|
|
|
Commission
File
Number
|
|
Exact name of registrants as specified in their
charters, address of principal executive offices and
registrants' telephone number
|
|
IRS Employer
Identification
Number
|
1-8841
|
|
NEXTERA ENERGY, INC.
|
|
59-2449419
|
2-27612
|
|
FLORIDA POWER & LIGHT COMPANY
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
|
|
59-0247775
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc. Yes
o
No
þ
Florida Power & Light Company Yes
o
No
þ
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc. Yes
þ
No
o
Florida Power & Light Company Yes
þ
No
o
|
NextEra Energy, Inc.
|
Large Accelerated Filer
þ
|
Accelerated Filer
o
|
Non-Accelerated Filer
o
|
Smaller Reporting Company
o
|
Emerging Growth Company
o
|
Florida Power & Light Company
|
Large Accelerated Filer
o
|
Accelerated Filer
o
|
Non-Accelerated Filer
þ
|
Smaller Reporting Company
o
|
Emerging Growth Company
o
|
Term
|
Meaning
|
AFUDC
|
allowance for funds used during construction
|
AFUDC - equity
|
equity component of AFUDC
|
AOCI
|
accumulated other comprehensive income
|
Bcf
|
billion cubic feet
|
capacity clause
|
capacity cost recovery clause, as established by the FPSC
|
CO
2
|
carbon dioxide
|
DOE
|
U.S. Department of Energy
|
Duane Arnold
|
Duane Arnold Energy Center
|
environmental clause
|
environmental cost recovery clause
|
EPA
|
U.S. Environmental Protection Agency
|
ERCOT
|
Electric Reliability Council of Texas
|
FERC
|
U.S. Federal Energy Regulatory Commission
|
Florida Southeast Connection
|
Florida Southeast Connection, LLC, a wholly owned NEER subsidiary
|
FPL
|
Florida Power & Light Company
|
FPSC
|
Florida Public Service Commission
|
fuel clause
|
fuel and purchased power cost recovery clause, as established by the FPSC
|
GAAP
|
generally accepted accounting principles in the U.S.
|
GHG
|
greenhouse gas(es)
|
IPO
|
initial public offering
|
ISO
|
independent system operator
|
ITC
|
investment tax credit
|
kW
|
kilowatt
|
kWh
|
kilowatt-hour(s)
|
Management's Discussion
|
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
MMBtu
|
One million British thermal units
|
mortgage
|
mortgage and deed of trust dated as of January 1, 1944, from FPL to Deutsche Bank Trust Company Americas, as supplemented and amended
|
MW
|
megawatt(s)
|
MWh
|
megawatt-hour(s)
|
NEE
|
NextEra Energy, Inc.
|
NEECH
|
NextEra Energy Capital Holdings, Inc.
|
NEER
|
NextEra Energy Resources, LLC
|
NEET
|
NextEra Energy Transmission, LLC
|
NEP
|
NextEra Energy Partners, LP
|
NEP OpCo
|
NextEra Energy Operating Partners, LP
|
NERC
|
North American Electric Reliability Corporation
|
Note __
|
Note __ to consolidated financial statements
|
NRC
|
U.S. Nuclear Regulatory Commission
|
NYISO
|
New York ISO
|
O&M expenses
|
other operations and maintenance expenses in the consolidated statements of income
|
OCI
|
other comprehensive income
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
PJM
|
PJM Interconnection, L.L.C.
|
PMI
|
NextEra Energy Marketing, LLC
|
Point Beach
|
Point Beach Nuclear Power Plant
|
PTC
|
production tax credit
|
PV
|
photovoltaic
|
Recovery Act
|
The American Recovery and Reinvestment Act of 2009, as amended
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
ROE
|
return on common equity
|
RPS
|
renewable portfolio standards
|
RTO
|
regional transmission organization
|
Sabal Trail
|
Sabal Trail Transmission, LLC, an entity in which a NEER subsidiary has a 42.5% ownership interest
|
Seabrook
|
Seabrook Station
|
SEC
|
U.S. Securities and Exchange Commission
|
U.S.
|
United States of America
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Oil is less than 1%
|
*Oil and Solar are collectively less than 1%
|
•
|
FPL has firm transportation contracts with seven different transportation suppliers for natural gas pipeline capacity for an aggregate maximum delivery quantity of 2,769,000 MMBtu/day currently, of which 1,969,000 MMBtu/day have expiration dates ranging from 2018 to 2036. The remaining 800,000 MMBtu/day increases to 1,200,000 MMBtu/day starting in mid-2020 through 2042.
See Note 13 - Contracts.
|
•
|
FPL has several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel with expiration dates ranging from March 2018 through 2033.
|
•
|
Additionally, FPL enters into short- and medium-term natural gas supply contracts to provide a portion of FPL's anticipated needs for natural gas. The remainder of FPL's natural gas requirements is purchased in the spot market.
|
Facility
|
|
FPL's Ownership
(MW)
|
|
Beginning of Next
Scheduled Refueling Outage
|
|
Operating License
Expiration Date
|
St. Lucie Unit No. 1
|
|
981
|
|
March 2018
|
|
2036
|
St. Lucie Unit No. 2
|
|
840
(a)
|
|
August 2018
|
|
2043
|
Turkey Point Unit No. 3
|
|
811
|
|
October 2018
|
|
2032
(b)
|
Turkey Point Unit No. 4
|
|
821
|
|
March 2019
|
|
2033
(b)
|
(a)
|
Excludes 147 MW operated by FPL but owned by non-affiliates.
|
(b)
|
In January 2018, FPL filed an application with the NRC to renew the operating licenses for Turkey Point Units Nos. 3 and 4 for an additional 20 years, which license renewals are pending.
|
•
|
the FPSC, which has jurisdiction over retail rates, service territory, issuances of securities, planning, siting and construction of facilities, among other things;
|
•
|
the FERC, which oversees the acquisition and disposition of generation, transmission and other facilities, transmission of electricity and natural gas in interstate commerce, proposals to build and operate interstate natural gas pipelines and storage facilities, and wholesale purchases and sales of electric energy, among other things;
|
•
|
the NERC, which, through its regional entities, establishes and enforces mandatory reliability standards, subject to approval by the FERC, to ensure the reliability of the U.S. electric transmission and generation system and to prevent major system blackouts;
|
•
|
the NRC, which has jurisdiction over the operation of nuclear power plants through the issuance of operating licenses, rules, regulations and orders; and
|
•
|
the EPA, which has the responsibility to maintain and enforce national standards under a variety of environmental laws, in some cases delegating authority to state agencies. The EPA also works with industries and all levels of government, including federal and state governments, in a wide variety of voluntary pollution prevention programs and energy conservation efforts.
|
•
|
New retail base rates and charges were established resulting in the following increases in annualized retail base revenues:
|
◦
|
$400 million beginning January 1, 2017;
|
◦
|
$211 million beginning January 1, 2018; and
|
◦
|
$200 million when a new approximately 1,750 MW natural gas-fired combined-cycle unit in Okeechobee County, Florida (Okeechobee Clean Energy Center) achieves commercial operation, which is expected to occur in mid-2019.
|
•
|
In addition, FPL is eligible to receive, subject to conditions specified in the 2016 rate agreement, base rate increases associated with the addition of up to 300 MW annually of new solar generation in each of 2017 through 2020 and may carry forward any unused MW to subsequent years during the term of the 2016 rate agreement. Approximately 300 MW of new solar generating capacity became operational in January 2018. An additional 300 MW is expected to be operational by March 2018 and in both of 2019 and 2020. FPL will be required to demonstrate that any proposed solar facilities are cost effective and scheduled to be in service before December 31, 2021. FPL has agreed to an installed cost cap of $1,750 per kW.
|
•
|
FPL's allowed regulatory ROE is 10.55%, with a range of 9.60% to 11.60%. If FPL's earned regulatory ROE falls below 9.60%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.60%, any party other than FPL may seek a review of FPL's retail base rates.
|
•
|
Subject to certain conditions, FPL may amortize, over the term of the 2016 rate agreement, up to $1.0 billion of depreciation reserve surplus plus the reserve amount remaining under FPL's 2012 rate agreement discussed below (approximately $250 million), provided that in any year of the 2016 rate agreement, FPL must amortize at least enough reserve to maintain a 9.60% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.60%. See Note 1 - Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve for discussion of the reserve amortization impact following the enactment of the Tax Cuts and Jobs Act (tax reform).
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kWh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover amounts above $400 million. See Note 1 - Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve.
|
•
|
an increase in annualized base revenue requirements as each of three FPL modernized power plants became operational in April 2013, April 2014 and April 2016;
|
•
|
the continuation of cost recovery through the capacity clause (reported as retail base revenues) for a generating unit which was placed in service in May 2011 (beginning January 2017, under the 2016 rate agreement, cost recovery is through base rates);
|
•
|
subject to certain conditions, the right to reduce depreciation expense up to $400 million (reserve), provided that in any year of the 2012 rate agreement, FPL was required to amortize enough reserve to maintain an earned regulatory ROE within the range of 9.50% to 11.50% (the reserve amount was reduced by $30 million to up to $370 million as a result of a settlement in August 2015 related to the purchase of a 250 MW coal-fired generation facility located in Jacksonville, Florida (Cedar Bay generation facility), which FPL retired in December 2016);
|
•
|
an interim cost recovery mechanism for storm restoration costs (see Note 1 - Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve); and
|
•
|
an incentive mechanism whereby customers receive 100% of certain gains, including but not limited to gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold; gains exceeding that specified threshold were shared by FPL and its customers.
|
•
|
Fuel - fuel costs and energy charges relating to purchased power agreements, the most significant of the cost recovery clauses in terms of operating revenues (see Note 1 - Rate Regulation);
|
•
|
Capacity - primarily capacity payments to non-utility generators and other utilities and certain costs associated with the acquisition of certain generation facilities (see Note 1 - Rate Regulation and Note 13 - Contracts);
|
•
|
Energy Conservation - costs associated with implementing energy conservation programs; and
|
•
|
Environmental - certain costs of complying with federal, state and local environmental regulations enacted after April 1993 and costs associated with three of FPL's solar facilities placed in service prior to 2016.
|
•
|
represented approximately
17,012
MW of total net generating capacity;
|
•
|
weighted-average remaining contract term of the power sales agreements and the remaining life of the PTCs associated with repowered wind facilities of approximately 17 years, based on forecasted contributions to earnings and forecasted amounts of electricity produced by the repowered wind facilities; and
|
•
|
contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel have expiration dates ranging from March 2018 through 2033 (see Note 13 - Contracts).
|
|
Miles
of
Pipeline
|
|
Pipeline
Location/Route
|
|
NEER's
Ownership
|
|
Total
Capacity
(per day)
|
|
Actual/Expected
In-Service
Dates
|
Operational:
|
|
|
|
|
|
|
|
|
|
Texas Pipelines
(a)
|
542
|
|
South Texas
|
|
61.4%
|
|
4.05 Bcf
|
|
1950 - 2014
|
Sabal Trail
(b)
|
515
|
|
Southwestern Alabama to Central Florida
|
|
42.5%
|
|
0.83 Bcf - 1.075 Bcf
|
|
June 2017 - Mid-2021
|
Florida Southeast Connection
(b)
|
126
|
|
Central Florida to Martin County, Florida
|
|
100%
|
|
0.64 Bcf
|
|
June 2017
|
In Development:
|
|
|
|
|
|
|
|
|
|
Mountain Valley Pipeline
(c)
|
301
|
|
Marcellus and Utica shale regions to markets in the Mid-Atlantic and Southeast regions of the U.S.
