Document Entity Information
Document Entity Information | 9 Months Ended |
Sep. 30, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 1-8841 |
Entity Registrant Name | NEXTERA ENERGY, INC. |
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 | 1,987,163,652 |
Entity Central Index Key | 0000753308 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Common Stock [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | NEE |
Security Exchange Name | NYSE |
Corporate Units 5.279% [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 5.279% Corporate Units |
Trading Symbol | NEE.PRP |
Security Exchange Name | NYSE |
Corporate Units 6.219% [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.219% Corporate Units |
Trading Symbol | NEE.PRQ |
Security Exchange Name | NYSE |
Corporate Units 6.926% | |
Entity Information [Line Items] | |
Title of 12(b) Security | 6.926% Corporate Units |
Trading Symbol | NEE.PRR |
Security Exchange Name | NYSE |
Florida Power & Light Company | |
Entity Information [Line Items] | |
Entity File Number | 2-27612 |
Entity Registrant Name | FLORIDA POWER & LIGHT COMPANY |
Entity Tax Identification Number | 59-0247775 |
Entity Incorporation, State or Country Code | FL |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,000 |
Entity Central Index Key | 0000037634 |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
OPERATING REVENUES | $ 6,719 | $ 4,370 | $ 14,792 | $ 12,023 | |
OPERATING EXPENSES | |||||
Fuel, purchased power and interchange | 1,933 | 1,383 | 4,888 | 3,393 | |
Other operations and maintenance | 1,225 | 910 | 3,161 | 2,764 | |
Depreciation and amortization | 1,289 | 1,230 | 3,332 | 2,960 | |
Taxes other than income taxes and other – net | 581 | 481 | 1,572 | 1,368 | |
Total operating expenses – net | 5,028 | 4,004 | 12,953 | 10,485 | |
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET | 171 | 13 | 196 | 20 | |
OPERATING INCOME | 1,862 | 379 | 2,035 | 1,558 | |
OTHER INCOME (DEDUCTIONS) | |||||
Interest expense | (259) | (335) | 100 | (671) | |
Equity in earnings of equity method investees | 196 | 109 | 180 | 465 | |
Allowance for equity funds used during construction | 20 | 37 | 88 | 100 | |
Gains on disposal of investments and other property – net | 51 | 17 | 83 | 69 | |
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | (141) | (26) | (569) | 137 | |
Other net periodic benefit income | 70 | 64 | 159 | 193 | |
Other – net | 83 | 32 | 160 | 107 | |
Total other income (deductions) – net | 20 | (102) | 201 | 400 | |
INCOME BEFORE INCOME TAXES | 1,882 | 277 | 2,236 | 1,958 | |
INCOME TAX EXPENSE (BENEFIT) | 323 | (27) | 257 | 84 | |
NET INCOME | 1,559 | 304 | 1,979 | 1,874 | |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 137 | 143 | 646 | 495 | |
Net income (loss) attributable to NEE | $ 1,696 | $ 447 | $ 2,625 | $ 2,369 | |
Earnings (loss) per share of common stock: | |||||
Basic (in dollars per share) | $ 0.86 | $ 0.23 | $ 1.33 | $ 1.21 | |
Assuming dilution (in dollars per share) | $ 0.86 | $ 0.23 | $ 1.33 | $ 1.20 | |
Florida Power & Light Company | |||||
OPERATING REVENUES | $ 5,075 | $ 4,134 | $ 13,211 | $ 10,673 | |
OPERATING EXPENSES | |||||
Fuel, purchased power and interchange | 1,733 | 1,218 | 4,364 | 2,953 | |
Other operations and maintenance | 511 | 416 | 1,349 | 1,211 | |
Depreciation and amortization | 829 | 815 | 2,006 | 1,724 | |
Taxes other than income taxes and other – net | 495 | 419 | 1,340 | 1,175 | |
Total operating expenses – net | 3,568 | 2,868 | 9,059 | 7,063 | |
OPERATING INCOME | 1,507 | 1,266 | 4,152 | 3,610 | |
OTHER INCOME (DEDUCTIONS) | |||||
Interest expense | (200) | (152) | (554) | (461) | |
Allowance for equity funds used during construction | 19 | 35 | 82 | 93 | |
Other – net | 9 | 8 | 10 | 11 | |
Total other income (deductions) – net | (172) | (109) | (462) | (357) | |
INCOME BEFORE INCOME TAXES | 1,335 | 1,157 | 3,690 | 3,253 | |
INCOME TAX EXPENSE (BENEFIT) | 261 | 230 | 751 | 667 | |
NET INCOME | [1] | $ 1,074 | $ 927 | $ 2,939 | $ 2,586 |
[1]FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
NET INCOME | $ 1,559 | $ 304 | $ 1,979 | $ 1,874 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income | 0 | 0 | 5 | 4 |
Net unrealized gains (losses) on available for sale securities: | ||||
Net unrealized losses on securities still held | (31) | (2) | (91) | (9) |
Reclassification from accumulated other comprehensive income (loss) to net income | 1 | (1) | 3 | (3) |
Reclassification from accumulated other comprehensive income (loss) to net income | 0 | 1 | 0 | 3 |
Net unrealized gains (losses) on foreign currency translation | (49) | (13) | (58) | 2 |
Other comprehensive income related to equity method investees | 1 | 1 | 1 | 1 |
Total other comprehensive loss, net of tax | (78) | (14) | (140) | (2) |
COMPREHENSIVE INCOME | 1,481 | 290 | 1,839 | 1,872 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 160 | 148 | 672 | 495 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE | $ 1,641 | $ 438 | $ 2,511 | $ 2,367 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) of unrealized gains/losses on cash flow hedges from AOCI | $ 0 | $ 0 | $ (2) | $ (1) |
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held | (8) | (1) | (31) | (3) |
Tax expense (benefit) of other comprehensive income (loss), reclassification adjustment from AOCI for sale of securities | (1) | 1 | (1) | 1 |
Tax expense (benefit) of defined benefit pension and other benefits plans reclassified from AOCI to net income | 0 | (1) | 0 | (1) |
Tax expense (benefit) of other comprehensive income (loss) related to equity method investees | $ 0 | $ 1 | $ 0 | $ 1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,508 | $ 639 |
Customer receivables, net of allowances | 4,553 | 3,378 |
Other receivables | 776 | 730 |
Materials, supplies and fuel inventory | 1,791 | 1,561 |
Regulatory assets | 620 | 1,125 |
Derivatives | 1,431 | 689 |
Other | 1,212 | 1,166 |
Total current assets | 12,891 | 9,288 |
Other assets: | ||
Property, plant and equipment – net | 108,447 | 99,348 |
Special use funds | 7,195 | 8,922 |
Investment in equity method investees | 6,316 | 6,159 |
Prepaid benefit costs | 2,341 | 2,243 |
Regulatory assets | 6,939 | 4,578 |
Derivatives | 2,113 | 1,135 |
Goodwill | 4,872 | 4,844 |
Other | 5,295 | 4,395 |
Total other assets | 143,518 | 131,624 |
TOTAL ASSETS | 156,409 | 140,912 |
Current liabilities: | ||
Commercial paper | 925 | 1,382 |
Other short-term debt | 1,938 | 700 |
Current portion of long-term debt | 7,292 | 1,785 |
Accounts payable | 7,149 | 6,935 |
Customer deposits | 525 | 485 |
Accrued interest and taxes | 1,279 | 525 |
Derivatives | 2,969 | 1,263 |
Accrued construction-related expenditures | 1,891 | 1,378 |
Regulatory liabilities | 410 | 289 |
Other | 3,415 | 2,695 |
Total current liabilities | 27,793 | 17,437 |
Other liabilities and deferred credits: | ||
Long-term debt | 54,670 | 50,960 |
Asset retirement obligations | 3,196 | 3,082 |
Deferred income taxes | 8,725 | 8,310 |
Regulatory liabilities | 9,530 | 11,273 |
Derivatives | 3,067 | 1,713 |
Other | 2,682 | 2,468 |
Total other liabilities and deferred credits | 81,870 | 77,806 |
TOTAL LIABILITIES | 109,663 | 95,243 |
COMMITMENTS AND CONTINGENCIES | ||
REDEEMABLE NONCONTROLLING INTERESTS – VIE | 0 | 245 |
EQUITY | ||
Common stock | 20 | 20 |
Additional paid-in capital | 12,694 | 11,271 |
Retained earnings | 26,029 | 25,911 |
Accumulated other comprehensive loss | (114) | 0 |
Total common shareholders' equity | 38,629 | 37,202 |
Noncontrolling interests | 8,117 | 8,222 |
TOTAL EQUITY | 46,746 | 45,424 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | 156,409 | 140,912 |
Florida Power & Light Company | ||
Current assets: | ||
Cash and cash equivalents | 1,218 | 55 |
Customer receivables, net of allowances | 2,036 | 1,297 |
Other receivables | 544 | 350 |
Materials, supplies and fuel inventory | 1,073 | 963 |
Regulatory assets | 608 | 1,111 |
Derivatives | 52 | 13 |
Other | 193 | 142 |
Total current assets | 5,672 | 3,918 |
Other assets: | ||
Electric utility plant and other property – net | 62,212 | 58,227 |
Special use funds | 5,048 | 6,158 |
Prepaid benefit costs | 1,716 | 1,657 |
Regulatory assets | 6,690 | 4,343 |
Derivatives | 2 | |
Goodwill | 2,989 | 2,989 |
Other | 826 | 775 |
Total other assets | 79,481 | 74,149 |
TOTAL ASSETS | 85,153 | 78,067 |
Current liabilities: | ||
Commercial paper | 0 | 1,382 |
Other short-term debt | 200 | 200 |
Current portion of long-term debt | 1,546 | 536 |
Accounts payable | 1,569 | 1,318 |
Customer deposits | 517 | 478 |
Accrued interest and taxes | 932 | 322 |
Derivatives | 20 | 9 |
Accrued construction-related expenditures | 549 | 601 |
Regulatory liabilities | 401 | 278 |
Other | 1,792 | 643 |
Total current liabilities | 7,506 | 5,758 |
Other liabilities and deferred credits: | ||
Long-term debt | 19,452 | 17,974 |
Asset retirement obligations | 2,091 | 2,049 |
Deferred income taxes | 8,150 | 7,137 |
Regulatory liabilities | 9,294 | 11,053 |
Derivatives | 4 | 1 |
Other | 428 | 502 |
Total other liabilities and deferred credits | 39,415 | 38,715 |
TOTAL LIABILITIES | 46,921 | 44,473 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY | ||
Common stock | 1,373 | 1,373 |
Additional paid-in capital | 23,636 | 19,936 |
Retained earnings | 13,223 | 12,285 |
TOTAL EQUITY | 38,232 | 33,594 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ 85,153 | $ 78,067 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Customer receivables, allowances | $ 69 | $ 35 |
Property, plant and equipment – net | 108,447 | 99,348 |
Current portion of long-term debt | 7,292 | 1,785 |
Accounts payable | 7,149 | 6,935 |
Long-term debt | $ 54,670 | $ 50,960 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,200,000,000 | 3,200,000,000 |
Common stock, shares, outstanding (in shares) | 1,987,000,000 | 1,963,000,000 |
Florida Power & Light Company | ||
Customer receivables, allowances | $ 9 | $ 11 |
Current portion of long-term debt | 1,546 | 536 |
Accounts payable | 1,569 | 1,318 |
Long-term debt | $ 19,452 | $ 17,974 |
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 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment – net | $ 19,301 | $ 20,521 |
Current portion of long-term debt | 60 | 58 |
Accounts payable | 244 | 752 |
Long-term debt | 1,088 | 1,125 |
Noncontrolling interest in variable interest entity | $ 8,109 | $ 8,217 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (loss) | $ 1,979 | $ 1,874 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 3,332 | 2,960 | |
Nuclear fuel and other amortization | 211 | 202 | |
Unrealized losses on marked to market derivative contracts – net | 1,924 | 2,250 | |
Unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds – net | 569 | (137) | |
Foreign currency transaction gains | (162) | (70) | |
Deferred income taxes | 208 | 140 | |
Cost recovery clauses and franchise fees | (1,295) | (202) | |
Equity in earnings of equity method investees | (180) | (465) | |
Distributions of earnings from equity method investees | 408 | 392 | |
Gains on disposal of businesses, assets and investments – net | (279) | (89) | |
Recoverable storm-related costs | (26) | (171) | |
Other – net | (29) | (91) | |
Changes in operating assets and liabilities: | |||
Current assets | (1,238) | (1,227) | |
Noncurrent assets | (66) | (316) | |
Current liabilities | 1,809 | 1,138 | |
Noncurrent liabilities | 102 | 48 | |
Net cash provided by operating activities | 7,267 | 6,236 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures of FPL | (6,021) | (5,000) | |
Independent power and other investments of NEER | (7,252) | (6,799) | |
Nuclear fuel purchases | (105) | (206) | |
Other capital expenditures | (451) | 0 | |
Sale of independent power and other investments of NEER | 575 | 384 | |
Proceeds from sale or maturity of securities in special use funds | 2,896 | 3,233 | |
Purchases of securities in special use funds | (3,496) | (3,498) | |
Other – net | 5 | 41 | |
Net cash used in investing activities | (13,849) | (11,845) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt, including premiums and discounts | 11,616 | 9,614 | |
Retirements of long-term debt | (2,137) | (4,262) | |
Proceeds from differential membership investors | 443 | 328 | |
Net change in commercial paper | (457) | 2,043 | |
Proceeds from other short-term debt | 1,725 | 0 | |
Repayments of other short-term debt | (525) | (258) | |
Payments from related parties under a cash sweep and credit support agreement – net | 8 | 295 | |
Issuances of common stock/equity units – net | 1,458 | 7 | |
Dividends | (2,507) | (2,267) | |
Other – net | (386) | (434) | |
Net cash provided by financing activities | 9,238 | 5,066 | |
Effects of currency translation on cash, cash equivalents and restricted cash | (5) | 1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,651 | (542) | |
Cash, cash equivalents and restricted cash at beginning of period | 1,316 | 1,546 | |
Cash, cash equivalents and restricted cash at end of period | 3,967 | 1,004 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 828 | 878 | |
Income Taxes Paid (Received), Net | (36) | (21) | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | 6,079 | 4,664 | |
Decrease in property, plant and equipment – net and contract liabilities (2022 activity, see Note 11) | 639 | 155 | |
Florida Power & Light Company | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income (loss) | [1] | 2,939 | 2,586 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,006 | 1,724 | |
Nuclear fuel and other amortization | 135 | 130 | |
Deferred income taxes | 771 | 488 | |
Cost recovery clauses and franchise fees | (1,295) | (202) | |
Recoverable storm-related costs | (26) | (171) | |
Other – net | 9 | (26) | |
Changes in operating assets and liabilities: | |||
Current assets | (934) | (312) | |
Noncurrent assets | (48) | (86) | |
Current liabilities | 899 | 576 | |
Noncurrent liabilities | 94 | (7) | |
Net cash provided by operating activities | 4,550 | 4,700 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (6,021) | (5,000) | |
Nuclear fuel purchases | (67) | (110) | |
Proceeds from sale or maturity of securities in special use funds | 1,738 | 2,223 | |
Purchases of securities in special use funds | (1,833) | (2,302) | |
Other – net | (7) | (8) | |
Net cash used in investing activities | (6,190) | (5,197) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Issuances of long-term debt, including premiums and discounts | 2,942 | 1,388 | |
Retirements of long-term debt | (441) | (1,304) | |
Net change in commercial paper | (1,382) | (852) | |
Capital contributions from NEE | 3,700 | 1,700 | |
Dividends | (2,000) | (435) | |
Other – net | (36) | (21) | |
Net cash provided by financing activities | 2,783 | 476 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,143 | (21) | |
Cash, cash equivalents and restricted cash at beginning of period | 108 | 160 | |
Cash, cash equivalents and restricted cash at end of period | 1,251 | 139 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 476 | 410 | |
Income Taxes Paid (Received), Net | 145 | 44 | |
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property additions | $ 946 | $ 817 | |
[1]FPL's comprehensive income is the same as reported net income. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ 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] | Florida Power & Light Company | Florida Power & Light Company Common Stock [Member] | Florida Power & Light Company Additional Paid-in Capital [Member] | Florida Power & Light Company Retained Earnings [Member] | ||||
Beginning balance (in shares) at Dec. 31, 2020 | 1,960,000,000 | ||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 44,929 | $ 20 | $ 11,222 | $ (92) | $ 25,363 | $ 36,513 | $ 8,416 | $ 29,228 | $ 1,373 | $ 18,236 | $ 9,619 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 1,874 | 2,369 | 2,369 | (496) | 2,586 | [1] | 2,586 | ||||||||
Share-based payment activity (in shares) | 3,000,000 | ||||||||||||||
Share-based payment activity | 70 | 70 | |||||||||||||
Capital contributions from NEE | 1,700 | 1,700 | |||||||||||||
Dividends on common stock | (2,267) | [2] | (2,267) | [2] | (435) | ||||||||||
Total other comprehensive loss, net of tax | (2) | (2) | (2) | 0 | |||||||||||
Other differential membership interests activity | 36 | ||||||||||||||
Other (in shares) | (1,000,000) | ||||||||||||||
Stockholders' Equity, Other | (33) | 0 | (1) | (34) | 42 | ||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 1,962,000,000 | ||||||||||||||
Ending balance at Sep. 30, 2021 | 44,647 | $ 20 | 11,259 | (94) | 25,464 | 36,649 | 7,998 | 33,079 | 1,373 | 19,936 | 11,770 | ||||
Beginning balance at Dec. 31, 2020 | 0 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 1 | ||||||||||||||
Other differential membership interests activity | 78 | ||||||||||||||
Ending balance at Sep. 30, 2021 | 79 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income attributable to NEE - basic | 2,369 | ||||||||||||||
Beginning balance (in shares) at Jun. 30, 2021 | 1,962,000,000 | ||||||||||||||
Beginning balance at Jun. 30, 2021 | 45,114 | $ 20 | 11,224 | (85) | 25,773 | 36,932 | 8,182 | 31,488 | 1,373 | 19,272 | 10,843 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 304 | 447 | 447 | (144) | 927 | [1] | 927 | ||||||||
Share-based payment activity (in shares) | 0 | ||||||||||||||
Share-based payment activity | 47 | 47 | |||||||||||||
Capital contributions from NEE | 665 | ||||||||||||||
Dividends on common stock | [3] | (756) | (756) | ||||||||||||
Total other comprehensive loss, net of tax | (14) | (9) | (9) | (5) | |||||||||||
Other differential membership interests activity | (44) | ||||||||||||||
Other (in shares) | 0 | ||||||||||||||
Stockholders' Equity, Other | (12) | 0 | 0 | (12) | 9 | (1) | 0 | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 1,962,000,000 | ||||||||||||||
Ending balance at Sep. 30, 2021 | 44,647 | $ 20 | 11,259 | (94) | 25,464 | 36,649 | 7,998 | $ 33,079 | 1,373 | 19,936 | 11,770 | ||||
Beginning balance at Jun. 30, 2021 | 0 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 1 | ||||||||||||||
Other differential membership interests activity | 78 | ||||||||||||||
Ending balance at Sep. 30, 2021 | 79 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income attributable to NEE - basic | $ 447 | ||||||||||||||
Beginning balance (in shares) at Dec. 31, 2021 | 1,963,000,000 | 1,963,000,000 | 1,000 | ||||||||||||
Beginning balance at Dec. 31, 2021 | $ 45,424 | $ 20 | 11,271 | 0 | 25,911 | 37,202 | 8,222 | $ 33,594 | 1,373 | 19,936 | 12,285 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 1,979 | 2,625 | 2,625 | (653) | 2,939 | [1] | 2,939 | ||||||||
Premium on equity units | (127) | (127) | |||||||||||||
Share-based payment activity (in shares) | 2,000,000 | ||||||||||||||
Share-based payment activity | 122 | 122 | |||||||||||||
Capital contributions from NEE | $ 3,700 | 3,700 | |||||||||||||
Dividends on common stock | (2,507) | [4] | (2,507) | [4] | (2,000) | ||||||||||
Total other comprehensive loss, net of tax | $ (140) | (114) | (114) | (26) | |||||||||||
Stock Issued During Period, Shares, New Issues | 22,000,000 | ||||||||||||||
Issuances of common stock/equity units - net | 1,446 | 1,446 | |||||||||||||
Disposal of subsidiaries with noncontrolling interests | (147) | ||||||||||||||
Other differential membership interests activity | (15) | (15) | 542 | ||||||||||||
Stockholders' Equity, Other | (3) | 0 | (3) | 179 | 0 | (1) | |||||||||
Ending balance (in shares) at Sep. 30, 2022 | 1,987,000,000 | 1,987,000,000 | 1,000 | ||||||||||||
Ending balance at Sep. 30, 2022 | $ 46,746 | $ 20 | 12,694 | (114) | 26,029 | 38,629 | 8,117 | $ 38,232 | 1,373 | 23,636 | 13,223 | ||||
Beginning balance at Dec. 31, 2021 | 245 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 7 | ||||||||||||||
Other differential membership interests activity | (251) | ||||||||||||||
Other | (1) | ||||||||||||||
Ending balance at Sep. 30, 2022 | 0 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income attributable to NEE - basic | 2,625 | ||||||||||||||
Beginning balance (in shares) at Jun. 30, 2022 | 1,965,000,000 | ||||||||||||||
Beginning balance at Jun. 30, 2022 | 44,554 | $ 20 | 11,309 | (59) | 25,169 | 36,439 | 8,115 | 34,958 | 1,373 | 21,436 | 12,149 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 1,559 | 1,696 | 1,696 | (138) | $ 1,074 | [1] | 1,074 | ||||||||
Premium on equity units | (127) | (127) | |||||||||||||
Share-based payment activity | 80 | 80 | |||||||||||||
Capital contributions from NEE | 2,200 | ||||||||||||||
Dividends on common stock | (836) | (836) | |||||||||||||
Total other comprehensive loss, net of tax | $ (78) | (55) | (55) | (23) | |||||||||||
Stock Issued During Period, Shares, New Issues | 22,000,000 | ||||||||||||||
