $ — $ 495 Corporate debt securities $ — $ 849 $ — $ 849 Mortgage-backed securities $ — $ 481 $ — $ 481 Other debt securities $ — $ 87 $ — $ 87 FPL: Equity securities $ 395 $ 1,319 (d) $ — $ 1,714 U.S. Government and municipal bonds $ 240 $ 146 $ — $ 386 Corporate debt securities $ — $ 616 $ — $ 616 Mortgage-backed securities $ — $ 375 $ — $ 375 Other debt securities $ — $ 73 $ — $ 73 Other investments: NEE: Equity securities $ 29 $ 9 $ — $ 38 Debt securities $ 10 $ 166 $ — $ 176 Derivatives: NEE: Commodity contracts $ 1,757 $ 2,007 $ 1,341 $ (3,162 ) $ 1,943 (e) Interest rate contracts $ — $ 54 $ 6 $ (5 ) $ 55 (e) Foreign currency swaps $ — $ 9 $ — $ (1 ) $ 8 (e) FPL - commodity contracts $ — $ 46 $ 2 $ (15 ) $ 33 (e) Liabilities: Derivatives: NEE: Commodity contracts $ 1,730 $ 1,198 $ 551 $ (2,921 ) $ 558 (e) Interest rate contracts $ — $ 654 $ 134 $ (6 ) $ 782 (e) Foreign currency swaps $ — $ 35 $ — $ 1 $ 36 (e) FPL - commodity contracts $ — $ 18 $ 2 $ (15 ) $ 5 (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 $81 million ( $21 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 Other than Fair Value 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 Other than Fair Value 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 September 30, 2016 are as follows: Transaction Type Fair Value at September 30, 2016 Valuation Technique(s) Significant Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 716 $ 237 Discounted cash flow Forward price (per MWh) $— — $84 Forward contracts - gas 28 20 Discounted cash flow Forward price (per MMBtu) $1 — $8 Forward contracts - other commodity related 9 — Discounted cash flow Forward price (various) $(9) — $52 Options - power 56 30 Option models Implied correlations (5)% — 100% Implied volatilities 9% — 123% Options - primarily gas 192 226 Option models Implied correlations (5)% — 100% Implied volatilities 1% — 108% Full requirements and unit contingent contracts 340 38 Discounted cash flow Forward price (per MWh) $(20) — $199 Customer migration rate (a) —% — 20% Total $ 1,341 $ 551 ——————————————— (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 September 30, 2016 2015 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at June 30 $ 532 $ (1 ) $ 544 $ 4 Realized and unrealized gains (losses): Included in earnings (a) 153 — 115 — Included in regulatory assets and liabilities — — (1 ) (1 ) Purchases 28 — 42 — Settlements (72 ) 1 (109 ) (1 ) Issuances (16 ) — (32 ) — Transfers in (b) 1 — 3 — Transfers out (b) 36 — (16 ) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ 662 $ — $ 546 $ 2 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date (c) $ 150 $ — $ 107 $ — ——————————————— (a) For the three months ended September 30, 2016 and 2015 , realized and unrealized gains of approximately $198 million and $131 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. (b) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data and, in 2016, a favorable change to a credit valuation adjustment. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (c) For the three months ended September 30, 2016 and 2015 , unrealized gains of approximately $194 million and $123 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense. Nine Months Ended September 30, 2016 2015 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 538 $ — $ 622 $ 5 Realized and unrealized gains (losses): Included in earnings (a) 373 — 369 — Included in other comprehensive income (loss) (b) (3 ) — 8 — Included in regulatory assets and liabilities — — 3 3 Purchases 203 — 125 — Settlements (300 ) — (376 ) (6 ) Issuances (159 ) — (164 ) — Transfers in (c) 4 — (15 ) — Transfers out (c) 6 — (26 ) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ 662 $ — $ 546 $ 2 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date (d) $ 231 $ — $ 260 $ — ——————————————— (a) For the nine months ended September 30, 2016 and 2015 , realized and unrealized gains of approximately $443 million and $379 million , respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. (b) Reflected in net unrealized gains on foreign currency translation on the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data and, in 2016, a favorable change to a credit valuation adjustment. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the nine months ended September 30, 2016 and 2015 , unrealized gains of approximately $302 million and $271 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: September 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 704 $ 704 $ 675 $ 675 Other investments - primarily notes receivable $ 535 $ 721 (b) $ 512 $ 722 (b) Long-term debt, including current maturities $ 30,555 (c) $ 32,952 (d) $ 28,897 (c) $ 30,412 (d) FPL: Special use funds (a) $ 542 $ 542 $ 528 $ 528 Long-term debt, including current maturities $ 9,913 $ 11,768 (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. (c) Excludes debt totaling $442 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 September 30, 2016 and December 31, 2015 , for NEE, approximately $21,800 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 NEE FPL Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 2016 2015 2016 2015 2016 2015 2016 2015 (millions) Realized gains $ 28 $ 35 $ 15 $ 11 $ 83 $ 126 $ 42 $ 56 Realized losses $ 15 $ 21 $ 8 $ 11 $ 53 $ 53 $ 30 $ 26 Proceeds from sale or maturity of securities $ 902 $ 712 $ 661 $ 556 $ 2,330 $ 3,642 $ 1,741 $ 3,094 The unrealized gains on available for sale securities are as follows: NEE FPL September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (millions) Equity securities $ 1,322 $ 1,166 $ 952 $ 863 Debt securities $ 61 $ 17 $ 47 $ 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 September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (millions) Unrealized losses (a) $ 15 $ 51 $ 15 $ 45 Fair value $ 313 $ 1,129 $ 259 $ 861 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2016 and December 31, 2015 were not material to NEE or FPL. |
Common Shareholders' Equity (Ta
Common Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2016 2015 2016 2015 (millions, except per share amounts) Numerator - net income attributable to NEE $ 753 $ 879 $ 1,946 $ 2,245 Denominator: Weighted-average number of common shares outstanding - basic 463.3 454.1 461.7 447.3 Equity units, performance share awards, stock options and restricted stock (a) 2.7 1.9 3.0 4.0 Weighted-average number of common shares outstanding - assuming dilution 466.0 456.0 464.7 451.3 Earnings per share attributable to NEE: Basic $ 1.63 $ 1.94 $ 4.21 $ 5.02 Assuming dilution $ 1.62 $ 1.93 $ 4.19 $ 4.97 ——————————————— (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 September 30, 2016 Balances, June 30, 2016 $ (134 ) $ 193 $ (69 ) $ (44 ) $ (28 ) $ (82 ) Other comprehensive income (loss) before reclassifications — 31 — (9 ) 3 25 Amounts reclassified from AOCI 17 (a) (2 ) (b) — — — 15 Net other comprehensive income (loss) 17 29 — (9 ) 3 40 Less other comprehensive loss attributable to noncontrolling interests — — — (6 ) — (6 ) Balances, September 30, 2016 $ (117 ) $ 222 $ (69 ) $ (47 ) $ (25 ) $ (36 ) ——————————————— (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 September 30, 2015 Balances, June 30, 2015 $ (128 ) $ 210 $ (36 ) $ (27 ) $ (23 ) $ (4 ) Other comprehensive loss before reclassifications (97 ) (38 ) — (33 ) (3 ) (171 ) Amounts reclassified from AOCI 11 (a) (8 ) (b) — — — 3 Net other comprehensive loss (86 ) (46 ) — (33 ) (3 ) (168 ) Less other comprehensive loss attributable to noncontrolling interests (2 ) — — (2 ) — (4 ) Balances, September 30, 2015 $ (212 ) $ 164 $ (36 ) $ (58 ) $ (26 ) $ (168 ) ——————————————— (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. 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) Nine Months Ended September 30, 2016 Balances, December 31, 2015 $ (170 ) $ 174 $ (62 ) $ (85 ) $ (24 ) $ (167 ) Other comprehensive income (loss) before reclassifications — 56 (7 ) 19 (1 ) 67 Amounts reclassified from AOCI 53 (a) (8 ) (b) — — — 45 Net other comprehensive income (loss) 53 48 (7 ) 19 (1 ) 112 Less other comprehensive loss attributable to noncontrolling interests — — — (19 ) — (19 ) Balances, September 30, 2016 $ (117 ) $ 222 $ (69 ) $ (47 ) $ (25 ) $ (36 ) ——————————————— (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) Nine Months Ended September 30, 2015 Balances, December 31, 2014 $ (156 ) $ 218 $ (20 ) $ (58 ) $ (24 ) $ (40 ) Other comprehensive loss before reclassifications (107 ) (33 ) (16 ) (5 ) (2 ) (163 ) Amounts reclassified from AOCI 50 (a) (21 ) (b) — — — 29 Net other comprehensive loss (57 ) (54 ) (16 ) (5 ) (2 ) (134 ) Less other comprehensive loss attributable to noncontrolling interests (1 ) — — (5 ) — (6 ) Balances, September 30, 2015 $ (212 ) $ 164 $ (36 ) $ (58 ) $ (26 ) $ (168 ) ——————————————— (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) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances and borrowings by subsidiaries of NEE during the nine months ended September 30, 2016 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: Other long-term debt $ 150 Variable (a) 2019 NEECH: Debentures $ 500 2.30 % 2019 Debentures, related to NEE's equity units $ 1,500 1.65 % 2021 Junior subordinated debentures $ 570 5.25 % 2076 Other long-term debt $ 100 1.00 % 2021 NEER: Senior secured limited-recourse term loans $ 837 Variable (a) 2023 - 2035 Other long-term debt $ 925 Variable (a) 2018 - 2022 ——————————————— (a) Variable rate is based on an underlying index plus a margin. Interest rate swap agreements have been entered into with respect to certain of these issuances. See Note 2. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At September 30, 2016 , estimated capital expenditures for the remainder of 2016 through 2020 for which applicable internal approvals (and also, if required, FPSC approvals for FPL or regulatory approvals for acquisitions) have been received were as follows: Remainder of 2016 2017 2018 2019 2020 Total (millions) FPL: Generation: (a) New (b)(c) $ 155 $ 510 $ 260 $ 135 $ 10 $ 1,070 Existing 245 955 680 525 540 2,945 Transmission and distribution 465 1,995 1,985 2,485 2,335 9,265 Nuclear fuel 45 125 190 170 210 740 General and other 115 265 240 185 185 990 Total $ 1,025 $ 3,850 $ 3,355 $ 3,500 $ 3,280 $ 15,010 NEER: Wind (d) $ 585 $ 860 $ 475 $ 25 $ 25 $ 1,970 Solar (e) 100 15 — — — 115 Nuclear, including nuclear fuel 115 235 265 255 250 1,120 Natural gas pipelines (f) 490 750 815 30 15 2,100 Other 120 45 40 40 40 285 Total $ 1,410 $ 1,905 $ 1,595 $ 350 $ 330 $ 5,590 Corporate and Other $ 50 $ 250 $ 210 $ 215 $ 145 $ 870 ——————————————— (a) Includes AFUDC of approximately $ 19 million , $ 47 million , $ 66 million and $ 29 million for the remainder of 2016 through 2019, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) 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, repowering of existing wind projects and related transmission totaling approximately 3,375 MW, including 660 MW that received applicable internal approvals in October 2016. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 470 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 September 30, 2016 were estimated as follows: Remainder of 2016 2017 2018 2019 2020 Thereafter (millions) FPL: Capacity charges (a) $ 45 $ 165 $ 155 $ 135 $ 110 $ 690 Minimum charges, at projected prices: (b) Natural gas, including transportation and storage (c) $ 320 $ 1,065 $ 870 $ 860 $ 910 $ 12,970 Coal, including transportation $ 25 $ 120 $ 5 $ 5 $ — $ — NEER $ 1,235 $ 1,345 $ 985 $ 125 $ 95 $ 370 Corporate and Other (d)(e) $ 35 $ 25 $ 5 $ — $ 5 $ — ——————————————— (a) Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $ 41 million and $ 112 million for the three months ended September 30, 2016 and 2015 , respectively, and approximately $ 134 million and $ 349 million for the nine months ended September 30, 2016 and 2015 , respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $ 57 million and $ 99 million for the three months ended September 30, 2016 and 2015 , respectively, and approximately $ 103 million and $ 221 million for the nine months ended September 30, 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 $30 million commitment to invest primarily in clean power and technology businesses through 2021. (e) Excludes approximately $215 million , $190 million and $30 million in 2016, 2017 and 2018, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment information | NEE's segment information is as follows: Three Months Ended September 30, 2016 2015 FPL NEER (a) Corporate and Other NEE Consoli- dated FPL NEER (a)(b) Corporate and Other (b) NEE Consoli- dated (millions) Operating revenues $ 3,283 $ 1,430 $ 92 $ 4,805 $ 3,274 $ 1,586 $ 94 $ 4,954 Operating expenses $ 2,362 $ 974 $ 190 $ 3,526 $ 2,419 $ 972 $ 82 $ 3,473 Net income (loss) attributable to NEE $ 515 $ 307 (c) $ (69 ) $ 753 $ 489 $ 379 (c) $ 11 $ 879 Nine Months Ended September 30, 2016 2015 FPL NEER (a) Corporate and Other NEE Consoli- dated FPL NEER (a)(b) Corporate (b) NEE Consoli- dated (millions) Operating revenues $ 8,337 $ 3,841 $ 279 $ 12,457 $ 8,812 $ 4,315 $ 290 $ 13,417 Operating expenses $ 5,874 $ 2,575 $ 326 $ 8,775 $ 6,509 $ 2,918 $ 233 $ 9,660 Net income (loss) attributable to NEE $ 1,356 $ 765 (c) $ (175 ) $ 1,946 $ 1,283 $ 936 (c) $ 26 $ 2,245 ——————————————— (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. September 30, 2016 December 31, 2015 FPL NEER Corporate and Other NEE Consoli- dated FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 44,617 $ 40,760 $ 2,487 $ 87,864 $ 42,523 $ 37,647 $ 2,309 $ 82,479 |
Summarized Financial Informat30
Summarized Financial Information of Capital Holdings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summarized Financial Information [Abstract] | |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income Three Months Ended September 30, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Operating revenues $ — $ 1,526 $ 3,279 $ 4,805 $ — $ 1,683 $ 3,271 $ 4,954 Operating expenses (5 ) (1,032 ) (2,489 ) (3,526 ) (3 ) (1,045 ) (2,425 ) (3,473 ) Interest expense — (255 ) (114 ) (369 ) (1 ) (200 ) (110 ) (311 ) Equity in earnings of subsidiaries 765 — (765 ) — 865 — (865 ) — Other income - net 4 276 17 297 — 114 18 132 Income (loss) before income taxes 764 515 (72 ) 1,207 861 552 (111 ) 1,302 Income tax expense (benefit) 11 141 266 418 (18 ) 167 272 421 Net income (loss) 753 374 (338 ) 789 879 385 (383 ) 881 Less net income attributable to noncontrolling interests — 36 — 36 — 2 — 2 Net income (loss) attributable to NEE $ 753 $ 338 $ (338 ) $ 753 $ 879 $ 383 $ (383 ) $ 879 Nine Months Ended September 30, 2016 2015 NEE (Guarantor) NEECH Other (a) NEE Consoli- dated NEE (Guarantor) NEECH Other (a) NEE Consoli- dated (millions) Operating revenues $ — $ 4,131 $ 8,326 $ 12,457 $ — $ 4,616 $ 8,801 $ 13,417 Operating expenses (14 ) (2,756 ) (6,005 ) (8,775 ) (12 ) (3,124 ) (6,524 ) (9,660 ) Interest expense (1 ) (1,137 ) (342 ) (1,480 ) (3 ) (573 ) (336 ) (912 ) Equity in earnings of subsidiaries 1,989 — (1,989 ) — 2,226 — (2,226 ) — Other income - net 5 603 57 665 — 343 45 388 Income (loss) before income taxes 1,979 841 47 2,867 2,211 1,262 (240 ) 3,233 Income tax expense (benefit) 33 71 775 879 (34 ) 293 722 981 Net income (loss) 1,946 770 (728 ) 1,988 2,245 969 (962 ) 2,252 Less net income attributable to noncontrolling interests — 42 — 42 — 7 — 7 Net income (loss) attributable to NEE $ 1,946 $ 728 $ (728 ) $ 1,946 $ 2,245 $ 962 $ (962 ) $ 2,245 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 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 $ 799 $ 384 $ (384 ) $ 799 $ 714 $ 218 $ (218 ) $ 714 Nine Months Ended September 30, 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 $ 2,078 $ 866 $ (866 ) $ 2,078 $ 2,117 $ 850 $ (850 ) $ 2,117 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 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 $ 1,164 $ 1,781 $ 2,349 $ 5,294 $ 1,242 $ 1,834 $ 1,437 $ 4,513 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (1 ) (4,831 ) (3,097 ) (7,929 ) — (3,058 ) (2,618 ) (5,676 ) Capital contributions from NEE (432 ) — 432 — (1,454 ) — 1,454 — Sale of independent power and other investments of NEER — 395 — 395 — 34 — 34 Proceeds from the sale of a noncontrolling interest in subsidiaries — 645 — 645 — 319 — 319 Other - net — (63 ) (31 ) (94 ) (17 ) 2 (139 ) (154 ) Net cash used in investing activities (433 ) (3,854 ) (2,696 ) (6,983 ) (1,471 ) (2,703 ) (1,303 ) (5,477 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 4,494 150 4,644 — 3,377 85 3,462 Retirements of long-term debt — (2,392 ) (262 ) (2,654 ) — (2,547 ) (550 ) (3,097 ) Proceeds from sale of differential membership interests — 328 — 328 — 46 — 46 Payments to differential membership investors — (84 ) — (84 ) — (68 ) — (68 ) Proceeds from notes payable — — 500 500 — 1,450 — 1,450 Repayments of notes payable — (212 ) (150 ) (362 ) — (313 ) — (313 ) Net change in commercial paper — (154 ) 408 254 — 780 (896 ) (116 ) Issuances of common stock 528 — — 528 1,274 — — 1,274 Dividends on common stock (1,205 ) — — (1,205 ) (1,031 ) — — (1,031 ) Contributions from (dividends to) NEE — 294 (294 ) — — (1,214 ) 1,214 — Other - net (54 ) (113 ) 17 (150 ) (14 ) (55 ) 30 (39 ) Net cash provided by (used in) financing activities (731 ) 2,161 369 1,799 229 1,456 (117 ) 1,568 Net increase in cash and cash equivalents — 88 22 110 — 587 17 604 Cash and cash equivalents at beginning of period — 546 25 571 — 562 15 577 Cash and cash equivalents at end of period $ — $ 634 $ 47 $ 681 $ — $ 1,149 $ 32 $ 1,181 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets September 30, 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 $ 28 $ 37,986 $ 47,849 $ 85,863 $ 27 $ 34,921 $ 45,382 $ 80,330 Accumulated depreciation and amortization (18 ) (7,823 ) (12,405 ) (20,246 ) (16 ) (7,067 ) (11,861 ) (18,944 ) Total property, plant and equipment - net 10 30,163 35,444 65,617 11 27,854 33,521 61,386 CURRENT ASSETS Cash and cash equivalents — 634 47 681 — 546 25 571 Receivables 210 1,908 741 2,859 90 1,510 665 2,265 Other 4 1,891 1,312 3,207 4 2,443 1,512 3,959 Total current assets 214 4,433 2,100 6,747 94 4,499 2,202 6,795 OTHER ASSETS Investment in subsidiaries 23,851 — (23,851 ) — 22,544 — (22,544 ) — Other 808 8,844 5,848 15,500 823 7,790 5,685 14,298 Total other assets 24,659 8,844 (18,003 ) 15,500 23,367 7,790 (16,859 ) 14,298 TOTAL ASSETS $ 24,883 $ 43,440 $ 19,541 $ 87,864 $ 23,472 $ 40,143 $ 18,864 $ 82,479 CAPITALIZATION Common shareholders' equity $ 23,907 $ 8,196 $ (8,196 ) $ 23,907 $ 22,574 $ 6,990 $ (6,990 ) $ 22,574 Noncontrolling interests — 962 — 962 — 538 — 538 Long-term debt — 18,350 9,845 28,195 — 16,725 9,956 26,681 Total capitalization 23,907 27,508 1,649 53,064 22,574 24,253 2,966 49,793 CURRENT LIABILITIES Debt due within one year — 2,500 982 3,482 — 2,786 220 3,006 Accounts payable 1 2,089 710 2,800 4 1,919 606 2,529 Other 294 2,301 1,579 4,174 252 3,003 1,317 4,572 Total current liabilities 295 6,890 3,271 10,456 256 7,708 2,143 10,107 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 747 1,890 2,637 — 647 1,822 2,469 Deferred income taxes 82 2,636 7,864 10,582 157 2,396 7,274 9,827 Other 599 5,659 4,867 11,125 485 5,139 4,659 10,283 Total other liabilities and deferred credits 681 9,042 14,621 24,344 642 8,182 13,755 22,579 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 24,883 $ 43,440 $ 19,541 $ 87,864 $ 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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | $ 16 | $ 17 | $ 47 | $ 53 |