|
|
31%
|
|
2.00 Bcf
|
|
End of 2018
|
(a)
|
A NEP portfolio of seven natural gas pipelines, of which a third party owns a 10% interest in a 120 mile pipeline with a daily capacity of approximately 2.3 Bcf. Approximately 3.2 Bcf per day of capacity is contracted with firm ship-or-pay contracts that have expiration dates ranging from 2018 to 2035.
|
(b)
|
See Note 13 - Contracts for a discussion of transportation contracts with FPL.
|
(c)
|
Construction of the natural gas pipeline is subject to certain conditions, including FERC approval to proceed. See Note 13 - Commitments.
|
•
|
manages risk associated with fluctuating commodity prices and optimizes the value of NEER's power generation and gas infrastructure production assets through the use of swaps, options, futures and forwards;
|
•
|
sells output from NEER's plants that is not sold under long-term contracts and procures fossil fuel for use by NEER's generation fleet;
|
•
|
provides full energy and capacity requirements to customers; and
|
•
|
markets and trades energy-related commodity products and provides a wide range of electricity and fuel commodity products as well as marketing and trading services to customers.
|
•
|
located in 21 states in the U.S. and 4 provinces in Canada;
|
•
|
operated a total generating capacity of
14,255
MW at
December 31, 2017
;
|
•
|
ownership interests in a total net generating capacity of
13,111
MW at
December 31, 2017
;
|
◦
|
all MW are from contracted wind assets located primarily throughout Texas and the West and Midwest regions of the U.S. and Canada; and
|
◦
|
added approximately
355
MW of new generating capacity and
1,596
MW of wind repowering generating capacity in the U.S. in
2017
.
|
•
|
located in 16 states in the U.S., 1 province in Canada and 1 province in Spain;
|
•
|
operated PV and solar thermal facilities with a total generating capacity of
2,035
MW at
December 31, 2017
;
|
•
|
ownership interests in PV and solar thermal facilities with a total net generating capacity of
2,024
MW at
December 31, 2017
;
|
◦
|
essentially all MW are from contracted solar facilities located primarily throughout the West region of the U.S.;
|
◦
|
added approximately
200
MW of generating capacity in the U.S. in
2017
; and
|
◦
|
sold approximately
80
MW of generating capacity in the U.S. in
2017
.
|
•
|
operated natural gas generation facilities with a total generating capacity of
730
MW at
December 31, 2017
;
|
•
|
ownership interests in natural gas generation facilities with a total net generating capacity of
420
MW at
December 31, 2017
;
|
◦
|
approximately
262
MW are contracted and
158
MW are merchant;
|
◦
|
located in 3 states in the Northeast region of the U.S.; and
|
•
|
operated oil-fired peak generation facilities with a total generating capacity of
878
MW with an ownership or undivided interests in total net generating capacity of
781
MW at
December 31, 2017
primarily located in Maine.
|
Facility
|
|
Location
|
|
NEER's Ownership
(MW)
|
|
Portfolio
Category
|
|
Next Scheduled
Refueling Outage
|
|
Operating License
Expiration Date
|
Seabrook
|
|
New Hampshire
|
|
1,102
(a)
|
|
Merchant
|
|
October 2018
|
|
2030
(b)
|
Duane Arnold
|
|
Iowa
|
|
431
(c)
|
|
Contracted
(d)
|
|
September 2018
|
|
2034
|
Point Beach Unit No. 1
|
|
Wisconsin
|
|
595
|
|
Contracted
(e)
|
|
March 2019
|
|
2030
|
Point Beach Unit No. 2
|
|
Wisconsin
|
|
595
|
|
Contracted
(e)
|
|
October 2018
|
|
2033
|
(a)
|
Excludes 147 MW operated by NEER but owned by non-affiliates.
|
(b)
|
In 2010, NEER filed an application with the NRC to renew Seabrook's operating license for an additional 20 years, which license renewal is pending.
|
(c)
|
Excludes 184 MW operated by NEER but owned by non-affiliates.
|
(d)
|
NEER sells all of its share of the output of Duane Arnold under a long-term contract expiring in December 2025. See Note 4 - Nonrecurring Fair Value Measurements.
|
(e)
|
NEER sells all of the output of Point Beach Units Nos. 1 and 2 under long-term contracts through their current operating license expiration dates.
|
|
Year construction of project begins
|
||||||||||||||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||
PTC
(a)
|
100
|
%
|
|
100
|
%
|
|
80
|
%
|
|
60
|
%
|
|
40
|
%
|
|
-
|
|
|
-
|
|
|
-
|
|
Wind ITC
|
30
|
%
|
|
30
|
%
|
|
24
|
%
|
|
18
|
%
|
|
12
|
%
|
|
-
|
|
|
-
|
|
|
-
|
|
Solar ITC
(b)
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
26
|
%
|
|
22
|
%
|
|
10
|
%
|
(a)
|
Percentage of the full PTC available for wind projects that begin construction during the applicable year.
|
(b)
|
ITC is limited to 10% for projects not placed in service before January 1, 2024.
|
Name
|
|
Age
|
|
Position
|
|
Effective Date
|
Miguel Arechabala
|
|
57
|
|
Executive Vice President, Power Generation Division of NEE
Executive Vice President, Power Generation Division of FPL |
|
January 1, 2014
|
Deborah H. Caplan
|
|
55
|
|
Executive Vice President, Human Resources and Corporate Services of NEE
Executive Vice President, Human Resources and Corporate Services of FPL |
|
April 15, 2013
|
Terrell Kirk Crews, II
|
|
39
|
|
Vice President, Controller and Chief Accounting Officer of NEE
|
|
September 19, 2016
|
Paul I. Cutler
|
|
58
|
|
Treasurer of NEE
Treasurer of FPL
Assistant Secretary of NEE
|
|
February 19, 2003
February 18, 2003
December 10, 1997
|
Joseph T. Kelliher
|
|
57
|
|
Executive Vice President, Federal Regulatory Affairs of NEE
|
|
May 18, 2009
|
John W. Ketchum
|
|
47
|
|
Executive Vice President, Finance and Chief Financial Officer of NEE
Executive Vice President, Finance and Chief Financial Officer of FPL
|
|
March 4, 2016
|
Manoochehr K. Nazar
|
|
63
|
|
President Nuclear Division and Chief Nuclear Officer of NEE
President Nuclear Division and Chief Nuclear Officer of FPL
|
|
May 23, 2014
May 30, 2014
|
Armando Pimentel, Jr.
|
|
55
|
|
President and Chief Executive Officer of NEER
|
|
October 5, 2011
|
James L. Robo
|
|
55
|
|
Chairman, President and Chief Executive Officer of NEE
Chairman of FPL
|
|
December 13, 2013
May 2, 2012
|
Charles E. Sieving
|
|
45
|
|
Executive Vice President & General Counsel of NEE
Executive Vice President of FPL
|
|
December 1, 2008
January 1, 2009
|
Eric E. Silagy
|
|
52
|
|
President and Chief Executive Officer of FPL
|
|
May 30, 2014
|
William L. Yeager
|
|
59
|
|
Executive Vice President, Engineering, Construction and Integrated Supply Chain of NEE
Executive Vice President, Engineering, Construction and Integrated Supply Chain of FPL
|
|
January 1, 2013
|
(a)
|
Information is as of
February 16, 2018
. Executive officers are elected annually by, and serve at the pleasure of, their respective boards of directors. Except as noted below, each officer has held his/her present position for five years or more and his/her employment history is continuous. Mr. Arechabala was president of NextEra Energy España, S.L., an indirect wholly owned subsidiary of NEE, from February 2010 to December 2013. Ms. Caplan was vice president and chief operating officer of FPL from May 2011 to April 2013. Mr. Crews served as NEE’s Vice President, Finance from April 2016 to September 2016. From July 2015 to April 2016, he was a partner in the national office of Deloitte & Touche LLP (Deloitte); from June 2013 to June 2015, he served as a professional accounting fellow in the Office of the Chief Accountant of the SEC; and from June 2010 to June 2013, he was an audit service senior manager at Deloitte. Mr. Ketchum served as NEE’s Senior Vice President, Finance from February 2015 to March 2016, and Senior Vice President, Business Management and Finance from December 2013 to February 2015. From December 2012 to December 2013, he was Senior Vice President, Business Management of NEER. Mr. Nazar has been chief nuclear officer of NEE and FPL since January 2010 and was executive vice president, nuclear division of NEE and FPL from January 2010 to May 2014. Mr. Robo has been president and chief executive officer of NEE since July 2012 and was the chief executive officer of FPL from May 2012 to May 2014. Mr. Silagy has been president of FPL since December 2011.
|
•
|
create substantial additional costs in the form of taxes or emission allowances;
|
•
|
make some of NEE's and FPL's electric generation units uneconomical to operate in the long term;
|
•
|
require significant capital investment in carbon capture and storage technology, fuel switching, or the replacement of high-emitting generation facilities with lower-emitting generation facilities; or
|
•
|
affect the availability or cost of fossil fuels.
|
•
|
risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned;
|
•
|
failures in the availability, acquisition or transportation of fuel or other necessary supplies;
|
•
|
the impact of unusual or adverse weather conditions and natural disasters, including, but not limited to, hurricanes, tornadoes, icing events, floods, earthquakes and droughts;
|
•
|
performance below expected or contracted levels of output or efficiency;
|
•
|
breakdown or failure, including, but not limited to, explosions, fires, leaks or other major events, of equipment, transmission and distribution lines or pipelines;
|
•
|
availability of replacement equipment;
|
•
|
risks of property damage or human injury from energized equipment, hazardous substances or explosions, fires, leaks or other events;
|
•
|
availability of adequate water resources and ability to satisfy water intake and discharge requirements;
|
•
|
inability to identify, manage properly or mitigate equipment defects in NEE's and FPL's facilities;
|
•
|
use of new or unproven technology;
|
•
|
risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation, and lack of available alternative fuel sources;
|
•
|
increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes; and
|
•
|
insufficient insurance, warranties or performance guarantees to cover any or all lost revenues or increased expenses from the foregoing.
|
|
|
2017
|
|
2016
|
||||||||||||||||||||
Quarter
|
|
High
|
|
Low
|
|
Cash
Dividends
|
|
High
|
|
Low
|
|
Cash
Dividends
|
||||||||||||
First
|
|
$
|
133.28
|
|
|
$
|
117.33
|
|
|
$
|
0.9825
|
|
|
$
|
119.37
|
|
|
$
|
102.20
|
|
|
$
|
0.87
|
|
Second
|
|
$
|
144.87
|
|
|
$
|
127.09
|
|
|
$
|
0.9825
|
|
|
$
|
130.43
|
|
|
$
|
112.44
|
|
|
$
|
0.87
|
|
Third
|
|
$
|
151.60
|
|
|
$
|
138.00
|
|
|
$
|
0.9825
|
|
|
$
|
131.98
|
|
|
$
|
120.22
|
|
|
$
|
0.87
|
|
Fourth
|
|
$
|
159.40
|
|
|
$
|
145.62
|
|
|
$
|
0.9825
|
|
|
$
|
128.46
|
|
|
$
|
110.49
|
|
|
$
|
0.87
|
|
Period
|
|
Total
Number
of Shares
Purchased
(a)
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of a
Publicly Announced Program
|
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Program
(b)
|
|||
10/1/2017 - 10/31/17
|
|
—
|
|
|
—
|
|
|
—
|
|
45,000,000
|
|
11/1/2017 - 11/30/17
|
|
190
|
|
|
$
|
157.36
|
|
|
—
|
|
45,000,000
|
12/1/2017 - 12/31/17
|
|
435
|
|
|
$
|
158.14
|
|
|
—
|
|
45,000,000
|
Total
|
|
625
|
|
|
$
|
157.90
|
|
|
—
|
|
|
(a)
|
Includes: (1) in November 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 December 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 (former LTIP) to an executive officer of deferred retirement share awards.