Issuances of common stock/equity units - net | 1,446 | 1,446 | |||||||||||||
Disposal of subsidiaries with noncontrolling interests | (147) | ||||||||||||||
Other differential membership interests activity | (13) | (13) | 252 | ||||||||||||
Stockholders' Equity, Other | (1) | 0 | (1) | 58 | |||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 1,987,000,000 | 1,987,000,000 | 1,000 | ||||||||||||
Ending balance at Sep. 30, 2022 | $ 46,746 | $ 20 | $ 12,694 | $ (114) | $ 26,029 | $ 38,629 | $ 8,117 | $ 38,232 | $ 1,373 | $ 23,636 | $ 13,223 | ||||
Beginning balance at Jun. 30, 2022 | 53 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 1 | ||||||||||||||
Other differential membership interests activity | (54) | ||||||||||||||
Ending balance at Sep. 30, 2022 | 0 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Net income attributable to NEE - basic | $ 1,696 | ||||||||||||||
[1]FPL's comprehensive income is the same as reported net income.[2]Dividends per share were $0.385 for each of the quarterly periods in 2021.[3]Dividends per share were $0.385 for the three months ended September 30, 2021.[4]Dividends per share were $0.425 for each of the quarterly periods in 2022 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends per share of common stock (in dollars per share) | $ 0.425 | $ 0.425 | $ 0.425 | $ 0.385 | $ 0.385 | $ 0.385 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
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 (see Note 2) 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 $6.4 billion ($5.1 billion at FPL) and $5.4 billion ($4.1 billion at FPL) for the three months ended September 30, 2022 and 2021, respectively, and $17.4 billion ($13.2 billion at FPL) and $14.1 billion ($10.6 billion at FPL) for the nine months ended September 30, 2022 and 2021, 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. During the nine months ended September 30, 2021, NEER did not recognize approximately $180 million of revenue related to reimbursable expenses from a counterparty that were deemed not probable of collection. These reimbursable expenses arose from the impacts of severe prolonged winter weather in Texas in February 2021 (February 2021 weather event). These determinations were made based on assessments of the counterparty's creditworthiness and NEER's ability to collect. 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 September 30, 2022 and December 31, 2021, FPL's unbilled revenues amounted to approximately $693 million and $583 million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. Certain contracts with customers contain a fixed price which primarily relate to certain power purchase agreements with maturity dates through 2041. As of September 30, 2022, FPL expects to record approximately $400 million of revenues related to the fixed capacity price components of such contracts over the remaining terms of the related contracts as the capacity is provided. These contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts. 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 2022 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 which primarily relate to electric capacity sales associated with ISO annual auctions through 2026, certain power purchase agreements with maturity dates through 2034 and capacity sales associated with natural gas transportation through 2062. At September 30, 2022, NEER expects to record approximately $1.2 billion of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2022 | |
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 fuel 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 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. At September 30, 2022, 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 $3 million of net losses included in AOCI at September 30, 2022 are 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 Measurements of Derivative Instruments – 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. 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. The tables below present NEE's and FPL's gross derivative positions at September 30, 2022 and December 31, 2021, 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, as well as the location of the net derivative position on the condensed consolidated balance sheets. September 30, 2022 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 4,477 $ 12,281 $ 2,280 $ (15,990) $ 3,048 Interest rate contracts $ — $ 533 $ — $ (14) 519 Foreign currency contracts $ — $ — $ — $ (23) (23) Total derivative assets $ 3,544 FPL – commodity contracts $ — $ 13 $ 50 $ (9) $ 54 Liabilities: NEE: Commodity contracts $ 6,687 $ 11,671 $ 3,956 $ (16,463) $ 5,851 Interest rate contracts $ — $ 33 $ — $ (14) 19 Foreign currency contracts $ — $ 189 $ — $ (23) 166 Total derivative liabilities $ 6,036 FPL – commodity contracts $ — $ 4 $ 29 $ (9) $ 24 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,431 Noncurrent derivative assets (c) 2,113 Total derivative assets $ 3,544 Current derivative liabilities (d) $ 2,969 Noncurrent derivative liabilities (e) 3,067 Total derivative liabilities $ 6,036 Net fair value by FPL balance sheet line item: Current other assets $ 52 Noncurrent other assets 2 Total derivative assets $ 54 Current other liabilities $ 20 Noncurrent other liabilities 4 Total derivative liabilities $ 24 ——————————————— (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) Reflects the netting of approximately $570 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $221 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $6 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $1,258 million in margin cash collateral paid to counterparties. December 31, 2021 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 1,896 $ 5,082 $ 1,401 $ (6,622) $ 1,757 Interest rate contracts $ — $ 106 $ — $ (30) 76 Foreign currency contracts $ — $ 8 $ — $ (17) (9) Total derivative assets $ 1,824 FPL – commodity contracts $ — $ 3 $ 13 $ (3) $ 13 Liabilities: NEE: Commodity contracts $ 2,571 $ 4,990 $ 1,231 $ (6,594) $ 2,198 Interest rate contracts $ — $ 739 $ — $ (30) 709 Foreign currency contracts $ — $ 86 $ — $ (17) 69 Total derivative liabilities $ 2,976 FPL – commodity contracts $ — $ 8 $ 5 $ (3) $ 10 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 689 Noncurrent derivative assets (c) 1,135 Total derivative assets $ 1,824 Current derivative liabilities (d) $ 1,263 Noncurrent derivative liabilities (e) 1,713 Total derivative liabilities $ 2,976 Net fair value by FPL balance sheet line item: Current other assets $ 13 Current other liabilities $ 9 Noncurrent other liabilities 1 Total derivative liabilities $ 10 ——————————————— (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) Reflects the netting of approximately $150 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $56 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $6 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $172 million in margin cash collateral paid to counterparties. At September 30, 2022 and December 31, 2021, NEE had approximately $50 million (none at FPL) and $56 million (none at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at September 30, 2022 and December 31, 2021, NEE had approximately $424 million (none at FPL) and $673 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. 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, block-to-hourly price shaping, 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. The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at September 30, 2022 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type September 30, 2022 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 178 $ 619 Discounted cash flow Forward price (per MWh) $(7) — $461 $51 Forward contracts – gas 330 323 Discounted cash flow Forward price (per MMBtu) $3 — $35 $5 Forward contracts – congestion 50 12 Discounted cash flow Forward price (per MWh) $(24) — $25 $1 Options – power 79 1 Option models Implied correlations 42% — 89% 56% Implied volatilities 20% — 225% 57% Options – primarily gas 1,368 1,271 Option models Implied correlations 42% — 89% 56% Implied volatilities 24% — 192% 63% Full requirements and unit contingent contracts 129 1,583 Discounted cash flow Forward price (per MWh) $12 — $512 $99 Customer migration rate (b) —% — 122% 6% Forward contracts – other 146 147 Total $ 2,280 $ 3,956 ——————————————— (a) Unobservable inputs were weighted by volume. (b) 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 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. The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended September 30, 2022 2021 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at June 30 $ (1,594) $ 83 $ 584 $ — Realized and unrealized gains (losses): Included in operating revenues (695) — (1,138) — Included in regulatory assets and liabilities 92 92 1 1 Purchases 90 — 62 — Settlements 482 (154) 80 (2) Issuances (57) — (52) — Transfers out (a) 6 — 15 — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (1,676) $ 21 $ (448) $ (1) Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ (446) $ — $ (1,107) $ — ——————————————— (a) Transfers from Level 3 to Level 2 were a result of increased observability of market data. Nine Months Ended September 30, 2022 2021 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 170 $ 8 $ 1,374 $ (1) Realized and unrealized gains (losses): Included in operating revenues (3,215) — (1,795) — Included in regulatory assets and liabilities 161 161 2 2 Purchases 469 — 153 — Settlements 1,043 (148) (54) (2) Issuances (289) — (116) — Transfers in (a) — — 1 — Transfers out (a) (15) — (13) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (1,676) $ 21 $ (448) $ (1) Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ (2,081) $ — $ (1,581) $ — ——————————————— (a) Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (millions) Commodity contracts (a) – operating revenues (including $10 unrealized losses, $1,236 unrealized losses, $2,942 unrealized losses and $2,563 unrealized losses, respectively) $ (122) $ (1,291) $ (3,488) $ (2,708) Foreign currency contracts – interest expense (including $32 unrealized losses, $15 unrealized losses, $113 unrealized losses and $69 unrealized losses, respectively) (36) (13) (121) (69) Interest rate contracts – interest expense (including $16 unrealized gains, $23 unrealized gains, $1,131 unrealized gains and $382 unrealized gains, respectively) 236 7 1,321 340 Losses reclassified from AOCI to interest expense: Interest rate contracts — (1) (5) (4) Foreign currency contracts (1) (1) (2) (2) Total $ 77 $ (1,299) $ (2,295) $ (2,443) ——————————————— (a) For the three and nine months ended September 30, 2022, FPL recorded gains of approximately $131 million and $110 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2021, FPL recorded gains of approximately $9 million and $13 million, respectively, related to commodity contracts as regulatory liabilities 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 the related hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions. NEE and FPL had derivative commodity contracts for the following net notional volumes: September 30, 2022 December 31, 2021 Commodity Type NEE FPL NEE FPL (millions) Power (660) MWh — (103) MWh — Natural gas (1,467) MMBtu 151 MMBtu (1,290) MMBtu 91 MMBtu Oil (38) barrels — (33) barrels — At September 30, 2022 and December 31, 2021, NEE had interest rate contracts with a notional amount of approximately $8.8 billion and $11.2 billion, respectively, and foreign currency contracts with a notional amount of approximately $1.0 billion and $1.0 billion, respectively. In October 2022, NEECH entered into a forward starting interest rate swap agreement with a notional amount of $10 billion to manage interest rate risk associated with forecasted debt issuances. Credit - Risk - Related Contingent Features – Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. At September 30, 2022 and December 31, 2021, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $9.0 billion ($21 million for FPL) and $4.1 billion ($12 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 three 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 $2,250 million (none at FPL) at September 30, 2022 and $645 million (none at FPL) at December 31, 2021. 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 $5.8 billion ($35 million at FPL) at September 30, 2022 and $2.7 billion ($35 million at FPL) at December 31, 2021. 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 $1.3 billion ($355 million at FPL) at September 30, 2022 and $1.0 billion ($145 million at FPL) at December 31, 2021. Collateral related to derivatives may be posted in the form of cash or credit support in the normal course of business. At September 30, 2022 and December 31, 2021, applicable NEE subsidiaries have posted approximately $8 million (none at FPL) and $84 million (none at FPL), respectively, in cash, and $1.9 billion (none at FPL) and $1.1 billion (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. |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Non-derivative fair value measurements consist of NEE’s and FPL’s cash equivalents and restricted cash equivalents, special use funds and other investments. The fair value of these financial assets is determined by using the valuation techniques and inputs as described in Note 2 – Fair Value Measurements of Derivative Instruments as well as below. 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. Fair Value Measurement Alternative – NEE holds investments in equity securities without readily determinable fair values, which are initially recorded at cost, of approximately $415 million and $72 million at September 30, 2022 and December 31, 2021, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer. Recurring Non-Derivative Fair Value Measurements – NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: September 30, 2022 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 1,816 $ — $ — $ 1,816 FPL – equity securities $ 1,189 $ — $ — $ 1,189 Special use funds: (b) NEE: Equity securities $ 1,932 $ 2,215 (c) $ — $ 4,147 U.S. Government and municipal bonds $ 642 $ 62 $ — $ 704 Corporate debt securities $ 6 $ 760 $ — $ 766 Asset-backed securities $ — $ 608 $ — $ 608 Other debt securities $ — $ 19 $ — $ 19 FPL: Equity securities $ 710 $ 2,015 (c) $ — $ 2,725 U.S. Government and municipal bonds $ 520 $ 32 $ — $ 552 Corporate debt securities $ 5 $ 576 $ — $ 581 Asset-backed securities $ — $ 475 $ — $ 475 Other debt securities $ — $ 9 $ — $ 9 Other investments: (d) NEE: Equity securities $ 31 $ 1 $ — $ 32 Debt securities $ 125 $ 191 $ 124 $ 440 FPL – equity securities $ 10 $ — $ — $ 10 ——————————————— (a) Includes restricted cash equivalents of approximately $55 million ($33 million for FPL) in current other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. December 31, 2021 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 176 $ — $ — $ 176 FPL – equity securities $ 58 $ — $ — $ 58 Special use funds: (b) NEE: Equity securities $ 2,538 $ 2,973 (c) $ — $ 5,511 U.S. Government and municipal bonds $ 770 $ 75 $ — $ 845 Corporate debt securities $ 7 $ 955 $ — $ 962 Asset-backed securities $ — $ 663 $ — $ 663 Other debt securities $ 2 $ 33 $ — $ 35 FPL: Equity securities $ 862 $ 2,690 (c) $ — $ 3,552 U.S. Government and municipal bonds $ 624 $ 44 $ — $ 668 Corporate debt securities $ 6 $ 720 $ — $ 726 Asset-backed securities $ — $ 515 $ — $ 515 Other debt securities $ 2 $ 23 $ — $ 25 Other investments: (d) NEE: Equity securities $ 70 $ 2 $ — $ 72 Debt securities $ 111 $ 162 $ 12 $ 285 FPL – equity securities $ 13 $ — $ — $ 13 ——————————————— (a) Includes restricted cash equivalents of approximately $56 million ($53 million for FPL) in current other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. Contingent Consideration – At September 30, 2022, NEER had approximately $198 million of contingent consideration liabilities which are included in noncurrent other liabilities on NEE's condensed consolidated balance sheet. The liabilities relate to contingent consideration for the completion of capital expenditures for future development projects in connection with the acquisition of GridLiance Holdco, LP and GridLiance GP, LLC (GridLiance) (see Note 5 – GridLiance). NEECH guarantees the contingent consideration obligations under the GridLiance acquisition agreements. Significant inputs and assumptions used in the fair value measurement, some of which are Level 3 and require judgement, include the projected timing and amount of future cash flows, estimated probability of completing future development projects as well as discount rates. 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: September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated (millions) NEE: Special use funds (a) $ 951 $ 951 $ 906 $ 907 Other receivables (b) $ 110 $ 110 $ 26 $ 26 Long-term debt, including current portion $ 61,962 $ 57,029 (c) $ 52,745 $ 57,290 (c) FPL: Special use funds (a) $ 706 $ 706 $ 672 $ 672 Long-term debt, including current portion $ 20,998 $ 19,028 (c) $ 18,510 $ 21,379 (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 on NEE's condensed consolidated balance sheets (primarily Level 3). (c) At September 30, 2022 and December 31, 2021, substantially all is Level 2 for NEE and FPL. Special Use Funds and Other Investments – The special use funds noted above and those carried at fair value (see Recurring Non-Derivative Fair Value Measurements above) consist of NEE's nuclear decommissioning fund assets of approximately $7,121 million ($4,974 million for FPL) and $8,846 million ($6,082 million for FPL) at September 30, 2022 and December 31, 2021, respectively, and FPL's storm fund assets of $74 million and $76 million at September 30, 2022 and December 31, 2021, respectively. The investments held in the special use funds and other investments consist of equity and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $2,744 million ($1,853 million for FPL) and $2,438 million ($1,877 million for FPL) at September 30, 2022 and December 31, 2021, respectively. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at September 30, 2022 of approximately eight years at both NEE and FPL. FPL's storm fund primarily consists of debt securities with a weighted-average maturity at September 30, 2022 of approximately one year. Other investments consist of debt securities with a weighted-average maturity at September 30, 2022 of approximately seven years. The cost of securities sold is determined using the specific identification method. For FPL's special use funds, changes in fair value of debt and equity securities, including any estimated credit losses of debt securities, result in a corresponding adjustment to the related regulatory asset or liability accounts, consistent with regulatory treatment. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for estimated credit losses and unrealized losses on debt securities intended or required to be sold prior to recovery of the amortized cost basis, which are recognized in other – net in NEE's condensed consolidated statements of income. Changes in fair value of equity securities are primarily 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. Unrealized gains (losses) recognized on equity securities held at September 30, 2022 and 2021 are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 (millions) Unrealized gains (losses) $ (222) $ (25) $ (1,317) $ 565 $ (135) $ (13) $ (857) $ 375 Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 (millions) Realized gains $ 8 $ 17 $ 26 $ 61 $ 6 $ 14 $ 20 $ 46 Realized losses $ 41 $ 14 $ 100 $ 58 $ 36 $ 11 $ 79 $ 46 Proceeds from sale or maturity of securities $ 681 $ 245 $ 1,901 $ 1,303 $ 324 $ 191 $ 1,001 $ 988 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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (millions) Unrealized gains $ 2 $ 76 $ 2 $ 63 Unrealized losses (a) $ 342 $ 19 $ 239 $ 15 Fair value $ 2,378 $ 1,100 $ 1,598 $ 857 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2022 and December 31, 2021 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. Nonrecurring Fair Value Measurements – NEE tests its equity method investments for impairment whenever events or changes in circumstances indicate that the investment may be impaired. On February 2, 2022, the U.S. Court of Appeals for the Fourth Circuit (the 4th Circuit) vacated and remanded Mountain Valley Pipeline, LLC’s (Mountain Valley Pipeline) Biological Opinion issued by the U.S. Fish and Wildlife Service. While NextEra Energy Resources continues to evaluate options and next steps with its joint venture partners, this event along with the 4th Circuit vacatur and remand of the U.S. Forest Service right-of-way grant on January 25, 2022 caused NextEra Energy Resources to re-evaluate its investment in Mountain Valley Pipeline for further other-than-temporary impairment, which evaluation coincided with the preparation of NEE's December 31, 2021 financial statements. As a result of this evaluation, it was determined that the continued legal and regulatory challenges have resulted in a very low probability of pipeline completion. Accordingly, NextEra Energy Resources performed a fair value analysis based on the market approach to determine the amount of the impairment. The challenges to complete construction and the resulting economic outlook for the pipeline were considered in determining the magnitude of the other-than-temporary impairment. Based on this fair value analysis, NextEra Energy Resources recorded an impairment charge of approximately $0.8 billion ($0.6 billion after tax) during the first quarter of 2022, which is reflected in equity in earnings of equity method investees in NEE’s condensed consolidated statements of income for the nine months ended September 30, 2022. This impairment charge resulted in the complete write off of NextEra Energy Resources’ equity method investment carrying amount of approximately $0.6 billion, as well as the recording of a liability of approximately $0.2 billion which reflects NextEra Energy Resources’ share of estimated future dismantlement costs. The fair value estimate was based on a probability-weighted earnings before interest, taxes, depreciation and amortization (EBITDA) multiple valuation technique using a market participant view of the potential different outcomes for the investment. As part of the valuation, NextEra Energy Resources used observable inputs where available, including the EBITDA multiples of recent pipeline transactions. Significant unobservable inputs (Level 3), including the probabilities assigned to the different potential outcomes, the forecasts of operating revenues and costs, and the projected capital expenditures to complete the project, were also used in the estimation of fair value. An increase in the revenue forecasts, a decrease in the projected operating or capital expenditures or an increase in the probability assigned to the full pipeline being completed would result in an increased fair market value. Changes in the opposite direction of those unobservable inputs would result in a decreased fair market value. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesNEE's effective income tax rate for the three months ended September 30, 2022 and 2021 was approximately 17.2% and (9.7)%, respectively, and for the nine months ended September 30, 2022 and 2021 was approximately 11.5% and 4.3%, respectively. NEE's effective income tax rate is based on the composition of pretax income, and, for the nine months ended September 30, 2022, primarily reflects the impact of favorable changes in the fair value of interest rate derivative instruments, unfavorable changes in the fair value of commodity derivatives and equity securities held in NEER's nuclear decommissioning funds, as well as the first quarter of 2022 impairment charge related to the investment in Mountain Valley Pipeline (see Note 3 – Nonrecurring Fair Value Measurements). NEE's effective income tax rate reflects the impact of unfavorable changes in the fair value of commodity derivatives for the three and nine months ended September 30, 2021. A reconciliation between the effective income tax rates and the applicable statutory rate is as follows: NEE FPL NEE FPL Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 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 1.7 5.4 4.5 2.9 1.3 1.0 4.4 3.7 Taxes attributable to noncontrolling interests 2.6 15.6 — — 6.8 6.9 — — PTCs and ITCs (4.7) (38.9) (1.9) (0.7) (9.4) (16.4) (1.1) (0.7) Amortization of deferred regulatory credit (2.9) (14.1) (4.1) (3.5) (6.7) (6.2) (4.0) (3.5) Other – net (0.5) 1.3 0.1 0.2 (1.5) (2.0) 0.1 — Effective income tax rate 17.2 % (9.7) % 19.6 % 19.9 % 11.5 % 4.3 % 20.4 % 20.5 % NEE recognizes PTCs as wind and solar 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 expected value of most wind and some solar projects and a fundamental component of such wind and solar 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 or loss. The amount of PTCs recognized can be significantly affected by wind and solar generation and by the roll off of PTCs after ten years of production absent a retrofitting of the wind and solar projects. On August 16, 2022, the Inflation Reduction Act of 2022 (IRA) was signed into law which includes: (i) extensions for wind and solar tax credits on facilities that start construction before the later of 2034 or the end of the calendar year following the year in which greenhouse gas emissions from U.S. electric generation are reduced by 75% from 2022 levels; (ii) a new solar PTC and standalone battery ITC; (iii) the ability to transfer renewable energy tax credits to an unrelated transferee; and (iv) a 15% corporate profits minimum tax based on pre-tax income for years after 2022. This legislation does not require NEE or FPL to revalue their deferred income taxes given that there was no change to the corporate tax rate. Pursuant to FPL’s 2021 rate agreement (see Note 11 – Rate Regulation), FPL will prospectively adjust base rates after a review by the FPSC for PTCs related to new solar generation facilities recovered in base rates during the term of the 2021 rate agreement. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Merger of FPL and Gulf Power Company – On January 1, 2021, FPL and Gulf Power Company merged, with FPL as the surviving entity. As a result of the merger, FPL acquired assets of approximately $6.7 billion, primarily relating to property, plant and equipment, net of approximately $4.9 billion and regulatory assets of $1.2 billion, and assumed liabilities of approximately $3.9 billion, including $1.8 billion of debt, primarily long-term debt, $729 million of deferred income taxes and $566 million of regulatory liabilities. Additionally, goodwill of approximately $2.7 billion and purchase accounting adjustments associated with the 2019 Gulf Power Company acquisition by NEE were transferred to FPL from Corporate and Other and, for impairment testing, the goodwill is included in the FPL reporting unit. The assets acquired and liabilities assumed by FPL were at carrying amounts as the merger was between entities under common control. GridLiance – On March 31, 2021, a wholly owned subsidiary of NEET acquired GridLiance, which owns and operates three FERC-regulated transmission utilities with approximately 700 miles of high-voltage transmission lines across six states, five in the Midwest and Nevada. The purchase price included approximately $502 million in cash consideration, and the assumption of approximately $175 million of debt, excluding post-closing adjustments. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair value. The approval by the FERC of GridLiance’s rates, which is intended to allow GridLiance to collect total revenues equal to GridLiance's costs for the development, financing, construction, operation and maintenance of GridLiance, including a reasonable rate of return on invested capital, is considered a fundamental input in measuring the fair value of GridLiance'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 $384 million, primarily relating to property, plant and equipment, and assumed liabilities of approximately $210 million, primarily relating to long-term debt. The acquisition agreements are subject to earn-out provisions for additional payments, valued at approximately $264 million at March 31, 2021, to be made upon the completion of capital expenditures for future development projects (see Note 3 – Contingent Consideration). The excess of the purchase price over the fair value of assets acquired and liabilities assumed resulted in approximately $592 million of goodwill which has been recognized on NEE's condensed consolidated balance sheets, of which approximately $586 million is expected to be deductible for tax purposes. Goodwill associated with the GridLiance acquisition is reflected within NEER and, for impairment testing, is included in the rate-regulated transmission reporting unit. The goodwill arising from the transaction represents expected benefits from continued expansion of NEE's regulated businesses. RNG Acquisition – On October 27, 2022, a wholly owned subsidiary of NextEra Energy Resources entered into several agreements to acquire 100% of a portfolio of renewable energy projects from the owners of Energy Power Partners Fund I, L.P. and North American Sustainable Energy Fund, L.P., as well as the related service provider, for approximately $1.1 billion, subject to closing adjustments, plus the assumption of approximately $37 million of existing project finance debt estimated at the time of closing. The portfolio primarily consists of 31 biogas projects, one of which is an operating renewable natural gas facility and the others of which are primarily operating landfill gas-to-electric facilities. The acquisition is expected to close in early 2023, subject to receipt of required regulatory approvals including approvals from the FERC. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Related Party Transactions | Related Party Transactions NextEra Energy Resources provides operational, management and administrative services as well as transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NextEra Energy Resources is also party to a CSCS agreement with a subsidiary of NEP. At September 30, 2022 and December 31, 2021, the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NextEra Energy Resources or its subsidiaries were approximately $65 million and $57 million, respectively, and are included in accounts payable. Fee income related to the CSCS agreement and the service agreements totaled approximately $45 million and $38 million for the three months ended September 30, 2022 and 2021, respectively, and $129 million and $108 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in operating revenues in NEE's condensed consolidated statements of income. Amounts due from NEP of approximately $81 million and $113 million are included in other receivables and $38 million and $40 million are included in noncurrent other assets at September 30, 2022 and December 31, 2021, respectively. NEECH or NextEra Energy Resources guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $2,513 million at September 30, 2022 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from 2022 to 2059, including certain project performance obligations, obligations under financing and interconnection agreements and obligations, primarily incurred and future construction payables, associated with the December 2021 sale of projects to NEP (see Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership 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 September 30, 2022, approximately $51 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. During 2022 and 2021, certain services, primarily engineering, construction and maintenance services, were provided to subsidiaries of NEE by related parties that NEE accounts for under the equity method of accounting. Charges for these services amounted to approximately $136 million and $161 million for the three months ended September 30, 2022 and 2021, respectively, and $424 million and $464 million for the nine months ended September 30, 2022 and 2021, respectively. See also Note 11 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests for sales to NEP. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) NEER – At September 30, 2022, NEE consolidates a number of VIEs within the NEER segment. Subsidiaries within the NEER segment are considered the primary beneficiary of these VIEs since they control the most significant activities of these VIEs, including operations and maintenance, and they have the obligation to absorb expected losses of these VIEs. Eight indirect subsidiaries of NextEra Energy Resources have an ownership interest ranging from approximately 50% to 67% in entities which own and operate solar generation facilities with the capability of producing a total of approximately 772 MW. Each of the subsidiaries is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NextEra Energy Resources. These entities sell their electric output to third parties under power sales contracts with expiration dates ranging from 2035 through 2052. These 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 NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs were approximately $1,895 million and $1,157 million, respectively, at September 30, 2022, and $1,851 million and $1,258 million, respectively, at December 31, 2021. At September 30, 2022 and December 31, 2021, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt. NEE consolidates a NEET VIE that constructed an approximately 280-mile electric transmission line that went into service during the first quarter of 2022. A NEET subsidiary is the primary beneficiary and controls the most significant activities of the VIE. NEET is entitled to receive 50% of the profits and losses of the entity. The assets and liabilities of the VIE totaled approximately $736 million and $15 million, respectively, at September 30, 2022, and $614 million and $64 million, respectively, at December 31, 2021. At September 30, 2022 and December 31, 2021, the assets of this VIE consisted primarily of property, plant and equipment. NextEra Energy Resources consolidates a VIE which has a 10% direct ownership interest in wind and solar generation facilities which have the capability of producing approximately 400 MW and 599 MW, respectively. These entities sell their electric output under power sales contracts to third parties with expiration dates ranging from 2025 through 2040. These entities are also considered a VIE because the holders of differential membership interests in these entities do not have substantive rights over the significant activities of these entities. The assets and liabilities of the VIE were approximately $1,507 million and $88 million, respectively, at September 30, 2022, and $1,518 million and $79 million, respectively, at December 31, 2021. At September 30, 2022 and December 31, 2021, the assets of this VIE consisted primarily of property, plant and equipment. NextEra Energy Resources consolidates 30 VIEs that primarily relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind generation as well as solar generation and solar generation plus battery storage facilities with the capability of producing a total of approximately 10,502 MW and 791 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. NextEra Energy Resources has financing obligations with respect to these entities, including third-party debt which is secured by liens against the generation facilities and the other assets of these entities or by pledges of NextEra Energy Resources' 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 $16,113 million and $1,106 million, respectively, at September 30, 2022. There were 33 of these consolidated VIEs at December 31, 2021, and the assets and liabilities of those VIEs at such date totaled approximately $17,419 million and $1,480 million, respectively. At September 30, 2022 and December 31, 2021, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and accounts payable. At September 30, 2022, subsidiaries of NEE had guarantees related to certain obligations of one of these consolidated VIEs. Other – At September 30, 2022 and December 31, 2021, several NEE subsidiaries had investments totaling approximately $3,806 million ($3,143 million at FPL) and $4,559 million ($3,799 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 asset-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 (see Note 6). These entities are limited partnerships or similar entity structures in which the limited partners or non-managing 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 $4,926 million and $4,214 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, subsidiaries of NEE had guarantees related to certain obligations of one of these entities, as well as commitments to invest an additional approximately $180 million and $110 million, respectively, in several of these entities. See further discussion of such guarantees and commitments in Note 12 – Commitments and – Contracts, respectively. |
Employee Retirement Benefits
Employee Retirement Benefits | 9 Months Ended |
Sep. 30, 2022 | |
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 cost (income) for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 (millions) Service cost $ 21 $ 23 $ — $ 1 $ 64 $ 68 $ 1 $ 1 Interest cost 19 16 2 1 58 48 4 3 Expected return on plan assets (90) (85) — — (271) (255) — — Amortization of actuarial loss — 6 1 1 — 18 2 4 Amortization of prior service benefit — — (1) (4) (1) (1) (3) (11) Special termination benefits (a) — — — — 52 — — — Net periodic cost (income) at NEE $ (50) $ (40) $ 2 $ (1) $ (98) $ (122) $ 4 $ (3) Net periodic cost (income) allocated to FPL $ (33) $ (27) $ 1 $ (1) $ (60) $ (81) $ 3 $ (3) ——————————————— (a) Reflects enhanced early retirement benefit. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Significant long-term debt issuances and borrowings during the nine months ended September 30, 2022 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: First mortgage bonds $ 1,500 2.45 % 2032 Senior unsecured notes $ 1,444 Variable (a) 2024 – 2072 NEECH: Debentures $ 5,375 2.94 % – 5.00 % 2024 – 2062 Debentures $ 400 Variable (a) 2024 Debentures, related to NEE's equity units $ 2,000 4.60 % 2027 Revolving credit facilities $ 850 (b) Variable (a) 2023 ——————————————— (a) Variable rate is based on an underlying index plus or minus a specified margin. (b) The borrowings occurred and were repaid during June 2022. Subsidiaries of NEE, including FPL, had credit facilities with total capacity at September 30, 2022 of approximately $18.5 billion ($6.0 billion for FPL) which provide for the funding of loans and/or issuance of letters of credit. At September 30, 2022, letters of credit outstanding under these credit facilities totaled approximately $4.1 billion ($3.0 million for FPL). There were no borrowings outstanding under these credit facilities at September 30, 2022. In August 2022, NEECH completed a remarketing of $1.5 billion aggregate principal amount of its Series J Debentures due September 1, 2024 that were issued in September 2019 as components of equity units issued concurrently by NEE (September 2019 equity units). The debentures are fully and unconditionally guaranteed by NEE. In connection with the remarketing of the debentures, the interest rate on the debentures was reset to 4.255% per year, and interest is payable on March 1 and September 1 of each year, commencing September 1, 2022. In connection with the settlement of the contracts to purchase NEE common stock that were issued as components of the September 2019 equity units, on September 1, 2022, NEE issued 21.6 million shares of common stock in exchange for $1.5 billion. In September 2022, NEE sold $2.0 billion of equity units (initially consisting of Corporate Units). Each equity unit has a stated amount of $50 and consists of a contract to purchase NEE common stock (stock purchase contract) and, initially, a 5% undivided beneficial ownership interest in a Series M Debenture due September 1, 2027, issued in the principal amount of $1,000 by NEECH. Each stock purchase contract requires the holder to purchase by no later than September 1, 2025 (the final settlement date) for a price of $50 in cash, a number of shares of NEE common stock (subject to antidilution adjustments) based on a price per share range described in the following sentence. If purchased on the final settlement date, as of September 30, 2022, the number of shares issued per equity unit would (subject to antidilution adjustments) range from 0.5626 shares if the applicable market value of a share of NEE common stock is less than or equal to $88.88 (the reference price) to 0.4500 shares if the applicable market value of a share is equal to or greater than $111.10 (the threshold appreciation price), with the applicable market value to be determined using the average closing prices of NEE common stock over a 20-day trading period ending August 27, 2025. Total annual distributions on the equity units are at the rate of 6.926%, consisting of interest on the debentures (4.60% per year) and payments under the stock purchase contracts (2.326% per year). The interest rate on the debentures is expected to be reset on or after March 1, 2025. A holder of an equity unit may satisfy its purchase obligation with proceeds raised from remarketing the NEECH debentures that are part of its equity unit. The undivided beneficial ownership interest in the NEECH debenture that is a component of each Corporate Unit is pledged to NEE to secure the holder's obligation to purchase NEE common stock under the related stock purchase contract. If a successful remarketing does not occur on or before the third business day prior to the final settlement date, and a holder has not notified NEE of its intention to settle the stock purchase contract with cash, the debentures that are components of the Corporate Units will be used to satisfy in full the holders' obligations to purchase NEE common stock under the related stock purchase contracts on the final settlement date. The debentures are fully and unconditionally guaranteed by NEE. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (millions, except per share amounts) Numerator – net income attributable to NEE $ 1,696 $ 447 $ 2,625 $ 2,369 Denominator: Weighted-average number of common shares outstanding – basic 1,972.5 1,962.7 1,967.5 1,962.2 Equity units, stock options, performance share awards and restricted stock (a) 6.4 10.2 6.1 9.1 Weighted-average number of common shares outstanding – assuming dilution 1,978.9 1,972.9 1,973.6 1,971.3 Earnings per share attributable to NEE: Basic $ 0.86 $ 0.23 $ 1.33 $ 1.21 Assuming dilution $ 0.86 $ 0.23 $ 1.33 $ 1.20 ——————————————— (a) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to equity units, stock options and/or performance share awards, as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 8.6 million and 1.2 million for the three months ended September 30, 2022 and 2021, respectively, and 42.6 million and 40.4 million for the nine months ended September 30, 2022 and 2021, 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 Related to Equity Method Investees Total (millions) Three months ended September 30, 2022 Balances, June 30, 2022 $ 19 $ (53) $ 25 $ (55) $ 5 $ (59) Other comprehensive income (loss) before reclassifications — (31) — (49) 1 (79) Amounts reclassified from AOCI — 1 (a) — — — 1 Net other comprehensive income (loss) — (30) — (49) 1 (78) Less other comprehensive loss attributable to noncontrolling interests — — — 23 — 23 Balances, September 30, 2022 $ 19 $ (83) $ 25 $ (81) $ 6 $ (114) Attributable to noncontrolling interests $ — $ — $ — $ (21) $ — $ (21) 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 Related to Equity Method Investees Total (millions) Nine months ended September 30, 2022 Balances, December 31, 2021 $ 14 $ 5 $ 25 $ (49) $ 5 $ — Other comprehensive income (loss) before reclassifications — (91) — (58) 1 (148) Amounts reclassified from AOCI 5 (b) 3 (a) — — — 8 Net other comprehensive income (loss) 5 (88) — (58) 1 (140) Less other comprehensive loss attributable to noncontrolling interests — — — 26 — 26 Balances, September 30, 2022 $ 19 $ (83) $ 25 $ (81) $ 6 $ (114) Attributable to noncontrolling interests $ — $ — $ — $ (21) $ — $ (21) ——————————————— (a) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (b) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. 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 Related to Equity Method Investees Total (millions) Three Months Ended September 30, 2021 Balances, June 30, 2021 $ 12 $ 11 $ (73) $ (39) $ 4 $ (85) Other comprehensive income (loss) before reclassifications — (2) — (13) 1 (14) Amounts reclassified from AOCI — (1) (a) 1 (b) — — — Net other comprehensive income (loss) — (3) 1 (13) 1 (14) Less other comprehensive loss attributable to noncontrolling interests — — — 5 — 5 Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) 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 Related to Equity Method Investees Total (millions) Nine Months Ended September 30, 2021 Balances, December 31, 2020 $ 8 $ 20 $ (75) $ (49) $ 4 $ (92) Other comprehensive income (loss) before reclassifications — (9) — 2 1 (6) Amounts reclassified from AOCI 4 (c) (3) (a) 3 (b) — — 4 Net other comprehensive income (loss) 4 (12) 3 2 1 (2) Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) ——————————————— (a) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (b) Reclassified to other net periodic benefit income in NEE's condensed consolidated statements of income. (c) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Rate Regulation – FPL's 2021 rate agreement provides that in the event the average 30-year U.S. Treasury rate is 2.49% or greater over a consecutive six-month period, FPL is authorized to increase the regulatory ROE to 10.80% with a range of 9.80% to 11.80%. During August 2022, this provision was triggered and effective September 1, 2022, FPL's authorized regulatory ROE and ROE range were increased. The increase in FPL's authorized regulatory ROE does not impact current base rates. FPL’s 2021 rate agreement also provides that in the event federal or state permanent corporate income tax changes become effective during the term of the rate agreement, FPL will prospectively adjust base rates after a review by the FPSC. As a result of the enactment of the IRA (see Note 4), FPL is now eligible for PTCs related to solar projects that entered service beginning in 2022, which results in a greater tax benefit, and consequently, greater customer savings. Thus, FPL filed a petition with the FPSC in September 2022 requesting approval for a $25 million refund to customers through a one-time reduction in the capacity cost recovery clause in the month of January 2023 and a decrease in annualized retail base revenues of approximately $70 million beginning January 1, 2023. Storm Reserve Deficit – In late September 2022, Hurricane Ian, which made landfall on the west coast of Florida near Fort Myers and exited on the east coast of Florida near Melbourne, caused extensive damage particularly in the southwest portion of FPL’s service territory and resulted in approximately 2.1 million customers experiencing electrical outages. As of October 7, 2022, essentially all customers that were able to accept electrical service had their service restored. Damage to FPL property was primarily to the transmission and distribution systems. Although FPL has not finalized its storm restoration costs associated with Hurricane Ian, FPL's preliminary estimate of recoverable storm restoration costs is approximately $1.1 billion. Prior to Hurricane Ian, FPL's storm reserve had a balance of approximately $220 million. At September 30, 2022, the estimated recoverable Hurricane Ian storm restoration costs exceeded the balance of the storm reserve by approximately $900 million. This deficit has been recorded by FPL as a noncurrent regulatory asset on NEE’s and FPL’s September 30, 2022 condensed consolidated balance sheet. Pursuant to FPL's 2021 rate agreement, storm restoration costs, plus an additional approximately $220 million to replenish the storm reserve, are recoverable from customers through a surcharge on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that produces a surcharge of no more than $4 for every 1,000 kWh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge. FPL is currently evaluating the timing and amount of the surcharge. The final storm restoration costs are subject to a prudence review by the FPSC. The unpaid portion of the storm restoration costs at September 30, 2022, of approximately $1.3 billion, including estimated capital costs, is included in other current liabilities on NEE’s and FPL’s condensed consolidated balance sheet . Restricted Cash – At September 30, 2022 and December 31, 2021, NEE had approximately $1,459 million ($33 million for FPL) and $677 million ($53 million for FPL), respectively, of restricted cash, which is included in current other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $261 million is netted against derivative assets and $1,258 million is netted against derivative liabilities at September 30, 2022 and $121 million is netted against derivative assets and $172 million is netted against derivative liabilities at December 31, 2021. See Note 2. Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests – In September 2022, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of a 67% controlling ownership interest in a battery storage facility in California with storage capacity of 230 MW, for cash proceeds of approximately $191 million, plus working capital and other adjustments of $3 million (subject to post-closing adjustments). A NextEra Energy Resources affiliate will continue to operate the facility included in the sale. In connection with the sale, a gain of approximately $87 million ($66 million after tax) was recorded in NEE's condensed consolidated statements of income for the three and nine months ended September 30, 2022 and is included in gains on disposal of businesses/assets – net. In December 2021, subsidiaries of NextEra Energy Resources sold their 100% ownership interest, comprised of a 50% controlling ownership interest to a NEP subsidiary and a 50% noncontrolling ownership interest to a third party, in a portfolio of seven wind generation facilities and six solar generation facilities representing a total generating capacity of 2,520 MW and 115 MW of battery storage capacity, three of which facilities were under construction. In connection with the three facilities that were under construction, approximately $668 million of cash received, which was subject to post-closing adjustments, was recorded as contract liabilities, which was included in current other liabilities on NEE’s condensed consolidated balance sheet at December 31, 2021. The three facilities achieved commercial operations during the first quarter of 2022 and approximately $551 million of contract liabilities were reversed and the sale of those facilities was recognized for accounting purposes. During the three months ended September 30, 2022, the IRA was enacted establishing a solar PTC (see Note 4) which substantially resolved the outstanding contingencies. Approximately $88 million of contract liabilities were reversed and a gain was recorded in NEE's condensed consolidated statements of income for the three and nine months ended September 30, 2022 which is included in gains on disposal of businesses/assets – net . The remaining contingencies are expected to be resolved in the fourth quarter of 2022. In addition, NextEra Energy Resources is responsible to pay for all construction costs related to the portfolio. At September 30, 2022 and December 31, 2021, approximately $142 million and $970 million, respectively, is included in accounts payable on NEE's condensed consolidated balance sheets and represents amounts owed by NextEra Energy Resources to NEP to reimburse NEP for construction costs. Credit Losses – NEE's credit department monitors current and forward credit exposure to counterparties and their affiliates. Prospective and existing customers are reviewed for creditworthiness based on established standards and credit quality indicators. Credit quality indicators and standards that are closely monitored include credit ratings, certain financial ratios and delinquency trends which are based off the latest available information. Customers not meeting minimum standards provide various credit enhancements or secured payment terms, such as letters of credit, the posting of margin cash collateral or use of master netting arrangements. For the nine months ended September 30, 2022 and 2021, NEE recorded approximately $85 million and $143 million of bad debt expense, including credit losses, respectively, which are included in O&M expenses in NEE’s condensed consolidated statements of income. The amounts recorded in 2021 primarily relate to credit losses at NEER driven by the operational and energy market impacts of the February 2021 weather event. The estimate for credit losses related to the impacts of the February 2021 weather event was developed based on NEE’s assessment of the ultimate collectability of these receivables under potential workout scenarios. At December 31, 2021, approximately $127 million of allowances were included in noncurrent other assets on NEE's condensed consolidated balance sheets related to the February 2021 weather event. During the three months ended June 30, 2022, the net receivable was settled. Property Plant and Equipment – Property, plant and equipment consists of the following: NEE FPL September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (millions) Electric plant in service and other property $ 121,700 $ 112,500 $ 72,811 $ 67,771 Nuclear fuel 1,569 1,606 1,118 1,170 Construction work in progress 15,961 14,141 6,055 6,326 Property, plant and equipment, gross 139,230 128,247 79,984 75,267 Accumulated depreciation and amortization (30,783) (28,899) (17,772) (17,040) Property, plant and equipment – net $ 108,447 $ 99,348 $ 62,212 $ 58,227 During the three months ended September 30, 2022 and 2021, FPL recorded AFUDC of approximately $25 million and $46 million, respectively, including AFUDC – equity of approximately $19 million and $35 million, respectively. During the nine months ended September 30, 2022 and 2021, FPL recorded AFUDC of approximately $106 million and $124 million, respectively, including AFUDC – equity of approximately $82 million and $93 million, respectively. During the three months ended September 30, 2022 and 2021, NEER capitalized interest on construction projects of approximately $46 million and $42 million, respectively. During the nine months ended September 30, 2022 and 2021, NEER capitalized interest on construction projects of approximately $119 million and $104 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments – NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction 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 development, construction and maintenance of its competitive energy businesses. Also see Note 3 – Contingent Consideration. At September 30, 2022, estimated capital expenditures, on an accrual basis, for the remainder of 2022 through 2026 were as follows: Remainder of 2022 2023 2024 2025 2026 Total (millions) FPL: Generation: (a) New (b) $ 985 $ 2,350 $ 2,180 $ 1,010 $ 1,045 $ 7,570 Existing 770 1,655 1,255 1,330 1,670 6,680 Transmission and distribution (c) 960 4,260 4,150 5,235 5,520 20,125 Nuclear fuel 90 125 160 200 200 775 General and other 290 675 655 615 660 2,895 Total $ 3,095 $ 9,065 $ 8,400 $ 8,390 $ 9,095 $ 38,045 NEER: (d) Wind (e) $ 780 $ 670 $ 375 $ 35 $ 30 $ 1,890 Solar (f) 1,400 2,690 670 5 — 4,765 Battery storage 190 540 — — 5 735 Nuclear, including nuclear fuel 95 170 215 220 230 930 Rate-regulated transmission 55 150 65 45 10 325 Other 135 390 155 100 85 865 Total $ 2,655 $ 4,610 $ 1,480 $ 405 $ 360 $ 9,510 ——————————————— (a) Includes AFUDC of approximately $20 million, $90 million, $90 million, $45 million and $35 million for the remainder of 2022 through 2026, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $30 million, $60 million, $50 million, $30 million and $0 million for the remainder of 2022 through 2026, respectively. (d) Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e) Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 4,034 MW, and related transmission. (f) Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 5,842 MW and related transmission. The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates. For example, the timing and ultimate cost associated with solar and battery storage capital expenditures may vary due to supply chain disruptions from Southeast Asian locations. In addition to guarantees noted in Note 6 with regards to NEP, NEECH has guaranteed or provided indemnifications or letters of credit related to third parties, including certain obligations of investments in joint ventures accounted for under the equity method, totaling approximately $502 million at September 30, 2022. These obligations primarily related to guaranteeing the residual value of certain financing leases. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material. 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 with expiration dates through 2042. At September 30, 2022, NEER has entered into contracts with expiration dates through 2033 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. Approximately $3.6 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 through 2040. The required capacity and/or minimum payments under contracts, including those discussed above, at September 30, 2022 were estimated as follows: Remainder of 2022 2023 2024 2025 2026 Thereafter (millions) FPL (a) $ 270 $ 985 $ 950 $ 925 $ 915 $ 8,860 NEER (b)(c)(d) $ 1,160 $ 2,235 $ 585 $ 115 $ 80 $ 545 ——————————————— (a) Includes approximately $105 million, $410 million, $410 million, $405 million, $400 million and $5,960 million for the remainder of 2022 through 2026 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 the three and nine months ended September 30, 2022, the charges associated with these agreements totaled approximately $104 million and $314 million, respectively, of which $26 million and $77 million, respectively, were eliminated in consolidation at NEE. For the three and nine months ended September 30, 2021, the charges associated with these agreements totaled approximately $105 million and $314 million, respectively, of which $26 million and $79 million, respectively, were eliminated in consolidation at NEE. (b) Excludes commitments related to equity contributions and a 20-year natural gas transportation agreement (approximately $70 million per year) with a joint venture, in which NEER has a 31.9% equity investment, that is constructing a natural gas pipeline. These commitments are subject to the completion of construction of the pipeline which has a very low probability of completion. See Note 3 – Nonrecurring Fair Value Measurements. (c) Includes approximately $230 million of commitments to invest in technology and other investments through 2031. See Note 7 – Other. (d) Includes approximately $120 million, $710 million, $360 million, $65 million, $0 million and $5 million for the remainder of 2022 through 2026 and thereafter, respectively, of joint obligations of NEECH and NEER. 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, except at Duane Arnold which obtained an exemption from the NRC and maintains a $100 million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $13.2 billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $963 million ($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 $143 million ($82 million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit No. 2, which approximates $16 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 limit of $50 million for property damage, decontamination risks and non-nuclear perils. NEE participates in co-insurance of 10% of the first $400 million of losses per site per occurrence, except at Duane Arnold. 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 $158 million ($101 million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $2 million, $2 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 FPL's storm restoration costs exceed the storm reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationThe tables below present information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses. Corporate and Other represents other business activities, includes eliminating entries, and may include the net effect of rounding. Effective January 1, 2022, FPL became regulated as one ratemaking entity with new unified rates and tariffs, and became one reportable segment at NEE. As a result, the previous segments known as the FPL segment and Gulf Power are no longer separate reportable segments. Prior year period amounts for FPL and Corporate and Other were retrospectively adjusted to reflect this segment change. NEE's segment information is as follows: Three Months Ended September 30, 2022 2021 FPL NEER (a) Corporate and Other NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 5,075 $ 1,652 $ (8) $ 6,719 $ 4,134 $ 258 $ (22) $ 4,370 Operating expenses – net $ 3,568 $ 1,341 $ 119 $ 5,028 $ 2,868 $ 1,093 $ 43 $ 4,004 Gains (losses) on disposal of businesses/assets – net $ — $ 173 $ (2) $ 171 $ — $ 12 $ 1 $ 13 Net loss attributable to noncontrolling interests $ — $ 137 $ — $ 137 $ — $ 143 $ — $ 143 Net income (loss) attributable to NEE $ 1,074 $ 655 (b) $ (33) $ 1,696 $ 927 $ (428) (b) $ (52) $ 447 Nine Months Ended September 30, 2022 2021 FPL NEER (a) Corporate NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 13,211 $ 1,627 $ (46) $ 14,792 $ 10,673 $ 1,420 $ (70) $ 12,023 Operating expenses – net $ 9,060 (c) $ 3,712 $ 181 $ 12,953 $ 7,064 (c) $ 3,289 $ 132 $ 10,485 Gains (losses) on disposal of businesses/assets – net $ 1 $ 208 $ (13) $ 196 $ 1 $ 25 $ (6) $ 20 Net loss attributable to noncontrolling interests $ — $ 646 $ — $ 646 $ — $ 495 $ — $ 495 Net income (loss) attributable to NEE $ 2,939 $ (711) (b) $ 397 $ 2,625 $ 2,586 $ (252) (b) $ 35 $ 2,369 ——————————————— (a) Interest expense allocated from NEECH to NextEra Energy Resources' subsidiaries is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (b) See Note 4 for a discussion of NEER's tax benefits related to PTCs. (c) FPL's income statement line for total operating expenses – net includes gains (losses) on disposal of businesses/assets – net. September 30, 2022 December 31, 2021 FPL NEER Corporate NEE FPL NEER Corporate NEE (millions) Total assets $ 85,153 $ 69,854 $ 1,402 $ 156,409 $ 78,067 $ 62,113 $ 732 $ 140,912 |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 fuel 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 recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows. |