Interest cost | 26 | 23 | 78 | 72 |
Expected return on plan assets | (65) | (63) | (195) | (190) |
Amortization of prior service (benefit) cost | 0 | 0 | 1 | 1 |
Amortization of losses | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (23) | (23) | (69) | (64) |
Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | 0 | 1 | 1 | 2 |
Interest cost | 3 | 3 | 10 | 10 |
Expected return on plan assets | 0 | 0 | 0 | (1) |
Amortization of prior service (benefit) cost | 0 | (1) | (2) | (2) |
Amortization of losses | 0 | 1 | 0 | 2 |
Net periodic benefit (income) cost | 3 | 4 | 9 | 11 |
FPL [Member] | Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | (15) | (14) | (44) | (41) |
FPL [Member] | Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | $ 2 | $ 3 | $ 7 | $ 8 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Total gain (loss) to be reclassified during next 12 months | $ 84 | ||
Margin cash collateral received from counterparties that was not offset against derivative assets | $ 20 | 20 | $ 27 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | 121 | 121 | $ 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 | 2 | 17 | |
Reclassification out of AOCI into interest expense, net of tax | $ 1 | $ 10 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 2,006 | $ 1,971 |
Derivative Liability | 1,376 | 1,428 |
Current derivative assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 612 | 712 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 148 | 279 |
Assets held for sale [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 57 | |
Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,394 | 1,202 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 93 | 151 |
Current derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 377 | 882 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 46 | |
Liabilities associated with assets held-for-sale [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 16 | |
Noncurrent derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 999 | 530 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 13 | |
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 | 5,174 | 5,908 |
Derivative Liability, Fair Value, Gross Liability | 4,302 | 4,740 |
Derivative Asset | 2,006 | |
Derivative Liability | 1,376 | |
FPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 33 | 4 |
Derivative Liability | 5 | 222 |
FPL [Member] | Current derivative assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 22 | 3 |
FPL [Member] | Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 11 | 1 |
FPL [Member] | Current derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 5 | 222 |
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 | 5,105 | 5,906 |
Derivative Liability, Fair Value, Gross Liability | 3,479 | 4,580 |
Derivative Asset | 1,943 | 1,937 |
Derivative Liability | 558 | 982 |
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 | 48 | 7 |
Derivative Liability, Fair Value, Gross Liability | 20 | 225 |
Derivative Asset | 33 | 4 |
Derivative Liability | 5 | 222 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 34 | |
Derivative Liability | 319 | |
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 | 788 | 160 |
Derivative Asset | 55 | |
Derivative Liability | 782 | |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | |
Derivative Liability | 127 | |
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 | 9 | 0 |
Derivative Liability, Fair Value, Gross Liability | 35 | $ 0 |
Derivative Asset | 8 | |
Derivative Liability | $ 36 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | $ (35) | $ (141) | $ 35 | $ (204) |
Cash Flow Hedging [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Losses recognized in OCI | (152) | (162) | ||
Gains (losses) reclassified from AOCI to net income | (11) | (66) | ||
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Losses recognized in OCI | (151) | (146) | ||
Gains (losses) reclassified from AOCI to net income | (18) | (56) | ||
Cash Flow Hedging [Member] | Currency Swap [Member] | Interest Expense [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Gains (losses) reclassified from AOCI to net income | (3) | (9) | ||
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Effect of Cash Flow Hedges on Results of Operations [Abstract] | ||||
Losses recognized in OCI | (1) | (16) | ||
Gains (losses) reclassified from AOCI to net income | 7 | (10) | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 202 | 388 | 0 | 816 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Gains (losses) included in operating revenues [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 264 | 397 | 502 | 812 |
Not Designated as Hedging Instrument [Member] | 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 | 1 | 3 | (1) | 5 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (58) | (12) | (515) | (1) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 15 | 0 | 96 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gains (Losses) Included In Other - Net [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1 | 0 | (2) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (18) | 0 | (71) | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | $ (3) | $ 0 | $ (9) | $ 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 | Sep. 30, 2016USD ($)MWhMMBTUbbl | Dec. 31, 2015USD ($)MWhMMBTUbbl |
Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | MWh | (71) | (112) |
Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | MMBTU | 1,130 | 1,321 |
Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional volumes | bbl | (7) | (9) |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 720 | $ 715 |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 14,000 | $ 8,300 |
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 | 704 | 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 1,500 | $ 2,200 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 200 | 250 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 2,200 | 2,500 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 530 | 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 | 56 | 123 |
FPL [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 20 | 224 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 0 | 20 |
Total required posted collateral should FLP's and Capital Holdings' credit ratings fall below investment grade | 300 | 600 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 135 | 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives: | ||
Derivative assets | $ 2,006 | $ 1,971 |
Derivatives: | ||
Derivative liability | 1,376 | 1,428 |
Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative assets | 34 | |
Derivatives: | ||
Derivative liability | 319 | |
Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 417 | 312 |
Special use funds: | ||
Equity securities | 2,834 | 2,674 |
U.S. Government and municipal bonds | 495 | 612 |
Corporate debt securities | 849 | 713 |
Mortgage-backed securities | 481 | 412 |
Other debt securities | 87 | 52 |
Other investments: | ||
Equity Securities | 38 | 40 |
Debt securities | 176 | 171 |
Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (3,162) | (3,969) |
Derivative assets | 1,943 | 1,937 |
Derivatives: | ||
Derivative liability, netting | (2,921) | (3,598) |
Derivative liability | 558 | 982 |
Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (5) | (1) |
Derivative assets | 55 | 34 |
Derivatives: | ||
Derivative liability, netting | (6) | 4 |
Derivative liability | 782 | 319 |
Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | (1) | |
Derivative assets | 8 | |
Derivatives: | ||
Derivative liability, netting | 1 | (5) |
Derivative liability | 36 | 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 | 417 | 312 |
Special use funds: | ||
Equity securities | 1,391 | 1,320 |
U.S. Government and municipal bonds | 321 | 446 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 29 | 30 |
Debt securities | 10 | 39 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 1,757 | 2,187 |
Derivatives: | ||
Derivative liability before netting | 1,730 | 2,153 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 0 | 0 |
Derivatives: | ||
Derivative liability before netting | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset before netting | 0 | |
Derivatives: | ||
Derivative liability before netting | 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 | 1,443 | 1,354 |
U.S. Government and municipal bonds | 174 | 166 |
Corporate debt securities | 849 | 713 |
Mortgage-backed securities | 481 | 412 |
Other debt securities | 87 | 52 |
Other investments: | ||
Equity Securities | 9 | 10 |
Debt securities | 166 | 132 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 2,007 | 2,540 |
Derivatives: | ||
Derivative liability before netting | 1,198 | 1,887 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 54 | 35 |
Derivatives: | ||
