|
|
|
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
|
|
59-0247775
|
|
|
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
|
|
|
NextEra Energy, Inc. Yes
þ
No
¨
Florida Power & Light Company Yes
þ
No
¨
|
NextEra Energy, Inc. Yes
þ
No
¨
Florida Power & Light Company Yes
þ
No
¨
|
NextEra Energy, Inc.
|
Large Accelerated Filer
þ
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
¨
|
Emerging Growth Company
¨
|
Florida Power & Light Company
|
Large Accelerated Filer
¨
|
Accelerated Filer
¨
|
Non-Accelerated Filer
þ
|
Smaller Reporting Company
¨
|
Emerging Growth Company
¨
|
Term
|
Meaning
|
AFUDC
|
allowance for funds used during construction
|
AFUDC - equity
|
equity component of AFUDC
|
AOCI
|
accumulated other comprehensive income
|
capacity clause
|
capacity cost recovery clause, as established by the FPSC
|
Duane Arnold
|
Duane Arnold Energy Center
|
EPA
|
U.S. Environmental Protection Agency
|
FASB
|
Financial Accounting Standards Board
|
FERC
|
U.S. Federal Energy Regulatory Commission
|
Florida Southeast Connection
|
Florida Southeast Connection, LLC, a wholly owned NEER subsidiary
|
FPL
|
Florida Power & Light Company
|
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.
|
ITC
|
investment tax credit
|
kWh
|
kilowatt-hour(s)
|
Management's Discussion
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
MMBtu
|
One million British thermal units
|
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
|
Note __
|
Note __ to condensed consolidated financial statements
|
NRC
|
U.S. Nuclear Regulatory Commission
|
O&M expenses
|
other operations and maintenance expenses in the condensed consolidated statements of income
|
OCI
|
other comprehensive income
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
PTC
|
production tax credit
|
PV
|
photovoltaic
|
Recovery Act
|
American Recovery and Reinvestment Act of 2009, as amended
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
Sabal Trail
|
Sabal Trail Transmission, LLC, an entity in which a wholly owned NEER subsidiary has a 42.5% ownership interest
|
Seabrook
|
Seabrook Station
|
SEC
|
U.S. Securities and Exchange Commission
|
U.S.
|
United States of America
|
|
|
Page No.
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected by the extensive regulation of their business.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise.
|
•
|
Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political, regulatory and economic factors.
|
•
|
FPL's use of derivative instruments could be subject to prudence challenges and, if found imprudent, could result in disallowances of cost recovery for such use by the FPSC.
|
•
|
Any reductions or modifications to, or the elimination of, governmental incentives or policies that support utility scale renewable energy, including, but not limited to, tax laws, policies and incentives, renewable portfolio standards, feed-in tariffs or the EPA's final rule under Section 111(d) of the Clean Air Act, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, NEER abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected as a result of new or revised laws, regulations, interpretations or other regulatory initiatives.
|
•
|
NEE and FPL are subject to numerous environmental laws, regulations and other standards that may result in capital expenditures, increased operating costs and various liabilities, and may require NEE and FPL to limit or eliminate certain operations.
|
•
|
NEE's and FPL's business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.
|
•
|
Extensive federal regulation of the operations and businesses of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.
|
•
|
Changes in tax laws, guidance or policies, including but not limited to changes in corporate income tax rates, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected due to adverse results of litigation.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable to complete the construction of, or capital improvements to, electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget.
|
•
|
NEE and FPL may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.
|
•
|
The operation and maintenance of NEE's and FPL's electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth or slower growth in the number of customers or in customer usage.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.
|
•
|
Threats of terrorism and catastrophic events that could result from terrorism, cyber attacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEE's and FPL's insurance coverage does not provide protection against all significant losses.
|
•
|
NEE invests in gas and oil producing and transmission assets through NEER’s gas infrastructure business. The gas infrastructure business is exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired, which could materially adversely affect NEE's results of operations.
|
•
|
If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and materially adversely affect NEE's business, financial condition, results of operations and prospects.
|
•
|
Due to the potential for significant volatility in market prices for fuel, electricity and renewable and other energy commodities, NEER's inability or failure to manage properly or hedge effectively the commodity risks within its portfolios could materially adversely affect NEE's business, financial condition, results of operations and prospects.
|
•
|
Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's results of operations.
|
•
|
NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.
|
•
|
If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's risk management tools associated with their hedging and trading procedures may not protect against significant losses.
|
•
|
If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, FPL's and NEER's ability to sell and deliver power or natural gas may be limited.
|
•
|
NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors.
|
•
|
NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with the terms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contracts.
|
•
|
NEE and FPL are highly dependent on sensitive and complex information technology systems, and any failure or breach of those systems could have a material adverse effect on their business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's retail businesses are subject to the risk that sensitive customer data may be compromised, which could result in a material adverse impact to their reputation and/or have a material adverse effect on the business, financial condition, results of operations and prospects of NEE and FPL.
|
•
|
NEE and FPL could recognize financial losses as a result of volatility in the market values of derivative instruments and limited liquidity in OTC markets.
|
•
|
NEE and FPL may be materially adversely affected by negative publicity.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected if FPL is unable to maintain, negotiate or renegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected by work strikes or stoppages and increasing personnel costs.
|
•
|
NEE's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the power industry.
|
•
|
NEP’s acquisitions may not be completed and, even if completed, NEE may not realize the anticipated benefits of any acquisitions, which could materially adversely affect NEE’s business, financial condition, results of operations and prospects.
|
•
|
The operation and maintenance of NEE's and FPL's nuclear generation facilities involve environmental, health and financial risks that could result in fines or the closure of the facilities and in increased costs and capital expenditures.
|
•
|
In the event of an incident at any nuclear generation facility in the U.S. or at certain nuclear generation facilities in Europe, NEE and FPL could be assessed significant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system and nuclear insurance mutual companies.
|
•
|
NRC orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require NEE and FPL to incur substantial operating and capital expenditures at their nuclear generation facilities and/or result in reduced revenues.
|
•
|
The inability to operate any of NEE's or FPL's nuclear generation units through the end of their respective operating licenses could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's nuclear units are periodically removed from service to accommodate planned refueling and maintenance outages, and for other purposes. If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's results of operations and financial condition could be materially adversely affected.
|
•
|
Disruptions, uncertainty or volatility in the credit and capital markets may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and can also materially adversely affect the results of operations and financial condition of NEE and FPL.
|
•
|
NEE's, NEECH's and FPL's inability to maintain their current credit ratings may materially adversely affect NEE's and FPL's liquidity and results of operations, limit the ability of NEE and FPL to grow their business, and increase interest costs.
|
•
|
NEE's and FPL's liquidity may be impaired if their credit providers are unable to fund their credit commitments to the companies or to maintain their current credit ratings.
|
•
|
Poor market performance and other economic factors could affect NEE's defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's business, financial condition, liquidity and results of operations and prospects.
|
•
|
Poor market performance and other economic factors could adversely affect the asset values of NEE's and FPL's nuclear decommissioning funds, which may materially adversely affect NEE's and FPL's liquidity, financial condition and results of operations.
|
•
|
Certain of NEE's investments are subject to changes in market value and other risks, which may materially adversely affect NEE's liquidity, financial condition and results of operations.
|
•
|
NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds to NEE.
|
•
|
NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perform under guarantees of obligations of its subsidiaries.
|
•
|
NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions and on the value of NEE’s limited partner interest in NEP OpCo.