|
(b)
|
In May 2017, NEE's Board of Directors authorized repurchases of up to 45 million shares of common stock over an unspecified period.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
SELECTED DATA OF NEE (millions, except per share amounts)
(a)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues
|
$
|
17,195
|
|
|
$
|
16,155
|
|
|
$
|
17,486
|
|
|
$
|
17,021
|
|
|
$
|
15,136
|
|
Income from continuing operations
(b)
|
$
|
5,320
|
|
|
$
|
3,005
|
|
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,677
|
|
Net income
(b)(c)
|
$
|
5,320
|
|
|
$
|
3,005
|
|
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,908
|
|
Net income attributable to NEE:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
(b)
|
$
|
5,378
|
|
|
$
|
2,912
|
|
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,677
|
|
Gain from discontinued operations
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
231
|
|
|||||
Total
|
$
|
5,378
|
|
|
$
|
2,912
|
|
|
$
|
2,752
|
|
|
$
|
2,465
|
|
|
$
|
1,908
|
|
Earnings per share attributable to NEE - basic:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
(b)
|
$
|
11.47
|
|
|
$
|
6.29
|
|
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
3.95
|
|
Net income
(b)(c)
|
$
|
11.47
|
|
|
$
|
6.29
|
|
|
$
|
6.11
|
|
|
$
|
5.67
|
|
|
$
|
4.50
|
|
Earnings per share attributable to NEE - assuming dilution:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
(b)
|
$
|
11.38
|
|
|
$
|
6.25
|
|
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
3.93
|
|
Net income
(b)(c)
|
$
|
11.38
|
|
|
$
|
6.25
|
|
|
$
|
6.06
|
|
|
$
|
5.60
|
|
|
$
|
4.47
|
|
Dividends paid per share of common stock
|
$
|
3.93
|
|
|
$
|
3.48
|
|
|
$
|
3.08
|
|
|
$
|
2.90
|
|
|
$
|
2.64
|
|
Total assets
(d)
|
$
|
97,827
|
|
|
$
|
89,993
|
|
|
$
|
82,479
|
|
|
$
|
74,605
|
|
|
$
|
69,007
|
|
Long-term debt, excluding current maturities
|
$
|
31,463
|
|
|
$
|
27,818
|
|
|
$
|
26,681
|
|
|
$
|
24,044
|
|
|
$
|
23,670
|
|
Capital expenditures, independent power and
other investments and nuclear fuel purchases:
|
|
|
|
|
|
|
|
|
|
||||||||||
FPL
|
$
|
5,291
|
|
|
$
|
3,934
|
|
|
$
|
3,633
|
|
|
$
|
3,241
|
|
|
$
|
2,903
|
|
NEER
|
5,375
|
|
|
5,521
|
|
|
4,661
|
|
|
3,701
|
|
|
3,637
|
|
|||||
Corporate and Other
|
74
|
|
|
181
|
|
|
83
|
|
|
75
|
|
|
142
|
|
|||||
Total
|
$
|
10,740
|
|
|
$
|
9,636
|
|
|
$
|
8,377
|
|
|
$
|
7,017
|
|
|
$
|
6,682
|
|
(a)
|
See Note 1 - NextEra Energy Partners, LP for a discussion of the deconsolidation of NEP in January 2018.
|
(b)
|
Includes net unrealized mark-to-market after-tax gains (losses) associated with non-qualifying hedges of approximately
$(35) million
,
$(92) million
,
$183 million
, $153 million and $(53) million, respectively. 2017 also includes approximately $1,827 million ($1,928 million attributable to NEE) of net favorable tax reform impacts (see Note 5), exclusive of $95 million being offset in the non-qualifying hedge amount. 2017 and 2016 also include after-tax gains on sale of the fiber-optic telecommunications business and natural gas generation facilities of
$685 million
and
$219 million
, respectively (see Note 1 - Assets and Liabilities Associated with Assets Held for Sale). Also, on an after-tax basis, 2017 includes an impairment charge of $
258 million
related to Duane Arnold (see Note 4 - Nonrecurring Fair Value Measurements) and 2013 includes impairment and other charges of approximately $342 million related to solar projects in Spain.
|
(c)
|
2013 includes an after-tax gain from discontinued operations of $231 million related to the sale of hydropower generation plants.
|
(d)
|
Includes assets held for sale of approximately
$140 million
in 2017,
$452 million
in 2016 and $1,009 million in 2015. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
|
Net Income Attributable
to NEE
|
|
Earnings Per Share Attributable to NEE, Assuming Dilution
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
(millions)
|
|
|
||||||||||||||||||||
FPL
|
$
|
1,880
|
|
|
$
|
1,727
|
|
|
$
|
1,648
|
|
|
$
|
3.98
|
|
|
$
|
3.71
|
|
|
$
|
3.63
|
|
NEER
(a)
|
2,963
|
|
|
1,125
|
|
|
1,092
|
|
|
6.27
|
|
|
2.41
|
|
|
2.41
|
|
||||||
Corporate and Other
|
535
|
|
|
60
|
|
|
12
|
|
|
1.13
|
|
|
0.13
|
|
|
0.02
|
|
||||||
NEE
|
$
|
5,378
|
|
|
$
|
2,912
|
|
|
$
|
2,752
|
|
|
$
|
11.38
|
|
|
$
|
6.25
|
|
|
$
|
6.06
|
|
(a)
|
NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt.
|
|
Years Ended December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||
|
|
|
(millions)
|
|
|
||||||||
Net gains (losses) associated with non-qualifying hedge activity
(a)
|
$
|
(35
|
)
|
|
$
|
(92
|
)
|
|
$
|
183
|
|
||
Merger-related expenses - Corporate and Other
(b)
|
$
|
(63
|
)
|
|
$
|
(92
|
)
|
|
$
|
(20
|
)
|
||
Operating results of solar projects in Spain - NEER
|
$
|
5
|
|
|
$
|
(11
|
)
|
|
$
|
5
|
|
||
Income (losses) from OTTI on securities held in NEER's nuclear decommissioning funds, net of OTTI reversals
(c)
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
(15
|
)
|
||
Tax reform-related
(d)
|
$
|
1,877
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Gain on sale of the fiber-optic telecommunications business - Corporate and Other
(e)
|
$
|
685
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Gains on sale of natural gas generation facilities
(f)
|
$
|
—
|
|
|
$
|
219
|
|
|
$
|
—
|
|
||
Duane Arnold impairment charge
(g)
|
$
|
(258
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Resolution of contingencies related to a previous asset sale - NEER
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
(a)
|
For
2017
,
2016
and
2015
, approximately $47 million of gains, $233 million of losses and $175 million of gains, respectively, are included in NEER's net income; the balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized. In 2017, net losses associated with non-qualifying hedge activity were partly offset by approximately $95 million of tax reform impacts.
|
(b)
|
See Note 1 - Merger Terminations.
|
(c)
|
Reflects OTTI losses on securities held in NEER’s nuclear decommissioning funds, net of the reversal of previously recognized OTTI losses on securities sold and losses on securities where price recovery was deemed unlikely (collectively, OTTI reversals). For
2017
,
2016
and
2015
, approximately $2 million of income, $2 million of losses and $14 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other.
|
(d)
|
Approximately $1,925 million of net favorable tax reform impacts and $50 million of net unfavorable tax reform impacts are included in NEER's and FPL's net income, respectively; the balance is included in Corporate and Other. See Note 1 - Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve and Note 5.
|
(e)
|
See Note 1 - Assets and Liabilities Associated with Assets Held for Sale for a discussion of the sale of the fiber-optic telecommunications business.
|
(f)
|
Approximately $276 million of the gains is included in NEER's net income; the balance is included in Corporate and Other. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale for a discussion of the sale of the natural gas generation facilities.
|
(g)
|
Approximately $246 million of the impairment charge is included in NEER's net income; the balance is included in Corporate and Other. See Note 4 - Nonrecurring Fair Value Measurements.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
(millions)
|
|
|
||||||
Reserve reversal (amortization) recorded under the 2016 and 2012 rate agreements
|
$
|
(1,250
|
)
|
|
$
|
(13
|
)
|
|
$
|
15
|
|
Other depreciation and amortization recovered under base rates
|
1,608
|
|
|
1,366
|
|
|
1,359
|
|
|||
Depreciation and amortization primarily recovered under cost recovery clauses and securitized storm-recovery cost amortization
|
575
|
|
|
298
|
|
|
202
|
|
|||
Total
|
$
|
933
|
|
|
$
|
1,651
|
|
|
$
|
1,576
|
|
|
Increase (Decrease)
From Prior Period
|
||||||||
|
Years Ended
December 31, |
||||||||
|
2017
|
|
2016
|
||||||
|
(millions)
|
||||||||
New investments
(a)
|
$
|
363
|
|
|
$
|
293
|
|
||
Existing assets
(a)
|
(54
|
)
|
|
(55
|
)
|
||||
Gas infrastructure
(a)
|
(13
|
)
|
|
(75
|
)
|
||||
Customer supply and proprietary power and gas trading
(b)
|
3
|
|
|
(16
|
)
|
||||
Revaluation of contingent consideration
|
(80
|
)
|
|
80
|
|
||||
Interest and other general and administrative expenses
(c)
|
(158
|
)
|
|
(99
|
)
|
||||
Other
|
79
|
|
|
36
|
|
||||
Change in non-qualifying hedge activity
(d)
|
280
|
|
|
(408
|
)
|
||||
Change in OTTI losses on securities held in nuclear decommissioning funds, net of OTTI reversals
(d)
|
4
|
|
|
12
|
|
||||
Tax reform-related
(d)
|
1,925
|
|
|
—
|
|
||||
Duane Arnold impairment charge
(d)
|
(246
|
)
|
|
—
|
|
||||
Operating results of the solar projects in Spain
(d)
|
16
|
|
|
(16
|
)
|
||||
Gains on sale of natural gas generation facilities
(d)
|
(276
|
)
|
|
276
|
|
||||
Resolution of contingencies related to a previous asset sale
(d)
|
(5
|
)
|
|
5
|
|
||||
Increase in net income less net income attributable to noncontrolling interests
|
$
|
1,838
|
|
|
$
|
33
|
|
(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, (see Note 1 - Electric Plant, Depreciation and Amortization, - Income Taxes and - Sale of Differential Membership Interests and Note 5), as well as income tax benefits related to the Canadian tax restructuring, 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 or ownership.
|
(b)
|
Excludes allocation of interest expense and corporate general and administrative expenses.
|
(c)
|
Includes differential membership interest costs. Excludes unrealized mark-to-market gains and losses related to interest rate derivative contracts, which are included in change in non-qualifying hedge activity.
|
(d)
|
See Overview - Adjusted Earnings for additional information.
