|
|
|
Commission
File
Number
|
|
Exact name of registrants as specified in their
charters, address of principal executive offices and
registrants' telephone number
|
|
IRS Employer
Identification
Number
|
1-8841
|
|
NEXTERA ENERGY, INC.
|
|
59-2449419
|
2-27612
|
|
FLORIDA POWER & LIGHT COMPANY
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
|
|
59-0247775
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc. Yes
o
No
þ
Florida Power & Light Company Yes
o
No
þ
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc.
|
Large Accelerated Filer
þ
|
Accelerated Filer
o
|
Non-Accelerated Filer
o
|
Smaller Reporting Company
o
|
Florida Power & Light Company
|
Large Accelerated Filer
o
|
Accelerated Filer
o
|
Non-Accelerated Filer
þ
|
Smaller Reporting Company
o
|
Term
|
Meaning
|
AFUDC
|
allowance for funds used during construction
|
AFUDC - debt
|
debt component of AFUDC
|
AFUDC - equity
|
equity component of AFUDC
|
AOCI
|
accumulated other comprehensive income
|
Bcf
|
billion cubic feet
|
capacity clause
|
capacity cost recovery clause, as established by the FPSC
|
CO
2
|
carbon dioxide
|
DOE
|
U.S. Department of Energy
|
Duane Arnold
|
Duane Arnold Energy Center
|
EPA
|
U.S. Environmental Protection Agency
|
ERCOT
|
Electric Reliability Council of Texas
|
FERC
|
U.S. Federal Energy Regulatory Commission
|
Florida Southeast Connection
|
Florida Southeast Connection, LLC, a wholly owned NEER subsidiary
|
FPL
|
Florida Power & Light Company
|
FPL FiberNet
|
fiber-optic telecommunications business
|
FPSC
|
Florida Public Service Commission
|
fuel clause
|
fuel and purchased power cost recovery clause, as established by the FPSC
|
GAAP
|
generally accepted accounting principles in the U.S.
|
GHG
|
greenhouse gas(es)
|
IPO
|
initial public offering
|
ISO
|
independent system operator
|
ITC
|
investment tax credit
|
kW
|
kilowatt
|
kWh
|
kilowatt-hour(s)
|
Lone Star
|
Lone Star Transmission, LLC
|
Management's Discussion
|
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
MMBtu
|
One million British thermal units
|
mortgage
|
mortgage and deed of trust dated as of January 1, 1944, from FPL to Deutsche Bank Trust Company Americas, as supplemented and amended
|
MW
|
megawatt(s)
|
MWh
|
megawatt-hour(s)
|
NEE
|
NextEra Energy, Inc.
|
NEECH
|
NextEra Energy Capital Holdings, Inc.
|
NEER
|
NextEra Energy Resources, LLC
|
NEET
|
NextEra Energy Transmission, LLC
|
NEP
|
NextEra Energy Partners, LP
|
NEP OpCo
|
NextEra Energy Operating Partners, LP
|
NERC
|
North American Electric Reliability Corporation
|
Note __
|
Note __ to consolidated financial statements
|
NOx
|
nitrogen oxide
|
NRC
|
U.S. Nuclear Regulatory Commission
|
O&M expenses
|
other operations and maintenance expenses in the consolidated statements of income
|
OCI
|
other comprehensive income
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
PJM
|
PJM Interconnection, L.L.C.
|
PMI
|
NextEra Energy Power Marketing, LLC
|
Point Beach
|
Point Beach Nuclear Power Plant
|
PTC
|
production tax credit
|
PUCT
|
Public Utility Commission of Texas
|
PURPA
|
Public Utility Regulatory Policies Act of 1978, as amended
|
PV
|
photovoltaic
|
Recovery Act
|
The American Recovery and Reinvestment Act of 2009, as amended
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
RFP
|
request for proposal
|
ROE
|
return on common equity
|
RPS
|
renewable portfolio standards
|
RTO
|
regional transmission organization
|
Sabal Trail
|
Sabal Trail Transmission, LLC, an entity in which a NEER subsidiary has a 33% ownership interest
|
Seabrook
|
Seabrook Station
|
SEC
|
U.S. Securities and Exchange Commission
|
SO
2
|
sulfur dioxide
|
U.S.
|
United States of America
|
WCEC
|
FPL's West County Energy Center
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Facility
|
|
MW
|
|
Operating License
Expiration Dates
|
St. Lucie Unit No. 1
|
|
981
|
|
2036
|
St. Lucie Unit No. 2
|
|
840
|
|
2043
|
Turkey Point Unit No. 3
|
|
811
|
|
2032
|
Turkey Point Unit No. 4
|
|
821
|
|
2033
|
Facility
|
|
Next Scheduled
Refueling Outage
|
St. Lucie Unit No. 1
|
|
September 2016
|
St. Lucie Unit No. 2
|
|
March 2017
|
Turkey Point Unit No. 3
|
|
March 2017
|
Turkey Point Unit No. 4
|
|
March 2016
|
•
|
the FPSC, which has jurisdiction over retail rates, service territory, issuances of securities, planning, siting and construction of facilities, among other things;
|
•
|
the FERC, which oversees the acquisition and disposition of generation, transmission and other facilities, transmission of electricity and natural gas in interstate commerce, proposals to build interstate natural gas pipelines and storage facilities, and wholesale purchases and sales of electric energy, among other things;
|
•
|
the NERC, which, through its regional entities, establishes and enforces mandatory reliability standards, subject to approval by the FERC, to ensure the reliability of the U.S. electric transmission and generation system and to prevent major system blackouts;
|
•
|
the NRC, which has jurisdiction over the operation of nuclear power plants through the issuance of operating licenses, rules, regulations and orders; and
|
•
|
the EPA, which has the responsibility to maintain and enforce national standards under a variety of environmental laws. The EPA also works with industries and all levels of government, including federal and state governments, in a wide variety of voluntary pollution prevention programs and energy conservation efforts.
|
•
|
New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of $350 million on an annualized basis.
|
•
|
FPL's allowed regulatory ROE is 10.50%, with a range of plus or minus 100 basis points. If FPL's earned regulatory ROE falls below 9.50%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.50%, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.
|
•
|
Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational. (Cape Canaveral and Riviera Beach became operational in April 2013 and April 2014, respectively, and Port Everglades is expected to be operational by April 2016.)
|
•
|
Cost recovery of WCEC Unit No. 3, which was placed in service in May 2011, will continue to occur through the capacity clause.
|
•
|
Subject to certain conditions, FPL may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under a previous rate agreement (approximately $224 million) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of $176 million (collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a 9.50% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.50%. See below regarding a subsequent reduction in the reserve amount.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kWh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover the amount above $800 million.
|
•
|
An incentive mechanism whereby customers will receive 100% of certain gains, including, but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold; gains exceeding that specified threshold will be shared by FPL and its customers (incentive mechanism).
|
•
|
Alberta Electric System Operator
|
•
|
California Independent System Operator
|
•
|
ERCOT
|
•
|
Independent Electricity System Operator (in Ontario)
|
•
|
ISO New England (ISO-NE)
|
•
|
Midcontinent Independent System Operator, Inc.
|
•
|
New York Independent System Operator
|
•
|
PJM
|
•
|
Southwest Power Pool
|
Facility
|
|
Location
|
|
MW
|
|
Portfolio
Category
|
|
Operating License
Expiration Dates
|
||
Seabrook
|
|
New Hampshire
|
|
1,100
|
|
|
Merchant
|
|
2030
|
(a)
|
Duane Arnold
|
|
Iowa
|
|
431
|
|
|
Contracted
(b)
|
|
2034
|
|
Point Beach Unit No. 1
|
|
Wisconsin
|
|
595
|
|
|
Contracted
(c)
|
|
2030
|
|
Point Beach Unit No. 2
|
|
Wisconsin
|
|
595
|
|
|
Contracted
(c)
|
|
2033
|
|
(a)
|
In 2010, NEER filed an application with the NRC to renew Seabrook's operating license for an additional 20 years, which license renewal is dependent on NRC regulatory approvals.
|
(b)
|
NEER sells all of its share of the output of Duane Arnold under a long-term contract expiring in December 2025.
|
(c)
|
NEER sells all of the output of Point Beach Units Nos. 1 and 2 under long-term contracts through their current operating license expiration dates.
|
Facility
|
|
Next Scheduled
Refueling Outage
|
Seabrook
|
|
April 2017
|
Duane Arnold
|
|
October 2016
|
Point Beach Unit No. 1
|
|
March 2016
|
Point Beach Unit No. 2
|
|
March 2017
|
|
Year construction of project begins
|
||||||||||||||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||
PTC
(a)
|
100
|
%
|
|
100
|
%
|
|
80
|
%
|
|
60
|
%
|
|
40
|
%
|
|
-
|
|
|
-
|
|
|
-
|
|
Wind ITC
|
30
|
%
|
|
30
|
%
|
|
24
|
%
|
|
18
|
%
|
|
12
|
%
|
|
-
|
|
|
-
|
|
|
-
|
|
Solar ITC
(b)
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
26
|
%
|
|
22
|
%
|
|
10
|
%
|
(a)
|
Percentage of the full PTC available for wind projects that begin construction during the applicable year.
|
(b)
|
ITC is limited to 10% for projects not placed in service before January 1, 2024.
|
|
Miles
of
Pipeline
|
|
Pipeline
Location/Route
|
|
NEER's
Ownership
|
|
Total Capacity
(per day)
|
|
Actual/Expected
In-Service
Dates
|
Operational:
|
|
|
|
|
|
|
|
|
|
Texas Pipelines
(a)
|
542
|
|
South Texas
|
|
72.98%
(b)
|
|
4.05 Bcf
|
|
1950 - 2014
|
In Development or Under Construction:
|
|
|
|
|
|
|
|
|
|
Sabal Trail
(c)
|
515
|
|
Southwestern Alabama to Central Florida
|
|
33%
|
|
0.83 Bcf - 1.075 Bcf
|
|
Mid-2017 - Mid-2021
|
Florida Southeast Connection
(c)
|
126
|
|
Central Florida to Martin County, Florida
|
|
100%
|
|
0.64 Bcf
|
|
Mid-2017
|
Mountain Valley Pipeline
(d)
|
301
|
|
Marcellus and Utica shale regions to markets in the Mid-Atlantic and Southeast regions of the U.S.
|
|
35%
(e)
|
|
2.00 Bcf
|
|
End of 2018
|
(a)
|
Represents a portfolio of seven natural gas pipelines; of which a third party owns a 10% interest in a 120 mile pipeline with a daily capacity of approximately 2.3 Bcf. There are planned expansion projects for the three largest pipelines in the portfolio (which represent approximately 90% of total capacity per day of the Texas pipelines) that, if completed, are expected to provide an additional 1.5 Bcf of capacity per day by the end of 2017.
|
(b)
|
Represents NEER's interest in the Texas pipelines.
|
(c)
|
Construction of the natural gas pipelines is subject to certain conditions. See FPL - FPL Sources of Generation - Fossil Operations and Note 14 - Commitments and - Contracts.
|
(d)
|
Construction of the natural gas pipeline is subject to certain conditions, including FERC approval. See Note 14 - Commitments.
|
(e)
|
Represents expected ownership depending on the ultimate size and scope of the natural gas pipeline project.
|
•
|
Clean Water Act Section 316(b).
In 2014, the EPA issued its final rule under Section 316(b) of the Clean Water Act outlining the process and framework for determining the Best Technology Available to reduce the impact on aquatic organisms from once-through cooling water intake systems. Under the rule, potentially eleven of FPL's facilities and five of NEER's facilities may be required to add additional controls and/or make operational changes to comply. NEE and FPL are analyzing the final rule, and the ultimate impacts of the rule will evolve over years of site specific studies, permit evaluations and negotiations. Therefore, the impact of any final compliance obligations is uncertain at this time. Several groups filed petitions for review of the EPA's final rule and the U.S. Court of Appeals for the Second Circuit is scheduled to hear the case in August 2016.
|
•
|
Avian/Bat Regulations and Wind Turbine Siting Guidelines.
FPL, NEER and NEET are subject to numerous environmental regulations and guidelines related to threatened and endangered species and their habitats,
as well as avian and bat species, for the siting, construction and
ongoing operations of their facilities. The facilities most significantly affected are wind and solar facilities and transmission and distribution lines. The environmental laws in the U.S., including, among others, the Endangered Species Act, the Migratory Bird Treaty Act, and the Bald and Golden Eagle Protection Act and similar environmental laws in Canada provide for the protection of migratory birds, eagles and bats and endangered species of birds and bats and their habitats. Regulations have been adopted under some of these laws that contain provisions that allow the owner/operator of a facility to apply for a permit to undertake specific activities, including those associated with certain siting decisions, construction activities and operations. In addition to regulations, voluntary wind turbine siting guidelines established by the U.S. Fish and Wildlife Service set forth siting, monitoring and coordination protocols that are designed to support wind development in the U.S. while also protecting both birds and bats and their habitats. These guidelines include provisions for specific monitoring and study conditions which need to be met in order for projects to be in adherence with these voluntary guidelines. Complying with these environmental regulations and adhering to the provisions set forth in the voluntary wind turbine siting guidelines could result in additional costs or reduced revenues at existing and new wind and solar facilities and transmission and distribution facilities at FPL, NEER and NEET and, in the case of environmental regulations, failure to comply could result in fines and penalties.
|
•
|
Regulation of GHG Emissions.
The U.S. Congress and certain states and regions, as well as the Government of Canada and its provinces, have taken and continue to take certain actions, such as finalizing regulation or setting targets or goals, regarding the reduction of GHG emissions and the increase of renewable energy generation. Based on the most recent reference data available from government sources, NEE is among the lowest emitters, among electric generators, of GHG in the U.S. measured by its rate of emissions expressed as pounds of CO
2
per MWh of generation.
|
•
|
Waters of the U.S.
In June 2015, the EPA issued a final rule redefining "waters of the U.S." under the Clean Water Act to expand the definition of waters of the U.S. to encompass previously unregulated waters, such as intermittent streams, non-navigable tributaries, isolated wetlands and adjacent other waters, which rule was subsequently challenged by various parties. In October 2015, the U.S. Court of Appeals for the Sixth Circuit issued a stay of the EPA's final rule pending further court proceedings to address which court has jurisdiction as well as challenges to the rule. The ultimate resolution of the issues surrounding this final rule is uncertain at this time.
|
Name
|
|
Age
|
|
Position
|
|
Effective Date
|
Miguel Arechabala
|
|
55
|
|
Executive Vice President, Power Generation Division of NEE
Executive Vice President, Power Generation Division of FPL |
|
January 1, 2014
|
Deborah H. Caplan
|
|
53
|
|
Executive Vice President, Human Resources and Corporate Services of NEE
Executive Vice President, Human Resources and Corporate Services of FPL |
|
April 15, 2013
|
Paul I. Cutler
|
|
56
|
|
Treasurer of NEE
Treasurer of FPL
Assistant Secretary of NEE
|
|
February 19, 2003
February 18, 2003
December 10, 1997
|
Moray P. Dewhurst
|
|
60
|
|
Vice Chairman and Chief Financial Officer, and Executive Vice President - Finance of NEE
Executive Vice President, Finance and Chief Financial Officer of FPL
|
|
October 5, 2011
|
Chris N. Froggatt
|
|
58
|
|
Vice President, Controller and Chief Accounting Officer of NEE
|
|
February 27, 2010
|
Joseph T. Kelliher
|
|
55
|
|
Executive Vice President, Federal Regulatory Affairs of NEE
|
|
May 18, 2009
|
Manoochehr K. Nazar
|
|
61
|
|
President Nuclear Division and Chief Nuclear Officer of NEE
President Nuclear Division and Chief Nuclear Officer of FPL
|
|
May 23, 2014
May 30, 2014
|
Armando Pimentel, Jr.
|
|
53
|
|
President and Chief Executive Officer of NEER
|
|
October 5, 2011
|
James L. Robo
|
|
53
|
|
Chairman, President and Chief Executive Officer of NEE
Chairman of FPL
|
|
December 13, 2013
May 2, 2012
|
Charles E. Sieving
|
|
43
|
|
Executive Vice President & General Counsel of NEE
Executive Vice President of FPL
|
|
December 1, 2008
January 1, 2009
|
Eric E. Silagy
|
|
50
|
|
President and Chief Executive Officer of FPL
|
|
May 30, 2014
|
William L. Yeager
|
|
57
|
|
Executive Vice President, Engineering, Construction and Integrated Supply Chain of NEE
Executive Vice President, Engineering, Construction and Integrated Supply Chain of FPL
|
|
January 1, 2013
|
(a)
|
Information is as of
February 19, 2016
. Executive officers are elected annually by, and serve at the pleasure of, their respective boards of directors. Except as noted below, each officer has held his/her present position for five years or more and his/her employment history is continuous. Mr. Arechabala was president of NextEra Energy España, S.L., an indirect wholly owned subsidiary of NEE, from February 2010 to December 2013. Ms. Caplan was vice president and chief operating officer of FPL from May 2011 to April 2013 and vice president, integrated supply chain of NEE and FPL from July 2005 to May 2011. Mr. Dewhurst has been vice chairman of NEE since August 2009 and was chief of staff of NEE from August 2009 to October 2011. Mr. Dewhurst has announced his intention to retire from NEE and FPL in the spring of 2016. Mr. Nazar has been chief nuclear officer of NEE and FPL since January 2010 and was executive vice president, nuclear division of NEE and FPL from January 2010 to May 2014. Mr. Pimentel was chief financial officer of NEE and FPL from May 2008 to October 2011 and executive vice president, finance of NEE and FPL from February 2008 to October 2011. Mr. Robo has been president and chief executive officer of NEE since July 2012. Mr. Robo was the chief executive officer of FPL from May 2012 to May 2014 and president and chief operating officer of NEE from December 2006 to June 2012. Mr. Sieving was also assistant secretary of NEE from May 2010 to May 2011. Mr. Silagy has been president of FPL since December 2011. Mr. Silagy was senior vice president, regulatory and state governmental affairs of FPL from May 2010 to December 2011. Mr. Yeager was vice president, engineering, construction and integrated supply chain services of NEE and FPL from October 2012 to December 2012 and vice president, integrated supply chain of NEE and FPL from May 2011 to October 2012. From January 2005 to May 2011, Mr. Yeager was vice president, engineering and construction of FPL.
|
•
|
create substantial additional costs in the form of taxes or emission allowances;
|
•
|
make some of NEE's and FPL's electric generation units uneconomical to operate in the long term;
|
•
|
require significant capital investment in carbon capture and storage technology, fuel switching, or the replacement of high-emitting generation facilities with lower-emitting generation facilities; or
|
•
|
affect the availability or cost of fossil fuels.
|
•
|
risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned;
|
•
|
failures in the availability, acquisition or transportation of fuel or other necessary supplies;
|
•
|
the impact of unusual or adverse weather conditions and natural disasters, including, but not limited to, hurricanes, tornadoes, icing events, floods, earthquakes and droughts;
|
•
|
performance below expected or contracted levels of output or efficiency;
|
•
|
breakdown or failure, including, but not limited to, explosions, fires, leaks or other major events, of equipment, transmission and distribution lines or pipelines;
|
•
|
availability of replacement equipment;
|
•
|
risks of property damage or human injury from energized equipment, hazardous substances or explosions, fires, leaks or other events;
|
•
|
availability of adequate water resources and ability to satisfy water intake and discharge requirements;
|
•
|
inability to identify, manage properly or mitigate equipment defects in NEE's and FPL's facilities;
|
•
|
use of new or unproven technology;
|
•
|
risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation, and lack of available alternative fuel sources;
|
•
|
increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes; and
|
•
|
insufficient insurance, warranties or performance guarantees to cover any or all lost revenues or increased expenses from the foregoing.
|
FPL Facilities
|
|
Location
|
|
No.
of Units
|
|
Fuel
|
|
Net
Capability
(MW)
(a)
|
||
Fossil
|
|
|
|
|
|
|
|
|
|
|
Combined-cycle
|
|
|
|
|
|
|
|
|
|
|
Cape Canaveral
|
|
Cocoa, FL
|
|
1
|
|
Gas/Oil
|
|
1,210
|
|
|
Fort Myers
|
|
Fort Myers, FL
|
|
1
|
|
Gas
|
|
1,470
|
|
|
Lauderdale
|
|
Dania, FL
|
|
2
|
|
Gas/Oil
|
|
884
|
|
|
Manatee
|
|
Parrish, FL
|
|
1
|
|
Gas
|
|
1,141
|
|
|
Martin
|
|
Indiantown, FL
|
|
1
|
|
Gas/Oil/Solar Thermal
|
|
1,135
|
|
(b)
|
Martin
|
|
Indiantown, FL
|
|
2
|
|
Gas
|
|
938
|
|
|
Riviera
|
|
Riviera Beach, FL
|
|
1
|
|
Gas/Oil
|
|
1,212
|
|
|
Sanford
|
|
Lake Monroe, FL
|
|
2
|
|
Gas
|
|
2,010
|
|
|
Turkey Point
|
|
Florida City, FL
|
|
1
|
|
Gas/Oil
|
|
1,187
|
|
|
West County
|
|
West Palm Beach, FL
|
|
3
|
|
Gas/Oil
|
|
3,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steam turbines
|
|
|
|
|
|
|
|
|
|
|
Cedar Bay
|
|
Jacksonville, FL
|
|
1
|
|
Coal
|
|
250
|
|
|
Manatee
|
|
Parrish, FL
|
|
2
|
|
Gas/Oil
|
|
1,618
|
|
|
Martin
|
|
Indiantown, FL
|
|
2
|
|
Gas/Oil
|
|
1,626
|
|
|
St. Johns River Power Park
|
|
Jacksonville, FL
|
|
2
|
|
Coal/Petroleum Coke
|
|
254
|
|
(c)
|
Scherer
|
|
Monroe County, GA
|
|
1
|
|
Coal
|
|
634
|
|
(d)
|
Turkey Point
|
|
Florida City, FL
|
|
1
|
|
Gas/Oil
|
|
396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simple-cycle combustion turbines
|
|
|
|
|
|
|
|
|
|
|
Fort Myers
|
|
Fort Myers, FL
|
|
2
|
|
Gas/Oil
|
|
314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas turbines
|
|
|
|
|
|
|
|
|
|
|
Fort Myers
|
|
Fort Myers, FL
|
|
11
|
|
Oil
|
|
594
|
|
|
Lauderdale
|
|
Dania, FL
|
|
24
|
|
Gas/Oil
|
|
824
|
|
|
Port Everglades
|
|
Port Everglades, FL
|
|
12
|
|
Gas/Oil
|
|
412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nuclear
|
|
|
|
|
|
|
|
|
|
|
St. Lucie
|
|
Hutchinson Island, FL
|
|
2
|
|
Nuclear
|
|
1,821
|
|
(e)
|
Turkey Point
|
|
Florida City, FL
|
|
2
|
|
Nuclear
|
|
1,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solar PV
|
|
|
|
|
|
|
|
|
|
|
DeSoto
|
|
Arcadia, FL
|
|
1
|
|
Solar PV
|
|
25
|
|
|
Space Coast
|
|
Cocoa, FL
|
|
1
|
|
Solar PV
|
|
10
|
|
|
TOTAL
|
|
|
|
|
|
|
|
25,254
|
|
(f)
|
(a)
|
Represents FPL's net ownership interest in warm weather peaking capability.
|
(b)
|
The megawatts generated by the 75 MW solar thermal hybrid facility replace steam produced by this unit and therefore are not incremental.
|
(c)
|
Represents FPL's 20% ownership interest in each of SJRPP Units Nos. 1 and 2, which are jointly owned with JEA.
|
(d)
|
Represents FPL's approximately 76% ownership of Scherer Unit No. 4, which is jointly owned with JEA.
|
(e)
|
Excludes Orlando Utilities Commission's and the Florida Municipal Power Agency's combined share of approximately 15% of St. Lucie Unit No. 2.
|
(f)
|
Substantially all of FPL's properties are subject to the lien of FPL's mortgage.