|
•
|
Disruptions, uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEE's common stock.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
OPERATING REVENUES
|
|
$
|
4,404
|
|
|
$
|
3,817
|
|
|
$
|
8,377
|
|
|
$
|
7,651
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
|
|
||||||||
Fuel, purchased power and interchange
|
|
1,018
|
|
|
960
|
|
|
1,917
|
|
|
1,888
|
|
||||
Other operations and maintenance
|
|
836
|
|
|
843
|
|
|
1,631
|
|
|
1,642
|
|
||||
Merger
|
|
4
|
|
|
2
|
|
|
15
|
|
|
6
|
|
||||
Depreciation and amortization
|
|
886
|
|
|
742
|
|
|
1,505
|
|
|
1,279
|
|
||||
Gains on disposal of a business/assets - net
|
|
(1
|
)
|
|
(254
|
)
|
|
(1,101
|
)
|
|
(254
|
)
|
||||
Taxes other than income taxes and other - net
|
|
376
|
|
|
355
|
|
|
720
|
|
|
687
|
|
||||
Total operating expenses - net
|
|
3,119
|
|
|
2,648
|
|
|
4,687
|
|
|
5,248
|
|
||||
OPERATING INCOME
|
|
1,285
|
|
|
1,169
|
|
|
3,690
|
|
|
2,403
|
|
||||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
(430
|
)
|
|
(602
|
)
|
|
(790
|
)
|
|
(1,111
|
)
|
||||
Benefits associated with differential membership interests - net
|
|
119
|
|
|
77
|
|
|
244
|
|
|
161
|
|
||||
Equity in earnings of equity method investees
|
|
66
|
|
|
44
|
|
|
97
|
|
|
76
|
|
||||
Allowance for equity funds used during construction
|
|
25
|
|
|
17
|
|
|
47
|
|
|
42
|
|
||||
Interest income
|
|
19
|
|
|
20
|
|
|
39
|
|
|
39
|
|
||||
Gains on disposal of investments and other property - net
|
|
3
|
|
|
12
|
|
|
48
|
|
|
27
|
|
||||
Other - net
|
|
6
|
|
|
26
|
|
|
(16
|
)
|
|
22
|
|
||||
Total other deductions - net
|
|
(192
|
)
|
|
(406
|
)
|
|
(331
|
)
|
|
(744
|
)
|
||||
INCOME BEFORE INCOME TAXES
|
|
1,093
|
|
|
763
|
|
|
3,359
|
|
|
1,659
|
|
||||
INCOME TAXES
|
|
289
|
|
|
219
|
|
|
964
|
|
|
461
|
|
||||
NET INCOME
|
|
804
|
|
|
544
|
|
|
2,395
|
|
|
1,198
|
|
||||
LESS NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
11
|
|
|
4
|
|
|
19
|
|
|
5
|
|
||||
NET INCOME ATTRIBUTABLE TO NEE
|
|
$
|
793
|
|
|
$
|
540
|
|
|
$
|
2,376
|
|
|
$
|
1,193
|
|
Earnings per share attributable to NEE:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.69
|
|
|
$
|
1.17
|
|
|
$
|
5.08
|
|
|
$
|
2.59
|
|
Assuming dilution
|
|
$
|
1.68
|
|
|
$
|
1.16
|
|
|
$
|
5.05
|
|
|
$
|
2.57
|
|
Dividends per share of common stock
|
|
$
|
0.9825
|
|
|
$
|
0.87
|
|
|
$
|
1.965
|
|
|
$
|
1.74
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
467.9
|
|
|
461.3
|
|
|
467.7
|
|
|
460.9
|
|
||||
Assuming dilution
|
|
471.7
|
|
|
464.6
|
|
|
471.0
|
|
|
464.0
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NET INCOME
|
$
|
804
|
|
|
$
|
544
|
|
|
$
|
2,395
|
|
|
$
|
1,198
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
|
|
||||||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive loss to net income (net of $1, $10, $4 and $23 tax expense, respectively)
|
5
|
|
|
13
|
|
|
14
|
|
|
36
|
|
||||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net unrealized gains on securities still held (net of $19, $12, $45 and $19 tax expense, respectively)
|
26
|
|
|
17
|
|
|
60
|
|
|
25
|
|
||||
Reclassification from accumulated other comprehensive loss to net income (net of $1, $3, $11 and $4 tax benefit, respectively)
|
(1
|
)
|
|
(5
|
)
|
|
(17
|
)
|
|
(6
|
)
|
||||
Defined benefit pension and other benefits plans (net of $6 and $4 tax expense and $4 tax benefit, respectively)
|
10
|
|
|
—
|
|
|
7
|
|
|
(7
|
)
|
||||
Net unrealized gains on foreign currency translation (net of less than $1 tax expense for all periods)
|
5
|
|
|
8
|
|
|
21
|
|
|
28
|
|
||||
Other comprehensive loss related to equity method investee (net of less than $1, $1 and $3 tax benefit, respectively)
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Total other comprehensive income, net of tax
|
44
|
|
|
32
|
|
|
85
|
|
|
72
|
|
||||
COMPREHENSIVE INCOME
|
848
|
|
|
576
|
|
|
2,480
|
|
|
1,270
|
|
||||
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
12
|
|
|
5
|
|
|
31
|
|
|
(8
|
)
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE
|
$
|
836
|
|
|
$
|
571
|
|
|
$
|
2,449
|
|
|
$
|
1,278
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Electric plant in service and other property
|
|
$
|
83,317
|
|
|
$
|
80,150
|
|
Nuclear fuel
|
|
2,038
|
|
|
2,131
|
|
||
Construction work in progress
|
|
5,349
|
|
|
4,732
|
|
||
Accumulated depreciation and amortization
|
|
(21,048
|
)
|
|
(20,101
|
)
|
||
Total property, plant and equipment - net ($13,807 and $14,632 related to VIEs, respectively)
|
|
69,656
|
|
|
66,912
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
642
|
|
|
1,292
|
|
||
Customer receivables, net of allowances of $7 and $5, respectively
|
|
1,950
|
|
|
1,784
|
|
||
Other receivables
|
|
530
|
|
|
655
|
|
||
Materials, supplies and fossil fuel inventory
|
|
1,313
|
|
|
1,289
|
|
||
Regulatory assets
|
|
442
|
|
|
524
|
|
||
Derivatives
|
|
546
|
|
|
885
|
|
||
Assets held for sale
|
|
—
|
|
|
452
|
|
||
Other
|
|
524
|
|
|
528
|
|
||
Total current assets
|
|
5,947
|
|
|
7,409
|
|
||
OTHER ASSETS
|
|
|
|
|
|
|
||
Special use funds
|
|
5,756
|
|
|
5,434
|
|
||
Other investments ($474 and $479 related to a VIE, respectively)
|
|
2,950
|
|
|
2,482
|
|
||
Prepaid benefit costs
|
|
1,187
|
|
|
1,177
|
|
||
Regulatory assets ($76 and $107 related to a VIE, respectively)
|
|
2,226
|
|
|
1,894
|
|
||
Derivatives
|
|
1,428
|
|
|
1,350
|
|
||
Other
|
|
3,740
|
|
|
3,335
|
|
||
Total other assets
|
|
17,287
|
|
|
15,672
|
|
||
TOTAL ASSETS
|
|
$
|
92,890
|
|
|
$
|
89,993
|
|
CAPITALIZATION
|
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 469 and 468, respectively)
|
|
$
|
5
|
|
|
$
|
5
|
|
Additional paid-in capital
|
|
9,004
|
|
|
8,948
|
|
||
Retained earnings
|
|
16,914
|
|
|
15,458
|
|
||
Accumulated other comprehensive income (loss)
|
|
3
|
|
|
(70
|
)
|
||
Total common shareholders' equity
|
|
25,926
|
|
|
24,341
|
|
||
Noncontrolling interests
|
|
950
|
|
|
990
|
|
||
Total equity
|
|
26,876
|
|
|
25,331
|
|
||
Long-term debt ($5,658 and $5,080 related to VIEs, respectively)
|
|
30,392
|
|
|
27,818
|
|
||
Total capitalization
|
|
57,268
|
|
|
53,149
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Commercial paper
|
|
2,115
|
|
|
268
|
|
||
Other short-term debt
|
|
255
|
|
|
150
|
|
||
Current maturities of long-term debt
|
|
1,762
|
|
|
2,604
|
|
||
Accounts payable
|
|
1,814
|
|
|
3,447
|
|
||
Customer deposits
|
|
457
|
|
|
470
|
|
||
Accrued interest and taxes
|
|
744
|
|
|
480
|
|
||
Derivatives
|
|
277
|
|
|
404
|
|
||
Accrued construction-related expenditures
|
|
546
|
|
|
1,120
|
|
||
Regulatory liabilities
|
|
125
|
|
|
299
|
|
||
Liabilities associated with assets held for sale
|
|
—
|
|
|
451
|
|
||
Other
|
|
855
|
|
|
1,226
|
|
||
Total current liabilities
|
|
8,950
|
|
|
10,919
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
||
Asset retirement obligations
|
|
2,845
|
|
|
2,736
|
|
||
Deferred income taxes
|
|
12,102
|
|
|
11,101
|
|
||
Regulatory liabilities
|
|
4,750
|
|
|
4,906
|
|
||
Derivatives
|
|
507
|
|
|
477
|
|
||
Deferral related to differential membership interests - VIEs
|
|
4,358
|
|
|
4,656
|
|
||
Other
|
|
2,110
|
|
|
2,049
|
|
||
Total other liabilities and deferred credits
|
|
26,672
|
|
|
25,925
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
92,890
|
|
|
$
|
89,993
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income
|
|
$
|
2,395
|
|
|
$
|
1,198
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
1,505
|
|
|
1,279
|
|
||
Nuclear fuel and other amortization
|
|
143
|
|
|
188
|
|
||
Unrealized losses on marked to market derivative contracts - net
|
|
14
|
|
|
452
|
|
||
Foreign currency transaction losses (gains)
|
|
(12
|
)
|
|
90
|
|
||
Deferred income taxes
|
|
886
|
|
|
406
|
|
||
Cost recovery clauses and franchise fees
|
|
10
|
|
|
137
|
|
||
Acquisition of purchased power agreement
|
|
(258
|
)
|
|
—
|
|
||
Gains on disposal of a business/assets - net
|
|
(1,149
|
)
|
|
(279
|
)
|
||
Recoverable storm-related costs
|
|
(105
|
)
|
|
9
|
|
||
Other - net
|
|
(117
|
)
|
|
(134
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Current assets
|
|
(232
|
)
|
|
(12
|
)
|
||
Noncurrent assets
|
|
(105
|
)
|
|
(74
|
)
|
||
Current liabilities
|
|
149
|
|
|
47
|
|
||
Noncurrent liabilities
|
|
41
|
|
|
(37
|
)
|
||
Net cash provided by operating activities
|
|
3,165
|
|
|
3,270
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Capital expenditures of FPL
|
|
(2,648
|
)
|
|
(2,129
|
)
|
||
Independent power and other investments of NEER
|
|
(4,106
|
)
|
|
(3,719
|
)
|
||
Nuclear fuel purchases
|
|
(149
|
)
|
|
(115
|
)
|
||
Other capital expenditures and other investments
|
|
(34
|
)
|
|
(103
|
)
|
||
Proceeds from sale of the fiber-optic telecommunications business
|
|
1,482
|
|
|
—
|
|
||
Sale of independent power and other investments of NEER
|
|
42
|
|
|
396
|
|
||
Proceeds from sale or maturity of securities in special use funds and other investments
|
|
1,419
|
|
|
1,609
|
|
||
Purchases of securities in special use funds and other investments
|
|
(1,531
|
)
|
|
(1,654
|
)
|
||
Proceeds from sales of noncontrolling interests in NEP
|
|
—
|
|
|
303
|
|
||
Other - net
|
|
16
|
|
|
(25
|
)
|
||
Net cash used in investing activities
|
|
(5,509
|
)
|
|
(5,437
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Issuances of long-term debt
|
|
2,771
|
|
|
2,509
|
|
||
Retirements of long-term debt
|
|
(1,885
|
)
|
|
(996
|
)
|
||
Net change in commercial paper
|
|
1,847
|
|
|
1,008
|
|
||
Proceeds from other short-term debt
|
|
200
|
|
|
500
|
|
||
Issuances of common stock - net
|
|
25
|
|
|
43
|
|
||
Dividends on common stock
|
|
(920
|
)
|
|
(803
|
)
|
||
Other - net
|
|
(344
|
)
|
|
65
|
|
||
Net cash provided by financing activities
|
|
1,694
|
|
|
2,326
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
(650
|
)
|
|
159
|
|
||
Cash and cash equivalents at beginning of period
|
|
1,292
|
|
|
571
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
642
|
|
|
$
|
730
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
||||
Accrued property additions
|
|
$
|
1,288
|
|
|
$
|
1,930
|
|
Decrease (increase) in property, plant and equipment - net as a result of cash grants primarily under the Recovery Act