Fair Value Measurements | Fair Value Measurements of Derivative Instruments – 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. 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. 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. Fair Value Measurement Alternative – NEE holds investments in equity securities without readily determinable fair values, which are initially recorded at cost, of approximately $415 million and $72 million at September 30, 2022 and December 31, 2021, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer. |
Restricted Cash | Restricted Cash – At September 30, 2022 and December 31, 2021, NEE had approximately $1,459 million ($33 million for FPL) and $677 million ($53 million for FPL), respectively, of restricted cash, which is included in current other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $261 million is netted against derivative assets and $1,258 million is netted against derivative liabilities at September 30, 2022 and $121 million is netted against derivative assets and $172 million is netted against derivative liabilities at December 31, 2021. See Note 2. |
Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests | Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests – In September 2022, subsidiaries of NextEra Energy Resources completed the sale to a NEP subsidiary of a 67% controlling ownership interest in a battery storage facility in California with storage capacity of 230 MW, for cash proceeds of approximately $191 million, plus working capital and other adjustments of $3 million (subject to post-closing adjustments). A NextEra Energy Resources affiliate will continue to operate the facility included in the sale. In connection with the sale, a gain of approximately $87 million ($66 million after tax) was recorded in NEE's condensed consolidated statements of income for the three and nine months ended September 30, 2022 and is included in gains on disposal of businesses/assets – net. In December 2021, subsidiaries of NextEra Energy Resources sold their 100% ownership interest, comprised of a 50% controlling ownership interest to a NEP subsidiary and a 50% noncontrolling ownership interest to a third party, in a portfolio of seven wind generation facilities and six solar generation facilities representing a total generating capacity of 2,520 MW and 115 MW of battery storage capacity, three of which facilities were under construction. In connection with the three facilities that were under construction, approximately $668 million of cash received, which was subject to post-closing adjustments, was recorded as contract liabilities, which was included in current other liabilities on NEE’s condensed consolidated balance sheet at December 31, 2021. The three facilities achieved commercial operations during the first quarter of 2022 and approximately $551 million of contract liabilities were reversed and the sale of those facilities was recognized for accounting purposes. During the three months ended September 30, 2022, the IRA was enacted establishing a solar PTC (see Note 4) which substantially resolved the outstanding contingencies. Approximately $88 million of contract liabilities were reversed and a gain was recorded in NEE's condensed consolidated statements of income for the three and nine months ended September 30, 2022 which is included in gains on disposal of businesses/assets – net . The remaining contingencies are expected to be resolved in the fourth quarter of 2022. In addition, NextEra Energy Resources is responsible to pay for all construction costs related to the portfolio. At September 30, 2022 and December 31, 2021, approximately $142 million and $970 million, respectively, is included in accounts payable on NEE's condensed consolidated balance sheets and represents amounts owed by NextEra Energy Resources to NEP to reimburse NEP for construction costs. |
Allowance for Doubtful Accounts | Credit Losses – NEE's credit department monitors current and forward credit exposure to counterparties and their affiliates. Prospective and existing customers are reviewed for creditworthiness based on established standards and credit quality indicators. Credit quality indicators and standards that are closely monitored include credit ratings, certain financial ratios and delinquency trends which are based off the latest available information. Customers not meeting minimum standards provide various credit enhancements or secured payment terms, such as letters of credit, the posting of margin cash collateral or use of master netting arrangements. For the nine months ended September 30, 2022 and 2021, NEE recorded approximately $85 million and $143 million of bad debt expense, including credit losses, respectively, which are included in O&M expenses in NEE’s condensed consolidated statements of income. The amounts recorded in 2021 primarily relate to credit losses at NEER driven by the operational and energy market impacts of the February 2021 weather event. The estimate for credit losses related to the impacts of the February 2021 weather event was developed based on NEE’s assessment of the ultimate collectability of these receivables under |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021, 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, as well as the location of the net derivative position on the condensed consolidated balance sheets. September 30, 2022 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 4,477 $ 12,281 $ 2,280 $ (15,990) $ 3,048 Interest rate contracts $ — $ 533 $ — $ (14) 519 Foreign currency contracts $ — $ — $ — $ (23) (23) Total derivative assets $ 3,544 FPL – commodity contracts $ — $ 13 $ 50 $ (9) $ 54 Liabilities: NEE: Commodity contracts $ 6,687 $ 11,671 $ 3,956 $ (16,463) $ 5,851 Interest rate contracts $ — $ 33 $ — $ (14) 19 Foreign currency contracts $ — $ 189 $ — $ (23) 166 Total derivative liabilities $ 6,036 FPL – commodity contracts $ — $ 4 $ 29 $ (9) $ 24 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 1,431 Noncurrent derivative assets (c) 2,113 Total derivative assets $ 3,544 Current derivative liabilities (d) $ 2,969 Noncurrent derivative liabilities (e) 3,067 Total derivative liabilities $ 6,036 Net fair value by FPL balance sheet line item: Current other assets $ 52 Noncurrent other assets 2 Total derivative assets $ 54 Current other liabilities $ 20 Noncurrent other liabilities 4 Total derivative liabilities $ 24 ——————————————— (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) Reflects the netting of approximately $570 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $221 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $6 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $1,258 million in margin cash collateral paid to counterparties. December 31, 2021 Level 1 Level 2 Level 3 Netting (a) Total (millions) Assets: NEE: Commodity contracts $ 1,896 $ 5,082 $ 1,401 $ (6,622) $ 1,757 Interest rate contracts $ — $ 106 $ — $ (30) 76 Foreign currency contracts $ — $ 8 $ — $ (17) (9) Total derivative assets $ 1,824 FPL – commodity contracts $ — $ 3 $ 13 $ (3) $ 13 Liabilities: NEE: Commodity contracts $ 2,571 $ 4,990 $ 1,231 $ (6,594) $ 2,198 Interest rate contracts $ — $ 739 $ — $ (30) 709 Foreign currency contracts $ — $ 86 $ — $ (17) 69 Total derivative liabilities $ 2,976 FPL – commodity contracts $ — $ 8 $ 5 $ (3) $ 10 Net fair value by NEE balance sheet line item: Current derivative assets (b) $ 689 Noncurrent derivative assets (c) 1,135 Total derivative assets $ 1,824 Current derivative liabilities (d) $ 1,263 Noncurrent derivative liabilities (e) 1,713 Total derivative liabilities $ 2,976 Net fair value by FPL balance sheet line item: Current other assets $ 13 Current other liabilities $ 9 Noncurrent other liabilities 1 Total derivative liabilities $ 10 ——————————————— (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) Reflects the netting of approximately $150 million in margin cash collateral received from counterparties. (c) Reflects the netting of approximately $56 million in margin cash collateral received from counterparties. (d) Reflects the netting of approximately $6 million in margin cash collateral paid to counterparties. (e) Reflects the netting of approximately $172 million in margin cash collateral paid to counterparties. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at September 30, 2022 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type September 30, 2022 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 178 $ 619 Discounted cash flow Forward price (per MWh) $(7) — $461 $51 Forward contracts – gas 330 323 Discounted cash flow Forward price (per MMBtu) $3 — $35 $5 Forward contracts – congestion 50 12 Discounted cash flow Forward price (per MWh) $(24) — $25 $1 Options – power 79 1 Option models Implied correlations 42% — 89% 56% Implied volatilities 20% — 225% 57% Options – primarily gas 1,368 1,271 Option models Implied correlations 42% — 89% 56% Implied volatilities 24% — 192% 63% Full requirements and unit contingent contracts 129 1,583 Discounted cash flow Forward price (per MWh) $12 — $512 $99 Customer migration rate (b) —% — 122% 6% Forward contracts – other 146 147 Total $ 2,280 $ 3,956 ——————————————— (a) Unobservable inputs were weighted by volume. (b) 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 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 of derivatives measured based on significant unobservable inputs | The reconciliation of changes in the fair value of derivatives that are based on significant unobservable inputs is as follows: Three Months Ended September 30, 2022 2021 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at June 30 $ (1,594) $ 83 $ 584 $ — Realized and unrealized gains (losses): Included in operating revenues (695) — (1,138) — Included in regulatory assets and liabilities 92 92 1 1 Purchases 90 — 62 — Settlements 482 (154) 80 (2) Issuances (57) — (52) — Transfers out (a) 6 — 15 — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (1,676) $ 21 $ (448) $ (1) Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ (446) $ — $ (1,107) $ — ——————————————— (a) Transfers from Level 3 to Level 2 were a result of increased observability of market data. Nine Months Ended September 30, 2022 2021 NEE FPL NEE FPL (millions) Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period $ 170 $ 8 $ 1,374 $ (1) Realized and unrealized gains (losses): Included in operating revenues (3,215) — (1,795) — Included in regulatory assets and liabilities 161 161 2 2 Purchases 469 — 153 — Settlements 1,043 (148) (54) (2) Issuances (289) — (116) — Transfers in (a) — — 1 — Transfers out (a) (15) — (13) — Fair value of net derivatives based on significant unobservable inputs at September 30 $ (1,676) $ 21 $ (448) $ (1) Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date $ (2,081) $ — $ (1,581) $ — ——————————————— |
Net notional volumes | NEE and FPL had derivative commodity contracts for the following net notional volumes: September 30, 2022 December 31, 2021 Commodity Type NEE FPL NEE FPL (millions) Power (660) MWh — (103) MWh — Natural gas (1,467) MMBtu 151 MMBtu (1,290) MMBtu 91 MMBtu Oil (38) barrels — (33) barrels — |
Not Designated as Hedging Instrument | |
Derivative [Line Items] | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (millions) Commodity contracts (a) – operating revenues (including $10 unrealized losses, $1,236 unrealized losses, $2,942 unrealized losses and $2,563 unrealized losses, respectively) $ (122) $ (1,291) $ (3,488) $ (2,708) Foreign currency contracts – interest expense (including $32 unrealized losses, $15 unrealized losses, $113 unrealized losses and $69 unrealized losses, respectively) (36) (13) (121) (69) Interest rate contracts – interest expense (including $16 unrealized gains, $23 unrealized gains, $1,131 unrealized gains and $382 unrealized gains, respectively) 236 7 1,321 340 Losses reclassified from AOCI to interest expense: Interest rate contracts — (1) (5) (4) Foreign currency contracts (1) (1) (2) (2) Total $ 77 $ (1,299) $ (2,295) $ (2,443) ——————————————— (a) For the three and nine months ended September 30, 2022, FPL recorded gains of approximately $131 million and $110 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. For the three and nine months ended September 30, 2021, FPL recorded gains of approximately $9 million and $13 million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets. |
Non-Derivative Fair Value Mea_2
Non-Derivative Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial assets and liabilities and other fair value measurements | NEE's and FPL's financial assets and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: September 30, 2022 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 1,816 $ — $ — $ 1,816 FPL – equity securities $ 1,189 $ — $ — $ 1,189 Special use funds: (b) NEE: Equity securities $ 1,932 $ 2,215 (c) $ — $ 4,147 U.S. Government and municipal bonds $ 642 $ 62 $ — $ 704 Corporate debt securities $ 6 $ 760 $ — $ 766 Asset-backed securities $ — $ 608 $ — $ 608 Other debt securities $ — $ 19 $ — $ 19 FPL: Equity securities $ 710 $ 2,015 (c) $ — $ 2,725 U.S. Government and municipal bonds $ 520 $ 32 $ — $ 552 Corporate debt securities $ 5 $ 576 $ — $ 581 Asset-backed securities $ — $ 475 $ — $ 475 Other debt securities $ — $ 9 $ — $ 9 Other investments: (d) NEE: Equity securities $ 31 $ 1 $ — $ 32 Debt securities $ 125 $ 191 $ 124 $ 440 FPL – equity securities $ 10 $ — $ — $ 10 ——————————————— (a) Includes restricted cash equivalents of approximately $55 million ($33 million for FPL) in current other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. December 31, 2021 Level 1 Level 2 Level 3 Total (millions) Assets: Cash equivalents and restricted cash equivalents: (a) NEE – equity securities $ 176 $ — $ — $ 176 FPL – equity securities $ 58 $ — $ — $ 58 Special use funds: (b) NEE: Equity securities $ 2,538 $ 2,973 (c) $ — $ 5,511 U.S. Government and municipal bonds $ 770 $ 75 $ — $ 845 Corporate debt securities $ 7 $ 955 $ — $ 962 Asset-backed securities $ — $ 663 $ — $ 663 Other debt securities $ 2 $ 33 $ — $ 35 FPL: Equity securities $ 862 $ 2,690 (c) $ — $ 3,552 U.S. Government and municipal bonds $ 624 $ 44 $ — $ 668 Corporate debt securities $ 6 $ 720 $ — $ 726 Asset-backed securities $ — $ 515 $ — $ 515 Other debt securities $ 2 $ 23 $ — $ 25 Other investments: (d) NEE: Equity securities $ 70 $ 2 $ — $ 72 Debt securities $ 111 $ 162 $ 12 $ 285 FPL – equity securities $ 13 $ — $ — $ 13 ——————————————— (a) Includes restricted cash equivalents of approximately $56 million ($53 million for FPL) in current other assets on the condensed consolidated balance sheets. (b) Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below. (c) Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL. (d) Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets. |
Significant unobservable inputs used in valuation of contracts categorized as Level 3 | The significant unobservable inputs used in the valuation of NEE's commodity contracts categorized as Level 3 of the fair value hierarchy at September 30, 2022 are as follows: Fair Value at Valuation Significant Weighted- Transaction Type September 30, 2022 Technique(s) Unobservable Inputs Range average (a) Assets Liabilities (millions) Forward contracts – power $ 178 $ 619 Discounted cash flow Forward price (per MWh) $(7) — $461 $51 Forward contracts – gas 330 323 Discounted cash flow Forward price (per MMBtu) $3 — $35 $5 Forward contracts – congestion 50 12 Discounted cash flow Forward price (per MWh) $(24) — $25 $1 Options – power 79 1 Option models Implied correlations 42% — 89% 56% Implied volatilities 20% — 225% 57% Options – primarily gas 1,368 1,271 Option models Implied correlations 42% — 89% 56% Implied volatilities 24% — 192% 63% Full requirements and unit contingent contracts 129 1,583 Discounted cash flow Forward price (per MWh) $12 — $512 $99 Customer migration rate (b) —% — 122% 6% Forward contracts – other 146 147 Total $ 2,280 $ 3,956 ——————————————— (a) Unobservable inputs were weighted by volume. (b) Applies only to full requirements contracts. |
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: September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated (millions) NEE: Special use funds (a) $ 951 $ 951 $ 906 $ 907 Other receivables (b) $ 110 $ 110 $ 26 $ 26 Long-term debt, including current portion $ 61,962 $ 57,029 (c) $ 52,745 $ 57,290 (c) FPL: Special use funds (a) $ 706 $ 706 $ 672 $ 672 Long-term debt, including current portion $ 20,998 $ 19,028 (c) $ 18,510 $ 21,379 (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 on NEE's condensed consolidated balance sheets (primarily Level 3). (c) At September 30, 2022 and December 31, 2021, substantially all is Level 2 for NEE and FPL. |
Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date | Unrealized gains (losses) recognized on equity securities held at September 30, 2022 and 2021 are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 (millions) Unrealized gains (losses) $ (222) $ (25) $ (1,317) $ 565 $ (135) $ (13) $ (857) $ 375 |
