Document Entity Information
Document Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2019 |
Document Transition Report | false |
Entity File Number | 1-8841 |
Entity Tax Identification Number | 59-2449419 |
Entity Address, Address Line One | 700 Universe Boulevard |
Entity Address, City or Town | Juno Beach |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33408 |
City Area Code | 561 |
Local Phone Number | 694-4000 |
Entity Incorporation, State or Country Code | FL |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 479,102,549 |
Entity Registrant Name | NEXTERA ENERGY INC |
Entity Central Index Key | 0000753308 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Common Stock [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | NEE |
Security Exchange Name | NYSE |
Corporate Units [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.123% Corporate Units |
Trading Symbol | NEE.PRR |
Security Exchange Name | NYSE |
FPL [Member] | |
Entity Information [Line Items] | |
Entity File Number | 2-27612 |
Entity Tax Identification Number | 59-0247775 |
Entity Incorporation, State or Country Code | FL |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,000 |
Entity Registrant Name | FLORIDA POWER & LIGHT CO |
Entity Central Index Key | 0000037634 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
OPERATING REVENUES | $ 4,970 | $ 4,063 | [1] | $ 9,044 | $ 7,920 | [1] | |
OPERATING EXPENSES (INCOME) | |||||||
Fuel, purchased power and interchange | 1,074 | 894 | [1] | 2,041 | 1,713 | [1] | |
Other operations and maintenance | 900 | 848 | [1] | 1,715 | 1,618 | [1] | |
Acquisition-related | 6 | 1 | [1] | 22 | 1 | [1] | |
Depreciation and amortization | 1,181 | 831 | [1] | 1,952 | 1,688 | [1] | |
Gains on disposal of businesses/assets - net | (354) | (28) | [1] | (380) | (42) | [1] | |
Taxes other than income taxes and other - net | 416 | 371 | [1] | 812 | 737 | [1] | |
Total operating expenses - net | 3,223 | 2,917 | [1] | 6,162 | 5,715 | [1] | |
OPERATING INCOME | 1,747 | 1,146 | [1] | 2,882 | 2,205 | [1] | |
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (601) | (394) | [1] | (1,315) | (620) | [1] | |
Equity in earnings (losses) of equity method investees | (6) | 52 | [1] | 10 | 249 | [1],[2] | |
Allowance for equity funds used during construction | 12 | 22 | [1] | 37 | 44 | [1] | |
Interest income | 13 | 10 | [1] | 25 | 28 | [1] | |
Gain on NEP deconsolidation | 0 | 0 | [1] | 0 | 3,927 | [1],[2] | |
Gains on disposal of investments and other property - net | 8 | 3 | [1] | 31 | 53 | [1] | |
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | 39 | 13 | [1] | 156 | (7) | [1] | |
Other net periodic benefit income | 35 | 51 | [1] | 86 | 102 | [1] | |
Other - net | 16 | 10 | [1] | 31 | 16 | [1] | |
Total other income (deductions) - net | (484) | (233) | [1] | (939) | 3,792 | [1] | |
INCOME BEFORE INCOME TAXES | 1,263 | 913 | [1] | 1,943 | 5,997 | [1] | |
INCOME TAXES | 124 | 226 | [1] | 198 | 1,476 | [1] | |
Net Income (Loss) | 1,139 | 687 | [1],[3] | 1,745 | 4,521 | [2],[3] | |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 95 | 94 | [1] | 169 | 691 | [1] | |
Net Income (Loss) Attributable to Parent | $ 1,234 | $ 781 | [1] | $ 1,914 | $ 5,212 | [1] | |
Earnings per share of common stock: | |||||||
Basic (in dollars per share) | $ 2.58 | $ 1.66 | [1] | $ 4 | $ 11.07 | [1] | |
Assuming dilution (in dollars per share) | $ 2.56 | $ 1.61 | [1] | $ 3.97 | $ 10.93 | [1] | |
Weighted-average number of common shares outstanding: | |||||||
Basic (in shares) | 478.9 | 471.1 | [1] | 478.6 | 470.9 | [1] | |
Assuming dilution (in shares) | 482.8 | 475.2 | [1] | 482.3 | 474.7 | [1] | |
FPL [Member] | |||||||
OPERATING REVENUES | $ 3,158 | $ 2,908 | [4] | $ 5,776 | $ 5,528 | [4] | |
OPERATING EXPENSES (INCOME) | |||||||
Fuel, purchased power and interchange | 806 | 765 | [4] | 1,535 | 1,477 | [4] | |
Other operations and maintenance | 387 | 387 | [4] | 727 | 732 | [4] | |
Depreciation and amortization | 776 | 513 | [4] | 1,152 | 1,059 | [4] | |
Taxes other than income taxes and other - net | 335 | 322 | [4] | 650 | 632 | [4] | |
Total operating expenses - net | 2,304 | 1,987 | [4] | 4,064 | 3,900 | [4] | |
OPERATING INCOME | 854 | 921 | [4] | 1,712 | 1,628 | [4] | |
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (152) | (140) | [4] | (291) | (274) | [4] | |
Allowance for equity funds used during construction | 10 | 20 | [4] | 35 | 42 | [4] | |
Other - net | 2 | 1 | [4] | 2 | 2 | [4] | |
Total other income (deductions) - net | (140) | (119) | [4] | (254) | (230) | [4] | |
INCOME BEFORE INCOME TAXES | 714 | 802 | [4] | 1,458 | 1,398 | [4] | |
INCOME TAXES | 51 | 176 | [4] | 207 | 288 | [4] | |
Net Income (Loss) | [5] | $ 663 | $ 626 | [4] | $ 1,251 | $ 1,110 | [4],[6] |
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||
[2] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||
[3] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||
[4] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||
[5] | FPL's comprehensive income is the same as reported net income. | ||||||
[6] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Jun. 30, 2019 | Jun. 30, 2018 | [1] | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
NET INCOME | $ 1,139 | $ 687 | [2] | $ 1,745 | $ 4,521 | [3] |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income | 8 | 7 | 18 | 14 | ||
Net unrealized gains (losses) on available for sale securities: | ||||||
Net unrealized gains (losses) on securities still held | 7 | (3) | 15 | (9) | ||
Reclassification from accumulated other comprehensive income (loss) to net income | (1) | 0 | 1 | 0 | ||
Net unrealized gain (loss) and unrecognized prior service benefit (cost) | (1) | 0 | (53) | (1) | ||
Reclassification from accumulated other comprehensive income (loss) to net income | 0 | (1) | (1) | (2) | ||
Net unrealized gains (losses) on foreign currency translation | 8 | 0 | 18 | (20) | ||
Other comprehensive income (loss) related to equity method investees | 1 | 2 | 0 | 4 | ||
Total other comprehensive income (loss), net of tax | 22 | 5 | (2) | (14) | ||
IMPACT OF NEP DECONSOLIDATION | 0 | 0 | 0 | 58 | ||
COMPREHENSIVE INCOME | 1,161 | 692 | 1,743 | 4,565 | ||
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 95 | 94 | 169 | 691 | ||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 1,256 | $ 786 | $ 1,912 | $ 5,256 | ||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||||
[2] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||||
[3] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) on cash flow hedges reclassified from AOCI to net income | $ 1 | $ 2 | $ 3 | $ 5 |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | 3 | (1) | 6 | (3) |
Tax expense (benefit) on available for sale securities reclassified from AOCI to net income | (1) | 1 | 1 | (1) |
Tax expense (benefit) of defined benefit pension and other benefits plans | (1) | 0 | (16) | (1) |
Tax expense (benefit) of defined benefit pension and other benefits plans reclassified from AOCI to net income | 0 | (1) | (1) | (1) |
Tax expense (benefit) of other comprehensive income (loss) related to equity method investees | 1 | (1) | (1) | 1 |
AOCI Impacts of NEP Deconsolidation, tax | $ 15 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 91,147 | $ 81,986 |
Nuclear fuel | 1,668 | 1,740 |
Construction work in progress | 7,236 | 8,357 |
Accumulated depreciation and amortization | (23,915) | (21,749) |
Total property, plant and equipment - net | 76,136 | 70,334 |
CURRENT ASSETS | ||
Cash and cash equivalents | 1,019 | 638 |
Customer receivables, net of allowances | 2,553 | 2,302 |
Other receivables | 568 | 667 |
Materials, supplies and fossil fuel inventory | 1,427 | 1,223 |
Regulatory assets | 496 | 448 |
Derivatives | 805 | 564 |
Other | 603 | 551 |
Total current assets | 7,471 | 6,393 |
OTHER ASSETS | ||
Special use funds | 6,547 | 5,886 |
Investment in equity method investees | 7,202 | 6,748 |
Prepaid benefit costs | 1,310 | 1,284 |
Regulatory assets | 3,577 | 3,290 |
Derivatives | 1,626 | 1,355 |
Goodwill | 3,496 | 891 |
Other | 3,187 | 7,521 |
Total other assets | 26,945 | 26,975 |
TOTAL ASSETS | 110,552 | 103,702 |
CAPITALIZATION | ||
Common stock | 5 | 5 |
Additional paid-in capital | 10,542 | 10,490 |
Retained earnings | 24,554 | 23,837 |
Accumulated other comprehensive loss | (191) | (188) |
Total common shareholders' equity | 34,910 | 34,144 |
Noncontrolling interests | 3,516 | 3,269 |
Total equity | 38,426 | 37,413 |
Redeemable noncontrolling interests | 68 | 468 |
Long-term debt | 33,947 | 26,782 |
Total capitalization | 72,441 | 64,663 |
CURRENT LIABILITIES | ||
Commercial paper | 4,382 | 2,749 |
Other short-term debt | 715 | 5,465 |
Current portion of long-term debt | 2,673 | 2,716 |
Accounts payable | 2,598 | 2,386 |
Customer deposits | 487 | 445 |
Accrued interest and taxes | 853 | 477 |
Derivatives | 343 | 675 |
Accrued construction-related expenditures | 862 | 1,195 |
Regulatory liabilities | 350 | 325 |
Other | 1,149 | 1,130 |
Total current liabilities | 14,412 | 17,563 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 3,383 | 3,135 |
Deferred income taxes | 8,086 | 7,367 |
Regulatory liabilities | 9,767 | 9,009 |
Derivatives | 892 | 516 |
Other | 1,571 | 1,449 |
Total other liabilities and deferred credits | 23,699 | 21,476 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 110,552 | 103,702 |
FPL [Member] | ||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY | ||
Plant in service and other property | 52,914 | 49,640 |
Nuclear fuel | 1,116 | 1,189 |
Construction work in progress | 2,138 | 3,888 |
Accumulated depreciation and amortization | (13,337) | (13,218) |
Total electric utility plant and other property - net | 42,831 | 41,499 |
CURRENT ASSETS | ||
Cash and cash equivalents | 93 | 112 |
Customer receivables, net of allowances | 1,293 | 1,026 |
Other receivables | 329 | 284 |
Materials, supplies and fossil fuel inventory | 729 | 670 |
Regulatory assets | 396 | 447 |
Other | 162 | 239 |
Total current assets | 3,002 | 2,778 |
OTHER ASSETS | ||
Special use funds | 4,507 | 4,056 |
Prepaid benefit costs | 1,442 | 1,407 |
Regulatory assets | 2,722 | 2,843 |
Goodwill | 302 | 302 |
Other | 457 | 599 |
Total other assets | 9,430 | 9,207 |
TOTAL ASSETS | 55,263 | 53,484 |
CAPITALIZATION | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 10,851 | 10,601 |
Retained earnings | 8,891 | 9,040 |
Total equity | 21,115 | 21,014 |
Long-term debt | 13,358 | 11,688 |
Total capitalization | 34,473 | 32,702 |
CURRENT LIABILITIES | ||
Commercial paper | 776 | 1,256 |
Current portion of long-term debt | 62 | 95 |
Accounts payable | 761 | 731 |
Customer deposits | 448 | 442 |
Accrued interest and taxes | 647 | 376 |
Accrued construction-related expenditures | 278 | 323 |
Regulatory liabilities | 318 | 310 |
Other | 388 | 543 |
Total current liabilities | 3,678 | 4,076 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,249 | 2,147 |
Deferred income taxes | 5,319 | 5,165 |
Regulatory liabilities | 9,079 | 8,886 |
Other | 465 | 508 |
Total other liabilities and deferred credits | 17,112 | 16,706 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | $ 55,263 | $ 53,484 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Total property, plant and equipment - net | $ 76,136 | $ 70,334 |
Customer receivables, allowances | 10 | 10 |
Regulatory assets, current | 496 | 448 |
Long-term debt | 33,947 | 26,782 |
Current portion of long-term debt | $ 2,673 | $ 2,716 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, shares, outstanding (in shares) | 479,000,000 | 478,000,000 |
Related to VIEs [Member] | ||
Total property, plant and equipment - net | $ 9,811 | $ 10,553 |
Regulatory assets, current | 6 | 41 |
Noncontrolling interest in variable interest entity | 3,511 | 3,265 |
Long-term debt | 864 | 1,020 |
Current portion of long-term debt | 65 | 74 |
FPL [Member] | ||
Customer receivables, allowances | 2 | 3 |
Regulatory assets, current | 396 | 447 |
Long-term debt | 13,358 | 11,688 |
Current portion of long-term debt | $ 62 | $ 95 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, shares, outstanding (in shares) | 1,000 | 1,000 |
Common stock, shares, issued (in shares) | 1,000 | 1,000 |
FPL [Member] | Related to VIEs [Member] | ||
Regulatory assets, current | $ 6 | $ 41 |
Current portion of long-term debt | $ 36 | $ 74 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | $ 1,745 | $ 4,521 | [1],[2] | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,952 | 1,688 | [1] | |
Nuclear fuel and other amortization | 172 | 131 | [1] | |
Unrealized gains on marked to market derivative contracts – net | (16) | (1) | [1] | |
Foreign currency transaction losses | 12 | 11 | [1] | |
Deferred income taxes | 102 | 1,391 | [1] | |
Cost recovery clauses and franchise fees | (103) | (49) | [1] | |
Equity in earnings of equity method investees | (10) | (249) | [1],[3] | |
Distributions of earnings from equity method investees | 233 | 173 | [1] | |
Gains on disposal of businesses, assets and investments – net | (411) | (95) | [1] | |
Gain on NEP deconsolidation | 0 | (3,927) | [1],[3] | |
Other - net | (111) | (87) | [1] | |
Changes in operating assets and liabilities: | ||||
Current assets | (123) | (114) | [1] | |
Noncurrent assets | (157) | (6) | [1] | |
Current liabilities | (20) | (425) | [1] | |
Noncurrent liabilities | 16 | (26) | [1] | |
Net cash provided by operating activities | 3,281 | 2,936 | [1] | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (2,302) | (2,414) | [1] | |
Acquisition and capital expenditures of Gulf Power | (4,704) | 0 | [1] | |
Independent power and other investments of NEER | (2,509) | (3,220) | [1] | |
Nuclear fuel purchases | (169) | (188) | [1] | |
Other capital expenditures and other investments | (216) | (101) | [1] | |
Sale of independent power and other investments of NEER | 995 | 311 | [1] | |
Proceeds from sale or maturity of securities in special use funds | 2,059 | 1,788 | [1] | |
Purchases of securities in special use funds | (2,105) | (1,992) | [1] | |
Distributions from equity method investees of independent power investments | 0 | 633 | [1] | |
Other - net | 60 | (172) | [1] | |
Net cash used in investing activities | (8,891) | (5,355) | [1] | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 7,554 | 2,875 | [1] | |
Retirements of long-term debt | (1,876) | (1,214) | [1] | |
Net change in commercial paper | 1,632 | 705 | [1] | |
Proceeds from other short-term debt | 0 | 200 | [1] | |
Repayments of other short-term debt | (4,600) | (250) | [1] | |
Payments from related parties under a cash sweep and credit support agreement – net | 671 | 50 | [1] | |
Issuances of common stock - net | 26 | 11 | [1] | |
Dividends | (1,197) | (1,047) | [1] | |
Other - net | (158) | (143) | [1] | |
Net cash provided by (used in) financing activities | 2,052 | 1,187 | [1] | |
Effects of currency translation on cash, cash equivalents and restricted cash | 8 | (15) | [1] | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,550) | (1,247) | [1] | |
Cash, cash equivalents and restricted cash at beginning of period | 5,253 | 1,983 | [1] | |
Cash, cash equivalents and restricted cash at end of period | 1,703 | 736 | [1] | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | 1,514 | 1,772 | [1] | |
FPL [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income | [4] | 1,251 | 1,110 | [5],[6] |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 1,152 | 1,059 | [6] | |
Nuclear fuel and other amortization | 85 | 77 | [6] | |
Deferred income taxes | 70 | 268 | [6] | |
Cost recovery clauses and franchise fees | (72) | (49) | [6] | |
Other - net | 25 | (48) | [6] | |
Changes in operating assets and liabilities: | ||||
Current assets | (259) | (139) | [6] | |
Noncurrent assets | (37) | (15) | [6] | |
Current liabilities | 249 | (326) | [6] | |
Noncurrent liabilities | (8) | (55) | [6] | |
Net cash provided by operating activities | 2,456 | 1,882 | [6] | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures of FPL | (2,302) | (2,414) | [6] | |
Nuclear fuel purchases | (93) | (90) | [6] | |
Proceeds from sale or maturity of securities in special use funds | 1,276 | 1,101 | [6] | |
Purchases of securities in special use funds | (1,333) | (1,228) | [6] | |
Other - net | 5 | 22 | [6] | |
Net cash used in investing activities | (2,447) | (2,609) | [6] | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuances of long-term debt | 1,698 | 1,594 | [6] | |
Retirements of long-term debt | (49) | (798) | [6] | |
Net change in commercial paper | (481) | (700) | [6] | |
Repayments of other short-term debt | 0 | (250) | [6] | |
Capital contributions from NEE | 250 | 850 | [6] | |
Dividends | (1,400) | 0 | [6] | |
Other - net | (21) | (31) | [6] | |
Net cash provided by (used in) financing activities | (3) | 665 | [6] | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 6 | (62) | [6] | |
Cash, cash equivalents and restricted cash at beginning of period | 254 | 174 | [6] | |
Cash, cash equivalents and restricted cash at end of period | 260 | 112 | [6] | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||||
Accrued property additions | $ 461 | $ 488 | [6] | |
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||
[2] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||
[3] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||
[4] | FPL's comprehensive income is the same as reported net income. | |||
[5] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||
[6] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total Common Shareholders' Equity Parent [Member] | Noncontrolling Interest [Member] | FPL [Member] | FPL [Member]Common Stock [Member] | FPL [Member]Additional Paid-in Capital [Member] | FPL [Member]Retained Earnings [Member] | ||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 471 | ||||||||||||||||
Beginning Balance at Dec. 31, 2017 | $ 29,531 | [1] | $ 5 | $ 9,100 | [1] | $ 111 | $ 19,020 | [1] | $ 28,236 | [1] | $ 1,295 | [1] | $ 17,040 | $ 1,373 | $ 8,291 | $ 7,376 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income (loss) | 4,431 | [1] | 4,431 | [1] | (597) | [1] | 484 | ||||||||||
Share-based payment activity | [1] | 5 | 5 | ||||||||||||||
Dividends on common stock | [1],[2] | (523) | (523) | ||||||||||||||
Other comprehensive income (loss) | (19) | (19) | (19) | [1] | |||||||||||||
Impact of NEP deconsolidation | [3] | 58 | 58 | [1] | (2,700) | [1] | |||||||||||
Differential membership interests activity | [1] | (14) | |||||||||||||||
Capital contributions from NEE | 850 | ||||||||||||||||
Other | 1 | [1] | (1) | [1] | (7) | ||||||||||||
Ending Balance (in shares) at Mar. 31, 2018 | 471 | ||||||||||||||||
Ending Balance at Mar. 31, 2018 | 36,017 | [1] | $ 5 | 9,696 | [1] | (178) | 23,207 | [1] | 32,730 | [1] | 3,287 | [1] | 18,367 | 1,373 | 9,141 | 7,853 | |
Beginning Balance (in shares) at Dec. 31, 2017 | 471 | ||||||||||||||||
Beginning Balance at Dec. 31, 2017 | 29,531 | [1] | $ 5 | 9,100 | [1] | 111 | 19,020 | [1] | 28,236 | [1] | 1,295 | [1] | 17,040 | 1,373 | 8,291 | 7,376 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income (loss) | [4],[5] | 4,521 | |||||||||||||||
Other comprehensive income (loss) | [5] | (14) | |||||||||||||||
Ending Balance (in shares) at Jun. 30, 2018 | 472 | ||||||||||||||||
Ending Balance at Jun. 30, 2018 | 36,182 | [1] | $ 5 | 9,734 | [1] | (173) | 23,465 | [1] | 33,031 | [1] | 3,151 | [1] | 18,993 | 1,373 | 9,141 | 8,479 | |
Beginning Balance (in shares) at Mar. 31, 2018 | 471 | ||||||||||||||||
Beginning Balance at Mar. 31, 2018 | 36,017 | [1] | $ 5 | 9,696 | [1] | (178) | 23,207 | [1] | 32,730 | [1] | 3,287 | [1] | 18,367 | 1,373 | 9,141 | 7,853 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income (loss) | 687 | [5],[6] | 781 | [1] | 781 | [1] | (94) | [1] | 626 | ||||||||
Share-based payment activity (in shares) | 1 | ||||||||||||||||
Share-based payment activity | [1] | 38 | 38 | ||||||||||||||
Dividends on common stock | [1],[2] | (524) | (524) | ||||||||||||||
Other comprehensive income (loss) | 5 | [5] | 5 | 5 | [1] | ||||||||||||
Differential membership interests activity | [1] | (46) | |||||||||||||||
Other | [1] | 1 | 1 | 4 | |||||||||||||
Ending Balance (in shares) at Jun. 30, 2018 | 472 | ||||||||||||||||
Ending Balance at Jun. 30, 2018 | $ 36,182 | [1] | $ 5 | 9,734 | [1] | (173) | 23,465 | [1] | 33,031 | [1] | 3,151 | [1] | 18,993 | 1,373 | 9,141 | 8,479 | |
Beginning Balance (in shares) at Dec. 31, 2018 | 478 | 478 | |||||||||||||||
Beginning Balance at Dec. 31, 2018 | $ 37,413 | $ 5 | 10,490 | (188) | 23,837 | 34,144 | 3,269 | 21,014 | 1,373 | 10,601 | 9,040 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income (loss) | 680 | 680 | (74) | 588 | |||||||||||||
Share-based payment activity (in shares) | 1 | ||||||||||||||||
Share-based payment activity | 30 | 30 | |||||||||||||||
Dividends on common stock | [7] | (598) | (598) | ||||||||||||||
Other comprehensive income (loss) | (24) | (24) | (24) | ||||||||||||||
Differential membership interests activity | 389 | ||||||||||||||||
Capital contributions from NEE | 250 | ||||||||||||||||
Other | (5) | (1) | (6) | 30 | 1 | ||||||||||||
Ending Balance (in shares) at Mar. 31, 2019 | 479 | ||||||||||||||||
Ending Balance at Mar. 31, 2019 | $ 37,840 | $ 5 | 10,515 | (213) | 23,919 | 34,226 | 3,614 | 21,853 | 1,373 | 10,852 | 9,628 | ||||||
Beginning Balance (in shares) at Dec. 31, 2018 | 478 | 478 | |||||||||||||||
Beginning Balance at Dec. 31, 2018 | $ 37,413 | $ 5 | 10,490 | (188) | 23,837 | 34,144 | 3,269 | 21,014 | 1,373 | 10,601 | 9,040 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income (loss) | 1,745 | ||||||||||||||||