Derivative liability before netting | 654 | 214 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset before netting | 9 | |
Derivatives: | ||
Derivative liability before netting | 35 | 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 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 1,341 | 1,179 |
Derivatives: | ||
Derivative liability before netting | 551 | 540 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 6 | 0 |
Derivatives: | ||
Derivative liability before netting | 134 | 101 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset before netting | 0 | |
Derivatives: | ||
Derivative liability before netting | 0 | 0 |
FPL [Member] | ||
Derivatives: | ||
Derivative assets | 33 | 4 |
Derivatives: | ||
Derivative liability | 5 | 222 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 21 | 36 |
Special use funds: | ||
Equity securities | 1,714 | 1,598 |
U.S. Government and municipal bonds | 386 | 480 |
Corporate debt securities | 616 | 531 |
Mortgage-backed securities | 375 | 327 |
Other debt securities | 73 | 40 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (15) | (3) |
Derivative assets | 33 | 4 |
Derivatives: | ||
Derivative liability, netting | (15) | (3) |
Derivative liability | 5 | 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 | 21 | 36 |
Special use funds: | ||
Equity securities | 395 | 364 |
U.S. Government and municipal bonds | 240 | 335 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
FPL [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 0 | 0 |
Derivatives: | ||
Derivative liability before netting | 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 | 1,319 | 1,234 |
U.S. Government and municipal bonds | 146 | 145 |
Corporate debt securities | 616 | 531 |
Mortgage-backed securities | 375 | 327 |
Other debt securities | 73 | 40 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 46 | 1 |
Derivatives: | ||
Derivative liability before netting | 18 | 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 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset before netting | 2 | 6 |
Derivatives: | ||
Derivative liability before netting | 2 | 6 |
Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 81 | 61 |
Other Current Assets [Member] | FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | $ 21 | $ 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 | 9 Months Ended |
Sep. 30, 2016USD ($)$ / shares$ / MWh$ / MMBTU | |
Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | 0 |
Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | 84 |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MMBTU | 1 |
Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MMBTU | 8 |
Forward contracts - Other [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ (9) |
Forward contracts - Other [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected rates (in dollars per unit) | $ / shares | $ 52 |
Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Implied volatilities (percent) | 9.00% |
Implied correlations (percent) | (5.00%) |
Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Implied volatilities (percent) | 123.00% |
Implied correlations (percent) | 100.00% |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Implied volatilities (percent) | 1.00% |
Implied correlations (percent) | (5.00%) |
Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Implied volatilities (percent) | 108.00% |
Implied correlations (percent) | 100.00% |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | (20) |
Customer migration rate (percent) | 0.00% |
Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Forward price (in dollars per energy unit) | $ / MWh | 199 |
Customer migration rate (percent) | 20.00% |
Interest Rate Swap [Member] | NextEra Energy Resources [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | $ 128 |
Derivative Financial Instruments, Liabilities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 551 |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 237 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 20 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 0 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 30 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 226 |
Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liabilities, Fair Value Disclosure | 38 |
Derivative Financial Instruments, Assets [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 1,341 |
Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 716 |
Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 28 |
Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 9 |
Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 56 |
Derivative Financial Instruments, Assets [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | 192 |
Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Assets, Fair Value Disclosure | $ 340 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | $ 532 | $ 544 | $ 538 | $ 622 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in Earnings | 153 | 115 | 373 | 369 |
Included in other comprehensive income | (3) | 8 | ||
Included in regulatory assets and liabilities | 0 | (1) | 0 | 3 |
Purchases | 28 | 42 | 203 | 125 |
Settlements | (72) | (109) | (300) | (376) |
Issuances | (16) | (32) | (159) | (164) |
Transfers in | 1 | 3 | 4 | (15) |
Transfers out | 36 | (16) | 6 | (26) |
Fair value based on significant unobservable inputs, ending balance | 662 | 546 | 662 | 546 |
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 | 150 | 107 | 231 | 260 |
Realized and unrealized gains (losses) reflected in operating revenues | 198 | 131 | 443 | 379 |
Unrealized gains (losses) reflected in operating revenues related to derivatives still held at the reporting date | 194 | 123 | 302 | 271 |
FPL [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | (1) | 4 | 0 | 5 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in Earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | ||
Included in regulatory assets and liabilities | 0 | (1) | 0 | 3 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | 1 | (1) | 0 | (6) |
Issuances | 0 | 0 | 0 | 0 |
Transfers in | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 0 |
Fair value based on significant unobservable inputs, ending balance | 0 | 2 | 0 | 2 |
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Instruments Recorded at Carrying Amount) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 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 | 5,375 | 5,064 |
Available for sale debt securities amortized cost | 1,867 | 1,823 |
Available For Sale Securities Equity Securities Amortized Cost | $ 1,547 | 1,505 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 9 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 | $ 442 | 938 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 704 | 675 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 721 | 722 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 32,952 | 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 | 21,800 | 18,031 |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 704 | 675 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 535 | 512 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 30,555 | 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 | 3,631 | 3,430 |
Available for sale debt securities amortized cost | 1,419 | 1,409 |
Available For Sale Securities Equity Securities Amortized Cost | $ 798 | 732 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 9 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 | $ 542 | 528 |
Long Term Debt Including Current Maturities Fair Value Disclosure | 11,768 | 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 | 542 | 528 |
Long Term Debt Including Current Maturities Fair Value Disclosure | $ 9,913 | $ 10,020 |
Fair Value Measurements (Availa
Fair Value Measurements (Available for Sale Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Realized Gains | $ 28 | $ 35 | $ 83 | $ 126 | |
Realized Losses | 15 | 21 | 53 | 53 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | 902 | 712 | 2,330 | 3,642 | |
Unrealized losses on available for sale debt securities | 15 | $ 51 | |||
Fair value of available for sale securities in an unrealized loss position | 313 | 313 | 1,129 | ||
FPL [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Realized Gains | 15 | 11 | 42 | 56 | |
Realized Losses | 8 | 11 | 30 | 26 | |
Proceeds from Sale and Maturity of Available-for-sale Securities | 661 | $ 556 | 1,741 | $ 3,094 | |
Unrealized losses on available for sale debt securities | 15 | 45 | |||
Fair value of available for sale securities in an unrealized loss position | $ 259 | 259 | 861 | ||
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized gains | 1,322 | 1,166 | |||
Available For Sale Securities: Special Use Funds - Equity Securities [Member] | FPL [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized gains | 952 | 863 | |||
available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized gains | 61 | 17 | |||
available for sale securities: Special Use Funds - Debt Securities [Member] | FPL [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Unrealized gains | $ 47 | $ 14 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)MW | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)MW | Sep. 30, 2015USD ($) | |
Income Tax Contingency [Line Items] | ||||
Effective income tax rate (as a percent) | 35.00% | 32.00% | 31.00% | 30.00% |
Production tax credits | $ 19 | $ 29 | $ 92 | $ 105 |