Gains and Losses on Available-for-sale Debt Securities | Realized gains and losses and proceeds from the sale or maturity of available for sale debt securities are as follows: NEE FPL Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 (millions) Realized gains $ 8 $ 17 $ 26 $ 61 $ 6 $ 14 $ 20 $ 46 Realized losses $ 41 $ 14 $ 100 $ 58 $ 36 $ 11 $ 79 $ 46 Proceeds from sale or maturity of securities $ 681 $ 245 $ 1,901 $ 1,303 $ 324 $ 191 $ 1,001 $ 988 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 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (millions) Unrealized gains $ 2 $ 76 $ 2 $ 63 Unrealized losses (a) $ 342 $ 19 $ 239 $ 15 Fair value $ 2,378 $ 1,100 $ 1,598 $ 857 ——————————————— (a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at September 30, 2022 and December 31, 2021 were not material to NEE or FPL. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 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 1.7 5.4 4.5 2.9 1.3 1.0 4.4 3.7 Taxes attributable to noncontrolling interests 2.6 15.6 — — 6.8 6.9 — — PTCs and ITCs (4.7) (38.9) (1.9) (0.7) (9.4) (16.4) (1.1) (0.7) Amortization of deferred regulatory credit (2.9) (14.1) (4.1) (3.5) (6.7) (6.2) (4.0) (3.5) Other – net (0.5) 1.3 0.1 0.2 (1.5) (2.0) 0.1 — Effective income tax rate 17.2 % (9.7) % 19.6 % 19.9 % 11.5 % 4.3 % 20.4 % 20.5 % |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Net periodic benefit (income) cost | The components of net periodic cost (income) for the plans are as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 2022 2021 2022 2021 (millions) Service cost $ 21 $ 23 $ — $ 1 $ 64 $ 68 $ 1 $ 1 Interest cost 19 16 2 1 58 48 4 3 Expected return on plan assets (90) (85) — — (271) (255) — — Amortization of actuarial loss — 6 1 1 — 18 2 4 Amortization of prior service benefit — — (1) (4) (1) (1) (3) (11) Special termination benefits (a) — — — — 52 — — — Net periodic cost (income) at NEE $ (50) $ (40) $ 2 $ (1) $ (98) $ (122) $ 4 $ (3) Net periodic cost (income) allocated to FPL $ (33) $ (27) $ 1 $ (1) $ (60) $ (81) $ 3 $ (3) ——————————————— (a) Reflects enhanced early retirement benefit. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt issuances and borrowings | Significant long-term debt issuances and borrowings during the nine months ended September 30, 2022 were as follows: Principal Amount Interest Rate Maturity Date (millions) FPL: First mortgage bonds $ 1,500 2.45 % 2032 Senior unsecured notes $ 1,444 Variable (a) 2024 – 2072 NEECH: Debentures $ 5,375 2.94 % – 5.00 % 2024 – 2062 Debentures $ 400 Variable (a) 2024 Debentures, related to NEE's equity units $ 2,000 4.60 % 2027 Revolving credit facilities $ 850 (b) Variable (a) 2023 ——————————————— (a) Variable rate is based on an underlying index plus or minus a specified margin. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (millions, except per share amounts) Numerator – net income attributable to NEE $ 1,696 $ 447 $ 2,625 $ 2,369 Denominator: Weighted-average number of common shares outstanding – basic 1,972.5 1,962.7 1,967.5 1,962.2 Equity units, stock options, performance share awards and restricted stock (a) 6.4 10.2 6.1 9.1 Weighted-average number of common shares outstanding – assuming dilution 1,978.9 1,972.9 1,973.6 1,971.3 Earnings per share attributable to NEE: Basic $ 0.86 $ 0.23 $ 1.33 $ 1.21 Assuming dilution $ 0.86 $ 0.23 $ 1.33 $ 1.20 ——————————————— (a) Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows: Accumulated Other Comprehensive Income (Loss) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available for Sale Securities Defined Benefit Pension and Other Benefits Plans Net Unrealized Gains (Losses) on Foreign Currency Translation Other Comprehensive Income Related to Equity Method Investees Total (millions) Three months ended September 30, 2022 Balances, June 30, 2022 $ 19 $ (53) $ 25 $ (55) $ 5 $ (59) Other comprehensive income (loss) before reclassifications — (31) — (49) 1 (79) Amounts reclassified from AOCI — 1 (a) — — — 1 Net other comprehensive income (loss) — (30) — (49) 1 (78) Less other comprehensive loss attributable to noncontrolling interests — — — 23 — 23 Balances, September 30, 2022 $ 19 $ (83) $ 25 $ (81) $ 6 $ (114) Attributable to noncontrolling interests $ — $ — $ — $ (21) $ — $ (21) 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 Related to Equity Method Investees Total (millions) Nine months ended September 30, 2022 Balances, December 31, 2021 $ 14 $ 5 $ 25 $ (49) $ 5 $ — Other comprehensive income (loss) before reclassifications — (91) — (58) 1 (148) Amounts reclassified from AOCI 5 (b) 3 (a) — — — 8 Net other comprehensive income (loss) 5 (88) — (58) 1 (140) Less other comprehensive loss attributable to noncontrolling interests — — — 26 — 26 Balances, September 30, 2022 $ 19 $ (83) $ 25 $ (81) $ 6 $ (114) Attributable to noncontrolling interests $ — $ — $ — $ (21) $ — $ (21) ——————————————— (a) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (b) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. 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 Related to Equity Method Investees Total (millions) Three Months Ended September 30, 2021 Balances, June 30, 2021 $ 12 $ 11 $ (73) $ (39) $ 4 $ (85) Other comprehensive income (loss) before reclassifications — (2) — (13) 1 (14) Amounts reclassified from AOCI — (1) (a) 1 (b) — — — Net other comprehensive income (loss) — (3) 1 (13) 1 (14) Less other comprehensive loss attributable to noncontrolling interests — — — 5 — 5 Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) 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 Related to Equity Method Investees Total (millions) Nine Months Ended September 30, 2021 Balances, December 31, 2020 $ 8 $ 20 $ (75) $ (49) $ 4 $ (92) Other comprehensive income (loss) before reclassifications — (9) — 2 1 (6) Amounts reclassified from AOCI 4 (c) (3) (a) 3 (b) — — 4 Net other comprehensive income (loss) 4 (12) 3 2 1 (2) Balances, September 30, 2021 $ 12 $ 8 $ (72) $ (47) $ 5 $ (94) Attributable to noncontrolling interests $ — $ — $ — $ (8) $ — $ (8) ——————————————— (a) Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income. (b) Reclassified to other net periodic benefit income in NEE's condensed consolidated statements of income. (c) Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment | Property Plant and Equipment – Property, plant and equipment consists of the following: NEE FPL September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (millions) Electric plant in service and other property $ 121,700 $ 112,500 $ 72,811 $ 67,771 Nuclear fuel 1,569 1,606 1,118 1,170 Construction work in progress 15,961 14,141 6,055 6,326 Property, plant and equipment, gross 139,230 128,247 79,984 75,267 Accumulated depreciation and amortization (30,783) (28,899) (17,772) (17,040) Property, plant and equipment – net $ 108,447 $ 99,348 $ 62,212 $ 58,227 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies [Abstract] | |
Schedule of Planned Capital Expenditures | At September 30, 2022, estimated capital expenditures, on an accrual basis, for the remainder of 2022 through 2026 were as follows: Remainder of 2022 2023 2024 2025 2026 Total (millions) FPL: Generation: (a) New (b) $ 985 $ 2,350 $ 2,180 $ 1,010 $ 1,045 $ 7,570 Existing 770 1,655 1,255 1,330 1,670 6,680 Transmission and distribution (c) 960 4,260 4,150 5,235 5,520 20,125 Nuclear fuel 90 125 160 200 200 775 General and other 290 675 655 615 660 2,895 Total $ 3,095 $ 9,065 $ 8,400 $ 8,390 $ 9,095 $ 38,045 NEER: (d) Wind (e) $ 780 $ 670 $ 375 $ 35 $ 30 $ 1,890 Solar (f) 1,400 2,690 670 5 — 4,765 Battery storage 190 540 — — 5 735 Nuclear, including nuclear fuel 95 170 215 220 230 930 Rate-regulated transmission 55 150 65 45 10 325 Other 135 390 155 100 85 865 Total $ 2,655 $ 4,610 $ 1,480 $ 405 $ 360 $ 9,510 ——————————————— (a) Includes AFUDC of approximately $20 million, $90 million, $90 million, $45 million and $35 million for the remainder of 2022 through 2026, respectively. (b) Includes land, generation structures, transmission interconnection and integration and licensing. (c) Includes AFUDC of approximately $30 million, $60 million, $50 million, $30 million and $0 million for the remainder of 2022 through 2026, respectively. (d) Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received. (e) Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 4,034 MW, and related transmission. |
Required capacity and/or minimum payments under contracts | The required capacity and/or minimum payments under contracts, including those discussed above, at September 30, 2022 were estimated as follows: Remainder of 2022 2023 2024 2025 2026 Thereafter (millions) FPL (a) $ 270 $ 985 $ 950 $ 925 $ 915 $ 8,860 NEER (b)(c)(d) $ 1,160 $ 2,235 $ 585 $ 115 $ 80 $ 545 ——————————————— (a) Includes approximately $105 million, $410 million, $410 million, $405 million, $400 million and $5,960 million for the remainder of 2022 through 2026 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 the three and nine months ended September 30, 2022, the charges associated with these agreements totaled approximately $104 million and $314 million, respectively, of which $26 million and $77 million, respectively, were eliminated in consolidation at NEE. For the three and nine months ended September 30, 2021, the charges associated with these agreements totaled approximately $105 million and $314 million, respectively, of which $26 million and $79 million, respectively, were eliminated in consolidation at NEE. (b) Excludes commitments related to equity contributions and a 20-year natural gas transportation agreement (approximately $70 million per year) with a joint venture, in which NEER has a 31.9% equity investment, that is constructing a natural gas pipeline. These commitments are subject to the completion of construction of the pipeline which has a very low probability of completion. See Note 3 – Nonrecurring Fair Value Measurements. (c) Includes approximately $230 million of commitments to invest in technology and other investments through 2031. See Note 7 – Other. (d) Includes approximately $120 million, $710 million, $360 million, $65 million, $0 million and $5 million for the remainder of 2022 through 2026 and thereafter, respectively, of joint obligations of NEECH and NEER. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment information | NEE's segment information is as follows: Three Months Ended September 30, 2022 2021 FPL NEER (a) Corporate and Other NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 5,075 $ 1,652 $ (8) $ 6,719 $ 4,134 $ 258 $ (22) $ 4,370 Operating expenses – net $ 3,568 $ 1,341 $ 119 $ 5,028 $ 2,868 $ 1,093 $ 43 $ 4,004 Gains (losses) on disposal of businesses/assets – net $ — $ 173 $ (2) $ 171 $ — $ 12 $ 1 $ 13 Net loss attributable to noncontrolling interests $ — $ 137 $ — $ 137 $ — $ 143 $ — $ 143 Net income (loss) attributable to NEE $ 1,074 $ 655 (b) $ (33) $ 1,696 $ 927 $ (428) (b) $ (52) $ 447 Nine Months Ended September 30, 2022 2021 FPL NEER (a) Corporate NEE FPL NEER (a) Corporate NEE (millions) Operating revenues $ 13,211 $ 1,627 $ (46) $ 14,792 $ 10,673 $ 1,420 $ (70) $ 12,023 Operating expenses – net $ 9,060 (c) $ 3,712 $ 181 $ 12,953 $ 7,064 (c) $ 3,289 $ 132 $ 10,485 Gains (losses) on disposal of businesses/assets – net $ 1 $ 208 $ (13) $ 196 $ 1 $ 25 $ (6) $ 20 Net loss attributable to noncontrolling interests $ — $ 646 $ — $ 646 $ — $ 495 $ — $ 495 Net income (loss) attributable to NEE $ 2,939 $ (711) (b) $ 397 $ 2,625 $ 2,586 $ (252) (b) $ 35 $ 2,369 ——————————————— (a) Interest expense allocated from NEECH to NextEra Energy Resources' subsidiaries is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other. (b) See Note 4 for a discussion of NEER's tax benefits related to PTCs. (c) FPL's income statement line for total operating expenses – net includes gains (losses) on disposal of businesses/assets – net. September 30, 2022 December 31, 2021 FPL NEER Corporate NEE FPL NEER Corporate NEE (millions) Total assets $ 85,153 $ 69,854 $ 1,402 $ 156,409 $ 78,067 $ 62,113 $ 732 $ 140,912 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 6,400 | $ 5,400 | $ 17,400 | $ 14,100 | |
Florida Power & Light Company | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 5,100 | $ 4,100 | 13,200 | 10,600 | |
Unbilled revenues | 693 | 693 | $ 583 | ||
Revenue, remaining performance obligation | 400 | 400 | |||
NEER Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Unrecognized revenue | $ 180 | ||||
Revenue, remaining performance obligation | $ 1,200 | $ 1,200 | |||
Revenue Benchmark [Member] | Florida Power & Light Company | Customer Concentration Risk | Retail Customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Concentration risk, percentage | 90% |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Total loss to be reclassified during next 12 months | $ 3,000,000 | |
Margin cash collateral received from counterparties that was not offset against derivative assets | 50,000,000 | $ 56,000,000 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | 424,000,000 | 673,000,000 |
Florida Power & Light Company | ||
Derivative [Line Items] | ||
Margin cash collateral received from counterparties that was not offset against derivative assets | 0 | 0 |
Margin cash collateral provided to counterparties that was not offset against derivative assets or liabilities | $ 0 | $ 0 |
Derivative Instruments (Balance
Derivative Instruments (Balance Sheet Disclosure) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 3,544 | $ 1,824 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Derivative Asset, Current | $ 1,431 | $ 689 |
Derivative Asset, Noncurrent | 2,113 | 1,135 |
Derivative liability | $ 6,036 | $ 2,976 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current | Other Assets, Current |
Derivative Liability, Current | $ 2,969 | $ 1,263 |
Derivative Liability, Noncurrent | $ 3,067 | 1,713 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | |
Current Derivative Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 570 | 150 |
Non Current Derivative Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 221 | 56 |
Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 6 | 6 |
Non Current derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 1,258 | 172 |
Commodity contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,048 | 1,757 |
Derivative liability | 5,851 | 2,198 |
Derivative asset, netting | (15,990) | (6,622) |
Derivative liability, netting | (16,463) | (6,594) |
Commodity contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 4,477 | 1,896 |
Derivative Liability, Gross Liability | 6,687 | 2,571 |
Commodity contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 12,281 | 5,082 |
Derivative Liability, Gross Liability | 11,671 | 4,990 |
Commodity contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 2,280 | 1,401 |
Derivative Liability, Gross Liability | 3,956 | 1,231 |
Interest rate contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 519 | 76 |
Derivative liability | 19 | 709 |
Derivative asset, netting | (14) | (30) |
Derivative liability, netting | (14) | (30) |
Interest rate contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Interest rate contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 533 | 106 |
Derivative Liability, Gross Liability | 33 | 739 |
Interest rate contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Foreign currency contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (23) | (9) |
Derivative liability | 166 | 69 |
Derivative asset, netting | (23) | (17) |
Derivative liability, netting | (23) | (17) |
Foreign currency contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Foreign currency contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 8 |
Derivative Liability, Gross Liability | 189 | 86 |
Foreign currency contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Florida Power & Light Company | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 54 | |
Derivative Asset, Current | 52 | 13 |
Derivative Asset, Noncurrent | 2 | |
Derivative liability | 24 | 10 |
Derivative Liability, Current | 20 | 9 |
Derivative Liability, Noncurrent | 4 | 1 |
Florida Power & Light Company | Commodity contracts | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 54 | 13 |
Derivative liability | 24 | 10 |
Derivative asset, netting | (9) | (3) |
Derivative liability, netting | (9) | (3) |
Florida Power & Light Company | Commodity contracts | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 0 | 0 |
Derivative Liability, Gross Liability | 0 | 0 |
Florida Power & Light Company | Commodity contracts | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 13 | 3 |
Derivative Liability, Gross Liability | 4 | 8 |
Florida Power & Light Company | Commodity contracts | Level 3 | Fair value measurements made on a recurring basis [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Gross Asset | 50 | 13 |
Derivative Liability, Gross Liability | $ 29 | $ 5 |
Derivative Instruments (Signifi
Derivative Instruments (Significant Unobservable Inputs) (Details) - Level 3 | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 2,280,000,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,956,000,000 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 461 |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (7) |
Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 51 |
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 | 178,000,000 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 35 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 3 |
Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 5 |
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 | 330,000,000 |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 25 |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | (24) |
Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 1 |
Forward contracts - Congestion [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Congestion [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 50,000,000 |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 89% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 42% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Correlations [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 56% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 225% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 20% |
Option Contracts, Power [Member] | Option Contracts, Power [Member] | Implied Volatilities [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 57% |
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 | $ 79,000,000 |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 89% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 42% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Correlations [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 56% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Maximum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 192% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Minimum | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 24% |
Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Implied Volatilities [Member] | Weighted Average [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 63% |
Option Contracts, Primarily Gas [Member] | Derivative Financial Instruments, Assets [Member] | Option Contracts, Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | $ 1,368,000,000 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 512 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | 12 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Forward Price [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Forward price (in dollars per energy unit) | $ 99 |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Maximum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 122% |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Minimum | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 0% |
Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Customer Migration Rate [Member] | Weighted Average [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Expected Rates | 6% |
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 | $ 129,000,000 |
Forward contracts - Other [Member] [Member] | Derivative Financial Instruments, Assets [Member] | Forward contracts - Other [Member] [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets, Fair Value Disclosure | 146,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts - Power [Member] | Forward Contracts - Power [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 619,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Gas [Member] | Forward contracts - Gas [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 323,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Congestion [Member] | Forward contracts - Congestion [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 12,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Power [Member] | Option Contracts, Power [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Option Contracts, Primarily Gas [Member] | Option Contracts, Gas [Member] | Option Models [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,271,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Full Requirements and Unit Contingent Contracts [Member] | Full Requirements and Unit Contingent Contracts [Member] | Discounted Cash Flow Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,583,000,000 |
Derivative Financial Instruments, Liabilities [Member] | Forward contracts - Other [Member] [Member] | Forward contracts - Other [Member] [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 147,000,000 |
Derivative Instruments (Reconci
Derivative Instruments (Reconciliation of Changes in the Fair Value) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | $ (1,676) | $ (448) | $ (1,676) | $ (448) |
Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | (1,594) | 584 | 170 | 1,374 |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in earnings | (695) | (1,138) | (3,215) | (1,795) |
Included in regulatory assets and liabilities | 92 | 1 | 161 | 2 |
Purchases | 90 | 62 | 469 | 153 |
Settlements | 482 | 80 | 1,043 | (54) |
Issuances | (57) | (52) | (289) | (116) |
Transfers out | 6 | 15 | (15) | (13) |
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date | (446) | (1,107) | (2,081) | (1,581) |
Transfers in | 0 | 1 | ||
Florida Power & Light Company | ||||
Realized and unrealized gains (losses): [Abstract] | ||||
Fair value based on significant unobservable inputs, ending balance | 21 | (1) | 21 | (1) |
Florida Power & Light Company | Derivative Financial Instruments, Net [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value based on significant unobservable inputs, beginning balance | 83 | 0 | 8 | (1) |
Realized and unrealized gains (losses): [Abstract] | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Included in regulatory assets and liabilities | 92 | 1 | 161 | 2 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | (154) | (2) | (148) | (2) |
Issuances | 0 | 0 | 0 | 0 |
Transfers out | 0 | 0 | 0 | 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 |
Transfers in | 0 | $ 0 | ||
Level 3 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 3,956 | $ 3,956 |
Derivative Instruments (Income
Derivative Instruments (Income Statement Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Florida Power & Light Company | ||||
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 | $ 131 | $ 9 | $ 110 | $ 13 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 77 | (1,299) | (2,295) | (2,443) |