Other comprehensive income (loss) | $ (2) | ||||||||||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 479 | 479 | |||||||||||||||
Ending Balance at Jun. 30, 2019 | $ 38,426 | $ 5 | 10,542 | (191) | 24,554 | 34,910 | 3,516 | 21,115 | 1,373 | 10,851 | 8,891 | ||||||
Beginning Balance (in shares) at Mar. 31, 2019 | 479 | ||||||||||||||||
Beginning Balance at Mar. 31, 2019 | 37,840 | $ 5 | 10,515 | (213) | 23,919 | 34,226 | 3,614 | 21,853 | 1,373 | 10,852 | 9,628 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net Income (loss) | 1,139 | 1,234 | 1,234 | (95) | 663 | ||||||||||||
Share-based payment activity | 47 | 47 | |||||||||||||||
Dividends on common stock | (599) | [7] | (599) | [7] | (1,400) | ||||||||||||
Other comprehensive income (loss) | $ 22 | 22 | 22 | ||||||||||||||
Differential membership interests activity | (146) | ||||||||||||||||
Other | (20) | (20) | 143 | (1) | |||||||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 479 | 479 | |||||||||||||||
Ending Balance at Jun. 30, 2019 | $ 38,426 | $ 5 | $ 10,542 | $ (191) | $ 24,554 | $ 34,910 | $ 3,516 | $ 21,115 | $ 1,373 | $ 10,851 | $ 8,891 | ||||||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||||||||||||
[2] | Dividends per share were $1.11 and $1.11 for the three months ended June 30, 2018 and March 31, 2018, respectively. | ||||||||||||||||
[3] | See Note 2. | ||||||||||||||||
[4] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||||||||||||
[5] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||||||||||||
[6] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | ||||||||||||||||
[7] | Dividends per share were $1.25 and $1.25 for the three months ended June 30, 2019 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share of common stock (in dollars per share) | $ 1.25 | $ 1.25 | $ 1.11 | $ 1.11 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue from Contracts with Customers FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative and lease transactions at NEER. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. NEE’s revenue from contracts with customers was approximately $4.5 billion ( $3.1 billion at FPL) and $3.9 billion ( $2.9 billion at FPL) for the three months ended June 30, 2019 and 2018 , respectively, and $8.4 billion ( $5.7 billion at FPL) and $7.4 billion ( $5.5 billion at FPL) for the six months ended June 30, 2019 and 2018 , respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar. FPL - FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s operating revenues, the majority of which are to residential customers. FPL’s retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At June 30, 2019 and December 31, 2018 , FPL's unbilled revenues amounted to approximately $533 million and $432 million , respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. NEER - NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from 2019 to 2053 , will vary based on the volume of energy or transmission delivered and/or available. NEER’s customers typically receive bills monthly with payment due within 30 days. Certain contracts with customers contain a fixed price related primarily to electric capacity sales associated with ISO annual auctions through 2020 and certain power purchase agreements with maturity dates through 2034. At June 30, 2019 , NEER expects to record approximately $840 million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided. |
NEP NEP
NEP NEP | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NEP | NEP NEP was deconsolidated from NEE for financial reporting purposes in January 2018 as a result of changes made to NEP's governance structure during 2017 that, among other things, enhanced NEP common unitholder governance rights. In connection with the deconsolidation, NEE recorded an initial investment in NEP of approximately $4.4 billion based on the fair value of NEP OpCo and NEP common units that were held by subsidiaries of NEE on the deconsolidation date, which investment is included in the investment in equity method investees on NEE's condensed consolidated balance sheets. The fair value was based on the market price of NEP common units as of January 1, 2018, which resulted in NEE recording a gain of approximately $3.9 billion ( $3.0 billion after tax) during the six months ended June 30, 2018 . NEER continues to operate the projects owned by NEP. NEER provides management, administrative and transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NEER is also party to a cash sweep and credit support (CSCS) agreement with a subsidiary of NEP. At June 30, 2019 and December 31, 2018 , the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NEER or its subsidiaries was approximately $737 million and $66 million , respectively, and is included in accounts payable. Fee income related to the CSCS agreement and the service agreements totaled approximately $24 million and $24 million for the three months ended June 30, 2019 and 2018 , respectively, and $48 million and $48 million for the six months ended June 30, 2019 and 2018 , respectively, and is included in operating revenues in NEE's condensed consolidated statements of income. Amounts due from NEP of approximately $59 million and $45 million are included in other receivables and $57 million and $34 million are included in noncurrent other assets at June 30, 2019 and December 31, 2018 , respectively. Under the CSCS agreement, NEECH or NEER guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $763 million at June 30, 2019 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2019 to 2050 and included certain project performance obligations, obligations under financing and interconnection agreements and obligations related to the sale of differential membership interests. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. At June 30, 2019 , approximately $35 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet. In June 2019, subsidiaries of NEER completed the sale of ownership interests in certain wind and solar generation facilities to a NEP subsidiary. See Note 11 - Disposal of Businesses. |
Employee Retirement Benefits
Employee Retirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Retirement Benefits | Employee Retirement Benefits NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The components of net periodic income for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 (millions) Service cost $ 20 $ 18 $ — $ — $ 40 $ 35 $ — $ 1 Interest cost 28 20 3 2 57 41 5 3 Expected return on plan assets (78 ) (69 ) — — (156 ) (138 ) — — Amortization of prior service benefit — — (4 ) (4 ) — — (8 ) (8 ) Special termination benefits (a) 16 — — — 16 — — — Net periodic income at NEE $ (14 ) $ (31 ) $ (1 ) $ (2 ) $ (43 ) $ (62 ) $ (3 ) $ (4 ) Net periodic income allocated to FPL $ (18 ) $ (20 ) $ (1 ) $ (2 ) $ (36 ) $ (40 ) $ (2 ) $ (3 ) ——————————————— (a) Reflects enhanced early retirement programs. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and 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 all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. In addition, for the six months ended June 30, 2019 , NEE reclassified approximately $6 million ( $5 million after tax) from AOCI to interest expense primarily because it became probable that related future transactions being hedged would not occur. At June 30, 2019 , NEE's AOCI included amounts related to discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030 . Approximately $9 million of net losses included in AOCI at June 30, 2019 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 June 30, 2019 and December 31, 2018 , 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 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets. June 30, 2019 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 5,152 $ 3,594 $ 2,399 $ 629 Interest rate contracts 14 574 9 569 Foreign currency contracts 23 37 23 37 Total fair values $ 5,189 $ 4,205 $ 2,431 $ 1,235 FPL: Commodity contracts $ 8 $ 19 $ 6 $ 17 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 805 Noncurrent derivative assets 1,626 Current derivative liabilities (b) $ 343 Noncurrent derivative liabilities (c) 892 Total derivatives $ 2,431 $ 1,235 Net fair value by FPL balance sheet line item: Current other assets $ 6 Current other liabilities $ 13 Noncurrent other liabilities 4 Total derivatives $ 6 $ 17 ——————————————— (a) Reflects the netting of approximately $8 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $177 million in margin cash collateral paid to counterparties. (c) Reflects the netting of approximately $43 million in margin cash collateral paid to counterparties. December 31, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 4,651 $ 3,305 $ 1,840 $ 683 Interest rate contracts 56 472 49 465 Foreign currency contracts 17 30 30 43 Total fair values $ 4,724 $ 3,807 $ 1,919 $ 1,191 FPL: Commodity contracts $ 2 $ 43 $ — $ 41 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 564 Noncurrent derivative assets (b) 1,355 Current derivative liabilities $ 675 Noncurrent derivative liabilities 516 Total derivatives $ 1,919 $ 1,191 Net fair value by FPL balance sheet line item: Current other liabilities $ 32 Noncurrent other liabilities 9 Total derivatives $ — $ 41 ——————————————— (a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties. At June 30, 2019 and December 31, 2018 , NEE had approximately $12 million and $16 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 June 30, 2019 and December 31, 2018 , NEE had approximately $238 million and $157 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 derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (millions) Commodity contracts (a) - operating revenues $ 276 $ 42 $ 272 $ 180 Foreign currency contracts - interest expense 11 (25 ) (8 ) 20 Interest rate contracts - interest expense (204 ) (83 ) (530 ) (27 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (6 ) (8 ) (18 ) (17 ) Foreign currency contracts (1 ) (1 ) (2 ) (2 ) Total $ 76 $ (75 ) $ (286 ) $ 154 ——————————————— (a) For the three and six months ended June 30, 2019 , FPL recorded gains of approximately $1 million and $4 million , respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and six months ended June 30, 2018 , FPL recorded losses of approximately $1 million and gains of $3 million , respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, 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: June 30, 2019 December 31, 2018 Commodity Type NEE FPL NEE FPL (millions) Power (93 ) MWh 1 MWh (100 ) MWh 1 MWh Natural gas (1,460 ) MMBtu 250 MMBtu (491 ) MMBtu 231 MMBtu Oil (20 ) barrels — (30 ) barrels — At June 30, 2019 and December 31, 2018 , NEE had interest rate contracts with notional amounts totaling approximately $11.0 billion and $18.2 billion , respectively, and foreign currency contracts with notional amounts totaling approximately $656 million and $656 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 June 30, 2019 and December 31, 2018 , the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $1.8 billion ( $17 million for FPL) and $1.8 billion ( $34 million for FPL), respectively. If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative contracts contain multiple types of credit-related triggers. To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements. If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a 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 $160 million ( none at FPL ) at June 30, 2019 and $270 million ( none at FPL) at December 31, 2018 . 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 $1.3 billion ( $40 million at FPL) at June 30, 2019 and $1.5 billion ( $45 million at FPL) at December 31, 2018 . Some derivative contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers. In the event these provisions were triggered, applicable NEE subsidiaries could be required to post additional collateral of up to approximately $555 million ( $120 million at FPL) at June 30, 2019 and $610 million ( $145 million at FPL) at December 31, 2018 . Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At June 30, 2019 and December 31, 2018 , applicable NEE subsidiaries have posted approximately $2 million ( none at FPL) and $2 million ( none at FPL), respectively, in cash and $76 million ( none at FPL) and $88 million ( none at FPL), respectively, in the form of letters of credit, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities. Additionally, some contracts contain certain adequate assurance provisions whereby a counterparty may demand additional collateral based on subjective events and/or conditions. Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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 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 Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable market prices. Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date. Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices. For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs. NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives. The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts. NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models. In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value. NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. 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: June 30, 2019 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 861 $ — $ — $ 861 FPL - equity securities $ 209 $ — $ — $ 209 Special use funds: (c) NEE: Equity securities $ 1,679 $ 1,890 (d) $ — $ 3,569 U.S. Government and municipal bonds $ 561 $ 113 $ — $ 674 Corporate debt securities $ — $ 747 $ — $ 747 Mortgage-backed securities $ — $ 444 $ — $ 444 Other debt securities $ — $ 157 $ — $ 157 FPL: Equity securities $ 520 $ 1,715 (d) $ — $ 2,235 U.S. Government and municipal bonds $ 417 $ 88 $ — $ 505 Corporate debt securities $ — $ 534 $ — $ 534 Mortgage-backed securities $ — $ 334 $ — $ 334 Other debt securities $ — $ 133 $ — $ 133 Other investments: (e) NEE: Equity securities $ 18 $ 12 $ — $ 30 Debt securities $ 106 $ 68 $ — $ 174 Derivatives: NEE: Commodity contracts $ 1,296 $ 2,088 $ 1,768 $ (2,753 ) $ 2,399 (f) Interest rate contracts $ — $ 14 $ — $ (5 ) $ 9 (f) Foreign currency contracts $ — $ 23 $ — $ — $ 23 (f) FPL - commodity contracts $ — $ 7 $ 1 $ (2 ) $ 6 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,493 $ 1,709 $ 392 $ (2,965 ) $ 629 (f) Interest rate contracts $ — $ 429 $ 145 $ (5 ) $ 569 (f) Foreign currency contracts $ — $ 37 $ — $ — $ 37 (f) FPL - commodity contracts $ — $ 5 $ 14 $ (2 ) $ 17 (f) ——————————————— (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 equivalents of approximately $92 million ( $77 million for FPL) in current other assets and $90 million ( $90 million for FPL) in noncurrent other 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. December 31, 2018 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 486 $ — $ — $ 486 FPL - equity securities $ 206 $ — $ — $ 206 Special use funds: (c) NEE: Equity securities $ 1,445 $ 1,601 (d) $ — $ 3,046 U.S. Government and municipal bonds $ 449 $ 155 $ — $ 604 Corporate debt securities $ — $ 728 $ — $ 728 Mortgage-backed securities $ — $ 478 $ — $ 478 Other debt securities $ — $ 145 $ 1 $ 146 FPL: Equity securities $ 398 $ 1,452 (d) $ — $ 1,850 U.S. Government and municipal bonds $ 350 $ 120 $ — $ 470 Corporate debt securities $ — $ 544 $ — $ 544 Mortgage-backed securities $ — $ 367 $ — $ 367 Other debt securities $ — $ 131 $ 1 $ 132 Other investments: (e) NEE: Equity securities $ 13 $ 11 $ — $ 24 Debt securities $ 36 $ 90 $ — $ 126 Derivatives: NEE: Commodity contracts $ 1,379 $ 1,923 $ 1,349 $ (2,811 ) $ 1,840 (f) Interest rate contracts $ — $ 56 $ — $ (7 ) $ 49 (f) Foreign currency contracts $ — $ 17 $ — $ 13 $ 30 (f) FPL - commodity contracts $ — $ 2 $ — $ (2 ) $ — (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,329 $ 1,410 $ 566 $ (2,622 ) $ 683 (f) Interest rate contracts $ — $ 336 $ 136 $ (7 ) $ 465 (f) Foreign currency contracts $ — $ 30 $ — $ 13 $ 43 (f) FPL - commodity contracts $ — $ 7 $ 36 $ (2 ) $ 41 (f) ——————————————— (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 equivalents of approximately $85 million ( $81 million for FPL) in current other 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - 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 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 June 30, 2019 are as follows: Fair Value at Valuation Significant Transaction Type June 30, 2019 Technique(s) Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 936 $ 172 Discounted cash flow Forward price (per MWh) $(21) — $241 Forward contracts - gas 97 27 Discounted cash flow Forward price (per MMBtu) $1 — $7 Forward contracts - other commodity related 3 2 Discounted cash flow Forward price (various) $1 — $64 Options - power 42 14 Option models Implied correlations 1% — 100% Implied volatilities 6% — 498% Options - primarily gas 132 138 Option models Implied correlations 1% — 100% Implied volatilities 1% — 198% Full requirements and unit contingent contracts 558 39 Discounted cash flow Forward price (per MWh) $(50) — $409 Customer migration rate (a) —% — 20% Total $ 1,768 $ 392 ——————————————— (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 $145 million at June 30, 2019 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. The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended June 30, 2019 2018 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at March 31 $ 844 $ (16 ) $ 625 $ (2 ) Realized and unrealized gains (losses): Included in earnings (a) 513 — 37 — Included in other comprehensive income (loss) (b) (2 ) — 7 — Included in regulatory assets and liabilities 1 1 2 2 Purchases 43 — 61 — Settlements (81 ) 2 (55 ) (1 ) Issuances (37 ) — (28 ) — Transfers in (c) — — 1 1 Transfers out (c) (50 ) — — — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 1,231 $ (13 ) $ 650 $ — Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 487 $ — $ 57 $ — ——————————————— (a) For the three months ended June 30, 2019 and 2018 , realized and unrealized gains of approximately $509 million and $44 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the three months ended June 30, 2019 and 2018 , unrealized gains of approximately $482 million and $64 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Six Months Ended June 30, 2019 2018 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 647 $ (36 ) $ 566 $ — Realized and unrealized gains (losses): Included in earnings (a) 692 — 52 — Included in other comprehensive income (loss) (b) 1 — 4 — Included in regulatory assets and liabilities (1 ) (1 ) — — Purchases 67 — 103 — Settlements (119 ) 22 (7 ) (1 ) Issuances (51 ) — (61 ) — Impact of adoption of revenue standard — — (30 ) — Transfers in (c) — — 1 1 Transfers out (c) (5 ) 2 22 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 1,231 $ (13 ) $ 650 $ — Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 568 $ — $ 38 $ — ——————————————— (a) For the six months ended June 30, 2019 and 2018 , realized and unrealized gains of approximately $703 million and $71 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the six months ended June 30, 2019 and 2018 , unrealized gains of approximately $578 million and $57 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Fair Value of Financial Instruments Recorded at Other than Fair Value - The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 956 $ 955 $ 884 $ 883 Other investments (b) $ 31 $ 31 $ 54 $ 54 Long-term debt, including current portion $ 36,620 $ 39,158 (c) $ 29,498 $ 30,043 (c) FPL: Special use funds (a) $ 766 $ 765 $ 693 $ 692 Long-term debt, including current portion $ 13,420 $ 15,246 (c) $ 11,783 $ 12,613 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Included in noncurrent other assets in the condensed consolidated balance sheets. (c) At June 30, 2019 and December 31, 2018 , substantially all is Level 2 for NEE and all is Level 2 for FPL. Special Use Funds - The special use funds noted above and those carried at fair value (see Recurring Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $6,478 million and $5,818 million at June 30, 2019 and December 31, 2018 , respectively, ( $4,438 million and $3,987 million , respectively, for FPL) and FPL's storm fund assets of $69 million and $68 million at June 30, 2019 and December 31, 2018 , respectively. The investments held in the special use funds consist of equity securities and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $1,963 million and $1,994 million at June 30, 2019 and December 31, 2018 , respectively, ( $1,462 million and $1,542 million , respectively, 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 asset or liability accounts. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for unrealized losses considered to be other than temporary, including any credit losses, which are recognized in other - net in NEE's condensed consolidated statements of income. For NEE's non-rate regulated operations, changes in fair value of equity securities are recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net in NEE’s condensed consolidated statements of income. The unrealized gains (losses) recognized during the three months ended June 30, 2019 and 2018 on equity securities held at June 30, 2019 and 2018 were $116 million and $78 million , respectively ( $77 million and $60 million for three months ended June 30, 2019 and 2018 , respectively, for FPL). The unrealized gains (losses) recognized during the six months ended June 30, 2019 and 2018 on equity securities held at June 30, 2019 and 2018 were $481 million and $37 million , respectively ( $311 million and $37 million for the six months ended June 30, 2019 and 2018 for FPL). Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at June 30, 2019 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at June 30, 2019 of approximately one year . The cost of securities sold is determined using the specific identification method. Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: NEE FPL Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 (millions) Realized gains $ 17 $ 20 $ 25 $ 28 $ 9 $ 15 $ 15 $ 20 Realized losses $ 11 $ 26 $ 20 $ 40 $ 5 $ 20 $ 9 $ 29 Proceeds from sale or maturity of securities $ 788 $ 719 $ 1,475 $ 1,313 $ 685 $ 653 $ 1,227 $ 1,042 The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: NEE FPL June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (millions) Unrealized gains $ 69 $ 14 $ 53 $ 11 Unrealized losses (a) $ 11 $ 52 $ 8 $ 41 Fair value $ 284 $ 1,273 $ 205 $ 961 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2019 and December 31, 2018 were not material to NEE or FPL. Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law. The nuclear decommissioning reserve funds are managed by investment managers who must comply with the guidelines of NEE and FPL and the rules of the applicable regulatory authorities. The funds' assets are invested giving consideration to taxes, liquidity, risk, diversification and other prudent investment objectives. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2019 2018 (a) 2019 2018 2019 2018 (a) 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 2.0 6.5 1.6 4.3 3.0 4.7 3.0 4.3 Taxes attributable to noncontrolling interests (b) 1.6 2.2 — — 1.8 2.4 — — PTCs and ITCs - NEER (5.2 ) (5.9 ) — — (6.3 ) (1.9 ) — — Amortization of deferred regulatory credit (c) (9.2 ) (3.2 ) (15.6 ) (3.7 ) (7.7 ) (1.0 ) (9.6 ) (4.2 ) Other - net (0.4 ) 4.2 0.1 0.3 (1.6 ) (0.6 ) (0.2 ) (0.5 ) Effective income tax rate 9.8 % 24.8 % 7.1 % 21.9 % 10.2 % 24.6 % 14.2 % 20.6 % ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) The six months ended June 30, 2018 reflects an income tax charge of approximately $ 125 million related to an adjustment to differential membership interests primarily as a result of the change in federal income tax rates effective January 1, 2018. (c) The three and six months ended June 30, 2019 reflect an adjustment of approximately $83 million recorded by FPL to reduce income tax expense for the cumulative amortization of excess deferred income taxes from January 1, 2018 as a result of the FPSC's order in connection with its review of impacts associated with tax reform (see Note 11 - Rate Regulation). One of the provisions of the order requires FPL to amortize approximately $870 million of its excess deferred income taxes over a period not to exceed ten years . 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, can significantly affect NEE's effective income tax rate depending on the amount of pretax income. The amount of PTCs recognized can be significantly affected by wind generation and by the roll off of PTCs after ten years of production. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Gulf Power - On January 1, 2019, NEE acquired the outstanding common shares of Gulf Power, a rate-regulated electric utility under the jurisdiction of the FPSC. Gulf Power serves more than 460,000 customers in eight counties throughout northwest Florida, has approximately 9,400 miles of transmission and distribution lines and owns approximately 2,300 MW of net generating capacity. The purchase price included approximately $4.47 billion in cash consideration, excluding post-closing working capital adjustments, and the assumption of approximately $1.3 billion of Gulf Power debt. The cash purchase price was funded through $4.5 billion of borrowings by NEECH in December 2018 under certain short-term bi-lateral term loan agreements (see Note 10); the proceeds of which borrowings were restricted and included in noncurrent other assets on NEE's condensed consolidated balance sheet at December 31, 2018. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on January 1, 2019 based on their fair value. The approval by the FPSC of Gulf Power's rates, which is intended to allow Gulf Power to collect from retail customers total revenues equal to Gulf Power's costs of providing service, including a reasonable rate of return on invested capital, is considered a fundamental input in measuring the fair value of Gulf Power's assets and liabilities and, as such, NEE concluded that the carrying values of all assets and liabilities recoverable through rates are representative of their fair values. As a result, NEE acquired assets of approximately $5.3 billion , primarily relating to property, plant and equipment of $4.0 billion and regulatory assets of $490 million , and assumed liabilities of approximately $3.4 billion , including $1.3 billion of long-term debt, $640 million of regulatory liabilities and $563 million of deferred income taxes. The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $2.6 billion of goodwill which has been recognized on NEE's condensed consolidated balance sheet at June 30, 2019 . Goodwill associated with the Gulf Power acquisition will be reflected within Corporate and Other and, for impairment testing, will be included in the Gulf Power reporting unit. The goodwill arising from the transaction represents expected benefits from continued expansion of NEE's regulated business mix and the indefinite life of Gulf Power's service territory franchise. In connection with the acquisition, operating right-of-use assets and lease liabilities were recorded primarily related to a purchased power agreement; such amounts each totaled approximately $234 million at June 30, 2019 . The operating leases have fixed payments with expiration dates ranging from late 2019 to 2023. At June 30, 2019 , expected lease payments over the remaining terms of the operating leases were approximately $245 million with no one year being material. Gulf Power's operating leases did not have a material impact on NEE's condensed consolidated statements of income or cash flows. Trans Bay Cable, LLC - On July 16, 2019, a wholly owned subsidiary of NextEra Energy Transmission, LLC acquired the outstanding membership interests of an entity that indirectly owns Trans Bay Cable, LLC (Trans Bay), which owns and operates a 53 -mile, high-voltage direct current underwater transmission cable system in California extending from Pittsburg to San Francisco, with utility rates set by the FERC and revenues paid by the California Independent System Operator. The purchase price included approximately $671 million in cash consideration, excluding post-closing working capital adjustments, and the assumption of debt of approximately $420 million . NEE is in the process of evaluating the purchase accounting considerations, including the initial purchase price allocation. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 6 Months Ended |
Jun. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) At June 30, 2019 , NEE had 29 VIEs which it consolidated and had interests in certain other VIEs which it did 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 $34 million and $77 million at June 30, 2019 and December 31, 2018 , respectively, and consisted primarily of storm-recovery property, which are included in current regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The liabilities of the VIE were approximately $36 million and $76 million at June 30, 2019 and December 31, 2018 , respectively, and consisted primarily of storm-recovery bonds, which are included in current portion of long-term debt on NEE's and FPL's condensed consolidated balance sheets. NEER - NEE consolidates 27 NEER VIEs. NEER is considered the primary beneficiary of these VIEs since NEER controls the most significant activities of these VIEs, including operations and maintenance, and has the obligation to absorb expected losses of these VIEs. NEER consolidates two VIEs, which own and operate natural gas/oil electric generation facilities with the capability of producing 1,450 MW. These entities sell their electric output under power sales contracts to third parties, with expiration dates in 2021 and 2031 . The power sales contracts provide the offtaker the ability to dispatch the facilities and require the offtaker to absorb the cost of fuel. The assets and liabilities of these two VIEs were approximately $211 million and $21 million , respectively, at June 30, 2019 . These two VIEs, together with a third VIE that consolidated two separate NEER entities, collectively had assets and liabilities that totaled $257 million and $21 million , respectively, at December 31, 2018 . At June 30, 2019 and December 31, 2018 , the assets of these consolidated VIEs consisted primarily of property, plant and equipment. Three indirect subsidiaries of NEER have an approximately 50 % ownership interest in five entities which own and operate solar PV facilities with the capability of producing a total of approximately 409 MW. Each of the three 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 five entities sell their electric output to third parties under power sales contracts with expiration dates ranging from 2035 through 2042 . The five entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NEER for the repayment of debt. The assets and liabilities of these VIEs were approximately $806 million and $613 million , respectively, at June 30, 2019 . There were two consolidated VIEs at December 31, 2018 which owned three entities which had assets and liabilities of $529 million and $557 million , respectively. At June 30, 2019 and December 31, 2018 , the assets and liabilities of the VIEs consisted primarily of property, plant and equipment and long-term debt. The other 22 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 6,319 MW and 473 MW, respectively. These entities sell their electric output either under power sales contracts to third parties with expiration dates ranging from 2024 through 2053 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. Certain 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 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 $9.1 billion and $0.7 billion , respectively, at June 30, 2019 . There were 25 consolidated VIEs at December 31, 2018 , which had assets and liabilities of approximately $10.2 billion and $1.4 billion , respectively. At June 30, 2019 and December 31, 2018 , the assets and liabilities of the VIEs consisted primarily of property, plant and equipment and long-term debt. In February 2018, NEER sold a special purpose entity for net cash proceeds of approximately $71 million . In connection with the sale, a gain of approximately $50 million (approximately $37 million after tax) was recorded in gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income during the six months ended June 30, 2018 . Other - At June 30, 2019 and December 31, 2018 , several NEE subsidiaries had investments totaling approximately $2,965 million ( $2,466 million at FPL) and $2,668 million ( $2,203 million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and mortgage-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities. Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in NEP OpCo. These entities are limited partnerships or similar entity structures in which the limited partners or nonmanaging members do not have substantive rights over the significant activities of these entities, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $4,385 million and $4,680 million at June 30, 2019 and December 31, 2018 , respectively. At June 30, 2019 , subsidiaries of NEE had commitments to invest additional amounts in four entities. Such commitments are included in the NEER amounts in the table in Note 12 - Contracts. Beginning in the first quarter of 2019, NEE consolidates a NEET subsidiary, which is considered a VIE since NEET is the primary beneficiary and controls the most significant activities during the period in which the subsidiary is constructing an approximately 275 -mile electricity transmission line, including controlling the construction budget. Prior to the construction period, the entity was jointly controlled and was accounted for under the equity method. NEET is entitled to receive 50% of profits and losses of the entity. At June 30, 2019 , the assets and liabilities of the VIE totaled $103 million and $18 million , respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Equity | Equity Earnings Per Share - The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 (a) 2019 2018 (a) (millions, except per share amounts) Numerator: Net income attributable to NEE - basic $ 1,234 $ 781 $ 1,914 $ 5,212 Adjustment for the impact of dilutive securities at NEP (b) — (15 ) — (24 ) Net income attributable to NEE - assuming dilution $ 1,234 $ 766 $ 1,914 $ 5,188 Denominator: Weighted-average number of common shares outstanding - basic 478.9 471.1 478.6 470.9 Equity units, stock options, performance share awards and restricted stock (c) 3.9 4.1 3.7 3.8 Weighted-average number of common shares outstanding - assuming dilution 482.8 475.2 482.3 474.7 Earnings per share attributable to NEE: (a) Basic $ 2.58 $ 1.66 $ 4.00 $ 11.07 Assuming dilution $ 2.56 $ 1.61 $ 3.97 $ 10.93 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) The NEP Series A convertible preferred units and the NEP senior unsecured convertible notes were both antidilutive for the three and six months ended June 30, 2019. The adjustment for the three and six months ended June 30, 2018 is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes. In July 2019, NEP converted one-third of its outstanding Series A convertible preferred units into NEP common units. (c) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to stock options as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 0.5 million and 0.3 million for the three months ended June 30, 2019 and 2018 , respectively, and 0.4 million and 0.3 million for the six months ended June 30, 2019 and 2018 , 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 Investees Total (millions) Six Months Ended June 30, 2019 Balances, December 31, 2018 $ (55 ) $ (7 ) $ (65 ) $ (63 ) $ 2 $ (188 ) Other comprehensive income (loss) before reclassifications — 8 (52 ) 10 (1 ) (35 ) Amounts reclassified from AOCI 10 (a) 2 (b) (1 ) (c) — — 11 Net other comprehensive income (loss) 10 10 (53 ) 10 (1 ) (24 ) Acquisition of Gulf Power (1 ) — — — — (1 ) Balances, March 31, 2019 (46 ) 3 (118 ) (53 ) 1 (213 ) Other comprehensive income (loss) before reclassifications — 7 (1 ) 8 1 15 Amounts reclassified from AOCI 8 (a) (1 ) (b) — (c) — — 7 Net other comprehensive income (loss) 8 6 (1 ) 8 1 22 Balances, June 30, 2019 $ (38 ) $ 9 $ (119 ) $ (45 ) $ 2 $ (191 ) Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Six Months Ended June 30, 2018 Balances, December 31, 2017 $ (77 ) $ 316 $ (39 ) $ (69 ) $ (20 ) $ 111 Other comprehensive income (loss) before reclassifications — (5 ) (1 ) (20 ) 2 (24 ) Amounts reclassified from AOCI 7 (a) (1 ) (b) (1 ) (c) — — 5 Net other comprehensive income (loss) 7 (6 ) (2 ) (20 ) 2 (19 ) Impact of NEP deconsolidation (d) 3 — — 37 18 58 Adoption of accounting standards updates (e) (7 ) (312 ) (9 ) — — (328 ) Balances, March 31, 2018 (74 ) (2 ) (50 ) (52 ) — (178 ) Other comprehensive income (loss) before reclassifications — (3 ) — — 2 (1 ) Amounts reclassified from AOCI 7 (a) — (b) (1 ) (c) — — 6 Net other comprehensive income (loss) 7 (3 ) (1 ) — 2 5 Balances, June 30, 2018 $ (67 ) $ (5 ) $ (51 ) $ (52 ) $ 2 $ (173 ) ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income. (c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income. (d) Reclassified and included in gain on NEP deconsolidation. See Note 2. (e) Reclassified to retained earnings. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances and borrowings during the six months ended June 30, 2019 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: First mortgage bonds $ 600 3.99 % 2049 Senior unsecured notes $ 1,000 Variable (a) 2022 NEECH: Debentures $ 550 Variable (a) 2020 - 2022 Debentures $ 3,500 2.90 % - 3.50 % 2022 - 2029 Junior subordinated debentures $ 1,188 5.65 % (b) 2079 Other $ 500 Variable (a) 2021 - 2022 ——————————————— (a) Variable rate is based on an underlying index plus a specified margin. (b) $500 million will bear interest at a variable rate based on an underlying index plus a specified margin beginning in May 2029. In April 2019, NEECH repaid $4.5 billion of borrowings under the short-term term loan agreements that it entered into to finance a portion of the purchase price paid by NEE for the acquisition of Gulf Power. See Note 7 - Gulf Power. In July 2019, NEECH borrowed a total of $700 million under four separate revolving credit facilities with maturity dates ranging from November 2020 to April 2021. Interest on the borrowings is at a variable rate based on an underlying index plus a specified margin. The proceeds from the borrowings were used primarily to finance the purchase price paid for the acquisition of Trans Bay. See Note 7 - Trans Bay Cable, LLC. During the second quarter of 2019, waivers related to events of default under certain financings caused by the bankruptcy filing of a counterparty to several PPAs were received for two financings with total principal outstanding of approximately $164 million , which, subject to certain conditions, waived the lenders' ability to accelerate the repayment of borrowings thereunder. The related debt amounts were reclassified from current to long-term during the quarter ended June 30, 2019. At June 30, 2019, approximately $184 million of debt remains classified as current, which relates to the one remaining financing in default. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Rate Regulation - In June 2019, the FPSC issued a final order in connection with its review of impacts associated with tax reform, which allows FPL to continue to operate under the 2016 rate agreement. The order confirms that FPL's actions to use available reserve amortization to offset nearly all of the expense associated with the write-off of the regulatory asset related to Hurricane Irma cost recovery were permitted under the terms of the 2016 rate agreement, that FPL is able to credit the reserve with tax savings resulting from tax reform and that FPL's rates remain just and reasonable. In July 2019, the State of Florida Office of Public Counsel filed a notice of appeal challenging the FPSC's order, which notice of appeal is pending before the Florida Supreme Court. Restricted Cash - At June 30, 2019 and December 31, 2018 , NEE had approximately $684 million ( $167 million for FPL) and $4,615 million ( $142 million for FPL), respectively, of restricted cash, of which approximately $595 million ( $77 million for FPL) and $89 million ( $81 million for FPL), respectively, is included in current other assets and the remaining balance is included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments, bond proceeds held for construction at FPL and margin cash collateral requirements, and, at December 31, 2018, also related to cash restricted for the acquisition of Gulf Power (see Note 7 - Gulf Power). In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $220 million is netted against derivative liabilities at June 30, 2019 and $184 million is netted against derivative assets at December 31, 2018 . See Note 4. Disposal of Businesses - In June 2019, subsidiaries of NEER completed the sale of ownership interests in three wind generation facilities and three solar generation facilities located in the Midwest and West regions of the U.S. with a total net generating capacity of 611 MW to a NEP subsidiary for cash proceeds of approximately $1,020 million , plus working capital of $12 million (subject to post-closing working capital and other adjustments). A NEER affiliate will continue to operate the facilities included in the sale. In connection with the sale, a gain of approximately $351 million ( $266 million after tax) was recorded in NEE's condensed consolidated statements of income for the three and six months ended June 30, 2019 and is included in gains on disposal of businesses/assets - net. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