|
•
|
higher earnings of approximately $316 million, including the net effect of deferred income taxes and other benefits associated with ITCs and convertible ITCs, related to the addition of approximately 1,818 MW of wind generating capacity and 1,378 MW of solar generating capacity during or after 2016, and
|
•
|
higher earnings of approximately $44 million related to additional investments in natural gas pipeline projects.
|
•
|
higher earnings of approximately $223 million, including deferred income tax and other benefits associated with ITCs and convertible ITCs, related to the addition of approximately 2,819 MW of wind generating capacity and 1,226 MW of solar generating capacity during or after
2015
, and
|
•
|
higher earnings of approximately $70 million related to the acquisition of the Texas pipelines in October 2015 and additional investments in other natural gas pipeline projects.
|
•
|
lower results from wind and solar assets of approximately $36 million primarily reflecting an increase in the amount of earnings attributable to noncontrolling interest and the absence of 2016 income tax benefits related to the Canadian tax restructuring, offset in part by lower depreciation related to the change in useful lives of certain wind assets (see Note 1 - Electric Plant, Depreciation and Amortization), and
|
•
|
lower results of approximately $27 million related to the sale of certain natural gas generation facilities (see Note 1 - Assets and Liabilities Associated with Assets Held for Sale).
|
•
|
lower results from wind and solar assets of approximately $40 million primarily due to lower state tax credits, the roll off of PTCs on certain wind projects after ten years of production (PTC roll off), higher project O&M expenses and an increase in the amount of earnings attributable to noncontrolling interest, offset in part by higher wind generation and income tax benefits related to the Canadian tax restructuring, and
|
•
|
lower results of $6 million related to the sale of certain natural gas generation facilities (see Note 1 - Assets and Liabilities Associated with Assets Held for Sale).
|
•
|
higher revenues from new investments of approximately $318 million,
|
•
|
lower unrealized mark-to-market losses from non-qualifying hedges (approximately $71 million for 2017 compared to $273 million in 2016), and
|
•
|
higher revenues of approximately $125 million from the customer supply and proprietary power and gas trading business,
|
•
|
lower revenues from existing assets of approximately $291 million primarily reflecting the sale of certain natural gas generation facilities in 2016, and
|
•
|
lower revenues from the gas infrastructure business of approximately $89 million.
|
•
|
unrealized mark-to-market losses from non-qualifying hedges of approximately $273 million for 2016 compared to $275 million of gains on such hedges for 2015, and
|
•
|
lower revenues from existing assets of approximately $409 million reflecting lower revenues from the natural gas generation facilities sold in 2016, offset in part by higher wind generation due to stronger wind resource and higher revenues at Seabrook reflecting the absence of a 2015 refueling outage,
|
•
|
higher revenues from new investments of approximately $384 million.
|
•
|
the absence of the 2016 gain on the sale of natural gas generation facilities of approximately $445 million,
|
•
|
the Duane Arnold impairment charge of approximately $420 million, and
|
•
|
higher operating expenses associated with new investments of approximately $167 million,
|
•
|
lower depreciation expense on existing assets of approximately $98 million primarily related to the change in the estimated useful lives of certain equipment (see Note 1 - Electric Plant, Depreciation and Amortization) and lower depletion rates, and
|
•
|
lower fuel expense of approximately $85 million primarily related to the sale of certain natural gas generation facilities in 2016 offset in part by higher fuel purchases for the proprietary power and gas trading business.
|
•
|
gains of approximately $446 million primarily related to the sale of natural gas generation facilities in 2016 and the profit sharing liability amortization related to ownership interests sold to NEP, and
|
•
|
lower fuel expense of approximately $284 million primarily reflecting lower fuel expense from the natural gas generation facilities sold in 2016
,
|
•
|
higher operating expenses associated with new investments of approximately $208 million,
|
•
|
higher O&M expenses reflecting higher costs associated with growth in the NEER business, and
|
•
|
higher depreciation of approximately $49 million on existing assets primarily reflecting an increase of $111 million of depreciation from the gas infrastructure business primarily related to higher depletion rates and increased production, partly offset by lower depreciation on the natural gas generation facilities sold in 2016.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016*
|
|
2015*
|
||||||
|
(millions)
|
||||||||||
Sources of cash:
|
|
|
|
|
|
||||||
Cash flows from operating activities
|
$
|
6,413
|
|
|
$
|
6,293
|
|
|
$
|
6,089
|
|
Long-term borrowings
|
8,354
|
|
|
5,657
|
|
|
5,772
|
|
|||
Proceeds from differential membership investors
|
1,414
|
|
|
1,859
|
|
|
761
|
|
|||
Proceeds from sale of the fiber-optic telecommunications business
|
1,454
|
|
|
—
|
|
|
—
|
|
|||
Sale of independent power and other investments of NEER
|
178
|
|
|
658
|
|
|
52
|
|
|||
Cash grants under the Recovery Act
|
78
|
|
|
335
|
|
|
8
|
|
|||
Issuances of common stock - net
|
55
|
|
|
537
|
|
|
1,298
|
|
|||
Net increase in commercial paper and other short-term debt
|
1,867
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of noncontrolling interests in NEP
|
—
|
|
|
645
|
|
|
345
|
|
|||
Proceeds from issuance of NEP convertible preferred units - net
|
548
|
|
|
—
|
|
|
—
|
|
|||
Effects of currency translation on cash, cash equivalents and restricted cash
|
26
|
|
|
10
|
|
|
17
|
|
|||
Other sources - net
|
149
|
|
|
5
|
|
|
107
|
|
|||
Total sources of cash
|
20,536
|
|
|
15,999
|
|
|
14,449
|
|
|||
Uses of cash:
|
|
|
|
|
|
||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
(10,740
|
)
|
|
(9,636
|
)
|
|
(8,377
|
)
|
|||
Retirements of long-term debt
|
(6,780
|
)
|
|
(3,310
|
)
|
|
(3,972
|
)
|
|||
Net decrease in commercial paper and other short-term debt
|
—
|
|
|
(268
|
)
|
|
(356
|
)
|
|||
Dividends on common stock
|
(1,845
|
)
|
|
(1,612
|
)
|
|
(1,385
|
)
|
|||
Other uses - net
|
(717
|
)
|
|
(416
|
)
|
|
(352
|
)
|
|||
Total uses of cash
|
(20,082
|
)
|
|
(15,242
|
)
|
|
(14,442
|
)
|
|||
Net increase in cash, cash equivalents and restricted cash
|
$
|
454
|
|
|
$
|
757
|
|
|
$
|
7
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions)
|
||||||||||
FPL:
|
|
|
|
|
|
||||||
Generation:
|
|
|
|
|
|
||||||
New
|
$
|
1,198
|
|
|
$
|
1,128
|
|
|
$
|
686
|
|
Existing
|
1,285
|
|
|
723
|
|
|
811
|
|
|||
Transmission and distribution
|
2,151
|
|
|
1,848
|
|
|
1,681
|
|
|||
Nuclear fuel
|
117
|
|
|
158
|
|
|
205
|
|
|||
General and other
|
431
|
|
|
331
|
|
|
384
|
|
|||
Other, primarily change in accrued property additions and exclusion of AFUDC - equity
|
109
|
|
|
(254
|
)
|
|
(134
|
)
|
|||
Total
|
5,291
|
|
|
3,934
|
|
|
3,633
|
|
|||
NEER:
|
|
|
|
|
|
|
|
||||
Wind
|
2,824
|
|
|
2,474
|
|
|
1,029
|
|
|||
Solar
|
759
|
|
|
1,554
|
|
|
1,494
|
|
|||
Nuclear, including nuclear fuel
|
220
|
|
|
255
|
|
|
315
|
|
|||
Natural gas pipelines
|
785
|
|
|
853
|
|
|
1,198
|
|
|||
Other
|
787
|
|
|
385
|
|
|
625
|
|
|||
Total
|
5,375
|
|
|
5,521
|
|
|
4,661
|
|
|||
Corporate and Other
|
74
|
|
|
181
|
|
|
83
|
|
|||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
10,740
|
|
|
$
|
9,636
|
|
|
$
|
8,377
|
|
|
|
|
|
|
|
|
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
|
)
|
|
(446
|
)
|
|
(449
|
)
|
|
|
|
|
|||
|
2,913
|
|
|
4,518
|
|
|
7,431
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facilities
|
1,155
|
|
|
1,485
|
|
|
2,640
|
|
|
2018 - 2019
|
|
2018 - 2022
|
|||
Borrowings
|
(1,000
|
)
|
|
—
|
|
|
(1,000
|
)
|
|
|
|
|
|||
|
155
|
|
|
1,485
|
|
|
1,640
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(b)
|
—
|
|
|
550
|
|
|
550
|
|
|
|
|
2019 - 2020
|
|||
Issued letters of credit
|
—
|
|
|
(468
|
)
|
|
(468
|
)
|
|
|
|
|
|||
|
—
|
|
|
82
|
|
|
82
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
3,068
|
|
|
6,085
|
|
|
9,153
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
33
|
|
|
1,679
|
|
|
1,712
|
|
|
|
|
|
|||
Commercial paper and other short-term borrowings outstanding
|
(1,687
|
)
|
|
(5
|
)
|
|
(1,692
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
1,414
|
|
|
$
|
7,759
|
|
|
$
|
9,173
|
|
|
|
|
|
(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 $838 million of pollution control, solid waste disposal and industrial development revenue bonds (tax exempt bonds) in the event they are tendered by individual bond holders and not remarketed prior to maturity. Approximately $2,315 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.
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Long-term debt, including interest:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(b)
|
$
|
949
|
|
|
$
|
938
|
|
|
$
|
1,238
|
|
|
$
|
511
|
|
|
$
|
562
|
|
|
$
|
16,273
|
|
|
$
|
20,471
|
|
NEER
|
1,050
|
|
|
948
|
|
|
1,286
|
|
|
898
|
|
|
1,384
|
|
|
8,668
|
|
|
14,234
|
|
|||||||
Corporate and Other
|
1,113
|
|
|
1,711
|
|
|
1,936
|
|
|
2,487
|
|
|
272
|
|
|
14,033
|
|
|
21,552
|
|
|||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(c)
|
6,420
|
|
|
4,770
|
|
|
5,370
|
|
|
5,550
|
|
|
5,530
|
|
|
11,465
|
|
|
39,105
|
|
|||||||
NEER
(d)
|
1,700
|
|
|
205
|
|
|
120
|
|
|
80
|
|
|
100
|
|
|
285
|
|
|
2,490
|
|
|||||||
Corporate and Other
(d)
|
80
|
|
|
15
|
|
|
15
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|||||||
Elimination of FPL's purchase obligations to NEER
(d)
|
(87
|
)
|
|
(84
|
)
|
|
(82
|
)
|
|
(79
|
)
|
|
(76
|
)
|
|
(1,101
|
)
|
|
(1,509
|
)
|
|||||||
Asset retirement activities:
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
(f)
|
25
|
|
|
28
|
|
|
3
|
|
|
18
|
|
|
11
|
|
|
8,644
|
|
|
8,729
|
|
|||||||
NEER
(g)
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
12,719
|
|
|
12,724
|
|
|||||||
Other commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NEER
(h)
|
256
|
|
|
226
|
|
|
130
|
|
|
119
|
|
|
108
|
|
|
371
|
|
|
1,210
|
|
|||||||
Total
|
$
|
11,508
|
|
|
$
|
8,757
|
|
|
$
|
10,016
|
|
|
$
|
9,597
|
|
|
$
|
7,891
|
|
|
$
|
71,357
|
|
|
$
|
119,126
|
|
(a)
|
Includes principal, interest, interest rate contracts and payments by NEE under stock purchase contracts. Variable rate interest was computed using
December 31, 2017
rates. See Note 11.