|
NEER Facilities
|
|
Location
|
|
Fuel
|
|
Net
Capability
(MW)
(a)
|
|
Contracted
|
|
|
|
|
|
|
|
Adelaide Wind
(b)
|
|
Middlesex County, Ontario, Canada
|
|
Wind
|
|
60
|
|
Ashtabula Wind
(b)(c)
|
|
Barnes County, ND
|
|
Wind
|
|
148
|
|
Ashtabula Wind II
(c)
|
|
Griggs & Steele Counties, ND
|
|
Wind
|
|
120
|
|
Ashtabula Wind III
(b)(d)
|
|
Barnes County, ND
|
|
Wind
|
|
62
|
|
Baldwin Wind
(b)(d)
|
|
Burleigh County, ND
|
|
Wind
|
|
102
|
|
Blackwell Wind
(c)(e)
|
|
Kay County, OK
|
|
Wind
|
|
60
|
|
Bluewater Wind
(b)(d)
|
|
Huron County, Ontario, Canada
|
|
Wind
|
|
60
|
|
Bornish Wind
(b)
|
|
Middlesex County, Ontario, Canada
|
|
Wind
|
|
73
|
|
Breckinridge
(c)
|
|
Garfield County, OK
|
|
Wind
|
|
98
|
|
Buffalo Ridge
|
|
Lincoln County, MN
|
|
Wind
|
|
26
|
|
Butler Ridge Wind
(b)(c)
|
|
Dodge County, WI
|
|
Wind
|
|
54
|
|
Cabazon
(b)
|
|
Riverside County, CA
|
|
Wind
|
|
39
|
|
Carousel Wind
(c)
|
|
Kit Carson County, CO
|
|
Wind
|
|
150
|
|
Cedar Bluff Wind
(c)
|
|
Ellis, Ness, Rush & Trego Counties, KS
|
|
Wind
|
|
198
|
|
Cerro Gordo
(b)
|
|
Cerro Gordo County, IA
|
|
Wind
|
|
41
|
|
Cimarron
(b)
|
|
Gray County, KS
|
|
Wind
|
|
166
|
|
Conestogo Wind
(b)(d)
|
|
Wellington County, Ontario, Canada
|
|
Wind
|
|
23
|
|
Crystal Lake I
(b)(c)
|
|
Hancock County, IA
|
|
Wind
|
|
150
|
|
Crystal Lake II
(f)
|
|
Winnebago County, IA
|
|
Wind
|
|
200
|
|
Crystal Lake III
(f)
|
|
Winnebago County, IA
|
|
Wind
|
|
66
|
|
Day County Wind
(b)
|
|
Day County, SD
|
|
Wind
|
|
99
|
|
Diablo Wind
(b)
|
|
Alameda County, CA
|
|
Wind
|
|
20
|
|
East Durham Wind
|
|
Grey County, Ontario, Canada
|
|
Wind
|
|
22
|
|
Elk City Wind
(b)(d)
|
|
Roger Mills & Beckham Counties, OK
|
|
Wind
|
|
99
|
|
Elk City Wind II
|
|
Roger Mills & Beckham Counties, OK
|
|
Wind
|
|
101
|
|
Endeavor Wind
|
|
Osceola County, IA
|
|
Wind
|
|
100
|
|
Endeavor Wind II
|
|
Osceola County, IA
|
|
Wind
|
|
50
|
|
Ensign Wind
|
|
Gray County, KS
|
|
Wind
|
|
99
|
|
Ghost Pine Wind
|
|
Kneehill County, Alberta, Canada
|
|
Wind
|
|
82
|
|
Golden Hills Wind
(c)
|
|
Alameda County, CA
|
|
Wind
|
|
86
|
|
Golden West Wind
(c)
|
|
El Paso County, CO
|
|
Wind
|
|
249
|
|
Goshen
(b)
|
|
Huron County, Ontario, Canada
|
|
Wind
|
|
102
|
|
Gray County
|
|
Gray County, KS
|
|
Wind
|
|
112
|
|
Green Power
|
|
Riverside County, CA
|
|
Wind
|
|
17
|
|
Hancock County
(b)
|
|
Hancock County, IA
|
|
Wind
|
|
98
|
|
High Winds
(b)
|
|
Solano County, CA
|
|
Wind
|
|
162
|
|
Indian Mesa
|
|
Pecos County, TX
|
|
Wind
|
|
83
|
|
Javelina Wind
(b)
|
|
Webb County, TX
|
|
Wind
|
|
250
|
|
Jericho Wind
(b)(d)
|
|
Lambton & Middlesex Counties, Ontario, Canada
|
|
Wind
|
|
149
|
|
King Mountain
(b)(f)
|
|
Upton County, TX
|
|
Wind
|
|
278
|
|
Lake Benton II
(b)
|
|
Pipestone County, MN
|
|
Wind
|
|
103
|
|
Langdon Wind
(b)(c)
|
|
Cavalier County, ND
|
|
Wind
|
|
118
|
|
Langdon Wind II
(b)(c)
|
|
Cavalier County, ND
|
|
Wind
|
|
41
|
|
Lee / DeKalb Wind
|
|
Lee & DeKalb Counties, IL
|
|
Wind
|
|
217
|
|
Limon I
(c)(e)
|
|
Lincoln, Elbert & Arapahoe Counties, CO
|
|
Wind
|
|
200
|
|
Limon II
(c)(e)
|
|
Lincoln, Elbert & Arapahoe Counties, CO
|
|
Wind
|
|
200
|
|
Limon III
(c)(e)
|
|
Lincoln County, CO
|
|
Wind
|
|
201
|
|
Logan Wind
(c)
|
|
Logan County, CO
|
|
Wind
|
|
201
|
|
Majestic Wind
(b)(c)
|
|
Carson County, TX
|
|
Wind
|
|
79
|
|
Majestic Wind II
(c)
|
|
Carson & Potter Counties, TX
|
|
Wind
|
|
80
|
|
Mammoth Plains Wind
(c)(d)
|
|
Dewey & Blaine Counties, OK
|
|
Wind
|
|
199
|
|
Meyersdale
(b)
|
|
Somerset County, PA
|
|
Wind
|
|
30
|
|
Mill Run
(b)
|
|
Fayette County, PA
|
|
Wind
|
|
15
|
|
Minco Wind
(b)
|
|
Grady County, OK
|
|
Wind
|
|
99
|
|
Minco Wind II
(b)
|
|
Grady & Caddo Counties, OK
|
|
Wind
|
|
101
|
|
Minco Wind III
(c)(e)
|
|
Grady, Caddo & Canadian Counties, OK
|
|
Wind
|
|
101
|
|
NEER Facilities
|
|
Location
|
|
Fuel
|
|
Net
Capability
(MW)
(a)
|
|
Montezuma Wind
(b)
|
|
Solano County, CA
|
|
Wind
|
|
37
|
|
Montezuma Wind II
(c)
|
|
Solano County, CA
|
|
Wind
|
|
78
|
|
Mount Copper
(b)
|
|
Gaspésie, Quebec, Canada
|
|
Wind
|
|
52
|
|
Mount Miller
(b)
|
|
Gaspésie, Quebec, Canada
|
|
Wind
|
|
52
|
|
Mountaineer Wind
(b)
|
|
Preston & Tucker Counties, WV
|
|
Wind
|
|
66
|
|
Mower County Wind
(c)
|
|
Mower County, MN
|
|
Wind
|
|
99
|
|
New Mexico Wind
(b)
|
|
Quay & Debaca Counties, NM
|
|
Wind
|
|
204
|
|
North Dakota Wind
(b)
|
|
LaMoure County, ND
|
|
Wind
|
|
62
|
|
North Sky River
(b)
|
|
Kern County, CA
|
|
Wind
|
|
162
|
|
Northern Colorado
(b)(d)
|
|
Logan County, CO
|
|
Wind
|
|
174
|
|
Oklahoma / Sooner Wind
(b)
|
|
Harper & Woodward Counties, OK
|
|
Wind
|
|
102
|
|
Oliver County Wind I
(c)
|
|
Oliver County, ND
|
|
Wind
|
|
51
|
|
Oliver County Wind II
(c)
|
|
Oliver County, ND
|
|
Wind
|
|
48
|
|
Palo Duro Wind
(c)(d)
|
|
Hansford & Ochiltree Counties, TX
|
|
Wind
|
|
250
|
|
Peetz Table Wind
(c)
|
|
Logan County, CO
|
|
Wind
|
|
199
|
|
Perrin Ranch Wind
(b)(d)
|
|
Coconino County, AZ
|
|
Wind
|
|
99
|
|
Pheasant Run I
(b)
|
|
Huron County, MI
|
|
Wind
|
|
75
|
|
Pubnico Point
(b)
|
|
Yarmouth County, Nova Scotia, Canada
|
|
Wind
|
|
31
|
|
Red Mesa Wind
|
|
Cibola County, NM
|
|
Wind
|
|
102
|
|
Seiling Wind
(c)
|
|
Dewey County, OK
|
|
Wind
|
|
199
|
|
Seiling Wind II
(c)
|
|
Dewey & Woodward Counties, OK
|
|
Wind
|
|
100
|
|
Sky River
(b)
|
|
Kern County, CA
|
|
Wind
|
|
73
|
|
Somerset Wind Power
(b)
|
|
Somerset County, PA
|
|
Wind
|
|
9
|
|
South Dakota Wind
(b)
|
|
Hyde County, SD
|
|
Wind
|
|
41
|
|
Southwest Mesa
(b)
|
|
Upton & Crockett Counties, TX
|
|
Wind
|
|
74
|
|
Stateline
(b)(d)
|
|
Umatilla County, OR and Walla Walla County, WA
|
|
Wind
|
|
300
|
|
Steele Flats
(c)(e)
|
|
Jefferson & Gage Counties, NE
|
|
Wind
|
|
75
|
|
Story County Wind
(b)(c)
|
|
Story County, IA
|
|
Wind
|
|
150
|
|
Story County Wind II
(b)
|
|
Story & Hardin Counties, IA
|
|
Wind
|
|
150
|
|
Summerhaven
(b)(d)
|
|
Haldimand County, Ontario, Canada
|
|
Wind
|
|
124
|
|
Tuscola Bay
(b)(d)
|
|
Tuscola, Bay & Saginaw Counties, MI
|
|
Wind
|
|
120
|
|
Tuscola II
|
|
Tuscola & Bay Counties, MI
|
|
Wind
|
|
100
|
|
Vansycle
(b)
|
|
Umatilla County, OR
|
|
Wind
|
|
25
|
|
Vansycle II
(f)
|
|
Umatilla County, OR
|
|
Wind
|
|
99
|
|
Vasco Winds
(c)
|
|
Contra Costa County, CA
|
|
Wind
|
|
78
|
|
Waymart
(b)
|
|
Wayne County, PA
|
|
Wind
|
|
65
|
|
Weatherford Wind
(b)
|
|
Custer & Washita Counties, OK
|
|
Wind
|
|
147
|
|
Wessington Springs Wind
(b)(c)
|
|
Jerauld County, SD
|
|
Wind
|
|
51
|
|
White Oak
(c)(e)
|
|
McLean County, IL
|
|
Wind
|
|
150
|
|
Wilton Wind
(b)
|
|
Burleigh County, ND
|
|
Wind
|
|
49
|
|
Wilton Wind II
(c)
|
|
Burleigh County, ND
|
|
Wind
|
|
50
|
|
Windpower Partners 1993
(c)
|
|
Riverside County, CA
|
|
Wind
|
|
50
|
|
Woodward Mountain
|
|
Upton & Pecos Counties, TX
|
|
Wind
|
|
160
|
|
Investments in joint ventures - Cedar Point II Wind
|
|
Lambton County, Ontario, Canada
|
|
Wind
|
|
50
|
|
Total Contracted Wind
|
|
|
|
|
|
10,571
|
|
Adelanto I Solar
(b)(g)
|
|
San Bernardino County, CA
|
|
Solar PV
|
|
20
|
|
Adelanto II Solar
(b)(g)
|
|
San Bernardino County, CA
|
|
Solar PV
|
|
7
|
|
Genesis
(b)(d)
|
|
Riverside County, CA
|
|
Solar Thermal
|
|
250
|
|
Hatch Solar
|
|
Hatch, NM
|
|
Solar CPV
|
|
5
|
|
McCoy Solar
(b)(g)
|
|
Riverside County, CA
|
|
Solar PV
|
|
126
|
|
Moore Solar
(b)(d)
|
|
Lambton County, Ontario, Canada
|
|
Solar PV
|
|
20
|
|
Mountain View Solar
(b)
|
|
Clark County, NV
|
|
Solar PV
|
|
20
|
|
Planta Termosolar I & II
(b)
|
|
Madrigalejo, Spain
|
|
Solar Thermal
|
|
100
|
|
Shafter Solar
(b)(d)
|
|
Kern County, CA
|
|
Solar PV
|
|
20
|
|
Silver State South Solar
(b)
|
|
Clark County, NV
|
|
Solar PV
|
|
91
|
|
Sombra Solar
(b)(d)
|
|
Lambton County, Ontario, Canada
|
|
Solar PV
|
|
20
|
|
Investments in joint ventures:
|
|
|
|
|
|
|
|
Desert Sunlight
(b)
|
|
Riverside County, CA
|
|
Solar PV
|
|
275
|
|
SEGS III-IX
(b)
|
|
Kramer Junction & Harper Lake, CA
|
|
Solar Thermal
|
|
147
|
|
Distributed generation
|
|
Various
|
|
Solar PV
|
|
20
|
|
Total Contracted Solar
|
|
|
|
|
|
1,121
|
|
NEER Facilities
|
|
Location
|
|
Fuel
|
|
Net
Capability
(MW)
(a)
|
|
Bayswater
(b)
|
|
Far Rockaway, NY
|
|
Gas
|
|
56
|
|
Jamaica Bay
(b)
|
|
Far Rockaway, NY
|
|
Gas/Oil
|
|
54
|
|
Marcus Hook 750
(b)
|
|
Marcus Hook, PA
|
|
Gas
|
|
744
|
|
Investments in joint ventures - Bellingham
|
|
Bellingham, MA
|
|
Gas
|
|
150
|
|
Total Contracted Natural Gas
|
|
|
|
|
|
1,004
|
|
Duane Arnold
|
|
Palo, IA
|
|
Nuclear
|
|
431
|
(h)
|
Point Beach
|
|
Two Rivers, WI
|
|
Nuclear
|
|
1,190
|
|
Total Contracted Nuclear
|
|
|
|
|
|
1,621
|
|
Total Contracted
|
|
|
|
|
|
14,317
|
|
|
|
|
|
|
|
|
|
Merchant
|
|
|
|
|
|
|
|
Blue Summit
(c)(e)
|
|
Wilbarger County, TX
|
|
Wind
|
|
135
|
|
Callahan Divide
(b)
|
|
Taylor County, TX
|
|
Wind
|
|
114
|
|
Capricorn Ridge
(c)
|
|
Sterling & Coke Counties, TX
|
|
Wind
|
|
364
|
|
Capricorn Ridge Expansion
(c)
|
|
Sterling & Coke Counties, TX
|
|
Wind
|
|
298
|
|
Horse Hollow Wind
(b)
|
|
Taylor County, TX
|
|
Wind
|
|
213
|
|
Horse Hollow Wind II
(b)
|
|
Taylor & Nolan Counties, TX
|
|
Wind
|
|
299
|
|
Horse Hollow Wind III
(b)
|
|
Nolan County, TX
|
|
Wind
|
|
224
|
|
Red Canyon Wind
(b)
|
|
Borden, Garza & Scurry Counties, TX
|
|
Wind
|
|
84
|
|
Wolf Ridge Wind
(c)(e)
|
|
Cooke County, TX
|
|
Wind
|
|
112
|
|
Total Merchant Wind
|
|
|
|
|
|
1,843
|
|
Paradise Solar
|
|
West Deptford, NJ
|
|
Solar PV
|
|
5
|
|
Forney
(b)
|
|
Forney, TX
|
|
Gas
|
|
1,824
|
(i)
|
Lamar Power Partners
(b)
|
|
Paris, TX
|
|
Gas
|
|
1,060
|
(i)
|
Marcus Hook 50
|
|
Marcus Hook, PA
|
|
Gas
|
|
50
|
|
Investment in joint venture - Sayreville
|
|
Sayreville, NJ
|
|
Gas
|
|
145
|
|
Total Merchant Natural Gas
|
|
|
|
|
|
3,079
|
|
Nuclear - Seabrook
|
|
Seabrook, NH
|
|
Nuclear
|
|
1,100
|
(j)
|
Maine - Cape, Wyman
|
|
Various - ME
|
|
Oil
|
|
796
|
(k)
|
Total Merchant
|
|
|
|
|
|
6,823
|
|
Total Generating Capability
|
|
|
|
|
|
21,140
|
|
Noncontrolling Interest
|
|
|
|
|
|
(480)
|
|
Total Net Generating Capability
|
|
|
|
|
|
20,660
|
|
(a)
|
Represents NEER's net ownership interest in plant capacity.
|
(b)
|
These generation facilities are encumbered by liens against their assets securing various financings.
|
(c)
|
NEER owns these wind facilities together with third-party investors with differential membership interests. See Note 1 - Sale of Differential Membership Interests.
|
(d)
|
These generation facilities are part of the NEP portfolio and subject to an approximately 23.2% noncontrolling interest.
|
(e)
|
Various financings are secured by the pledge of NEER's membership interests in the entities owning these wind facilities.
|
(f)
|
These generation facilities have approximately 325 MW of generating capacity that is not fully committed under long-term contracts.
|
(g)
|
NEP owns an approximately 50% equity method investment in these solar projects. See Note 9 - NEER.
|
(h)
|
Excludes Central Iowa Power Cooperative and Corn Belt Power Cooperative's combined share of 30%.
|
(i)
|
See Note 1 - Assets and Liabilities Associated with Assets Held for Sale for discussion of the pending sale of these facilities.
|
(j)
|
Excludes Massachusetts Municipal Wholesale Electric Company's, Taunton Municipal Lighting Plant's and Hudson Light & Power Department's combined share of 11.77%.
|
(k)
|
Excludes six other energy-related partners' combined share of 16%.
|
Nominal
Voltage
|
|
Overhead Lines
Circuit/Pole Miles
|
|
Trench and
Submarine
Cables Miles
|
|||
500
|
kV
|
|
1,106
|
|
(a)
|
—
|
|
230
|
kV
|
|
3,197
|
|
|
25
|
|
138
|
kV
|
|
1,581
|
|
|
52
|
|
115
|
kV
|
|
758
|
|
|
—
|
|
69
|
kV
|
|
164
|
|
|
14
|
|
Total circuit miles
|
|
6,806
|
|
|
91
|
|
|
Less than 69 kV (pole miles)
|
|
42,301
|
|
|
25,506
|
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
Quarter
|
|
High
|
|
Low
|
|
Cash
Dividends
|
|
High
|
|
Low
|
|
Cash
Dividends
|
||||||||||||
First
|
|
$
|
112.64
|
|
|
$
|
97.48
|
|
|
$
|
0.77
|
|
|
$
|
96.13
|
|
|
$
|
83.97
|
|
|
$
|
0.725
|
|
Second
|
|
$
|
106.63
|
|
|
$
|
97.23
|
|
|
$
|
0.77
|
|
|
$
|
102.51
|
|
|
$
|
93.28
|
|
|
$
|
0.725
|
|
Third
|
|
$
|
109.98
|
|
|
$
|
93.74
|
|
|
$
|
0.77
|
|
|
$
|
102.46
|
|
|
$
|
91.79
|
|
|
$
|
0.725
|
|
Fourth
|
|
$
|
105.85
|
|
|
$
|
95.84
|
|
|
$
|
0.77
|
|
|
$
|
110.84
|
|
|
$
|
90.33
|
|
|
$
|
0.725
|
|
Period
|
|
Total
Number
of Shares
Purchased
(a)
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of a
Publicly Announced Program
|
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Program
(b)
|
|||
10/1/2015 - 10/31/15
|
|
—
|
|
|
—
|
|
|
—
|
|
13,274,748
|
|
11/1/2015 - 11/30/15
|
|
2,487
|
|
|
$
|
100.43
|
|
|
—
|
|
13,274,748
|
12/1/2015 - 12/31/15
|
|
1,063
|
|
|
$
|
98.01
|
|
|
—
|
|
13,274,748
|
Total
|
|
3,550
|
|
|
$
|
99.71
|
|
|
—
|
|
|
(a)
|
Includes: (1) in November 2015, shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan; and (2) in December 2015, shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan (former LTIP) and shares of common stock purchased as a reinvestment of dividends by the trustee of a grantor trust in connection with NEE's obligation under a February 2006 grant under the former LTIP to an executive officer of deferred retirement share awards.
|
(b)
|
In February 2005, NEE's Board of Directors authorized common stock repurchases of up to 20 million shares of common stock over an unspecified period, which authorization was most recently reaffirmed and ratified by the Board of Directors in July 2011.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
SELECTED DATA OF NEE (millions, except per share amounts):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
17,486
|
|
|
$
|
17,021
|
|
|
$
|
15,136
|
|
|
$
|
14,256
|
|
|
$
|
15,341
|
|
Income from continuing operations
(a)
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,677
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
Net income
(a)(b)
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
Net income attributable to NEE:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
(a)
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,677
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
Gain from discontinued operations
(b)
|
—
|
|
|
—
|
|
|
231
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,908
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
Earnings per share attributable to NEE - basic:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
(a)
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
3.95
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
Net income
(a)(b)
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
4.50
|
|
|
$
|
4.59
|
|
|
$
|
4.62
|
|
Earnings per share attributable to NEE - assuming dilution:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
(a)
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
3.93
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
Net income
(a)(b)
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
4.47
|
|
|
$
|
4.56
|
|
|
$
|
4.59
|
|
Dividends paid per share of common stock
|
$
|
3.08
|
|
|
$
|
2.90
|
|
|
$
|
2.64
|
|
|
$
|
2.40
|
|
|
$
|
2.20
|
|
Total assets
(c)(d)
|
$
|
82,479
|
|
|
$
|
74,605
|
|
|
$
|
69,007
|
|
|
$
|
64,144
|
|
|
$
|
56,933
|
|
Long-term debt, excluding current maturities
(d)
|
$
|
26,681
|
|
|
$
|
24,044
|
|
|
$
|
23,670
|
|
|
$
|
22,881
|
|
|
$
|
20,555
|
|
SELECTED DATA OF FPL (millions):
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
11,651
|
|
|
$
|
11,421
|
|
|
$
|
10,445
|
|
|
$
|
10,114
|
|
|
$
|
10,613
|
|
Net income
|
$
|
1,648
|
|
|
$
|
1,517
|
|
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
Total assets
(d)
|
$
|
42,523
|
|
|
$
|
39,222
|
|
|
$
|
36,420
|
|
|
$
|
34,786
|
|
|
$
|
31,759
|
|
Long-term debt, excluding current maturities
(d)
|
$
|
9,956
|
|
|
$
|
9,328
|
|
|
$
|
8,405
|
|
|
$
|
8,262
|
|
|
$
|
7,427
|
|
Energy sales (kWh)
|
120,032
|
|
|
113,196
|
|
|
107,643
|
|
|
105,109
|
|
|
106,662
|
|
|||||
Energy sales:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
49.0
|
%
|
|
48.8
|
%
|
|
50.1
|
%
|
|
50.8
|
%
|
|
51.2
|
%
|
|||||
Commercial
|
39.5
|
|
|
40.4
|
|
|
42.1
|
|
|
43.0
|
|
|
42.2
|
|
|||||
Industrial
|
2.5
|
|
|
2.6
|
|
|
2.7
|
|
|
2.9
|
|
|
2.9
|
|
|||||
Interchange power sales
|
2.5
|
|
|
2.8
|
|
|
2.3
|
|
|
0.7
|
|
|
0.9
|
|
|||||
Other
(e)
|
6.5
|
|
|
5.4
|
|
|
2.8
|
|
|
2.6
|
|
|
2.8
|
|
|||||
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|||||
Approximate 60-minute peak load (MW):
(f)
|
|
|
|
|
|
|
|
|
|
||||||||||
Summer season
|
22,717
|
|
|
22,900
|
|
|
21,576
|
|
|
21,440
|
|
|
21,619
|
|
|||||
Winter season
|
20,541
|
|
|
19,718
|
|
|
18,028
|
|
|
16,025
|
|
|
17,934
|
|
|||||
Average number of customer accounts (thousands):
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
4,227
|
|
|
4,169
|
|
|
4,097
|
|
|
4,052
|
|
|
4,027
|
|
|||||
Commercial
|
533
|
|
|
526
|
|
|
517
|
|
|
512
|
|
|
508
|
|
|||||
Industrial
|
11
|
|
|
10
|
|
|
10
|
|
|
9
|
|
|
9
|
|
|||||
Other
|
4
|
|
|
4
|
|
|
3
|
|
|
3
|
|
|
3
|
|
|||||
Total
|
4,775
|
|
|
4,709
|
|
|
4,627
|
|
|
4,576
|
|
|
4,547
|
|
|||||
Average price billed to customers (cents per kWh)
|
9.48
|
|
|
9.97
|
|
|
9.47
|
|
|
9.51
|
|
|
9.83
|
|
(a)
|
Includes net unrealized mark-to-market after-tax gains (losses) associated with non-qualifying hedges of approximately
$183 million
,
$153 million
,
$(53) million
, $(34) million and $190 million, respectively. Also, on an after-tax basis, 2013 includes impairment and other charges related to the Spain Solar projects of approximately
$342 million
and 2011 includes loss on the sale of natural gas-fired generation assets of approximately $98 million. See Management's Discussion - Overview - Adjusted Earnings.
|
(b)
|
2013 includes an after-tax gain from discontinued operations of
$231 million
. See Note 6.
|
(c)
|
Includes assets held for sale of approximately
$1,009 million
in 2015 and $335 million in 2012. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(d)
|
Reflects reclassification of debt issuance costs for 2011 through 2014. See Note 1 - Debt Issuance Costs.
|
(e)
|
Includes the net change in unbilled sales.
|
(f)
|
Winter season includes November and December of the current year and January to March of the following year (for
2015
, through
February 19, 2016
).
|
|
Net Income (Loss) Attributable
to NEE
|
|
Earnings (Loss) Per Share,
assuming dilution
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
(millions)
|
|
|
||||||||||||||||||||
FPL
|
$
|
1,648
|
|
|
$
|
1,517
|
|
|
$
|
1,349
|
|
|
$
|
3.63
|
|
|
$
|
3.45
|
|
|
$
|
3.16
|
|
NEER
(a)(b)
|
1,092
|
|
|
989
|
|
|
556
|
|
|
2.41
|
|
|
2.25
|
|
|
1.30
|
|
||||||
Corporate and Other
(b)
|
12
|
|
|
(41
|
)
|
|
3
|
|
|
0.02
|
|
|
(0.10
|
)
|
|
0.01
|
|
||||||
NEE
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,908
|
|
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
4.47
|
|
(a)
|
NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and allocated shared service costs.
|
(b)
|
NEER's and Corporate and Other's results for 2014 and 2013 were retrospectively adjusted to reflect a segment change as further discussed in Note 15.
|
|
Years Ended December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||
|
|
|
(millions)
|
|
|
||||||||
Net unrealized mark-to-market after-tax gains (losses) from non-qualifying hedge activity
(a)
|
$
|
183
|
|
|
$
|
153
|
|
|
$
|
(53
|
)
|
||
Income (loss) from OTTI after-tax losses on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals
(b)
|
$
|
(15
|
)
|
|
$
|
(2
|
)
|
|
$
|
1
|
|
||
After-tax gain from discontinued operations
(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
231
|
|
||
After-tax gain (loss) associated with Maine fossil
(d)
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
(43
|
)
|
||
After-tax charges recorded by NEER associated with the impairment of the Spain solar projects
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(342
|
)
|
||
After-tax operating results of NEER's Spain solar projects
|
$
|
5
|
|
|
$
|
(32
|
)
|
|
$
|
(4
|
)
|
||
After-tax merger-related expenses - Corporate and Other
|
$
|
(20
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
For
2015
,
2014
and
2013
, approximately $175 million of gains, $171 million of gains and $54 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(b)
|
For 2015, 2014 and 2013, approximately $14 million of losses, $1 million of income and $1 million of income, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(c)
|
For 2013, approximately $216 million of the gain is included in NEER's net income; the balance is included in Corporate and Other.
|
(d)
|
For 2014, all of the gain is included in NEER's net income. For 2013, approximately $41 million of the loss is included in NEER's net income; the balance is included in Corporate and Other.
|
•
|
higher earnings on investment in plant in service of approximately $77 million. Investment in plant in service grew FPL's average retail rate base in
2015
by approximately $1.0 billion reflecting, among other things, ongoing transmission and distribution additions and the modernized Riviera Beach power plant placed in service in April 2014,
|
•
|
higher AFUDC - equity of $32 million primarily related to the modernization project at Port Everglades and other investments,
|
•
|
higher earnings of approximately $22 million due to increased use of equity to finance investments, and
|
•
|
higher cost recovery clause earnings of $10 million primarily related to earnings associated with the incentive mechanism,
|
•
|
higher nonrecoverable expenses.
|
•
|
higher earnings on investment in plant in service of approximately $105 million. Investment in plant in service grew FPL's average retail rate base in
2014
by approximately $2.3 billion reflecting, among other things, the modernized Riviera Beach power plant and ongoing transmission and distribution additions,
|
•
|
growth in wholesale services provided which increased earnings by $47 million,
|
•
|
the absence of $32 million of after-tax charges associated with the cost savings initiative recorded in 2013, and
|
•
|
higher earnings of $30 million related to the increase in the targeted regulatory ROE from 11.25% to 11.50%,
|
•
|
lower cost recovery clause results of $22 million primarily due to the transfer of new nuclear capacity to retail rate base as discussed below under Retail Base, Cost Recovery Clauses and Interest Expense, and
|
•
|
lower AFUDC - equity of $19 million primarily related to the Riviera Beach and Cape Canaveral power plants being placed in service in April 2014 and April 2013, respectively.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
(millions)
|
|
|
||||||
Retail base
|
$
|
5,653
|
|
|
$
|
5,347
|
|
|
$
|
4,951
|
|
Fuel cost recovery
|
3,875
|
|
|
3,876
|
|
|
3,334
|
|
|||
Net deferral of retail fuel revenues
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Net recognition of previously deferred retail fuel revenues
|
—
|
|
|
—
|
|
|
44
|
|
|||
Other cost recovery clauses and pass-through costs, net of any deferrals
|
1,645
|
|
|
1,766
|
|
|
1,837
|
|
|||
Other, primarily wholesale and transmission sales, customer-related fees and pole attachment rentals
|
479
|
|
|
432
|
|
|
279
|
|
|||
Total
|
$
|
11,651
|
|
|
$
|
11,421
|
|
|
$
|
10,445
|
|
•
|
remains in effect until December 2016,
|
•
|
establishes FPL's allowed regulatory ROE at 10.50%, with a range of plus or minus 100 basis points, and
|
•
|
allows for an additional retail base rate increase as the modernized Port Everglades project becomes operational (which is expected by April 2016).