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 and Gulf Power include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for construction and development of wind and solar projects and the procurement of nuclear fuel, as well as equity contributions to joint ventures for the development and construction of natural gas pipeline assets. Capital expenditures for Corporate and Other primarily include equity contributions to a joint venture for the construction of a transmission facility and the cost to maintain existing transmission facilities at NEET. At June 30, 2019 , estimated capital expenditures for the remainder of 2019 through 2023 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows: Remainder of 2019 2020 2021 2022 2023 Total (millions) FPL: Generation: (a) New (b) $ 860 $ 1,380 $ 525 $ 945 $ 790 $ 4,500 Existing 635 720 1,050 775 810 3,990 Transmission and distribution (c) 1,620 3,160 3,675 3,525 3,840 15,820 Nuclear fuel 110 205 220 165 120 820 General and other 400 530 475 345 365 2,115 Total $ 3,625 $ 5,995 $ 5,945 $ 5,755 $ 5,925 $ 27,245 Gulf Power $ 535 $ 1,050 $ 700 $ 670 $ 720 $ 3,675 NEER: Wind (d) $ 1,820 $ 2,935 $ 25 $ 20 $ 20 $ 4,820 Solar (e) 540 285 175 5 — 1,005 Nuclear, including nuclear fuel 130 165 170 175 130 770 Natural gas pipelines (f) 460 335 15 20 — 830 Other 320 50 45 45 40 500 Total $ 3,270 $ 3,770 $ 430 $ 265 $ 190 $ 7,925 Corporate and Other $ 75 $ 140 $ 60 $ — $ — $ 275 ——————————————— (a) Includes AFUDC of approximately $30 million , $80 million , $70 million , $50 million and $35 million for the remainder of 2019 through 2023, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $10 million , $40 million , $45 million , $35 million and $30 million for the remainder of 2019 through 2023, respectively. (d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,785 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 1,105 MW. (f) Construction of a natural gas pipeline is subject to certain conditions, including FERC approval. In addition, completion of another natural gas pipeline is subject to final permitting. 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 firm commitments under long-term contracts primarily for the transportation of natural gas and coal with expiration dates through 2042 . At June 30, 2019 , NEER has entered into contracts with expiration dates ranging from late July 2019 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, and the conversion, enrichment and fabrication of nuclear fuel, and has made commitments for the construction of 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 transportation and storage of natural gas with expiration dates ranging from late July 2019 through 2033 . The required capacity and/or minimum payments under contracts, including those discussed above, at June 30, 2019 were estimated as follows: Remainder of 2019 2020 2021 2022 2023 Thereafter (millions) FPL (a) $ 500 $ 1,000 $ 995 $ 975 $ 975 $ 11,505 NEER (b)(c) $ 2,185 $ 1,545 $ 210 $ 195 $ 125 $ 1,505 Corporate and Other (d) $ 105 $ 75 $ 75 $ — $ — $ — ——————————————— (a) Includes approximately $160 million , $385 million , $415 million , $415 million , $410 million and $7,175 million for the remainder of 2019 through 2023 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause. For three and six months ended June 30, 2019 , the charges associated with these agreements totaled approximately $77 million and $156 million , respectively, of which $26 million and $53 million , respectively, were eliminated in consolidation at NEE. For the three and six months ended June 30, 2018 , the charges associated with these agreements totaled approximately $75 million and $148 million respectively, of which $23 million and $45 million , respectively, were eliminated in consolidation at NEE. (b) Includes approximately $70 million , $70 million , $70 million and $1,180 million for 2021 through 2023 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline, which is expected in 2020. (c) Includes approximately $135 million of commitments to invest in technology investments through 2023. (d) Excludes approximately $85 million , $30 million , $30 million , $25 million and $15 million for the remainder of 2019 through 2023, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. Insurance - Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $450 million of private liability insurance per site, which is the maximum obtainable, and participates in a secondary financial protection system, which provides up to $13.5 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 $1.1 billion ( $550 million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $164 million ( $82 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 $16 million , $41 million and $20 million , plus any applicable taxes, per incident, respectively. NEE participates in a nuclear insurance mutual company that provides $2.75 billion of limited insurance coverage per occurrence per site for property damage, decontamination and premature decommissioning risks at its nuclear plants and a sublimit of $1.5 billion for non-nuclear perils, except for Duane Arnold which has a sublimit of $500 million . NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence. 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 $174 million ( $106 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NEE and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $3 million , $4 million and $4 million , plus any applicable taxes, respectively. Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If either FPL's or Gulf Power's future storm restoration costs exceed their respective storm reserve, FPL and Gulf Power may recover their 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The table below presents information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, a competitive energy business, as well as for Gulf Power, a rate-regulated utility business acquired in January 2019. Corporate and Other represents other business activities and includes eliminating entries. Three Months Ended June 30, 2019 2018 (a) FPL Gulf Power (b) NEER (c) Corporate and Other NEE Consoli- dated FPL NEER (c) Corporate and Other NEE Consoli- dated (millions) Operating revenues $ 3,158 $ 366 $ 1,437 $ 9 $ 4,970 $ 2,908 $ 1,156 $ (1 ) $ 4,063 Operating expenses - net $ 2,304 $ 298 $ 584 $ 37 $ 3,223 $ 1,987 $ 886 $ 44 $ 2,917 Net income (loss) attributable to NEE $ 663 $ 45 $ 661 (d) $ (135 ) $ 1,234 $ 626 $ 260 (d) $ (105 ) $ 781 Six Months Ended June 30, 2019 2018 (a) FPL Gulf Power (b) NEER (c) Corporate and Other NEE FPL NEER (c) Corporate NEE Consoli- dated (millions) Operating revenues $ 5,776 $ 694 $ 2,572 $ 2 $ 9,044 $ 5,528 $ 2,396 $ (4 ) $ 7,920 Operating expenses - net $ 4,064 $ 569 $ 1,448 $ 81 $ 6,162 $ 3,900 $ 1,728 $ 87 $ 5,715 Net income (loss) attributable to NEE $ 1,251 $ 81 $ 963 (d) $ (381 ) $ 1,914 $ 1,110 $ 4,189 (d)(e) $ (87 ) $ 5,212 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) See Note 7 - Gulf Power. (c) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NEER subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (d) See Note 6 for a discussion of NEER's tax benefits related to PTCs. (e) Includes gain on deconsolidation of NEP. See Note 2. June 30, 2019 December 31, 2018 FPL Gulf Power (a) NEER Corporate and Other NEE Consoli- dated FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 55,263 $ 5,405 $ 45,230 $ 4,654 $ 110,552 $ 53,484 $ 43,530 $ 6,688 $ 103,702 ——————————————— (a) See Note 7 - Gulf Power. |
Summarized Financial Informatio
Summarized Financial Information of NEECH | 6 Months Ended |
Jun. 30, 2019 | |
Summarized Financial Information [Abstract] | |
Summarized Financial Information of NEECH | Summarized Financial Information of NEECH NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL and Gulf Power. 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 June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Operating revenues $ — $ 1,474 $ 3,496 $ 4,970 $ — $ 1,189 $ 2,874 $ 4,063 Operating expenses - net (41 ) (606 ) (2,576 ) (3,223 ) (58 ) (905 ) (1,954 ) (2,917 ) Interest expense (1 ) (434 ) (166 ) (601 ) (10 ) (244 ) (140 ) (394 ) Equity in earnings of subsidiaries 1,235 — (1,235 ) — 794 — (794 ) — Equity in earnings (losses) of equity method investees — (6 ) — (6 ) — 52 — 52 Other income - net 36 75 12 123 52 38 19 109 Income (loss) before income taxes 1,229 503 (469 ) 1,263 778 130 5 913 Income tax expense (benefit) (5 ) 68 61 124 (3 ) 54 175 226 Net income (loss) 1,234 435 (530 ) 1,139 781 76 (170 ) 687 Net loss attributable to noncontrolling interests — 95 — 95 — 94 — 94 Net income (loss) attributable to NEE $ 1,234 $ 530 $ (530 ) $ 1,234 $ 781 $ 170 $ (170 ) $ 781 Six Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Operating revenues $ — $ 2,640 $ 6,404 $ 9,044 $ — $ 2,460 $ 5,460 $ 7,920 Operating expenses - net (97 ) (1,480 ) (4,585 ) (6,162 ) (113 ) (1,764 ) (3,838 ) (5,715 ) Interest expense (2 ) (996 ) (317 ) (1,315 ) (11 ) (336 ) (273 ) (620 ) Equity in earnings of subsidiaries 1,929 — (1,929 ) — 5,158 — (5,158 ) — Equity in earnings of equity method investees — 10 — 10 — 249 — 249 Gain on NEP deconsolidation — — — — — 3,927 — 3,927 Other income - net 87 242 37 366 102 90 44 236 Income (loss) before income taxes 1,917 416 (390 ) 1,943 5,136 4,626 (3,765 ) 5,997 Income tax expense (benefit) 3 (26 ) 221 198 (76 ) 1,264 288 1,476 Net income (loss) 1,914 442 (611 ) 1,745 5,212 3,362 (4,053 ) 4,521 Net loss attributable to noncontrolling interests — 169 — 169 — 691 — 691 Net income (loss) attributable to NEE $ 1,914 $ 611 $ (611 ) $ 1,914 $ 5,212 $ 4,053 $ (4,053 ) $ 5,212 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Comprehensive Income Three Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 1,256 $ 553 $ (553 ) $ 1,256 $ 786 $ 176 $ (176 ) $ 786 Six Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 1,912 $ 663 $ (663 ) $ 1,912 $ 5,256 $ 4,100 $ (4,100 ) $ 5,256 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Balance Sheets June 30, 2019 December 31, 2018 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 $ 354 $ 37,709 $ 61,988 $ 100,051 $ 220 $ 37,145 $ 54,718 $ 92,083 Accumulated depreciation and amortization (85 ) (8,874 ) (14,956 ) (23,915 ) (58 ) (8,473 ) (13,218 ) (21,749 ) Total property, plant and equipment - net 269 28,835 47,032 76,136 162 28,672 41,500 70,334 CURRENT ASSETS Cash and cash equivalents 1 913 105 1,019 (1 ) 525 114 638 Receivables 161 1,641 1,319 3,121 292 1,771 906 2,969 Other 7 1,783 1,541 3,331 5 1,425 1,356 2,786 Total current assets 169 4,337 2,965 7,471 296 3,721 2,376 6,393 OTHER ASSETS Investment in subsidiaries 34,585 — (34,585 ) — 33,397 — (33,397 ) — Investment in equity method investees — 7,202 — 7,202 — 6,748 — 6,748 Goodwill 1 593 2,902 3,496 1 587 303 891 Other 511 6,543 9,193 16,247 937 5,890 12,509 19,336 Total other assets 35,097 14,338 (22,490 ) 26,945 34,335 13,225 (20,585 ) 26,975 TOTAL ASSETS $ 35,535 $ 47,510 $ 27,507 $ 110,552 $ 34,793 $ 45,618 $ 23,291 $ 103,702 CAPITALIZATION Common shareholders' equity $ 34,910 $ 8,785 $ (8,785 ) $ 34,910 $ 34,144 $ 7,917 $ (7,917 ) $ 34,144 Noncontrolling interests — 3,516 — 3,516 — 3,269 — 3,269 Redeemable noncontrolling interests — 68 — 68 — 468 — 468 Long-term debt — 19,478 14,469 33,947 — 15,094 11,688 26,782 Total capitalization 34,910 31,847 5,684 72,441 34,144 26,748 3,771 64,663 CURRENT LIABILITIES Debt due within one year — 6,657 1,113 7,770 — 9,579 1,351 10,930 Accounts payable 2 1,893 703 2,598 32 1,730 624 2,386 Other 409 1,613 2,022 4,044 168 2,364 1,715 4,247 Total current liabilities 411 10,163 3,838 14,412 200 13,673 3,690 17,563 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 1,018 2,365 3,383 — 988 2,147 3,135 Deferred income taxes (406 ) 2,748 5,744 8,086 (157 ) 2,778 4,746 7,367 Other 620 1,734 9,876 12,230 606 1,431 8,937 10,974 Total other liabilities and deferred credits 214 5,500 17,985 23,699 449 5,197 15,830 21,476 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 35,535 $ 47,510 $ 27,507 $ 110,552 $ 34,793 $ 45,618 $ 23,291 $ 103,702 ——————————————— (a) Represents primarily FPL and consolidating adjustments. Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2019 2018 (a) NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated (millions) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 1,737 $ 558 $ 986 $ 3,281 $ 2,005 $ 1,459 $ (528 ) $ 2,936 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (153 ) (2,637 ) (7,110 ) (9,900 ) (71 ) (3,348 ) (2,504 ) (5,923 ) Capital contributions from NEE (386 ) — 386 — (854 ) — 854 — Sale of independent power and other investments of NEER — 995 — 995 — 311 — 311 Proceeds from sale or maturity of securities in special use funds and other investments — 783 1,276 2,059 — 687 1,101 1,788 Purchases of securities in special use funds and other investments — (772 ) (1,333 ) (2,105 ) — (764 ) (1,228 ) (1,992 ) Distributions from equity method investees of independent power investments — — — — — 633 — 633 Other - net 18 18 24 60 12 (206 ) 22 (172 ) Net cash used in investing activities (521 ) (1,613 ) (6,757 ) (8,891 ) (913 ) (2,687 ) (1,755 ) (5,355 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 5,751 1,803 7,554 — 1,281 1,594 2,875 Retirements of long-term debt — (1,722 ) (154 ) (1,876 ) — (415 ) (799 ) (1,214 ) Net change in commercial paper — 2,013 (381 ) 1,632 — 1,405 (700 ) 705 Proceeds from other short-term debt — — — — — 200 — 200 Repayments of other short-term debt — (4,600 ) — (4,600 ) — — (250 ) (250 ) Payments from related parties under CSCS agreement - net — 671 — 671 — 50 — 50 Issuances of common stock - net 26 — — 26 11 — — 11 Dividends on common stock (1,197 ) — — (1,197 ) (1,047 ) — — (1,047 ) Contributions from (dividends to) NEE — (80 ) 80 — — (2,408 ) 2,408 — Other - net (43 ) (93 ) (22 ) (158 ) (56 ) (56 ) (31 ) (143 ) Net cash provided by (used in) financing activities (1,214 ) 1,940 1,326 2,052 (1,092 ) 57 2,222 1,187 Effects of currency translation on cash, cash equivalents and restricted cash — 8 — 8 — (15 ) — (15 ) Net increase (decrease) in cash, cash equivalents and restricted cash 2 893 (4,445 ) (3,550 ) — (1,186 ) (61 ) (1,247 ) Cash, cash equivalents and restricted cash at beginning of period (1 ) 533 4,721 5,253 1 1,807 175 1,983 Cash, cash equivalents and restricted cash at end of period $ 1 $ 1,426 $ 276 $ 1,703 $ 1 $ 621 $ 114 $ 736 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Derivative Instruments | NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges. With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and 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 all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure. Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues and the equity method investees' related activity is recognized in equity in earnings of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are primarily recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. |
Fair Value Measurements | The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value. Cash Equivalents and Restricted Cash Equivalents - NEE and FPL hold investments in money market funds. The fair value of these funds is estimated using a market approach based on current observable market prices. Special Use Funds and Other Investments - NEE and FPL hold primarily debt and equity securities directly, as well as indirectly through commingled funds. Substantially all directly held equity securities are valued at their quoted market prices. For directly held debt securities, multiple prices and price types are obtained from pricing vendors whenever possible, which enables cross-provider validations. A primary price source is identified based on asset type, class or issue of each security. Commingled funds, which are similar to mutual funds, are maintained by banks or investment companies and hold certain investments in accordance with a stated set of objectives. The fair value of commingled funds is primarily derived from the quoted prices in active markets of the underlying securities. Because the fund shares are offered to a limited group of investors, they are not considered to be traded in an active market. Derivative Instruments - NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchanges and in the OTC markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date. Most exchange-traded derivative assets and liabilities are valued directly using unadjusted quoted prices. For exchange-traded derivative assets and liabilities where the principal market is deemed to be inactive based on average daily volumes and open interest, the measurement is established using settlement prices from the exchanges, and therefore considered to be valued using other observable inputs. NEE, through its subsidiaries, including FPL, also enters into OTC commodity contract derivatives. The majority of these contracts are transacted at liquid trading points, and the prices for these contracts are verified using quoted prices in active markets from exchanges, brokers or pricing services for similar contracts. NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain exchange and non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models. In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and multiple broker quotes to support the market price of the various commodities. In all cases where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions, models and changes to the models are undertaken by individuals that are independent of those responsible for estimating fair value. NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements. |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Net periodic benefit (income) cost | The components of net periodic income for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 (millions) Service cost $ 20 $ 18 $ — $ — $ 40 $ 35 $ — $ 1 Interest cost 28 20 3 2 57 41 5 3 Expected return on plan assets (78 ) (69 ) — — (156 ) (138 ) — — Amortization of prior service benefit — — (4 ) (4 ) — — (8 ) (8 ) Special termination benefits (a) 16 — — — 16 — — — Net periodic income at NEE $ (14 ) $ (31 ) $ (1 ) $ (2 ) $ (43 ) $ (62 ) $ (3 ) $ (4 ) Net periodic income allocated to FPL $ (18 ) $ (20 ) $ (1 ) $ (2 ) $ (36 ) $ (40 ) $ (2 ) $ (3 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The tables below present NEE's and FPL's gross derivative positions at June 30, 2019 and December 31, 2018 , 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 5 - Recurring Fair Value Measurements for netting information), as well as the location of the net derivative position on the condensed consolidated balance sheets. June 30, 2019 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 5,152 $ 3,594 $ 2,399 $ 629 Interest rate contracts 14 574 9 569 Foreign currency contracts 23 37 23 37 Total fair values $ 5,189 $ 4,205 $ 2,431 $ 1,235 FPL: Commodity contracts $ 8 $ 19 $ 6 $ 17 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 805 Noncurrent derivative assets 1,626 Current derivative liabilities (b) $ 343 Noncurrent derivative liabilities (c) 892 Total derivatives $ 2,431 $ 1,235 Net fair value by FPL balance sheet line item: Current other assets $ 6 Current other liabilities $ 13 Noncurrent other liabilities 4 Total derivatives $ 6 $ 17 ——————————————— (a) Reflects the netting of approximately $8 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $177 million in margin cash collateral paid to counterparties. (c) Reflects the netting of approximately $43 million in margin cash collateral paid to counterparties. December 31, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) NEE: Commodity contracts $ 4,651 $ 3,305 $ 1,840 $ 683 Interest rate contracts 56 472 49 465 Foreign currency contracts 17 30 30 43 Total fair values $ 4,724 $ 3,807 $ 1,919 $ 1,191 FPL: Commodity contracts $ 2 $ 43 $ — $ 41 Net fair value by NEE balance sheet line item: Current derivative assets (a) $ 564 Noncurrent derivative assets (b) 1,355 Current derivative liabilities $ 675 Noncurrent derivative liabilities 516 Total derivatives $ 1,919 $ 1,191 Net fair value by FPL balance sheet line item: Current other liabilities $ 32 Noncurrent other liabilities 9 Total derivatives $ — $ 41 ——————————————— (a) Reflects the netting of approximately $124 million in margin cash collateral received from counterparties. (b) Reflects the netting of approximately $65 million in margin cash collateral received from counterparties. |