Not Designated as Hedging Instrument | Commodity contracts | Gains (losses) included in operating revenues [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | (10) | (1,236) | (2,942) | (2,563) |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (122) | (1,291) | (3,488) | (2,708) |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | (32) | (15) | (113) | (69) |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (36) | (13) | (121) | (69) |
Not Designated as Hedging Instrument | Interest rate contracts | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | 16 | 23 | 1,131 | 382 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 236 | 7 | 1,321 | 340 |
Reclassification out of Accumulated Other Comprehensive Income | Not Designated as Hedging Instrument | Foreign Exchange Contract | Gains (Losses) 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 | Not Designated as Hedging Instrument | Interest rate contracts | Gains (Losses) Included In Interest Expense Member | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | ||||
Interest Expense | $ 0 | $ (1) | $ (5) | $ (4) |
Derivative Instruments (Net Not
Derivative Instruments (Net Notional Volumes and Additional Disclosures) (Details) bbl in Millions, MWh in Millions, MMBTU in Millions, $ in Billions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) MWh MMBTU bbl | Dec. 31, 2021 USD ($) MWh MMBTU bbl | Oct. 31, 2022 USD ($) | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ 8.8 | $ 11.2 | |
Interest Rate Swap [Member] | Forecast | |||
Derivative [Line Items] | |||
Notional amount | $ 10 | ||
Foreign currency contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 1 | $ 1 | |
Short [Member] | Commodity contract - Power [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MWh) | MWh | (660) | (103) | |
Short [Member] | Commodity contract - Natural gas [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MMBtu) | MMBTU | 1,467 | 1,290 | |
Short [Member] | Commodity contract - Oil [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in barrels) | bbl | (38) | (33) | |
Florida Power & Light Company | Short [Member] | Commodity contract - Power [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MWh) | MWh | 0 | 0 | |
Florida Power & Light Company | Short [Member] | Commodity contract - Oil [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in barrels) | bbl | 0 | 0 | |
Florida Power & Light Company | Long [Member] | Commodity contract - Natural gas [Member] | |||
Derivative [Line Items] | |||
Non-monetary net notional amount (in MMBtu) | MMBTU | 151 | 91 |
Derivative Instruments (Credit-
Derivative Instruments (Credit-Risk-Related Contingent Features) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | $ 9,000,000,000 | $ 4,100,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall to BBB/Baa2 | 2,250,000,000 | 645,000,000 |
Total required posted collateral should FPL's and Capital Holdings' credit ratings fall below investment grade | 5,800,000,000 | 2,700,000,000 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 1,300,000,000 | 1,000,000,000 |
Collateral already posted, aggregate fair value | 8,000,000 | 84,000,000 |
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 | 1,900,000,000 | 1,100,000,000 |
Florida Power & Light Company | ||
Derivative [Line Items] | ||
Fair value of derivative instruments with credit-risk-related contingent features that were in a liability position | 21,000,000 | 12,000,000 |
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 | 35,000,000 | 35,000,000 |
Additional collateral requirements if non-ratings based contract provisions are triggered | 355,000,000 | 145,000,000 |
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 |
Non-Derivative Fair Value Mea_3
Non-Derivative Fair Value Measurements (Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | $ 1,459 | $ 677 |
Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 1,816 | 176 |
Special use funds: | ||
Equity securities | 4,147 | 5,511 |
U.S. Government and municipal bonds | 704 | 845 |
Corporate debt securities | 766 | 962 |
Asset-backed securities | 608 | 663 |
Other debt securities | 19 | 35 |
Other investments: | ||
Equity Securities | 32 | 72 |
Debt securities | 440 | 285 |
Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 55 | 56 |
Cash equivalents: | ||
Equity securities | 1,816 | 176 |
Special use funds: | ||
Equity securities | 1,932 | 2,538 |
U.S. Government and municipal bonds | 642 | 770 |
Corporate debt securities | 6 | 7 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 2 |
Other investments: | ||
Equity Securities | 31 | 70 |
Debt securities | 125 | 111 |
Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 2,215 | 2,973 |
U.S. Government and municipal bonds | 62 | 75 |
Corporate debt securities | 760 | 955 |
Asset-backed securities | 608 | 663 |
Other debt securities | 19 | 33 |
Other investments: | ||
Equity Securities | 1 | 2 |
Debt securities | 191 | 162 |
Level 3 | 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 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 0 | 0 |
Debt securities | 124 | 12 |
Florida Power & Light Company | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 33 | 53 |
Florida Power & Light Company | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 1,189 | 58 |
Special use funds: | ||
Equity securities | 2,725 | 3,552 |
U.S. Government and municipal bonds | 552 | 668 |
Corporate debt securities | 581 | 726 |
Asset-backed securities | 475 | 515 |
Other debt securities | 9 | 25 |
Other investments: | ||
Equity Securities | 10 | 13 |
Florida Power & Light Company | Level 1 | Fair value measurements made on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring [Line Items] | ||
Restricted cash | 33 | 53 |
Cash equivalents: | ||
Equity securities | 1,189 | 58 |
Special use funds: | ||
Equity securities | 710 | 862 |
U.S. Government and municipal bonds | 520 | 624 |
Corporate debt securities | 5 | 6 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 2 |
Other investments: | ||
Equity Securities | 10 | 13 |
Florida Power & Light Company | Level 2 | Fair value measurements made on a recurring basis [Member] | ||
Cash equivalents: | ||
Equity securities | 0 | 0 |
Special use funds: | ||
Equity securities | 2,015 | 2,690 |
U.S. Government and municipal bonds | 32 | 44 |
Corporate debt securities | 576 | 720 |
Asset-backed securities | 475 | 515 |
Other debt securities | 9 | 23 |
Other investments: | ||
Equity Securities | 0 | 0 |
Florida Power & Light Company | Level 3 | 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 |
Asset-backed securities | 0 | 0 |
Other debt securities | 0 | 0 |
Other investments: | ||
Equity Securities | 0 | $ 0 |
NextEra Energy Resources | ||
Other investments: | ||
Contingent consideration liabilities | $ 198 |
Non-Derivative Fair Value Mea_4
Non-Derivative Fair Value Measurements (Fair Value of Instruments Recorded at Other Than Fair Value and Special Use Funds) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special use funds: nuclear decommissioning fund assets | $ 7,121 | $ 8,846 |
Special Use Funds Storm Fund Assets | 74 | 76 |
Available for sale debt securities amortized cost | $ 2,744 | 2,438 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Fair Value Assumptions, Expected Term | 1 year | |
Other investments weighted average maturity | 7 years | |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 951 | 906 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 110 | 26 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 61,962 | 52,745 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 951 | 907 |
Other Investments Financial Instruments Primarily Notes Receivable Fair Value Disclosure | 110 | 26 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 57,029 | 57,290 |
Florida Power & Light Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special use funds: nuclear decommissioning fund assets | 4,974 | 6,082 |
Special Use Funds Storm Fund Assets | 74 | 76 |
Available for sale debt securities amortized cost | $ 1,853 | 1,877 |
Special Use Funds Nuclear Decommissioning Funds Weighted Average Maturity | 8 years | |
Fair Value Assumptions, Expected Term | 1 year | |
Florida Power & Light Company | Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | $ 706 | 672 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | 20,998 | 18,510 |
Florida Power & Light Company | Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Special Use Funds Fair Value Disclosure | 706 | 672 |
Long Term Debt Including Current Maturities Fair Value And Carrying Value | $ 19,028 | $ 21,379 |
Non-Derivative Fair Value Mea_5
Non-Derivative Fair Value Measurements (Unrealized Gains (Losses) Recognized On Equity Securities Still Held at The Reporting Date) (Details) - Equity Securities [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains (losses) | $ (222) | $ (25) | $ (1,317) | $ 565 |
Florida Power & Light Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains (losses) | $ (135) | $ (13) | $ (857) | $ 375 |
Non-Derivative Fair Value Mea_6
Non-Derivative Fair Value Measurements (Gains and Losses on Available-for-sale Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | $ 8 | $ 17 | $ 26 | $ 61 | |
Realized Losses | 41 | 14 | 100 | 58 | |
Proceeds from sale or maturity of securities | 681 | 245 | 1,901 | 1,303 | |
Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 2 | 2 | $ 76 | ||
Unrealized losses | 342 | 342 | 19 | ||
Fair value | 2,378 | 2,378 | 1,100 | ||
Florida Power & Light Company | Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Realized Gains | 6 | 14 | 20 | 46 | |
Realized Losses | 36 | 11 | 79 | 46 | |
Proceeds from sale or maturity of securities | 324 | $ 191 | 1,001 | $ 988 | |
Florida Power & Light Company | Available for sale securities: Special Use Funds - Debt Securities [Member] | |||||
Marketable Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 2 | 2 | 63 | ||
Unrealized losses | 239 | 239 | 15 | ||
Fair value | $ 1,598 | $ 1,598 | $ 857 |
Non-Derivative Fair Value Mea_7
Non-Derivative Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - Mountain Valley Pipeline - NextEra Energy Resources $ in Billions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment charge | $ 0.8 |
Impairment charge, net of tax | 0.6 |
Equity method investments, write off | 0.6 |
Equity method investments, liability | $ 0.2 |
Non-Derivative Fair Value Mea_8
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Trading securities, cost | $ 415 | $ 72 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 17.20% | (9.70%) | 11.50% | 4.30% |
Production tax credit (PTC), roll off period | 10 years |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Increases (reductions) resulting from: | ||||
State income taxes – net of federal income tax benefit | 1.70% | 5.40% | 1.30% | 1% |
Taxes attributable to noncontrolling interests | 2.60% | 15.60% | 6.80% | 6.90% |
PTCs and ITCs | (4.70%) | (38.90%) | (9.40%) | (16.40%) |
Amortization of deferred regulatory credit | (2.90%) | (14.10%) | (6.70%) | (6.20%) |
Other – net | (0.50%) | 1.30% | (1.50%) | (2.00%) |
Effective income tax rate | 17.20% | (9.70%) | 11.50% | 4.30% |
Florida Power & Light Company | ||||
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Increases (reductions) resulting from: | ||||
State income taxes – net of federal income tax benefit | 4.50% | 2.90% | 4.40% | 3.70% |
Taxes attributable to noncontrolling interests | 0% | 0% | 0% | 0% |
PTCs and ITCs | (1.90%) | (0.70%) | (1.10%) | (0.70%) |
Amortization of deferred regulatory credit | (4.10%) | (3.50%) | (4.00%) | (3.50%) |
Other – net | 0.10% | 0.20% | 0.10% | 0% |
Effective income tax rate | 19.60% | 19.90% | 20.40% | 20.50% |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | 1 Months Ended | ||||
Oct. 27, 2022 USD ($) numberOfProjects | Mar. 31, 2021 USD ($) utlity state mi | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,872 | $ 4,844 | |||
Florida Power & Light Company | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 2,989 | $ 2,989 | |||
NextEra Energy Resources | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration liabilities | 198 | ||||
Gulf Power | |||||
Business Acquisition [Line Items] | |||||
Assets assumed | $ 6,700 | ||||
Property, plant and equipment | 4,900 | ||||
Regulatory assets | 1,200 | ||||
Assumed liabilities | 3,900 | ||||
Business combination, recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt | 1,800 | ||||
Deferred income taxes | 729 | ||||
Regulatory liabilities | 566 | ||||
Gulf Power | Florida Power & Light Company | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,700 | ||||
GridLiance [Member] | NextEra Energy Transmission, LLC Subsidiary [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets assumed | $ 384 | ||||
Assumed liabilities | $ 210 | ||||
Goodwill | 592 | ||||
Number of FERC-r transmission utilities | utlity | 3 | ||||
Number of miles of power lines | mi | 700 | ||||
Number of states in which entity operates | state | 6 | ||||
Consideration transferred | $ 502 | ||||
Debt assumed | 175 | ||||
Contingent consideration liabilities | $ 264 | ||||
Goodwill, Expected Tax Deductible Amount | $ 586 | ||||
GridLiance [Member] | NextEra Energy Transmission, LLC Subsidiary [Member] | Midwest And Nevada | |||||
Business Acquisition [Line Items] | |||||
Number of states in which entity operates | state | 5 | ||||
RNG Acquisition | NextEra Energy Resources | Forecast | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | $ 1,100 | ||||
Debt assumed | $ 37 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||
Number of RNG projects | numberOfProjects | 31 | ||||
Number of RNG projects, renewable gas facility | numberOfProjects | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||||
Guarantor obligations, current carrying value | $ 502 | $ 502 | |||
Debt instrument, fair value disclosure | 51 | 51 | |||
NextEra Energy Partners | |||||
Schedule of Investments [Line Items] | |||||
Guarantor obligations, current carrying value | 2,513 | 2,513 | |||
NEER [Member] | |||||
Schedule of Investments [Line Items] | |||||
Related party services | 136 | $ 161 | 424 | $ 464 | |
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fee income | 45 | $ 38 | 129 | $ 108 | |
Due from related parties, current | 81 | 81 | $ 113 | ||
Due from related parties, noncurrent | 38 | 38 | 40 | ||
Cash Sweep And Credit Support Agreement [Member] | NEER [Member] | NextEra Energy Partners | |||||
Schedule of Investments [Line Items] | |||||
Due to related parties | $ 65 | $ 65 | $ 57 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) variable_interest_entity mi MW | Dec. 31, 2021 USD ($) variable_interest_entity | |
Variable Interest Entity [Line Items] | ||
Carrying amount of assets, consolidated variable interest entity | $ 156,409 | $ 140,912 |
Carrying amount of liabilities, consolidated variable interest entity | 109,663 | 95,243 |
Investment in equity method investees | 6,316 | 6,159 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets, consolidated variable interest entity | 736 | 614 |
Carrying amount of liabilities, consolidated variable interest entity | $ 15 | 64 |
Electricity Transmission Line (in miles) | mi | 280 | |
Percentage of profits and losses | 50% | |
Other variable interest entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in special purpose entities | $ 3,806 | 4,559 |
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 | 8 | |
Carrying amount of assets, consolidated variable interest entity | $ 1,895 | 1,851 |
Carrying amount of liabilities, consolidated variable interest entity | $ 1,157 | 1,258 |
Solar generating facility capability (in megawatts) | MW | 772 | |
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | Minimum | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage | 50% | |
Indirect Subsidiary of NextEra Energy Resources [Member] | Photovoltaic Solar Facility [Member] | Maximum | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage | 67% | |
NextEra Energy Resources | Variable Interest Entities Wind and Solar PV Facilities [Member[ | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets, consolidated variable interest entity | $ 1,507 | 1,518 |
Carrying amount of liabilities, consolidated variable interest entity | $ 88 | $ 79 |
Ownership percentage | 10% | |
Wind electric generating facility capability (in megawatts) | MW | 400 | |
Solar generating facility capability (in megawatts) | MW | 599 | |
NextEra Energy Resources | 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 | 30 | 33 |
Carrying amount of assets, consolidated variable interest entity | $ 16,113 | $ 17,419 |
Carrying amount of liabilities, consolidated variable interest entity | $ 1,106 | 1,480 |
Wind electric generating facility capability (in megawatts) | MW | 10,502 | |
Solar generating facility capability (in megawatts) | MW | 791 | |
Number of variable interest entities with guarantees to obligations | variable_interest_entity | 1 | |
Florida Power & Light Company | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets, consolidated variable interest entity | $ 85,153 | 78,067 |
Carrying amount of liabilities, consolidated variable interest entity | 46,921 | 44,473 |
Florida Power & Light Company | Other variable interest entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in special purpose entities | 3,143 | 3,799 |
Other Investments [Member] | Subsidiaries of NEE [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in equity method investees | 4,926 | 4,214 |
Commitments To Increase (Decrease) In Equity Method Investments | $ 180 | $ 110 |
Employee Retirement Benefits (D
Employee Retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | $ 21 | $ 23 | $ 64 | $ 68 |
Interest cost | 19 | 16 | 58 | 48 |
Expected return on plan assets | (90) | (85) | (271) | (255) |
Amortization of actuarial loss | 0 | 6 | 0 | 18 |
Amortization of prior service benefit | 0 | 0 | (1) | (1) |
Special termination benefits | 0 | 0 | 52 | 0 |
Net periodic cost (income) cost | (50) | (40) | (98) | (122) |
Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Service cost | 0 | 1 | 1 | 1 |
Interest cost | 2 | 1 | 4 | 3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 1 | 1 | 2 | 4 |
Amortization of prior service benefit | (1) | (4) | (3) | (11) |
Special termination benefits | 0 | 0 | 0 | 0 |
Net periodic cost (income) cost | 2 | (1) | 4 | (3) |
Florida Power & Light Company | Pension Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic cost (income) cost | (33) | (27) | (60) | (81) |
Florida Power & Light Company | Postretirement Benefits [Member] | ||||
Net periodic benefit (income) cost [Abstract] | ||||
Net periodic cost (income) cost | $ 1 | $ (1) | $ 3 | $ (3) |
Debt - Long-term Debt Issuances
Debt - Long-term Debt Issuances and Borrowings (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Florida Power & Light Company | First mortgage bonds | |
Debt Instrument [Line Items] | |
Principal amount | $ 1,500,000,000 |
Interest Rate (as a percent) | 2.45% |
Florida Power & Light Company | Senior unsecured notes | |
Debt Instrument [Line Items] | |
Principal amount | $ 1,444,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. | Revolving credit facilities | |
Debt Instrument [Line Items] | |
Principal amount | $ 850,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. | Debentures | |
Debt Instrument [Line Items] | |
Principal amount | $ 5,375,000,000 |
NextEra Energy Capital Holdings, Inc. | Debentures | Minimum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 2.94% |
NextEra Energy Capital Holdings, Inc. | Debentures | Maximum | |
Debt Instrument [Line Items] | |
Interest Rate (as a percent) | 5% |
NextEra Energy Capital Holdings, Inc. | Debentures variable | |
Debt Instrument [Line Items] | |
Principal amount | $ 400,000,000 |
Interest Rate Terms | Variable |
NextEra Energy Capital Holdings, Inc. | Debentures Related To Nextera Energys Equity Units [Member] | |
Debt Instrument [Line Items] | |
Principal amount | $ 2,000,000,000 |
Interest Rate (as a percent) | 4.60% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | ||
Sep. 01, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 18,500,000,000 | ||
Letters of Credit Outstanding, Amount | (4,100,000,000) | ||
Borrowings outstanding | $ 0 | ||
September 2019 Equity Units | |||
Debt Instrument [Line Items] | |||
Sale of stock, shares issued in transaction (in shares) | 21,600,000 | ||
Sale of stock, consideration received | $ 1,500,000,000 | ||
NEE Equity Units September 2022 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.60% | ||
Amount of equity units sold | $ 2,000,000,000 | ||
Stated amount of each equity unit (in dollars per share) | $ 50 | ||
Undivided beneficial ownership interest per debenture (in hundredths) | 5% | ||
Principal amount of each debenture | $ 1,000 | ||
Number of shares (subject to antidilution adjustments) if purchased on final settlement date at less than or equal to low range threshold (in shares) | 0.5626 | ||