Deferred income tax benefit associated with convertible investment tax credits | $ 34 | $ 16 | 115 | $ 67 |
Income tax benefits associated with the reorganization of certain Canadian assets | 30 | |||
NextEra Energy Resources subsidiary [Member] | Merchant Natural Gas Generation Facilities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax charge associated with the sale of ownership interest | $ 58 | |||
Total generating capacity | MW | 2,884 | 2,884 |
Variable Interest Entities (V43
Variable Interest Entities (VIEs) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016USD ($)variable_interest_entityMW | Dec. 31, 2007USD ($) | Dec. 31, 2015USD ($)variable_interest_entity | |
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 29 | ||
Investment in subsidiaries | $ 0 | $ 0 | |
NEP OpCo [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 1 | ||
Carrying amount of assets, consolidated variable interest entity | $ 7,400 | ||
Carrying amount of liabilities, consolidated variable interest entity | 5,200 | ||
Other variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investments in special purpose entities | 2,427 | 602 | |
FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of assets, consolidated variable interest entity | 171 | 230 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 211 | 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 | $ 1,975 | 476 | |
NextEra Energy Resources [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 27 | ||
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 | 1 | ||
Carrying amount of assets, consolidated variable interest entity | $ 90 | 84 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 41 | $ 47 | |
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 110 | ||
NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||
Variable Interest Entity [Line Items] | |||
Wind electric generating facility capability (in megawatts) | MW | 178 | ||
Solar Generating Facility Capability | MW | 196 | ||
NextEra Energy Resources [Member] | Wind variable interest entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 23 | 20 | |
Carrying amount of assets, consolidated variable interest entity | $ 8,500 | $ 7,600 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 4,400 | 5,000 | |
Wind electric generating facility capability (in megawatts) | MW | 5,522 | ||
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 | $ 513 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 497 | ||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | |||
Variable Interest Entity [Line Items] | |||
Total number of consolidated variable interest entities | variable_interest_entity | 2 | ||
Carrying amount of assets, consolidated variable interest entity | $ 758 | 657 | |
Carrying amount of liabilities, consolidated variable interest entity | $ 681 | $ 626 | |
Ownership percentage | 50.00% | ||
Solar Generating Facility Capability | MW | 277 | ||
Subsidiaries of NEE [Member] | |||
Variable Interest Entity [Line Items] | |||
Additional commitments to invest | $ 30 | ||
Additional VIEs committed to invest in | variable_interest_entity | 2 | ||
Other Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment in subsidiaries | $ 259 | ||
Senior Secured Debt [Member] | 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 | ||
NEP OpCo [Member] | |||
Variable Interest Entity [Line Items] | |||
Ownership percentage | 65.20% |
Common Shareholders' Equity (Ea
Common Shareholders' Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jan. 01, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Antidilutive securities (in shares) | 11.2 | 8.1 | 3.9 | 4.6 | ||
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||||||
Net income (loss) attributable to NEE | $ 753 | $ 879 | $ 1,946 | $ 2,245 | ||
Denominator: | ||||||
Weighted-average number of common shares outstanding - basic | 463.3 | 454.1 | 461.7 | 447.3 | ||
Equity units, performance share awards, options, forward sale agreement and restricted stock | 2.7 | 1.9 | 3 | 4 | ||
Weighted-average number of common shares outstanding - assuming dilution | 466 | 456 | 464.7 | 451.3 | ||
Earnings per share attributable to NEE: | ||||||
Basic (in dollars per share) | $ 1.63 | $ 1.94 | $ 4.21 | $ 5.02 | ||
Assuming dilution (in dollars per share) | $ 1.62 | $ 1.93 | $ 4.19 | $ 4.97 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease to unrecognized tax benefits | $ 18 | |||||
Excess Tax Benefits | $ 3 | $ 27 | ||||
Impact of Restatement on Income, Net of Tax | $ 17 | |||||
Impact of Restatement on Earnings Per Share, Basic and Diluted | $ 0.04 |
Common Shareholders' Equity (Ac
Common Shareholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (82) | $ (4) | $ (167) | $ (40) |
Other comprehensive income (loss) before reclassifications | 25 | (171) | 67 | (163) |
Amounts reclassified from AOCI | 15 | 3 | 45 | 29 |
Total other comprehensive income (loss), net of tax | 40 | (168) | 112 | (134) |
Less other comprehensive income attributable to noncontrolling interests | (6) | (4) | (19) | (6) |
Ending balance | (36) | (168) | (36) | (168) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (134) | (128) | (170) | (156) |
Other comprehensive income (loss) before reclassifications | 0 | (97) | 0 | (107) |
Amounts reclassified from AOCI | 17 | 11 | 53 | 50 |
Total other comprehensive income (loss), net of tax | 17 | (86) | 53 | (57) |
Less other comprehensive income attributable to noncontrolling interests | 0 | (2) | 0 | (1) |
Ending balance | (117) | (212) | (117) | (212) |
Net Unrealized Gains (Losses) on Available for Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 193 | 210 | 174 | 218 |
Other comprehensive income (loss) before reclassifications | 31 | (38) | 56 | (33) |
Amounts reclassified from AOCI | (2) | (8) | (8) | (21) |
Total other comprehensive income (loss), net of tax | 29 | (46) | 48 | (54) |
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 222 | 164 | 222 | 164 |
Defined Benefit Pension and Other Benefits Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (69) | (36) | (62) | (20) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | (7) | (16) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 0 | 0 | (7) | (16) |
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | (69) | (36) | (69) | (36) |
Net Unrealized Gains (Losses) on Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (44) | (27) | (85) | (58) |
Other comprehensive income (loss) before reclassifications | (9) | (33) | 19 | (5) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | (9) | (33) | 19 | (5) |
Less other comprehensive income attributable to noncontrolling interests | (6) | (2) | (19) | (5) |
Ending balance | (47) | (58) | (47) | (58) |
Other Comprehensive Income (Loss) Related to Equity Method Investee | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (28) | (23) | (24) | (24) |
Other comprehensive income (loss) before reclassifications | 3 | (3) | (1) | (2) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 3 | (3) | (1) | (2) |
Less other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | $ (25) | $ (26) | $ (25) | $ (26) |
Debt (Details)
Debt (Details) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
FPL [Member] | Other Long Term Debt, Variable [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 150,000,000 |
Interest Rate Terms | Variable |
NEECH [Member] | Debentures, Fixed [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 500,000,000 |
Interest Rate | 2.30% |
NEECH [Member] | Debentures, Related to NEE's Equity Units - Fixed [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,500,000,000 |
NEECH [Member] | Debentures, Related to NEE's Equity Units [Member] | |
Debt Instrument [Line Items] | |
Interest Rate | 1.65% |
NEECH [Member] | Junior Subordinated Debentures, Fixed [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 570,000,000 |
Interest Rate | 5.25% |
NEECH [Member] | Other Long Term Debt, Fixed [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 100,000,000 |
Interest Rate | 1.00% |
NEER [Member] | Senior Secured Limited Recourse Term Loans, Variable [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 837,000,000 |
Interest Rate Terms | Variable |
NEER [Member] | Other Long Term Debt, Variable [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 925,000,000 |
Interest Rate Terms | Variable |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Sep. 01, 2015 | Aug. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuances of common stock, net of issuance cost (in shares) | 5,000,000 | 17,000,000 | ||
Issuances of common stock | $ 1,000,000 | |||
NEE Equity Units 2016 [Member] | ||||
Sale Of Equity Units [Abstract] | ||||
Amount of equity units sold | $ 1,500,000,000 | |||
Stated amount of each equity unit (in dollars per unit) | $ 50 | |||
Undivided beneficial ownership interest per debenture (in hundredths) | 5.00% | |||
Principal amount of each debenture | $ 1,000 | |||
Number of shares subject to antidilution adjustments if purchased on final settlement date at less than or equal to low range threshold | 0.3918 | |||
Number of shares subject to antidilution adjustments if purchased on final settlement date at equal to or greater than high range threshold | 0.3134 | |||
Trading period over which market value is determined by reference to the average closing prices of the common stock (in days) | 20 days | |||
Rate of total annual distributions on equity units (in hundredths) | 6.123% | |||