|
|
$
|
(145
|
)
|
|
$
|
347
|
|
Increase in property, plant and equipment as a result of a settlement/noncash exchange
|
|
$
|
(142
|
)
|
|
$
|
(70
|
)
|
Proceeds from differential membership investors used to reduce debt
|
|
$
|
—
|
|
|
$
|
100
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||||||
Balances, December 31, 2016
|
468
|
|
|
$
|
5
|
|
|
$
|
8,948
|
|
|
$
|
(70
|
)
|
|
$
|
15,458
|
|
|
$
|
24,341
|
|
|
$
|
990
|
|
|
$
|
25,331
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,376
|
|
|
2,376
|
|
|
19
|
|
|
|
||||||||
Issuances of common stock, net of issuance cost of less than $1
|
1
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
|
(920
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
73
|
|
|
12
|
|
|
|
||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(15
|
)
|
|
|
||||||||
Balances, June 30, 2017
|
469
|
|
|
$
|
5
|
|
|
$
|
9,004
|
|
|
$
|
3
|
|
|
$
|
16,914
|
|
|
$
|
25,926
|
|
|
$
|
950
|
|
|
$
|
26,876
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||||||
Balances, December 31, 2015
|
461
|
|
|
$
|
5
|
|
|
$
|
8,596
|
|
|
$
|
(167
|
)
|
|
$
|
14,140
|
|
|
$
|
22,574
|
|
|
$
|
538
|
|
|
$
|
23,112
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,193
|
|
|
1,193
|
|
|
5
|
|
|
|
||||||||
Issuances of common stock, net of issuance cost of less than $1
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(803
|
)
|
|
(803
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
85
|
|
|
(13
|
)
|
|
|
||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
199
|
|
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
2
|
|
|
|
||||||||
Balances, June 30, 2016
|
462
|
|
|
$
|
5
|
|
|
$
|
8,703
|
|
|
$
|
(82
|
)
|
|
$
|
14,548
|
|
|
$
|
23,174
|
|
|
$
|
708
|
|
|
$
|
23,882
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||
OPERATING REVENUES
|
|
$
|
3,091
|
|
|
$
|
2,750
|
|
|
$
|
5,618
|
|
|
$
|
5,054
|
|
||
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel, purchased power and interchange
|
|
893
|
|
|
811
|
|
|
1,661
|
|
|
1,511
|
|
||||||
Other operations and maintenance
|
|
404
|
|
|
410
|
|
|
775
|
|
|
800
|
|
||||||
Depreciation and amortization
|
|
537
|
|
|
400
|
|
|
810
|
|
|
620
|
|
||||||
Taxes other than income taxes and other - net
|
|
316
|
|
|
301
|
|
|
620
|
|
|
581
|
|
||||||
Total operating expenses - net
|
|
2,150
|
|
|
1,922
|
|
|
3,866
|
|
|
3,512
|
|
||||||
OPERATING INCOME
|
|
941
|
|
|
828
|
|
|
1,752
|
|
|
1,542
|
|
||||||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
(121
|
)
|
|
(117
|
)
|
|
(240
|
)
|
|
(229
|
)
|
||||||
Allowance for equity funds used during construction
|
|
19
|
|
|
14
|
|
|
34
|
|
|
38
|
|
||||||
Other - net
|
|
—
|
|
|
3
|
|
|
1
|
|
|
3
|
|
||||||
Total other deductions - net
|
|
(102
|
)
|
|
(100
|
)
|
|
(205
|
)
|
|
(188
|
)
|
||||||
INCOME BEFORE INCOME TAXES
|
|
839
|
|
|
728
|
|
|
1,547
|
|
|
1,354
|
|
||||||
INCOME TAXES
|
|
313
|
|
|
280
|
|
|
576
|
|
|
513
|
|
||||||
NET INCOME
(a)
|
|
$
|
526
|
|
|
$
|
448
|
|
|
$
|
971
|
|
|
$
|
841
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
|
June 30,
2017 |
|
December 31,
2016 |
|||||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY
|
|
|
|
|
|||||
Plant in service and other property
|
|
$
|
46,178
|
|
|
$
|
44,966
|
|
|
Nuclear fuel
|
|
1,313
|
|
|
1,308
|
|
|||
Construction work in progress
|
|
2,928
|
|
|
2,039
|
|
|||
Accumulated depreciation and amortization
|
|
(12,687
|
)
|
|
(12,304
|
)
|
|||
Total electric utility plant and other property - net
|
|
37,732
|
|
|
36,009
|
|
|||
CURRENT ASSETS
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
33
|
|
|
33
|
|
|||
Customer receivables, net of allowances of $4 and $2, respectively
|
|
974
|
|
|
768
|
|
|||
Other receivables
|
|
150
|
|
|
148
|
|
|||
Materials, supplies and fossil fuel inventory
|
|
875
|
|
|
851
|
|
|||
Regulatory assets
|
|
442
|
|
|
524
|
|
|||
Derivatives
|
|
18
|
|
|
209
|
|
|||
Other
|
|
168
|
|
|
213
|
|
|||
Total current assets
|
|
2,660
|
|
|
2,746
|
|
|||
OTHER ASSETS
|
|
|
|
|
|
|
|||
Special use funds
|
|
3,861
|
|
|
3,665
|
|
|||
Prepaid benefit costs
|
|
1,312
|
|
|
1,301
|
|
|||
Regulatory assets ($76 and $107 related to a VIE, respectively)
|
|
1,911
|
|
|
1,573
|
|
|||
Other
|
|
324
|
|
|
207
|
|
|||
Total other assets
|
|
7,408
|
|
|
6,746
|
|
|||
TOTAL ASSETS
|
|
$
|
47,800
|
|
|
$
|
45,501
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
|
$
|
1,373
|
|
|
$
|
1,373
|
|
|
Additional paid-in capital
|
|
8,291
|
|
|
8,332
|
|
|||
Retained earnings
|
|
7,516
|
|
|
6,875
|
|
|||
Total common shareholder's equity
|
|
17,180
|
|
|
16,580
|
|
|||
Long-term debt ($107 and $144 related to a VIE, respectively)
|
|
10,088
|
|
|
9,705
|
|
|||
Total capitalization
|
|
27,268
|
|
|
26,285
|
|
|||
CURRENT LIABILITIES
|
|
|
|
|
|
|
|||
Commercial paper
|
|
1,000
|
|
|
268
|
|
|||
Other short-term debt
|
|
250
|
|
|
150
|
|
|||
Current maturities of long-term debt
|
|
461
|
|
|
367
|
|
|||
Accounts payable
|
|
768
|
|
|
837
|
|
|||
Customer deposits
|
|
453
|
|
|
466
|
|
|||
Accrued interest and taxes
|
|
645
|
|
|
240
|
|
|||
Accrued construction-related expenditures
|
|
267
|
|
|
262
|
|
|||
Regulatory liabilities
|
|
113
|
|
|
294
|
|
|||
Other
|
|
407
|
|
|
497
|
|
|||
Total current liabilities
|
|
4,364
|
|
|
3,381
|
|
|||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
|||
Asset retirement obligations
|
|
1,977
|
|
|
1,919
|
|
|||
Deferred income taxes
|
|
8,959
|
|
|
8,541
|
|
|||
Regulatory liabilities
|
|
4,708
|
|
|
4,893
|
|
|||
Other
|
|
524
|
|
|
482
|
|
|||
Total other liabilities and deferred credits
|
|
16,168
|
|
|
15,835
|
|
|||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
47,800
|
|
|
$
|
45,501
|
|
|
|
Six Months Ended
June 30, |
|||||||
|
|
2017
|
|
2016
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|||||
Net income
|
|
$
|
971
|
|
|
$
|
841
|
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
810
|
|
|
620
|
|
|||
Nuclear fuel and other amortization
|
|
101
|
|
|
112
|
|
|||
Deferred income taxes
|
|
399
|
|
|
493
|
|
|||
Cost recovery clauses and franchise fees
|
|
10
|
|
|
137
|
|
|||
Acquisition of purchased power agreement
|
|
(258
|
)
|
|
—
|
|
|||
Recoverable storm-related costs
|
|
(105
|
)
|
|
9
|
|
|||
Other - net
|
|
(56
|
)
|
|
(12
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|||
Current assets
|
|
(227
|
)
|
|
(24
|
)
|
|||
Noncurrent assets
|
|
(16
|
)
|
|
14
|
|
|||
Current liabilities
|
|
437
|
|
|
211
|
|
|||
Noncurrent liabilities
|
|
(13
|
)
|
|
(78
|
)
|
|||
Net cash provided by operating activities
|
|
2,053
|
|
|
2,323
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|||
Capital expenditures
|
|
(2,648
|
)
|
|
(2,129
|
)
|
|||
Nuclear fuel purchases
|
|
(94
|
)
|
|
(70
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
|
902
|
|
|
1,079
|
|
|||
Purchases of securities in special use funds
|
|
(949
|
)
|
|
(1,120
|
)
|
|||
Other - net
|
|
26
|
|
|
28
|
|
|||
Net cash used in investing activities
|
|
(2,763
|
)
|
|
(2,212
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
|
200
|
|
|
—
|
|
|||
Retirements of long-term debt
|
|
(35
|
)
|
|
(33
|
)
|
|||
Net change in commercial paper
|
|
732
|
|
|
307
|
|
|||
Proceeds from other short-term debt
|
|
200
|
|
|
500
|
|
|||
Dividends to NEE
|
|
(400
|
)
|
|
(900
|
)
|
|||
Other - net
|
|
13
|
|
|
6
|
|
|||
Net cash provided by (used in) financing activities
|
|
710
|
|
|
(120
|
)
|
|||
Net decrease in cash and cash equivalents
|
|
—
|
|
|
(9
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
33
|
|
|
23
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
33
|
|
|
$
|
14
|
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||
Accrued property additions
|
|
$
|
477
|
|
|
$
|
435
|
|
|
Increase in property, plant and equipment as a result of a noncash exchange
|
|
$
|
(144
|
)
|
|
$
|
—
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||||||
|
Three Months Ended
June 30, |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
Service cost
|
$
|
17
|
|
|
$
|
15
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
31
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Interest cost
|
21
|
|
|
26
|
|
|
2
|
|
|
4
|
|
|
42
|
|
|
52
|
|
|
4
|
|
|
7
|
|
||||||||
Expected return on plan assets
|
(68
|
)
|
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
(135
|
)
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
||||||||
Amortization of prior service cost (benefit)
|
(1
|
)
|
|
1
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||
Special termination benefits
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Postretirement benefits settlement
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||
Net periodic (income) cost at NEE
|
$
|
6
|
|
|
$
|
(23
|
)
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(23
|
)
|
|
$
|
(46
|
)
|
|
$
|
4
|
|
|
$
|
6
|
|
Net periodic (income) cost at FPL
|
$
|
6
|
|
|
$
|
(14
|
)
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
(12
|
)
|
|
$
|
(29
|
)
|
|
$
|
3
|
|
|
$
|
5
|
|
|
June 30, 2017
|
||||||||||||||
|
Gross Basis
|
|
Net Basis
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
4,409
|
|
|
$
|
2,883
|
|
|
$
|
1,814
|
|
|
$
|
429
|
|
Interest rate contracts
|
154
|
|
|
306
|
|
|
152
|
|
|
304
|
|
||||
Foreign currency contracts
|
—
|
|
|
43
|
|
|
8
|
|
|
51
|
|
||||
Total fair values
|
$
|
4,563
|
|
|
$
|
3,232
|
|
|
$
|
1,974
|
|
|
$
|
784
|
|
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
27
|
|
|
$
|
11
|
|
|
$
|
18
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
(a)
|
|
|
|
|
$
|
546
|
|
|
|
||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
1,428
|
|
|
|
|||||||
Current derivative liabilities
|
|
|
|
|
|
|
$
|
277
|
|
||||||
Noncurrent derivative liabilities
|
|
|
|
|
|
|
507
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
1,974
|
|
|
$
|
784
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
|
|
|
|
|
$
|
18
|
|
|
|
||||||
Current other liabilities
|
|
|
|
|
|
|
$
|
2
|
|
||||||
Total derivatives
|
|
|
|
|
$
|
18
|
|
|
$
|
2
|
|
(a)
|
Reflects the netting of approximately
$125 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$16 million
in margin cash collateral received from counterparties.