Number of shares (subject to antidilution adjustments) if purchased on the final settlement date at equal to or greater than high range threshold (in shares) | 0.4500 | ||
Trading period (in days) over which the market value is determined by reference to the average closing prices of the common stock | 20 days | ||
Rate of total annual distributions on equity units (in thousandths) | 6.926% | ||
Rate of payments on stock purchase contracts (in thousandths) | 2.326% | ||
Minimum | NEE Equity Units September 2022 | |||
Debt Instrument [Line Items] | |||
Price per share of stock purchase contract (in dollars per share) | $ 88.88 | ||
Maximum | NEE Equity Units September 2022 | |||
Debt Instrument [Line Items] | |||
Price per share of stock purchase contract (in dollars per share) | $ 111.10 | ||
NextEra Energy Capital Holdings, Inc. | Debentures Related To Nextera Energys Equity Units [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 2,000,000,000 | ||
Interest rate (as a percent) | 4.60% | ||
NextEra Energy Capital Holdings, Inc. | Series J Debentures due 2024 | Debentures | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1,500,000,000 | ||
Interest rate (as a percent) | 4.255% | ||
Florida Power & Light Company | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 6,000,000,000 | ||
Letters of Credit Outstanding, Amount | (3,000,000) | ||
Borrowings outstanding | $ 0 |
Equity (Earnings Per Share) (De
Equity (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciliation of basic and diluted earnings per share of common stock [Abstract] | ||||
Net income attributable to NEE - basic | $ 1,696 | $ 447 | $ 2,625 | $ 2,369 |
Denominator: | ||||
Weighted-average number of common shares outstanding – basic | 1,972.5 | 1,962.7 | 1,967.5 | 1,962.2 |
Equity units, stock options, performance share awards and restricted stock | 6.4 | 10.2 | 6.1 | 9.1 |
Weighted-average number of common shares outstanding – assuming dilution | 1,978.9 | 1,972.9 | 1,973.6 | 1,971.3 |
Earnings per share attributable to NEE: | ||||
Basic (in dollars per share) | $ 0.86 | $ 0.23 | $ 1.33 | $ 1.21 |
Assuming dilution (in dollars per share) | $ 0.86 | $ 0.23 | $ 1.33 | $ 1.20 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||
Antidilutive securities (in shares) | 8.6 | 1.2 | 42.6 | 40.4 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 44,554 | $ 45,114 | $ 45,424 | $ 44,929 |
Net other comprehensive income (loss) | (78) | (14) | (140) | (2) |
Ending balance | 46,746 | 44,647 | 46,746 | 44,647 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 19 | 12 | 14 | 8 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 5 | 4 |
Net other comprehensive income (loss) | 0 | 0 | 5 | 4 |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |
Ending balance | 19 | 12 | 19 | 12 |
Net Unrealized Gains (Losses) on Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (53) | 11 | 5 | 20 |
Other comprehensive income (loss) before reclassifications | (31) | (2) | (91) | (9) |
Amounts reclassified from AOCI | 1 | (1) | 3 | (3) |
Net other comprehensive income (loss) | (30) | (3) | (88) | (12) |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |
Ending balance | (83) | 8 | (83) | 8 |
Defined Benefit Pension and Other Benefits Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 25 | (73) | 25 | (75) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 1 | 0 | 3 |
Net other comprehensive income (loss) | 0 | 1 | 0 | 3 |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |
Ending balance | 25 | (72) | 25 | (72) |
Net Unrealized Gains (Losses) on Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (55) | (39) | (49) | (49) |
Other comprehensive income (loss) before reclassifications | (49) | (13) | (58) | 2 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) | (49) | (13) | (58) | 2 |
Less other comprehensive loss attributable to noncontrolling interests | 23 | 5 | 26 | |
Ending balance | (81) | (47) | (81) | (47) |
Other Comprehensive Income Related to Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 5 | 4 | 5 | 4 |
Other comprehensive income (loss) before reclassifications | 1 | 1 | 1 | 1 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net other comprehensive income (loss) | 1 | 1 | 1 | 1 |
Less other comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | |
Ending balance | 6 | 5 | 6 | 5 |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (59) | (85) | 0 | (92) |
Other comprehensive income (loss) before reclassifications | (79) | (14) | (148) | (6) |
Amounts reclassified from AOCI | 1 | 0 | 8 | 4 |
Net other comprehensive income (loss) | (78) | (14) | (140) | (2) |
Less other comprehensive loss attributable to noncontrolling interests | 23 | 5 | 26 | |
Ending balance | (114) | (94) | (114) | (94) |
Net unrealized gains (losses) on cash flow hedges. noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) on available for sale securities, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Defined benefit pension and other benefits plans, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Net unrealized gains (losses) on foreign currency translation, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | (21) | (8) | (21) | (8) |
Other comprehensive income (loss) related to equity method investees, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | 0 | 0 | 0 | 0 |
Total, noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Ending balance | $ (21) | $ (8) | $ (21) | $ (8) |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 48 Months Ended | |||||||
Sep. 01, 2022 | Jan. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2022 | Dec. 31, 2021 USD ($) facility MW | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) MW | Sep. 30, 2021 USD ($) | Dec. 31, 2025 USD ($) kWh | |
Accounting Policies [Line Items] | |||||||||||
Restricted Cash and Cash Equivalents | $ 1,459,000,000 | $ 677,000,000 | $ 1,459,000,000 | $ 1,459,000,000 | |||||||
Restricted cash related to margin cash collateral that is netted against derivative instruments | 261,000,000 | 121,000,000 | 261,000,000 | 261,000,000 | |||||||
restricted cash related to margin cash collateral that is netted against derivative liabilities | 1,258,000,000 | 172,000,000 | 1,258,000,000 | 1,258,000,000 | |||||||
Gain in connection with sale | 171,000,000 | $ 13,000,000 | 196,000,000 | $ 20,000,000 | |||||||
Customer deposits | 525,000,000 | 485,000,000 | 525,000,000 | 525,000,000 | |||||||
Accrued construction-related expenditures | 1,891,000,000 | 1,378,000,000 | 1,891,000,000 | 1,891,000,000 | |||||||
Bad debt expense, including credit losses | (85,000,000) | $ (143,000,000) | |||||||||
Noncurrent accounts receivable allowances | 127,000,000 | ||||||||||
Florida Power & Light Company | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Restricted Cash and Cash Equivalents | 33,000,000 | 53,000,000 | 33,000,000 | 33,000,000 | |||||||
Customer deposits | 517,000,000 | 478,000,000 | 517,000,000 | 517,000,000 | |||||||
Accrued construction-related expenditures | 549,000,000 | $ 601,000,000 | 549,000,000 | 549,000,000 | |||||||
Regulatory return on common equity | 10.80% | ||||||||||
ROE, treasury rate, thirty year average threshold | 2.49% | ||||||||||
Earned regulatory ROE threshold below which retail base rate relief may be sought | 9.80% | ||||||||||
Earned regulatory ROE threshold above which retail base rate reduction may be sought | 11.80% | ||||||||||
Number of customers experiencing outages | 2,100,000 | ||||||||||
Recoverable storm restoration costs | 1,100,000,000 | ||||||||||
Storm reserve, value | 220,000,000 | 220,000,000 | 220,000,000 | ||||||||
Recoverable restoration costs in excess of storm reserve | 900,000,000 | 900,000,000 | 900,000,000 | ||||||||
Accrued storm restoration costs | 1,300,000,000 | 1,300,000,000 | 1,300,000,000 | ||||||||
Florida Power & Light Company | Forecast | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Customer refundable fees | $ 25,000,000 | ||||||||||
Decrease in annualized retail base revenues beginning January 1, 2023 | $ 70,000,000 | ||||||||||
Maximum storm surcharge | $ 4 | ||||||||||
Increment of usage in Kwh on which storm surcharge is based | kWh | 1,000 | ||||||||||
Cost of recovery, period | 12 months | ||||||||||
Threshold of storm restoration costs in any given calendar year at which surcharge may be increased | $ 800,000,000 | ||||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | United States, Geographically Dispersed | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Number of wind generation facilities | facility | 7 | ||||||||||
Number of solar generation facilities | facility | 6 | ||||||||||
Number of facilities under construction | facility | 3 | ||||||||||
Generating capacity (MW) | MW | 2,520 | ||||||||||
Solar Plus Storage Facility Capacity | MW | 115 | ||||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | Subsidiaries of NextEra Energy Resources | Subsidiaries of NextEra Energy Resources | United States, Geographically Dispersed | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Ownership percentage sold | 100% | ||||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | NextEra Energy Resources | NEP | United States, Geographically Dispersed | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Ownership percentage sold | 50% | ||||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | NextEra Energy Resources | Third Party | United States, Geographically Dispersed | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Ownership percentage sold | 50% | ||||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | Current other liabilities | Subsidiaries of NextEra Energy Resources | United States, Geographically Dispersed | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Customer deposits | $ 668,000,000 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | 88,000,000 | $ 551,000,000 | |||||||||
Seven wind facilities, six solar facilities and storage capacity | Disposed of by Sale [Member] | Accounts Payable | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Accrued construction-related expenditures | 142,000,000 | $ 970,000,000 | 142,000,000 | 142,000,000 | |||||||
Battery Storage Facility | Disposed of by Sale [Member] | NextEra Energy Resources | California | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Purchase price | 191,000,000 | 191,000,000 | 191,000,000 | ||||||||
Disposal Group, Including Discontinued Operation, Working Capital | $ 3,000,000 | 3,000,000 | 3,000,000 | ||||||||
Gain in connection with sale | 87,000,000 | 87,000,000 | |||||||||
Gain (after tax) in connection with sale | $ 66,000,000 | $ 66,000,000 | |||||||||
Solar Plus Storage Facility Capacity | MW | 230 | ||||||||||
Battery Storage Facility | Disposed of by Sale [Member] | NextEra Energy Resources | NEP | California | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Ownership percentage sold | 67% | 67% | 67% |
Summary of Significant Accoun_5
Summary of Significant Accounting and Reporting Policies - Property, Plant and Equiptment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Electric plant in service and other property | $ 121,700 | $ 121,700 | $ 112,500 | ||
Nuclear fuel | 1,569 | 1,569 | 1,606 | ||
Construction work in progress | 15,961 | 15,961 | 14,141 | ||
Property, plant and equipment, gross | 139,230 | 139,230 | 128,247 | ||
Accumulated depreciation and amortization | (30,783) | (30,783) | (28,899) | ||
Property, plant and equipment – net | 108,447 | 108,447 | 99,348 | ||
Allowance for Funds Used During Construction, Equity | 20 | $ 37 | 88 | $ 100 | |
Florida Power & Light Company | |||||
Property, Plant and Equipment [Line Items] | |||||
Electric plant in service and other property | 72,811 | 72,811 | 67,771 | ||
Nuclear fuel | 1,118 | 1,118 | 1,170 | ||
Construction work in progress | 6,055 | 6,055 | 6,326 | ||
Property, plant and equipment, gross | 79,984 | 79,984 | 75,267 | ||
Accumulated depreciation and amortization | (17,772) | (17,772) | (17,040) | ||
Electric utility plant and other property – net | 62,212 | 62,212 | $ 58,227 | ||
Allowance for Funds Used During Construction | 25 | 46 | 106 | 124 | |
Allowance for Funds Used During Construction, Equity | 19 | 35 | 82 | 93 | |
NextEra Energy Resources | |||||
Property, Plant and Equipment [Line Items] | |||||
Project Development Costs | $ 46 | $ 42 | $ 119 | $ 104 |
Commitments and Contingencies_2
Commitments and Contingencies (Planned Capital Expenditures) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) MW | |
Planned Capital Expenditures [Line Items] | |
Guarantor obligations, current carrying value | $ 502 |
Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 3,095 |
2023 | 9,065 |
2024 | 8,400 |
2025 | 8,390 |
2026 | 9,095 |
Total | 38,045 |
NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 2,655 |
2023 | 4,610 |
2024 | 1,480 |
2025 | 405 |
2026 | 360 |
Total | 9,510 |
New Generation Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 985 |
2023 | 2,350 |
2024 | 2,180 |
2025 | 1,010 |
2026 | 1,045 |
Total | 7,570 |
Allowance for funds used during construction (AFUDC) - remainder of 2022 | 20 |
Allowance for funds used during construction (AFUDC) - 2023 | 90 |
Allowance for funds used during construction (AFUDC) - 2024 | 90 |
Allowance for funds used during construction (AFUDC) - 2025 | 45 |
Allowance for funds used during construction (AFUDC) - 2026 | 35 |
Existing Generation Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 770 |
2023 | 1,655 |
2024 | 1,255 |
2025 | 1,330 |
2026 | 1,670 |
Total | 6,680 |
Transmission And Distribution Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 960 |
2023 | 4,260 |
2024 | 4,150 |
2025 | 5,235 |
2026 | 5,520 |
Total | 20,125 |
Allowance for funds used during construction (AFUDC) - remainder of 2022 | 30 |
Allowance for funds used during construction (AFUDC) - 2023 | 60 |
Allowance for funds used during construction (AFUDC) - 2024 | 50 |
Allowance for funds used during construction (AFUDC) - 2025 | 30 |
Allowance for funds used during construction (AFUDC) - 2026 | 0 |
Nuclear Fuel Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 90 |
2023 | 125 |
2024 | 160 |
2025 | 200 |
2026 | 200 |
Total | 775 |
General And Other Expenditures [Member] | Florida Power & Light Company | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 290 |
2023 | 675 |
2024 | 655 |
2025 | 615 |
2026 | 660 |
Total | 2,895 |
Wind Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 780 |
2023 | 670 |
2024 | 375 |
2025 | 35 |
2026 | 30 |
Total | $ 1,890 |
Planned new generation over 5 year period (in megawatts) | MW | 4,034 |
Solar Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | $ 1,400 |
2023 | 2,690 |
2024 | 670 |
2025 | 5 |
2026 | 0 |
Total | $ 4,765 |
Planned new generation over 5 year period (in megawatts) | MW | 5,842 |
Battery Storage Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | $ 190 |
2023 | 540 |
2024 | 0 |
2025 | 0 |
2026 | 5 |
Total | 735 |
Nuclear Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 95 |
2023 | 170 |
2024 | 215 |
2025 | 220 |
2026 | 230 |
Total | 930 |
Rate-Regulated Transmission [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 55 |
2023 | 150 |
2024 | 65 |
2025 | 45 |
2026 | 10 |
Total | 325 |
Other Expenditures [Member] | NEER Segment | |
Planned Capital Expenditures [Line Items] | |
Remainder of 2022 | 135 |
2023 | 390 |
2024 | 155 |
2025 | 100 |
2026 | 85 |
Total | $ 865 |
Commitments and Contingencies_3
Commitments and Contingencies (Long-term Purchase Commitment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
NEER Segment | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2022 | $ 1,160 | $ 1,160 | ||
2023 | 2,235 | 2,235 | ||
2024 | 585 | 585 | ||
2025 | 115 | 115 | ||
2026 | 80 | 80 | ||
Thereafter | 545 | 545 | ||
Commitment to invest | 230 | 230 | ||
Joint Obligations Remainder Current Year | 120 | 120 | ||
Joint Obligations Second Year | 710 | 710 | ||
Joint Obligations Third Year | 360 | 360 | ||
Joint Obligations Fourth Year | 65 | 65 | ||
Joint Obligations Fifth Year | 0 | 0 | ||
Joint Obligations After Fifth Year | 5 | 5 | ||
Contract Group 1 [Member] | NEER Segment | ||||
Long-term Purchase Commitment [Line Items] | ||||
Commitment amount included in capital expenditures | 3,600 | 3,600 | ||
Mountain Valley Pipeline | NEER Segment | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Amounts Excluded from Required Capacity And/Or Minimum Payments, Annual Commitment | $ 70 | $ 70 | ||
Mountain Valley Pipeline | NEER Segment | Natural Gas Transportation Agreement | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Equity method investment, ownership percentage | 31.90% | 31.90% | ||
Florida Power & Light Company | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Remainder of 2022 | $ 270 | $ 270 | ||
2023 | 985 | 985 | ||
2024 | 950 | 950 | ||
2025 | 925 | 925 | ||
2026 | 915 | 915 | ||
Thereafter | 8,860 | 8,860 | ||
Related Party Transaction, Amounts of Transaction | 104 | $ 105 | 314 | $ 314 |
Florida Power & Light Company | 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 2022 | 105 | 105 | ||
2023 | 410 | 410 | ||
2024 | 410 | 410 | ||
2025 | 405 | 405 | ||
2026 | 400 | 400 | ||
Thereafter | 5,960 | 5,960 | ||
Florida Power & Light Company | Consolidation, Eliminations [Member] | ||||
Required capacity and/or minimum payments [Abstract] | ||||
Related Party Transaction, Amounts of Transaction | $ 26 | $ 26 | $ 77 | $ 79 |
Commitments and Contingencies_4
Commitments and Contingencies (Insurance) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
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 | 13,200 |
Potential retrospective assessments under secondary financial protection system | 963 |
Potential retrospective assessments under secondary financial protection system payable per incident per year | 143 |
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% |
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 | 158 |
Florida Power & Light Company | |
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 | 101 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Maximum obtainable amount of private liability insurance available under Price-Anderson Act | 100 |
Amount of coverage per occurrence per site for property damage, decontamination and premature decommissioning risks | 50 |
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 | 2 |
Duane Arnold Energy Center Insurance [Member] | |
Insurance [Abstract] | |
Potential retrospective assessment recoverable from minority interest for property damage, decontamination and premature decommissioning risks | 2 |
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) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | $ 6,719 | $ 4,370 | $ 14,792 | $ 12,023 | ||
Operating expenses – net | 5,028 | 4,004 | 12,953 | 10,485 | ||
Gains (losses) on disposal of businesses/assets – net | 171 | 13 | 196 | 20 | ||
Net loss attributable to noncontrolling interests | 137 | 143 | 646 | 495 | ||
Net income (loss) attributable to NEE | 1,696 | 447 | 2,625 | 2,369 | ||
Net Income | $ 1,559 | 304 | $ 1,979 | 1,874 | ||
Deemed capital structure of NextEra Energy Resources | 70% | 70% | ||||
Total assets | $ 156,409 | $ 156,409 | $ 140,912 | |||
Florida Power & Light Company | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 5,075 | 4,134 | 13,211 | 10,673 | ||
Operating expenses – net | 3,568 | 2,868 | 9,059 | 7,063 | ||
Net Income | [1] | 1,074 | 927 | 2,939 | 2,586 | |
Total assets | 85,153 | 85,153 | 78,067 | |||
Operating Segments [Member] | FPL Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 5,075 | 4,134 | 13,211 | 10,673 | ||
Operating expenses – net | 3,568 | 2,868 | 9,060 | 7,064 | ||
Gains (losses) on disposal of businesses/assets – net | 0 | 0 | 1 | 1 | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to NEE | 1,074 | 927 | 2,939 | 2,586 | ||
Total assets | 85,153 | 85,153 | 78,067 | |||
Operating Segments [Member] | NEER Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | 1,652 | 258 | 1,627 | 1,420 | ||
Operating expenses – net | 1,341 | 1,093 | 3,712 | 3,289 | ||
Gains (losses) on disposal of businesses/assets – net | 173 | 12 | 208 | 25 | ||
Net loss attributable to noncontrolling interests | 137 | 143 | 646 | 495 | ||
Net income (loss) attributable to NEE | 655 | (428) | (711) | (252) | ||
Total assets | 69,854 | 69,854 | 62,113 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating revenues | (8) | (22) | (46) | (70) | ||
Operating expenses – net | 119 | 43 | 181 | 132 | ||
Gains (losses) on disposal of businesses/assets – net | (2) | 1 | (13) | (6) | ||
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||
Net income (loss) attributable to NEE | (33) | $ (52) | 397 | $ 35 | ||
Total assets | $ 1,402 | $ 1,402 | $ 732 | |||
[1]FPL's comprehensive income is the same as reported net income. |