Net Notional Volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: June 30, 2019 December 31, 2018 Commodity Type NEE FPL NEE FPL (millions) Power (93 ) MWh 1 MWh (100 ) MWh 1 MWh Natural gas (1,460 ) MMBtu 250 MMBtu (491 ) MMBtu 231 MMBtu Oil (20 ) barrels — (30 ) barrels — |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (losses) related to NEE's derivatives are recorded in NEE's condensed consolidated statements of income as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (millions) Commodity contracts (a) - operating revenues $ 276 $ 42 $ 272 $ 180 Foreign currency contracts - interest expense 11 (25 ) (8 ) 20 Interest rate contracts - interest expense (204 ) (83 ) (530 ) (27 ) Losses reclassified from AOCI to interest expense: Interest rate contracts (6 ) (8 ) (18 ) (17 ) Foreign currency contracts (1 ) (1 ) (2 ) (2 ) Total $ 76 $ (75 ) $ (286 ) $ 154 ——————————————— (a) For the three and six months ended June 30, 2019 , FPL recorded gains of approximately $1 million and $4 million , respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and six months ended June 30, 2018 , FPL recorded losses of approximately $1 million and gains of $3 million , respectively, related to commodity contracts as regulatory assets and regulatory liabilities, respectively, on its condensed consolidated balance sheets. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities and other 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: June 30, 2019 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 861 $ — $ — $ 861 FPL - equity securities $ 209 $ — $ — $ 209 Special use funds: (c) NEE: Equity securities $ 1,679 $ 1,890 (d) $ — $ 3,569 U.S. Government and municipal bonds $ 561 $ 113 $ — $ 674 Corporate debt securities $ — $ 747 $ — $ 747 Mortgage-backed securities $ — $ 444 $ — $ 444 Other debt securities $ — $ 157 $ — $ 157 FPL: Equity securities $ 520 $ 1,715 (d) $ — $ 2,235 U.S. Government and municipal bonds $ 417 $ 88 $ — $ 505 Corporate debt securities $ — $ 534 $ — $ 534 Mortgage-backed securities $ — $ 334 $ — $ 334 Other debt securities $ — $ 133 $ — $ 133 Other investments: (e) NEE: Equity securities $ 18 $ 12 $ — $ 30 Debt securities $ 106 $ 68 $ — $ 174 Derivatives: NEE: Commodity contracts $ 1,296 $ 2,088 $ 1,768 $ (2,753 ) $ 2,399 (f) Interest rate contracts $ — $ 14 $ — $ (5 ) $ 9 (f) Foreign currency contracts $ — $ 23 $ — $ — $ 23 (f) FPL - commodity contracts $ — $ 7 $ 1 $ (2 ) $ 6 (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,493 $ 1,709 $ 392 $ (2,965 ) $ 629 (f) Interest rate contracts $ — $ 429 $ 145 $ (5 ) $ 569 (f) Foreign currency contracts $ — $ 37 $ — $ — $ 37 (f) FPL - commodity contracts $ — $ 5 $ 14 $ (2 ) $ 17 (f) ——————————————— (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 equivalents of approximately $92 million ( $77 million for FPL) in current other assets and $90 million ( $90 million for FPL) in noncurrent other 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets. December 31, 2018 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: Cash equivalents and restricted cash equivalents: (b) NEE - equity securities $ 486 $ — $ — $ 486 FPL - equity securities $ 206 $ — $ — $ 206 Special use funds: (c) NEE: Equity securities $ 1,445 $ 1,601 (d) $ — $ 3,046 U.S. Government and municipal bonds $ 449 $ 155 $ — $ 604 Corporate debt securities $ — $ 728 $ — $ 728 Mortgage-backed securities $ — $ 478 $ — $ 478 Other debt securities $ — $ 145 $ 1 $ 146 FPL: Equity securities $ 398 $ 1,452 (d) $ — $ 1,850 U.S. Government and municipal bonds $ 350 $ 120 $ — $ 470 Corporate debt securities $ — $ 544 $ — $ 544 Mortgage-backed securities $ — $ 367 $ — $ 367 Other debt securities $ — $ 131 $ 1 $ 132 Other investments: (e) NEE: Equity securities $ 13 $ 11 $ — $ 24 Debt securities $ 36 $ 90 $ — $ 126 Derivatives: NEE: Commodity contracts $ 1,379 $ 1,923 $ 1,349 $ (2,811 ) $ 1,840 (f) Interest rate contracts $ — $ 56 $ — $ (7 ) $ 49 (f) Foreign currency contracts $ — $ 17 $ — $ 13 $ 30 (f) FPL - commodity contracts $ — $ 2 $ — $ (2 ) $ — (f) Liabilities: Derivatives: NEE: Commodity contracts $ 1,329 $ 1,410 $ 566 $ (2,622 ) $ 683 (f) Interest rate contracts $ — $ 336 $ 136 $ (7 ) $ 465 (f) Foreign currency contracts $ — $ 30 $ — $ 13 $ 43 (f) FPL - commodity contracts $ — $ 7 $ 36 $ (2 ) $ 41 (f) ——————————————— (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 equivalents of approximately $85 million ( $81 million for FPL) in current other 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) Included in noncurrent other assets in the condensed consolidated balance sheets. (f) See Note 4 - 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 June 30, 2019 are as follows: Fair Value at Valuation Significant Transaction Type June 30, 2019 Technique(s) Unobservable Inputs Range Assets Liabilities (millions) Forward contracts - power $ 936 $ 172 Discounted cash flow Forward price (per MWh) $(21) — $241 Forward contracts - gas 97 27 Discounted cash flow Forward price (per MMBtu) $1 — $7 Forward contracts - other commodity related 3 2 Discounted cash flow Forward price (various) $1 — $64 Options - power 42 14 Option models Implied correlations 1% — 100% Implied volatilities 6% — 498% Options - primarily gas 132 138 Option models Implied correlations 1% — 100% Implied volatilities 1% — 198% Full requirements and unit contingent contracts 558 39 Discounted cash flow Forward price (per MWh) $(50) — $409 Customer migration rate (a) —% — 20% Total $ 1,768 $ 392 ——————————————— (a) Applies only to full requirements contracts. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The sensitivity of NEE's fair value measurements to increases (decreases) in the significant unobservable inputs is as follows: Significant Unobservable Input Position Impact on 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. |
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 June 30, 2019 2018 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at March 31 $ 844 $ (16 ) $ 625 $ (2 ) Realized and unrealized gains (losses): Included in earnings (a) 513 — 37 — Included in other comprehensive income (loss) (b) (2 ) — 7 — Included in regulatory assets and liabilities 1 1 2 2 Purchases 43 — 61 — Settlements (81 ) 2 (55 ) (1 ) Issuances (37 ) — (28 ) — Transfers in (c) — — 1 1 Transfers out (c) (50 ) — — — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 1,231 $ (13 ) $ 650 $ — Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 487 $ — $ 57 $ — ——————————————— (a) For the three months ended June 30, 2019 and 2018 , realized and unrealized gains of approximately $509 million and $44 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the three months ended June 30, 2019 and 2018 , unrealized gains of approximately $482 million and $64 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. Six Months Ended June 30, 2019 2018 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 647 $ (36 ) $ 566 $ — Realized and unrealized gains (losses): Included in earnings (a) 692 — 52 — Included in other comprehensive income (loss) (b) 1 — 4 — Included in regulatory assets and liabilities (1 ) (1 ) — — Purchases 67 — 103 — Settlements (119 ) 22 (7 ) (1 ) Issuances (51 ) — (61 ) — Impact of adoption of revenue standard — — (30 ) — Transfers in (c) — — 1 1 Transfers out (c) (5 ) 2 22 — Fair value of net derivatives based on significant unobservable inputs at June 30 $ 1,231 $ (13 ) $ 650 $ — Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date (d) $ 568 $ — $ 38 $ — ——————————————— (a) For the six months ended June 30, 2019 and 2018 , realized and unrealized gains of approximately $703 million and $71 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. (b) Included in net unrealized gains (losses) on foreign currency translation in the condensed consolidated statements of comprehensive income. (c) Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period. (d) For the six months ended June 30, 2019 and 2018 , unrealized gains of approximately $578 million and $57 million , respectively, are included in the condensed consolidated statements of income in operating revenues and the balance is included in interest expense. |
Fair Value, by Balance Sheet Grouping | The carrying amounts of commercial paper and other short-term debt approximate their fair values. The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value (millions) NEE: Special use funds (a) $ 956 $ 955 $ 884 $ 883 Other investments (b) $ 31 $ 31 $ 54 $ 54 Long-term debt, including current portion $ 36,620 $ 39,158 (c) $ 29,498 $ 30,043 (c) FPL: Special use funds (a) $ 766 $ 765 $ 693 $ 692 Long-term debt, including current portion $ 13,420 $ 15,246 (c) $ 11,783 $ 12,613 (c) ——————————————— (a) Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2). (b) Included in noncurrent other assets in the condensed consolidated balance sheets. (c) At June 30, 2019 and December 31, 2018 , substantially all is Level 2 for NEE and all is Level 2 for FPL. |
Gains and Losses on Available-for-sale Debt Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale securities are as follows: NEE FPL Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 2019 2018 2019 2018 (millions) Realized gains $ 17 $ 20 $ 25 $ 28 $ 9 $ 15 $ 15 $ 20 Realized losses $ 11 $ 26 $ 20 $ 40 $ 5 $ 20 $ 9 $ 29 Proceeds from sale or maturity of securities $ 788 $ 719 $ 1,475 $ 1,313 $ 685 $ 653 $ 1,227 $ 1,042 The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows: NEE FPL June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 (millions) Unrealized gains $ 69 $ 14 $ 53 $ 11 Unrealized losses (a) $ 11 $ 52 $ 8 $ 41 Fair value $ 284 $ 1,273 $ 205 $ 961 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2019 and December 31, 2018 were not material to NEE or FPL. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 2019 2018 (a) 2019 2018 2019 2018 (a) 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State income taxes - net of federal income tax benefit 2.0 6.5 1.6 4.3 3.0 4.7 3.0 4.3 Taxes attributable to noncontrolling interests (b) 1.6 2.2 — — 1.8 2.4 — — PTCs and ITCs - NEER (5.2 ) (5.9 ) — — (6.3 ) (1.9 ) — — Amortization of deferred regulatory credit (c) (9.2 ) (3.2 ) (15.6 ) (3.7 ) (7.7 ) (1.0 ) (9.6 ) (4.2 ) Other - net (0.4 ) 4.2 0.1 0.3 (1.6 ) (0.6 ) (0.2 ) (0.5 ) Effective income tax rate 9.8 % 24.8 % 7.1 % 21.9 % 10.2 % 24.6 % 14.2 % 20.6 % ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) The six months ended June 30, 2018 reflects an income tax charge of approximately $ 125 million related to an adjustment to differential membership interests primarily as a result of the change in federal income tax rates effective January 1, 2018. (c) The three and six months ended June 30, 2019 reflect an adjustment of approximately $83 million recorded by FPL to reduce income tax expense for the cumulative amortization of excess deferred income taxes from January 1, 2018 as a result of the FPSC's order in connection with its review of impacts associated with tax reform (see Note 11 - Rate Regulation). One of the provisions of the order requires FPL to amortize approximately $870 million of its excess deferred income taxes over a period not to exceed ten years . |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, Six Months Ended June 30, 2019 2018 (a) 2019 2018 (a) (millions, except per share amounts) Numerator: Net income attributable to NEE - basic $ 1,234 $ 781 $ 1,914 $ 5,212 Adjustment for the impact of dilutive securities at NEP (b) — (15 ) — (24 ) Net income attributable to NEE - assuming dilution $ 1,234 $ 766 $ 1,914 $ 5,188 Denominator: Weighted-average number of common shares outstanding - basic 478.9 471.1 478.6 470.9 Equity units, stock options, performance share awards and restricted stock (c) 3.9 4.1 3.7 3.8 Weighted-average number of common shares outstanding - assuming dilution 482.8 475.2 482.3 474.7 Earnings per share attributable to NEE: (a) Basic $ 2.58 $ 1.66 $ 4.00 $ 11.07 Assuming dilution $ 2.56 $ 1.61 $ 3.97 $ 10.93 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) The NEP Series A convertible preferred units and the NEP senior unsecured convertible notes were both antidilutive for the three and six months ended June 30, 2019. The adjustment for the three and six months ended June 30, 2018 is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes. In July 2019, NEP converted one-third of its outstanding Series A convertible preferred units into NEP common units. (c) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) - The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Six Months Ended June 30, 2019 Balances, December 31, 2018 $ (55 ) $ (7 ) $ (65 ) $ (63 ) $ 2 $ (188 ) Other comprehensive income (loss) before reclassifications — 8 (52 ) 10 (1 ) (35 ) Amounts reclassified from AOCI 10 (a) 2 (b) (1 ) (c) — — 11 Net other comprehensive income (loss) 10 10 (53 ) 10 (1 ) (24 ) Acquisition of Gulf Power (1 ) — — — — (1 ) Balances, March 31, 2019 (46 ) 3 (118 ) (53 ) 1 (213 ) Other comprehensive income (loss) before reclassifications — 7 (1 ) 8 1 15 Amounts reclassified from AOCI 8 (a) (1 ) (b) — (c) — — 7 Net other comprehensive income (loss) 8 6 (1 ) 8 1 22 Balances, June 30, 2019 $ (38 ) $ 9 $ (119 ) $ (45 ) $ 2 $ (191 ) Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Six Months Ended June 30, 2018 Balances, December 31, 2017 $ (77 ) $ 316 $ (39 ) $ (69 ) $ (20 ) $ 111 Other comprehensive income (loss) before reclassifications — (5 ) (1 ) (20 ) 2 (24 ) Amounts reclassified from AOCI 7 (a) (1 ) (b) (1 ) (c) — — 5 Net other comprehensive income (loss) 7 (6 ) (2 ) (20 ) 2 (19 ) Impact of NEP deconsolidation (d) 3 — — 37 18 58 Adoption of accounting standards updates (e) (7 ) (312 ) (9 ) — — (328 ) Balances, March 31, 2018 (74 ) (2 ) (50 ) (52 ) — (178 ) Other comprehensive income (loss) before reclassifications — (3 ) — — 2 (1 ) Amounts reclassified from AOCI 7 (a) — (b) (1 ) (c) — — 6 Net other comprehensive income (loss) 7 (3 ) (1 ) — 2 5 Balances, June 30, 2018 $ (67 ) $ (5 ) $ (51 ) $ (52 ) $ 2 $ (173 ) ——————————————— (a) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments. (b) Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income. (c) Reclassified to other net periodic benefit income in NEE's consolidated statements of income. (d) Reclassified and included in gain on NEP deconsolidation. See Note 2. (e) Reclassified to retained earnings. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances and borrowings during the six months ended June 30, 2019 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: First mortgage bonds $ 600 3.99 % 2049 Senior unsecured notes $ 1,000 Variable (a) 2022 NEECH: Debentures $ 550 Variable (a) 2020 - 2022 Debentures $ 3,500 2.90 % - 3.50 % 2022 - 2029 Junior subordinated debentures $ 1,188 5.65 % (b) 2079 Other $ 500 Variable (a) 2021 - 2022 ——————————————— (a) Variable rate is based on an underlying index plus a specified margin. (b) $500 million will bear interest at a variable rate based on an underlying index plus a specified margin beginning in May 2029. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At June 30, 2019 , estimated capital expenditures for the remainder of 2019 through 2023 for which applicable internal approvals (and also, if required, regulatory approvals such as FPSC approvals for FPL and Gulf Power) have been received were as follows: Remainder of 2019 2020 2021 2022 2023 Total (millions) FPL: Generation: (a) New (b) $ 860 $ 1,380 $ 525 $ 945 $ 790 $ 4,500 Existing 635 720 1,050 775 810 3,990 Transmission and distribution (c) 1,620 3,160 3,675 3,525 3,840 15,820 Nuclear fuel 110 205 220 165 120 820 General and other 400 530 475 345 365 2,115 Total $ 3,625 $ 5,995 $ 5,945 $ 5,755 $ 5,925 $ 27,245 Gulf Power $ 535 $ 1,050 $ 700 $ 670 $ 720 $ 3,675 NEER: Wind (d) $ 1,820 $ 2,935 $ 25 $ 20 $ 20 $ 4,820 Solar (e) 540 285 175 5 — 1,005 Nuclear, including nuclear fuel 130 165 170 175 130 770 Natural gas pipelines (f) 460 335 15 20 — 830 Other 320 50 45 45 40 500 Total $ 3,270 $ 3,770 $ 430 $ 265 $ 190 $ 7,925 Corporate and Other $ 75 $ 140 $ 60 $ — $ — $ 275 ——————————————— (a) Includes AFUDC of approximately $30 million , $80 million , $70 million , $50 million and $35 million for the remainder of 2019 through 2023, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $10 million , $40 million , $45 million , $35 million and $30 million for the remainder of 2019 through 2023, respectively. (d) Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 5,785 MW. (e) Includes capital expenditures for new solar projects and related transmission totaling approximately 1,105 MW. (f) Construction of a natural gas pipeline is subject to certain conditions, including FERC approval. In addition, completion of another natural gas pipeline is subject to final permitting. |
Required capacity and/or minimum payments under contracts | The required capacity and/or minimum payments under contracts, including those discussed above, at June 30, 2019 were estimated as follows: Remainder of 2019 2020 2021 2022 2023 Thereafter (millions) FPL (a) $ 500 $ 1,000 $ 995 $ 975 $ 975 $ 11,505 NEER (b)(c) $ 2,185 $ 1,545 $ 210 $ 195 $ 125 $ 1,505 Corporate and Other (d) $ 105 $ 75 $ 75 $ — $ — $ — ——————————————— (a) Includes approximately $160 million , $385 million , $415 million , $415 million , $410 million and $7,175 million for the remainder of 2019 through 2023 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection. The charges associated with these agreements are recoverable through the fuel clause. For three and six months ended June 30, 2019 , the charges associated with these agreements totaled approximately $77 million and $156 million , respectively, of which $26 million and $53 million , respectively, were eliminated in consolidation at NEE. For the three and six months ended June 30, 2018 , the charges associated with these agreements totaled approximately $75 million and $148 million respectively, of which $23 million and $45 million , respectively, were eliminated in consolidation at NEE. (b) Includes approximately $70 million , $70 million , $70 million and $1,180 million for 2021 through 2023 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a 31% equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline, which is expected in 2020. (c) Includes approximately $135 million of commitments to invest in technology investments through 2023. (d) Excludes approximately $85 million , $30 million , $30 million , $25 million and $15 million for the remainder of 2019 through 2023, respectively, of joint obligations of NEECH and NEER which are included in the NEER amounts above. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment information | Three Months Ended June 30, 2019 2018 (a) FPL Gulf Power (b) NEER (c) Corporate and Other NEE Consoli- dated FPL NEER (c) Corporate and Other NEE Consoli- dated (millions) Operating revenues $ 3,158 $ 366 $ 1,437 $ 9 $ 4,970 $ 2,908 $ 1,156 $ (1 ) $ 4,063 Operating expenses - net $ 2,304 $ 298 $ 584 $ 37 $ 3,223 $ 1,987 $ 886 $ 44 $ 2,917 Net income (loss) attributable to NEE $ 663 $ 45 $ 661 (d) $ (135 ) $ 1,234 $ 626 $ 260 (d) $ (105 ) $ 781 Six Months Ended June 30, 2019 2018 (a) FPL Gulf Power (b) NEER (c) Corporate and Other NEE FPL NEER (c) Corporate NEE Consoli- dated (millions) Operating revenues $ 5,776 $ 694 $ 2,572 $ 2 $ 9,044 $ 5,528 $ 2,396 $ (4 ) $ 7,920 Operating expenses - net $ 4,064 $ 569 $ 1,448 $ 81 $ 6,162 $ 3,900 $ 1,728 $ 87 $ 5,715 Net income (loss) attributable to NEE $ 1,251 $ 81 $ 963 (d) $ (381 ) $ 1,914 $ 1,110 $ 4,189 (d)(e) $ (87 ) $ 5,212 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) See Note 7 - Gulf Power. (c) Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NEER subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (d) See Note 6 for a discussion of NEER's tax benefits related to PTCs. (e) Includes gain on deconsolidation of NEP. See Note 2. June 30, 2019 December 31, 2018 FPL Gulf Power (a) NEER Corporate and Other NEE Consoli- dated FPL NEER Corporate and Other NEE Consoli- dated (millions) Total assets $ 55,263 $ 5,405 $ 45,230 $ 4,654 $ 110,552 $ 53,484 $ 43,530 $ 6,688 $ 103,702 ——————————————— (a) See Note 7 - Gulf Power. |
Summarized Financial Informat_2
Summarized Financial Information of NEECH (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summarized Financial Information [Abstract] | |
Condensed Consolidating Statements of Income | Condensed Consolidating Statements of Income Three Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Operating revenues $ — $ 1,474 $ 3,496 $ 4,970 $ — $ 1,189 $ 2,874 $ 4,063 Operating expenses - net (41 ) (606 ) (2,576 ) (3,223 ) (58 ) (905 ) (1,954 ) (2,917 ) Interest expense (1 ) (434 ) (166 ) (601 ) (10 ) (244 ) (140 ) (394 ) Equity in earnings of subsidiaries 1,235 — (1,235 ) — 794 — (794 ) — Equity in earnings (losses) of equity method investees — (6 ) — (6 ) — 52 — 52 Other income - net 36 75 12 123 52 38 19 109 Income (loss) before income taxes 1,229 503 (469 ) 1,263 778 130 5 913 Income tax expense (benefit) (5 ) 68 61 124 (3 ) 54 175 226 Net income (loss) 1,234 435 (530 ) 1,139 781 76 (170 ) 687 Net loss attributable to noncontrolling interests — 95 — 95 — 94 — 94 Net income (loss) attributable to NEE $ 1,234 $ 530 $ (530 ) $ 1,234 $ 781 $ 170 $ (170 ) $ 781 Six Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Operating revenues $ — $ 2,640 $ 6,404 $ 9,044 $ — $ 2,460 $ 5,460 $ 7,920 Operating expenses - net (97 ) (1,480 ) (4,585 ) (6,162 ) (113 ) (1,764 ) (3,838 ) (5,715 ) Interest expense (2 ) (996 ) (317 ) (1,315 ) (11 ) (336 ) (273 ) (620 ) Equity in earnings of subsidiaries 1,929 — (1,929 ) — 5,158 — (5,158 ) — Equity in earnings of equity method investees — 10 — 10 — 249 — 249 Gain on NEP deconsolidation — — — — — 3,927 — 3,927 Other income - net 87 242 37 366 102 90 44 236 Income (loss) before income taxes 1,917 416 (390 ) 1,943 5,136 4,626 (3,765 ) 5,997 Income tax expense (benefit) 3 (26 ) 221 198 (76 ) 1,264 288 1,476 Net income (loss) 1,914 442 (611 ) 1,745 5,212 3,362 (4,053 ) 4,521 Net loss attributable to noncontrolling interests — 169 — 169 — 691 — 691 Net income (loss) attributable to NEE $ 1,914 $ 611 $ (611 ) $ 1,914 $ 5,212 $ 4,053 $ (4,053 ) $ 5,212 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income Three Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 1,256 $ 553 $ (553 ) $ 1,256 $ 786 $ 176 $ (176 ) $ 786 Six Months Ended June 30, 2019 2018 (a) NEE (Guarantor) NEECH Other (b) NEE Consoli- dated NEE (Guarantor) NEECH Other (b) NEE Consoli- dated (millions) Comprehensive income (loss) attributable to NEE $ 1,912 $ 663 $ (663 ) $ 1,912 $ 5,256 $ 4,100 $ (4,100 ) $ 5,256 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets June 30, 2019 December 31, 2018 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 $ 354 $ 37,709 $ 61,988 $ 100,051 $ 220 $ 37,145 $ 54,718 $ 92,083 Accumulated depreciation and amortization (85 ) (8,874 ) (14,956 ) (23,915 ) (58 ) (8,473 ) (13,218 ) (21,749 ) Total property, plant and equipment - net 269 28,835 47,032 76,136 162 28,672 41,500 70,334 CURRENT ASSETS Cash and cash equivalents 1 913 105 1,019 (1 ) 525 114 638 Receivables 161 1,641 1,319 3,121 292 1,771 906 2,969 Other 7 1,783 1,541 3,331 5 1,425 1,356 2,786 Total current assets 169 4,337 2,965 7,471 296 3,721 2,376 6,393 OTHER ASSETS Investment in subsidiaries 34,585 — (34,585 ) — 33,397 — (33,397 ) — Investment in equity method investees — 7,202 — 7,202 — 6,748 — 6,748 Goodwill 1 593 2,902 3,496 1 587 303 891 Other 511 6,543 9,193 16,247 937 5,890 12,509 19,336 Total other assets 35,097 14,338 (22,490 ) 26,945 34,335 13,225 (20,585 ) 26,975 TOTAL ASSETS $ 35,535 $ 47,510 $ 27,507 $ 110,552 $ 34,793 $ 45,618 $ 23,291 $ 103,702 CAPITALIZATION Common shareholders' equity $ 34,910 $ 8,785 $ (8,785 ) $ 34,910 $ 34,144 $ 7,917 $ (7,917 ) $ 34,144 Noncontrolling interests — 3,516 — 3,516 — 3,269 — 3,269 Redeemable noncontrolling interests — 68 — 68 — 468 — 468 Long-term debt — 19,478 14,469 33,947 — 15,094 11,688 26,782 Total capitalization 34,910 31,847 5,684 72,441 34,144 26,748 3,771 64,663 CURRENT LIABILITIES Debt due within one year — 6,657 1,113 7,770 — 9,579 1,351 10,930 Accounts payable 2 1,893 703 2,598 32 1,730 624 2,386 Other 409 1,613 2,022 4,044 168 2,364 1,715 4,247 Total current liabilities 411 10,163 3,838 14,412 200 13,673 3,690 17,563 OTHER LIABILITIES AND DEFERRED CREDITS Asset retirement obligations — 1,018 2,365 3,383 — 988 2,147 3,135 Deferred income taxes (406 ) 2,748 5,744 8,086 (157 ) 2,778 4,746 7,367 Other 620 1,734 9,876 12,230 606 1,431 8,937 10,974 Total other liabilities and deferred credits 214 5,500 17,985 23,699 449 5,197 15,830 21,476 COMMITMENTS AND CONTINGENCIES TOTAL CAPITALIZATION AND LIABILITIES $ 35,535 $ 47,510 $ 27,507 $ 110,552 $ 34,793 $ 45,618 $ 23,291 $ 103,702 ——————————————— (a) Represents primarily FPL and consolidating adjustments. |