|
|
December 31, 2016
|
||||||||||||||
|
Gross Basis
|
|
Net Basis
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
4,590
|
|
|
$
|
2,968
|
|
|
$
|
1,938
|
|
|
$
|
483
|
|
Interest rate contracts
|
288
|
|
|
284
|
|
|
296
|
|
|
292
|
|
||||
Foreign currency contracts
|
1
|
|
|
106
|
|
|
1
|
|
|
106
|
|
||||
Total fair values
|
$
|
4,879
|
|
|
$
|
3,358
|
|
|
$
|
2,235
|
|
|
$
|
881
|
|
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
212
|
|
|
$
|
4
|
|
|
$
|
209
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
(a)
|
|
|
|
|
$
|
885
|
|
|
|
||||||
Noncurrent derivative assets
(b)
|
|
|
|
|
1,350
|
|
|
|
|||||||
Current derivative liabilities
|
|
|
|
|
|
|
$
|
404
|
|
||||||
Noncurrent derivative liabilities
|
|
|
|
|
|
|
477
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
2,235
|
|
|
$
|
881
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
|
|
|
|
|
$
|
209
|
|
|
|
||||||
Current other liabilities
|
|
|
|
|
|
|
$
|
1
|
|
||||||
Total derivatives
|
|
|
|
|
$
|
209
|
|
|
$
|
1
|
|
(a)
|
Reflects the netting of approximately
$96 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$71 million
in margin cash collateral received from counterparties.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(millions)
|
||||||||||||||
Commodity contracts:
(a)
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
132
|
|
|
$
|
(92
|
)
|
|
$
|
424
|
|
|
$
|
238
|
|
Fuel, purchased power and interchange
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Foreign currency contracts - interest expense
|
36
|
|
|
52
|
|
|
57
|
|
|
81
|
|
||||
Foreign currency contracts - other - net
|
(2
|
)
|
|
1
|
|
|
(2
|
)
|
|
3
|
|
||||
Interest rate contracts - interest expense
|
(145
|
)
|
|
(278
|
)
|
|
(190
|
)
|
|
(457
|
)
|
||||
Losses reclassified from AOCI to interest expense:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
(13
|
)
|
|
(25
|
)
|
|
(23
|
)
|
|
(53
|
)
|
||||
Foreign currency contracts
|
(77
|
)
|
|
(3
|
)
|
|
(79
|
)
|
|
(6
|
)
|
||||
Total
|
$
|
(69
|
)
|
|
$
|
(349
|
)
|
|
$
|
187
|
|
|
$
|
(196
|
)
|
(a)
|
For the
three and six months ended June 30, 2017
, FPL recorded losses of approximately
$47 million
and
$152 million
, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. For the
three and six months ended June 30, 2016
, FPL recorded gains of approximately
$178 million
and
$70 million
, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(80
|
)
|
|
MWh
|
|
—
|
|
|
|
|
(84
|
)
|
|
MWh
|
|
—
|
|
|
|
Natural gas
|
|
1,033
|
|
|
MMBtu
|
|
466
|
|
|
MMBtu
|
|
1,002
|
|
|
MMBtu
|
|
618
|
|
|
MMBtu
|
Oil
|
|
(16
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(7
|
)
|
|
barrels
|
|
—
|
|
|
|
|
June 30, 2017
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
359
|
|
|
||
FPL - equity securities
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
104
|
|
|
||
Special use funds:
(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,547
|
|
|
$
|
1,621
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
3,168
|
|
|
||
U.S. Government and municipal bonds
|
$
|
354
|
|
|
$
|
162
|
|
|
$
|
—
|
|
|
|
|
$
|
516
|
|
|
||
Corporate debt securities
|
$
|
1
|
|
|
$
|
803
|
|
|
$
|
—
|
|
|
|
|
$
|
804
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
458
|
|
|
$
|
—
|
|
|
|
|
$
|
458
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
117
|
|
|
$
|
—
|
|
|
|
|
$
|
117
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
424
|
|
|
$
|
1,478
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
1,902
|
|
|
||
U.S. Government and municipal bonds
|
$
|
253
|
|
|
$
|
135
|
|
|
$
|
—
|
|
|
|
|
$
|
388
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
575
|
|
|
$
|
—
|
|
|
|
|
$
|
575
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
351
|
|
|
$
|
—
|
|
|
|
|
$
|
351
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
|
|
$
|
106
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
23
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
|
|
$
|
33
|
|
|
||
Debt securities
|
$
|
7
|
|
|
$
|
137
|
|
|
$
|
—
|
|
|
|
|
$
|
144
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,543
|
|
|
$
|
1,541
|
|
|
$
|
1,325
|
|
|
$
|
(2,595
|
)
|
|
$
|
1,814
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
154
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
152
|
|
(e)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
8
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
1
|
|
|
$
|
(9
|
)
|
|
$
|
18
|
|
(e)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,461
|
|
|
$
|
938
|
|
|
$
|
484
|
|
|
$
|
(2,454
|
)
|
|
$
|
429
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
189
|
|
|
$
|
117
|
|
|
$
|
(2
|
)
|
|
$
|
304
|
|
(e)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
51
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
(9
|
)
|
|
$
|
2
|
|
(e)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash of approximately
$142 million
(
$92 million
for FPL) in other current assets on the condensed consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.
|
|
December 31, 2016
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
982
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
982
|
|
|
||
FPL - equity securities
|
$
|
120
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
120
|
|
|
||
Special use funds:
(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,410
|
|
|
$
|
1,503
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
2,913
|
|
|
||
U.S. Government and municipal bonds
|
$
|
296
|
|
|
$
|
170
|
|
|
$
|
—
|
|
|
|
|
$
|
466
|
|
|
||
Corporate debt securities
|
$
|
1
|
|
|
$
|
763
|
|
|
$
|
—
|
|
|
|
|
$
|
764
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
498
|
|
|
$
|
—
|
|
|
|
|
$
|
498
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
81
|
|
|
$
|
—
|
|
|
|
|
$
|
81
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
373
|
|
|
$
|
1,372
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
1,745
|
|
|
||
U.S. Government and municipal bonds
|
$
|
221
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
|
|
$
|
362
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
547
|
|
|
$
|
—
|
|
|
|
|
$
|
547
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
384
|
|
|
$
|
—
|
|
|
|
|
$
|
384
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
—
|
|
|
|
|
$
|
70
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
26
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
|
|
$
|
35
|
|
|
||
Debt securities
|
$
|
8
|
|
|
$
|
153
|
|
|
$
|
—
|
|
|
|
|
$
|
161
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,563
|
|
|
$
|
1,827
|
|
|
$
|
1,200
|
|
|
$
|
(2,652
|
)
|
|
$
|
1,938
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
285
|
|
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
296
|
|
(e)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
208
|
|
|
$
|
4
|
|
|
$
|
(3
|
)
|
|
$
|
209
|
|
(e)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,476
|
|
|
$
|
980
|
|
|
$
|
512
|
|
|
$
|
(2,485
|
)
|
|
$
|
483
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
171
|
|
|
$
|
113
|
|
|
$
|
8
|
|
|
$
|
292
|
|
(e)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
106
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
(3
|
)
|
|
$
|
1
|
|
(e)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash of approximately
$164 million
(
$120 million
for FPL) in other current assets on the condensed consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
See Note 2 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.
|
|
|
Fair Value at
|
|
Valuation
|
|
Significant
|
|
|
|
|
||||||
Transaction Type
|
|
June 30, 2017
|
|
Technique(s)
|
|
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
762
|
|
|
$
|
216
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$—
|
—
|
$92
|
Forward contracts - gas
|
|
24
|
|
|
11
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$2
|
—
|
$6
|
||
Options - power
|
|
33
|
|
|
22
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
100%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
8%
|
—
|
246%
|
||||
Options - primarily gas
|
|
187
|
|
|
208
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
100%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
—%
|
—
|
102%
|
||||
Full requirements and unit contingent contracts
|
|
319
|
|
|
27
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(20)
|
—
|
$230
|
||
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
||||
Total
|
|
$
|
1,325
|
|
|
$
|
484
|
|
|
|
|
|
|
|
|
|
(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)
|
|
Three Months Ended June 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||
|
(millions)
|
||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at March 31
|
$
|
715
|
|
|
$
|
(4
|
)
|
|
$
|
649
|
|
|
$
|
(8
|
)
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Included in earnings
(a)
|
144
|
|
|
—
|
|
|
(34
|
)
|
|
—
|
|
||||
Included in other comprehensive income (loss)
(b)
|
(10
|
)
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Included in regulatory assets and liabilities
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||
Purchases
|
23
|
|
|
—
|
|
|
75
|
|
|
—
|
|
||||
Settlements
|
(72
|
)
|
|
2
|
|
|
(95
|
)
|
|
4
|
|
||||
Issuances
|
(88
|
)
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
||||
Transfers in
(c)
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers out
(c)
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Fair value of net derivatives based on significant unobservable inputs at June 30
|
$
|
724
|
|
|
$
|
(2
|
)
|
|
$
|
532
|
|
|
$
|
(1
|
)
|
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date
(d)
|
$
|
135
|
|
|
$
|
—
|
|
|
$
|
(38
|
)
|
|
$
|
—
|
|
(a)
|
For the
three months ended June 30, 2017 and 2016
, realized and unrealized gains (losses) of approximately
$140 million
and
$(28) million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
(b)
|
Reflected in net unrealized gains on foreign currency translation on the condensed consolidated statements of comprehensive income.
|
(c)
|
Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(d)
|
For the
three months ended June 30, 2017 and 2016
, unrealized gains (losses) of approximately
$131 million
and
$(32) million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense.
|
|
Six Months Ended June 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||
|
(millions)
|
||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period
|
$
|
578
|
|
|
$
|
1
|
|
|
$
|
538
|
|
|
$
|
—
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
||||||||
Included in earnings
(a)
|
360
|
|
|
—
|
|
|
220
|
|
|
—
|
|
||||
Included in other comprehensive income
(b)
|
(11
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
||||
Included in regulatory assets and liabilities
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Purchases
|
45
|
|
|
—
|
|
|
175
|
|
|
—
|
|
||||
Settlements
|
(157
|
)
|
|
(1
|
)
|
|
(228
|
)
|
|
(1
|
)
|
||||
Issuances
|
(104
|
)
|
|
—
|
|
|
(143
|
)
|
|
—
|
|
||||
Transfers in
(c)
|
14
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Transfers out
(c)
|
1
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
||||
Fair value of net derivatives based on significant unobservable inputs at June 30
|
$
|
724
|
|
|
$
|
(2
|
)
|
|
$
|
532
|
|
|
$
|
(1
|
)
|
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to derivatives still held at the reporting date
(d)
|
$
|
284
|
|
|
$
|
—
|
|
|
$
|
125
|
|
|
$
|
—
|
|
(a)
|
For the
six months ended June 30, 2017 and 2016
, realized and unrealized gains of approximately
$356 million
and
$246 million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
(b)
|
Reflected in net unrealized gains on foreign currency translation on the condensed consolidated statements of comprehensive income.
|
(c)
|
Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(d)
|
For the
six months ended June 30, 2017 and 2016
, unrealized gains of approximately
$280 million
and
$151 million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense.
|
|
June 30, 2017
|
|
December 31, 2016
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
(a)
|
$
|
693
|
|
|
$
|
693
|
|
|
$
|
712
|
|
|
$
|
712
|
|
|
Other investments - primarily notes receivable
(b)
|
$
|
508
|
|
|
$
|
663
|
|
|
$
|
526
|
|
|
$
|
668
|
|
|
Long-term debt, including current maturities
|
$
|
32,149
|
|
|
$
|
34,289
|
|
(c)
|
$
|
30,418
|
|
(d)
|
$
|
31,623
|
|
(c)(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
(a)
|
$
|
539
|
|
|
$
|
539
|
|
|
$
|
557
|
|
|
$
|
557
|
|
|
Long-term debt, including current maturities
|
$
|
10,549
|
|
|
$
|
11,984
|
|
(c)
|
$
|
10,072
|
|
|
$
|
11,211
|
|
(c)
|
(a)
|
Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis.
|
(b)
|
Primarily a note receivable which bears interest at a fixed rate and matures in 2029. At June 30, 2017, the note receivable is classified as held for sale and being marketed with debt secured by this note receivable (see Note 6 - NEER). Fair values are estimated using an income approach utilizing a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower (Level 3).
|
(c)
|
As of
June 30, 2017
and
December 31, 2016
, for NEE, approximately
$32,399 million
and
$29,804 million
, respectively, is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3). For FPL, primarily estimated using quoted market prices for the same or similar issues (Level 2).
|
(d)
|
Excludes debt totaling
$373 million
reflected in liabilities associated with assets held for sale on NEE's condensed consolidated balance sheet for which the carrying amount approximates fair value. See Note 9 - Assets and Liabilities Associated with Assets Held for Sale.