|
|
Years Ended December 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||
|
|
|
(millions)
|
|
|
|||||||||
Fuel and energy charges during the period
|
$
|
3,593
|
|
|
$
|
3,951
|
|
|
$
|
3,519
|
|
|||
Net deferral of retail fuel costs
|
—
|
|
|
(109
|
)
|
|
(148
|
)
|
||||||
Net recognition of deferred retail fuel costs
|
220
|
|
|
—
|
|
|
—
|
|
||||||
Other, primarily capacity charges, net of any capacity deferral
|
463
|
|
|
533
|
|
|
554
|
|
||||||
Total
|
$
|
4,276
|
|
|
$
|
4,375
|
|
|
$
|
3,925
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
(millions)
|
|
|
||||||
Reserve reversal (amortization) recorded under the 2012 rate agreement
|
$
|
15
|
|
|
$
|
33
|
|
|
$
|
(155
|
)
|
Other depreciation and amortization recovered under base rates
|
1,359
|
|
|
1,211
|
|
|
1,105
|
|
|||
Depreciation and amortization recovered under cost recovery clauses and securitized storm-recovery cost amortization
|
202
|
|
|
188
|
|
|
209
|
|
|||
Total
|
$
|
1,576
|
|
|
$
|
1,432
|
|
|
$
|
1,159
|
|
|
Increase (Decrease)
From Prior Period
|
||||||||
|
Years Ended
December 31, |
||||||||
|
2015
|
|
2014
|
||||||
|
(millions)
|
||||||||
New investments
(a)
|
$
|
138
|
|
|
$
|
134
|
|
||
Existing assets
(a)
|
(96
|
)
|
|
26
|
|
||||
Gas infrastructure
(b)
|
(7
|
)
|
|
(27
|
)
|
||||
Customer supply and proprietary power and gas trading
(b)
|
110
|
|
|
14
|
|
||||
Asset sales
|
(9
|
)
|
|
6
|
|
||||
NEP-related charge and costs
|
67
|
|
|
(67
|
)
|
||||
Interest and general and administrative expenses
|
(99
|
)
|
|
(42
|
)
|
||||
Other, primarily income taxes
|
(15
|
)
|
|
13
|
|
||||
Change in unrealized mark-to-market non-qualifying hedge activity
(c)
|
4
|
|
|
225
|
|
||||
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals
(c)
|
(15
|
)
|
|
—
|
|
||||
Gain on 2013 discontinued operations
(c)
|
—
|
|
|
(216
|
)
|
||||
Change in Maine fossil gain/loss
(c)
|
(12
|
)
|
|
53
|
|
||||
Charges associated with the 2013 impairment of the Spain solar projects
(c)
|
—
|
|
|
342
|
|
||||
Operating results of the Spain solar projects
(c)
|
37
|
|
|
(28
|
)
|
||||
Increase in net income less net income attributable to noncontrolling interests
|
$
|
103
|
|
|
$
|
433
|
|
(a)
|
Includes PTCs, ITCs and deferred income tax and other benefits associated with convertible ITCs for wind and solar projects, as applicable, (see Note 1 - Electric Plant, Depreciation and Amortization, - Income Taxes and - Sale of Differential Membership Interests and Note 5) but excludes allocation of interest expense or corporate general and administrative expenses. Results from projects are included in new investments during the first twelve months of operation or ownership. An electric energy project's results are included in existing assets beginning with the thirteenth month of operation.
|
(b)
|
Excludes allocation of interest expense and corporate general and administrative expenses.
|
(c)
|
See Overview - Adjusted Earnings for additional information.
|
•
|
higher earnings of approximately $146 million related to the addition of approximately 2,571 MW of wind generation and 910 MW of solar generation during or after
2014
, and
|
•
|
higher earnings of approximately $16 million related to the acquisition of the Texas pipelines and the development of three additional natural gas pipelines,
|
•
|
lower deferred income tax and other benefits associated with convertible ITCs of $21 million and ITCs of $3 million.
|
•
|
higher earnings of approximately $120 million related to the addition of approximately 1,678 MW of wind generation and 545 MW of solar generation during or after 2013, and
|
•
|
higher deferred income tax and other benefits associated with ITCs of $25 million,
|
•
|
lower deferred income tax and other benefits associated with convertible ITCs of $15 million.
|
•
|
lower results from wind assets of $122 million primarily due to weaker wind resource offset in part by a favorable ITC impact related to changes in state income tax laws and favorable pricing,
|
•
|
higher results from merchant assets in the ERCOT region of approximately $27 million primarily due to the absence of a 2014 outage.
|
•
|
higher results from wind assets of $29 million reflecting stronger wind resource and increased availability, favorable pricing and lower operating expenses, partly offset by PTC roll off,
|
•
|
higher results of $19 million from merchant assets in the ERCOT region and $11 million from other contracted natural gas assets primarily due to favorable market conditions, and
|
•
|
increased results of $11 million at Maine fossil due to additional generation and favorable pricing related to extreme winter weather,
|
•
|
lower results from the nuclear assets of approximately $30 million primarily due to lower pricing and scheduled outages in 2014, offset in part by higher nuclear decommissioning gains, and
|
•
|
lower results of $14 million due to the absence of the hydro assets which were sold in the first quarter of 2013.
|
•
|
higher revenues from new investments of approximately $225 million,
|
•
|
higher revenues from the customer supply business and proprietary power and gas trading business of $218 million reflecting favorable market conditions, and
|
•
|
higher revenues from the gas infrastructure business of $96 million primarily reflecting gains recorded upon exiting the hedged positions on a number of future gas production opportunities and the acquisition of the Texas pipelines,
|
•
|
lower unrealized mark-to-market gains from non-qualifying hedges ($275 million for 2015 compared to $372 million of gains on such hedges for 2014), and
|
•
|
lower revenues from existing assets of $195 million reflecting lower wind generation due to weaker wind resource, lower revenues at Marcus Hook 750 and in the ERCOT region due to lower gas prices and lower revenues at Seabrook reflecting a refueling outage, offset in part by higher revenues at Point Beach due to the absence of a 2014 outage and price escalation under the power sales agreement, higher dispatch in Maine due to 2015 weather conditions and higher revenues from the Spain solar projects.
|
•
|
higher unrealized mark-to-market gains from non-qualifying hedges ($372 million for 2014 compared to $116 million of losses on such hedges for 2013),
|
•
|
higher revenues from new investments of approximately $282 million, and
|
•
|
higher revenues from the customer supply business of $120 million,
|
•
|
lower revenues from existing assets of $13 million reflecting lower contracted revenues at Duane Arnold and the Spain solar projects and lower revenues in the New England Power Pool (NEPOOL) region reflecting a scheduled outage at Seabrook, partly offset by higher wind generation due to stronger wind resource and increased availability and higher revenues in the ERCOT region primarily due to favorable market conditions, and
|
•
|
lower revenues from the gas infrastructure business and other O&M service agreements.
|
•
|
higher operating expenses associated with new investments of approximately $123 million,
|
•
|
higher O&M expenses reflecting higher costs associated with growth in the NEER business, higher taxes other than income taxes and other reflecting the absence of 2014 gains on the sale of investments in certain wells in the gas infrastructure business and the absence of the 2014 reimbursement by a vendor of certain O&M-related costs, and
|
•
|
higher depreciation associated with the gas infrastructure business of $50 million primarily related to higher depletion rates and increased production,
|
•
|
lower fuel expense of approximately $146 million primarily in the ERCOT region and at Marcus Hook 750.
|
•
|
the absence of a $300 million impairment charge in 2013 related to the Spain solar projects, and
|
•
|
lower other operating expenses reflecting the reimbursement by a vendor of certain O&M-related costs as well as the absence of implementation costs recorded in 2013 related to the cost savings initiative, partly offset by the NEP-related expenses,
|
•
|
higher fuel expense of approximately $171 million primarily in the ERCOT region and the customer supply business,
|
•
|
higher operating expenses associated with new investments of approximately $123 million, and
|
•
|
higher depreciation expense of approximately $24 million associated with the gas infrastructure business primarily related to higher depletion rates.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
(millions)
|
|
|
||||||
Interest expense, net of allocations to NEER
|
$
|
(87
|
)
|
|
$
|
(95
|
)
|
|
$
|
(109
|
)
|
Interest income
|
32
|
|
|
31
|
|
|
32
|
|
|||
Federal and state income tax benefits (expenses)
|
20
|
|
|
(7
|
)
|
|
15
|
|
|||
Merger-related expenses
|
(20
|
)
|
|
—
|
|
|
—
|
|
|||
Other - net
|
67
|
|
|
30
|
|
|
65
|
|
|||
Net income (loss)
|
$
|
12
|
|
|
$
|
(41
|
)
|
|
$
|
3
|
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Sources of cash:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from operating activities
|
$
|
6,116
|
|
|
$
|
5,500
|
|
|
$
|
5,102
|
|
|
$
|
3,393
|
|
|
$
|
3,454
|
|
|
$
|
3,558
|
|
Long-term borrowings
|
5,772
|
|
|
5,054
|
|
|
4,371
|
|
|
1,084
|
|
|
997
|
|
|
497
|
|
||||||
Change in loan proceeds restricted for construction
|
—
|
|
|
—
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from differential membership investors, net of payments
|
669
|
|
|
907
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sale of independent power and other investments of NEER
|
52
|
|
|
307
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Capital contributions from NEE
|
—
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
|
100
|
|
|
275
|
|
||||||
Cash grants under the Recovery Act
|
8
|
|
|
343
|
|
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuances of common stock - net
|
1,298
|
|
|
633
|
|
|
842
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net increase in short-term debt
|
—
|
|
|
451
|
|
|
—
|
|
|
—
|
|
|
938
|
|
|
99
|
|
||||||
Proceeds from sale of noncontrolling interest in subsidiaries
|
345
|
|
|
438
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other sources - net
|
107
|
|
|
—
|
|
|
66
|
|
|
19
|
|
|
—
|
|
|
30
|
|
||||||
Total sources of cash
|
14,367
|
|
|
13,633
|
|
|
11,324
|
|
|
5,950
|
|
|
5,489
|
|
|
4,459
|
|
||||||
Uses of cash:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
(8,377
|
)
|
|
(7,017
|
)
|
|
(6,682
|
)
|
|
(3,633
|
)
|
|
(3,241
|
)
|
|
(2,903
|
)
|
||||||
Retirements of long-term debt
|
(3,972
|
)
|
|
(4,750
|
)
|
|
(2,396
|
)
|
|
(551
|
)
|
|
(355
|
)
|
|
(453
|
)
|
||||||
Net decrease in short-term debt
|
(356
|
)
|
|
—
|
|
|
(720
|
)
|
|
(986
|
)
|
|
—
|
|
|
—
|
|
||||||
Dividends
|
(1,385
|
)
|
|
(1,261
|
)
|
|
(1,122
|
)
|
|
(700
|
)
|
|
(1,550
|
)
|
|
(1,070
|
)
|
||||||
Other uses - net
|
(283
|
)
|
|
(466
|
)
|
|
(295
|
)
|
|
(71
|
)
|
|
(348
|
)
|
|
(54
|
)
|
||||||
Total uses of cash
|
(14,373
|
)
|
|
(13,494
|
)
|
|
(11,215
|
)
|
|
(5,941
|
)
|
|
(5,494
|
)
|
|
(4,480
|
)
|
||||||
Net increase (decrease) in cash and cash equivalents
|
$
|
(6
|
)
|
|
$
|
139
|
|
|
$
|
109
|
|
|
$
|
9
|
|
|
$
|
(5
|
)
|
|
$
|
(21
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(millions)
|
||||||||||
FPL:
|
|
|
|
|
|
||||||
Generation:
|
|
|
|
|
|
||||||
New
|
$
|
686
|
|
|
$
|
744
|
|
|
$
|
931
|
|
Existing
|
811
|
|
|
905
|
|
|
655
|
|
|||
Transmission and distribution
|
1,681
|
|
|
1,307
|
|
|
873
|
|
|||
Nuclear fuel
|
205
|
|
|
174
|
|
|
212
|
|
|||
General and other
|
384
|
|
|
148
|
|
|
162
|
|
|||
Other, primarily change in accrued property additions and exclusion of AFUDC - equity
|
(134
|
)
|
|
(37
|
)
|
|
70
|
|
|||
Total
|
3,633
|
|
|
3,241
|
|
|
2,903
|
|
|||
NEER:
|
|
|
|
|
|
|
|
||||
Wind
|
1,029
|
|
|
2,136
|
|
|
1,725
|
|
|||
Solar
|
1,494
|
|
|
546
|
|
|
914
|
|
|||
Nuclear, including nuclear fuel
|
315
|
|
|
262
|
|
|
269
|
|
|||
Natural gas pipelines
|
1,198
|
|
|
74
|
|
|
24
|
|
|||
Other
|
625
|
|
|
683
|
|
|
705
|
|
|||
Total
|
4,661
|
|
|
3,701
|
|
|
3,637
|
|
|||
Corporate and Other
|
83
|
|
|
75
|
|
|
142
|
|
|||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
8,377
|
|
|
$
|
7,017
|
|
|
$
|
6,682
|
|
|
|
|
|
|
|
Maturity Date
|
|||||||||
|
FPL
|
|
NEECH
|
|
Total
|
|
FPL
|
|
NEECH
|
||||||
|
|
|
(millions)
|
|
|
|
|
|
|
||||||
Bank revolving line of credit facilities
(a)
|
$
|
3,000
|
|
|
$
|
4,850
|
|
|
$
|
7,850
|
|
|
2016 - 2021
|
|
2016 - 2021
|
Issued letters of credit
|
(6
|
)
|
|
(410
|
)
|
|
(416
|
)
|
|
|
|
|
|||
|
2,994
|
|
|
4,440
|
|
|
7,434
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facilities
|
200
|
|
|
710
|
|
|
910
|
|
|
2018
|
|
2016 - 2020
|
|||
Borrowings
|
—
|
|
|
(675
|
)
|
|
(675
|
)
|
|
|
|
|
|||
|
200
|
|
|
35
|
|
|
235
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(b)
|
—
|
|
|
650
|
|
|
650
|
|
|
|
|
2017
|
|||
Issued letters of credit
|
—
|
|
|
(443
|
)
|
|
(443
|
)
|
|
|
|
|
|||
|
—
|
|
|
207
|
|
|
207
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
3,194
|
|
|
4,682
|
|
|
7,876
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
23
|
|
|
546
|
|
|
569
|
|
|
|
|
|
|||
Outstanding commercial paper and notes payable
|
(156
|
)
|
|
(630
|
)
|
|
(786
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
3,061
|
|
|
$
|
4,598
|
|
|
$
|
7,659
|
|
|
|
|
|
(a)
|
Provide for the funding of loans up to $7,850 million ($3,000 million for FPL) and the issuance of letters of credit up to $3,950 million ($1,070 million for FPL). The entire amount of the credit facilities is available for general corporate purposes and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss). FPL’s bank revolving line of credit facilities are also available to support the purchase of $718 million of pollution control, solid waste disposal and industrial development revenue bonds (tax exempt bonds) in the event they are tendered by individual bond holders and not remarketed prior to maturity. Approximately $2,255 million of FPL's and $3,700 million of NEECH's bank revolving line of credit facilities expire in 2021.
|
(b)
|
Only available for the issuance of letters of credit.
|
|
Amount
|
|
Amount
Remaining
Available at
December 31, 2015
|
|
Rate
|
|
Maturity
Date
|
|
Related Project Use
|
|
(millions)
|
|
|
|
|
|
|
||
NEER:
|
|
|
|
|
|
|
|
|
|
Canadian revolving credit facilities
(a)
|
C$850
|
|
$458
|
|
Variable
|
|
Various
|
|
Canadian renewable generation assets
|
Limited-recourse construction and term loan facility
|
$425
|
|
$106
|
|
Variable
|
|
2035
|
|
Construction and development of a 250 MW solar PV project in California
|
Limited-recourse construction and term loan facility
|
$619
|
|
$98
|
|
Variable
|
|
2035
|
|
Construction and development of a 250 MW solar PV project in Nevada
|
Cash grant bridge loan facilities
|
$250
|
|
$250
|
|
Variable
|
|
2018
|
|
Construction and development of a 250 MW solar PV project in Nevada
|
NEP:
|
|
|
|
|
|
|
|
|
|
Senior secured revolving credit facility
(b)
|
$250
|
|
$221
|
|
Variable
|
|
2019
|
|
Working capital, expansion projects, acquisitions and general business purposes
|
Senior secured limited-recourse revolving loan facility
(c)
|
$150
|
|
$150
|
|
Variable
|
|
2020
|
|
General business purposes
|
(a)
|
Available for general corporate purposes; the current intent is to use these facilities for the purchase, development, construction and/or operation of Canadian renewable generation assets. Consists of three credit facilities with expiration dates ranging from February 28, 2016 to April 2016.
|
(b)
|
NEP OpCo and one of its direct subsidiaries are required to comply with certain financial covenants on a quarterly basis and NEP OpCo's ability to pay cash distributions to its unit holders is subject to certain other restrictions. The revolving credit facility includes borrowing capacity for letters of credit and incremental commitments to increase the revolving credit facility up to $1 billion in the aggregate. Borrowings under the revolving credit facility are guaranteed by NEP OpCo and NEP.
|
(c)
|
A certain NEP subsidiary (borrower) is required to satisfy certain conditions, including among other things, maintaining a leverage ratio at the time of any borrowing that does not exceed a specified ratio. Borrowings under this revolving loan facility are secured by liens on certain of the borrower's assets and certain of the borrower's subsidiaries' assets, as well as the ownership interest in the borrower. Contains default and related acceleration provisions relating to, among other things, failure of the borrower to maintain a leverage ratio at or below the specified rate and a minimum interest coverage ratio.
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Long-term debt, including interest:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
|
$
|
500
|
|
|
$
|
800
|
|
|
$
|
884
|
|
|
$
|
481
|
|
|
$
|
412
|
|
(b)
|
$
|
15,601
|
|
(b)
|
$
|
18,678
|
|
NEER
|
1,846
|
|
|
877
|
|
|
1,715
|
|
|
659
|
|
|
774
|
|
|
5,173
|
|
|
11,044
|
|
|||||||
Corporate and Other
|
1,099
|
|
|
2,355
|
|
|
1,301
|
|
|
1,873
|
|
|
1,338
|
|
|
12,793
|
|
|
20,759
|
|
|||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(c)
|
5,320
|
|
|
4,525
|
|
|
4,105
|
|
|
4,345
|
|
|
4,310
|
|
|
13,740
|
|
|
36,345
|
|
|||||||
NEER
(d)
|
3,670
|
|
|
735
|
|
|
610
|
|
|
130
|
|
|
85
|
|
|
530
|
|
|
5,760
|
|
|||||||
Corporate and Other
(d)
|
60
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
75
|
|
|||||||
Elimination of FPL's purchase obligations to NEER
(d)
|
—
|
|
|
(59
|
)
|
|
(87
|
)
|
|
(84
|
)
|
|
(81
|
)
|
|
(1,246
|
)
|
|
(1,557
|
)
|
|||||||
Asset retirement activities:
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(f)
|
11
|
|
|
16
|
|
|
10
|
|
|
3
|
|
|
—
|
|
|
8,200
|
|
|
8,240
|
|
|||||||
NEER
(g)
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,199
|
|
|
13,200
|
|
|||||||
Other commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NEER
(h)
|
115
|
|
|
138
|
|
|
187
|
|
|
191
|
|
|
95
|
|
|
405
|
|
|
1,131
|
|
|||||||
Total
|
$
|
12,622
|
|
|
$
|
9,392
|
|
|
$
|
8,730
|
|
|
$
|
7,598
|
|
|
$
|
6,938
|
|
|
$
|
68,395
|
|
|
$
|
113,675
|
|
(a)
|
Includes principal, interest and interest rate swaps. Variable rate interest was computed using
December 31, 2015
rates. See Note 13.
|
(b)
|
Includes $718 million of tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of
December 31, 2015
, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL’s bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.
|
(c)
|
Represents required capacity and minimum charges under long-term purchased power and fuel contracts (see Note 14 - Contracts), and projected capital expenditures through 2020 (see Note 14 - Commitments).
|
(d)
|
See Note 14 - Contracts.
|
(e)
|
Represents expected cash payments adjusted for inflation for estimated costs to perform asset retirement activities.
|
(f)
|
At
December 31, 2015
, FPL had approximately $3,430 million in restricted funds for the payment of future expenditures to decommission FPL’s nuclear units, which are included in NEE’s and FPL’s special use funds. See Note 13.
|
(g)
|
At
December 31, 2015
, NEER’s 88.23% portion of Seabrook’s and 70% portion of Duane Arnold’s and its Point Beach’s restricted funds for the payment of future expenditures to decommission its nuclear units totaled approximately $1,634 million and are included in NEE’s special use funds. See Note 13.
|
(h)
|
Represents estimated cash distributions related to differential membership interests and payments related to the acquisition of certain development rights. For further discussion of differential membership interests, see Note 1 - Sale of Differential Membership Interests.
|
|
Moody's
(a)
|
|
S&P
(a)
|
|
Fitch
(a)
|
NEE:
(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
|
|
|
|
|
|
FPL:
(b)
|
|
|
|
|
|
Corporate credit rating
|
A1
|
|
A-
|
|
A
|
First mortgage bonds
|
Aa2
|
|
A
|
|
AA-
|
Pollution control, solid waste disposal and industrial development revenue bonds
(c)
|
VMIG-1/P-1
|
|
A-2
|
|
F1
|
Commercial paper
|
P-1
|
|
A-2
|
|
F1
|
|
|
|
|
|
|
NEECH:
(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
Debentures
|
Baa1
|
|
BBB+
|
|
A-
|
Junior subordinated debentures
|
Baa2
|
|
BBB
|
|
BBB
|
Commercial paper
|
P-2
|
|
A-2
|
|
F1
|
(a)
|
A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
|
(b)
|
The outlook indicated by each of Moody's, S&P and Fitch is stable.
|
(c)
|
Short-term ratings are presented as all bonds outstanding are currently paying a short-term interest rate. At FPL's election, a portion or all of the bonds may be adjusted to a long-term interest rate.
|
(a)
|
In 2015, an expected long-term rate of return of 7.75% is presented net of investment management fees.
|
|
|
|
Decrease in 2015
Net Periodic Income
|
||||||
|
Change in
Assumption
|
|
NEE
|
|
FPL
|
||||
|
|
|
(millions)
|
||||||
Expected long-term rate of return
|
(0.5)%
|
|
$
|
(18
|
)
|
|
$
|
(11
|
)
|
Discount rate
|
0.5%
|
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
Salary increase
|
0.5%
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
FPL
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Nuclear
Decommissioning
|
|
Fossil/Solar
Dismantlement
|
|
Interim Removal
Costs and Other
|
|
NEECH
(a)
|
|
NEE
|
||||||||||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||
AROs
|
$
|
1,764
|
|
|
$
|
1,303
|
|
|
$
|
53
|
|
|
$
|
48
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
647
|
|
|
$
|
631
|
|
|
$
|
2,469
|
|
|
$
|
1,986
|
|
Less capitalized ARO asset net of accumulated depreciation
|
375
|
|
|
—
|
|
|
38
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
413
|
|
|
18
|
|
||||||||||
Accrued asset removal costs
(b)
|
279
|
|
|
280
|
|
|
315
|
|
|
311
|
|
|
1,327
|
|
|
1,307
|
|
|
9
|
|
|
6
|
|
|
1,930
|
|
|
1,904
|
|
||||||||||
Asset retirement obligation regulatory expense difference
(b)
|
2,147
|
|
|
2,239
|
|
|
37
|
|
|
20
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
2,182
|
|
|
2,257
|
|
||||||||||
Accrued decommissioning, dismantlement and other accrued asset removal costs
|
$
|
3,815
|
|
(c)
|
$
|
3,822
|
|
(c)
|
$
|
367
|
|
(c)
|
$
|
361
|
|
(c)
|
$
|
1,330
|
|
(c)
|
$
|
1,309
|
|
(c)
|
$
|
656
|
|
|
$
|
637
|
|
|
$
|
6,168
|
|
|
$
|
6,129
|
|
(a)
|
Primarily NEER.
|
(b)
|
Regulatory liability on NEE’s and FPL’s consolidated balance sheets.
|
(c)
|
Represents total amount accrued for ratemaking purposes.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
||||||||
Current:
|
|
|
|
|
|
|
|
||||||||
Deferred clause and franchise expenses
|
$
|
75
|
|
|
$
|
268
|
|
|
$
|
75
|
|
|
$
|
268
|
|
Derivatives
|
$
|
218
|
|
|
$
|
364
|
|
|
$
|
218
|
|
|
$
|
364
|
|
Other
|
$
|
210
|
|
|
$
|
116
|
|
|
$
|
209
|
|
|
$
|
111
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchased power agreement termination
|
$
|
726
|
|
|
$
|
—
|
|
|
$
|
726
|
|
|
$
|
—
|
|
Securitized storm-recovery costs
|
$
|
208
|
|
|
$
|
294
|
|
|
$
|
208
|
|
|
$
|
294
|
|
Other
|
$
|
844
|
|
|
$
|
657
|
|
|
$
|
579
|
|
|
$
|
468
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current, included in other current liabilities
|
$
|
14
|
|
|
$
|
26
|
|
|
$
|
12
|
|
|
$
|
24
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accrued asset removal costs
|
$
|
1,930
|
|
|
$
|
1,904
|
|
|
$
|
1,921
|
|
|
$
|
1,898
|
|
Asset retirement obligation regulatory expense difference
|
$
|
2,182
|
|
|
$
|
2,257
|
|
|
$
|
2,182
|
|
|
$
|
2,257
|
|
Other
|
$
|
494
|
|
|
$
|
476
|
|
|
$
|
492
|
|
|
$
|
476
|
|
|
|
Hedges on Owned Assets
|
|
|
|||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Fair value of contracts outstanding at December 31, 2013
|
$
|
301
|
|
|
$
|
563
|
|
|
$
|
46
|
|
|
$
|
910
|
|
Reclassification to realized at settlement of contracts
|
(51
|
)
|
|
58
|
|
|
(121
|
)
|
|
(114
|
)
|
||||
Inception value of new contracts
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
Net option premium purchases (issuances)
|
(65
|
)
|
|
2
|
|
|
—
|
|
|
(63
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
139
|
|
|
275
|
|
|
(288
|
)
|
|
126
|
|
||||
Fair value of contracts outstanding at December 31, 2014
|
320
|
|
|
898
|
|
|
(363
|
)
|
|
855
|
|
||||
Reclassification to realized at settlement of contracts
|
(227
|
)
|
|
(359
|
)
|
|
471
|
|
|
(115
|
)
|
||||
Inception value of new contracts
|
18
|
|
|
3
|
|
|
—
|
|
|
21
|
|
||||
Net option premium purchases (issuances)
|
(45
|
)
|
|
3
|
|
|
—
|
|
|
(42
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
293
|
|
|
640
|
|
|
(326
|
)
|
|
607
|
|
||||
Fair value of contracts outstanding at December 31, 2015
|
359
|
|
|
1,185
|
|
|
(218
|
)
|
|
1,326
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
(371
|
)
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2015
|
$
|
359
|
|
|
$
|
1,185
|
|
|
$
|
(218
|
)
|
|
$
|
955
|
|
|
December 31, 2015
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
695
|
|
Assets held for sale
|
57
|
|
|
Noncurrent derivative assets
|
1,185
|
|
|
Current derivative liabilities
|
(694
|
)
|
|
Liabilities associated with assets held for sale
|
(16
|
)
|
|
Noncurrent derivative liabilities
|
(272
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
955
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
$
|
(25
|
)
|
|
$
|
23
|
|
|
$
|
8
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Significant other observable inputs
|
28
|
|
|
18
|
|
|
15
|
|
|
(5
|
)
|
|
1
|
|
|
(17
|
)
|
|
40
|
|
|||||||
Significant unobservable inputs
|
160
|
|
|
79
|
|
|
17
|
|
|
19
|
|
|
11
|
|
|
23
|
|
|
309
|
|
|||||||
Total
|
163
|
|
|
120
|
|
|
40
|
|
|
18
|
|
|
12
|
|
|
6
|
|
|
359
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
12
|
|
|
—
|
|
|
8
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|||||||
Significant other observable inputs
|
293
|
|
|
206
|
|
|
117
|
|
|
78
|
|
|
62
|
|
|
75
|
|
|
831
|
|
|||||||
Significant unobservable inputs
|
43
|
|
|
34
|
|
|
35
|
|
|
25
|
|
|
20
|
|
|
173
|
|
|
330
|
|
|||||||
Total
|
348
|
|
|
240
|
|
|
160
|
|
|
107
|
|
|
82
|
|
|
248
|
|
|
1,185
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
(218
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(218
|
)
|
|||||||
Significant unobservable inputs
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
(219
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(218
|
)
|
|||||||
Total sources of fair value
|
$
|
292
|
|
|
$
|
361
|
|
|
$
|
200
|
|
|
$
|
125
|
|
|
$
|
94
|
|
|
$
|
254
|
|
|
$
|
1,326
|
|
|
Trading
|
|
Non-Qualifying Hedges
and Hedges in FPL Cost Recovery Clauses
(a)
|
|
Total
|
||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2014
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
65
|
|
|
$
|
62
|
|
|
$
|
24
|
|
|
$
|
65
|
|
|
$
|
64
|
|
|
$
|
24
|
|
December 31, 2015
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
51
|
|
|
$
|
44
|
|
|
$
|
23
|
|
|
$
|
51
|
|
|
$
|
46
|
|
|
$
|
25
|
|
Average for the year ended December 31, 2015
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
35
|
|
|
$
|
35
|
|
|
$
|
24
|
|
|
$
|
35
|
|
|
$
|
35
|
|
|
$
|
23
|
|
(a)
|
Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.