|
(b)
|
Includes tax exempt bonds of approximately $9 million maturing in 2020, $46 million in 2021, $96 million in 2022 and $687 million thereafter that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the tax exempt bonds. As of
December 31, 2017
, all tax exempt bonds tendered for purchase have been successfully remarketed. FPL’s bank revolving line of credit facilities are available to support the purchase of tax exempt bonds.
|
(c)
|
Represents required capacity and minimum charges under long-term purchased power and fuel contracts and projected capital expenditures through 2022 (see Note 13 - Commitments and - Contracts).
|
(d)
|
See Note 13 - Contracts.
|
(e)
|
Represents expected cash payments adjusted for inflation for estimated costs to perform asset retirement activities.
|
(f)
|
At
December 31, 2017
, FPL had approximately $4,089 million in restricted funds for the payment of its portion of future expenditures to decommission the Turkey Point and St. Lucie nuclear units, which are included in NEE’s and FPL’s special use funds. See Note 12.
|
(g)
|
At
December 31, 2017
, NEER had approximately $1,913 million in restricted funds for the payment of its portion of future expenditures to decommission Seabrook, Duane Arnold and Point Beach nuclear units which are included in NEE’s special use funds. See Note 12.
|
(h)
|
Represents estimated cash distributions related to differential membership interests and payments related to the acquisition of certain development rights. For further discussion of differential membership interests, see Note 1 - Sale of Differential Membership Interests.
|
|
Moody's
(a)
|
|
S&P
(a)
|
|
Fitch
(a)
|
NEE:
(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
|
|
|
|
|
|
FPL:
(b)
|
|
|
|
|
|
Corporate credit rating
|
A1
|
|
A-
|
|
A
|
First mortgage bonds
|
Aa2
|
|
A
|
|
AA-
|
Senior unsecured notes
|
A1
|
|
A-
|
|
A+
|
Pollution control, solid waste disposal and industrial development revenue bonds
(c)
|
VMIG-1/P-1
|
|
A-2
|
|
F1
|
Commercial paper
|
P-1
|
|
A-2
|
|
F1
|
|
|
|
|
|
|
NEECH:
(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
Debentures
|
Baa1
|
|
BBB+
|
|
A-
|
Junior subordinated debentures
|
Baa2
|
|
BBB
|
|
BBB
|
Commercial paper
|
P-2
|
|
A-2
|
|
F2
|
(a)
|
A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
|
(b)
|
The outlook indicated by each of Moody's, S&P and Fitch is stable.
|
(c)
|
Short-term ratings are presented as all bonds outstanding are currently paying a short-term interest rate. At FPL's election, a portion or all of the bonds may be adjusted to a long-term interest rate.
|
|
2017
|
|
2016
|
|
2015
|
|||
Discount rate
|
4.09
|
%
|
|
4.35
|
%
|
|
3.95
|
%
|
Salary increase
|
4.10
|
%
|
|
4.10
|
%
|
|
4.10
|
%
|
Expected long-term rate of return, net of investment management fees
|
7.35
|
%
|
|
7.35
|
%
|
|
7.35
|
%
|
|
|
|
Decrease in 2017
Net Periodic Pension Income
|
||||||
|
Change in
Assumption
|
|
NEE
|
|
FPL
|
||||
|
|
|
(millions)
|
||||||
Expected long-term rate of return
|
(0.5)%
|
|
$
|
(19
|
)
|
|
$
|
(12
|
)
|
Discount rate
|
0.5%
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
Salary increase
|
0.5%
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
Nuclear
Decommissioning
|
|
Fossil/Solar
Dismantlement
|
|
Interim Removal
Costs and Other
|
|
Total
|
||||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
AROs
|
$
|
1,947
|
|
|
$
|
1,852
|
|
|
$
|
95
|
|
|
$
|
62
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
2,047
|
|
|
$
|
1,919
|
|
Less capitalized ARO asset net of accumulated depreciation
|
335
|
|
|
355
|
|
|
45
|
|
|
32
|
|
|
1
|
|
|
—
|
|
|
381
|
|
|
387
|
|
||||||||
Accrued asset removal costs
(a)
|
326
|
|
|
297
|
|
|
162
|
|
|
322
|
|
|
97
|
|
|
1,325
|
|
|
585
|
|
|
1,944
|
|
||||||||
Asset retirement obligation regulatory expense difference
(a)
|
2,565
|
|
|
2,272
|
|
|
7
|
|
|
24
|
|
|
(3
|
)
|
|
(2
|
)
|
|
2,569
|
|
|
2,294
|
|
||||||||
Accrued decommissioning, dismantlement and other accrued asset removal costs
(b)
|
$
|
4,503
|
|
|
$
|
4,066
|
|
|
$
|
219
|
|
|
$
|
376
|
|
|
$
|
98
|
|
|
$
|
1,328
|
|
|
$
|
4,820
|
|
|
$
|
5,770
|
|
(a)
|
Included in noncurrent regulatory liabilities on NEE’s and FPL’s consolidated balance sheets.
|
(b)
|
Represents total amount accrued for ratemaking purposes.
|
|
|
Hedges on Owned Assets
|
|
|
|||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Fair value of contracts outstanding at December 31, 2015
|
$
|
359
|
|
|
$
|
1,185
|
|
|
$
|
(218
|
)
|
|
$
|
1,326
|
|
Reclassification to realized at settlement of contracts
|
(189
|
)
|
|
(455
|
)
|
|
223
|
|
|
(421
|
)
|
||||
Inception value of new contracts
|
37
|
|
|
15
|
|
|
—
|
|
|
52
|
|
||||
Net option premium purchases (issuances)
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Changes in fair value excluding reclassification to realized
|
223
|
|
|
236
|
|
|
203
|
|
|
662
|
|
||||
Fair value of contracts outstanding at December 31, 2016
|
430
|
|
|
984
|
|
|
208
|
|
|
1,622
|
|
||||
Reclassification to realized at settlement of contracts
|
(248
|
)
|
|
(366
|
)
|
|
(39
|
)
|
|
(653
|
)
|
||||
Inception value of new contracts
|
8
|
|
|
2
|
|
|
—
|
|
|
10
|
|
||||
Net option premium purchases (issuances)
|
(85
|
)
|
|
5
|
|
|
—
|
|
|
(80
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
337
|
|
|
103
|
|
|
(169
|
)
|
|
271
|
|
||||
Fair value of contracts outstanding at December 31, 2017
|
442
|
|
|
728
|
|
|
—
|
|
|
1,170
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
—
|
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2017
|
$
|
442
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
1,170
|
|
|
December 31, 2017
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
473
|
|
Noncurrent derivative assets
|
1,264
|
|
|
Current derivative liabilities
|
(281
|
)
|
|
Noncurrent derivative liabilities
|
(286
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
1,170
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
$
|
106
|
|
|
$
|
9
|
|
|
$
|
(9
|
)
|
|
$
|
(9
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
97
|
|
Significant other observable inputs
|
26
|
|
|
19
|
|
|
7
|
|
|
(1
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
38
|
|
|||||||
Significant unobservable inputs
|
30
|
|
|
34
|
|
|
38
|
|
|
29
|
|
|
42
|
|
|
134
|
|
|
307
|
|
|||||||
Total
|
162
|
|
|
62
|
|
|
36
|
|
|
19
|
|
|
35
|
|
|
128
|
|
|
442
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
(1
|
)
|
|
—
|
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|||||||
Significant other observable inputs
|
74
|
|
|
89
|
|
|
75
|
|
|
56
|
|
|
35
|
|
|
19
|
|
|
348
|
|
|||||||
Significant unobservable inputs
|
15
|
|
|
16
|
|
|
24
|
|
|
27
|
|
|
17
|
|
|
292
|
|
|
391
|
|
|||||||
Total
|
88
|
|
|
105
|
|
|
90
|
|
|
82
|
|
|
52
|
|
|
311
|
|
|
728
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant unobservable inputs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total sources of fair value
|
$
|
250
|
|
|
$
|
167
|
|
|
$
|
126
|
|
|
$
|
101
|
|
|
$
|
87
|
|
|
$
|
439
|
|
|
$
|
1,170
|
|
|
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
|
|
December 31, 2017
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
44
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
37
|
|
Average for the year ended December 31, 2017
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
20
|
|
|
$
|
30
|
|
|
$
|
22
|
|
|
$
|
20
|
|
|
$
|
29
|
|
|
$
|
21
|
|
(a)
|
Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.
|
|
December 31, 2017
|
|
December 31, 2016
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
1,946
|
|
|
$
|
1,946
|
|
(a)
|
$
|
1,809
|
|
|
$
|
1,809
|
|
(a)
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Debt securities
|
$
|
136
|
|
|
$
|
136
|
|
(a)
|
$
|
123
|
|
|
$
|
123
|
|
(a)
|
Primarily notes receivable
(b)
|
$
|
500
|
|
|
$
|
680
|
|
(c)
|
$
|
526
|
|
|
$
|
668
|
|
(c)
|
Long-term debt, including current maturities
|
$
|
33,134
|
|
|
$
|
35,447
|
|
(d)
|
$
|
30,418
|
|
|
$
|
31,623
|
|
(d)
|
Interest rate contracts - net unrealized gains (losses)
|
$
|
(225
|
)
|
|
$
|
(225
|
)
|
(e)
|
$
|
4
|
|
|
$
|
4
|
|
(e)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,462
|
|
|
$
|
1,462
|
|
(a)
|
$
|
1,363
|
|
|
$
|
1,363
|
|
(a)
|
Long-term debt, including current maturities
|
$
|
11,702
|
|
|
$
|
13,285
|
|
(d)
|
$
|
10,072
|
|
|
$
|
11,211
|
|
(d)
|
(a)
|
Primarily estimated using a market approach based on quoted market prices for these or similar issues.
|
(b)
|
At December 31, 2017, the note receivable is classified as held for sale and is under contract (see Note 8
-
NEER).
|
(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 noncash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.