Interest rate | 1.65% | |||
Rate of payments on stock purchase contracts (in hundredths) | 4.473% | |||
NEE Equity Units 2016 [Member] | Low Range [Member] | ||||
Sale Of Equity Units [Abstract] | ||||
Price per share of stock purchase contract (in dollars per share) | $ 127.63 | |||
NEE Equity Units 2016 [Member] | High Range [Member] | ||||
Sale Of Equity Units [Abstract] | ||||
Price per share of stock purchase contract (in dollars per share) | $ 159.54 | |||
September 2013 Equity Units [Member] | ||||
Debt Instrument [Line Items] | ||||
Debentures remarketed | $ 500,000,000 | |||
Rate of interest on debentures after remarketing | 1.649% | |||
September 2013 Equity Units [Member] | Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuances of common stock, net of issuance cost (in shares) | 5,101,000 | |||
Issuances of common stock | $ 500,000,000 |
Summary of Significant Accoun48
Summary of Significant Accounting and Reporting Policies (Details) $ / shares in Units, $ in Millions | Oct. 31, 2016USD ($) | Oct. 30, 2016USD ($) | Oct. 29, 2016USD ($) | Sep. 30, 2016USD ($)$ / sharesMWshares | Mar. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesMW | Jul. 29, 2016 |
Energy Future Holdings Corp and Indirect Interest of Oncor Electric Delivery Company LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Consideration transferred | $ 9,796 | ||||||
EFH Merger Co., LLC [Member] | Energy Future Holdings Corp. [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Percentage of interests acquired | 100.00% | ||||||
EFH Merger Co., LLC [Member] | Oncor Electric Delivery Company LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Percentage of interests acquired | 80.03% | ||||||
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 | $ 106 | ||||||
Merchant Natural Gas Generation Facilities [Member] | NextEra Energy Resources subsidiary [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Total generating capacity | MW | 2,884 | 2,884 | |||||
Natural Gas Generation Facilities [Member] [Member] | NextEra Energy Resources subsidiary [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Total generating capacity | MW | 840 | 840 | |||||
NEP OpCo [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Ownership percentage | 65.20% | 65.20% | |||||
Hawaiian Electric Industries, Inc [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Amount of termination fee | $ 90 | $ 90 | |||||
Reimbursement of out of pocket expenses | $ 5 | $ 5 | |||||
Public Offering [Member] | NextEra Energy Partners [Member] | Common Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of units sold in sale | shares | 11,962,300 | 11,155,000 | |||||
Aggregate purchase price of units sold | $ 342 | $ 287 | |||||
Price of unit (per common unit) | $ / shares | $ 28.56 | $ 25.76 | $ 28.56 | ||||
Subsequent Event [Member] | Oncor Electric Delivery Company LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Percentage of interests acquired | 100.00% | ||||||
Subsequent Event [Member] | Texas Transmission Holdings Corporation [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Consideration transferred | $ 2,410 | ||||||
Subsequent Event [Member] | T & D Equity Acquisition, LLC, Wholly-Owned Subsidiary of NEE [Member] | Oncor Electric Delivery Company LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Percentage of interests acquired | 0.22% | ||||||
Consideration transferred | $ 27 | ||||||
Subsequent Event [Member] | WSS Acquisition Company [Member] | Oncor Electric Delivery Company LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Percentage of interests acquired | 20.00% | ||||||
Subsequent Event [Member] | CC FN Holdings LLC [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from sale of interests in subsidiaries | $ 1,500 | ||||||
FiberNet Long-Term Debt [Member] | Subsequent Event [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Retirement of debt | $ 370 |
Commitments and Contingencies49
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 1 Months Ended | 9 Months Ended |
Oct. 31, 2016MW | Sep. 30, 2016USD ($)MW | |
Corporate and Other [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | $ 50 | |
2,017 | 250 | |
2,018 | 210 | |
2,019 | 215 | |
2,020 | 145 | |
Total | 870 | |
FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 1,025 | |
2,017 | 3,850 | |
2,018 | 3,355 | |
2,019 | 3,500 | |
2,020 | 3,280 | |
Total | 15,010 | |
NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 1,410 | |
2,017 | 1,905 | |
2,018 | 1,595 | |
2,019 | 350 | |
2,020 | 330 | |
Total | 5,590 | |
New Generation Expenditures [Member] | FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 155 | |
2,017 | 510 | |
2,018 | 260 | |
2,019 | 135 | |
2,020 | 10 | |
Total | 1,070 | |
Allowance for funds used during construction (AFUDC) - remainder of 2016 | 19 | |
Allowance for funds used during construction (AFUDC) - 2017 | 47 | |
Allowance for funds used during construction (AFUDC) - 2018 | 66 | |
Allowance for funds used during construction (AFUDC) - 2019 | 29 | |
Existing Generation Expenditures [Member] | FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 245 | |
2,017 | 955 | |
2,018 | 680 | |
2,019 | 525 | |
2,020 | 540 | |
Total | 2,945 | |
Transmission And Distribution Expenditures [Member] | FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 465 | |
2,017 | 1,995 | |
2,018 | 1,985 | |
2,019 | 2,485 | |
2,020 | 2,335 | |
Total | 9,265 | |
Nuclear Fuel Expenditures [Member] | FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 45 | |
2,017 | 125 | |
2,018 | 190 | |
2,019 | 170 | |
2,020 | 210 | |
Total | 740 | |
General And Other Expenditures [Member] | FPL [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 115 | |
2,017 | 265 | |
2,018 | 240 | |
2,019 | 185 | |
2,020 | 185 | |
Total | 990 | |
Wind Expenditures [Member] | NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 585 | |
2,017 | 860 | |
2,018 | 475 | |
2,019 | 25 | |
2,020 | 25 | |
Total | $ 1,970 | |
Planned new generation over 5 year period (in megawatts) | MW | 3,375 | |
Wind Expenditures [Member] | Subsequent Event [Member] | NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Planned new generation over 5 year period (in megawatts) | MW | 660 | |
Solar Expenditures [Member] | NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | $ 100 | |
2,017 | 15 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Total | $ 115 | |
Planned new generation over 5 year period (in megawatts) | MW | 470 | |
Nuclear Expenditures [Member] | NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | $ 115 | |
2,017 | 235 | |
2,018 | 265 | |
2,019 | 255 | |
2,020 | 250 | |
Total | 1,120 | |
Pipelines [Member] | NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 490 | |
2,017 | 750 | |
2,018 | 815 | |
2,019 | 30 | |
2,020 | 15 | |
Total | 2,100 | |
Other Expenditures [Member] | NextEra Energy Resources [Member] | ||
Planned Capital Expenditures [Line Items] | ||
Remainder of 2016 | 120 | |
2,017 | 45 | |
2,018 | 40 | |
2,019 | 40 | |
2,020 | 40 | |
Total | $ 285 |
Commitments and Contingencies50
Commitments and Contingencies (Long-term Purchase Commitment) (Details) $ in Millions | May 01, 2017MMBTU / d | Jan. 31, 2017USD ($)MW | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)MW | Sep. 30, 2015USD ($) | Apr. 01, 2016 | Dec. 31, 2015USD ($) | Oct. 01, 2015USD ($) |
Long-term Purchase Commitment [Line Items] | |||||||||
Revaluation of contingent consideration | $ 101 | $ 0 | $ 118 | $ 0 | |||||
Corporate and Other [Member] | |||||||||
Required capacity and/or minimum payments [Abstract] | |||||||||
Remainder of 2016 | 35 | 35 | |||||||
2,017 | 25 | 25 | |||||||
2,018 | 5 | 5 | |||||||
2,019 | 0 | 0 | |||||||
2,020 | 5 | 5 | |||||||
Thereafter | 0 | 0 | |||||||
Commitment to invest | 30 | 30 | |||||||
Joint Obligations Of NEECH and NEER included NEER Amounts due in the current year | 215 | 215 | |||||||
Joint Obligations Of NEECH and NEER included NEER Amounts due in the second year | 190 | 190 | |||||||
Joint Obligations Of NEECH and NEER included NEER Amounts due in the third year | 30 | 30 | |||||||
FPL [Member] | |||||||||
Required capacity and/or minimum payments [Abstract] | |||||||||
Capacity payments | 41 | 112 | 134 | 349 | |||||
Energy payments | 57 | $ 99 | 103 | $ 221 | |||||
FPL [Member] | Capacity Charges [Member] | |||||||||
Required capacity and/or minimum payments [Abstract] | |||||||||
Remainder of 2016 | 45 | 45 | |||||||
2,017 | 165 | 165 | |||||||
2,018 | 155 | 155 | |||||||
2,019 | 135 | 135 | |||||||
2,020 | 110 | 110 | |||||||
Thereafter | 690 | $ 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 | 320 | $ 320 | |||||||
2,017 | 1,065 | 1,065 | |||||||
2,018 | 870 | 870 | |||||||
2,019 | 860 | 860 | |||||||
2,020 | 910 | 910 | |||||||
Thereafter | 12,970 | 12,970 | |||||||
FPL [Member] | Coal Contract Minimum Payments [Member] | |||||||||
Required capacity and/or minimum payments [Abstract] | |||||||||
Remainder of 2016 | 25 | 25 | |||||||
2,017 | 120 | 120 | |||||||
2,018 | 5 | 5 | |||||||
2,019 | 5 | 5 | |||||||
2,020 | 0 | 0 | |||||||
Thereafter | 0 | $ 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 | $ 200 | |||||||
2,018 | 295 | 295 | |||||||
2,019 | 290 | 290 | |||||||
2,020 | 360 | 360 | |||||||
Thereafter | 7,885 | 7,885 | |||||||
NextEra Energy Resources [Member] | |||||||||
Required capacity and/or minimum payments [Abstract] | |||||||||
Remainder of 2016 | 1,235 | 1,235 | |||||||
2,017 | 1,345 | 1,345 | |||||||
2,018 | 985 | 985 | |||||||