Condensed Cash Flow Statement | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2019 2018 (a) NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated NEE (Guaran- tor) NEECH Other (b) NEE Consoli- dated (millions) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 1,737 $ 558 $ 986 $ 3,281 $ 2,005 $ 1,459 $ (528 ) $ 2,936 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures, independent power and other investments and nuclear fuel purchases (153 ) (2,637 ) (7,110 ) (9,900 ) (71 ) (3,348 ) (2,504 ) (5,923 ) Capital contributions from NEE (386 ) — 386 — (854 ) — 854 — Sale of independent power and other investments of NEER — 995 — 995 — 311 — 311 Proceeds from sale or maturity of securities in special use funds and other investments — 783 1,276 2,059 — 687 1,101 1,788 Purchases of securities in special use funds and other investments — (772 ) (1,333 ) (2,105 ) — (764 ) (1,228 ) (1,992 ) Distributions from equity method investees of independent power investments — — — — — 633 — 633 Other - net 18 18 24 60 12 (206 ) 22 (172 ) Net cash used in investing activities (521 ) (1,613 ) (6,757 ) (8,891 ) (913 ) (2,687 ) (1,755 ) (5,355 ) CASH FLOWS FROM FINANCING ACTIVITIES Issuances of long-term debt — 5,751 1,803 7,554 — 1,281 1,594 2,875 Retirements of long-term debt — (1,722 ) (154 ) (1,876 ) — (415 ) (799 ) (1,214 ) Net change in commercial paper — 2,013 (381 ) 1,632 — 1,405 (700 ) 705 Proceeds from other short-term debt — — — — — 200 — 200 Repayments of other short-term debt — (4,600 ) — (4,600 ) — — (250 ) (250 ) Payments from related parties under CSCS agreement - net — 671 — 671 — 50 — 50 Issuances of common stock - net 26 — — 26 11 — — 11 Dividends on common stock (1,197 ) — — (1,197 ) (1,047 ) — — (1,047 ) Contributions from (dividends to) NEE — (80 ) 80 — — (2,408 ) 2,408 — Other - net (43 ) (93 ) (22 ) (158 ) (56 ) (56 ) (31 ) (143 ) Net cash provided by (used in) financing activities (1,214 ) 1,940 1,326 2,052 (1,092 ) 57 2,222 1,187 Effects of currency translation on cash, cash equivalents and restricted cash — 8 — 8 — (15 ) — (15 ) Net increase (decrease) in cash, cash equivalents and restricted cash 2 893 (4,445 ) (3,550 ) — (1,186 ) (61 ) (1,247 ) Cash, cash equivalents and restricted cash at beginning of period (1 ) 533 4,721 5,253 1 1,807 175 1,983 Cash, cash equivalents and restricted cash at end of period $ 1 $ 1,426 $ 276 $ 1,703 $ 1 $ 621 $ 114 $ 736 ——————————————— (a) Amounts have been retrospectively adjusted for an accounting standards update related to leases. (b) Represents primarily FPL and consolidating adjustments. |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||||
Revenue from contracts with customers | $ 4,500 | $ 3,900 | $ 8,400 | $ 7,400 | |
FPL [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from contracts with customers | 3,100 | $ 2,900 | 5,700 | $ 5,500 | |
Unbilled revenues | 533 | 533 | $ 432 | ||
NextEra Energy Resources [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue, remaining performance obligation | $ 840 | $ 840 | |||
Revenue Benchmark [Member] | FPL [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 90.00% |
NEP (Details)
NEP (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Investment [Line Items] | |||||
Investment in equity method investees | $ 7,202 | $ 7,202 | $ 6,748 | ||
Deconsolidation, revaluation of retained investment, gain (loss), amount, before tax | 3,900 | ||||
Deconsolidation, revaluation of retained investment, gain (loss), amount, after tax | 3,000 | ||||
Guarantor obligations, current carrying value | 763 | 763 | |||
Debt instrument, fair value disclosure | 35 | 35 | |||
NextEra Energy Partners [Member] | |||||
Investment [Line Items] | |||||
Investment in equity method investees | 4,400 | 4,400 | |||
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | |||||
Investment [Line Items] | |||||
Fee income | 24 | $ 24 | 48 | $ 48 | |
Due from related parties, current | 59 | 59 | 45 | ||
Due from related parties, noncurrent | 57 | 57 | 34 | ||
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | NextEra Energy Partners [Member] | |||||
Investment [Line Items] | |||||
Due to related parties | $ 737 | $ 737 | $ 66 |
Employee Retirement Benefits (D
Employee Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | $ 20 | $ 18 | $ 40 | $ 35 |
Interest cost | 28 | 20 | 57 | 41 |
Expected return on plan assets | (78) | (69) | (156) | (138) |
Amortization of prior service benefit | 0 | 0 | 0 | 0 |
Special termination benefits | 16 | 0 | 16 | 0 |
Net periodic benefit (income) cost | (14) | (31) | (43) | (62) |
Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | 0 | 0 | 0 | 1 |
Interest cost | 3 | 2 | 5 | 3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | (4) | (4) | (8) | (8) |
Special termination benefits | 0 | 0 | 0 | 0 |
Net periodic benefit (income) cost | (1) | (2) | (3) | (4) |
FPL [Member] | Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | (18) | (20) | (36) | (40) |
FPL [Member] | Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic benefit (income) cost | $ (1) | $ (2) | $ (2) | $ (3) |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Total loss to be reclassified during next 12 months | $ 9 | |
Margin cash collateral received from counterparties that was not offset against derivative assets | 12 | $ 16 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | 238 | $ 157 |
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Derivative [Line Items] | ||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 6 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 5 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 2,431 | $ 1,919 |
Derivative Asset, Current | 805 | 564 |
Derivative Asset, Noncurrent | 1,626 | 1,355 |
Derivative liability | 1,235 | 1,191 |
Derivative Liability, Current | 343 | 675 |
Derivative Liability, Noncurrent | 892 | 516 |
Current derivative assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 8 | 124 |
Current derivative liabilities [Member] [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 177 | |
Noncurrent derivative liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 43 | |
Non Current Derivative Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 65 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5,189 | 4,724 |
Derivative liability, fair value, gross liability | 4,205 | 3,807 |
Derivative assets | 2,431 | 1,919 |
Derivative liability | 1,235 | 1,191 |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 5,152 | 4,651 |
Derivative liability, fair value, gross liability | 3,594 | 3,305 |
Derivative assets | 2,399 | 1,840 |
Derivative liability | 629 | 683 |
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 14 | 56 |
Derivative liability, fair value, gross liability | 574 | 472 |
Derivative assets | 9 | 49 |
Derivative liability | 569 | 465 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 23 | 17 |
Derivative liability, fair value, gross liability | 37 | 30 |
Derivative assets | 23 | 30 |
Derivative liability | 37 | 43 |
FPL [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 6 | 0 |
Derivative liability | 17 | 41 |
FPL [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 6 | |
FPL [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 13 | 32 |
FPL [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 9 | |
Derivative Liability, Noncurrent | 4 | |
FPL [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value, gross asset | 8 | 2 |
Derivative liability, fair value, gross liability | 19 | 43 |
Derivative assets | 6 | 0 |
Derivative liability | $ 17 | $ 41 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
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 | $ 76 | $ (75) | $ (286) | $ 154 |
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 | 276 | 42 | 272 | 180 |
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 | 11 | (25) | (8) | 20 |
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 | (204) | (83) | (530) | (27) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Gain Loss Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | (1) | (1) | (2) | (2) |
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 | (6) | (8) | (18) | (17) |
FPL [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Gains (losses) on commodity contracts, recorded as regulatory assets and or liabilities on the balance sheet due to regulatory treatment | $ 1 | $ (1) | $ 4 | $ 3 |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)MWhMMBTUbbl | Dec. 31, 2018USD ($)MWhMMBTUbbl | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 11,000 | $ 18,200 |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ | $ 656 | $ 656 |
Short [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MWh) | MWh | 93 | 100 |
Short [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MMBtu) | MMBTU | 1,460 | 491 |
Short [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in barrels) | bbl | (20) | (30) |
FPL [Member] | Short [Member] | Commodity contract - Oil [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in barrels) | bbl | 0 | 0 |
FPL [Member] | Long [Member] | Commodity contract - Power [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MWh) | MWh | 1 | 1 |
FPL [Member] | Long [Member] | Commodity contract - Natural gas [Member] | ||
Derivative [Line Items] | ||
Non-monetary net notional amount (in MMBtu) | MMBTU | 250 | 231 |
Derivative Instruments (Credit-
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 1,800 | $ 1,800 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 160 | 270 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 1,300 | 1,500 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 555 | 610 |
Collateral already posted, aggregate fair value | 2 | 2 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | 76 | 88 |
FPL [Member] | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 17 | 34 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 0 | 0 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 40 | 45 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 120 | 145 |
Collateral already posted, aggregate fair value | 0 | 0 |
Letters of credit posted through the normal course of business that could be applied toward the collateral requirements related to derivative instruments with credit-risk-related contingent features | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Special Use Funds Storm Fund Assets | $ 69 | $ 68 |
Derivatives: | ||
Derivative assets | 2,431 | 1,919 |
Derivatives: | ||
Derivative liability | 1,235 | 1,191 |
Restricted cash | 684 | 4,615 |
Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 861 | 486 |
Special use funds: | ||
Equity securities | 3,569 | 3,046 |
U.S. Government and municipal bonds | 674 | 604 |
Corporate debt securities | 747 | 728 |
Mortgage-backed securities | 444 | 478 |
Other debt securities | 157 | 146 |
Other investments: | ||
Equity Securities | 30 | 24 |
Debt securities | 174 | 126 |
Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (2,753) | (2,811) |
Derivative assets | 2,399 | 1,840 |
Derivatives: | ||
Derivative liability, netting | (2,965) | (2,622) |
Derivative liability | 629 | 683 |
Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (5) | (7) |
Derivative assets | 9 | 49 |
Derivatives: | ||
Derivative liability, netting | (5) | (7) |
Derivative liability | 569 | 465 |
Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative asset, netting | 0 | 13 |
Derivative assets | 23 | 30 |
Derivatives: | ||
Derivative liability, netting | 0 | 13 |
Derivative liability | 37 | 43 |
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 | 861 | 486 |
Special use funds: | ||
Equity securities | 1,679 | 1,445 |
U.S. Government and municipal bonds | 561 | 449 |
Corporate debt securities | 0 | 0 |
Mortgage-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 18 | 13 |
Debt securities | 106 | 36 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 1,296 | 1,379 |
Derivatives: | ||
Derivative Liability, Gross Liability | 1,493 | 1,329 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 1,890 | 1,601 |
U.S. Government and municipal bonds | 113 | 155 |
Corporate debt securities | 747 | 728 |
Mortgage-backed securities | 444 | 478 |
Other debt securities | 157 | 145 |
Other investments: | ||
Equity Securities | 12 | 11 |
Debt securities | 68 | 90 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 2,088 | 1,923 |
Derivatives: | ||
Derivative Liability, Gross Liability | 1,709 | 1,410 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 14 | 56 |
Derivatives: | ||
Derivative Liability, Gross Liability | 429 | 336 |
Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 23 | 17 |
Derivatives: | ||
Derivative Liability, Gross Liability | 37 | 30 |
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 | 1 |
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, Gross Asset | 1,768 | 1,349 |
Derivatives: | ||
Derivative Liability, Gross Liability | 392 | 566 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Interest Rate Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 145 | 136 |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Foreign Currency Swap [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Restricted cash | 92 | 85 |
Other Noncurrent Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Restricted cash | 90 | |
FPL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Special Use Funds Storm Fund Assets | 69 | 68 |
Derivatives: | ||
Derivative assets | 6 | 0 |
Derivatives: | ||
Derivative liability | 17 | 41 |
Restricted cash | 167 | 142 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 209 | 206 |
Special use funds: | ||
Equity securities | 2,235 | 1,850 |
U.S. Government and municipal bonds | 505 | 470 |
Corporate debt securities | 534 | 544 |
Mortgage-backed securities | 334 | 367 |
Other debt securities | 133 | 132 |
FPL [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative asset, netting | (2) | (2) |
Derivative assets | 6 | 0 |
Derivatives: | ||
Derivative liability, netting | (2) | (2) |
Derivative liability | 17 | 41 |
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 | 209 | 206 |
Special use funds: | ||
Equity securities | 520 | 398 |
U.S. Government and municipal bonds | 417 | 350 |
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, Gross Asset | 0 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 0 | 0 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 1,715 | 1,452 |
U.S. Government and municipal bonds | 88 | 120 |
Corporate debt securities | 534 | 544 |
Mortgage-backed securities | 334 | 367 |
Other debt securities | 133 | 131 |
FPL [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 7 | 2 |
Derivatives: | ||
Derivative Liability, Gross Liability | 5 | 7 |
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 | 1 |
FPL [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements made on a recurring basis [Member] | Commodity Contract [Member] | ||
Derivatives: | ||
Derivative Asset, Gross Asset | 1 | 0 |
Derivatives: | ||
Derivative Liability, Gross Liability | 14 | 36 |
FPL [Member] | Other Current Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Restricted cash | 77 | $ 81 |
FPL [Member] | Other Noncurrent Assets [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Fair value measurements made on a recurring basis [Member] | ||
Derivatives: | ||
Restricted cash | $ 90 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs Used in Valuation of Contracts) (Details) - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | $ 392,000,000 |
Derivative Financial Instruments, Assets [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 1,768,000,000 |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 172,000,000 |
Forward Contracts - Power [Member] | Derivative Financial Instruments, Assets [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 936,000,000 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 27,000,000 |
Forward contracts - Gas [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 97,000,000 |
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 2,000,000 |
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 3,000,000 |
Option Contracts, Power [Member] | Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 14,000,000 |
Option Contracts, Power [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 42,000,000 |
Option Contracts, Gas [Member] | Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 138,000,000 |
Option Contracts, Gas [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 132,000,000 |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Liabilities, Fair Value Disclosure | 39,000,000 |
Full Requirements and Unit Contingent Contracts [Member] | Derivative Financial Instruments, Assets [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 558,000,000 |
Forward Price [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (21) |
Forward Price [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 241 |
Forward Price [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 1 |
Forward Price [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 7 |
Forward Price [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 1 |
Forward Price [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 64 |
Forward Price [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (50) |
Forward Price [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | $ 409 |
Implied Correlations [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Implied Correlations [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 100.00% |
Implied Correlations [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Implied Correlations [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 100.00% |
Implied Volatilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 6.00% |
Implied Volatilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 498.00% |
Implied Volatilities [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 1.00% |
Implied Volatilities [Member] | Option Contracts, Gas [Member] | Option Contracts, Primarily Gas [Member] | Option Models [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 198.00% |
Customer Migration Rate [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 0.00% |
Customer Migration Rate [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 20.00% |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | $ 1,231 | $ 650 | $ 1,231 | $ 650 |
FPL [Member] | ||||
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | (13) | 0 | (13) | 0 |
Derivative Financial Instruments, Net [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 | 844 | 625 | 647 | 566 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in earnings | 513 | 37 | 692 | 52 |
Included in other comprehensive income | (2) | 7 | 1 | 4 |
Included in regulatory assets and liabilities | 1 | 2 | (1) | 0 |
Purchases | 43 | 61 | 67 | 103 |
Settlements | (81) | (55) | (119) | (7) |
Issuances | (37) | (28) | (51) | (61) |
Impact of adoption of new revenue standard | 0 | (30) | ||
Transfers in | 0 | 1 | 0 | 1 |
Transfers out | (50) | 0 | (5) | 22 |
Fair value based on significant unobservable inputs, ending balance | 1,231 | 650 | 1,231 | 650 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 487 | 57 | 568 | 38 |
Realized and unrealized gains (losses) reflected in operating revenues | 509 | 44 | 703 | 71 |
Unrealized gains (losses) reflected in operating revenues related to derivatives still held at the reporting date | 482 | 64 | 578 | 57 |
Derivative Financial Instruments, Net [Member] | 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 | (16) | (2) | (36) | 0 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Included in regulatory assets and liabilities | 1 | 2 | (1) | 0 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | 2 | (1) | 22 | (1) |
Issuances | 0 | 0 | 0 | 0 |
Impact of adoption of new revenue standard | 0 | 0 | ||
Transfers in | 0 | 1 | 0 | 1 |
Transfers out | 0 | 0 | 2 | 0 |
Fair value based on significant unobservable inputs, ending balance | (13) | 0 | (13) | 0 |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | 0 | $ 0 | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | NextEra Energy Resources [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 145 | $ 145 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Instruments Recorded at Other Than Fair Value and Special Use Funds) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Special use funds: nuclear decommissioning fund assets | $ 6,478 | $ 6,478 | $ 5,818 | ||
Special Use Funds Storm Fund Assets | 69 | 69 | 68 | ||
Available for sale debt securities amortized cost | 1,963 | $ 1,963 | 1,994 | ||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | ||||
Fair Value Assumptions, Expected Term | 1 year | ||||
Carrying Amount [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Special Use Funds Fair Value Disclosure | 956 | $ 956 | 884 | ||
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 31 | 31 | 54 | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 36,620 | 36,620 | 29,498 | ||