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||||||||||||||
|
Three Months Ended
June 30, |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
Realized gains
|
$
|
22
|
|
|
$
|
33
|
|
|
$
|
13
|
|
|
$
|
16
|
|
|
$
|
76
|
|
|
$
|
55
|
|
|
$
|
26
|
|
|
$
|
26
|
|
Realized losses
|
$
|
14
|
|
|
$
|
20
|
|
|
$
|
7
|
|
|
$
|
12
|
|
|
$
|
43
|
|
|
$
|
38
|
|
|
$
|
26
|
|
|
$
|
22
|
|
Proceeds from sale or maturity of securities
|
$
|
627
|
|
|
$
|
727
|
|
|
$
|
395
|
|
|
$
|
551
|
|
|
$
|
1,253
|
|
|
$
|
1,428
|
|
|
$
|
836
|
|
|
$
|
1,081
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
June 30, 2017
|
|
December 31, 2016
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
|
$
|
1,584
|
|
|
$
|
1,396
|
|
|
$
|
1,126
|
|
|
$
|
1,007
|
|
Debt securities
|
$
|
36
|
|
|
$
|
22
|
|
|
$
|
27
|
|
|
$
|
17
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
June 30, 2017
|
|
December 31, 2016
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||
|
(millions)
|
||||||||||||||
Unrealized losses
(a)
|
$
|
16
|
|
|
$
|
34
|
|
|
$
|
13
|
|
|
$
|
28
|
|
Fair value
|
$
|
756
|
|
|
$
|
959
|
|
|
$
|
575
|
|
|
$
|
722
|
|
(a)
|
Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at
June 30, 2017
and
December 31, 2016
were not material to NEE or FPL.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
Numerator - net income attributable to NEE
|
$
|
793
|
|
|
$
|
540
|
|
|
$
|
2,376
|
|
|
$
|
1,193
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of common shares outstanding - basic
|
467.9
|
|
|
461.3
|
|
|
467.7
|
|
|
460.9
|
|
||||
Equity units, stock options, performance share awards, forward sale agreements and restricted stock
(a)
|
3.8
|
|
|
3.3
|
|
|
3.3
|
|
|
3.1
|
|
||||
Weighted-average number of common shares outstanding - assuming dilution
|
471.7
|
|
|
464.6
|
|
|
471.0
|
|
|
464.0
|
|
||||
Earnings per share attributable to NEE:
|
|
|
|
|
|
||||||||||
Basic
|
$
|
1.69
|
|
|
$
|
1.17
|
|
|
$
|
5.08
|
|
|
$
|
2.59
|
|
Assuming dilution
|
$
|
1.68
|
|
|
$
|
1.16
|
|
|
$
|
5.05
|
|
|
$
|
2.57
|
|
(a)
|
Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.
|
|
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 Loss Related to Equity Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Three Months Ended June 30, 2017
|
|
||||||||||||||||||||||
Balances, March 31, 2017
|
$
|
(101
|
)
|
|
$
|
243
|
|
|
$
|
(86
|
)
|
|
$
|
(75
|
)
|
|
$
|
(21
|
)
|
|
$
|
(40
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
26
|
|
|
10
|
|
|
5
|
|
|
(1
|
)
|
|
40
|
|
||||||
Amounts reclassified from AOCI
|
5
|
|
(a)
|
(1
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Net other comprehensive income (loss)
|
5
|
|
|
25
|
|
|
10
|
|
|
5
|
|
|
(1
|
)
|
|
44
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Balances, June 30, 2017
|
$
|
(96
|
)
|
|
$
|
268
|
|
|
$
|
(76
|
)
|
|
$
|
(71
|
)
|
|
$
|
(22
|
)
|
|
$
|
3
|
|
(a)
|
Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension and Other Benefits Plans
|
|
Net Unrealized Gains (Losses) on Foreign Currency Translation
|
|
Other Comprehensive Loss Related to Equity Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Three Months Ended June 30, 2016
|
|
||||||||||||||||||||||
Balances, March 31, 2016
|
$
|
(146
|
)
|
|
$
|
181
|
|
|
$
|
(69
|
)
|
|
$
|
(52
|
)
|
|
$
|
(27
|
)
|
|
$
|
(113
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
17
|
|
|
—
|
|
|
8
|
|
|
(1
|
)
|
|
24
|
|
||||||
Amounts reclassified from AOCI
|
13
|
|
(a)
|
(5
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Net other comprehensive income (loss)
|
13
|
|
|
12
|
|
|
—
|
|
|
8
|
|
|
(1
|
)
|
|
32
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Balances, June 30, 2016
|
$
|
(134
|
)
|
|
$
|
193
|
|
|
$
|
(69
|
)
|
|
$
|
(44
|
)
|
|
$
|
(28
|
)
|
|
$
|
(82
|
)
|
(a)
|
Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension and Other Benefits Plans
|
|
Net Unrealized Gains (Losses) on Foreign Currency Translation
|
|
Other Comprehensive Loss Related to Equity Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Six Months Ended June 30, 2017
|
|
||||||||||||||||||||||
Balances, December 31, 2016
|
$
|
(100
|
)
|
|
$
|
225
|
|
|
$
|
(83
|
)
|
|
$
|
(90
|
)
|
|
$
|
(22
|
)
|
|
$
|
(70
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
60
|
|
|
7
|
|
|
21
|
|
|
—
|
|
|
88
|
|
||||||
Amounts reclassified from AOCI
|
14
|
|
(a)
|
(17
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
Net other comprehensive income
|
14
|
|
|
43
|
|
|
7
|
|
|
21
|
|
|
—
|
|
|
85
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
10
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
12
|
|
||||||
Balances, June 30, 2017
|
$
|
(96
|
)
|
|
$
|
268
|
|
|
$
|
(76
|
)
|
|
$
|
(71
|
)
|
|
$
|
(22
|
)
|
|
$
|
3
|
|
(a)
|
Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension and Other Benefits Plans
|
|
Net Unrealized Gains (Losses) on Foreign Currency Translation
|
|
Other Comprehensive Loss Related to Equity Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Six Months Ended June 30, 2016
|
|
||||||||||||||||||||||
Balances, December 31, 2015
|
$
|
(170
|
)
|
|
$
|
174
|
|
|
$
|
(62
|
)
|
|
$
|
(85
|
)
|
|
$
|
(24
|
)
|
|
$
|
(167
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
25
|
|
|
(7
|
)
|
|
28
|
|
|
(4
|
)
|
|
42
|
|
||||||
Amounts reclassified from AOCI
|
36
|
|
(a)
|
(6
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
||||||
Net other comprehensive income (loss)
|
36
|
|
|
19
|
|
|
(7
|
)
|
|
28
|
|
|
(4
|
)
|
|
72
|
|
||||||
Less other comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
||||||
Balances, June 30, 2016
|
$
|
(134
|
)
|
|
$
|
193
|
|
|
$
|
(69
|
)
|
|
$
|
(44
|
)
|
|
$
|
(28
|
)
|
|
$
|
(82
|
)
|
(a)
|
Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.
|
(a)
|
Variable rate is based on an underlying index plus a margin. Interest rate swap agreements have been entered into with respect to certain of these issuances and a foreign currency swap has been entered into with respect to the Japanese yen denominated term loan. See Note 2.
|
|
Remainder of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New
(b)
|
$
|
670
|
|
|
$
|
675
|
|
|
$
|
540
|
|
|
$
|
1,105
|
|
|
$
|
885
|
|
|
$
|
3,875
|
|
Existing
|
555
|
|
|
795
|
|
|
670
|
|
|
620
|
|
|
475
|
|
|
3,115
|
|
||||||
Transmission and distribution
|
1,100
|
|
|
2,710
|
|
|
2,440
|
|
|
2,465
|
|
|
2,680
|
|
|
11,395
|
|
||||||
Nuclear fuel
|
30
|
|
|
190
|
|
|
170
|
|
|
210
|
|
|
120
|
|
|
720
|
|
||||||
General and other
|
300
|
|
|
280
|
|
|
250
|
|
|
220
|
|
|
250
|
|
|
1,300
|
|
||||||
Total
|
$
|
2,655
|
|
|
$
|
4,650
|
|
|
$
|
4,070
|
|
|
$
|
4,620
|
|
|
$
|
4,410
|
|
|
$
|
20,405
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wind
(c)
|
$
|
845
|
|
|
$
|
1,165
|
|
|
$
|
1,390
|
|
|
$
|
40
|
|
|
$
|
25
|
|
|
$
|
3,465
|
|
Solar
(d)
|
175
|
|
|
65
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
245
|
|
||||||
Nuclear, including nuclear fuel
|
135
|
|
|
250
|
|
|
225
|
|
|
215
|
|
|
245
|
|
|
1,070
|
|
||||||
Natural gas pipelines
(e)
|
235
|
|
|
855
|
|
|
40
|
|
|
30
|
|
|
10
|
|
|
1,170
|
|
||||||
Other
|
240
|
|
|
115
|
|
|
40
|
|
|
35
|
|
|
30
|
|
|
460
|
|
||||||
Total
|
$
|
1,630
|
|
|
$
|
2,450
|
|
|
$
|
1,700
|
|
|
$
|
320
|
|
|
$
|
310
|
|
|
$
|
6,410
|
|
Corporate and Other
|
$
|
40
|
|
|
$
|
60
|
|
|
$
|
85
|
|
|
$
|
50
|
|
|
$
|
40
|
|
|
$
|
275
|
|
(a)
|
Includes AFUDC of approximately $
55 million
, $
88 million
, $
45 million
, $
41 million
and $
35 million
for the remainder of 2017 through 2021, respectively.
|
(b)
|
Includes land, generation structures, transmission interconnection and integration and licensing.
|
(c)
|
Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately
3,400
MW.
|
(d)
|
Includes capital expenditures for new solar projects and related transmission totaling approximately
145
MW.
|
(e)
|
Includes equity contributions associated with an equity investment in a joint venture that is constructing a natural gas pipeline. The natural gas pipeline is pending FERC approval.
|
|
Remainder of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capacity charges
(a)
|
$
|
40
|
|
|
$
|
65
|
|
|
$
|
50
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
250
|
|
Minimum charges, at projected prices:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural gas, including transportation and storage
(c)
|
$
|
765
|
|
|
$
|
970
|
|
|
$
|
860
|
|
|
$
|
910
|
|
|
$
|
905
|
|
|
$
|
12,135
|
|
Coal, including transportation
|
$
|
70
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NEER
|
$
|
1,020
|
|
|
$
|
1,195
|
|
|
$
|
150
|
|
|
$
|
105
|
|
|
$
|
75
|
|
|
$
|
315
|
|
Corporate and Other
(d)(e)
|
$
|
65
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
Capacity charges, substantially all of which are recoverable through the capacity clause, totaled approximately $
20 million
and $
46 million
for the
three months ended June 30, 2017 and 2016
, respectively, and approximately $
40 million
and $
93 million
for the
six months ended June 30, 2017 and 2016
, respectively. Energy charges, which are recoverable through the fuel clause, totaled approximately $
27 million
and $
31 million
for the
three months ended June 30, 2017 and 2016
, respectively, and approximately $
43 million
and $
47 million
for the
six months ended June 30, 2017 and 2016
, respectively.
|
(b)
|
Recoverable through the fuel clause.
|
(c)
|
Includes approximately $
150 million
, $
295 million
, $
290 million
, $
360 million
, $
390 million
and
$7,565 million
for the remainder of 2017 through 2021 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection.
|
(d)
|
Includes an approximately
$25 million
commitment to invest in clean power and technology businesses through 2020.
|
(e)
|
Excludes approximately
$370 million
for the remainder 2017 of joint obligations of NEECH and NEER which are included in the NEER amounts above.