|
|
December 31, 2015
|
|
December 31, 2014
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
1,789
|
|
|
$
|
1,789
|
|
(a)
|
$
|
1,965
|
|
|
$
|
1,965
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Debt securities
|
$
|
124
|
|
|
$
|
124
|
|
(a)
|
$
|
124
|
|
|
$
|
124
|
|
(a)
|
Primarily notes receivable
|
$
|
512
|
|
|
$
|
722
|
|
(b)
|
$
|
525
|
|
|
$
|
679
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
28,897
|
|
|
$
|
30,412
|
|
(c)
|
$
|
27,876
|
|
|
$
|
30,337
|
|
(c)
|
Interest rate contracts - net unrealized losses
|
$
|
(285
|
)
|
|
$
|
(285
|
)
|
(d)
|
$
|
(216
|
)
|
|
$
|
(216
|
)
|
(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,378
|
|
|
$
|
1,378
|
|
(a)
|
$
|
1,568
|
|
|
$
|
1,568
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
10,020
|
|
|
$
|
11,028
|
|
(c)
|
$
|
9,473
|
|
|
$
|
11,105
|
|
(c)
|
(a)
|
Primarily estimated using quoted market prices for these or similar issues.
|
(b)
|
Primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower.
|
(c)
|
Estimated using either quoted market prices for the same or similar issues or discounted cash flow valuation technique, considering the current credit spread of the debtor.
|
(d)
|
Modeled internally using discounted cash flow valuation technique and applying a credit valuation adjustment.
|
•
|
Operations are primarily concentrated in the energy industry.
|
•
|
Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.
|
•
|
Overall credit risk is managed through established credit policies and is overseen by the EMC.
|
•
|
Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.
|
•
|
Master netting agreements are used to offset cash and non-cash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.
|
JAMES L. ROBO
|
|
MORAY P. DEWHURST
|
James L. Robo
Chairman, President and Chief Executive Officer of NEE and Chairman of FPL
|
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer, and Executive
Vice President - Finance of NEE and Executive Vice
President, Finance and Chief Financial Officer of FPL
|
CHRIS N. FROGGATT
|
|
|
Chris N. Froggatt
Vice President, Controller and Chief Accounting Officer of NEE |
|
|
ERIC E. SILAGY
|
|
KIMBERLY OUSDAHL
|
Eric E. Silagy
President and Chief Executive Officer of FPL
|
|
Kimberly Ousdahl
Vice President, Controller and Chief Accounting Officer of FPL
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||
OPERATING REVENUES
|
|
$
|
17,486
|
|
|
$
|
17,021
|
|
|
$
|
15,136
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
|
5,327
|
|
|
5,602
|
|
|
4,958
|
|
|||
Other operations and maintenance
|
|
3,269
|
|
|
3,149
|
|
|
3,194
|
|
|||
Impairment charges
|
|
2
|
|
|
11
|
|
|
300
|
|
|||
Merger-related
|
|
26
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
2,831
|
|
|
2,551
|
|
|
2,163
|
|
|||
Taxes other than income taxes and other
|
|
1,399
|
|
|
1,324
|
|
|
1,280
|
|
|||
Total operating expenses
|
|
12,854
|
|
|
12,637
|
|
|
11,895
|
|
|||
OPERATING INCOME
|
|
4,632
|
|
|
4,384
|
|
|
3,241
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
(1,211
|
)
|
|
(1,261
|
)
|
|
(1,121
|
)
|
|||
Benefits associated with differential membership interests - net
|
|
216
|
|
|
199
|
|
|
165
|
|
|||
Equity in earnings of equity method investees
|
|
107
|
|
|
93
|
|
|
25
|
|
|||
Allowance for equity funds used during construction
|
|
70
|
|
|
37
|
|
|
63
|
|
|||
Interest income
|
|
86
|
|
|
80
|
|
|
78
|
|
|||
Gains on disposal of assets - net
|
|
90
|
|
|
105
|
|
|
54
|
|
|||
Gain (loss) associated with Maine fossil
|
|
—
|
|
|
21
|
|
|
(67
|
)
|
|||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
|
(40
|
)
|
|
(13
|
)
|
|
(11
|
)
|
|||
Other - net
|
|
40
|
|
|
—
|
|
|
27
|
|
|||
Total other deductions - net
|
|
(642
|
)
|
|
(739
|
)
|
|
(787
|
)
|
|||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
3,990
|
|
|
3,645
|
|
|
2,454
|
|
|||
INCOME TAXES
|
|
1,228
|
|
|
1,176
|
|
|
777
|
|
|||
INCOME FROM CONTINUING OPERATIONS
|
|
2,762
|
|
|
2,469
|
|
|
1,677
|
|
|||
GAIN FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
|
—
|
|
|
—
|
|
|
231
|
|
|||
NET INCOME
|
|
2,762
|
|
|
2,469
|
|
|
1,908
|
|
|||
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
10
|
|
|
4
|
|
|
—
|
|
|||
NET INCOME ATTRIBUTABLE TO NEE
|
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,908
|
|
Earnings per share attributable to NEE - basic:
|
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
3.95
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.55
|
|
|||
Total
|
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
4.50
|
|
Earnings per share attributable to NEE - assuming dilution:
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
3.93
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.54
|
|
|||
Total
|
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
4.47
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
450.5
|
|
|
434.4
|
|
|
424.2
|
|
|||
Assuming dilution
|
|
454.0
|
|
|
440.1
|
|
|
427.0
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
NET INCOME
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,908
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|||||
Effective portion of net unrealized gains (losses) (net of $37 and $80 tax benefit and $45 tax expense, respectively)
|
(88
|
)
|
|
(141
|
)
|
|
84
|
|
|||
Reclassification from accumulated other comprehensive income to net income (net of $25, $57 and $38 tax expense, respectively)
|
63
|
|
|
98
|
|
|
67
|
|
|||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on securities still held (net of $8 tax benefit, $45 and $84 tax expense, respectively)
|
(7
|
)
|
|
62
|
|
|
118
|
|
|||
Reclassification from accumulated other comprehensive income to net income (net of $33, $26 and $10 tax benefit, respectively)
|
(37
|
)
|
|
(41
|
)
|
|
(17
|
)
|
|||
Defined benefit pension and other benefits plans (net of $26 and $27 tax benefit and $61 tax expense, respectively)
|
(42
|
)
|
|
(43
|
)
|
|
97
|
|
|||
Net unrealized losses on foreign currency translation (net of $2, $12 and $22 tax benefit, respectively)
|
(27
|
)
|
|
(25
|
)
|
|
(45
|
)
|
|||
Other comprehensive income (loss) related to equity method investee (net of $5 tax benefit and $5 tax expense, respectively)
|
—
|
|
|
(8
|
)
|
|
7
|
|
|||
Total other comprehensive income (loss), net of tax
|
(138
|
)
|
|
(98
|
)
|
|
311
|
|
|||
COMPREHENSIVE INCOME
|
2,624
|
|
|
2,371
|
|
|
2,219
|
|
|||
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(1
|
)
|
|
2
|
|
|
—
|
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE
|
$
|
2,625
|
|
|
$
|
2,369
|
|
|
$
|
2,219
|
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014 *
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Electric plant in service and other property
|
|
$
|
72,606
|
|
|
$
|
68,042
|
|
Nuclear fuel
|
|
2,067
|
|
|
2,006
|
|
||
Construction work in progress
|
|
5,657
|
|
|
3,591
|
|
||
Accumulated depreciation and amortization
|
|
(18,944
|
)
|
|
(17,934
|
)
|
||
Total property, plant and equipment - net ($7,966 and $6,414 related to VIEs, respectively)
|
|
61,386
|
|
|
55,705
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
571
|
|
|
577
|
|
||
Customer receivables, net of allowances of
$13 and $27,
respectively
|
|
1,784
|
|
|
1,805
|
|
||
Other receivables
|
|
481
|
|
|
354
|
|
||
Materials, supplies and fossil fuel inventory
|
|
1,259
|
|
|
1,292
|
|
||
Regulatory assets:
|
|
|
|
|
|
|
||
Deferred clause and franchise expenses
|
|
75
|
|
|
268
|
|
||
Derivatives
|
|
218
|
|
|
364
|
|
||
Other
|
|
210
|
|
|
116
|
|
||
Derivatives
|
|
712
|
|
|
990
|
|
||
Deferred income taxes
|
|
—
|
|
|
739
|
|
||
Assets held for sale
|
|
1,009
|
|
|
—
|
|
||
Other
|
|
476
|
|
|
439
|
|
||
Total current assets
|
|
6,795
|
|
|
6,944
|
|
||
OTHER ASSETS
|
|
|
|
|
|
|
||
Special use funds
|
|
5,138
|
|
|
5,166
|
|
||
Other investments
|
|
1,786
|
|
|
1,399
|
|
||
Prepaid benefit costs
|
|
1,155
|
|
|
1,244
|
|
||
Regulatory assets:
|
|
|
|
|
|
|
||
Purchased power agreement termination
|
|
726
|
|
|
—
|
|
||
Securitized storm-recovery costs ($128 and $180 related to a VIE, respectively)
|
|
208
|
|
|
294
|
|
||
Other
|
|
844
|
|
|
657
|
|
||
Derivatives
|
|
1,202
|
|
|
1,009
|
|
||
Other
|
|
3,239
|
|
|
2,187
|
|
||
Total other assets
|
|
14,298
|
|
|
11,956
|
|
||
TOTAL ASSETS
|
|
$
|
82,479
|
|
|
$
|
74,605
|
|
CAPITALIZATION
|
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares -
461
and
443,
respectively)
|
|
$
|
5
|
|
|
$
|
4
|
|
Additional paid-in capital
|
|
8,596
|
|
|
7,179
|
|
||
Retained earnings
|
|
14,140
|
|
|
12,773
|
|
||
Accumulated other comprehensive loss
|
|
(167
|
)
|
|
(40
|
)
|
||
Total common shareholders' equity
|
|
22,574
|
|
|
19,916
|
|
||
Noncontrolling interests
|
|
538
|
|
|
252
|
|
||
Total equity
|
|
23,112
|
|
|
20,168
|
|
||
Long-term debt ($684 and $1,077 related to VIEs, respectively)
|
|
26,681
|
|
|
24,044
|
|
||
Total capitalization
|
|
49,793
|
|
|
44,212
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Commercial paper
|
|
374
|
|
|
1,142
|
|
||
Notes payable
|
|
412
|
|
|
—
|
|
||
Current maturities of long-term debt
|
|
2,220
|
|
|
3,515
|
|
||
Accounts payable
|
|
2,529
|
|
|
1,354
|
|
||
Customer deposits
|
|
473
|
|
|
462
|
|
||
Accrued interest and taxes
|
|
449
|
|
|
474
|
|
||
Derivatives
|
|
882
|
|
|
1,289
|
|
||
Accrued construction-related expenditures
|
|
921
|
|
|
676
|
|
||
Liabilities associated with assets held for sale
|
|
992
|
|
|
—
|
|
||
Other
|
|
855
|
|
|
751
|
|
||
Total current liabilities
|
|
10,107
|
|
|
9,663
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
||
Asset retirement obligations
|
|
2,469
|
|
|
1,986
|
|
||
Deferred income taxes
|
|
9,827
|
|
|
9,261
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
|
||
Accrued asset removal costs
|
|
1,930
|
|
|
1,904
|
|
||
Asset retirement obligation regulatory expense difference
|
|
2,182
|
|
|
2,257
|
|
||
Other
|
|
494
|
|
|
476
|
|
||
Derivatives
|
|
530
|
|
|
466
|
|
||
Deferral related to differential membership interests - VIEs
|
|
3,142
|
|
|
2,704
|
|
||
Other
|
|
2,005
|
|
|
1,676
|
|
||
Total other liabilities and deferred credits
|
|
22,579
|
|
|
20,730
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
82,479
|
|
|
$
|
74,605
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,908
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
2,831
|
|
|
2,551
|
|
|
2,163
|
|
|||
Nuclear fuel and other amortization
|
372
|
|
|
345
|
|
|
358
|
|
|||
Impairment charges
|
2
|
|
|
11
|
|
|
300
|
|
|||
Unrealized gains on marked to market energy contracts
|
(337
|
)
|
|
(411
|
)
|
|
(10
|
)
|
|||
Deferred income taxes
|
1,162
|
|
|
1,205
|
|
|
853
|
|
|||
Cost recovery clauses and franchise fees
|
176
|
|
|
(67
|
)
|
|
(166
|
)
|
|||
Purchased power agreement termination
|
(521
|
)
|
|
—
|
|
|
—
|
|
|||
Benefits associated with differential membership interests - net
|
(216
|
)
|
|
(199
|
)
|
|
(165
|
)
|
|||
Gain from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
(231
|
)
|
|||
Other - net
|
(23
|
)
|
|
134
|
|
|
144
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||
Customer and other receivables
|
90
|
|
|
(7
|
)
|
|
(268
|
)
|
|||
Materials, supplies and fossil fuel inventory
|
17
|
|
|
(135
|
)
|
|
(81
|
)
|
|||
Other current assets
|
(34
|
)
|
|
(30
|
)
|
|
8
|
|
|||
Other assets
|
(106
|
)
|
|
(220
|
)
|
|
8
|
|
|||
Accounts payable and customer deposits
|
(206
|
)
|
|
110
|
|
|
122
|
|
|||
Margin cash collateral
|
81
|
|
|
(59
|
)
|
|
156
|
|
|||
Income taxes
|
28
|
|
|
(75
|
)
|
|
(56
|
)
|
|||
Other current liabilities
|
161
|
|
|
(110
|
)
|
|
143
|
|
|||
Other liabilities
|
(123
|
)
|
|
(12
|
)
|
|
(84
|
)
|
|||
Net cash provided by operating activities
|
6,116
|
|
|
5,500
|
|
|
5,102
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures of FPL
|
(3,428
|
)
|
|
(3,067
|
)
|
|
(2,691
|
)
|
|||
Independent power and other investments of NEER
|
(4,505
|
)
|
|
(3,588
|
)
|
|
(3,478
|
)
|
|||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
8
|
|
|
343
|
|
|
165
|
|
|||
Nuclear fuel purchases
|
(361
|
)
|
|
(287
|
)
|
|
(371
|
)
|
|||
Other capital expenditures and other investments
|
(83
|
)
|
|
(75
|
)
|
|
(142
|
)
|
|||
Sale of independent power and other investments of NEER
|
52
|
|
|
307
|
|
|
165
|
|
|||
Change in loan proceeds restricted for construction
|
(9
|
)
|
|
(40
|
)
|
|
228
|
|
|||
Proceeds from sale or maturity of securities in special use funds and other investments
|
4,851
|
|
|
4,621
|
|
|
4,405
|
|
|||
Purchases of securities in special use funds and other investments
|
(4,982
|
)
|
|
(4,767
|
)
|
|
(4,470
|
)
|
|||
Proceeds from the sale of a noncontrolling interest in subsidiaries
|
345
|
|
|
438
|
|
|
—
|
|
|||
Other - net
|
107
|
|
|
(246
|
)
|
|
66
|
|
|||
Net cash used in investing activities
|
(8,005
|
)
|
|
(6,361
|
)
|
|
(6,123
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
5,772
|
|
|
5,054
|
|
|
4,371
|
|
|||
Retirements of long-term debt
|
(3,972
|
)
|
|
(4,750
|
)
|
|
(2,396
|
)
|
|||
Proceeds from differential membership investors
|
761
|
|
|
978
|
|
|
448
|
|
|||
Payments to differential membership investors
|
(92
|
)
|
|
(71
|
)
|
|
(63
|
)
|
|||
Proceeds from notes payable
|
1,225
|
|
|
500
|
|
|
—
|
|
|||
Repayments of notes payable
|
(813
|
)
|
|
(500
|
)
|
|
(200
|
)
|
|||
Net change in commercial paper
|
(768
|
)
|
|
451
|
|
|
(520
|
)
|
|||
Issuances of common stock - net
|
1,298
|
|
|
633
|
|
|
842
|
|
|||
Dividends on common stock
|
(1,385
|
)
|
|
(1,261
|
)
|
|
(1,122
|
)
|
|||
Other - net
|
(143
|
)
|
|
(34
|
)
|
|
(230
|
)
|
|||
Net cash provided by financing activities
|
1,883
|
|
|
1,000
|
|
|
1,130
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
(6
|
)
|
|
139
|
|
|
109
|
|
|||
Cash and cash equivalents at beginning of year
|
577
|
|
|
438
|
|
|
329
|
|
|||
Cash and cash equivalents at end of year
|
$
|
571
|
|
|
$
|
577
|
|
|
$
|
438
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
1,143
|
|
|
$
|
1,181
|
|
|
$
|
1,070
|
|
Cash paid (received) for income taxes - net
|
$
|
33
|
|
|
$
|
46
|
|
|
$
|
(20
|
)
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
2,616
|
|
|
$
|
956
|
|
|
$
|
1,098
|
|
Sale of hydropower generation plants through assumption of debt by buyer
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
700
|
|
Assumption of debt and acquisition holdbacks in connection with the acquisition of the Texas pipeline business
|
$
|
1,078
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Decrease (increase) in property, plant and equipment as a result of a settlement
|
$
|
(45
|
)
|
|
$
|
181
|
|
|
$
|
—
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Unearned
ESOP
Compensation
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||||||||||
Balances, December 31, 2012
|
424
|
|
(b)
|
$
|
4
|
|
|
$
|
5,575
|
|
|
$
|
(39
|
)
|
|
$
|
(255
|
)
|
|
$
|
10,783
|
|
|
$
|
16,068
|
|
|
$
|
—
|
|
|
$
|
16,068
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,908
|
|
|
1,908
|
|
|
—
|
|
|
|
|||||||||
Issuances of common stock, net of issuance cost of less than $1
|
10
|
|
|
—
|
|
|
823
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
827
|
|
|
—
|
|
|
|
|||||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
|
|||||||||
Dividends on common stock
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,122
|
)
|
|
(1,122
|
)
|
|
—
|
|
|
|
|||||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
37
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
311
|
|
|
—
|
|
|
311
|
|
|
—
|
|
|
|
|||||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|
|
|||||||||
Issuance costs of equity units
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
|
|||||||||
Balances, December 31, 2013
|
435
|
|
(b)
|
4
|
|
|
6,437
|
|
|
(26
|
)
|
|
56
|
|
|
11,569
|
|
|
18,040
|
|
|
—
|
|
|
$
|
18,040
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,465
|
|
|
2,465
|
|
|
4
|
|
|
|
|||||||||
Issuances of common stock, net of issuance cost of less than $1
|
7
|
|
|
—
|
|
|
604
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
607
|
|
|
—
|
|
|
|
|||||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
|
|||||||||
Dividends on common stock
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,261
|
)
|
|
(1,261
|
)
|
|
—
|
|
|
|
|||||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
50
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96
|
)
|
|
—
|
|
|
(96
|
)
|
|
(2
|
)
|
|
|
|||||||||
NEP acquisition of limited partner interest in NEP OpCo
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
232
|
|
|
|
|||||||||
Other changes in noncontrolling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
|
|||||||||
Balances, December 31, 2014
|
443
|
|
(b)
|
4
|
|
|
7,193
|
|
|
(14
|
)
|
|
(40
|
)
|
|
12,773
|
|
|
19,916
|
|
|
252
|
|
|
$
|
20,168
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,752
|
|
|
2,752
|
|
|
10
|
|
|
|
|||||||||
Issuances of common stock, net of issuance cost of less than $1
|
17
|
|
|
1
|
|
|
1,302
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
1,307
|
|
|
—
|
|
|
|
|||||||||
Exercise of stock options and other incentive plan activity
|
1
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
|
|||||||||
Dividends on common stock
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
|
(1,385
|
)
|
|
—
|
|
|
|
|||||||||
Earned compensation under ESOP
|
—
|
|
|
—
|
|
|
54
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
|
|||||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
(127
|
)
|
|
(11
|
)
|
|
|
|||||||||
Issuance costs of equity units
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
|
|||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
252
|
|
|
|
|||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
|
|||||||||
Other changes in noncontrolling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
|
|||||||||
Balances, December 31, 2015
|
461
|
|
(b)
|
$
|
5
|
|
|
$
|
8,597
|
|
|
$
|
(1
|
)
|
|
$
|
(167
|
)
|
|
$
|
14,140
|
|
|
$
|
22,574
|
|
|
$
|
538
|
|
|
$
|
23,112
|
|
(a)
|
Dividends per share were
$3.08
,
$2.90
and
$2.64
for the years ended December 31,
2015
,
2014
and
2013
, respectively.
|
(b)
|
Outstanding and unallocated shares held by the Employee Stock Ownership Plan (ESOP) Trust totaled less than
1 million
, approximately
1 million
and
2 million
at December 31,
2015
,
2014
and
2013
, respectively; the original number of shares purchased and held by the ESOP Trust was approximately
25 million
shares.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
OPERATING REVENUES
|
$
|
11,651
|
|
|
$
|
11,421
|
|
|
$
|
10,445
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
4,276
|
|
|
4,375
|
|
|
3,925
|
|
|||
Other operations and maintenance
|
1,617
|
|
|
1,620
|
|
|
1,699
|
|
|||
Depreciation and amortization
|
1,576
|
|
|
1,432
|
|
|
1,159
|
|
|||
Taxes other than income taxes and other
|
1,205
|
|
|
1,166
|
|
|
1,123
|
|
|||
Total operating expenses
|
8,674
|
|
|
8,593
|
|
|
7,906
|
|
|||
OPERATING INCOME
|
2,977
|
|
|
2,828
|
|
|
2,539
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(445
|
)
|
|
(439
|
)
|
|
(415
|
)
|
|||
Allowance for equity funds used during construction
|
68
|
|
|
36
|
|
|
55
|
|
|||
Other - net
|
5
|
|
|
2
|
|
|
5
|
|
|||
Total other deductions - net
|
(372
|
)
|
|
(401
|
)
|
|
(355
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
2,605
|
|
|
2,427
|
|
|
2,184
|
|
|||
INCOME TAXES
|
957
|
|
|
910
|
|
|
835
|
|
|||
NET INCOME
(a)
|
$
|
1,648
|
|
|
$
|
1,517
|
|
|
$
|
1,349
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
December 31,
|
||||||
|
2015
|
|
2014 *
|
||||
ELECTRIC UTILITY PLANT
|
|
|
|
||||
Plant in service and other property
|
$
|
41,227
|
|
|
$
|
39,027
|
|
Nuclear fuel
|
1,306
|
|
|
1,217
|
|
||
Construction work in progress
|
2,850
|
|
|
1,694
|
|
||
Accumulated depreciation and amortization
|
(11,862
|
)
|
|
(11,282
|
)
|
||
Total electric utility plant - net
|
33,521
|
|
|
30,656
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
23
|
|
|
14
|
|
||
Customer receivables, net of allowances of
$3 and $5
, respectively
|
849
|
|
|
773
|
|
||
Other receivables
|
123
|
|
|
136
|
|
||
Materials, supplies and fossil fuel inventory
|
826
|
|
|
848
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Deferred clause and franchise expenses
|
75
|
|
|
268
|
|
||
Derivatives
|
218
|
|
|
364
|
|
||
Other
|
209
|
|
|
111
|
|
||
Other
|
184
|
|
|
120
|
|
||
Total current assets
|
2,507
|
|
|
2,634
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
3,504
|
|
|
3,524
|
|
||
Prepaid benefit costs
|
1,243
|
|
|
1,189
|
|
||
Regulatory assets:
|
|
|
|
|
|
||
Purchased power agreement termination
|
726
|
|
|
—
|
|
||
Securitized storm-recovery costs ($128 and $180 related to a VIE, respectively)
|
208
|
|
|
294
|
|
||
Other
|
579
|
|
|
468
|
|
||
Other
|
235
|
|
|
457
|
|
||
Total other assets
|
6,495
|
|
|
5,932
|
|
||
TOTAL ASSETS
|
$
|
42,523
|
|
|
$
|
39,222
|
|
CAPITALIZATION
|
|
|
|
|
|
||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
$
|
1,373
|
|
|
$
|
1,373
|
|
Additional paid-in capital
|
7,733
|
|
|
6,279
|
|
||
Retained earnings
|
6,447
|
|
|
5,499
|
|
||
Total common shareholder's equity
|
15,553
|
|
|
13,151
|
|
||
Long-term debt ($210 and $273 related to a VIE, respectively)
|
9,956
|
|
|
9,328
|
|
||
Total capitalization
|
25,509
|
|
|
22,479
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
56
|
|
|
1,142
|
|
||
Notes payable
|
100
|
|
|
—
|
|
||
Current maturities of long-term debt
|
64
|
|
|
60
|
|
||
Accounts payable
|
664
|
|
|
647
|
|
||
Customer deposits
|
469
|
|
|
458
|
|
||
Accrued interest and taxes
|
279
|
|
|
245
|
|
||
Derivatives
|
222
|
|
|
370
|
|
||
Accrued construction-related expenditures
|
240
|
|
|
233
|
|
||
Other
|
355
|
|
|
331
|
|
||
Total current liabilities
|
2,449
|
|
|
3,486
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
1,822
|
|
|
1,355
|
|
||
Deferred income taxes
|
7,730
|
|
|
6,835
|
|
||
Regulatory liabilities:
|
|
|
|
|
|
||
Accrued asset removal costs
|
1,921
|
|
|
1,898
|
|
||
Asset retirement obligation regulatory expense difference
|
2,182
|
|
|
2,257
|
|
||
Other
|
492
|
|
|
476
|
|
||
Other
|
418
|
|
|
436
|
|
||
Total other liabilities and deferred credits
|
14,565
|
|
|
13,257
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
42,523
|
|
|
$
|
39,222
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
1,648
|
|
|
$
|
1,517
|
|
|
$
|
1,349
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
1,576
|
|
|
1,432
|
|
|
1,159
|
|
|||
Nuclear fuel and other amortization
|
209
|
|
|
201
|
|
|
184
|
|
|||
Deferred income taxes
|
504
|
|
|
601
|
|
|
617
|
|
|||
Cost recovery clauses and franchise fees
|
176
|
|
|
(67
|
)
|
|
(166
|
)
|
|||
Purchased power agreement termination
|
(521
|
)
|
|
—
|
|
|
—
|
|
|||
Other - net
|
(56
|
)
|
|
94
|
|
|
46
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Customer and other receivables
|
(79
|
)
|
|
(10
|
)
|
|
(5
|
)
|
|||
Materials, supplies and fossil fuel inventory
|
22
|
|
|
(106
|
)
|
|
(16
|
)
|
|||
Other current assets
|
(32
|
)
|
|
(9
|
)
|
|
15
|
|
|||
Other assets
|
(53
|
)
|
|
(103
|
)
|
|
(12
|
)
|
|||
Accounts payable and customer deposits
|
(72
|
)
|
|
28
|
|
|
(1
|
)
|
|||
Income taxes
|
14
|
|
|
(34
|
)
|
|
384
|
|
|||
Other current liabilities
|
98
|
|
|
(64
|
)
|
|
11
|
|
|||
Other liabilities
|
(41
|
)
|
|
(26
|
)
|
|
(7
|
)
|
|||
Net cash provided by operating activities
|
3,393
|
|
|
3,454
|
|
|
3,558
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(3,428
|
)
|
|
(3,067
|
)
|
|
(2,691
|
)
|
|||
Nuclear fuel purchases
|
(205
|
)
|
|
(174
|
)
|
|
(212
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
3,731
|
|
|
3,349
|
|
|
3,342
|
|
|||
Purchases of securities in special use funds
|
(3,792
|
)
|
|
(3,414
|
)
|
|
(3,389
|
)
|
|||
Other - net
|
19
|
|
|
(268
|
)
|
|
30
|
|
|||
Net cash used in investing activities
|
(3,675
|
)
|
|
(3,574
|
)
|
|
(2,920
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
1,084
|
|
|
997
|
|
|
497
|
|
|||
Retirements of long-term debt
|
(551
|
)
|
|
(355
|
)
|
|
(453
|
)
|
|||
Proceeds from notes payable
|
100
|
|
|
—
|
|
|
—
|
|
|||
Net change in commercial paper
|
(1,086
|
)
|
|
938
|
|
|
99
|
|
|||
Capital contributions from NEE
|
1,454
|
|
|
100
|
|
|
275
|
|
|||
Dividends to NEE
|
(700
|
)
|
|
(1,550
|
)
|
|
(1,070
|
)
|
|||
Other - net
|
(10
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|||
Net cash provided by (used in) financing activities
|
291
|
|
|
115
|
|
|
(659
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
9
|
|
|
(5
|
)
|
|
(21
|
)
|
|||
Cash and cash equivalents at beginning of year
|
14
|
|
|
19
|
|
|
40
|
|
|||
Cash and cash equivalents at end of year
|
$
|
23
|
|
|
$
|
14
|
|
|
$
|
19
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
435
|
|
|
$
|
417
|
|
|
$
|
410
|
|
Cash paid (received) for income taxes - net
|
$
|
439
|
|
|
$
|
342
|
|
|
$
|
(166
|
)
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
474
|
|
|
$
|
404
|
|
|
$
|
386
|
|
|
Common
Stock
|
|
Additional
Paid-In Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
||||||||
Balances, December 31, 2012
|
$
|
1,373
|
|
|
$
|
5,903
|
|
|
$
|
5,254
|
|
|
$
|
12,530
|
|
Net income
|
—
|
|
|
—
|
|
|
1,349
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
275
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(1,070
|
)
|
|
|
|||||
Other
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
|
|||||
Balances, December 31, 2013
|
1,373
|
|
|
6,179
|
|
|
5,532
|
|
|
$
|
13,084
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,517
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
100
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(1,550
|
)
|
|
|
|||||
Balances, December 31, 2014
|
1,373
|
|
|
6,279
|
|
|
5,499
|
|
|
$
|
13,151
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,648
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
1,454
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(700
|
)
|
|
|
|||||
Balances, December 31, 2015
|
$
|
1,373
|
|
|
$
|
7,733
|
|
|
$
|
6,447
|
|
|
$
|
15,553
|
|
•
|
FPL will recover the purchase price and associated income tax gross-up as a regulatory asset which will be amortized over approximately
nine years
. Approximately
$709 million
will be recovered through the capacity clause with a return on the portion of the unamortized balance associated with the purchase price and
$138 million
will be recovered through base rates until FPL's next test year for a general base rate proceeding, at which time the unamortized balance will be transferred to the capacity clause for continued recovery until fully amortized. At December 31, 2015, the regulatory assets, net of amortization, totaled approximately
$817 million
and are included in purchased power agreement termination and current other regulatory assets on NEE’s and FPL’s consolidated balance sheets.