|
JAMES L. ROBO
|
|
JOHN W. KETCHUM
|
James L. Robo
Chairman, President and Chief Executive Officer of NEE and Chairman of FPL
|
|
John W. Ketchum
Executive Vice President, Finance and Chief Financial Officer of NEE and FPL
|
TERRELL KIRK CREWS, II
|
|
|
Terrell Kirk Crews, II
Vice President, Controller and Chief Accounting Officer of NEE |
|
|
ERIC E. SILAGY
|
|
KIMBERLY OUSDAHL
|
Eric E. Silagy
President and Chief Executive Officer of FPL
|
|
Kimberly Ousdahl
Vice President and Chief Accounting Officer of FPL
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||
OPERATING REVENUES
|
|
$
|
17,195
|
|
|
$
|
16,155
|
|
|
$
|
17,486
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
|
4,071
|
|
|
4,042
|
|
|
5,327
|
|
|||
Other operations and maintenance
|
|
3,327
|
|
|
3,389
|
|
|
3,269
|
|
|||
Storm restoration costs
|
|
1,255
|
|
|
—
|
|
|
—
|
|
|||
Impairment charges
|
|
446
|
|
|
7
|
|
|
2
|
|
|||
Merger-related
|
|
69
|
|
|
135
|
|
|
26
|
|
|||
Depreciation and amortization
|
|
2,357
|
|
|
3,077
|
|
|
2,831
|
|
|||
Losses (gains) on disposal of a business/assets - net
|
|
(1,111
|
)
|
|
(446
|
)
|
|
4
|
|
|||
Taxes other than income taxes and other - net
|
|
1,455
|
|
|
1,343
|
|
|
1,395
|
|
|||
Total operating expenses - net
|
|
11,869
|
|
|
11,547
|
|
|
12,854
|
|
|||
OPERATING INCOME
|
|
5,326
|
|
|
4,608
|
|
|
4,632
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
(1,558
|
)
|
|
(1,093
|
)
|
|
(1,211
|
)
|
|||
Benefits associated with differential membership interests - net
|
|
460
|
|
|
309
|
|
|
216
|
|
|||
Equity in earnings of equity method investees
|
|
141
|
|
|
148
|
|
|
107
|
|
|||
Allowance for equity funds used during construction
|
|
92
|
|
|
86
|
|
|
70
|
|
|||
Interest income
|
|
81
|
|
|
82
|
|
|
86
|
|
|||
Gains on disposal of investments and other property - net
|
|
114
|
|
|
40
|
|
|
90
|
|
|||
Other than temporary impairment losses on securities held in nuclear decommissioning funds
|
|
(10
|
)
|
|
(23
|
)
|
|
(40
|
)
|
|||
Revaluation of contingent consideration
|
|
—
|
|
|
189
|
|
|
—
|
|
|||
Other - net
|
|
21
|
|
|
42
|
|
|
40
|
|
|||
Total other deductions - net
|
|
(659
|
)
|
|
(220
|
)
|
|
(642
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
|
4,667
|
|
|
4,388
|
|
|
3,990
|
|
|||
INCOME TAX EXPENSE (BENEFIT)
|
|
(653
|
)
|
|
1,383
|
|
|
1,228
|
|
|||
NET INCOME
|
|
5,320
|
|
|
3,005
|
|
|
2,762
|
|
|||
LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
(58
|
)
|
|
93
|
|
|
10
|
|
|||
NET INCOME ATTRIBUTABLE TO NEE
|
|
$
|
5,378
|
|
|
$
|
2,912
|
|
|
$
|
2,752
|
|
Earnings per share attributable to NEE:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
11.47
|
|
|
$
|
6.29
|
|
|
$
|
6.11
|
|
Assuming dilution
|
|
$
|
11.38
|
|
|
$
|
6.25
|
|
|
$
|
6.06
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
468.8
|
|
|
463.1
|
|
|
450.5
|
|
|||
Assuming dilution
|
|
472.5
|
|
|
465.8
|
|
|
454.0
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
NET INCOME
|
$
|
5,320
|
|
|
$
|
3,005
|
|
|
$
|
2,762
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|||||
Effective portion of net unrealized losses (net of $37 tax benefit)
|
—
|
|
|
—
|
|
|
(88
|
)
|
|||
Reclassification from accumulated other comprehensive income (loss) to net income (net of $13, $32 and $25 tax expense, respectively)
|
32
|
|
|
70
|
|
|
63
|
|
|||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on securities still held (net of $94 and $50 tax expense and $8 tax benefit, respectively)
|
127
|
|
|
69
|
|
|
(7
|
)
|
|||
Reclassification from accumulated other comprehensive income (loss) to net income (net of $25, $13 and $33 tax benefit, respectively)
|
(36
|
)
|
|
(18
|
)
|
|
(37
|
)
|
|||
Defined benefit pension and other benefits plans (net of $28 tax expense, $13 and $26 tax benefit, respectively)
|
44
|
|
|
(21
|
)
|
|
(42
|
)
|
|||
Net unrealized gains (losses) on foreign currency translation (net of $1 tax expense, $2 and $2 tax benefit, respectively)
|
24
|
|
|
(5
|
)
|
|
(27
|
)
|
|||
Other comprehensive income related to equity method investee (net of $1 and $2 tax expense, respectively)
|
2
|
|
|
2
|
|
|
—
|
|
|||
Total other comprehensive income (loss), net of tax
|
193
|
|
|
97
|
|
|
(138
|
)
|
|||
COMPREHENSIVE INCOME
|
5,513
|
|
|
3,102
|
|
|
2,624
|
|
|||
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(46
|
)
|
|
93
|
|
|
(1
|
)
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE
|
$
|
5,559
|
|
|
$
|
3,009
|
|
|
$
|
2,625
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Electric plant in service and other property
|
|
$
|
85,337
|
|
|
$
|
80,150
|
|
Nuclear fuel
|
|
1,767
|
|
|
2,131
|
|
||
Construction work in progress
|
|
6,679
|
|
|
4,732
|
|
||
Accumulated depreciation and amortization
|
|
(21,367
|
)
|
|
(20,101
|
)
|
||
Total property, plant and equipment - net ($16,485 and $14,632 related to VIEs, respectively)
|
|
72,416
|
|
|
66,912
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
1,714
|
|
|
1,292
|
|
||
Customer receivables, net of allowances o
f $7 and $5,
respectively
|
|
2,220
|
|
|
1,784
|
|
||
Other receivables
|
|
517
|
|
|
655
|
|
||
Materials, supplies and fossil fuel inventory
|
|
1,273
|
|
|
1,289
|
|
||
Regulatory assets
|
|
336
|
|
|
524
|
|
||
Derivatives
|
|
489
|
|
|
885
|
|
||
Assets held for sale
|
|
140
|
|
|
452
|
|
||
Other
|
|
468
|
|
|
528
|
|
||
Total current assets
|
|
7,157
|
|
|
7,409
|
|
||
OTHER ASSETS
|
|
|
|
|
|
|
||
Special use funds
|
|
6,003
|
|
|
5,434
|
|
||
Other investments ($470 and $479 related to a VIE, respectively)
|
|
2,959
|
|
|
2,482
|
|
||
Prepaid benefit costs
|
|
1,427
|
|
|
1,177
|
|
||
Regulatory assets ($37 and $107 related to a VIE, respectively)
|
|
2,469
|
|
|
1,894
|
|
||
Derivatives
|
|
1,315
|
|
|
1,350
|
|
||
Other
|
|
4,081
|
|
|
3,335
|
|
||
Total other assets
|
|
18,254
|
|
|
15,672
|
|
||
TOTAL ASSETS
|
|
$
|
97,827
|
|
|
$
|
89,993
|
|
CAPITALIZATION
|
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 471 and 468, respectively)
|
|
$
|
5
|
|
|
$
|
5
|
|
Additional paid-in capital
|
|
9,100
|
|
|
8,948
|
|
||
Retained earnings
|
|
18,992
|
|
|
15,458
|
|
||
Accumulated other comprehensive income (loss)
|
|
111
|
|
|
(70
|
)
|
||
Total common shareholders' equity
|
|
28,208
|
|
|
24,341
|
|
||
Noncontrolling interests
|
|
1,290
|
|
|
990
|
|
||
Total equity
|
|
29,498
|
|
|
25,331
|
|
||
Long-term debt ($5,941 and $5,080 related to VIEs, respectively)
|
|
31,463
|
|
|
27,818
|
|
||
Total capitalization
|
|
60,961
|
|
|
53,149
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Commercial paper
|
|
1,687
|
|
|
268
|
|
||
Other short-term debt
|
|
255
|
|
|
150
|
|
||
Current maturities of long-term debt
|
|
1,676
|
|
|
2,604
|
|
||
Accounts payable
|
|
3,235
|
|
|
3,447
|
|
||
Customer deposits
|
|
448
|
|
|
470
|
|
||
Accrued interest and taxes
|
|
622
|
|
|
480
|
|
||
Derivatives
|
|
364
|
|
|
404
|
|
||
Accrued construction-related expenditures
|
|
1,033
|
|
|
1,120
|
|
||
Regulatory liabilities
|
|
346
|
|
|
299
|
|
||
Liabilities associated with assets held for sale
|
|
18
|
|
|
451
|
|
||
Other
|
|
1,548
|
|
|
1,226
|
|
||
Total current liabilities
|
|
11,232
|
|
|
10,919
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
||||
Asset retirement obligations
|
|
3,031
|
|
|
2,736
|
|
||
Deferred income taxes
|
|
5,754
|
|
|
11,101
|
|
||
Regulatory liabilities
|
|
8,765
|
|
|
4,906
|
|
||
Derivatives
|
|
535
|
|
|
477
|
|
||
Deferral related to differential membership interests - VIEs
|
|
5,403
|
|
|
4,656
|
|
||
Other
|
|
2,146
|
|
|
2,049
|
|
||
Total other liabilities and deferred credits
|
|
25,634
|
|
|
25,925
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
97,827
|
|
|
$
|
89,993
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
*
|
|
2015
*
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
5,320
|
|
|
$
|
3,005
|
|
|
$
|
2,762
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
2,357
|
|
|
3,077
|
|
|
2,831
|
|
|||
Nuclear fuel and other amortization
|
272
|
|
|
300
|
|
|
372
|
|
|||
Impairment charges
|
446
|
|
|
7
|
|
|
2
|
|
|||
Unrealized losses (gains) on marked to market derivative contracts - net
|
436
|
|
|
(44
|
)
|
|
(337
|
)
|
|||
Foreign currency transaction losses (gains)
|
(25
|
)
|
|
13
|
|
|
—
|
|
|||
Deferred income taxes
|
(875
|
)
|
|
1,230
|
|
|
1,162
|
|
|||
Cost recovery clauses and franchise fees
|
82
|
|
|
94
|
|
|
176
|
|
|||
Acquisition of purchased power agreement
|
(243
|
)
|
|
—
|
|
|
(521
|
)
|
|||
Benefits associated with differential membership interests - net
|
(460
|
)
|
|
(309
|
)
|
|
(216
|
)
|
|||
Gains on disposal of a business, assets and investments - net
|
(1,225
|
)
|
|
(490
|
)
|
|
(89
|
)
|
|||
Recoverable storm-related costs
|
(108
|
)
|
|
(223
|
)
|
|
—
|
|
|||
Other - net
|
90
|
|
|
(111
|
)
|
|
49
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||
Current assets
|
(353
|
)
|
|
(162
|
)
|
|
66
|
|
|||
Noncurrent assets
|
(60
|
)
|
|
(58
|
)
|
|
(109
|
)
|
|||
Current liabilities
|
766
|
|
|
(24
|
)
|
|
64
|
|
|||
Noncurrent liabilities
|
(7
|
)
|
|
(12
|
)
|
|
(123
|
)
|
|||
Net cash provided by operating activities
|
6,413
|
|
|
6,293
|
|
|
6,089
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures of FPL
|
(5,174
|
)
|
|
(3,776
|
)
|
|
(3,428
|
)
|
|||
Independent power and other investments of NEER
|
(5,295
|
)
|
|
(5,396
|
)
|
|
(4,505
|
)
|
|||
Cash grants under the American Recovery and Reinvestment Act of 2009
|
78
|
|
|
335
|
|
|
8
|
|
|||
Nuclear fuel purchases
|
(197
|
)
|
|
(283
|
)
|
|
(361
|
)
|
|||
Other capital expenditures and other investments
|
(74
|
)
|
|
(181
|
)
|
|
(83
|
)
|
|||
Proceeds from sale of the fiber-optic telecommunications business
|
1,454
|
|
|
—
|
|
|
—
|
|
|||
Sale of independent power and other investments of NEER
|
178
|
|
|
658
|
|
|
52
|
|
|||
Proceeds from sale or maturity of securities in special use funds and other investments
|
3,207
|
|
|
3,776
|
|
|
4,851
|
|
|||
Purchases of securities in special use funds and other investments