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
3,091
|
|
|
$
|
1,295
|
|
|
$
|
18
|
|
|
$
|
4,404
|
|
|
$
|
2,750
|
|
|
$
|
970
|
|
|
$
|
97
|
|
|
$
|
3,817
|
|
Operating expenses - net
|
$
|
2,150
|
|
|
$
|
957
|
|
|
$
|
12
|
|
|
$
|
3,119
|
|
|
$
|
1,922
|
|
|
$
|
654
|
|
|
$
|
72
|
|
|
$
|
2,648
|
|
Net income (loss) attributable to NEE
|
$
|
526
|
|
|
$
|
301
|
|
(b)
|
$
|
(34
|
)
|
|
$
|
793
|
|
|
$
|
448
|
|
|
$
|
234
|
|
(b)
|
$
|
(142
|
)
|
|
$
|
540
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other |
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
5,618
|
|
|
$
|
2,719
|
|
|
$
|
40
|
|
|
$
|
8,377
|
|
|
$
|
5,054
|
|
|
$
|
2,411
|
|
|
$
|
186
|
|
|
$
|
7,651
|
|
Operating expenses (income) - net
|
$
|
3,866
|
|
|
$
|
1,888
|
|
|
$
|
(1,067
|
)
|
|
$
|
4,687
|
|
|
$
|
3,512
|
|
|
$
|
1,600
|
|
|
$
|
136
|
|
|
$
|
5,248
|
|
Net income (loss) attributable to NEE
|
$
|
971
|
|
|
$
|
777
|
|
(b)
|
$
|
628
|
|
|
$
|
2,376
|
|
|
$
|
841
|
|
|
$
|
458
|
|
(b)
|
$
|
(106
|
)
|
|
$
|
1,193
|
|
(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)
|
See Note 4 for a discussion of NEER's tax benefits related to PTCs.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
47,800
|
|
|
$
|
43,944
|
|
|
$
|
1,146
|
|
|
$
|
92,890
|
|
|
$
|
45,501
|
|
|
$
|
41,743
|
|
|
$
|
2,749
|
|
|
$
|
89,993
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
1,327
|
|
|
$
|
3,077
|
|
|
$
|
4,404
|
|
|
$
|
—
|
|
|
$
|
1,070
|
|
|
$
|
2,747
|
|
|
$
|
3,817
|
|
Operating expenses - net
|
(4
|
)
|
|
(974
|
)
|
|
(2,141
|
)
|
|
(3,119
|
)
|
|
(5
|
)
|
|
(720
|
)
|
|
(1,923
|
)
|
|
(2,648
|
)
|
||||||||
Interest expense
|
(1
|
)
|
|
(309
|
)
|
|
(120
|
)
|
|
(430
|
)
|
|
—
|
|
|
(485
|
)
|
|
(117
|
)
|
|
(602
|
)
|
||||||||
Equity in earnings of subsidiaries
|
787
|
|
|
—
|
|
|
(787
|
)
|
|
—
|
|
|
586
|
|
|
—
|
|
|
(586
|
)
|
|
—
|
|
||||||||
Other income - net
|
—
|
|
|
219
|
|
|
19
|
|
|
238
|
|
|
—
|
|
|
180
|
|
|
16
|
|
|
196
|
|
||||||||
Income before income taxes
|
782
|
|
|
263
|
|
|
48
|
|
|
1,093
|
|
|
581
|
|
|
45
|
|
|
137
|
|
|
763
|
|
||||||||
Income tax expense (benefit)
|
(11
|
)
|
|
(12
|
)
|
|
312
|
|
|
289
|
|
|
41
|
|
|
(100
|
)
|
|
278
|
|
|
219
|
|
||||||||
Net income (loss)
|
793
|
|
|
275
|
|
|
(264
|
)
|
|
804
|
|
|
540
|
|
|
145
|
|
|
(141
|
)
|
|
544
|
|
||||||||
Less net income attributable to noncontrolling interests
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||||||
Net income (loss) attributable to NEE
|
$
|
793
|
|
|
$
|
264
|
|
|
$
|
(264
|
)
|
|
$
|
793
|
|
|
$
|
540
|
|
|
$
|
141
|
|
|
$
|
(141
|
)
|
|
$
|
540
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
2,789
|
|
|
$
|
5,588
|
|
|
$
|
8,377
|
|
|
$
|
—
|
|
|
$
|
2,605
|
|
|
$
|
5,046
|
|
|
$
|
7,651
|
|
Operating expenses - net
|
(10
|
)
|
|
(823
|
)
|
|
(3,854
|
)
|
|
(4,687
|
)
|
|
(10
|
)
|
|
(1,725
|
)
|
|
(3,513
|
)
|
|
(5,248
|
)
|
||||||||
Interest expense
|
(1
|
)
|
|
(549
|
)
|
|
(240
|
)
|
|
(790
|
)
|
|
(1
|
)
|
|
(882
|
)
|
|
(228
|
)
|
|
(1,111
|
)
|
||||||||
Equity in earnings of subsidiaries
|
2,349
|
|
|
—
|
|
|
(2,349
|
)
|
|
—
|
|
|
1,224
|
|
|
—
|
|
|
(1,224
|
)
|
|
—
|
|
||||||||
Other income - net
|
1
|
|
|
446
|
|
|
12
|
|
|
459
|
|
|
1
|
|
|
327
|
|
|
39
|
|
|
367
|
|
||||||||
Income (loss) before income taxes
|
2,339
|
|
|
1,863
|
|
|
(843
|
)
|
|
3,359
|
|
|
1,214
|
|
|
325
|
|
|
120
|
|
|
1,659
|
|
||||||||
Income tax expense (benefit)
|
(37
|
)
|
|
438
|
|
|
563
|
|
|
964
|
|
|
21
|
|
|
(70
|
)
|
|
510
|
|
|
461
|
|
||||||||
Net income (loss)
|
2,376
|
|
|
1,425
|
|
|
(1,406
|
)
|
|
2,395
|
|
|
1,193
|
|
|
395
|
|
|
(390
|
)
|
|
1,198
|
|
||||||||
Less net income attributable to noncontrolling interests
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||||
Net income (loss) attributable to NEE
|
$
|
2,376
|
|
|
$
|
1,406
|
|
|
$
|
(1,406
|
)
|
|
$
|
2,376
|
|
|
$
|
1,193
|
|
|
$
|
390
|
|
|
$
|
(390
|
)
|
|
$
|
1,193
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
836
|
|
|
$
|
297
|
|
|
$
|
(297
|
)
|
|
$
|
836
|
|
|
$
|
571
|
|
|
$
|
172
|
|
|
$
|
(172
|
)
|
|
$
|
571
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
2,449
|
|
|
$
|
1,472
|
|
|
$
|
(1,472
|
)
|
|
$
|
2,449
|
|
|
$
|
1,278
|
|
|
$
|
482
|
|
|
$
|
(482
|
)
|
|
$
|
1,278
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
NEE
(Guaran-
tor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guaran-
tor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
992
|
|
|
$
|
1,200
|
|
|
$
|
973
|
|
|
$
|
3,165
|
|
|
$
|
809
|
|
|
$
|
1,084
|
|
|
$
|
1,377
|
|
|
$
|
3,270
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
—
|
|
|
(4,195
|
)
|
|
(2,742
|
)
|
|
(6,937
|
)
|
|
—
|
|
|
(3,866
|
)
|
|
(2,200
|
)
|
|
(6,066
|
)
|
||||||||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
1,482
|
|
|
—
|
|
|
1,482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Capital contributions from NEE
|
(45
|
)
|
|
—
|
|
|
45
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
13
|
|
|
—
|
|
||||||||
Sale of independent power and other investments of NEER
|
—
|
|
|
42
|
|
|
—
|
|
|
42
|
|
|
—
|
|
|
396
|
|
|
—
|
|
|
396
|
|
||||||||
Proceeds from sale or maturity of securities in special use funds and other investments
|
—
|
|
|
518
|
|
|
901
|
|
|
1,419
|
|
|
—
|
|
|
530
|
|
|
1,079
|
|
|
1,609
|
|
||||||||
Purchases of securities in special use funds and other investments
|
—
|
|
|
(582
|
)
|
|
(949
|
)
|
|
(1,531
|
)
|
|
—
|
|
|
(534
|
)
|
|
(1,120
|
)
|
|
(1,654
|
)
|
||||||||
Proceeds from sales of noncontrolling interests in NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
303
|
|
|
—
|
|
|
303
|
|
||||||||
Other - net
|
4
|
|
|
(14
|
)
|
|
26
|
|
|
16
|
|
|
—
|
|
|
(50
|
)
|
|
25
|
|
|
(25
|
)
|
||||||||
Net cash used in investing activities
|
(41
|
)
|
|
(2,749
|
)
|
|
(2,719
|
)
|
|
(5,509
|
)
|
|
(13
|
)
|
|
(3,221
|
)
|
|
(2,203
|
)
|
|
(5,437
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Issuances of long-term debt
|
—
|
|
|
2,572
|
|
|
199
|
|
|
2,771
|
|
|
—
|
|
|
2,509
|
|
|
—
|
|
|
2,509
|
|
||||||||
Retirements of long-term debt
|
—
|
|
|
(1,850
|
)
|
|
(35
|
)
|
|
(1,885
|
)
|
|
—
|
|
|
(963
|
)
|
|
(33
|
)
|
|
(996
|
)
|
||||||||
Net change in commercial paper
|
—
|
|
|
1,115
|
|
|
732
|
|
|
1,847
|
|
|
—
|
|
|
701
|
|
|
307
|
|
|
1,008
|
|
||||||||
Proceeds from other short-term debt
|
—
|
|
|
—
|
|
|
200
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
500
|
|
||||||||
Issuances of common stock - net
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
43
|
|
||||||||
Dividends on common stock
|
(920
|
)
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
|
(803
|
)
|
|
—
|
|
|
—
|
|
|
(803
|
)
|
||||||||
Contributions from (dividends to) NEE
|
—
|
|
|
(637
|
)
|
|
637
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
33
|
|
|
—
|
|
||||||||
Other - net
|
(56
|
)
|
|
(302
|
)
|
|
14
|
|
|
(344
|
)
|
|
(36
|
)
|
|
91
|
|
|
10
|
|
|
65
|
|
||||||||
Net cash provided by (used in) financing activities
|
(951
|
)
|
|
898
|
|
|
1,747
|
|
|
1,694
|
|
|
(796
|
)
|
|
2,305
|
|
|
817
|
|
|
2,326
|
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
—
|
|
|
(651
|
)
|
|
1
|
|
|
(650
|
)
|
|
—
|
|
|
168
|
|
|
(9
|
)
|
|
159
|
|
||||||||
Cash and cash equivalents at beginning of period
|
1
|
|
|
1,258
|
|
|
33
|
|
|
1,292
|
|
|
—
|
|
|
546
|
|
|
25
|
|
|
571
|
|
||||||||
Cash and cash equivalents at end of period
|
$
|
1
|
|
|
$
|
607
|
|
|
$
|
34
|
|
|
$
|
642
|
|
|
$
|
—
|
|
|
$
|
714
|
|
|
$
|
16
|
|
|
$
|
730
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Net Income (Loss)
Attributable to NEE
|
|
Earnings (Loss)
Per Share Attributable to NEE, Assuming Dilution |
|
Net Income (Loss)
Attributable to NEE |
|
Earnings (Loss)
Per Share Attributable to NEE,
Assuming Dilution
|
||||||||||||||||||||||||
|
Three Months Ended
June 30, |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
(millions)
|
|
|
|
|
|
(millions)
|
|
|
|
|
||||||||||||||||||||
FPL
|
$
|
526
|
|
|
$
|
448
|
|
|
$
|
1.12
|
|
|
$
|
0.96
|
|
|
$
|
971
|
|
|
$
|
841
|
|
|
$
|
2.06
|
|
|
$
|
1.81
|
|
NEER
(a)
|
301
|
|
|
234
|
|
|
0.64
|
|
|
0.50
|
|
|
777
|
|
|
458
|
|
|
1.65
|
|
|
0.99
|
|
||||||||
Corporate and Other
|
(34
|
)
|
|
(142
|
)
|
|
(0.08
|
)
|
|
(0.30
|
)
|
|
628
|
|
|
(106
|
)
|
|
1.34
|
|
|
(0.23
|
)
|
||||||||
NEE
|
$
|
793
|
|
|
$
|
540
|
|
|
$
|
1.68
|
|
|
$
|
1.16
|
|
|
$
|
2,376
|
|
|
$
|
1,193
|
|
|
$
|
5.05
|
|
|
$
|
2.57
|
|
(a)
|
NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(millions)
|
||||||||||||||
Net gains (losses) associated with non-qualifying hedge activity
(a)
|
$
|
(92
|
)
|
|
$
|
(341
|
)
|
|
$
|
17
|
|
|
$
|
(416
|
)
|
Losses from OTTI on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals
(b)
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
Operating results of solar projects in Spain - NEER
|
$
|
8
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
Merger-related expenses - Corporate and Other
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
|
$
|
(26
|
)
|
|
$
|
(4
|
)
|
Gain on sale of the fiber-optic telecommunications business - Corporate and Other
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
685
|
|
|
$
|
—
|
|
Gain on sale of the Texas natural gas generation facilities
(c)
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
106
|
|
Resolution of contingencies related to a previous asset sale - NEER
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
(a)
|
For the three months ended June 30, 2017 and 2016, approximately $57 million and $242 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other. For the
six months ended June 30, 2017 and 2016
, approximately $70 million of gains and $323 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(b)
|
For both the three and six months ended June 30, 2016, approximately $1 million of gains are included in Corporate and Other's net income; the balance is included in NEER.