|
•
|
The reserve amount that is available for amortization under the 2012 rate agreement, which is effective through December 2016, was reduced by
$30 million
to
$370 million
, unless FPL needs the entire
$400 million
reserve to maintain a minimum regulatory ROE of
9.50%
. See Revenues and Rates - FPL Rates Effective January 2013 through December 2016 below.
|
•
|
New retail base rates and charges were established in January 2013 resulting in an increase in retail base revenues of
$350 million
on an annualized basis.
|
•
|
FPL's allowed regulatory return on common equity (ROE) is
10.50%
, with a range of plus or minus
100
basis points. If FPL's earned regulatory ROE falls below
9.50%
, FPL may seek retail base rate relief. If the earned regulatory ROE rises above
11.50%
, any party to the 2012 rate agreement other than FPL may seek a review of FPL's retail base rates.
|
•
|
Retail base rates will be increased by the annualized base revenue requirements for FPL's three modernization projects (Cape Canaveral, Riviera Beach and Port Everglades) as each of the modernized power plants becomes operational. (Cape Canaveral and Riviera Beach became operational in April 2013 and April 2014, respectively, and Port Everglades is expected to be operational by April 2016.)
|
•
|
Cost recovery of FPL's West County Energy Center (WCEC) Unit No. 3 will continue to occur through the capacity cost recovery clause (capacity clause) (reported as retail base revenues).
|
•
|
Subject to certain conditions, FPL may amortize, over the term of the 2012 rate agreement, a depreciation reserve surplus remaining at the end of 2012 under a previous rate agreement (approximately
$224 million
) and may amortize a portion of FPL's fossil dismantlement reserve up to a maximum of
$176 million
(collectively, the reserve), provided that in any year of the 2012 rate agreement, FPL must amortize at least enough reserve to maintain a
9.50%
earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of
11.50%
. See Rate Regulation above regarding a subsequent reduction in the reserve amount.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than
$4
for every
1,000
kilowatt-hours (kWh) of
|
•
|
An incentive mechanism whereby customers will receive 100% of certain gains, including but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold. The gains exceeding that specified threshold will be shared by FPL and its customers.
|
|
Weighted-
Average
Useful Lives
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
|||||
|
(years)
|
|
(millions)
|
||||||
Goodwill (by reporting unit):
|
|
|
|
|
|
||||
NEER segment:
|
|
|
|
|
|
||||
Gas infrastructure, primarily Texas pipelines
|
|
|
$
|
635
|
|
|
$
|
—
|
|
Customer supply
|
|
|
72
|
|
|
72
|
|
||
Generation assets
|
|
|
43
|
|
|
47
|
|
||
Other
|
|
|
28
|
|
|
28
|
|
||
Total goodwill
|
|
|
$
|
778
|
|
|
$
|
147
|
|
Other intangible assets not subject to amortization, primarily land easements
|
|
|
$
|
143
|
|
|
$
|
143
|
|
Other intangible assets subject to amortization:
|
|
|
|
|
|
||||
Customer relationships associated with gas infrastructure
|
40
|
|
$
|
720
|
|
|
$
|
—
|
|
Purchased power agreements
|
22
|
|
328
|
|
|
348
|
|
||
Other, primarily transmission and development rights and customer lists
|
22
|
|
136
|
|
|
139
|
|
||
Total
|
|
|
1,184
|
|
|
487
|
|
||
Accumulated amortization
|
|
|
(120
|
)
|
|
(125
|
)
|
||
Total other intangible assets subject to amortization - net
|
|
|
$
|
1,064
|
|
|
$
|
362
|
|
|
2015
|
|
2014
|
||||
|
(millions)
|
||||||
Change in plan assets:
|
|
|
|
||||
Fair value of plan assets at January 1
|
$
|
3,698
|
|
|
$
|
3,692
|
|
Actual return on plan assets
|
(8
|
)
|
|
203
|
|
||
Benefit payments
|
(127
|
)
|
|
(197
|
)
|
||
Fair value of plan assets at December 31
|
$
|
3,563
|
|
|
$
|
3,698
|
|
Change in benefit obligation:
|
|
|
|
|
|
||
Obligation at January 1
|
$
|
2,454
|
|
|
$
|
2,236
|
|
Service cost
|
70
|
|
|
61
|
|
||
Interest cost
|
97
|
|
|
101
|
|
||
Plan amendments
|
—
|
|
|
(9
|
)
|
||
Actuarial losses (gains) - net
|
(86
|
)
|
|
262
|
|
||
Benefit payments
|
(127
|
)
|
|
(197
|
)
|
||
Obligation at December 31
(a)
|
$
|
2,408
|
|
|
$
|
2,454
|
|
Funded status:
|
|
|
|
|
|
||
Prepaid benefit costs at NEE at December 31
|
$
|
1,155
|
|
|
$
|
1,244
|
|
Prepaid benefit costs at FPL at December 31
|
$
|
1,243
|
|
|
$
|
1,189
|
|
(a)
|
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at
December 31, 2015
and
2014
was approximately $
2,366 million
and $
2,400 million
, respectively.
|
|
2015
|
|
2014
|
||||
|
(millions)
|
||||||
Components of AOCI:
|
|
|
|
||||
Unrecognized prior service cost (net of $1 and $1 tax benefit, respectively)
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
Unrecognized losses (net of $38 and $10 tax benefit, respectively)
|
(60
|
)
|
|
(16
|
)
|
||
Total
|
$
|
(62
|
)
|
|
$
|
(18
|
)
|
|
2015
|
|
2014
|
||||
|
(millions)
|
||||||
Unrecognized prior service cost
|
$
|
9
|
|
|
$
|
10
|
|
Unrecognized losses
|
232
|
|
|
128
|
|
||
Total
|
$
|
241
|
|
|
$
|
138
|
|
|
2015
|
|
2014
|
||
Discount rate
|
4.35
|
%
|
|
3.95
|
%
|
Salary increase
|
4.10
|
%
|
|
4.10
|
%
|
|
December 31, 2015
(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
(b)
|
$
|
910
|
|
|
$
|
21
|
|
|
$
|
1
|
|
|
$
|
932
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
792
|
|
|
—
|
|
|
792
|
|
||||
U.S. Government and municipal bonds
|
110
|
|
|
13
|
|
|
—
|
|
|
123
|
|
||||
Corporate debt securities
(d)
|
2
|
|
|
277
|
|
|
1
|
|
|
280
|
|
||||
Asset-backed securities
|
—
|
|
|
167
|
|
|
—
|
|
|
167
|
|
||||
Debt security commingled vehicles
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||
Convertible securities
(e)
|
16
|
|
|
258
|
|
|
—
|
|
|
274
|
|
||||
Total investments in the fair value hierarchy
|
$
|
1,038
|
|
|
$
|
1,549
|
|
|
$
|
2
|
|
|
2,589
|
|
|
Total investments measured at net asset value
(f)
|
|
|
|
|
|
|
974
|
|
|||||||
Total fair value of plan assets
|
|
|
|
|
|
|
$
|
3,563
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
384 million
.
|
(c)
|
Includes foreign investments of $
249 million
.
|
(d)
|
Includes foreign investments of $
68 million
.
|
(e)
|
Includes foreign investments of $
23 million
.
|
(f)
|
Includes foreign investments of $
283 million
. Reflects the adoption of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy.
|
|
December 31, 2014
(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
(b)
|
$
|
984
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
1,015
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
767
|
|
|
—
|
|
|
767
|
|
||||
U.S. Government and municipal bonds
|
144
|
|
|
20
|
|
|
—
|
|
|
164
|
|
||||
Corporate debt securities
(d)
|
—
|
|
|
355
|
|
|
—
|
|
|
355
|
|
||||
Asset-backed securities
|
—
|
|
|
223
|
|
|
—
|
|
|
223
|
|
||||
Debt security commingled vehicles
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||
Convertible securities
|
45
|
|
|
229
|
|
|
—
|
|
|
274
|
|
||||
Total investments in the fair value hierarchy
|
$
|
1,173
|
|
|
$
|
1,646
|
|
|
$
|
—
|
|
|
2,819
|
|
|
Total investments measured at net asset value
(e)
|
|
|
|
|
|
|
879
|
|
|||||||
Total fair value of plan assets
|
|
|
|
|
|
|
$
|
3,698
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
321 million
.
|
(c)
|
Includes foreign investments of $
306 million
.
|
(d)
|
Includes foreign investments of $
88 million
.
|
(e)
|
Includes foreign investments of $
200 million
. Reflects the retrospective application of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy.
|
2016
|
$
|
144
|
|
2017
|
$
|
150
|
|
2018
|
$
|
155
|
|
2019
|
$
|
160
|
|
2020
|
$
|
163
|
|
2021 - 2025
|
$
|
865
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
|
|
(millions)
|
|
|
||||||||||||||||||
Service cost
|
$
|
70
|
|
|
$
|
61
|
|
|
$
|
72
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Interest cost
|
97
|
|
|
101
|
|
|
94
|
|
|
13
|
|
|
16
|
|
|
14
|
|
||||||
Expected return on plan assets
|
(253
|
)
|
|
(241
|
)
|
|
(238
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Amortization of prior service cost (benefit)
|
1
|
|
|
5
|
|
|
7
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(2
|
)
|
||||||
Amortization of losses
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Special termination benefits
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic (income) cost at NEE
|
$
|
(85
|
)
|
|
$
|
(74
|
)
|
|
$
|
(17
|
)
|
|
$
|
14
|
|
|
$
|
15
|
|
|
$
|
17
|
|
Net periodic (income) cost at FPL
|
$
|
(55
|
)
|
|
$
|
(47
|
)
|
|
$
|
(7
|
)
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
13
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
(millions)
|
||||||||||
Prior service benefit (net of $3 tax expense)
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
Net gains (losses) (net of $27 and $29 tax benefit and $58 tax expense, respectively)
|
(44
|
)
|
|
(45
|
)
|
|
91
|
|
|||
Amortization of prior service benefit
|
—
|
|
|
1
|
|
|
2
|
|
|||
Total
|
$
|
(44
|
)
|
|
$
|
(40
|
)
|
|
$
|
93
|
|
|
2015
|
|
2014
|
||||
|
(millions)
|
||||||
Prior service benefit
|
$
|
—
|
|
|
$
|
(12
|
)
|
Unrecognized losses
|
104
|
|
|
226
|
|
||
Amortization of prior service benefit
|
(1
|
)
|
|
(3
|
)
|
||
Total
|
$
|
103
|
|
|
$
|
211
|
|
(a)
|
In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns.
|
(b)
|
In 2015, an expected long-term rate of return of
7.75%
is presented net of investment management fees.
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Fair Values of Derivatives
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Fair Values of Derivatives Not
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Total Derivatives Combined -
Net Basis
|
||||||||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,906
|
|
|
$
|
4,580
|
|
|
$
|
1,937
|
|
|
$
|
982
|
|
Interest rate contracts
|
33
|
|
|
155
|
|
|
2
|
|
|
160
|
|
|
34
|
|
|
319
|
|
||||||
Foreign currency swaps
|
—
|
|
|
132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127
|
|
||||||
Total fair values
|
$
|
33
|
|
|
$
|
287
|
|
|
$
|
5,908
|
|
|
$
|
4,740
|
|
|
$
|
1,971
|
|
|
$
|
1,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
225
|
|
|
$
|
4
|
|
|
$
|
222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current derivative assets
(a)
|
|
|
|
|
|
|
|
|
$
|
712
|
|
|
|
||||||||||
Assets held for sale
|
|
|
|
|
|
|
|
|
57
|
|
|
|
|||||||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
|
|
|
|
1,202
|
|
|
|
|||||||||||
Current derivative liabilities
(c)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
882
|
|
|||||||||
Liabilities associated with assets held for sale
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|||||||||||
Noncurrent derivative liabilities
(d)
|
|
|
|
|
|
|
|
|
|
|
|
530
|
|
||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
1,971
|
|
|
$
|
1,428
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current other assets
|
|
|
|
|
|
|
|
|
$
|
3
|
|
|
|
||||||||||
Noncurrent other assets
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Current derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
222
|
|
||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
4
|
|
|
$
|
222
|
|
(a)
|
Reflects the netting of approximately
$279 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$151 million
in margin cash collateral received from counterparties.
|
(c)
|
Reflects the netting of approximately
$46 million
in margin cash collateral paid to counterparties.
|
(d)
|
Reflects the netting of approximately
$13 million
in margin cash collateral paid to counterparties.
|
|
December 31, 2014
|
||||||||||||||||||||||
|
Fair Values of Derivatives
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Fair Values of Derivatives Not
Designated as Hedging
Instruments for Accounting
Purposes - Gross Basis
|
|
Total Derivatives Combined -
Net Basis
|
||||||||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,145
|
|
|
$
|
5,290
|
|
|
$
|
1,949
|
|
|
$
|
1,358
|
|
Interest rate contracts
|
35
|
|
|
126
|
|
|
—
|
|
|
125
|
|
|
50
|
|
|
266
|
|
||||||
Foreign currency swaps
|
—
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
||||||
Total fair values
|
$
|
35
|
|
|
$
|
257
|
|
|
$
|
6,145
|
|
|
$
|
5,415
|
|
|
$
|
1,999
|
|
|
$
|
1,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
371
|
|
|
$
|
7
|
|
|
$
|
370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current derivative assets
(a)
|
|
|
|
|
|
|
|
|
$
|
990
|
|
|
|
||||||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
|
|
|
|
1,009
|
|
|
|
|||||||||||
Current derivative liabilities
(c)
|
|
|
|
|
|
|
|
|
|
|
$
|
1,289
|
|
||||||||||
Noncurrent derivative liabilities
(d)
|
|
|
|
|
|
|
|
|
|
|
466
|
|
|||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
1,999
|
|
|
$
|
1,755
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current other assets
|
|
|
|
|
|
|
|
|
$
|
6
|
|
|
|
||||||||||
Noncurrent other assets
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|||||||||||
Current derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
$
|
370
|
|
||||||||||
Total derivatives
|
|
|
|
|
|
|
|
|
$
|
7
|
|
|
$
|
370
|
|
(a)
|
Reflects the netting of approximately
$197 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$97 million
in margin cash collateral received from counterparties.
|
(c)
|
Reflects the netting of approximately
$20 million
in margin cash collateral paid to counterparties.
|
(d)
|
Reflects the netting of approximately
$10 million
in margin cash collateral paid to counterparties.
|
(a)
|
Included in interest expense.
|
(b)
|
For 2015, 2014 and 2013, losses of approximately
$11 million
,
$8 million
and
$4 million
, respectively, are included in interest expense and the balances are included in other - net.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(millions)
|
||||||||||
Commodity contracts:
(a)
|
|
|
|
|
|
||||||
Operating revenues
|
$
|
932
|
|
|
$
|
420
|
|
|
$
|
76
|
|
Fuel, purchased power and interchange
|
8
|
|
|
1
|
|
|
—
|
|
|||
Foreign currency swap - other - net
|
—
|
|
|
(1
|
)
|
|
(72
|
)
|
|||
Interest rate contracts - interest expense
|
8
|
|
|
(64
|
)
|
|
3
|
|
|||
Total
|
$
|
948
|
|
|
$
|
356
|
|
|
$
|
7
|
|
(a)
|
For the years ended
December 31, 2015
,
2014
and
2013
, FPL recorded gains (losses) of approximately
$(326) million
,
$(289) million
and
$81 million
, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets.
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(112
|
)
|
|
MWh
(a)
|
|
—
|
|
|
|
|
(73
|
)
|
|
MWh
(a)
|
|
—
|
|
|
|
Natural gas
|
|
1,321
|
|
|
MMBtu
(b)
|
|
833
|
|
|
MMBtu
(b)
|
|
1,436
|
|
|
MMBtu
(b)
|
|
845
|
|
|
MMBtu
(b)
|
Oil
|
|
(9
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(11
|
)
|
|
barrels
|
|
—
|
|
|
|
(a)
|
Megawatt-hours
|
(b)
|
One million British thermal units
|
|
December 31, 2015
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
312
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
312
|
|
|
||
FPL - equity securities
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
36
|
|
|
||
Special use funds:
(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,320
|
|
|
$
|
1,354
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
2,674
|
|
|
||
U.S. Government and municipal bonds
|
$
|
446
|
|
|
$
|
166
|
|
|
$
|
—
|
|
|
|
|
$
|
612
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
713
|
|
|
$
|
—
|
|
|
|
|
$
|
713
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
412
|
|
|
$
|
—
|
|
|
|
|
$
|
412
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
|
|
$
|
52
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
364
|
|
|
$
|
1,234
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
1,598
|
|
|
||
U.S. Government and municipal bonds
|
$
|
335
|
|
|
$
|
145
|
|
|
$
|
—
|
|
|
|
|
$
|
480
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
531
|
|
|
$
|
—
|
|
|
|
|
$
|
531
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
327
|
|
|
$
|
—
|
|
|
|
|
$
|
327
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
|
|
$
|
40
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
30
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
|
|
$
|
40
|
|
|
||
Debt securities
|
$
|
39
|
|
|
$
|
132
|
|
|
$
|
—
|
|
|
|
|
$
|
171
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
2,187
|
|
|
$
|
2,540
|
|
|
$
|
1,179
|
|
|
$
|
(3,969
|
)
|
|
$
|
1,937
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
34
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
$
|
4
|
|
(e)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
2,153
|
|
|
$
|
1,887
|
|
|
$
|
540
|
|
|
$
|
(3,598
|
)
|
|
$
|
982
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
214
|
|
|
$
|
101
|
|
|
$
|
4
|
|
|
$
|
319
|
|
(e)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
132
|
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
127
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
219
|
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
$
|
222
|
|
(e)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash of approximately
$61 million
(
$36 million
for FPL) in other current assets on the consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
|
December 31, 2014
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
32
|
|
|
||
Special use funds:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,217
|
|
|
$
|
1,417
|
|
(c)
|
$
|
—
|
|
|
|
|
$
|
2,634
|
|
|
||
U.S. Government and municipal bonds
|
$
|
520
|
|
|
$
|
191
|
|
|
$
|
—
|
|
|
|
|
$
|
711
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
704
|
|
|
$
|
—
|
|
|
|
|
$
|
704
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
493
|
|
|
$
|
—
|
|
|
|
|
$
|
493
|
|
|
||
Other debt securities
|
$
|
25
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
|
|
$
|
57
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
324
|
|
|
$
|
1,237
|
|
(c)
|
$
|
—
|
|
|
|
|
$
|
1,561
|
|
|
||
U.S. Government and municipal bonds
|
$
|
435
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
|
|
$
|
600
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
501
|
|
|
$
|
—
|
|
|
|
|
$
|
501
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
422
|
|
|
$
|
—
|
|
|
|
|
$
|
422
|
|
|
||
Other debt securities
|
$
|
25
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
|
|
$
|
45
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
35
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
|
$
|
36
|
|
|
||
Debt securities
|
$
|
5
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
|
|
$
|
175
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,801
|
|
|
$
|
3,177
|
|
|
$
|
1,167
|
|
|
$
|
(4,196
|
)
|
|
$
|
1,949
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
50
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
(1
|
)
|
|
$
|
7
|
|
(d)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,720
|
|
|
$
|
3,150
|
|
|
$
|
420
|
|
|
$
|
(3,932
|
)
|
|
$
|
1,358
|
|
(d)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
126
|
|
|
$
|
125
|
|
|
$
|
15
|
|
|
$
|
266
|
|
(d)
|
Foreign currency swaps
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
131
|
|
(d)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
370
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
370
|
|
(d)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and 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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at the Carrying Amount below.
|
(c)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(d)
|
See Note 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
Transaction Type
|
|
Fair Value at
December 31, 2015
|
|
Valuation
Technique(s)
|
|
Significant
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
636
|
|
|
$
|
252
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$6
|
—
|
$113
|
Forward contracts - gas
|
|
24
|
|
|
25
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$1
|
—
|
$6
|
||
Forward contracts - other commodity related
|
|
16
|
|
|
6
|
|
|
Discounted cash flow
|
|
Forward price (various)
|
|
$(18)
|
—
|
$55
|
||
Options - power
|
|
68
|
|
|
58
|
|
|
Option models
|
|
Implied correlations
|
|
(5)%
|
—
|
99%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
308%
|
||||
Options - primarily gas
|
|
105
|
|
|
164
|
|
|
Option models
|
|
Implied correlations
|
|
(5)%
|
—
|
99%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
195%
|
||||
Full requirements and unit contingent contracts
|
|
330
|
|
|
35
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(20)
|
—
|
$239
|
||
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
||||
Total
|
|
$
|
1,179
|
|
|
$
|
540
|
|
|
|
|
|
|
|
|
|
(a)
|
Applies only to full requirements contracts.
|
Significant Unobservable Input
|
|
Position
|
|
Impact on
Fair Value Measurement
|
Forward price
|
|
Purchase power/gas
|
|
Increase (decrease)
|
|
|
Sell power/gas
|
|
Decrease (increase)
|
Implied correlations
|
|
Purchase option
|
|
Decrease (increase)
|
|
|
Sell option
|
|
Increase (decrease)
|
Implied volatilities
|
|
Purchase option
|
|
Increase (decrease)
|
|
|
Sell option
|
|
Decrease (increase)
|
Customer migration rate
|
|
Sell power
(a)
|
|
Decrease (increase)
|
(a)
|
Assumes the contract is in a gain position.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year
|
$
|
622
|
|
|
$
|
5
|
|
|
$
|
622
|
|
|
$
|
—
|
|
|
$
|
566
|
|
|
$
|
2
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Included in earnings
(a)
|
451
|
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
299
|
|
|
—
|
|
||||||
Included in other comprehensive income
|
11
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Included in regulatory assets and liabilities
|
3
|
|
|
3
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||||
Purchases
|
180
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
101
|
|
|
—
|
|
||||||
Settlements
|
(473
|
)
|
|
(8
|
)
|
|
194
|
|
|
(2
|
)
|
|
(55
|
)
|
|
(2
|
)
|
||||||
Issuances
|
(202
|
)
|
|
—
|
|
|
(122
|
)
|
|
—
|
|
|
(173
|
)
|
|
—
|
|
||||||
Transfers in
(b)
|
(13
|
)
|
|
—
|
|
|
80
|
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
||||||
Transfers out
(b)
|
(41
|
)
|
|
—
|
|
|
(155
|
)
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||
Fair value of net derivatives based on significant unobservable inputs at December 31
|
$
|
538
|
|
|
$
|
—
|
|
|
$
|
622
|
|
|
$
|
5
|
|
|
$
|
622
|
|
|
$
|
—
|
|
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date
(c)
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
248
|
|
|
$
|
—
|
|
|
$
|
329
|
|
|
$
|
—
|
|
(a)
|
For the year ended
December 31, 2015
,
$462 million
of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense. For the year December 31, 2014,
$79 million
of realized and unrealized losses are reflected in the consolidated statements of income in interest expense and the balance is primarily reflected in operating revenues. For the year ended December 31, 2013,
$302 million
of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
(b)
|
Transfers into Level 3 were a result of decreased observability of market data and, in 2013, a significant credit valuation adjustment. Transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(c)
|
For the years ended
December 31, 2015
, 2014, and 2013,
$289 million
,
$328 million
, and
$330 million
of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense.
|
|
December 31, 2015
|
|
December 31, 2014
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
(a)
|
$
|
675
|
|
|
$
|
675
|
|
|
$
|
567
|
|
|
$
|
567
|
|
|
Other investments - primarily notes receivable
|
$
|
512
|
|
|
$
|
722
|
|
(b)
|
$
|
525
|
|
|
$
|
679
|
|
(b)
|
Long-term debt, including current maturities
|
$
|
28,897
|
|
(c)
|
$
|
30,412
|
|
(d)
|
$
|
27,552
|
|
|
$
|
30,013
|
|
(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
(a)
|
$
|
528
|
|
|
$
|
528
|
|
|
$
|
395
|
|
|
$
|
395
|
|
|
Long-term debt, including current maturities
|
$
|
10,020
|
|
|
$
|
11,028
|
|
(d)
|
$
|
9,388
|
|
|
$
|
11,020
|
|
(d)
|
(a)
|
Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis.
|
(b)
|
Primarily classified as held to maturity. Fair values are primarily estimated using a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3). Notes receivable bear interest primarily at fixed rates and mature by
2029
. Notes receivable are considered impaired and placed in non-accrual status when it becomes probable that all amounts due cannot be collected in accordance with the contractual terms of the agreement. The assessment to place notes receivable in non-accrual status considers various credit indicators, such as credit ratings and market-related information. As of
December 31, 2015
and
2014
, NEE had no notes receivable reported in non-accrual status.
|
(c)
|
Excludes debt totaling
$938 million
reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheet for which the carrying amount approximates fair value. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(d)
|
As of
December 31, 2015 and 2014
, for NEE, approximately
$18,031 million
and
$19,973 million
, respectively, is estimated using quoted market prices for the same or similar issues (Level 2); the balance is estimated using a discounted cash flow valuation technique, considering the current credit spread of the debtor (Level 3). For FPL, primarily estimated using quoted market prices for the same or similar issues (Level 2).