|
(3,244
|
)
|
|
(3,829
|
)
|
|
(4,982
|
)
|
|||
Proceeds from sales of noncontrolling interests in NEP
|
—
|
|
|
645
|
|
|
345
|
|
|||
Other - net
|
149
|
|
|
5
|
|
|
107
|
|
|||
Net cash used in investing activities
|
(8,918
|
)
|
|
(8,046
|
)
|
|
(7,996
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
8,354
|
|
|
5,657
|
|
|
5,772
|
|
|||
Retirements of long-term debt
|
(6,780
|
)
|
|
(3,310
|
)
|
|
(3,972
|
)
|
|||
Proceeds from differential membership investors
|
1,414
|
|
|
1,859
|
|
|
761
|
|
|||
Net change in commercial paper
|
1,419
|
|
|
(106
|
)
|
|
(768
|
)
|
|||
Proceeds from other short-term debt
|
450
|
|
|
500
|
|
|
1,225
|
|
|||
Repayments of other short-term debt
|
(2
|
)
|
|
(662
|
)
|
|
(813
|
)
|
|||
Issuances of common stock - net
|
55
|
|
|
537
|
|
|
1,298
|
|
|||
Proceeds from issuance of NEP convertible preferred units - net
|
548
|
|
|
—
|
|
|
—
|
|
|||
Dividends on common stock
|
(1,845
|
)
|
|
(1,612
|
)
|
|
(1,385
|
)
|
|||
Other - net
|
(680
|
)
|
|
(363
|
)
|
|
(221
|
)
|
|||
Net cash provided by financing activities
|
2,933
|
|
|
2,500
|
|
|
1,897
|
|
|||
Effects of currency translation on cash, cash equivalents and restricted cash
|
26
|
|
|
10
|
|
|
17
|
|
|||
Net increase in cash, cash equivalents and restricted cash
|
454
|
|
|
757
|
|
|
7
|
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
1,529
|
|
|
772
|
|
|
765
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
1,983
|
|
|
$
|
1,529
|
|
|
$
|
772
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
1,184
|
|
|
$
|
1,193
|
|
|
$
|
1,143
|
|
Cash paid for income taxes - net
|
$
|
142
|
|
|
$
|
91
|
|
|
$
|
33
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
3,029
|
|
|
$
|
3,626
|
|
|
$
|
2,616
|
|
Assumption of debt/acquisition hold-backs in connection with Texas pipeline acquisition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,078
|
|
Decrease (Increase) in property, plant and equipment - net as a result of cash grants primarily under the American Recovery and Reinvestment Act of 2009
|
$
|
(154
|
)
|
|
$
|
419
|
|
|
$
|
224
|
|
Increase in property, plant and equipment - net as a result of a settlement/noncash exchange
|
$
|
(108
|
)
|
|
$
|
(72
|
)
|
|
$
|
(45
|
)
|
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, 2014
|
443
|
|
|
$
|
4
|
|
|
$
|
7,179
|
|
|
$
|
(40
|
)
|
|
$
|
12,773
|
|
|
$
|
19,916
|
|
|
$
|
252
|
|
|
$
|
20,168
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,752
|
|
|
2,752
|
|
|
10
|
|
|
|
||||||||
Issuances of common stock, net of issuance cost of less than $1
|
17
|
|
|
1
|
|
|
1,306
|
|
|
—
|
|
|
—
|
|
|
1,307
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
|
(1,385
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
(127
|
)
|
|
(11
|
)
|
|
|
||||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|
|
||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
252
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
35
|
|
|
|
||||||||
Balances, December 31, 2015
|
461
|
|
|
5
|
|
|
8,596
|
|
|
(167
|
)
|
|
14,140
|
|
|
22,574
|
|
|
538
|
|
|
$
|
23,112
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,912
|
|
|
2,912
|
|
|
93
|
|
|
|
||||||||
Issuances of common stock, net of issuance cost of less than $1
|
6
|
|
|
—
|
|
|
527
|
|
|
—
|
|
|
—
|
|
|
527
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
135
|
|
|
—
|
|
|
—
|
|
|
135
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,612
|
)
|
|
(1,612
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
|
||||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
—
|
|
|
(200
|
)
|
|
—
|
|
|
|
||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
433
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(110
|
)
|
|
—
|
|
|
18
|
|
|
(92
|
)
|
|
(74
|
)
|
|
|
||||||||
Balances, December 31, 2016
|
468
|
|
|
5
|
|
|
8,948
|
|
|
(70
|
)
|
|
15,458
|
|
|
24,341
|
|
|
990
|
|
|
$
|
25,331
|
|
||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,378
|
|
|
5,378
|
|
|
(58
|
)
|
|
|
||||||||
Issuances of common stock, net of issuance cost of less than $1
|
2
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
122
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,845
|
)
|
|
(1,845
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|
—
|
|
|
181
|
|
|
12
|
|
|
|
||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
460
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
1
|
|
|
(2
|
)
|
|
(114
|
)
|
|
|
||||||||
Balances, December 31, 2017
|
471
|
|
|
$
|
5
|
|
|
$
|
9,100
|
|
|
$
|
111
|
|
|
$
|
18,992
|
|
|
$
|
28,208
|
|
|
$
|
1,290
|
|
|
$
|
29,498
|
|
(a)
|
Dividends per share were
$3.93
,
$3.48
and
$3.08
for the years ended December 31,
2017
,
2016
and
2015
, respectively.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
OPERATING REVENUES
|
$
|
11,972
|
|
|
$
|
10,895
|
|
|
$
|
11,651
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
3,542
|
|
|
3,297
|
|
|
4,276
|
|
|||
Other operations and maintenance
|
1,559
|
|
|
1,600
|
|
|
1,617
|
|
|||
Storm restoration costs
|
1,255
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
933
|
|
|
1,651
|
|
|
1,576
|
|
|||
Taxes other than income taxes and other - net
|
1,292
|
|
|
1,189
|
|
|
1,205
|
|
|||
Total operating expenses - net
|
8,581
|
|
|
7,737
|
|
|
8,674
|
|
|||
OPERATING INCOME
|
3,391
|
|
|
3,158
|
|
|
2,977
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(482
|
)
|
|
(456
|
)
|
|
(445
|
)
|
|||
Allowance for equity funds used during construction
|
79
|
|
|
74
|
|
|
68
|
|
|||
Other - net
|
(2
|
)
|
|
2
|
|
|
5
|
|
|||
Total other deductions - net
|
(405
|
)
|
|
(380
|
)
|
|
(372
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
2,986
|
|
|
2,778
|
|
|
2,605
|
|
|||
INCOME TAXES
|
1,106
|
|
|
1,051
|
|
|
957
|
|
|||
NET INCOME
(a)
|
$
|
1,880
|
|
|
$
|
1,727
|
|
|
$
|
1,648
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY
|
|
|
|
||||
Plant in service and other property
|
$
|
47,167
|
|
|
$
|
44,966
|
|
Nuclear fuel
|
1,192
|
|
|
1,308
|
|
||
Construction work in progress
|
3,623
|
|
|
2,039
|
|
||
Accumulated depreciation and amortization
|
(12,802
|
)
|
|
(12,304
|
)
|
||
Total electric utility plant and other property - net
|
39,180
|
|
|
36,009
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
33
|
|
|
33
|
|
||
Customer receivables, net of allowances of $2 and $2, respectively
|
1,073
|
|
|
768
|
|
||
Other receivables
|
160
|
|
|
148
|
|
||
Materials, supplies and fossil fuel inventory
|
840
|
|
|
851
|
|
||
Regulatory assets
|
335
|
|
|
524
|
|
||
Derivatives
|
2
|
|
|
209
|
|
||
Other
|
241
|
|
|
213
|
|
||
Total current assets
|
2,684
|
|
|
2,746
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
4,090
|
|
|
3,665
|
|
||
Prepaid benefit costs
|
1,351
|
|
|
1,301
|
|
||
Regulatory assets ($37 and $107 related to a VIE, respectively)
|
2,249
|
|
|
1,573
|
|
||
Other
|
690
|
|
|
207
|
|
||
Total other assets
|
8,380
|
|
|
6,746
|
|
||
TOTAL ASSETS
|
$
|
50,244
|
|
|
$
|
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
|
7,376
|
|
|
6,875
|
|
||
Total common shareholder's equity
|
17,040
|
|
|
16,580
|
|
||
Long-term debt ($74 and $144 related to a VIE, respectively)
|
11,236
|
|
|
9,705
|
|
||
Total capitalization
|
28,276
|
|
|
26,285
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
1,687
|
|
|
268
|
|
||
Other short-term debt
|
250
|
|
|
150
|
|
||
Current maturities of long-term debt
|
466
|
|
|
367
|
|
||
Accounts payable
|
893
|
|
|
837
|
|
||
Customer deposits
|
445
|
|
|
466
|
|
||
Accrued interest and taxes
|
439
|
|
|
240
|
|
||
Accrued construction-related expenditures
|
300
|
|
|
262
|
|
||
Regulatory liabilities
|
333
|
|
|
294
|
|
||
Other
|
984
|
|
|
497
|
|
||
Total current liabilities
|
5,797
|
|
|
3,381
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
2,047
|
|
|
1,919
|
|
||
Deferred income taxes
|
5,005
|
|
|
8,541
|
|
||
Regulatory liabilities
|
8,642
|
|
|
4,893
|
|
||
Other
|
477
|
|
|
482
|
|
||
Total other liabilities and deferred credits
|
16,171
|
|
|
15,835
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
50,244
|
|
|
$
|
45,501
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
*
|
|
2015
*
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
1,880
|
|
|
$
|
1,727
|
|
|
$
|
1,648
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
933
|
|
|
1,651
|
|
|
1,576
|
|
|||
Nuclear fuel and other amortization
|
157
|
|
|
218
|
|
|
209
|
|
|||
Deferred income taxes
|
905
|
|
|
932
|
|
|
504
|
|
|||
Cost recovery clauses and franchise fees
|
82
|
|
|
94
|
|
|
176
|
|
|||
Acquisition of purchased power agreement
|
(243
|
)
|
|
—
|
|
|
(521
|
)
|
|||
Recoverable storm-related costs
|
(108
|
)
|
|
(223
|
)
|
|
—
|
|
|||
Other - net
|
(139
|
)
|
|
42
|
|
|
(56
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Current assets
|
(190
|
)
|
|
25
|
|
|
(90
|
)
|
|||
Noncurrent assets
|
(37
|
)
|
|
(31
|
)
|
|
(53
|
)
|
|||
Current liabilities
|
701
|
|
|
16
|
|
|
40
|
|
|||
Noncurrent liabilities
|
(32
|
)
|
|
(86
|
)
|
|
(41
|
)
|
|||
Net cash provided by operating activities
|
3,909
|
|
|
4,365
|
|
|
3,392
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(5,174
|
)
|
|
(3,776
|
)
|
|
(3,428
|
)
|
|||
Nuclear fuel purchases
|
(117
|
)
|
|
(158
|
)
|
|
(205
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
1,986
|
|
|
2,495
|
|
|
3,731
|
|
|||
Purchases of securities in special use funds
|
(2,082
|
)
|
|
(2,506
|
)
|
|
(3,792
|
)
|
|||
Other - net
|
18
|
|
|
28
|
|
|
55
|
|
|||
Net cash used in investing activities
|
(5,369
|
)
|
|
(3,917
|
)
|
|
(3,639
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
1,961
|
|
|
309
|
|
|
1,084
|
|
|||
Retirements of long-term debt
|
(882
|
)
|
|
(262
|
)
|
|
(551
|
)
|
|||
Net change in commercial paper
|
1,419
|
|
|
212
|
|
|
(1,086
|
)
|
|||
Proceeds from other short-term debt
|
450
|
|
|
500
|
|
|
100
|
|
|||
Repayments of other short-term debt
|
(2
|
)
|
|
(450
|
)
|
|
—
|
|
|||
Capital contributions from NEE
|
—
|
|
|
600
|
|
|
1,454