|
(c)
|
Approximately $164 million of the gain was recorded in NEER's net income; the balance is included in Corporate and Other. See Note 9 - Assets and Liabilities Associated with Assets Held for Sale and Note 4.
|
|
Increase (Decrease)
From Prior Year Period
|
||||||
|
Three Months Ended
June 30, 2017 |
|
Six Months Ended
June 30, 2017 |
||||
|
(millions)
|
||||||
New investments
(a)
|
$
|
84
|
|
|
$
|
253
|
|
Existing assets
(a)
|
(34
|
)
|
|
(44
|
)
|
||
Gas infrastructure
(a)
|
(17
|
)
|
|
(69
|
)
|
||
Customer supply and proprietary power and gas trading
(b)
|
22
|
|
|
5
|
|
||
Interest and other general and administrative expenses
(c)
|
(44
|
)
|
|
(87
|
)
|
||
Other
|
27
|
|
|
29
|
|
||
Change in non-qualifying hedge activity
(d)
|
185
|
|
|
393
|
|
||
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals
(d)
|
(1
|
)
|
|
4
|
|
||
Operating results of the solar projects in Spain
(d)
|
9
|
|
|
4
|
|
||
Gain on sale of the Texas natural gas generation facilities
(d)
|
(164
|
)
|
|
(164
|
)
|
||
Resolution of contingencies related to a previous asset sale
(d)
|
—
|
|
|
(5
|
)
|
||
Increase in net income less net income attributable to noncontrolling interests
|
$
|
67
|
|
|
$
|
319
|
|
(a)
|
Reflects after-tax project contributions, including PTCs, ITCs and deferred income taxes and other benefits associated with convertible ITCs for wind and solar projects, as applicable, but excludes allocation of interest expense or corporate general and administrative expenses. Results from projects and pipelines are included in new investments during the first twelve months of operation or ownership. Project results are included in existing assets and pipeline results are included in gas infrastructure beginning with the thirteenth month of operation.
|
(b)
|
Excludes allocation of interest expense and corporate general and administrative expenses.
|
(c)
|
Includes differential membership interest costs.
|
(d)
|
See Overview - Adjusted Earnings for additional information.
|
•
|
higher earnings of approximately $63 million, including the deferred income taxes and other benefits associated with ITCs and convertible ITCs, related to the addition of approximately 1,563 MW of wind generation and 1,336 MW of solar generation during or after the
three months ended June 30, 2016
, and
|
•
|
higher earnings of approximately $20 million related to additional investments in natural gas pipeline projects.
|
•
|
higher earnings of approximately $212 million, including the deferred income taxes and other benefits associated with ITCs and convertible ITCs, related to the addition of approximately 1,563 MW of wind generation and 1,336 MW of solar generation during or after the
six months ended June 30, 2016
, and
|
•
|
higher earnings of approximately $40 million related to additional investments in natural gas pipeline projects.
|
•
|
lower losses from non-qualifying commodity hedges ($66 million of losses for the
three months ended June 30, 2017
compared to $284 million for the comparable period in 2016),
|
•
|
higher revenues from new investments of approximately $99 million, and
|
•
|
higher revenues of $69 million from the customer supply and proprietary power and gas trading business,
|
•
|
lower revenues from existing assets of $37 million primarily reflecting the sale of certain natural gas generation facilities in 2016 and a 2017 refueling outage at Seabrook, offset in part by higher revenues from wind assets due to stronger wind resource.
|
•
|
gains from non-qualifying commodity hedges ($141 million of gains for the
six months ended June 30, 2017
compared to $206 million of losses for the comparable period in 2016),
|
•
|
higher revenues from new investments of approximately $176 million, and
|
•
|
higher revenues of $74 million from the customer supply and proprietary power and gas trading business,
|
•
|
lower revenues from existing assets of $200 million primarily reflecting the sale of certain natural gas generation facilities in 2016 and a 2017 refueling outage at Seabrook, offset in part by higher revenues from wind assets due to stronger wind resource, and
|
•
|
lower revenues from the gas infrastructure business of $83 million.
|
•
|
the absence of a $254 million gain on the sale of the Texas natural gas generation facilities in 2016, and
|
•
|
higher operating expenses associated with new investments of approximately $47 million.
|
•
|
the absence of a $254 million gain on the sale of the Texas natural gas generation facilities in 2016,
|
•
|
higher operating expenses associated with new investments of approximately $95 million, and
|
•
|
higher O&M expenses,
|
|
Six Months Ended
June 30, |
|
||||||
|
2017
|
|
2016
|
|
||||
|
(millions)
|
|
||||||
Sources of cash:
|
|
|
|
|
||||
Cash flows from operating activities
|
$
|
3,165
|
|
|
$
|
3,270
|
|
|
Long-term borrowings
|
2,771
|
|
|
2,509
|
|
|
||
Proceeds from sale of the fiber-optic telecommunications business
|
1,482
|
|
|
—
|
|
|
||
Sale of independent power and other investments of NEER
|
42
|
|
|
396
|
|
|
||
Issuances of common stock - net
|
25
|
|
|
43
|
|
|
||
Net increase in commercial paper and other short-term debt
|
2,047
|
|
|
1,508
|
|
|
||
Proceeds from sales of noncontrolling interests in NEP
|
—
|
|
|
303
|
|
|
||
Other sources - net
|
16
|
|
|
65
|
|
|
||
Total sources of cash
|
9,548
|
|
|
8,094
|
|
|
||
Uses of cash:
|
|
|
|
|
||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
(6,937
|
)
|
|
(6,066
|
)
|
|
||
Retirements of long-term debt
|
(1,885
|
)
|
|
(996
|
)
|
|
||
Dividends
|
(920
|
)
|
|
(803
|
)
|
|
||
Other uses - net
|
(456
|
)
|
|
(70
|
)
|
|
||
Total uses of cash
|
(10,198
|
)
|
|
(7,935
|
)
|
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
(650
|
)
|
|
$
|
159
|
|
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
FPL:
|
|
|
|
||||
Generation:
|
|
|
|
||||
New
|
$
|
593
|
|
|
$
|
727
|
|
Existing
|
771
|
|
|
292
|
|
||
Transmission and distribution
|
1,108
|
|
|
970
|
|
||
Nuclear fuel
|
94
|
|
|
70
|
|
||
General and other
|
164
|
|
|
128
|
|
||
Other, primarily change in accrued property additions and the exclusion of AFUDC - equity
|
12
|
|
|
12
|
|
||
Total
|
2,742
|
|
|
2,199
|
|
||
NEER:
|
|
|
|
||||
Wind
|
2,544
|
|
|
1,791
|
|
||
Solar
|
516
|
|
|
1,209
|
|
||
Nuclear, including nuclear fuel
|
129
|
|
|
113
|
|
||
Natural gas pipelines
|
592
|
|
|
412
|
|
||
Other
|
380
|
|
|
239
|
|
||
Total
|
4,161
|
|
|
3,764
|
|
||
Corporate and Other
|
34
|
|
|
103
|
|
||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
6,937
|
|
|
$
|
6,066
|
|
|
|
|
|
|
|
|
Maturity Date
|
||||||||
|
FPL
|
|
NEECH
|
|
Total
|
|
FPL
|
|
NEECH
|
||||||
|
|
|
(millions)
|
|
|
|
|
|
|
||||||
Bank revolving line of credit facilities
(a)
|
$
|
2,916
|
|
|
$
|
4,964
|
|
|
$
|
7,880
|
|
|
2018 - 2022
|
|
2018 - 2022
|
Issued letters of credit
|
(3
|
)
|
|
(318
|
)
|
|
(321
|
)
|
|
|
|
|
|||
|
2,913
|
|
|
4,646
|
|
|
7,559
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facilities
|
1,155
|
|
|
1,485
|
|
|
2,640
|
|
|
2017 - 2019
|
|
2018 - 2022
|
|||
Borrowings
|
(1,000
|
)
|
|
—
|
|
|
(1,000
|
)
|
|
|
|
|
|||
|
155
|
|
|
1,485
|
|
|
1,640
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(b)
|
—
|
|
|
550
|
|
|
550
|
|
|
|
|
2017 - 2020
|
|||
Issued letters of credit
|
—
|
|
|
(405
|
)
|
|
(405
|
)
|
|
|
|
|
|||
|
—
|
|
|
145
|
|
|
145
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
3,068
|
|
|
6,276
|
|
|
9,344
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
33
|
|
|
607
|
|
|
640
|
|
|
|
|
|
|||
Commercial paper and other short-term borrowings outstanding
|
(1,000
|
)
|
|
(1,120
|
)
|
|
(2,120
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
2,101
|
|
|
$
|
5,763
|
|
|
$
|
7,864
|
|
|
|
|
|
(a)
|
Provide for the funding of loans up to $7,880 million ($2,916 million for FPL) and the issuance of letters of credit up to $3,450 million ($670 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 $778 million of pollution control, solid waste disposal and industrial development revenue bonds (tax exempt bonds) in the event they are tendered by individual bondholders and not remarketed prior to maturity. Approximately $2,315 million of FPL's and $3,730 million of NEECH's bank revolving line of credit facilities expire in 2022.
|
(b)
|
Only available for the issuance of letters of credit.
|
|
Amount
|
|
Amount
Remaining
Available at
June 30, 2017
|
|
Rate
|
|
Maturity
Date
|
|
Related Project Use
|
|
(millions)
|
|
|
|
|
|
|
||
Senior secured revolving credit facility
(a)
|
$250
|
|
$140
|
|
Variable
|
|
2019
|
|
Working capital, expansion projects, acquisitions and general business purposes
|
Senior secured limited-recourse revolving loan facility
(b)
|
$150
|
|
$—
|
|
Variable
|
|
2020
|
|
General business purposes
|
(a)
|
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 unitholders 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.
|
(b)
|
A certain NEP subsidiary (borrower) is required to satisfy certain conditions, including among other things, meeting 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. The revolving loan facility 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 ratio and a minimum interest coverage ratio.