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Realized gains
|
$
|
194
|
|
|
$
|
211
|
|
|
$
|
246
|
|
|
$
|
70
|
|
|
$
|
120
|
|
|
$
|
182
|
|
Realized losses
|
$
|
87
|
|
|
$
|
115
|
|
|
$
|
88
|
|
|
$
|
43
|
|
|
$
|
94
|
|
|
$
|
59
|
|
Proceeds from sale or maturity of securities
|
$
|
4,643
|
|
|
$
|
4,092
|
|
|
$
|
4,190
|
|
|
$
|
3,724
|
|
|
$
|
3,349
|
|
|
$
|
3,342
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Equity securities
|
$
|
1,166
|
|
|
$
|
1,267
|
|
|
$
|
863
|
|
|
$
|
896
|
|
Debt securities
|
$
|
17
|
|
|
$
|
66
|
|
|
$
|
14
|
|
|
$
|
54
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Unrealized losses
(a)
|
$
|
51
|
|
|
$
|
7
|
|
|
$
|
45
|
|
|
$
|
5
|
|
Fair value
|
$
|
1,129
|
|
|
$
|
542
|
|
|
$
|
861
|
|
|
$
|
434
|
|
(a)
|
Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at
December 31, 2015 and 2014
were not material to NEE or FPL.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Federal:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
(145
|
)
|
|
$
|
423
|
|
|
$
|
240
|
|
|
$
|
174
|
|
Deferred
|
1,194
|
|
|
1,077
|
|
|
853
|
|
|
399
|
|
|
542
|
|
|
540
|
|
||||||
Total federal
|
1,204
|
|
|
1,077
|
|
|
708
|
|
|
822
|
|
|
782
|
|
|
714
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
|
31
|
|
|
(29
|
)
|
|
69
|
|
|
58
|
|
|
68
|
|
|
44
|
|
||||||
Deferred
|
(7
|
)
|
|
128
|
|
|
—
|
|
|
77
|
|
|
60
|
|
|
77
|
|
||||||
Total state
|
24
|
|
|
99
|
|
|
69
|
|
|
135
|
|
|
128
|
|
|
121
|
|
||||||
Total income taxes
|
$
|
1,228
|
|
|
$
|
1,176
|
|
|
$
|
777
|
|
|
$
|
957
|
|
|
$
|
910
|
|
|
$
|
835
|
|
|
NEE
|
|
FPL
|
||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||
Statutory federal income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Increases (reductions) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes - net of federal income tax benefit
|
0.4
|
|
|
1.8
|
|
|
1.8
|
|
|
3.4
|
|
|
3.4
|
|
|
3.6
|
|
PTCs and ITCs - NEER
|
(4.1
|
)
|
|
(5.1
|
)
|
|
(8.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Convertible ITCs - NEER
|
(0.8
|
)
|
|
(1.4
|
)
|
|
(2.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Valuation allowance associated with Spain solar projects
(a)
|
—
|
|
|
0.7
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Charges associated with Canadian assets
|
—
|
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other - net
|
0.3
|
|
|
—
|
|
|
0.7
|
|
|
(1.7
|
)
|
|
(0.9
|
)
|
|
(0.4
|
)
|
Effective income tax rate
|
30.8
|
%
|
|
32.3
|
%
|
|
31.7
|
%
|
|
36.7
|
%
|
|
37.5
|
%
|
|
38.2
|
%
|
(a)
|
Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(millions)
|
||||||||||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
||||||||
Property-related
|
$
|
12,204
|
|
|
$
|
11,700
|
|
|
$
|
8,040
|
|
|
$
|
7,457
|
|
Pension
|
455
|
|
|
489
|
|
|
480
|
|
|
459
|
|
||||
Nuclear decommissioning trusts
|
219
|
|
|
258
|
|
|
—
|
|
|
—
|
|
||||
Net unrealized gains on derivatives
|
528
|
|
|
390
|
|
|
—
|
|
|
—
|
|
||||
Investments in partnerships and joint ventures
|
403
|
|
|
291
|
|
|
—
|
|
|
—
|
|
||||
Other
|
1,196
|
|
|
769
|
|
|
695
|
|
|
435
|
|
||||
Total deferred tax liabilities
|
15,005
|
|
|
13,897
|
|
|
9,215
|
|
|
8,351
|
|
||||
Deferred tax assets and valuation allowance:
|
|
|
|
|
|
|
|
||||||||
Decommissioning reserves
|
438
|
|
|
427
|
|
|
386
|
|
|
374
|
|
||||
Postretirement benefits
|
141
|
|
|
154
|
|
|
95
|
|
|
99
|
|
||||
Net operating loss carryforwards
|
604
|
|
|
1,070
|
|
|
4
|
|
|
—
|
|
||||
Tax credit carryforwards
|
2,916
|
|
|
2,742
|
|
|
—
|
|
|
—
|
|
||||
ARO and accrued asset removal costs
|
759
|
|
|
737
|
|
|
697
|
|
|
686
|
|
||||
Other
|
836
|
|
|
820
|
|
|
303
|
|
|
318
|
|
||||
Valuation allowance
(a)
|
(223
|
)
|
|
(323
|
)
|
|
—
|
|
|
—
|
|
||||
Net deferred tax assets
|
5,471
|
|
|
5,627
|
|
|
1,485
|
|
|
1,477
|
|
||||
Net deferred income taxes
|
$
|
9,534
|
|
|
$
|
8,270
|
|
|
$
|
7,730
|
|
|
$
|
6,874
|
|
(a)
|
Amount relates to a valuation allowance related to the Spain solar projects, deferred state tax credits and state operating loss carryforwards.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Deferred income taxes - current assets
|
$
|
—
|
|
(a)
|
$
|
739
|
|
|
$
|
—
|
|
(a)
|
$
|
—
|
|
Noncurrent other assets
|
293
|
|
|
264
|
|
|
—
|
|
|
—
|
|
||||
Other current liabilities
|
—
|
|
(a)
|
(12
|
)
|
|
—
|
|
(a)
|
(39
|
)
|
||||
Deferred income taxes - noncurrent liabilities
|
(9,827
|
)
|
|
(9,261
|
)
|
|
(7,730
|
)
|
|
(6,835
|
)
|
||||
Net deferred income taxes
|
$
|
(9,534
|
)
|
|
$
|
(8,270
|
)
|
|
$
|
(7,730
|
)
|
|
$
|
(6,874
|
)
|
(a)
|
Effective December 31, 2015, all deferred taxes are classified as noncurrent. See Note 1 - Income Taxes.
|
|
Amount
|
|
Expiration
Dates
|
||
|
(millions)
|
|
|
||
Net operating loss carryforwards:
|
|
|
|
||
Federal
|
$
|
361
|
|
|
2026-2035
|
State
|
153
|
|
|
2016-2035
|
|
Foreign
|
90
|
|
(a)
|
2017-2024
|
|
Net operating loss carryforwards
|
$
|
604
|
|
|
|
Tax credit carryforwards:
|
|
|
|
||
Federal
|
$
|
2,585
|
|
|
2022-2035
|
State
|
331
|
|
(b)
|
2016-2037
|
|
Tax credit carryforwards
|
$
|
2,916
|
|
|
|
(a)
|
Includes $
89 million
of net operating loss carryforwards with an indefinite expiration period.
|
(b)
|
Includes $
158 million
of ITC carryforwards with an indefinite expiration period.
|
|
December 31, 2015
|
|||||||||||||
|
Ownership
Interest
|
|
Gross
Investment
(a)
|
|
Accumulated
Depreciation
(a)
|
|
Construction
Work
in Progress
|
|||||||
|
|
|
(millions)
|
|||||||||||
FPL:
|
|
|
|
|
|
|
|
|||||||
St. Lucie Unit No. 2
|
85
|
%
|
|
$
|
2,190
|
|
|
$
|
777
|
|
|
$
|
23
|
|
St. Johns River Power Park units and coal terminal
|
20
|
%
|
|
$
|
398
|
|
|
$
|
207
|
|
|
$
|
2
|
|
Scherer Unit No. 4
|
76
|
%
|
|
$
|
1,130
|
|
|
$
|
378
|
|
|
$
|
—
|
|
NEER:
|
|
|
|
|
|
|
|
|||||||
Duane Arnold
|
70
|
%
|
|
$
|
435
|
|
|
$
|
126
|
|
|
$
|
24
|
|
Seabrook
|
88.23
|
%
|
|
$
|
1,111
|
|
|
$
|
239
|
|
|
$
|
67
|
|
Wyman Station Unit No. 4
|
84.35
|
%
|
|
$
|
74
|
|
|
$
|
51
|
|
|
$
|
—
|
|
Corporate and Other:
|
|
|
|
|
|
|
|
|||||||
Transmission substation assets located in Seabrook, New Hampshire
|
88.23
|
%
|
|
$
|
73
|
|
|
$
|
19
|
|
|
$
|
3
|
|
(a)
|
Excludes nuclear fuel.
|
|
Amounts Recognized
as of October 1, 2015 |
||
|
(millions)
|
||
Assets
|
|
||
Property, plant and equipment
|
$
|
806
|
|
Cash
|
1
|
|
|
Other receivables and current other assets
|
21
|
|
|
Noncurrent other assets (other intangible assets, see Note 1 - Goodwill and Other Intangible Assets)
|
720
|
|
|
Noncurrent other assets (goodwill, see Note 1 - Goodwill and Other Intangible Assets)
|
622
|
|
|
Total assets
|
$
|
2,170
|
|
|
|
||
Liabilities
|
|
||
Long-term debt, including current portion
|
$
|
706
|
|
Accounts payable and current other liabilities
|
46
|
|
|
Noncurrent other liabilities, primarily acquisition holdbacks
|
415
|
|
|
Total liabilities
|
1,167
|
|
|
Less noncontrolling interest at fair value
|
69
|
|
|
Total cash consideration
|
$
|
934
|
|
|
2015
|
|
2014
|
||||
|
(millions)
|
||||||
Net income
|
$
|
213
|
|
|
$
|
171
|
|
Total assets
|
$
|
3,339
|
|
|
$
|
2,636
|
|
Total liabilities
|
$
|
1,307
|
|
|
$
|
1,645
|
|
Partners'/members' equity
|
$
|
2,032
|
|
|
$
|
991
|
|
|
|
|
|
||||
NEER's share of underlying equity in the principal entities
|
$
|
874
|
|
|
$
|
495
|
|
Difference between investment carrying amount and underlying equity in net assets
(a)
|
(3
|
)
|
|
(4
|
)
|
||
NEER's investment carrying amount for the principal entities
|
$
|
871
|
|
|
$
|
491
|
|
(a)
|
The majority of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over the remaining life of the investee's assets.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Numerator - income from continuing operations attributable to NEE
(a)
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,677
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of common shares outstanding - basic
|
450.5
|
|
|
434.4
|
|
|
424.2
|
|
|||
Equity units, performance share awards, options, forward sale agreements and restricted stock
(b)
|
3.5
|
|
|
5.7
|
|
|
2.8
|
|
|||
Weighted-average number of common shares outstanding - assuming dilution
|
454.0
|
|
|
440.1
|
|
|
427.0
|
|
|||
Earnings per share attributable to NEE from continuing operations:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
3.95
|
|
Assuming dilution
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
3.93
|
|
(a)
|
Calculated as income from continuing operations less net income attributable to noncontrolling interests from NEE's consolidated statements of income.
|
(b)
|
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.
|
|
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|||
Restricted Stock:
|
|
|
|
|||
Nonvested balance, January 1, 2015
|
579,497
|
|
|
$
|
75.65
|
|
Granted
|
303,150
|
|
|
$
|
103.58
|
|
Vested
|
(274,620
|
)
|
|
$
|
73.92
|
|
Forfeited
|
(44,367
|
)
|
|
$
|
99.99
|
|
Nonvested balance, December 31, 2015
|
563,660
|
|
|
$
|
89.60
|
|
Performance Share Awards:
|
|
|
|
|||
Nonvested balance, January 1, 2015
|
996,227
|
|
|
$
|
67.19
|
|
Granted
|
567,437
|
|
|
$
|
77.12
|
|
Vested
|
(609,321
|
)
|
|
$
|
53.55
|
|
Forfeited
|
(39,144
|
)
|
|
$
|
79.36
|
|
Nonvested balance, December 31, 2015
|
915,199
|
|
|
$
|
81.90
|
|
|
2015
|
|
2014
|
|
2013
|
Expected volatility
(a)
|
18.91%
|
|
20.32%
|
|
20.08 - 20.15%
|
Expected dividends
|
3.11%
|
|
3.11%
|
|
3.28 - 3.64%
|
Expected term (years)
(b)
|
7.0
|
|
7.0
|
|
7.0
|
Risk-free rate
|
1.84%
|
|
2.17%
|
|
1.15 - 1.40%
|
(a)
|
Based on historical experience.
|
(b)
|
Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges
|
|
Net Unrealized
Gains (Losses)
on Available for
Sale Securities
|
|
Defined Benefit
Pension and
Other Benefits
Plans
|
|
Net Unrealized
Gains (Losses)
on Foreign
Currency
Translation
|
|
Other
Comprehensive
Income (Loss)
Related to Equity
Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Balances, December 31, 2012
|
$
|
(266
|
)
|
|
$
|
96
|
|
|
$
|
(74
|
)
|
|
$
|
12
|
|
|
$
|
(23
|
)
|
|
$
|
(255
|
)
|
Other comprehensive income (loss) before reclassifications
|
84
|
|
|
118
|
|
|
95
|
|
|
(45
|
)
|
|
7
|
|
|
259
|
|
||||||
Amounts reclassified from AOCI
|
67
|
|
(a)
|
(17
|
)
|
(b)
|
2
|
|
|
—
|
|
|
—
|
|
|
52
|
|
||||||
Net other comprehensive income (loss)
|
151
|
|
|
101
|
|
|
97
|
|
|
(45
|
)
|
|
7
|
|
|
311
|
|
||||||
Balances, December 31, 2013
|
(115
|
)
|
|
197
|
|
|
23
|
|
|
(33
|
)
|
|
(16
|
)
|
|
56
|
|
||||||
Other comprehensive income (loss) before reclassifications
|
(141
|
)
|
|
62
|
|
|
(44
|
)
|
|
(25
|
)
|
|
(8
|
)
|
|
(156
|
)
|
||||||
Amounts reclassified from AOCI
|
98
|
|
(a)
|
(41
|
)
|
(b)
|
1
|
|
|
—
|
|
|
—
|
|
|
58
|
|
||||||
Net other comprehensive income (loss)
|
(43
|
)
|
|
21
|
|
|
(43
|
)
|
|
(25
|
)
|
|
(8
|
)
|
|
(98
|
)
|
||||||
Less other comprehensive loss attributable to noncontrolling interests
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Balances, December 31, 2014
|
(156
|
)
|
|
218
|
|
|
(20
|
)
|
|
(58
|
)
|
|
(24
|
)
|
|
(40
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
(88
|
)
|
|
(7
|
)
|
|
(42
|
)
|
|
(27
|
)
|
|
—
|
|
|
(164
|
)
|
||||||
Amounts reclassified from AOCI
|
63
|
|
(a)
|
(37
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||
Net other comprehensive income (loss)
|
(25
|
)
|
|
(44
|
)
|
|
(42
|
)
|
|
(27
|
)
|
|
—
|
|
|
(138
|
)
|
||||||
Less other comprehensive loss attributable to noncontrolling interests
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||||
Balances, December 31, 2015
|
$
|
(170
|
)
|
|
$
|
174
|
|
|
$
|
(62
|
)
|
|
$
|
(85
|
)
|
|
$
|
(24
|
)
|
|
$
|
(167
|
)
|
(a)
|
Reclassified to interest expense and other - net in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of assets - net in NEE's consolidated statements of income.
|
|
|
|
December 31,
|
||||||||||||
|
|
|
2015
|
|
2014
|
||||||||||
|
Maturity
Date |
|
Balance
|
|
Weighted-
Average Interest Rate |
|
Balance
|
|
Weighted-
Average Interest Rate |
||||||
|
|
|
(millions)
|
|
|
|
(millions)
|
|
|
||||||
FPL:
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage bonds - fixed
|
2017 - 2044
|
|
$
|
8,690
|
|
|
4.77
|
%
|
|
$
|
8,490
|
|
|
4.95
|
%
|
Storm-recovery bonds - fixed
(a)
|
2017 - 2021
|
|
273
|
|
|
5.26
|
%
|
|
331
|
|
|
5.24
|
%
|
||
Pollution control, solid waste disposal and industrial development revenue bonds - variable
(b)(c)
|
2020 - 2045
|
|
718
|
|
|
0.04
|
%
|
|
633
|
|
|
0.05
|
%
|
||
Other long-term debt - variable
(c)
|
2018
|
|
400
|
|
|
1.11
|
%
|
|
—
|
|
|
|
|
||
Other long-term debt - fixed
|
2014 - 2040
|
|
53
|
|
|
5.06
|
%
|
|
55
|
|
|
4.96
|
%
|
||
Unamortized debt issuance costs and discount
|
|
|
(114
|
)
|
|
|
|
(121
|
)
|
(d)
|
|
||||
Total long-term debt of FPL
|
|
|
10,020
|
|
|
|
|
9,388
|
|
|
|
||||
Less current maturities of long-term debt
|
|
|
64
|
|
|
|
|
60
|
|
|
|
||||
Long-term debt of FPL, excluding current maturities
|
|
|
9,956
|
|
|
|
|
9,328
|
|
|
|
||||
NEECH:
|
|
|
|
|
|
|
|
|
|
|
|||||
Debentures - fixed
(e)
|
2015 - 2023
|
|
3,100
|
|
|
3.15
|
%
|
|
3,125
|
|
|
3.87
|
%
|
||
Debentures, related to NEE's equity units - fixed
|
2014 - 2020
|
|
1,200
|
|
|
1.98
|
%
|
|
2,152
|
|
|
1.54
|
%
|
||
Junior subordinated debentures - fixed
|
2044 - 2073
|
|
2,978
|
|
|
5.84
|
%
|
|
2,978
|
|
|
5.84
|
%
|
||
Senior secured bonds - fixed
(f)
|
2030
|
|
497
|
|
|
7.50
|
%
|
|
500
|
|
|
7.50
|
%
|
||
Japanese yen denominated senior notes - fixed
(e)
|
2030
|
|
83
|
|
|
5.13
|
%
|
|
83
|
|
|
5.13
|
%
|
||
Japanese yen denominated term loans - variable
(c)(e)
|
2017
|
|
456
|
|
|
1.83
|
%
|
|
459
|
|
|
1.83
|
%
|
||
Other long-term debt - fixed
|
2016 - 2044
|
|
810
|
|
|
2.74
|
%
|
|
510
|
|
|
2.70
|
%
|
||
Other long-term debt - variable
(c)
|
2014 - 2019
|
|
1,513
|
|
|
1.81
|
%
|
|
716
|
|
|
2.44
|
%
|
||
Fair value hedge adjustment
|
|
|
24
|
|
|
|
|
20
|
|
|
|
||||
Unamortized debt issuance costs and discount
|
|
|
(94
|
)
|
|
|
|
(112
|
)
|
(d)
|
|
||||
Total long-term debt of NEECH
|
|
|
10,567
|
|
|
|
|
10,431
|
|
|
|
||||
Less current maturities of long-term debt
|
|
|
667
|
|
|
|
|
1,787
|
|
|
|
||||
Long-term debt of NEECH, excluding current maturities
|
|
|
9,900
|
|
|
|
|
8,644
|
|
|
|
||||
NEER:
|
|
|
|
|
|
|
|
|
|
|
|||||
Senior secured limited-recourse bonds and notes - fixed
|
2017 - 2038
|
|
2,203
|
|
|
5.88
|
%
|
|
2,273
|
|
|
6.02
|
%
|
||
Senior secured limited-recourse term loans - primarily variable
(c)(e)
|
2015 - 2035
|
|
3,969
|
|
(g)
|
2.51
|
%
|
|
4,242
|
|
|
3.12
|
%
|
||
Other long-term debt - primarily variable
(c)(e)
|
2015 - 2035
|
|
2,118
|
|
|
2.80
|
%
|
|
656
|
|
|
3.71
|
%
|
||
Canadian revolving credit facilities - variable
(c)
|
2015 - 2016
|
|
155
|
|
|
1.56
|
%
|
|
704
|
|
|
2.33
|
%
|
||
Unamortized debt issuance costs and discount
|
|
|
(131
|
)
|
|
|
|
(135
|
)
|
(d)
|
|
||||
Total long-term debt of NEER
|
|
|
8,314
|
|
|
|
|
7,740
|
|
|
|
||||
Less current maturities of long-term debt
(h)
|
|
|
1,489
|
|
|
|
|
1,668
|
|
|
|
||||
Long-term debt of NEER, excluding current maturities
|
|
|
6,825
|
|
|
|
|
6,072
|
|
|
|
||||
Total long-term debt
|
|
|
$
|
26,681
|
|
|
|
|
$
|
24,044
|
|
|
|
(a)
|
Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially.
|
(b)
|
Tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of
December 31, 2015
, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.
|
(c)
|
Variable rate is based on an underlying index plus a margin except for in 2014 approximately
$983 million
of NEER's senior secured limited-recourse term loans is based on the greater of an underlying index or a floor, plus a margin.
|
(d)
|
Debt issuance costs were reclassified from noncurrent other assets to long-term debt to reflect the retrospective adoption of an accounting standard update. See Note 1 - Debt Issuance Costs.
|
(e)
|
Interest rate contracts, primarily swaps, have been entered into for the majority of these debt issuances. See Note 3.
|
(f)
|
Issued by a wholly owned subsidiary of NEECH and collateralized by a third-party note receivable held by that subsidiary. See Note 4 - Fair Value of Financial Instruments Recorded at the Carrying Amount.
|
(g)
|
Excludes debt totaling
$938 million
reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheet. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(h)
|
See Note 14 - Spain Solar Projects for discussion of events of default related to debt associated with the Spain solar projects.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2013
|
$
|
1,285
|
|
|
$
|
565
|
|
|
$
|
1,850
|
|
Liabilities incurred
|
1
|
|
|
29
|
|
|
30
|
|
|||
Accretion expense
|
70
|
|
|
38
|
|
|
108
|
|
|||
Liabilities settled
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
Revision in estimated cash flows - net
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Balances, December 31, 2014
|
1,355
|
|
|
631
|
|
|
1,986
|
|
|||
Liabilities incurred
|
5
|
|
|
46
|
|
|
51
|
|
|||
Accretion expense
|
73
|
|
|
43
|
|
|
116
|
|
|||
Liabilities settled
|
(20
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|||
Revision in estimated cash flows - net
|
409
|
|
(a)
|
(71
|
)
|
(b)
|
338
|
|
|||
Balances, December 31, 2015
|
$
|
1,822
|
|
|
$
|
647
|
|
|
$
|
2,469
|
|
(a)
|
Primarily reflects the effect of revised cost estimates for decommissioning FPL's nuclear units consistent with the updated nuclear decommissioning studies filed with the FPSC in December 2015.
|
(b)
|
Primarily reflects the effect of revised cost estimates for decommissioning NEER’s nuclear units and a change in assumptions relating to spent fuel costs, partly offset by increased escalation rates.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2015
|
$
|
3,430
|
|
|
$
|
1,634
|
|
|
$
|
5,064
|
|
Balances, December 31, 2014
|
$
|
3,449
|
|
|
$
|
1,642
|
|
|
$
|
5,091
|
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New
(b)(c)
|
$
|
1,085
|
|
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,130
|
|
Existing
|
620
|
|
|
960
|
|
|
680
|
|
|
520
|
|
|
550
|
|
|
3,330
|
|
||||||
Transmission and distribution
|
1,930
|
|
|
1,990
|
|
|
1,985
|
|
|
2,485
|
|
|
2,335
|
|
|
10,725
|
|
||||||
Nuclear fuel
|
170
|
|
|
125
|
|
|
190
|
|
|
170
|
|
|
210
|
|
|
865
|
|
||||||
General and other
|
245
|
|
|
265
|
|
|
240
|
|
|
185
|
|
|
185
|
|
|
1,120
|
|
||||||
Total
|
$
|
4,050
|
|
|
$
|
3,385
|
|
|
$
|
3,095
|
|
|
$
|
3,360
|
|
|
$
|
3,280
|
|
|
$
|
17,170
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wind
(d)
|
$
|
2,040
|
|
|
$
|
75
|
|
|
$
|
30
|
|
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
2,195
|
|
Solar
(e)
|
1,240
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,250
|
|
||||||
Nuclear, including nuclear fuel
|
300
|
|
|
240
|
|
|
270
|
|
|
310
|
|
|
265
|
|
|
1,385
|
|
||||||
Natural gas pipelines
(f)
|
1,020
|
|
|
740
|
|
|
465
|
|
|
35
|
|
|
15
|
|
|
2,275
|
|
||||||
Other
|
495
|
|
|
60
|
|
|
75
|
|
|
50
|
|
|
65
|
|
|
745
|
|
||||||
Total
|
$
|
5,095
|
|
|
$
|
1,125
|
|
|
$
|
840
|
|
|
$
|
420
|
|
|
$
|
370
|
|
|
$
|
7,850
|
|
Corporate and Other
|
$
|
215
|
|
|
$
|
160
|
|
|
$
|
115
|
|
|
$
|
140
|
|
|
$
|
135
|
|
|
$
|
765
|
|
(a)
|
Includes AFUDC of approximately $
76 million
, $
14 million
and
$11 million
for 2016 through 2018, respectively.
|
(b)
|
Includes land, generation structures, transmission interconnection and integration and licensing.
|
(c)
|
Excludes capital expenditures of approximately
$1.0 billion
for the natural gas-fired combined-cycle unit in Okeechobee County, Florida for the period from the end of 2016 (when approval by the Florida Power Plant Siting Board (Siting Board), comprised of the Florida governor and cabinet is expected) through 2019. Also excludes capital expenditures for the construction costs for the two additional nuclear units at FPL's Turkey Point site beyond what is required to receive and maintain an NRC license for each unit.
|
(d)
|
Consists of capital expenditures for new wind projects and related transmission totaling approximately
1,365
MW.
|
(e)
|
Includes capital expenditures for new solar projects and related transmission totaling approximately
1,045
MW.
|
(f)
|
Includes capital expenditures for construction of three natural gas pipelines, including equity contributions associated with equity investments in joint ventures for two pipelines and AFUDC associated with the third pipeline. The natural gas pipelines are subject to certain conditions. See Contracts below.
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capacity charges
(a)
|
$
|
185
|
|
|
$
|
170
|
|
|
$
|
140
|
|
|
$
|
120
|
|
|
$
|
110
|
|
|
$
|
690
|
|
Minimum charges, at projected prices:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural gas, including transportation and storage
(c)
|
$
|
1,020
|
|
|
$
|
930
|
|
|
$
|
870
|
|
|
$
|
865
|
|
|
$
|
920
|
|
|
$
|
13,050
|
|
Coal, including transportation
|
$
|
65
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NEER
|
$
|
3,670
|
|
|
$
|
735
|
|
|
$
|
625
|
|
|
$
|
135
|
|
|
$
|
85
|
|
|
$
|
535
|
|
Corporate and Other
(d)(e)
|
$
|
60
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
(a)
|
Capacity charges under these contracts, substantially all of which are recoverable through the capacity clause, totaled approximately $
434 million
, $
485 million
and $
487 million
for the years ended
December 31, 2015, 2014 and 2013
, respectively. Energy charges under these contracts, which are recoverable through the fuel clause, totaled approximately $
262 million
, $
299 million
and $
263 million
for the years ended
December 31, 2015, 2014 and 2013
, respectively.
|
(b)
|
Recoverable through the fuel clause.
|
(c)
|
Includes approximately $
200 million
, $
295 million
, $
290 million
,
$360 million
and $
7,885 million
in 2017, 2018, 2019, 2020 and thereafter, respectively, of firm commitments, subject to certain conditions as noted above, related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection.
|
(d)
|
Includes an approximately
$35 million
commitment to invest in clean power and technology businesses through 2021.
|
(e)
|
Excludes approximately
$1,115 million
, in 2016, of joint obligations of NEECH and NEER which are included in the NEER amounts above.