Estimated Fair Value [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Special Use Funds Fair Value Disclosure | 955 | 955 | 883 | ||
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 31 | 31 | 54 | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 39,158 | 39,158 | 30,043 | ||
FPL [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Special use funds: nuclear decommissioning fund assets | 4,438 | 4,438 | 3,987 | ||
Special Use Funds Storm Fund Assets | 69 | 69 | 68 | ||
Available for sale debt securities amortized cost | 1,462 | $ 1,462 | 1,542 | ||
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | ||||
Fair Value Assumptions, Expected Term | 1 year | ||||
FPL [Member] | Carrying Amount [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Special Use Funds Fair Value Disclosure | 766 | $ 766 | 693 | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 13,420 | 13,420 | 11,783 | ||
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 | 765 | 765 | 692 | ||
Long Term Debt Including Current Maturities Fair Value Disclosure | 15,246 | 15,246 | $ 12,613 | ||
Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
marketable securities, unrealized gain (loss) recognized during the period on securities still held | 116 | $ 78 | 481 | $ 37 | |
Equity Securities [Member] | FPL [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
marketable securities, unrealized gain (loss) recognized during the period on securities still held | $ 77 | $ 60 | $ 311 | $ 37 |
Fair Value Measurements (Gains
Fair Value Measurements (Gains and Losses on Available-for-sale Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | $ 17 | $ 20 | $ 25 | $ 28 | |
Realized Losses | 11 | 26 | 20 | 40 | |
Proceeds from sale or maturity of securities | 788 | 719 | 1,475 | 1,313 | |
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 69 | 69 | $ 14 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11 | 11 | 52 | ||
Fair value of available for sale securities in an unrealized loss position | 284 | 284 | 1,273 | ||
FPL [Member] | Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | 9 | 15 | 15 | 20 | |
Realized Losses | 5 | 20 | 9 | 29 | |
Proceeds from sale or maturity of securities | 685 | $ 653 | 1,227 | $ 1,042 | |
FPL [Member] | Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 53 | 53 | 11 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 8 | 8 | 41 | ||
Fair value of available for sale securities in an unrealized loss position | $ 205 | $ 205 | $ 961 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increases (reductions) resulting from: | ||||
State income taxes - net of federal income tax benefit | 2.00% | 6.50% | 3.00% | 4.70% |
Taxes attributable to noncontrolling interests | 1.60% | 2.20% | 1.80% | 2.40% |
PTCs and ITCs - NEER | (5.20%) | (5.90%) | (6.30%) | (1.90%) |
Amortization of deferred regulatory credit | (9.20%) | (3.20%) | (7.70%) | (1.00%) |
Other - net | (0.40%) | 4.20% | (1.60%) | (0.60%) |
Effective income tax rate | 9.80% | 24.80% | 10.20% | 24.60% |
Tax Cuts and Jobs Act of 2017, income tax expense (benefit) | $ 125 | |||
FPL [Member] | ||||
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Increases (reductions) resulting from: | ||||
State income taxes - net of federal income tax benefit | 1.60% | 4.30% | 3.00% | 4.30% |
Taxes attributable to noncontrolling interests | 0.00% | 0.00% | 0.00% | 0.00% |
PTCs and ITCs - NEER | 0.00% | 0.00% | 0.00% | 0.00% |
Amortization of deferred regulatory credit | (15.60%) | (3.70%) | (9.60%) | (4.20%) |
Other - net | 0.10% | 0.30% | (0.20%) | (0.50%) |
Effective income tax rate | 7.10% | 21.90% | 14.20% | 20.60% |
Income tax benefits related to the amortization of deferred regulatory credits | $ 83 | $ 83 | ||
Amortization period | 10 years |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Examination [Line Items] | |
Production tax credit (PTC), roll off period | 10 years |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Jul. 16, 2019USD ($)mi | Jan. 01, 2019USD ($)countycustomermiMW | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 891 | $ 3,496 | ||
NextEra Energy Capital Holdings, Inc. (Consolidated) [Member] | Term Loan Agreements [Member] | ||||
Business Acquisition [Line Items] | ||||
Borrowings | $ 4,500 | |||
Gulf Power [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash purchase price | $ 4,470 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt | 1,300 | |||
Assets assumed | 5,300 | |||
Property, plant and equipment | 4,000 | |||
Regulatory assets | 490 | |||
Assumed liabilities | 3,400 | |||
Regulatory liabilities | 640 | |||
Deferred income taxes | 563 | |||
Goodwill | 2,600 | |||
Operating right-of-use assets | 234 | |||
Lease liabilities | $ 234 | |||
Expected lease payments over the remaining terms of the operating leases | $ 245 | |||
Gulf Power [Member] | Gulf Power [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of customers acquired (more than) | customer | 460,000 | |||
Number of counties in which entity operates | county | 8 | |||
Number of miles of power lines | mi | 9,400 | |||
Electric generating facility capacity (in megawatts) | MW | 2,300 | |||
Subsequent Event [Member] | Trans Bay Cable, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of miles of power lines | mi | 53 | |||
Subsequent Event [Member] | Trans Bay Cable, LLC [Member] | NextEra Energy Transmission, LLC Subsidiary [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash purchase price | $ 671 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt | $ 420 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Feb. 28, 2018USD ($) | Jun. 30, 2019USD ($)variable_interest_entityentitymiMW | Dec. 31, 2007USD ($) | Dec. 31, 2018USD ($)entity | |
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 29 | |||
Net cash proceeds | $ 71 | |||
Gain on sale | 50 | |||
Gain on sale, after tax | $ 37 | |||
Investment in equity method investees | $ 7,202 | $ 6,748 | ||
Variable Interest Entities Gas And Oil Primary Beneficiary 2 [Member] [Domain] | ||||
Variable Interest Entity [Line Items] | ||||
Number of entities with ownership interest contributed | entity | 2 | |||
Other variable interest entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investments in special purpose entities | 2,965 | $ 2,668 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Carrying amount of assets, consolidated variable interest entity | 103 | |||
Carrying amount of liabilities, consolidated variable interest entity | $ 18 | |||
Electricity transmission line (mi) | mi | 275 | |||
Percentage of profits and losses | 50.00% | |||
FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Senior Secured Debt Aggregate Principal Amount Issued | $ 652 | |||
Carrying amount of assets, consolidated variable interest entity | $ 34 | 77 | ||
Carrying amount of liabilities, consolidated variable interest entity | 36 | 76 | ||
FPL [Member] | Other variable interest entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investments in special purpose entities | $ 2,466 | $ 2,203 | ||
NextEra Energy Resources [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 27 | |||
NextEra Energy Resources [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | 2 | 3 | ||
Carrying amount of assets, consolidated variable interest entity | $ 211 | $ 257 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 21 | $ 21 | ||
Natural gas and or oil electric generating facility capacity (in megawatts) | MW | 1,450 | |||
NextEra Energy Resources [Member] | Variable Interest Entities Gas And Oil Primary Beneficiary 2 [Member] [Domain] | ||||
Variable Interest Entity [Line Items] | ||||
Number of entities with ownership interest contributed | entity | 2 | 2 | ||
NextEra Energy Resources [Member] | Variable Interest Entities Wind and Solar Primary Beneficiary [Member] [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 22 | |||
Carrying amount of assets, consolidated variable interest entity | $ 9,100 | $ 10,200 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 700 | $ 1,400 | ||
Number of entities with ownership interest contributed | entity | 25 | |||
Solar generating facility capability (in MW) | MW | 473 | |||
Wind electric generating facility capability (in megawatts) | MW | 6,319 | |||
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Total number of consolidated variable interest entities | variable_interest_entity | 3 | |||
Carrying amount of assets, consolidated variable interest entity | $ 806 | $ 529 | ||
Carrying amount of liabilities, consolidated variable interest entity | $ 613 | 557 | ||
Ownership percentage | 50.00% | |||
Number of entities with ownership interest contributed | variable_interest_entity | 5 | |||
Solar generating facility capability (in MW) | MW | 409 | |||
Other Investments [Member] | Subsidiaries of NEE [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Investment in equity method investees | $ 4,385 | $ 4,680 | ||
Number of entities committed to invest in | entity | 4 | |||
Senior Secured Debt [Member] | FPL [Member] | Bankruptcy remote special purpose subsidiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Proceeds from issuance of storm-recovery bonds | $ 644 |
Equity (Earnings Per Share) (De
Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 24, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | |||||||
Net income (loss) attributable to NEE | $ 1,234 | $ 781 | [1] | $ 1,914 | $ 5,212 | [1] | |
Adjustment for the impact of dilutive securities at NEP | 0 | (15) | 0 | (24) | |||
Net income attributable to NEE - assuming dilution | $ 1,234 | $ 766 | $ 1,914 | $ 5,188 | |||
Denominator: | |||||||
Weighted-average number of common shares outstanding - basic | 478.9 | 471.1 | [1] | 478.6 | 470.9 | [1] | |
Equity units, stock options, performance share awards and restricted stock | 3.9 | 4.1 | 3.7 | 3.8 | |||
Weighted-average number of common shares outstanding - assuming dilution | 482.8 | 475.2 | [1] | 482.3 | 474.7 | [1] | |
Earnings per share attributable to NEE:(a) | |||||||
Basic (in dollars per share) | $ 2.58 | $ 1.66 | [1] | $ 4 | $ 11.07 | [1] | |
Assuming dilution (in dollars per share) | $ 2.56 | $ 1.61 | [1] | $ 3.97 | $ 10.93 | [1] | |
Antidilutive securities (in shares) | 0.5 | 0.3 | 0.4 | 0.3 | |||
Subsequent Event [Member] | NextEra Energy Partners [Member] | |||||||
Conversion of Stock [Line Items] | |||||||
Percentage of shares converted | 33.33% | ||||||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2018 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | $ (213) | $ (188) | $ (178) | $ 111 | $ (188) | $ 111 | |||
Other comprehensive income (loss) before reclassifications | 15 | (35) | (1) | (24) | |||||
Amounts reclassified from AOCI | 7 | 11 | 6 | 5 | |||||
Total other comprehensive income (loss), net of tax | 22 | (24) | 5 | [1] | (19) | (2) | (14) | [1] | |
Acquisition of Gulf Power | (1) | ||||||||
Impact of NEP deconsolidation | 0 | 0 | [1] | 58 | 0 | 58 | [1] | ||
Adoption of accounting standards updates | $ (328) | ||||||||
Ending balance | (191) | (213) | (173) | (178) | (191) | (173) | |||
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (46) | (55) | (74) | (77) | (55) | (77) | |||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | |||||
Amounts reclassified from AOCI | 8 | 10 | 7 | 7 | |||||
Total other comprehensive income (loss), net of tax | 8 | 10 | 7 | 7 | |||||
Acquisition of Gulf Power | (1) | ||||||||
Impact of NEP deconsolidation | 3 | ||||||||
Adoption of accounting standards updates | (7) | ||||||||
Ending balance | (38) | (46) | (67) | (74) | (38) | (67) | |||
Net Unrealized Gains (Losses) on Available for Sale Securities | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | 3 | (7) | (2) | 316 | (7) | 316 | |||
Other comprehensive income (loss) before reclassifications | 7 | 8 | (3) | (5) | |||||
Amounts reclassified from AOCI | (1) | 2 | 0 | (1) | |||||
Total other comprehensive income (loss), net of tax | 6 | 10 | (3) | (6) | |||||
Acquisition of Gulf Power | 0 | ||||||||
Impact of NEP deconsolidation | 0 | ||||||||
Adoption of accounting standards updates | (312) | ||||||||
Ending balance | 9 | 3 | (5) | (2) | 9 | (5) | |||
Defined Benefit Pension and Other Benefits Plans | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (118) | (65) | (50) | (39) | (65) | (39) | |||
Other comprehensive income (loss) before reclassifications | (1) | (52) | 0 | (1) | |||||
Amounts reclassified from AOCI | 0 | (1) | (1) | (1) | |||||
Total other comprehensive income (loss), net of tax | (1) | (53) | (1) | (2) | |||||
Acquisition of Gulf Power | 0 | ||||||||
Impact of NEP deconsolidation | 0 | ||||||||
Adoption of accounting standards updates | (9) | ||||||||
Ending balance | (119) | (118) | (51) | (50) | (119) | (51) | |||
Net Unrealized Gains (Losses) on Foreign Currency Translation | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (53) | (63) | (52) | (69) | (63) | (69) | |||
Other comprehensive income (loss) before reclassifications | 8 | 10 | 0 | (20) | |||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Total other comprehensive income (loss), net of tax | 8 | 10 | 0 | (20) | |||||
Acquisition of Gulf Power | 0 | ||||||||
Impact of NEP deconsolidation | 37 | ||||||||
Adoption of accounting standards updates | 0 | ||||||||
Ending balance | (45) | (53) | (52) | (52) | (45) | (52) | |||
Other Comprehensive Income (Loss) Related to Equity Method Investees | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | 1 | 2 | 0 | (20) | 2 | (20) | |||
Other comprehensive income (loss) before reclassifications | 1 | (1) | 2 | 2 | |||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Total other comprehensive income (loss), net of tax | 1 | (1) | 2 | 2 | |||||
Acquisition of Gulf Power | 0 | ||||||||
Impact of NEP deconsolidation | 18 | ||||||||
Adoption of accounting standards updates | $ 0 | ||||||||
Ending balance | $ 2 | $ 1 | $ 2 | $ 0 | $ 2 | $ 2 | |||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Debt - Long-term Debt Issuances
Debt - Long-term Debt Issuances and Borrowings (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
FPL [Member] | First mortgage bonds [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 600,000,000 |
Interest Rate (as a percent) | 3.99% |
FPL [Member] | Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,000,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures variable [Domain] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 550,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. [Member] | Debentures [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 3,500,000,000 |
NextEra Energy Capital Holdings, Inc. [Member] | Junior Subordinated Debentures 5.65% Due 2079 [Member] | Junior Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 1,188,000,000 |
Interest Rate (as a percent) | 5.65% |
NextEra Energy Capital Holdings, Inc. [Member] | Other long-term debt - variable [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 500,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. [Member] | Junior Subordinated Debentures Variable Rate Due 2079 [Member] | Junior Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Principal Amount | $ 500,000,000 |
NextEra Energy Capital Holdings, Inc. [Member] | Minimum [Member] | Debentures [Member] | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 2.90% |
NextEra Energy Capital Holdings, Inc. [Member] | Maximum [Member] | Debentures [Member] | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 3.50% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jul. 24, 2019USD ($)revolving_credit_facility | Apr. 30, 2019USD ($) | Jun. 30, 2019USD ($)financing | Jun. 30, 2018USD ($) | [1] | |
Debt Instrument [Line Items] | |||||
Issuances of long-term debt | $ 7,554 | $ 2,875 | |||
Number of financings with waivers | financing | 2 | ||||
Total principal outstanding | $ 164 | ||||
Debt classified as current | $ 184 | ||||
Number of financings remaining in default | financing | 1 | ||||
NextEra Energy Capital Holdings, Inc. [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of short-term term loan agreements | $ 4,500 | ||||
Subsequent Event [Member] | NextEra Energy Capital Holdings, Inc. [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings from revolving credit facilities | $ 700 | ||||
Number of revolving credit facilities | revolving_credit_facility | 4 | ||||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($)solar_generation_facilitywind_generation_facilityMW | Jun. 30, 2019USD ($)MW | Jun. 30, 2018USD ($) | [1] | Jun. 30, 2019USD ($)MW | Jun. 30, 2018USD ($) | [1] | Dec. 31, 2018USD ($) | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Restricted Cash and Cash Equivalents | $ 684 | $ 684 | $ 684 | $ 4,615 | ||||
Restricted cash related to margin cash collateral that is netted against derivative instruments | (220) | (220) | (220) | 184 | ||||
Gain in connection with sale | 354 | $ 28 | 380 | $ 42 | ||||
FPL [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Restricted Cash and Cash Equivalents | 167 | 167 | 167 | 142 | ||||
Other Current Assets [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Restricted cash and cash equivalents, current | 595 | 595 | 595 | 89 | ||||
Other Current Assets [Member] | FPL [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Restricted cash and cash equivalents, current | $ 77 | 77 | 77 | $ 81 | ||||
Three Wind Generation Facilities And Three Solar Generation Facilities [Member] | Disposed of by Sale [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Gain in connection with sale | 351 | 351 | ||||||
Gain in connection with sale, after tax | $ 266 | $ 266 | ||||||
Three Wind Generation Facilities And Three Solar Generation Facilities [Member] | Disposed of by Sale [Member] | NextEra Energy Resources [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Generating capacity (MW) | MW | 611 | 611 | 611 | |||||
Purchase price | $ 1,020 | $ 1,020 | $ 1,020 | |||||
Working capital | $ 12 | $ 12 | $ 12 | |||||
Wind plants [Member] | Disposed of by Sale [Member] | NextEra Energy Resources [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of generation facilities purchased | wind_generation_facility | 3 | |||||||
Solar plants [Member] | Disposed of by Sale [Member] | NextEra Energy Resources [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of generation facilities purchased | solar_generation_facility | 3 | |||||||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Commitments and Contingencies_2
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)MW | |
FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | $ 3,625 |
2020 | 5,995 |
2021 | 5,945 |
2022 | 5,755 |
2023 | 5,925 |
Total | 27,245 |
Gulf Power [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 535 |
2020 | 1,050 |
2021 | 700 |
2022 | 670 |
2023 | 720 |
Total | 3,675 |
NextEra Energy Resources [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 3,270 |
2020 | 3,770 |
2021 | 430 |
2022 | 265 |
2023 | 190 |
Total | 7,925 |
New Generation Expenditures [Member] | FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 860 |
2020 | 1,380 |
2021 | 525 |
2022 | 945 |
2023 | 790 |
Total | 4,500 |
Existing Generation Expenditures [Member] | FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 635 |
2020 | 720 |
2021 | 1,050 |
2022 | 775 |
2023 | 810 |
Total | 3,990 |
Transmission And Distribution Expenditures [Member] | FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 1,620 |
2020 | 3,160 |
2021 | 3,675 |
2022 | 3,525 |
2023 | 3,840 |
Total | 15,820 |
Allowance for funds used during construction (AFUDC) - remainder of 2019 | 10 |
Allowance for funds used during construction (AFUDC) - 2020 | 40 |
Allowance for funds used during construction (AFUDC) - 2021 | 45 |
Allowance for funds used during construction (AFUDC) - 2022 | 35 |
Allowance for funds used during construction (AFUDC) - 2023 | 30 |
Nuclear Fuel Expenditures [Member] | FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 110 |
2020 | 205 |
2021 | 220 |
2022 | 165 |
2023 | 120 |
Total | 820 |
General And Other Expenditures [Member] | FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 400 |
2020 | 530 |
2021 | 475 |
2022 | 345 |
2023 | 365 |
Total | 2,115 |
Wind Expenditures [Member] | NextEra Energy Resources [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 1,820 |
2020 | 2,935 |
2021 | 25 |
2022 | 20 |
2023 | 20 |
Total | $ 4,820 |
Planned new generation over 5 year period (in megawatts) | MW | 5,785 |
Solar Expenditures [Member] | NextEra Energy Resources [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | $ 540 |
2020 | 285 |
2021 | 175 |
2022 | 5 |
2023 | 0 |
Total | $ 1,005 |
Planned new generation over 5 year period (in megawatts) | MW | 1,105 |
Nuclear Expenditures [Member] | NextEra Energy Resources [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | $ 130 |
2020 | 165 |
2021 | 170 |
2022 | 175 |
2023 | 130 |
Total | 770 |
Pipelines [Member] | NextEra Energy Resources [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 460 |
2020 | 335 |
2021 | 15 |
2022 | 20 |
2023 | 0 |
Total | 830 |
Other Expenditures [Member] | NextEra Energy Resources [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 320 |
2020 | 50 |
2021 | 45 |
2022 | 45 |
2023 | 40 |
Total | 500 |
Generation Expenditures [Member] | FPL [Member] | |
Planned Capital Expenditures [Line Items] | |
Allowance for funds used during construction (AFUDC) - remainder of 2019 | 30 |
Allowance for funds used during construction (AFUDC) - 2020 | 80 |
Allowance for funds used during construction (AFUDC) - 2021 | 70 |
Allowance for funds used during construction (AFUDC) - 2022 | 50 |