2,019 | 125 | 125 | |||||||
2,020 | 95 | 95 | |||||||
Thereafter | 370 | 370 | |||||||
NextEra Energy Resources [Member] | Contract Group 1 [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Commitment amount included in capital expenditures | 3,800 | 3,800 | |||||||
NextEra Energy Resources [Member] | Sabal Trail Transmission, LLC [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Equity Method Investment, Percentage of Interests Acquired | 9.50% | ||||||||
Equity Method Investment, Ownership Percentage | 42.50% | ||||||||
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 | ||||||||
Contingent Holdback [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Revaluation of contingent consideration | 101 | 118 | |||||||
Other Current Liabilities [Member] | Contingent Holdback [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Contingent consideration liability | 70 | 70 | |||||||
Other Current Liabilities [Member] | Indemnification Obligations [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Contingent consideration liability | 197 | 197 | |||||||
Other Liabilities [Member] | Contingent Holdback [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Contingent consideration liability | $ 186 | ||||||||
Other Liabilities [Member] | Indemnification Obligations [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Contingent consideration liability | $ 188 | ||||||||
Indiantown, Florida [Member] | FPL [Member] | Coal Fired Generation Facility [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Remaining payments under long term purchased power agreement, total | 810 | 810 | |||||||
Remainder of 2016 payments under long term purchased power agreement | $ 23 | $ 23 | |||||||
Indiantown, Florida [Member] | FPL [Member] | Scenario, Forecast [Member] | Coal Fired Generation Facility [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Coal fired generating facility capacity (in megawatts) | MW | 330 | ||||||||
Purchase price | $ 451 | ||||||||
Existing debt assumed | 218 | ||||||||
Other Regulatory Assets (Liabilities) [Member] | Indiantown, Florida [Member] | FPL [Member] | Scenario, Forecast [Member] | Coal Fired Generation Facility [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | |||||||||
Regulatory asset | $ 451 | ||||||||
Regulatory asset amortization period (in years) | 9 years |
Commitments and Contingencies51
Commitments and Contingencies (Insurance) (Details) $ in Millions | Sep. 30, 2016USD ($) |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $ 375 |
Amount of secondary financial protection liability insurance coverage per incident | 13,000 |
Potential Retrospective Assessments Under Secondary Financial Protection System | 1,000 |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 152 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750 |
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear inusurance mutal companies for property damage decontamination and premature decommissioning risks | 1,500 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 187 |
FPL [Member] | |
Insurance [Abstract] | |
Potential Retrospective Assessments Under Secondary Financial Protection System | 509 |
Potential Retrospective Assessments Under Secondary Financial Protection System Payable Per Incident Per Year | 76 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 113 |
Seabrook Station Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 15 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 3 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 38 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 5 |
St Lucie Unit No 2 Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 19 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | $ 4 |
Commitments and Contingencies52
Commitments and Contingencies (Spain Solar Projects) (Details) € in Millions, $ in Millions | Sep. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Aug. 31, 2016EUR (€) |
NextEra Energy Resources [Member] | |||
Loss Contingencies [Line Items] | |||
Amount of debt outstanding under financing agreements related to Spain solar projects | $ 537 | ||
Amount of noncurrent derivative liability classified as current derivative liability due to event of default | $ 155 | ||
Standby Letters of Credit [Member] | Capital Holdings [Member] | |||
Loss Contingencies [Line Items] | |||
Amount drawn on letters of credit | $ 26 | € 23 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||
Deemed capital structure of NextEra Energy Resources | 70.00% | 70.00% | ||||
OPERATING REVENUES | $ 4,805 | $ 4,954 | $ 12,457 | $ 13,417 | ||
Operating expenses | 3,526 | 3,473 | 8,775 | 9,660 | ||
Net income (loss) attributable to NEE | 753 | 879 | 1,946 | 2,245 | ||
Total assets | 87,864 | 87,864 | $ 82,479 | |||
NextEra Energy Resources [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 1,430 | 1,586 | 3,841 | 4,315 | ||
Operating expenses | 974 | 972 | 2,575 | 2,918 | ||
Net income (loss) attributable to NEE | 307 | 379 | 765 | 936 | ||
Total assets | 40,760 | 40,760 | 37,647 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 92 | 94 | 279 | 290 | ||
Operating expenses | 190 | 82 | 326 | 233 | ||
Net income (loss) attributable to NEE | (69) | 11 | (175) | 26 | ||
Total assets | 2,487 | 2,487 | 2,309 | |||
FPL [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
OPERATING REVENUES | 3,283 | 3,274 | 8,337 | 8,812 | ||
Operating expenses | 2,362 | 2,419 | 5,874 | 6,509 | ||
Net income (loss) attributable to NEE | [1] | 515 | 489 | 1,356 | 1,283 | |
Total assets | 44,617 | 44,617 | $ 42,523 | |||
FPL [Member] | Subsegments [Domain] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating expenses | 2,362 | 2,419 | 5,874 | 6,509 | ||
Net income (loss) attributable to NEE | $ 515 | $ 489 | $ 1,356 | $ 1,283 | ||
[1] | (a)FPL's comprehensive income is the same as reported net income. |
Summarized Financial Informat54
Summarized Financial Information of Capital Holdings (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidating Statements of Income | ||||
Operating revenues | $ 4,805 | $ 4,954 | $ 12,457 | $ 13,417 |
Operating expenses | (3,526) | (3,473) | (8,775) | (9,660) |
Interest expense | (369) | (311) | (1,480) | (912) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income - net | 297 | 132 | 665 | 388 |
INCOME BEFORE INCOME TAXES | 1,207 | 1,302 | 2,867 | 3,233 |
Income tax expense (benefit) | 418 | 421 | 879 | 981 |
Net Income (Loss) | 789 | 881 | 1,988 | 2,252 |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 36 | 2 | 42 | 7 |
Net Income (Loss) Attributable to Parent | 753 | 879 | 1,946 | 2,245 |
Comprehensive income (loss) attributable to NEE | 799 | 714 | 2,078 | 2,117 |
NextEra Energy (Guarantor) [Member] | ||||
Condensed Consolidating Statements of Income | ||||
Operating revenues | 0 | 0 | 0 | 0 |
Operating expenses | (5) | (3) | (14) | (12) |
Interest expense | 0 | (1) | (1) | (3) |
Equity in earnings of subsidiaries | 765 | 865 | 1,989 | 2,226 |
Other income - net | 4 | 0 | 5 | 0 |
INCOME BEFORE INCOME TAXES | 764 | 861 | 1,979 | 2,211 |
Income tax expense (benefit) | 11 | (18) | 33 | (34) |
Net Income (Loss) | 753 | 879 | 1,946 | 2,245 |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | 753 | 879 | 1,946 | 2,245 |
Comprehensive income (loss) attributable to NEE | 799 | 714 | 2,078 | 2,117 |
Capital Holdings Consolidated [Member] | ||||
Condensed Consolidating Statements of Income | ||||
Operating revenues | 1,526 | 1,683 | 4,131 | 4,616 |
Operating expenses | (1,032) | (1,045) | (2,756) | (3,124) |
Interest expense | (255) | (200) | (1,137) | (573) |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Other income - net | 276 | 114 | 603 | 343 |
INCOME BEFORE INCOME TAXES | 515 | 552 | 841 | 1,262 |
Income tax expense (benefit) | 141 | 167 | 71 | 293 |
Net Income (Loss) | 374 | 385 | 770 | 969 |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 36 | 2 | 42 | 7 |
Net Income (Loss) Attributable to Parent | 338 | 383 | 728 | 962 |
Comprehensive income (loss) attributable to NEE | 384 | 218 | 866 | 850 |
Other Consolidated Entity And Consolidation Eliminations [Member] | ||||
Condensed Consolidating Statements of Income | ||||
Operating revenues | 3,279 | 3,271 | 8,326 | 8,801 |
Operating expenses | (2,489) | (2,425) | (6,005) | (6,524) |
Interest expense | (114) | (110) | (342) | (336) |
Equity in earnings of subsidiaries | (765) | (865) | (1,989) | (2,226) |
Other income - net | 17 | 18 | 57 | 45 |
INCOME BEFORE INCOME TAXES | (72) | (111) | 47 | (240) |
Income tax expense (benefit) | 266 | 272 | 775 | 722 |
Net Income (Loss) | (338) | (383) | (728) | (962) |
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | (338) | (383) | (728) | (962) |
Comprehensive income (loss) attributable to NEE | $ (384) | $ (218) | $ (866) | $ (850) |
Summarized Financial Informat55
Summarized Financial Information of Capital Holdings (Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 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 | $ 85,863 | $ 80,330 | ||
Accumulated depreciation and amortization | (20,246) | (18,944) | ||
Total property, plant and equipment - net | 65,617 | 61,386 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 681 | 571 | $ 1,181 | $ 577 |
Receivables | 2,859 | 2,265 | ||
Other | 3,207 | 3,959 | ||
Total current assets | 6,747 | 6,795 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | 0 | 0 | ||
Other | 15,500 | 14,298 | ||
Total other assets | 15,500 | 14,298 | ||
TOTAL ASSETS | 87,864 | 82,479 | ||