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Operating revenues
|
$
|
11,651
|
|
|
$
|
5,444
|
|
|
$
|
391
|
|
|
$
|
17,486
|
|
|
$
|
11,421
|
|
|
$
|
5,196
|
|
|
$
|
404
|
|
|
$
|
17,021
|
|
|
$
|
10,445
|
|
|
$
|
4,333
|
|
|
$
|
358
|
|
|
$
|
15,136
|
|
Operating expenses
(b)
|
$
|
8,674
|
|
|
$
|
3,865
|
|
|
$
|
315
|
|
|
$
|
12,854
|
|
|
$
|
8,593
|
|
|
$
|
3,727
|
|
|
$
|
317
|
|
|
$
|
12,637
|
|
|
$
|
7,906
|
|
|
$
|
3,730
|
|
|
$
|
259
|
|
|
$
|
11,895
|
|
Interest expense
|
$
|
445
|
|
|
$
|
625
|
|
|
$
|
141
|
|
|
$
|
1,211
|
|
|
$
|
439
|
|
|
$
|
667
|
|
|
$
|
155
|
|
|
$
|
1,261
|
|
|
$
|
415
|
|
|
$
|
528
|
|
|
$
|
178
|
|
|
$
|
1,121
|
|
Interest income
|
$
|
7
|
|
|
$
|
28
|
|
|
$
|
51
|
|
|
$
|
86
|
|
|
$
|
3
|
|
|
$
|
26
|
|
|
$
|
51
|
|
|
$
|
80
|
|
|
$
|
6
|
|
|
$
|
19
|
|
|
$
|
53
|
|
|
$
|
78
|
|
Depreciation and amortization
|
$
|
1,576
|
|
|
$
|
1,183
|
|
|
$
|
72
|
|
|
$
|
2,831
|
|
|
$
|
1,432
|
|
|
$
|
1,051
|
|
|
$
|
68
|
|
|
$
|
2,551
|
|
|
$
|
1,159
|
|
|
$
|
949
|
|
|
$
|
55
|
|
|
$
|
2,163
|
|
Equity in earnings (losses) of equity method investees
|
$
|
—
|
|
|
$
|
103
|
|
|
$
|
4
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
95
|
|
|
$
|
(2
|
)
|
|
$
|
93
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
(1
|
)
|
|
$
|
25
|
|
Income tax expense (benefit)
(c)(d)
|
$
|
957
|
|
|
$
|
289
|
|
|
$
|
(18
|
)
|
|
$
|
1,228
|
|
|
$
|
910
|
|
|
$
|
283
|
|
|
$
|
(17
|
)
|
|
$
|
1,176
|
|
|
$
|
835
|
|
|
$
|
(42
|
)
|
|
$
|
(16
|
)
|
|
$
|
777
|
|
Income (loss) from continuing operations
(d)
|
$
|
1,648
|
|
|
$
|
1,102
|
|
|
$
|
12
|
|
|
$
|
2,762
|
|
|
$
|
1,517
|
|
|
$
|
993
|
|
|
$
|
(41
|
)
|
|
$
|
2,469
|
|
|
$
|
1,349
|
|
|
$
|
340
|
|
|
$
|
(12
|
)
|
|
$
|
1,677
|
|
Gain from discontinued operations, net of income taxes
(e)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
216
|
|
|
$
|
15
|
|
|
$
|
231
|
|
Net income (loss) attributable to NEE
(d)
|
$
|
1,648
|
|
|
$
|
1,092
|
|
|
$
|
12
|
|
|
$
|
2,752
|
|
|
$
|
1,517
|
|
|
$
|
989
|
|
|
$
|
(41
|
)
|
|
$
|
2,465
|
|
|
$
|
1,349
|
|
|
$
|
556
|
|
|
$
|
3
|
|
|
$
|
1,908
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
3,633
|
|
|
$
|
4,661
|
|
|
$
|
83
|
|
|
$
|
8,377
|
|
|
$
|
3,241
|
|
|
$
|
3,701
|
|
|
$
|
75
|
|
|
$
|
7,017
|
|
|
$
|
2,903
|
|
|
$
|
3,613
|
|
|
$
|
166
|
|
|
$
|
6,682
|
|
Property, plant and equipment
|
$
|
45,383
|
|
|
$
|
33,340
|
|
|
$
|
1,607
|
|
|
$
|
80,330
|
|
|
$
|
41,938
|
|
|
$
|
30,178
|
|
|
$
|
1,523
|
|
|
$
|
73,639
|
|
|
$
|
39,896
|
|
|
$
|
28,081
|
|
|
$
|
1,471
|
|
|
$
|
69,448
|
|
Accumulated depreciation and amortization
|
$
|
11,862
|
|
|
$
|
6,640
|
|
|
$
|
442
|
|
|
$
|
18,944
|
|
|
$
|
11,282
|
|
|
$
|
6,268
|
|
|
$
|
384
|
|
|
$
|
17,934
|
|
|
$
|
10,944
|
|
|
$
|
5,455
|
|
|
$
|
329
|
|
|
$
|
16,728
|
|
Total assets
(f)
|
$
|
42,523
|
|
|
$
|
37,647
|
|
|
$
|
2,309
|
|
|
$
|
82,479
|
|
|
$
|
39,222
|
|
|
$
|
32,896
|
|
|
$
|
2,487
|
|
|
$
|
74,605
|
|
|
$
|
36,420
|
|
|
$
|
30,052
|
|
|
$
|
2,535
|
|
|
$
|
69,007
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
983
|
|
|
$
|
80
|
|
|
$
|
1,063
|
|
|
$
|
—
|
|
|
$
|
617
|
|
|
$
|
46
|
|
|
$
|
663
|
|
|
$
|
—
|
|
|
$
|
388
|
|
|
$
|
34
|
|
|
$
|
422
|
|
(a)
|
Interest expense allocated from NEECH is based on a deemed capital structure of
70%
debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual NEECH corporate interest expense is included in Corporate and Other.
|
(b)
|
NEER includes an impairment charge of
$300 million
in 2013 related to the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.
|
(c)
|
NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes.
|
(d)
|
NEER includes after-tax charges of
$342 million
in 2013 associated with the impairment of the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.
|
(e)
|
See Note 6.
|
(f)
|
Reflects reclassification of debt issuance costs of
$324 million
(
$85 million
for FPL) in 2014 and
$298 million
(
$68 million
for FPL) in 2013. See Note 1 - Debt Issuance Costs.
|
|
Year Ended
December 31, 2015 |
|
Year Ended
December 31, 2014 |
|
Year Ended
December 31, 2013 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
5,849
|
|
|
$
|
11,637
|
|
|
$
|
17,486
|
|
|
$
|
—
|
|
|
$
|
5,614
|
|
|
$
|
11,407
|
|
|
$
|
17,021
|
|
|
$
|
—
|
|
|
$
|
4,703
|
|
|
$
|
10,433
|
|
|
$
|
15,136
|
|
Operating expenses
|
(17
|
)
|
|
(4,142
|
)
|
|
(8,695
|
)
|
|
(12,854
|
)
|
|
(19
|
)
|
|
(4,039
|
)
|
|
(8,579
|
)
|
|
(12,637
|
)
|
|
(18
|
)
|
|
(3,983
|
)
|
|
(7,894
|
)
|
|
(11,895
|
)
|
||||||||||||
Interest expense
|
(4
|
)
|
|
(764
|
)
|
|
(443
|
)
|
|
(1,211
|
)
|
|
(6
|
)
|
|
(819
|
)
|
|
(436
|
)
|
|
(1,261
|
)
|
|
(8
|
)
|
|
(705
|
)
|
|
(408
|
)
|
|
(1,121
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
2,754
|
|
|
—
|
|
|
(2,754
|
)
|
|
—
|
|
|
2,494
|
|
|
—
|
|
|
(2,494
|
)
|
|
—
|
|
|
1,915
|
|
|
—
|
|
|
(1,915
|
)
|
|
—
|
|
||||||||||||
Other income (deductions) - net
|
1
|
|
|
498
|
|
|
70
|
|
|
569
|
|
|
1
|
|
|
487
|
|
|
34
|
|
|
522
|
|
|
2
|
|
|
281
|
|
|
51
|
|
|
334
|
|
||||||||||||
Income from continuing operations before income taxes
|
2,734
|
|
|
1,441
|
|
|
(185
|
)
|
|
3,990
|
|
|
2,470
|
|
|
1,243
|
|
|
(68
|
)
|
|
3,645
|
|
|
1,891
|
|
|
296
|
|
|
267
|
|
|
2,454
|
|
||||||||||||
Income tax expense (benefit)
|
(18
|
)
|
|
299
|
|
|
947
|
|
|
1,228
|
|
|
5
|
|
|
262
|
|
|
909
|
|
|
1,176
|
|
|
(2
|
)
|
|
(55
|
)
|
|
834
|
|
|
777
|
|
||||||||||||
Income (loss) from continuing operations
|
2,752
|
|
|
1,142
|
|
|
(1,132
|
)
|
|
2,762
|
|
|
2,465
|
|
|
981
|
|
|
(977
|
)
|
|
2,469
|
|
|
1,893
|
|
|
351
|
|
|
(567
|
)
|
|
1,677
|
|
||||||||||||
Gain from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
216
|
|
|
—
|
|
|
231
|
|
||||||||||||
Net income (loss)
|
2,752
|
|
|
1,142
|
|
|
(1,132
|
)
|
|
2,762
|
|
|
2,465
|
|
|
981
|
|
|
(977
|
)
|
|
2,469
|
|
|
1,908
|
|
|
567
|
|
|
(567
|
)
|
|
1,908
|
|
||||||||||||
Less net income attributable to noncontrolling interests
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Net income (loss) attributable to NEE
|
$
|
2,752
|
|
|
$
|
1,132
|
|
|
$
|
(1,132
|
)
|
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
977
|
|
|
$
|
(977
|
)
|
|
$
|
2,465
|
|
|
$
|
1,908
|
|
|
$
|
567
|
|
|
$
|
(567
|
)
|
|
$
|
1,908
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
Year Ended
December 31, 2015 |
|
Year Ended
December 31, 2014 |
|
Year Ended
December 31, 2013 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
2,625
|
|
|
$
|
1,049
|
|
|
$
|
(1,049
|
)
|
|
$
|
2,625
|
|
|
$
|
2,369
|
|
|
$
|
924
|
|
|
$
|
(924
|
)
|
|
$
|
2,369
|
|
|
$
|
2,219
|
|
|
$
|
781
|
|
|
$
|
(781
|
)
|
|
$
|
2,219
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
Year Ended
December 31, 2015 |
|
Year Ended
December 31, 2014 |
|
Year Ended
December 31, 2013 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
1,659
|
|
|
$
|
2,488
|
|
|
$
|
1,969
|
|
|
$
|
6,116
|
|
|
$
|
1,615
|
|
|
$
|
1,976
|
|
|
$
|
1,909
|
|
|
$
|
5,500
|
|
|
$
|
1,147
|
|
|
$
|
1,466
|
|
|
$
|
2,489
|
|
|
$
|
5,102
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
—
|
|
|
(4,744
|
)
|
|
(3,633
|
)
|
|
(8,377
|
)
|
|
(1
|
)
|
|
(3,741
|
)
|
|
(3,275
|
)
|
|
(7,017
|
)
|
|
—
|
|
|
(3,756
|
)
|
|
(2,926
|
)
|
|
(6,682
|
)
|
||||||||||||
Capital contributions from NEE
|
(1,480
|
)
|
|
—
|
|
|
1,480
|
|
|
—
|
|
|
(912
|
)
|
|
—
|
|
|
912
|
|
|
—
|
|
|
(777
|
)
|
|
—
|
|
|
777
|
|
|
—
|
|
||||||||||||
Cash grants under the Recovery Act
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
343
|
|
|
—
|
|
|
343
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
165
|
|
||||||||||||
Sale of independent power and other investments of NEER
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
307
|
|
|
—
|
|
|
307
|
|
|
—
|
|
|
165
|
|
|
—
|
|
|
165
|
|
||||||||||||
Change in loan proceeds restricted for construction
|
—
|
|
|
27
|
|
|
(36
|
)
|
|
(9
|
)
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
228
|
|
|
—
|
|
|
228
|
|
||||||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries
|
—
|
|
|
345
|
|
|
—
|
|
|
345
|
|
|
—
|
|
|
438
|
|
|
—
|
|
|
438
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Other - net
|
—
|
|
|
9
|
|
|
(33
|
)
|
|
(24
|
)
|
|
10
|
|
|
(73
|
)
|
|
(329
|
)
|
|
(392
|
)
|
|
—
|
|
|
17
|
|
|
(16
|
)
|
|
1
|
|
||||||||||||
Net cash used in investing activities
|
(1,480
|
)
|
|
(4,303
|
)
|
|
(2,222
|
)
|
|
(8,005
|
)
|
|
(903
|
)
|
|
(2,766
|
)
|
|
(2,692
|
)
|
|
(6,361
|
)
|
|
(777
|
)
|
|
(3,181
|
)
|
|
(2,165
|
)
|
|
(6,123
|
)
|
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuances of long-term debt
|
—
|
|
|
4,689
|
|
|
1,083
|
|
|
5,772
|
|
|
—
|
|
|
4,057
|
|
|
997
|
|
|
5,054
|
|
|
—
|
|
|
3,874
|
|
|
497
|
|
|
4,371
|
|
||||||||||||
Retirements of long-term debt
|
—
|
|
|
(3,421
|
)
|
|
(551
|
)
|
|
(3,972
|
)
|
|
—
|
|
|
(4,395
|
)
|
|
(355
|
)
|
|
(4,750
|
)
|
|
—
|
|
|
(1,943
|
)
|
|
(453
|
)
|
|
(2,396
|
)
|
||||||||||||
Proceeds from differential membership investors
|
—
|
|
|
761
|
|
|
—
|
|
|
761
|
|
|
—
|
|
|
978
|
|
|
—
|
|
|
978
|
|
|
—
|
|
|
448
|
|
|
—
|
|
|
448
|
|
||||||||||||
Issuances of notes payable
|
—
|
|
|
1,125
|
|
|
100
|
|
|
1,225
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Retirements of notes payable
|
—
|
|
|
(813
|
)
|
|
—
|
|
|
(813
|
)
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
(200
|
)
|
||||||||||||
Net change in commercial paper
|
—
|
|
|
318
|
|
|
(1,086
|
)
|
|
(768
|
)
|
|
—
|
|
|
(487
|
)
|
|
938
|
|
|
451
|
|
|
—
|
|
|
(619
|
)
|
|
99
|
|
|
(520
|
)
|
||||||||||||
Issuances of common stock - net
|
1,298
|
|
|
—
|
|
|
—
|
|
|
1,298
|
|
|
633
|
|
|
—
|
|
|
—
|
|
|
633
|
|
|
842
|
|
|
—
|
|
|
—
|
|
|
842
|
|
||||||||||||
Dividends on common stock
|
(1,385
|
)
|
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
|
(1,261
|
)
|
|
—
|
|
|
—
|
|
|
(1,261
|
)
|
|
(1,122
|
)
|
|
—
|
|
|
—
|
|
|
(1,122
|
)
|
||||||||||||
Dividends to NEE
|
—
|
|
|
(698
|
)
|
|
698
|
|
|
—
|
|
|
—
|
|
|
812
|
|
|
(812
|
)
|
|
—
|
|
|
—
|
|
|
502
|
|
|
(502
|
)
|
|
—
|
|
||||||||||||
Other - net
|
(92
|
)
|
|
(162
|
)
|
|
19
|
|
|
(235
|
)
|
|
(84
|
)
|
|
(31
|
)
|
|
10
|
|
|
(105
|
)
|
|
(92
|
)
|
|
(216
|
)
|
|
15
|
|
|
(293
|
)
|
||||||||||||
Net cash provided by (used in) financing activities
|
(179
|
)
|
|
1,799
|
|
|
263
|
|
|
1,883
|
|
|
(712
|
)
|
|
934
|
|
|
778
|
|
|
1,000
|
|
|
(372
|
)
|
|
1,846
|
|
|
(344
|
)
|
|
1,130
|
|
||||||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
(16
|
)
|
|
10
|
|
|
(6
|
)
|
|
—
|
|
|
144
|
|
|
(5
|
)
|
|
139
|
|
|
(2
|
)
|
|
131
|
|
|
(20
|
)
|
|
109
|
|
||||||||||||
Cash and cash equivalents at beginning of year
|
—
|
|
|
562
|
|
|
15
|
|
|
577
|
|
|
—
|
|
|
418
|
|
|
20
|
|
|
438
|
|
|
2
|
|
|
287
|
|
|
40
|
|
|
329
|
|
||||||||||||
Cash and cash equivalents at end of year
|
$
|
—
|
|
|
$
|
546
|
|
|
$
|
25
|
|
|
$
|
571
|
|
|
$
|
—
|
|
|
$
|
562
|
|
|
$
|
15
|
|
|
$
|
577
|
|
|
$
|
—
|
|
|
$
|
418
|
|
|
$
|
20
|
|
|
$
|
438
|
|
(a)
|
Represents FPL and consolidating adjustments.
|
|
March 31
(a)
|
|
June 30
(a)
|
|
September 30
(a)
|
|
December 31
(a)
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
2015
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
4,104
|
|
|
$
|
4,358
|
|
|
$
|
4,954
|
|
|
$
|
4,069
|
|
Operating income
(b)
|
$
|
1,129
|
|
|
$
|
1,146
|
|
|
$
|
1,481
|
|
|
$
|
876
|
|
Net income
(b)
|
$
|
650
|
|
|
$
|
720
|
|
|
$
|
882
|
|
|
$
|
510
|
|
Net income attributable to NEE
(b)
|
$
|
650
|
|
|
$
|
716
|
|
|
$
|
879
|
|
|
$
|
507
|
|
Earnings per share attributable to NEE - basic:
(c)
|
$
|
1.47
|
|
|
$
|
1.61
|
|
|
$
|
1.94
|
|
|
$
|
1.10
|
|
Earnings per share attributable to NEE - assuming dilution:
(c)
|
$
|
1.45
|
|
|
$
|
1.59
|
|
|
$
|
1.93
|
|
|
$
|
1.10
|
|
Dividends per share
|
$
|
0.770
|
|
|
$
|
0.770
|
|
|
$
|
0.770
|
|
|
$
|
0.770
|
|
High-low common stock sales prices
|
$112.64 - $97.48
|
|
|
$106.63 - $97.23
|
|
|
$109.98 - $93.74
|
|
|
$105.85 - $95.84
|
|
||||
2014
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,674
|
|
|
$
|
4,029
|
|
|
$
|
4,654
|
|
|
$
|
4,664
|
|
Operating income
(b)
|
$
|
738
|
|
|
$
|
951
|
|
|
$
|
1,163
|
|
|
$
|
1,532
|
|
Net income
(b)
|
$
|
430
|
|
|
$
|
492
|
|
|
$
|
664
|
|
|
$
|
884
|
|
Net income attributable to NEE
(b)
|
$
|
430
|
|
|
$
|
492
|
|
|
$
|
660
|
|
|
$
|
884
|
|
Earnings per share attributable to NEE - basic:
(c)
|
$
|
0.99
|
|
|
$
|
1.13
|
|
|
$
|
1.52
|
|
|
$
|
2.03
|
|
Earnings per share attributable to NEE - assuming dilution:
(c)
|
$
|
0.98
|
|
|
$
|
1.12
|
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
Dividends per share
|
$
|
0.725
|
|
|
$
|
0.725
|
|
|
$
|
0.725
|
|
|
$
|
0.725
|
|
High-low common stock sales prices
|
$96.13 - $83.97
|
|
|
$102.51 - $93.28
|
|
|
$102.46 - $91.79
|
|
|
$110.84 - $90.33
|
|
||||
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
2015
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,541
|
|
|
$
|
2,996
|
|
|
$
|
3,274
|
|
|
$
|
2,839
|
|
Operating income
(b)
|
$
|
667
|
|
|
$
|
780
|
|
|
$
|
855
|
|
|
$
|
674
|
|
Net income
(b)
|
$
|
359
|
|
|
$
|
435
|
|
|
$
|
489
|
|
|
$
|
365
|
|
2014
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,535
|
|
|
$
|
2,889
|
|
|
$
|
3,315
|
|
|
$
|
2,682
|
|
Operating income
(b)
|
$
|
632
|
|
|
$
|
782
|
|
|
$
|
834
|
|
|
$
|
580
|
|
Net income
(b)
|
$
|
347
|
|
|
$
|
423
|
|
|
$
|
462
|
|
|
$
|
286
|
|
(a)
|
In the opinion of NEE and FPL, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year.
|
(b)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding.
|
(c)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding.
|
(a)
|
Management's Annual Report on Internal Control Over Financial Reporting
|
(b)
|
Attestation Report of the Independent Registered Public Accounting Firm
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
|
||||
Equity compensation plans approved by security holders
|
|
5,036,579
|
|
(a)
|
$
|
63.39
|
|
(b)
|
10,480,752
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
5,036,579
|
|
|
$
|
63.39
|
|
|
10,480,752
|
|
(a)
|
Includes an aggregate of 2,866,501 outstanding options, 1,949,762 unvested performance share awards (at maximum payout), 16,564 deferred fully vested performance shares and 181,792 deferred stock awards (including future reinvested dividends) under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan and former LTIP, and 21,960 fully vested shares deferred by directors under the NextEra Energy, Inc. 2007 Non-Employee Directors Stock Plan and its predecessor, the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.
|
(b)
|
Relates to outstanding options only.
|
|
2015
|
|
2014
|
||||
Audit fees
(a)
|
$
|
3,909,000
|
|
|
$
|
3,939,000
|
|
Audit-related fees
(b)
|
97,000
|
|
|
128,000
|
|
||
Tax fees
(c)
|
63,000
|
|
|
59,000
|
|
||
All other fees
(d)
|
14,000
|
|
|
21,000
|
|
||
Total
|
$
|
4,083,000
|
|
|
$
|
4,147,000
|
|
(a)
|
Audit fees consist of fees billed for professional services rendered for the audit of FPL's and NEE's annual consolidated financial statements for the fiscal year, the reviews of the financial statements included in FPL's and NEE's Quarterly Reports on Form 10-Q during the fiscal year and the audit of the effectiveness of internal control over financial reporting, comfort letters, consents, and other services related to SEC matters and services in connection with annual and semi-annual filings of NEE's financial statements with the Japanese Ministry of Finance.
|
(b)
|
Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of FPL's and NEE's consolidated financial statements and are not reported under audit fees. These fees primarily related to agreed-upon procedures and attestation services.
|
(c)
|
Tax fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning.
In 2015 and 2014, approximately $28,000 and $24,000, respectively, was paid related to tax advice and planning services. All other tax fees in 2015 and in 2014 related to tax compliance services.
|
(d)
|
All other fees consist of fees for products and services other than the services reported under the other named categories. In 2015 and 2014, these fees related to training.
|
|
|
|
Page(s)
|
(a)
|
1.
|
Financial Statements
|
|
|
|
Management's Report on Internal Control Over Financial Reporting
|
|
|
|
Attestation Report of Independent Registered Public Accounting Firm
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
NEE:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Equity
|
|
|
|
FPL:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Common Shareholder's Equity
|
|
|
|
Notes to Consolidated Financial Statements
|
83 - 125
|
|
|
|
|
|
2.
|
Financial Statement Schedules - Schedules are omitted as not applicable or not required.
|
|
|
|
|
|
|
3.
|
Exhibits (including those incorporated by reference)
|
|
|
|
Certain exhibits listed below refer to "FPL Group" and "FPL Group Capital," and were effective prior to the change of the name FPL Group, Inc. to NextEra Energy, Inc., and of the name FPL Group Capital Inc to NextEra Energy Capital Holdings, Inc., during 2010.