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying |
|
FPL Cost
Recovery Clauses |
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Three months ended June 30, 2017
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at March 31, 2017
|
$
|
485
|
|
|
$
|
1,114
|
|
|
$
|
77
|
|
|
$
|
1,676
|
|
Reclassification to realized at settlement of contracts
|
(77
|
)
|
|
(78
|
)
|
|
(15
|
)
|
|
(170
|
)
|
||||
Inception value of new contracts
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Net option premium purchases (issuances)
|
(68
|
)
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
93
|
|
|
38
|
|
|
(46
|
)
|
|
85
|
|
||||
Fair value of contracts outstanding at June 30, 2017
|
436
|
|
|
1,074
|
|
|
16
|
|
|
1,526
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
(141
|
)
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at June 30, 2017
|
$
|
436
|
|
|
$
|
1,074
|
|
|
$
|
16
|
|
|
$
|
1,385
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Six months ended June 30, 2017
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at December 31, 2016
|
$
|
430
|
|
|
$
|
984
|
|
|
$
|
208
|
|
|
$
|
1,622
|
|
Reclassification to realized at settlement of contracts
|
(121
|
)
|
|
(147
|
)
|
|
(41
|
)
|
|
(309
|
)
|
||||
Inception value of new contracts
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Net option premium purchases (issuances)
|
(67
|
)
|
|
4
|
|
|
—
|
|
|
(63
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
190
|
|
|
233
|
|
|
(151
|
)
|
|
272
|
|
||||
Fair value of contracts outstanding at June 30, 2017
|
436
|
|
|
1,074
|
|
|
16
|
|
|
1,526
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
(141
|
)
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at June 30, 2017
|
$
|
436
|
|
|
$
|
1,074
|
|
|
$
|
16
|
|
|
$
|
1,385
|
|
|
June 30, 2017
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
467
|
|
Noncurrent derivative assets
|
1,347
|
|
|
Current derivative liabilities
|
(181
|
)
|
|
Noncurrent derivative liabilities
|
(248
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
1,385
|
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
|
$
|
34
|
|
|
$
|
27
|
|
|
$
|
9
|
|
|
$
|
(8
|
)
|
|
$
|
(3
|
)
|
|
$
|
(1
|
)
|
|
$
|
58
|
|
Significant other observable inputs
|
|
(34
|
)
|
|
12
|
|
|
5
|
|
|
(1
|
)
|
|
(9
|
)
|
|
(17
|
)
|
|
(44
|
)
|
|||||||
Significant unobservable inputs
|
|
142
|
|
|
64
|
|
|
34
|
|
|
34
|
|
|
20
|
|
|
128
|
|
|
422
|
|
|||||||
Total
|
|
142
|
|
|
103
|
|
|
48
|
|
|
25
|
|
|
8
|
|
|
110
|
|
|
436
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
|
2
|
|
|
17
|
|
|
5
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
24
|
|
|||||||
Significant other observable inputs
|
|
88
|
|
|
134
|
|
|
129
|
|
|
106
|
|
|
91
|
|
|
81
|
|
|
629
|
|
|||||||
Significant unobservable inputs
|
|
5
|
|
|
29
|
|
|
30
|
|
|
35
|
|
|
36
|
|
|
286
|
|
|
421
|
|
|||||||
Total
|
|
95
|
|
|
180
|
|
|
164
|
|
|
143
|
|
|
125
|
|
|
367
|
|
|
1,074
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||||
Significant unobservable inputs
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||||
Total
|
|
17
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|||||||
Total sources of fair value
|
|
$
|
254
|
|
|
$
|
282
|
|
|
$
|
212
|
|
|
$
|
168
|
|
|
$
|
133
|
|
|
$
|
477
|
|
|
$
|
1,526
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE
Total
|
||||||||
|
(millions)
|
||||||||||||||
Three months ended June 30, 2016
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at March 31, 2016
|
$
|
447
|
|
|
$
|
1,294
|
|
|
$
|
(250
|
)
|
|
$
|
1,491
|
|
Reclassification to realized at settlement of contracts
|
(58
|
)
|
|
(141
|
)
|
|
111
|
|
|
(88
|
)
|
||||
Inception value of new contracts
|
10
|
|
|
(1
|
)
|
|
—
|
|
|
9
|
|
||||
Net option premium purchases (issuances)
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
52
|
|
|
(142
|
)
|
|
178
|
|
|
88
|
|
||||
Fair value of contracts outstanding at June 30, 2016
|
445
|
|
|
1,010
|
|
|
39
|
|
|
1,494
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
|
(314
|
)
|
||||
Total mark-to-market energy contract net assets (liabilities) at June 30, 2016
|
$
|
445
|
|
|
$
|
1,010
|
|
|
$
|
39
|
|
|
$
|
1,180
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE
Total
|
||||||||
|
(millions)
|
||||||||||||||
Six months ended June 30, 2016
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at December 31, 2015
|
$
|
359
|
|
|
$
|
1,185
|
|
|
$
|
(218
|
)
|
|
$
|
1,326
|
|
Reclassification to realized at settlement of contracts
|
(73
|
)
|
|
(280
|
)
|
|
187
|
|
|
(166
|
)
|
||||
Inception value of new contracts
|
19
|
|
|
17
|
|
|
—
|
|
|
36
|
|
||||
Net option premium purchases (issuances)
|
(13
|
)
|
|
3
|
|
|
—
|
|
|
(10
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
153
|
|
|
85
|
|
|
70
|
|
|
308
|
|
||||
Fair value of contracts outstanding at June 30, 2016
|
445
|
|
|
1,010
|
|
|
39
|
|
|
1,494
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
|
(314
|
)
|
||||
Total mark-to-market energy contract net assets (liabilities) at June 30, 2016
|
$
|
445
|
|
|
$
|
1,010
|
|
|
$
|
39
|
|
|
$
|
1,180
|
|
|
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, 2016
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
46
|
|
|
$
|
62
|
|
|
$
|
23
|
|
|
$
|
46
|
|
|
$
|
57
|
|
|
$
|
23
|
|
June 30, 2017
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
13
|
|
|
$
|
20
|
|
|
$
|
16
|
|
|
$
|
13
|
|
|
$
|
19
|
|
|
$
|
14
|
|
Average for the six months ended June 30, 2017
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
33
|
|
|
$
|
32
|
|
|
$
|
17
|
|
|
$
|
33
|
|
|
$
|
30
|
|
|
$
|
17
|
|
(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.
|
|
June 30, 2017
|
|
December 31, 2016
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
1,895
|
|
|
$
|
1,895
|
|
(a)
|
$
|
1,809
|
|
|
$
|
1,809
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
127
|
|
|
$
|
127
|
|
(a)
|
$
|
123
|
|
|
$
|
123
|
|
(a)
|
Primarily notes receivable
(b)
|
$
|
508
|
|
|
$
|
663
|
|
(c)
|
$
|
526
|
|
|
$
|
668
|
|
(c)
|
Long-term debt, including current maturities
(b)
|
$
|
32,149
|
|
|
$
|
34,289
|
|
(d)
|
$
|
30,418
|
|
|
$
|
31,623
|
|
(d)
|
Interest rate contracts - net unrealized gains (losses)
|
$
|
(152
|
)
|
|
$
|
(152
|
)
|
(e)
|
$
|
4
|
|
|
$
|
4
|
|
(e)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,420
|
|
|
$
|
1,420
|
|
(a)
|
$
|
1,363
|
|
|
$
|
1,363
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
10,549
|
|
|
$
|
11,984
|
|
(d)
|
$
|
10,072
|
|
|
$
|
11,211
|
|
(d)
|
(a)
|
Primarily estimated using a market approach based on quoted market prices for these or similar issues.
|
(b)
|
See Note 3 - Fair Value of Financial Instruments Recorded at Other than Fair Value.
|
(c)
|
Primarily estimated using an income approach utilizing a discounted cash flow valuation technique based on certain observable yield curves and indices considering the credit profile of the borrower.
|
(d)
|
Estimated using either a market approach based on quoted market prices for the same or similar issues or an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor.
|
(e)
|
Modeled internally using an income approach utilizing a 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.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
(a)
|
Information regarding purchases made by NEE of its common stock during the
three months ended June 30, 2017
is as follows:
|
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)
|
|||
4/1/17 - 4/30/17
|
|
—
|
|
|
—
|
|
|
—
|
|
13,274,748
|
|
5/1/17 - 5/31/17
|
|
1,019
|
|
|
$
|
136.13
|
|
|
—
|
|
45,000,000
|
6/1/17 - 6/30/17
|
|
481
|
|
|
$
|
141.39
|
|
|
—
|
|
45,000,000
|
Total
|
|
1,500
|
|
|
$
|
137.82
|
|
|
—
|
|
|
(a)
|
Includes: (1) in May 2017, 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 June 2017, 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 NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan 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 reaffirmed and ratified by the Board of Directors in July 2011. In May 2017, NEE's Board of Directors reaffirmed and ratified the repurchase authorization and increased the number of shares of common stock authorized for repurchase to up to 45 million over an unspecified period.
|
Exhibit Number
|
|
Description
|
|
NEE
|
|
FPL
|
*4
|
|
Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated April 28, 2017, creating the 3.55% Debentures, Series due May 1, 2027 (filed as Exhibit 4 to Form 8-K dated April 28, 2017, File No. 1-8841)
|
|
x
|
|
|
10
|
|
NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan, as amended and restated as of May 18, 2017
|
|
x
|
|
|
12(a)
|
|
Computation of Ratios
|
|
x
|
|
|
12(b)
|
|
Computation of Ratios
|
|
|
|
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
|
*
|
Incorporated herein by reference
|
NEXTERA ENERGY, INC.
(Registrant)
|
|
|
TERRELL KIRK CREWS, II
|
Terrell Kirk Crews, II
Vice President, Controller and Chief Accounting Officer
of NextEra Energy, Inc.
(Principal Accounting Officer of NextEra Energy, Inc.)
|
|
|
|
|
FLORIDA POWER & LIGHT COMPANY
(Registrant)
|
|
|
KIMBERLY OUSDAHL
|
Kimberly Ousdahl
Vice President and Chief Accounting Officer
of Florida Power & Light Company
(Principal Accounting Officer of
Florida Power & Light Company)
|
|
Six Months Ended
June 30, 2017 |
||
|
(millions of dollars)
|
||
Earnings, as defined:
|
|
|
|
Net income
|
$
|
2,395
|
|
Income taxes
|
964
|
|
|
Fixed charges included in the determination of net income, as below
|
839
|
|
|
Amortization of capitalized interest
|
19
|
|
|
Distributed income of equity method investees
|
63
|
|
|
Less equity in earnings of equity method investees
|
97
|
|
|
Total earnings, as defined
|
$
|
4,183
|
|
|
|
||
Fixed charges, as defined:
|
|
||
Interest expense
|
$
|
790
|
|
Rental interest factor
|
37
|
|
|
Allowance for borrowed funds used during construction
|
12
|
|
|
Fixed charges included in the determination of net income
|
839
|
|
|
Capitalized interest
|
44
|
|
|
Total fixed charges, as defined
|
$
|
883
|
|
|
|
||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
4.74
|
|
(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.
|
|
Six Months Ended
June 30, 2017 |
||
|
(millions of dollars)
|
||
Earnings, as defined:
|
|
|
|
Net income
|
$
|
970.7
|
|
Income taxes
|
576.3
|
|
|
Fixed charges, as below
|
256.4
|
|
|
Total earnings, as defined
|
$
|
1,803.4
|
|
|
|
||
Fixed charges, as defined:
|
|
||
Interest expense
|
$
|
239.5
|
|
Rental interest factor
|
7.3
|
|
|
Allowance for borrowed funds used during construction
|
9.6
|
|
|
Total fixed charges, as defined
|
$
|
256.4
|
|
|
|
||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
7.03
|
|
(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.
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
June 30, 2017
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.
|
Date:
|
July 26, 2017
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
June 30, 2017
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.
|
Date:
|
July 26, 2017
|
JOHN W. KETCHUM
|
John W. Ketchum
Executive Vice President, Finance and Chief Financial Officer of NextEra Energy, Inc. |
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
June 30, 2017
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.
|
Date:
|
July 26, 2017
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer
of Florida Power & Light Company
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
June 30, 2017
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.
|
Date:
|
July 26, 2017
|
JOHN W. KETCHUM
|
John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
of Florida Power & Light Company
|
(1)
|
The Quarterly Report on Form 10-Q of NextEra Energy, Inc. (the registrant) for the quarterly period ended
June 30, 2017
(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.
|
Dated:
|
July 26, 2017
|
|
JAMES L. ROBO
|
|
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
|
|
JOHN W. KETCHUM
|
|
|
John W. Ketchum
Executive Vice President, Finance and
Chief Financial Officer
of NextEra Energy, Inc.
|
|
(1)
|
The Quarterly Report on Form 10-Q of Florida Power & Light Company (the registrant) for the quarterly period ended
June 30, 2017
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
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Dated:
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July 26, 2017
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ERIC E. SILAGY
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Eric E. Silagy
President and Chief Executive Officer
of Florida Power & Light Company
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JOHN W. KETCHUM
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John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
of Florida Power & Light Company
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