CAPITALIZATION | ||||
Common shareholders' equity | 23,907 | 22,574 | ||
Noncontrolling interests | 962 | 538 | ||
Long-term debt | 28,195 | 26,681 | ||
Total capitalization | 53,064 | 49,793 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 3,482 | 3,006 | ||
Accounts payable | 2,800 | 2,529 | ||
Other | 4,174 | 4,572 | ||
Total current liabilities | 10,456 | 10,107 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 2,637 | 2,469 | ||
Deferred income taxes | 10,582 | 9,827 | ||
Other | 11,125 | 10,283 | ||
Total other liabilities and deferred credits | 24,344 | 22,579 | ||
COMMITMENTS AND CONTINGENCIES | ||||
TOTAL CAPITALIZATION AND LIABILITIES | 87,864 | 82,479 | ||
NextEra Energy (Guarantor) [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | 28 | 27 | ||
Accumulated depreciation and amortization | (18) | (16) | ||
Total property, plant and equipment - net | 10 | 11 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 210 | 90 | ||
Other | 4 | 4 | ||
Total current assets | 214 | 94 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | 23,851 | 22,544 | ||
Other | 808 | 823 | ||
Total other assets | 24,659 | 23,367 | ||
TOTAL ASSETS | 24,883 | 23,472 | ||
CAPITALIZATION | ||||
Common shareholders' equity | 23,907 | 22,574 | ||
Noncontrolling interests | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Total capitalization | 23,907 | 22,574 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 0 | 0 | ||
Accounts payable | 1 | 4 | ||
Other | 294 | 252 | ||
Total current liabilities | 295 | 256 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 0 | 0 | ||
Deferred income taxes | 82 | 157 | ||
Other | 599 | 485 | ||
Total other liabilities and deferred credits | 681 | 642 | ||
COMMITMENTS AND CONTINGENCIES | ||||
TOTAL CAPITALIZATION AND LIABILITIES | 24,883 | 23,472 | ||
Capital Holdings Consolidated [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | 37,986 | 34,921 | ||
Accumulated depreciation and amortization | (7,823) | (7,067) | ||
Total property, plant and equipment - net | 30,163 | 27,854 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 634 | 546 | 1,149 | 562 |
Receivables | 1,908 | 1,510 | ||
Other | 1,891 | 2,443 | ||
Total current assets | 4,433 | 4,499 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | 0 | 0 | ||
Other | 8,844 | 7,790 | ||
Total other assets | 8,844 | 7,790 | ||
TOTAL ASSETS | 43,440 | 40,143 | ||
CAPITALIZATION | ||||
Common shareholders' equity | 8,196 | 6,990 | ||
Noncontrolling interests | 962 | 538 | ||
Long-term debt | 18,350 | 16,725 | ||
Total capitalization | 27,508 | 24,253 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 2,500 | 2,786 | ||
Accounts payable | 2,089 | 1,919 | ||
Other | 2,301 | 3,003 | ||
Total current liabilities | 6,890 | 7,708 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 747 | 647 | ||
Deferred income taxes | 2,636 | 2,396 | ||
Other | 5,659 | 5,139 | ||
Total other liabilities and deferred credits | 9,042 | 8,182 | ||
COMMITMENTS AND CONTINGENCIES | ||||
TOTAL CAPITALIZATION AND LIABILITIES | 43,440 | 40,143 | ||
Other Consolidated Entity And Consolidation Eliminations [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT | ||||
Electric plant in service and other property | 47,849 | 45,382 | ||
Accumulated depreciation and amortization | (12,405) | (11,861) | ||
Total property, plant and equipment - net | 35,444 | 33,521 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | 47 | 25 | $ 32 | $ 15 |
Receivables | 741 | 665 | ||
Other | 1,312 | 1,512 | ||
Total current assets | 2,100 | 2,202 | ||
OTHER ASSETS | ||||
Investment in subsidiaries | (23,851) | (22,544) | ||
Other | 5,848 | 5,685 | ||
Total other assets | (18,003) | (16,859) | ||
TOTAL ASSETS | 19,541 | 18,864 | ||
CAPITALIZATION | ||||
Common shareholders' equity | (8,196) | (6,990) | ||
Noncontrolling interests | 0 | 0 | ||
Long-term debt | 9,845 | 9,956 | ||
Total capitalization | 1,649 | 2,966 | ||
CURRENT LIABILITIES | ||||
Debt due within one year | 982 | 220 | ||
Accounts payable | 710 | 606 | ||
Other | 1,579 | 1,317 | ||
Total current liabilities | 3,271 | 2,143 | ||
OTHER LIABILITIES AND DEFERRED CREDITS | ||||
Asset retirement obligations | 1,890 | 1,822 | ||
Deferred income taxes | 7,864 | 7,274 | ||
Other | 4,867 | 4,659 | ||
Total other liabilities and deferred credits | 14,621 | 13,755 | ||
COMMITMENTS AND CONTINGENCIES | ||||
TOTAL CAPITALIZATION AND LIABILITIES | $ 19,541 | $ 18,864 |
Summarized Financial Informat56
Summarized Financial Information of Capital Holdings (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 5,294 | $ 4,513 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (7,929) | (5,676) |
Capital contributions from NEE | 0 | 0 |
Sale of independent power and other investments of NEER | 395 | 34 |
Proceeds from sale of a noncontrolling interest in subsidiaries | 645 | 319 |
Other - net | (94) | (154) |
Net cash used in investing activities | (6,983) | (5,477) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 4,644 | 3,462 |
Retirements of long-term debt | (2,654) | (3,097) |
Proceeds from differential membership investors | 328 | 46 |
Payments To Differential Membership Investors | (84) | (68) |
Proceeds from notes payable | 500 | 1,450 |
Repayments of notes payable | (362) | (313) |
Net change in commercial paper | 254 | (116) |
Issuances of common stock | 528 | 1,274 |
Dividends on common stock | (1,205) | (1,031) |
Contributions from (dividends to) NEE | 0 | 0 |
Other - net | (150) | (39) |
Other - net (NEE consolidated) | (150) | (39) |
Net cash provided by (used in) financing activities | 1,799 | 1,568 |
Net increase in cash and cash equivalents | 110 | 604 |
Cash and cash equivalents at beginning of period | 571 | 577 |
Cash and cash equivalents at end of period | 681 | 1,181 |
NextEra Energy (Guarantor) [Member] | ||
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,164 | 1,242 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (1) | 0 |
Capital contributions from NEE | (432) | (1,454) |
Sale of independent power and other investments of NEER | 0 | 0 |
Proceeds from sale of a noncontrolling interest in subsidiaries | 0 | 0 |
Other - net | 0 | (17) |
Net cash used in investing activities | (433) | (1,471) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 0 | 0 |
Retirements of long-term debt | 0 | 0 |
Proceeds from differential membership investors | 0 | 0 |
Payments To Differential Membership Investors | 0 | 0 |
Proceeds from notes payable | 0 | 0 |
Repayments of notes payable | 0 | 0 |
Net change in commercial paper | 0 | 0 |
Issuances of common stock | 528 | 1,274 |
Dividends on common stock | (1,205) | (1,031) |
Contributions from (dividends to) NEE | 0 | 0 |
Other - net | (54) | (14) |
Net cash provided by (used in) financing activities | (731) | 229 |
Net increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Capital Holdings Consolidated [Member] | ||
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,781 | 1,834 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (4,831) | (3,058) |
Capital contributions from NEE | 0 | 0 |
Sale of independent power and other investments of NEER | 395 | 34 |
Proceeds from sale of a noncontrolling interest in subsidiaries | 645 | 319 |
Other - net | (63) | 2 |
Net cash used in investing activities | (3,854) | (2,703) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 4,494 | 3,377 |
Retirements of long-term debt | (2,392) | (2,547) |
Proceeds from differential membership investors | 328 | 46 |
Payments To Differential Membership Investors | (84) | (68) |
Proceeds from notes payable | 0 | 1,450 |
Repayments of notes payable | (212) | (313) |
Net change in commercial paper | (154) | 780 |
Issuances of common stock | 0 | 0 |
Dividends on common stock | 0 | 0 |
Contributions from (dividends to) NEE | 294 | (1,214) |
Other - net | (113) | (55) |
Net cash provided by (used in) financing activities | 2,161 | 1,456 |
Net increase in cash and cash equivalents | 88 | 587 |
Cash and cash equivalents at beginning of period | 546 | 562 |
Cash and cash equivalents at end of period | 634 | 1,149 |
Other Consolidated Entity And Consolidation Eliminations [Member] | ||
Condensed Consolidating Statements of Cash Flows | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,349 | 1,437 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures, independent power and other investments and nuclear fuel purchases | (3,097) | (2,618) |
Capital contributions from NEE | 432 | 1,454 |
Sale of independent power and other investments of NEER | 0 | 0 |
Proceeds from sale of a noncontrolling interest in subsidiaries | 0 | 0 |
Other - net | (31) | (139) |
Net cash used in investing activities | (2,696) | (1,303) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuances of long-term debt | 150 | 85 |
Retirements of long-term debt | (262) | (550) |
Proceeds from differential membership investors | 0 | 0 |
Payments To Differential Membership Investors | 0 | 0 |
Proceeds from notes payable | 500 | 0 |
Repayments of notes payable | (150) | 0 |
Net change in commercial paper | 408 | (896) |
Issuances of common stock | 0 | 0 |
Dividends on common stock | 0 | 0 |
Contributions from (dividends to) NEE | (294) | 1,214 |
Other - net | 17 | 30 |
Net cash provided by (used in) financing activities | 369 | (117) |
Net increase in cash and cash equivalents | 22 | 17 |
Cash and cash equivalents at beginning of period | 25 | 15 |
Cash and cash equivalents at end of period | $ 47 | $ 32 |