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*2
|
|
Agreement and Plan of Merger, dated as of December 3, 2014, by and among NextEra Energy, Inc., NEE Acquisition Sub I, LLC, NEE Acquisition Sub II, Inc. and Hawaiian Electric Industries, Inc. (filed as Exhibit 2 to Form 8-K dated December 3, 2014, File No. 1-8841)
|
|
x
|
|
|
|
*3(i)a
|
|
Restated Articles of Incorporation of NextEra Energy, Inc. (filed as Exhibit 3(i)(b) to Form 8-K dated May 21, 2015, File No. 1-8841)
|
|
x
|
|
|
|
*3(i)b
|
|
Restated Articles of Incorporation of Florida Power & Light Company (filed as Exhibit 3(i)b to Form 10-K for the year ended December 31, 2010, File No. 2-27612)
|
|
|
|
x
|
|
*3(ii)a
|
|
Amended and Restated Bylaws of NextEra Energy, Inc., effective May 22, 2015 (filed as Exhibit 3(ii) to Form 8-K dated May 21, 2015, File No. 1-8841)
|
|
x
|
|
|
|
*3(ii)b
|
|
Amended and Restated Bylaws of Florida Power & Light Company, Inc., as amended through October 17, 2008 (filed as Exhibit 3(ii)b to Form 10-Q for the quarter ended September 30, 2008, File No. 2-27612)
|
|
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(a)
|
|
Mortgage and Deed of Trust dated as of January 1, 1944, and One hundred and twenty-four Supplements thereto, between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee (filed as Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No. 2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit 99(a) to Post-Effective Amendment No. 1 to Form S-3, File No. 33-46076; Exhibit 4(b) to Form 10-K for the year ended December 31, 1993, File No. 1-3545; Exhibit 4(i) to Form 10-Q for the quarter ended June 30, 1994, File No. 1-3545; Exhibit 4(b) to Form 10-Q for the quarter ended June 30, 1995, File No. 1-3545; Exhibit 4(a) to Form 10-Q for the quarter ended March 31,1996, File No. 1-3545; Exhibit 4 to Form 10-Q for the quarter ended June 30, 1998, File No. 1-3545; Exhibit 4 to Form 10-Q for the quarter ended March 31, 1999, File No. 1-3545; Exhibit 4(f) to Form 10-K for the year ended December 31, 2000, File No. 1-3545; Exhibit 4(g) to Form 10-K for the year ended December 31, 2000, File No. 1-3545; Exhibit 4(o), File No. 333-102169; Exhibit 4(k) to Post-Effective Amendment No. 1 to Form S-3, File No. 333-102172; Exhibit 4(l) to Post-Effective Amendment No. 2 to Form S-3, File No. 333-102172; Exhibit 4(m) to Post-Effective Amendment No. 3 to Form S-3, File No. 333-102172; Exhibit 4(a) to Form 10-Q for the quarter ended September 30, 2004, File No. 2-27612; Exhibit 4(f) to Amendment No. 1 to Form S-3, File No. 333-125275; Exhibit 4(y) to Post-Effective Amendment No. 2 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02; Exhibit 4(z) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02; Exhibit 4(b) to Form 10-Q for the quarter ended March 31, 2006, File No. 2-27612; Exhibit 4(a) to Form 8-K dated April 17, 2007, File No. 2-27612; Exhibit 4 to Form 8-K dated October 10, 2007, File No. 2-27612; Exhibit 4 to Form 8-K dated January 16, 2008, File No. 2-27612; Exhibit 4(a) to Form 8-K dated March 17, 2009, File No. 2-27612; Exhibit 4 to Form 8-K dated February 9, 2010, File No. 2-27612; Exhibit 4 to Form 8-K dated December 9, 2010, File No. 2-27612; Exhibit 4(a) to Form 8-K dated June 10, 2011, File No. 2-27612; Exhibit 4 to Form 8-K dated December 13, 2011, File No. 2-27612; Exhibit 4 to Form 8-K dated May 15, 2012, File No. 2-27612; Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612; Exhibit 4 to Form 8-K dated June 5, 2013, File No. 2-27612; Exhibit 4 to Form 8-K dated May 15, 2014, File No. 2-27612; Exhibit 4 to Form 8-K dated September 10, 2014, File No. 2-27612
;
and Exhibit 4 to Form 8-K dated November 19, 2015, File No. 2-27612)
|
|
x
|
|
x
|
|
*4(b)
|
|
Indenture (For Unsecured Debt Securities), dated as of June 1, 1999, between FPL Group Capital Inc and The Bank of New York Mellon, as Trustee (filed as Exhibit 4(a) to Form 8-K dated July 16, 1999, File No. 1-8841)
|
|
x
|
|
|
|
*4(c)
|
|
First Supplemental Indenture to Indenture (For Unsecured Debt Securities) dated as of June 1, 1999, dated as of September 21, 2012, between NextEra Energy Capital Holdings, Inc. and The Bank of New York Mellon, as Trustee (filed as Exhibit 4(e) to Form 10-Q for the quarter ended September 30, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(d)
|
|
Guarantee Agreement, dated as of June 1, 1999, between FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Guarantee Trustee) (filed as Exhibit 4(b) to Form 8-K dated July 16, 1999, File No. 1-8841)
|
|
x
|
|
|
|
*4(e)
|
|
Officer's Certificate of FPL Group Capital Inc, dated March 9, 2009, creating the 6.00% Debentures, Series due March 1, 2019 (filed as Exhibit 4 to Form 8-K dated March 9, 2009, File No. 1-8841)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(f)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 10, 2011, creating the 4.50% Debentures, Series due June 1, 2021 (filed as Exhibit 4(b) to Form 8-K dated June 10, 2011, File No. 1-8841)
|
|
x
|
|
|
|
*4(g)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated May 4, 2012, creating the Series E Debentures due June 1, 2017 (filed as Exhibit 4(c) to Form 8-K dated May 4, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(h)
|
|
Letter, dated May 7, 2015, from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series E Debentures due June 1, 2017, effective May 7, 2015 (filed as Exhibit 4(b) to Form 8-K dated May 7, 2015, File No. 1-8841)
|
|
x
|
|
|
|
*4(i)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 11, 2012, creating the Series F Debentures due September 1, 2017 (filed as Exhibit 4(c) to Form 8-K dated September 11, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(j)
|
|
Letter, dated August 10, 2015, from NextEra Energy Capital Holdings, Inc. to The Bank of New York Mellon, as trustee, setting forth certain terms of the Series F Debentures due September 1, 2017 effective August 10, 2015 (filed as Exhibit 4(b) to Form 8-K dated August 10, 2015, File No. 1-8841)
|
|
x
|
|
|
|
*4(k)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. dated June 6, 2013, creating the 3.625% Debentures, Series due June 15, 2023 (filed as Exhibit 4 to Form 8-K dated June 6, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(l)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 25, 2013, creating the Series G Debentures due September 1, 2018 (filed as Exhibit 4(c) to Form 8-K dated September 25, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(m)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated March 11, 2014, creating the 2.700% Debentures, Series due September 15, 2019 (filed as Exhibit 4 to Form 8-K dated March 11, 2014, File No. 1-8841)
|
|
x
|
|
|
|
*4(n)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 6, 2014, creating the 2.40% Debentures, Series due September 15, 2019 (filed as Exhibit 4 to Form 8-K dated June 6, 2014, File No. 1-8841)
|
|
x
|
|
|
|
*4(o)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated August 27, 2015, creating the 2.80% Debentures, Series due August 27, 2020 (filed as Exhibit 4(c) to Form 10-Q for the quarter ended September 30, 2015, File No. 2-27612)
|
|
x
|
|
|
|
*4(p)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated September 16, 2015, creating the Series H Debentures due September 1, 2020 (filed as Exhibit 4(c) to Form 8-K dated September 16, 2015, File No. 1-8841)
|
|
x
|
|
|
|
*4(q)
|
|
Indenture (For Unsecured Subordinated Debt Securities relating to Trust Securities), dated as of March 1, 2004, among FPL Group Capital Inc, FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(au) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(r)
|
|
Preferred Trust Securities Guarantee Agreement, dated as of March 15, 2004, between FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Guarantee Trustee) relating to FPL Group Capital Trust I (filed as Exhibit 4(aw) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(s)
|
|
Amended and Restated Trust Agreement relating to FPL Group Capital Trust I, dated as of March 15, 2004 (filed as Exhibit 4(at) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(t)
|
|
Agreement as to Expenses and Liabilities of FPL Group Capital Trust I, dated as of March 15, 2004 (filed as Exhibit 4(ax) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
*4(u)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated March 15, 2004, creating the 5 7/8% Junior Subordinated Debentures, Series due March 15, 2044 (filed as Exhibit 4(av) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-102173, 333-102173-01, 333-102173-02 and 333-102173-03)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(v)
|
|
Indenture (For Unsecured Subordinated Debt Securities), dated as of September 1, 2006, among FPL Group Capital Inc, FPL Group, Inc. (as Guarantor) and The Bank of New York Mellon (as Trustee) (filed as Exhibit 4(a) to Form 8-K dated September 19, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*4(w)
|
|
First Supplemental Indenture to Indenture (For Unsecured Subordinated Debt Securities) dated as of September 1, 2006, dated as of November 19, 2012, between NextEra Energy Capital Holdings, Inc., NextEra Energy, Inc. as Guarantor, and The Bank of New York Mellon, as Trustee (filed as Exhibit 2 to Form 8-A dated January 16, 2013, File No. 1-33028)
|
|
x
|
|
|
|
*4(x)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated September 19, 2006, creating the Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4(c) to Form 8-K dated September 19, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*4(y)
|
|
Replacement Capital Covenant, dated September 19, 2006, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series B Enhanced Junior Subordinated Debentures due 2066 (filed as Exhibit 4(d) to Form 8-K dated September 19, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*4(z)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated June 12, 2007, creating the Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(a) to Form 8-K dated June 12, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(aa)
|
|
Replacement Capital Covenant, dated June 12, 2007, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series C Junior Subordinated Debentures due 2067 (filed as Exhibit 4(b) to Form 8-K dated June 12, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(bb)
|
|
Officer's Certificate of FPL Group Capital Inc and FPL Group, Inc., dated September 17, 2007, creating the Series D Junior Subordinated Debentures due 2067 (filed as Exhibit 4(a) to Form 8-K dated September 17, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(cc)
|
|
Replacement Capital Covenant, dated September 18, 2007, by FPL Group Capital Inc and FPL Group, Inc. relating to FPL Group Capital Inc's Series D Junior Subordinated Debentures due 2067 (filed as Exhibit 4(c) to Form 8-K dated September 17, 2007, File No. 1-8841)
|
|
x
|
|
|
|
*4(dd)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated March 27, 2012, creating the Series G Junior Subordinated Debentures due March 1, 2072 (filed as Exhibit 4 to Form 8-K dated March 27, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(ee)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated June 15, 2012, creating the Series H Junior Subordinated Debentures due June 15, 2072 (filed as Exhibit 4 to Form 8-K dated June 15, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(ff)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated November 19, 2012, creating the Series I Junior Subordinated Debentures due November 15, 2072 (filed as Exhibit 4 to Form 8-K dated November 19, 2012, File No. 1-8841)
|
|
x
|
|
|
|
*4(gg)
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated January 18, 2013, creating the Series J Junior Subordinated Debentures due January 15, 2073 (filed as Exhibit 4 to Form 8-K dated January 18, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(hh)
|
|
Indenture (For Securing Senior Secured Bonds, Series A), dated May 22, 2007, between FPL Recovery Funding LLC (as Issuer) and The Bank of New York Mellon (as Trustee and Securities Intermediary) (filed as Exhibit 4.1 to Form 8-K dated May 22, 2007 and filed June 1, 2007, File No. 333-141357)
|
|
|
|
x
|
|
*4(ii)
|
|
Purchase Contract Agreement, dated as of September 1, 2013, between NextEra Energy, Inc. and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(a) to Form 8-K dated September 25, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(jj)
|
|
Pledge Agreement, dated as of September 1, 2013, between NextEra Energy, Inc., Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent and Securities Intermediary, and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(b) to Form 8-K dated September 25, 2013, File No. 1-8841)
|
|
x
|
|
|
|
*4(kk)
|
|
Purchase Contract Agreement, dated as of September 1, 2015, between NextEra Energy, Inc. and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(a) to Form 8-K dated September 16, 2015, File No. 1-8841)
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(ll)
|
|
Pledge Agreement, dated as of September 1, 2015, between NextEra Energy, Inc., Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent and Securities Intermediary, and The Bank of New York Mellon, as Purchase Contract Agent (filed as Exhibit 4(b) to Form 8-K dated September 16, 2015, File No. 1-8841)
|
|
x
|
|
|
|
*10(a)
|
|
FPL Group, Inc. Supplemental Executive Retirement Plan, amended and restated effective April 1, 1997 (SERP) (filed as Exhibit 10(a) to Form 10-K for the year ended December 31, 1999, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(b)
|
|
FPL Group, Inc. Supplemental Executive Retirement Plan, amended and restated effective January 1, 2005 (Restated SERP) (filed as Exhibit 10(b) to Form 8-K dated December 12, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(c)
|
|
Amendment Number 1 to the Restated SERP changing name to NextEra Energy, Inc. Supplemental Executive Retirement Plan (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2010, File No. 1-8841)
|
|
x
|
|
x
|
|
10(d)
|
|
Appendix A1 (revised as of December 11, 2014) to the Restated SERP
|
|
x
|
|
x
|
|
*10(e)
|
|
Appendix A2 (revised as of December 12, 2013) to the Restated SERP (filed as Exhibit 10(e) to Form 10-K dated December 31, 2013, File No.1-8841)
|
|
x
|
|
x
|
|
*10(f)
|
|
Supplement to the Restated SERP relating to a special credit to certain executive officers and other officers effective February 15, 2008 (filed as Exhibit 10(g) to Form 10-K for the year ended December 31, 2007, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(g)
|
|
Supplement to the Restated SERP effective February 15, 2008 as it applies to Armando Pimentel, Jr. (filed as Exhibit 10(i) to Form 10-K for the year ended December 31, 2007, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(h)
|
|
Supplement to the SERP effective December 14, 2007 as it applies to Manoochehr K. Nazar (filed as Exhibit 10(j) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(i)
|
|
FPL Group, Inc. Long-Term Incentive Plan of 1985, as amended (filed as Exhibit 99(h) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669)
|
|
x
|
|
x
|
|
*10(j)
|
|
NextEra Energy, Inc. (formerly known as FPL Group, Inc.) Amended and Restated Long-Term Incentive Plan, most recently amended and restated on May 22, 2009 (filed as Exhibit 10(a) to Form 10-Q for the quarter ended June 30, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(k)
|
|
NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated March 16, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(l)
|
|
Form of Performance Share Award Agreement under the NextEra Energy, Inc. 2011 Long Term Incentive Plan (filed as Exhibit 10(a) to Form 8-K dated October 13, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(m)
|
|
Form of Performance Share Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan, as revised March 16, 2012 (filed as Exhibit 10(c) to Form 10-Q for the quarter ended March 31, 2012)
|
|
x
|
|
x
|
|
*10(n)
|
|
Form of Performance Share Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan for certain executive officers (filed as Exhibit 10(a) to Form 8-K dated October 11, 2012)
|
|
x
|
|
x
|
|
10(o)
|
|
Form of Performance Share Award Agreement under the Next Era Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan for certain executive officers
|
|
x
|
|
x
|
|
*10(p)
|
|
Form of Restricted Stock Award Agreement under the NextEra Energy, Inc. 2011 Long Term Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated October 13, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(q)
|
|
Form of Restricted Stock Award Agreement under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan for certain executive officers (filed as Exhibit 10(b) to Form 8-K dated October 11, 2012)
|
|
x
|
|
x
|
|
*10(r)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement (filed as Exhibit 10(c) to Form 8-K dated December 29, 2004, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(s)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement (filed as Exhibit 10(d) to Form 8-K dated December 29, 2004, File No. 1-8841)
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(t)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement effective February 15, 2008 (filed as Exhibit 10(b) to Form 8-K dated February 15, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(u)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Stock Option Award - Non-Qualified Stock Option Agreement effective February 13, 2009 (filed as Exhibit 10(u) to Form 10-K for the year ended December 31, 2008, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(v)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan - Non-Qualified Stock Option Agreement effective February 12, 2010 (filed as Exhibit 10(bb) to Form 10-K for the year December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(w)
|
|
Form of NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan - Non-Qualified Stock Option Agreement effective February 18, 2011 (filed as Exhibit 10(d) to Form 10-Q for the quarter ended March 31, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(x)
|
|
Form of Non-Qualified Stock Option Award Agreement under the NextEra Energy, Inc. 2011 Long Term Incentive Plan (filed as Exhibit 10(b) to Form 8-K dated October 13, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(y)
|
|
Form of FPL Group, Inc. Amended and Restated Long-Term Incentive Plan Amended and Restated Deferred Stock Award Agreement effective February 12, 2010 between FPL Group, Inc. and each of Moray P. Dewhurst and James L. Robo (filed as Exhibit 10(dd) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(z)
|
|
Form of Deferred Stock Award Agreement under NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan (filed as Exhibit 10(a) to Form 8-K dated March 16, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(aa)
|
|
NextEra Energy, Inc. 2013 Executive Annual Incentive Plan (filed as Exhibit 10(c) to Form 8-K dated October 11, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(bb)
|
|
NextEra Energy, Inc. Deferred Compensation Plan effective January 1, 2005 as amended and restated through October 15, 2010 (filed as Exhibit 10(dd) to Form 10-K for the year ended December 31, 2010, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(cc)
|
|
Amendment 1 (effective May 25, 2011) to the NextEra Energy, Inc. Deferred Compensation Plan effective January 1, 2005, as amended and restated through October 15, 2010 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(dd)
|
|
Amendment 2 (effective November 16, 2011) to the NextEra Energy, Inc. Deferred Compensation Plan effective January 1, 2005, as amended and restated through October 15, 2010 (filed as Exhibit 10(ll) to Form 10-K for the year ended December 31, 2011, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ee)
|
|
FPL Group, Inc. Deferred Compensation Plan, amended and restated effective January 1, 2003 (filed as Exhibit 10(k) to Form 10-K for the year ended December 31, 2002, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ff)
|
|
FPL Group, Inc. Executive Long-Term Disability Plan effective January 1, 1995 (filed as Exhibit 10(g) to Form 10-K for the year ended December 31, 1995, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(gg)
|
|
FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan, as amended and restated October 13, 2006 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended September 30, 2006, File No. 1-8841)
|
|
x
|
|
|
|
*10(hh)
|
|
FPL Group, Inc. 2007 Non-Employee Directors Stock Plan (filed as Exhibit 99 to Form S-8, File No. 333-143739)
|
|
x
|
|
|
|
*10(ii)
|
|
NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2015 (filed as Exhibit 10(nn) to Form 10-K for the year ended December 31, 2014, File No. 1-8841)
|
|
x
|
|
|
|
10(jj)
|
|
NextEra Energy, Inc. Non-Employee Director Compensation Summary effective January 1, 2016
|
|
x
|
|
|
|
*10(kk)
|
|
Form of Amended and Restated Executive Retention Employment Agreement effective December 10, 2009 between FPL Group, Inc. and each of Moray P. Dewhurst, James L. Robo, Armando Pimentel, Jr., and Charles E. Sieving (filed as Exhibit 10(nn) to Form 10-K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ll)
|
|
Executive Retention Employment Agreement between FPL Group, Inc. and Joseph T. Kelliher dated as of May 21, 2009 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(mm)
|
|
Executive Retention Employment Agreement between FPL Group, Inc. and Manoochehr K. Nazar dated as of January 1, 2010 (filed as Exhibit 10(rr) to Form 10‑K for the year ended December 31, 2009, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(nn)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Eric E. Silagy dated as of May 2, 2012 (filed as Exhibit 10(b) to Form 10-Q for the quarter ended June 30, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(oo)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and William L. Yeager dated as of January 1, 2013 (filed as Exhibit 10(ccc) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(pp)
|
|
Form of 2012 409A Amendment to NextEra Energy, Inc. Executive Retention Employment Agreement effective October 11, 2012 between NextEra Energy, Inc. and each of James L. Robo, Moray P. Dewhurst, Armando Pimentel, Jr., Eric E. Silagy, Joseph T. Kelliher, Manoochehr K. Nazar and Charles E. Sieving (filed as Exhibit 10(ddd) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(qq)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Deborah H. Caplan dated as of April 23, 2013 (filed as Exhibit 10(e) to Form 10-Q for the quarter ended June 30, 2013, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(rr)
|
|
Executive Retention Employment Agreement between NextEra Energy, Inc. and Miguel Arechabala dated as of January 1, 2014 (filed as Exhibit 10(bbb) to Form 10‑K for the year ended December 31, 2013, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(ss)
|
|
NextEra Energy, Inc. Executive Severance Benefit Plan effective February 26, 2013 (filed as Exhibit 10(eee) to Form 10-K for the year ended December 31, 2012, File No. 1-8841)
|
|
x
|
|
x
|
|
*10(tt)
|
|
Guarantee Agreement between FPL Group, Inc. and FPL Group Capital Inc, dated as of October 14, 1998 (filed as Exhibit 10(y) to Form 10-K for the year ended December 31, 2001, File No. 1-8841)
|
|
x
|
|
|
|
12(a)
|
|
Computation of Ratios
|
|
x
|
|
|
|
12(b)
|
|
Computation of Ratios
|
|
|
|
x
|
|
21
|
|
Subsidiaries of NextEra Energy, Inc.
|
|
x
|
|
|
|
23
|
|
Consent of Independent Registered Public Accounting Firm
|
|
x
|
|
x
|
|
31(a)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy, Inc.
|
|
x
|
|
|
|
31(b)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy, Inc.
|
|
x
|
|
|
|
31(c)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Florida Power & Light Company
|
|
|
|
x
|
|
31(d)
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Florida Power & Light Company
|
|
|
|
x
|
|
32(a)
|
|
Section 1350 Certification of NextEra Energy, Inc.
|
|
x
|
|
|
|
32(b)
|
|
Section 1350 Certification of Florida Power & Light Company
|
|
|
|
x
|
|
101.INS
|
|
XBRL Instance Document
|
|
x
|
|
x
|
|
101.SCH
|
|
XBRL Schema Document
|
|
x
|
|
x
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
x
|
|
x
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
x
|
|
x
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
x
|
|
x
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
x
|
|
x
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer and Director
(Principal Executive Officer)
|
MORAY P. DEWHURST
|
|
CHRIS N. FROGGATT
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance
(Principal Financial Officer)
|
|
Chris N. Froggatt
Vice President, Controller and Chief Accounting
Officer
(Principal Accounting Officer)
|
SHERRY S. BARRAT
|
|
TONI JENNINGS
|
Sherry S. Barrat
|
|
Toni Jennings
|
ROBERT M. BEALL, II
|
|
AMY B. LANE
|
Robert M. Beall, II
|
|
Amy B. Lane
|
JAMES L. CAMAREN
|
|
RUDY E. SCHUPP
|
James L. Camaren
|
|
Rudy E. Schupp
|
KENNETH B. DUNN
|
|
JOHN L.SKOLDS
|
Kenneth B. Dunn
|
|
John L. Skolds
|
NAREN K. GURSAHANEY
|
|
WILLIAM H. SWANSON
|
Naren K. Gursahaney
|
|
William H. Swanson
|
KIRK S. HACHIGIAN
|
|
HANSEL E. TOOKES, II
|
Kirk S. Hachigian
|
|
Hansel E. Tookes, II
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer and Director
(Principal Executive Officer)
|
MORAY P. DEWHURST
|
|
KIMBERLY OUSDAHL
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer and Director
(Principal Financial Officer)
|
|
Kimberly Ousdahl
Vice President, Controller and Chief Accounting Officer
(Principal Accounting Officer)
|
JAMES L. ROBO
|
James L. Robo
|
Appendix A1
Last Revised On: December 11, 2014
|
|||||
Name
|
Company
|
Pre-4/1/1997
Participant
|
Class A “Bonus
SERP” Status
|
Double Basic
Credits
|
Double
Transition
Credits
|
ROBO, JAMES L. *
|
NextEra Energy, Inc.
|
|
X
|
X
1
|
|
DEWHURST, MORAY P. *
|
NextEra Energy, Inc.
|
|
X
|
X
1
|
|
PIMENTEL, ARMANDO *
|
NextEra Energy Resources, LLC
|
|
X
|
X
1
|
|
NAZAR, MANO K. *
|
NextEra Energy, Inc.
|
|
X
1
|
X
1
|
|
1
The Compensation Committee has expressly identified these items and acknowledged that they are subject to Internal Revenue Code Section 409A. In particular, these items include: (i) the additional deferred compensation provided by the designation of certain officers as Class A Executives, effective on or after January 1, 2006; and (ii) the additional deferred compensation set forth in SERP Amendment #4 to the Prior Plan (meaning amounts deferred by certain senior officers specified by the Compensation Committee who became participants in the SERP on or after April 1, 1997 at the rate of two times the basic credit and, to the extent applicable, the transition credit under the cash balance formula in the SERP for their pensionable earnings on or after January 1, 2006). Importantly, nothing in Amendment #4 to the Prior Plan, the SERP, Compensation Committee resolutions, or any other document shall be construed as subjecting to Code Section 409A any deferrals made under the SERP prior to January 1, 2005, except as expressly noted herein.
*Executive Officer of NextEra Energy, Inc.
|
Annual Retainer
(payable quarterly in common stock or cash)
|
$80,000
|
|
|
Board or Committee meeting fee
|
$2,000/meeting
|
|
|
Audit Committee Chair retainer (annual)
(payable quarterly)
|
$20,000
|
|
|
Lead Director retainer (annual)
(payable quarterly)
|
$25,000
|
|
|
Other Committee Chair retainer (annual)
(payable quarterly)
|
$15,000
|
|
|
Annual grant of restricted stock
(under 2007 Non-Employee Directors Stock Plan)
|
That number of shares determined by dividing $140,000 by closing price of NextEra Energy common stock on effective date of grant (rounded up to the nearest 10 shares)
|
|
|
Miscellaneous
|
- Travel and Accident Insurance (including spouse coverage)
|
|
|
|
- One director accrues dividends and interest on the phantom stock units granted to him upon the termination of the Non-Employee Director Retirement Plan in 1996
|
|
|
|
- Travel and related expenses while on Board business, and actual administrative or similar expenses incurred for Board or Committee business, are paid or reimbursed by the Company. Directors may travel on Company aircraft in accordance with the Company’s Aviation Policy (primarily to or from Board meetings and while on Board business; in limited circumstances for other reasons
if the Company would incur little if any incremental cost, space is available and the aircraft is already in use for another authorized purpose - may be accompanied by immediate family members when space is available).
|
|
|
|
- Directors may participate in the Company’s Deferred Compensation Plan.
|
|
|
|
- Directors may participate in the Company’s matching gift program, which matches gifts to educational institutions to a maximum of $10,000 per donor.
|
NEXTERA ENERGY, INC.
|
|
|
|
By:
|
|
|
|
|
|
Accepted:
|
|
|
Grantee
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income from continuing operations
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,677
|
|
|
$
|
1,911
|
|
|
$
|
1,923
|
|
|||||
Income taxes
|
1,228
|
|
|
1,176
|
|
|
777
|
|
|
692
|
|
|
529
|
|
||||||||||
Fixed charges included in the determination of income from continuing operations, as below
|
1,287
|
|
|
1,331
|
|
|
1,195
|
|
|
1,124
|
|
|
1,094
|
|
||||||||||
Amortization of capitalized interest
|
40
|
|
|
39
|
|
|
34
|
|
|
25
|
|
|
21
|
|
||||||||||
Distributed income of equity method investees
|
80
|
|
|
33
|
|
|
33
|
|
|
32
|
|
|
95
|
|
||||||||||
Less equity in earnings of equity method investees
|
107
|
|
|
93
|
|
|
25
|
|
|
13
|
|
|
55
|
|
||||||||||
Total earnings, as defined
|
$
|
5,290
|
|
|
$
|
4,955
|
|
|
$
|
3,691
|
|
|
$
|
3,771
|
|
|
$
|
3,607
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
1,211
|
|
|
$
|
1,261
|
|
|
$
|
1,121
|
|
|
$
|
1,038
|
|
|
$1,035
|
|
||||||
Rental interest factor
|
55
|
|
|
55
|
|
|
47
|
|
|
52
|
|
|
41
|
|
||||||||||
Allowance for borrowed funds used during construction
|
21
|
|
|
15
|
|
|
27
|
|
|
34
|
|
|
18
|
|
||||||||||
Fixed charges included in the determination of income from continuing operations
|
1,287
|
|
|
1,331
|
|
|
1,195
|
|
|
1,124
|
|
|
1,094
|
|
||||||||||
Capitalized interest
|
100
|
|
|
113
|
|
|
140
|
|
|
155
|
|
|
107
|
|
||||||||||
Total fixed charges, as defined
|
$
|
1,387
|
|
|
$
|
1,444
|
|
|
$
|
1,335
|
|
|
$
|
1,279
|
|
|
$
|
1,201
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
3.81
|
|
|
3.43
|
|
|
2.76
|
|
|
2.95
|
|
|
3.00
|
|
(a)
|
NextEra Energy, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2015
|
|
|
2014
|
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
$
|
1,648
|
|
|
$
|
1,517
|
|
|
$
|
1,349
|
|
|
$
|
1,240
|
|
|
$
|
1,068
|
|
|||||
Income taxes
|
957
|
|
|
910
|
|
|
835
|
|
|
752
|
|
|
654
|
|
||||||||||
Fixed charges included in the determination of net income, as below
|
478
|
|
|
466
|
|
|
451
|
|
|
450
|
|
|
411
|
|
||||||||||
Total earnings, as defined
|
$
|
3,083
|
|
|
$
|
2,893
|
|
|
$
|
2,635
|
|
|
$
|
2,442
|
|
|
$
|
2,133
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
445
|
|
|
$
|
439
|
|
|
$
|
415
|
|
|
$
|
417
|
|
|
$
|
387
|
|
|||||
Rental interest factor
|
12
|
|
|
12
|
|
|
10
|
|
|
11
|
|
|
8
|
|
||||||||||
Allowance for borrowed funds used during construction
|
21
|
|
|
15
|
|
|
26
|
|
|
22
|
|
|
16
|
|
||||||||||
Fixed charges included in the determination of net income
|
478
|
|
|
466
|
|
|
451
|
|
|
450
|
|
|
411
|
|
||||||||||
Capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||
Total fixed charges, as defined
|
$
|
478
|
|
|
$
|
466
|
|
|
$
|
451
|
|
|
$
|
450
|
|
|
$
|
412
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
6.45
|
|
|
6.21
|
|
|
5.84
|
|
|
5.43
|
|
|
5.18
|
|
(a)
|
Florida Power & Light Company has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.
|
|
Subsidiary
|
|
State or
Jurisdiction of
Incorporation
or Organization
|
|
|
|
|
1.
|
Florida Power & Light Company (100%-owned)
|
|
Florida
|
2.
|
NextEra Energy Capital Holdings, Inc. (100%-owned)
|
|
Florida
|
3.
|
NextEra Energy Resources, LLC
(a)(b)
|
|
Delaware
|
4.
|
Palms Insurance Company, Limited
(b)
|
|
Cayman Islands
|
(a)
|
Includes 769 subsidiaries that operate in the United States and 182 subsidiaries that operate in foreign countries in the same line of business as NextEra Energy Resources, LLC.
|
(b)
|
100%-owned subsidiary of NextEra Energy Capital Holdings, Inc.
|
NextEra Energy, Inc.
|
|
Florida Power & Light Company
|
||
Form S-8
|
No. 33-57673
|
|
Form S-3
|
No. 333-205558-02
|
Form S-8
|
No. 333-27079
|
|
|
|
Form S-8
|
No. 333-88067
|
|
|
|
Form S-8
|
No. 333-114911
|
|
|
|
Form S-8
|
No. 333-116501
|
|
|
|
Form S-8
|
No. 333-130479
|
|
|
|
Form S-8
|
No. 333-143739
|
|
|
|
Form S-8
|
No. 333-174799
|
|
|
|
Form S-3
|
No. 333-203453
|
|
|
|
Form S-3
|
No. 333-205558
|
|
|
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2015
of NextEra Energy, Inc. (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2015
of NextEra Energy, Inc. (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2015
of Florida Power & Light Company (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer
of Florida Power & Light Company
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 2015
of Florida Power & Light Company (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer of
Florida Power & Light Company
|
(1)
|
The Annual Report on Form 10-K of NextEra Energy, Inc. (the registrant) for the annual period ended
December 31, 2015
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Vice Chairman and Chief Financial Officer,
and Executive Vice President - Finance
of NextEra Energy, Inc.
|
(1)
|
The Annual Report on Form 10-K of Florida Power & Light Company (the registrant) for the annual period ended
December 31, 2015
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer of
Florida Power & Light Company
|
MORAY P. DEWHURST
|
Moray P. Dewhurst
Executive Vice President, Finance
and Chief Financial Officer of
Florida Power & Light Company
|