Allowance for funds used during construction (AFUDC) - 2023 | 35 |
Corporate and Other [Member] | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2019 | 75 |
2020 | 140 |
2021 | 60 |
2022 | 0 |
2023 | 0 |
Total | $ 275 |
Commitments and Contingencies_3
Commitments and Contingencies (Long-term Purchase Commitment) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
FPL [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2019 | $ 500 | $ 500 | ||
2020 | 1,000 | 1,000 | ||
2021 | 995 | 995 | ||
2022 | 975 | 975 | ||
2023 | 975 | 975 | ||
Thereafter | 11,505 | 11,505 | ||
Related Party Transaction, Amounts of Transaction | 77 | $ 75 | 156 | $ 148 |
FPL [Member] | Sabal Trail and Florida Southeast Connection [Member] | Natural Gas, Including Transportation And Storage, Contract Minimum Payments [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2019 | 160 | 160 | ||
2020 | 385 | 385 | ||
2021 | 415 | 415 | ||
2022 | 415 | 415 | ||
2023 | 410 | 410 | ||
Thereafter | 7,175 | 7,175 | ||
NextEra Energy Resources [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2019 | 2,185 | 2,185 | ||
2020 | 1,545 | 1,545 | ||
2021 | 210 | 210 | ||
2022 | 195 | 195 | ||
2023 | 125 | 125 | ||
Thereafter | 1,505 | 1,505 | ||
Commitment to invest | 135 | 135 | ||
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] | Mountain Valley Pipeline [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
2021 | 70 | 70 | ||
2022 | 70 | 70 | ||
2023 | 70 | 70 | ||
Thereafter | $ 1,180 | $ 1,180 | ||
Equity method investment, ownership percentage | 31.00% | 31.00% | ||
Corporate and Other [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2019 | $ 105 | $ 105 | ||
2020 | 75 | 75 | ||
2021 | 75 | 75 | ||
2022 | 0 | 0 | ||
2023 | 0 | 0 | ||
Thereafter | 0 | 0 | ||
Joint Obligations Remainder Current Year | 85 | 85 | ||
Joint Obligations Second Year | 30 | 30 | ||
Joint Obligations Third Year | 30 | 30 | ||
Joint Obligations Fourth Year | 25 | 25 | ||
Joint Obligations Fifth Year | 15 | 15 | ||
Consolidation, Eliminations [Member] | FPL [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Related Party Transaction, Amounts of Transaction | $ 26 | $ 23 | $ 53 | $ 45 |
Commitments and Contingencies_4
Commitments and Contingencies (Insurance) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | $ 450 |
Amount of secondary financial protection liability insurance coverage per incident | 13,500 |
Potential retrospective assessments under secondary financial protection system | 1,100 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 164 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 2,750 |
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | $ 1,500 |
Coinsurance, percent | 10.00% |
Coinsurance, limit of coverage per loss per site occurrence | $ 400 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 174 |
FPL [Member] | |
Insurance [Abstract] | |
Potential retrospective assessments under secondary financial protection system | 550 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 82 |
Potential amount of retrospective assessment per occurrence per site for property damage, decontamination and premature decommissioning risks | 106 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Amount of sublimit for nonnuclear perils per occurrence per site under nuclear insurance mutual companies for property damage decontamination and premature decommissioning risks | 500 |
Seabrook Station Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 16 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 3 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 41 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 4 |
St Lucie Unit No 2 Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for nuclear liability secondary financial protection | 20 |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | $ 4 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |||
Segment Reporting Information [Line Items] | |||||||
Number of reportable segments | segment | 2 | ||||||
Operating revenues | $ 4,970 | $ 4,063 | [1] | $ 9,044 | $ 7,920 | [1] | |
Operating expenses - net | 3,223 | 2,917 | [1] | 6,162 | 5,715 | [1] | |
Net income (loss) attributable to NEE | $ 1,234 | 781 | [1] | $ 1,914 | 5,212 | [1] | |
Deemed capital structure of NextEra Energy Resources | 70.00% | 70.00% | |||||
Total assets | $ 110,552 | $ 110,552 | $ 103,702 | ||||
Operating Segments [Member] | FPL [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 3,158 | 2,908 | 5,776 | 5,528 | |||
Operating expenses - net | 2,304 | 1,987 | 4,064 | 3,900 | |||
Net income (loss) attributable to NEE | 663 | 626 | 1,251 | 1,110 | |||
Total assets | 55,263 | 55,263 | 53,484 | ||||
Operating Segments [Member] | Gulf Power [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 366 | 694 | |||||
Operating expenses - net | 298 | 569 | |||||
Net income (loss) attributable to NEE | 45 | 81 | |||||
Total assets | 5,405 | 5,405 | |||||
Operating Segments [Member] | NextEra Energy Resources [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 1,437 | 1,156 | 2,572 | 2,396 | |||
Operating expenses - net | 584 | 886 | 1,448 | 1,728 | |||
Net income (loss) attributable to NEE | 661 | 260 | 963 | 4,189 | |||
Total assets | 45,230 | 45,230 | 43,530 | ||||
Corporate and Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating revenues | 9 | (1) | 2 | (4) | |||
Operating expenses - net | 37 | 44 | 81 | 87 | |||
Net income (loss) attributable to NEE | (135) | $ (105) | (381) | $ (87) | |||
Total assets | $ 4,654 | $ 4,654 | $ 6,688 | ||||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Summarized Financial Informat_3
Summarized Financial Information of NEECH (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Condensed Income Statements, Captions [Line Items] | ||||||
NEECH a 100% owned subsidiary of NEE | 100.00% | 100.00% | ||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | $ 4,970 | $ 4,063 | [1] | $ 9,044 | $ 7,920 | [1] |
Operating expenses - net | (3,223) | (2,917) | [1] | (6,162) | (5,715) | [1] |
Interest expense | (601) | (394) | [1] | (1,315) | (620) | [1] |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Equity in earnings (losses) of equity method investees | (6) | 52 | [1] | 10 | 249 | [1],[2] |
Gain on NEP deconsolidation | 0 | 0 | [1] | 0 | 3,927 | [1],[2] |
Other income - net | 123 | 109 | 366 | 236 | ||
INCOME BEFORE INCOME TAXES | 1,263 | 913 | [1] | 1,943 | 5,997 | [1] |
Income tax expense (benefit) | 124 | 226 | [1] | 198 | 1,476 | [1] |
Net Income (Loss) | 1,139 | 687 | [1],[3] | 1,745 | 4,521 | [2],[3] |
Net income (loss) attributable to noncontrolling interest | 95 | 94 | [1] | 169 | 691 | [1] |
Net Income (Loss) Attributable to Parent | 1,234 | 781 | [1] | 1,914 | 5,212 | [1] |
Comprehensive income (loss) attributable to NEE | 1,256 | 786 | [3] | 1,912 | 5,256 | [3] |
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member] | ||||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | 0 | 0 | 0 | 0 | ||
Operating expenses - net | (41) | (58) | (97) | (113) | ||
Interest expense | (1) | (10) | (2) | (11) | ||
Equity in earnings of subsidiaries | 1,235 | 794 | 1,929 | 5,158 | ||
Equity in earnings (losses) of equity method investees | 0 | 0 | 0 | 0 | ||
Gain on NEP deconsolidation | 0 | 0 | ||||
Other income - net | 36 | 52 | 87 | 102 | ||
INCOME BEFORE INCOME TAXES | 1,229 | 778 | 1,917 | 5,136 | ||
Income tax expense (benefit) | (5) | (3) | 3 | (76) | ||
Net Income (Loss) | 1,234 | 781 | 1,914 | 5,212 | ||
Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | 1,234 | 781 | 1,914 | 5,212 | ||
Comprehensive income (loss) attributable to NEE | 1,256 | 786 | 1,912 | 5,256 | ||
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | 1,474 | 1,189 | 2,640 | 2,460 | ||
Operating expenses - net | (606) | (905) | (1,480) | (1,764) | ||
Interest expense | (434) | (244) | (996) | (336) | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Equity in earnings (losses) of equity method investees | (6) | 52 | 10 | 249 | ||
Gain on NEP deconsolidation | 0 | 3,927 | ||||
Other income - net | 75 | 38 | 242 | 90 | ||
INCOME BEFORE INCOME TAXES | 503 | 130 | 416 | 4,626 | ||
Income tax expense (benefit) | 68 | 54 | (26) | 1,264 | ||
Net Income (Loss) | 435 | 76 | 442 | 3,362 | ||
Net income (loss) attributable to noncontrolling interest | 95 | 94 | 169 | 691 | ||
Net Income (Loss) Attributable to Parent | 530 | 170 | 611 | 4,053 | ||
Comprehensive income (loss) attributable to NEE | 553 | 176 | 663 | 4,100 | ||
Consolidation, Eliminations [Member] | ||||||
Condensed Consolidating Statements of Income | ||||||
Operating revenues | 3,496 | 2,874 | 6,404 | 5,460 | ||
Operating expenses - net | (2,576) | (1,954) | (4,585) | (3,838) | ||
Interest expense | (166) | (140) | (317) | (273) | ||
Equity in earnings of subsidiaries | (1,235) | (794) | (1,929) | (5,158) | ||
Equity in earnings (losses) of equity method investees | 0 | 0 | 0 | 0 | ||
Gain on NEP deconsolidation | 0 | 0 | ||||
Other income - net | 12 | 19 | 37 | 44 | ||
INCOME BEFORE INCOME TAXES | (469) | 5 | (390) | (3,765) | ||
Income tax expense (benefit) | 61 | 175 | 221 | 288 | ||
Net Income (Loss) | (530) | (170) | (611) | (4,053) | ||
Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | (530) | (170) | (611) | (4,053) | ||
Comprehensive income (loss) attributable to NEE | $ (553) | $ (176) | $ (663) | $ (4,100) | ||
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||||
[2] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. | |||||
[3] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Summarized Financial Informat_4
Summarized Financial Information of NEECH (Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | $ 100,051 | $ 92,083 |
Accumulated depreciation and amortization | (23,915) | (21,749) |
Total property, plant and equipment - net | 76,136 | 70,334 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 1,019 | 638 |
Receivables | 3,121 | 2,969 |
Other | 3,331 | 2,786 |
Total current assets | 7,471 | 6,393 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | 0 | 0 |
Investment in equity method investees | 7,202 | 6,748 |
Goodwill | 3,496 | 891 |
Other | 16,247 | 19,336 |
Total other assets | 26,945 | 26,975 |
TOTAL ASSETS | 110,552 | 103,702 |
CAPITALIZATION | ||
Common shareholders' equity | 34,910 | 34,144 |
Noncontrolling interests | 3,516 | 3,269 |
Redeemable noncontrolling interests | 68 | 468 |
Long-term debt | 33,947 | 26,782 |
Total capitalization | 72,441 | 64,663 |
CURRENT LIABILITIES | ||
Debt due within one year | 7,770 | 10,930 |
Accounts payable | 2,598 | 2,386 |
Other | 4,044 | 4,247 |
Total current liabilities | 14,412 | 17,563 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 3,383 | 3,135 |
Deferred income taxes | 8,086 | 7,367 |
Other | 12,230 | 10,974 |
Total other liabilities and deferred credits | 23,699 | 21,476 |
COMMITMENTS AND CONTINGENCIES | ||
TOTAL CAPITALIZATION AND LIABILITIES | 110,552 | 103,702 |
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | 354 | 220 |
Accumulated depreciation and amortization | (85) | (58) |
Total property, plant and equipment - net | 269 | 162 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 1 | (1) |
Receivables | 161 | 292 |
Other | 7 | 5 |
Total current assets | 169 | 296 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | 34,585 | 33,397 |
Investment in equity method investees | 0 | 0 |
Goodwill | 1 | 1 |
Other | 511 | 937 |
Total other assets | 35,097 | 34,335 |
TOTAL ASSETS | 35,535 | 34,793 |
CAPITALIZATION | ||
Common shareholders' equity | 34,910 | 34,144 |
Noncontrolling interests | 0 | 0 |
Redeemable noncontrolling interests | 0 | 0 |
Long-term debt | 0 | 0 |
Total capitalization | 34,910 | 34,144 |
CURRENT LIABILITIES | ||
Debt due within one year | 0 | 0 |
Accounts payable | 2 | 32 |
Other | 409 | 168 |
Total current liabilities | 411 | 200 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 0 | 0 |
Deferred income taxes | (406) | (157) |
Other | 620 | 606 |
Total other liabilities and deferred credits | 214 | 449 |
TOTAL CAPITALIZATION AND LIABILITIES | 35,535 | 34,793 |
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | 37,709 | 37,145 |
Accumulated depreciation and amortization | (8,874) | (8,473) |
Total property, plant and equipment - net | 28,835 | 28,672 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 913 | 525 |
Receivables | 1,641 | 1,771 |
Other | 1,783 | 1,425 |
Total current assets | 4,337 | 3,721 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | 0 | 0 |
Investment in equity method investees | 7,202 | 6,748 |
Goodwill | 593 | 587 |
Other | 6,543 | 5,890 |
Total other assets | 14,338 | 13,225 |
TOTAL ASSETS | 47,510 | 45,618 |
CAPITALIZATION | ||
Common shareholders' equity | 8,785 | 7,917 |
Noncontrolling interests | 3,516 | 3,269 |
Redeemable noncontrolling interests | 68 | 468 |
Long-term debt | 19,478 | 15,094 |
Total capitalization | 31,847 | 26,748 |
CURRENT LIABILITIES | ||
Debt due within one year | 6,657 | 9,579 |
Accounts payable | 1,893 | 1,730 |
Other | 1,613 | 2,364 |
Total current liabilities | 10,163 | 13,673 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 1,018 | 988 |
Deferred income taxes | 2,748 | 2,778 |
Other | 1,734 | 1,431 |
Total other liabilities and deferred credits | 5,500 | 5,197 |
TOTAL CAPITALIZATION AND LIABILITIES | 47,510 | 45,618 |
Consolidation, Eliminations [Member] | ||
PROPERTY, PLANT AND EQUIPMENT | ||
Electric plant in service and other property | 61,988 | 54,718 |
Accumulated depreciation and amortization | (14,956) | (13,218) |
Total property, plant and equipment - net | 47,032 | 41,500 |
CURRENT ASSETS | ||
Cash and Cash Equivalents, at Carrying Value | 105 | 114 |
Receivables | 1,319 | 906 |
Other | 1,541 | 1,356 |
Total current assets | 2,965 | 2,376 |
OTHER ASSETS | ||
Investments in Wholly-Owned Subsidiaries | (34,585) | (33,397) |
Investment in equity method investees | 0 | 0 |
Goodwill | 2,902 | 303 |
Other | 9,193 | 12,509 |
Total other assets | (22,490) | (20,585) |
TOTAL ASSETS | 27,507 | 23,291 |
CAPITALIZATION | ||
Common shareholders' equity | (8,785) | (7,917) |
Noncontrolling interests | 0 | 0 |
Redeemable noncontrolling interests | 0 | 0 |
Long-term debt | 14,469 | 11,688 |
Total capitalization | 5,684 | 3,771 |
CURRENT LIABILITIES | ||
Debt due within one year | 1,113 | 1,351 |
Accounts payable | 703 | 624 |
Other | 2,022 | 1,715 |
Total current liabilities | 3,838 | 3,690 |
OTHER LIABILITIES AND DEFERRED CREDITS | ||
Asset retirement obligations | 2,365 | 2,147 |
Deferred income taxes | 5,744 | 4,746 |
Other | 9,876 | 8,937 |
Total other liabilities and deferred credits | 17,985 | 15,830 |
TOTAL CAPITALIZATION AND LIABILITIES | $ 27,507 | $ 23,291 |
Summarized Financial Informat_5
Summarized Financial Information of NEECH (Cash Flow Statement) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 3,281 | $ 2,936 | [1] |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (9,900) | (5,923) | |
Capital contribution to Subsidiary | 0 | 0 | |
Sale of independent power and other investments of NEER | 995 | 311 | [1] |
Proceeds from sale or maturity of securities in special use funds | 2,059 | 1,788 | [1] |
Purchases of securities in special use funds | (2,105) | (1,992) | [1] |
Distributions from equity method investees of independent power investments | 0 | 633 | [1] |
Other - net | 60 | (172) | [1] |
Net cash used in investing activities | (8,891) | (5,355) | [1] |
Proceeds from Issuance of Long-term Debt | 7,554 | 2,875 | [1] |
Retirements of long-term debt | (1,876) | (1,214) | [1] |
Net change in commercial paper | 1,632 | 705 | [1] |
Proceeds from other short-term debt | 0 | 200 | [1] |
Repayments of other short-term debt | (4,600) | (250) | [1] |
Payments from related parties under a cash sweep and credit support agreement – net | 671 | 50 | [1] |
Proceeds from Issuance of Common Stock | 26 | 11 | [1] |
Payments of Dividends | (1,197) | (1,047) | [1] |
Cash Dividends Received from (Paid to) Parent Company | 0 | 0 | |
Other - net | (158) | (143) | [1] |
Net cash provided by (used in) financing activities | 2,052 | 1,187 | [1] |
Effects of currency translation on cash, cash equivalents and restricted cash | 8 | (15) | [1] |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,550) | (1,247) | [1] |
Cash, cash equivalents and restricted cash at beginning of period | 5,253 | 1,983 | [1] |
Cash, cash equivalents and restricted cash at end of period | 1,703 | 736 | [1] |
Reportable Legal Entities [Member] | NextEra Energy (Guarantor) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 1,737 | 2,005 | |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (153) | (71) | |
Capital contribution to Subsidiary | (386) | (854) | |
Sale of independent power and other investments of NEER | 0 | 0 | |
Proceeds from sale or maturity of securities in special use funds | 0 | 0 | |
Purchases of securities in special use funds | 0 | 0 | |
Distributions from equity method investees of independent power investments | 0 | 0 | |
Other - net | 18 | 12 | |
Net cash used in investing activities | (521) | (913) | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | |
Retirements of long-term debt | 0 | 0 | |
Net change in commercial paper | 0 | 0 | |
Proceeds from other short-term debt | 0 | 0 | |
Repayments of other short-term debt | 0 | 0 | |
Payments from related parties under a cash sweep and credit support agreement – net | 0 | 0 | |
Proceeds from Issuance of Common Stock | 26 | 11 | |
Payments of Dividends | (1,197) | (1,047) | |
Cash Dividends Received from (Paid to) Parent Company | 0 | 0 | |
Other - net | (43) | (56) | |
Net cash provided by (used in) financing activities | (1,214) | (1,092) | |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2 | 0 | |
Cash, cash equivalents and restricted cash at beginning of period | (1) | 1 | |
Cash, cash equivalents and restricted cash at end of period | 1 | 1 | |
Reportable Legal Entities [Member] | NEECH Non-Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 558 | 1,459 | |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (2,637) | (3,348) | |
Capital contribution to Subsidiary | 0 | 0 | |
Sale of independent power and other investments of NEER | 995 | 311 | |
Proceeds from sale or maturity of securities in special use funds | 783 | 687 | |
Purchases of securities in special use funds | (772) | (764) | |
Distributions from equity method investees of independent power investments | 0 | 633 | |
Other - net | 18 | (206) | |
Net cash used in investing activities | (1,613) | (2,687) | |
Proceeds from Issuance of Long-term Debt | 5,751 | 1,281 | |
Retirements of long-term debt | (1,722) | (415) | |
Net change in commercial paper | 2,013 | 1,405 | |
Proceeds from other short-term debt | 0 | 200 | |
Repayments of other short-term debt | (4,600) | 0 | |
Payments from related parties under a cash sweep and credit support agreement – net | 671 | 50 | |
Proceeds from Issuance of Common Stock | 0 | 0 | |
Payments of Dividends | 0 | 0 | |
Cash Dividends Received from (Paid to) Parent Company | (80) | (2,408) | |
Other - net | (93) | (56) | |
Net cash provided by (used in) financing activities | 1,940 | 57 | |
Effects of currency translation on cash, cash equivalents and restricted cash | 8 | (15) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 893 | (1,186) | |
Cash, cash equivalents and restricted cash at beginning of period | 533 | 1,807 | |
Cash, cash equivalents and restricted cash at end of period | 1,426 | 621 | |
Consolidation, Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 986 | (528) | |
Capital Expenditures Independent Power Investments And Nuclear Fuel Purchases | (7,110) | (2,504) | |
Capital contribution to Subsidiary | 386 | 854 | |
Sale of independent power and other investments of NEER | 0 | 0 | |
Proceeds from sale or maturity of securities in special use funds | 1,276 | 1,101 | |
Purchases of securities in special use funds | (1,333) | (1,228) | |
Distributions from equity method investees of independent power investments | 0 | 0 | |
Other - net | 24 | 22 | |
Net cash used in investing activities | (6,757) | (1,755) | |
Proceeds from Issuance of Long-term Debt | 1,803 | 1,594 | |
Retirements of long-term debt | (154) | (799) | |
Net change in commercial paper | (381) | (700) | |
Proceeds from other short-term debt | 0 | 0 | |
Repayments of other short-term debt | 0 | (250) | |
Payments from related parties under a cash sweep and credit support agreement – net | 0 | 0 | |
Proceeds from Issuance of Common Stock | 0 | 0 | |
Payments of Dividends | 0 | 0 | |
Cash Dividends Received from (Paid to) Parent Company | 80 | 2,408 | |
Other - net | (22) | (31) | |
Net cash provided by (used in) financing activities | 1,326 | 2,222 | |
Effects of currency translation on cash, cash equivalents and restricted cash | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (4,445) | (61) | |
Cash, cash equivalents and restricted cash at beginning of period | 4,721 | 175 | |
Cash, cash equivalents and restricted cash at end of period | $ 276 | $ 114 | |
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |
Uncategorized Items - nee10q2q2
Label | Element | Value | |
Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 542,000,000 | [1] |
Noncontrolling Interest [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 5,303,000,000 | [1] |
Additional Paid-in Capital [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 590,000,000 | [1] |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 280,000,000 | [1] |
AOCI Attributable to Parent [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (328,000,000) | |
[1] | Amounts have been retrospectively adjusted for an accounting standards update related to leases. |