|
|
|||
Dividends to NEE
|
(1,450
|
)
|
|
(1,300
|
)
|
|
(700
|
)
|
|||
Other - net
|
(15
|
)
|
|
(2
|
)
|
|
(8
|
)
|
|||
Net cash provided by (used in) financing activities
|
1,481
|
|
|
(393
|
)
|
|
293
|
|
|||
Net increase in cash, cash equivalents and restricted cash
|
21
|
|
|
55
|
|
|
46
|
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
153
|
|
|
98
|
|
|
52
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
174
|
|
|
$
|
153
|
|
|
$
|
98
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
472
|
|
|
$
|
434
|
|
|
$
|
435
|
|
Cash paid for income taxes - net
|
$
|
2
|
|
|
$
|
147
|
|
|
$
|
439
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
668
|
|
|
$
|
664
|
|
|
$
|
474
|
|
Increase in electric utility plant and other property - net as a result of a noncash exchange
|
$
|
(112
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Common
Stock
|
|
Additional
Paid-In Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
||||||||
Balances, December 31, 2014
|
$
|
1,373
|
|
|
$
|
6,279
|
|
|
$
|
5,499
|
|
|
$
|
13,151
|
|
Net income
|
—
|
|
|
—
|
|
|
1,648
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
1,454
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(700
|
)
|
|
|
|||||
Balances, December 31, 2015
|
1,373
|
|
|
7,733
|
|
|
6,447
|
|
|
$
|
15,553
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,727
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
600
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(1,300
|
)
|
|
|
|||||
Other
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
|
|||||
Balances, December 31, 2016
|
1,373
|
|
|
8,332
|
|
|
6,875
|
|
|
$
|
16,580
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
1,880
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(1,450
|
)
|
|
|
|||||
Other
|
—
|
|
|
(41
|
)
|
|
71
|
|
|
|
|||||
Balances, December 31, 2017
|
$
|
1,373
|
|
|
$
|
8,291
|
|
|
$
|
7,376
|
|
|
$
|
17,040
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(millions)
|
||||||||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
||||||||
Current:
|
|
|
|
|
|
|
|
||||||||
Storm reserve deficiency
|
$
|
—
|
|
|
$
|
203
|
|
|
$
|
—
|
|
|
$
|
203
|
|
Other
|
336
|
|
|
321
|
|
|
335
|
|
|
321
|
|
||||
Total
|
$
|
336
|
|
|
$
|
524
|
|
|
$
|
335
|
|
|
$
|
524
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisition of purchased power agreements
|
$
|
963
|
|
|
$
|
636
|
|
|
$
|
963
|
|
|
$
|
636
|
|
Other
|
1,506
|
|
|
1,258
|
|
|
1,286
|
|
|
937
|
|
||||
Total
|
$
|
2,469
|
|
|
$
|
1,894
|
|
|
$
|
2,249
|
|
|
$
|
1,573
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current:
|
|
|
|
|
|
|
|
||||||||
Derivatives
|
$
|
—
|
|
|
$
|
208
|
|
|
$
|
—
|
|
|
$
|
208
|
|
Deferred clause revenues
|
296
|
|
|
86
|
|
|
296
|
|
|
86
|
|
||||
Other
|
50
|
|
|
5
|
|
|
37
|
|
|
—
|
|
||||
Total
|
$
|
346
|
|
|
$
|
299
|
|
|
$
|
333
|
|
|
$
|
294
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accrued asset removal costs
|
$
|
601
|
|
|
$
|
1,956
|
|
|
$
|
585
|
|
|
$
|
1,944
|
|
Asset retirement obligation regulatory expense difference
|
2,569
|
|
|
2,294
|
|
|
2,569
|
|
|
2,294
|
|
||||
Deferred taxes
|
4,981
|
|
|
96
|
|
|
4,903
|
|
|
96
|
|
||||
Other
|
614
|
|
|
560
|
|
|
585
|
|
|
559
|
|
||||
Total
|
$
|
8,765
|
|
|
$
|
4,906
|
|
|
$
|
8,642
|
|
|
$
|
4,893
|
|
•
|
New retail base rates and charges were established resulting in the following increases in annualized retail base revenues:
|
◦
|
$400 million
beginning January 1, 2017;
|
◦
|
$211 million
beginning January 1, 2018; and
|
◦
|
$200 million
when a new approximately
1,750
MW natural gas-fired combined-cycle unit in Okeechobee County, Florida achieves commercial operation, which is expected to occur in mid-2019.
|
•
|
In addition, FPL is eligible to receive, subject to conditions specified in the 2016 rate agreement, base rate increases associated with the addition of up to
300
MW annually of new solar generation in each of 2017 through 2020 and may carry forward any unused MW to subsequent years during the term of the 2016 rate agreement. Approximately
300
MW of new solar generating capacity became operational in January 2018. An additional
300
MW is expected to be operational by March 2018 and in both 2019 and 2020. FPL will be required to demonstrate that any proposed solar facilities are cost effective and scheduled to be in service before December 31, 2021. FPL has agreed to an installed cost cap of
$1,750
per kilowatt (kW).
|
•
|
FPL's allowed regulatory return on common equity (ROE) is
10.55%
, with a range of
9.60%
to
11.60%
. If FPL's earned regulatory ROE falls below
9.60%
, FPL may seek retail base rate relief. If the earned regulatory ROE rises above
11.60%
, any party other than FPL may seek a review of FPL's retail base rates.
|
•
|
Subject to certain conditions, FPL may amortize, over the term of the 2016 rate agreement, up to
$1.0 billion
of depreciation reserve surplus plus the reserve amount remaining under FPL's 2012 rate agreement discussed below (approximately
$250 million
), provided that in any year of the 2016 rate agreement, FPL must amortize at least enough reserve to maintain a
9.60%
earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of
11.60%
. See Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve below for discussion of the reserve amortization impact following the enactment of the Tax Cuts and Jobs Act (tax reform).
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning
60
days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than
$4
for every
1,000
kilowatt-hour (kWh) of usage on residential bills during the first
12
months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed
$800 million
in any given calendar year, FPL may request an increase to the
$4
surcharge to recover amounts above
$400 million
. See Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve below.
|
•
|
a regulatory ROE of
10.50%
with a range of plus or minus
100
basis points;
|
•
|
an increase in annualized base revenue requirements as each of three FPL modernized power plants became operational in April 2013, April 2014 and April 2016;
|
•
|
the continuation of cost recovery through the capacity cost recovery clause (capacity clause) (reported as retail base revenues)
|
•
|
subject to certain conditions, the right to reduce depreciation expense up to
$400 million
(reserve), provided that in any year of the 2012 rate agreement, FPL was required to amortize enough reserve to maintain an earned regulatory ROE within the range of
9.50%
to
11.50%
(see Rate Regulation above regarding a subsequent reduction in the reserve amount);
|
•
|
an interim cost recovery mechanism for storm restoration costs (see Securitized Storm-Recovery Costs, Storm Fund and Storm Reserve below); and
|
•
|
an incentive mechanism whereby customers receive
100%
of certain gains, including but not limited to, gains from the purchase and sale of electricity and natural gas (including transportation and storage), up to a specified threshold; gains exceeding that specified threshold were shared by FPL and its customers.
|
|
Weighted-
Average
Useful Lives
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
|||||
|
(years)
|
|
(millions)
|
||||||
Goodwill (by reporting unit):
|
|
|
|
|
|
||||
NEER segment:
|
|
|
|
|
|
||||
Gas infrastructure, primarily Texas pipelines
|
|
|
$
|
641
|
|
|
$
|
641
|
|
Customer supply
|
|
|
72
|
|
|
72
|
|
||
Generation assets
|
|
|
40
|
|
|
38
|
|
||
Other
|
|
|
11
|
|
|
28
|
|
||
Total goodwill
|
|
|
$
|
764
|
|
|
$
|
779
|
|
Other intangible assets not subject to amortization, primarily land easements
|
|
|
$
|
138
|
|
|
$
|
143
|
|
Other intangible assets subject to amortization:
|
|
|
|
|
|
||||
Customer relationships associated with gas infrastructure
|
41
|
|
$
|
700
|
|
|
$
|
700
|
|
Purchased power agreements
|
22
|
|
521
|
|
|
444
|
|
||
Other, primarily transmission and development rights and customer lists
|
23
|
|
79
|
|
|
81
|
|
||
Total
|
|
|
1,300
|
|
|
1,225
|
|
||
Accumulated amortization
|
|
|
(151
|
)
|
|
(115
|
)
|
||
Total other intangible assets subject to amortization - net
|
|
|
$
|
1,149
|
|
|
$
|
1,110
|
|
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
Change in pension plan assets:
|
|
|
|
||||
Fair value of plan assets at January 1
|
$
|
3,651
|
|
|
$
|
3,563
|
|
Actual return on plan assets
|
574
|
|
|
217
|
|
||
Benefit payments
|
(205
|
)
|
|
(129
|
)
|
||
Fair value of plan assets at December 31
|
$
|
4,020
|
|
|
$
|
3,651
|
|
Change in pension benefit obligation:
|
|
|
|
|
|
||
Obligation at January 1
|
$
|
2,474
|
|
|
$
|
2,408
|
|
Service cost
|
66
|
|
|
62
|
|
||
Interest cost
|
83
|
|
|
105
|
|
||
Special termination benefits
(a)
|
38
|
|
|
—
|
|
||
Plan amendments
|
12
|
|
|
(19
|
)
|
||
Actuarial losses - net
|
125
|
|
|
47
|
|
||
Benefit payments
|
(205
|
)
|
|
(129
|
)
|
||
Obligation at December 31
(b)
|
$
|
2,593
|
|
|
$
|
2,474
|
|
Funded status:
|
|
|
|
|
|
||
Prepaid pension benefit costs at NEE at December 31
|
$
|
1,427
|
|
|
$
|
1,177
|
|
Prepaid pension benefit costs at FPL at December 31
(c)
|
$
|
1,351
|
|
|
$
|
1,301
|
|
(a)
|
Reflects an enhanced early retirement program offered in 2017.
|
(b)
|
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at
December 31, 2017
and
2016
was approximately $
2,548 million
and $
2,439 million
, respectively.
|
(c)
|
Reflects FPL's allocated benefits under NEE's pension plan.
|
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
Unrecognized prior service benefit (net of $2 and $2 tax expense, respectively)
|
$
|
2
|
|
|
$
|
3
|
|
Unrecognized losses (net of $32 and $55 tax benefit, respectively)
|
(49
|
)
|
|
(87
|
)
|
||
Total
|
$
|
(47
|
)
|
|
$
|
(84
|
)
|
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
Unrecognized prior service benefit
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
Unrecognized losses
|
160
|
|
|
280
|
|
||
Total
|
$
|
156
|
|
|
$
|
276
|
|
|
2017
|
|
2016
|
||
Discount rate
(a)
|
3.59
|
%
|
|
4.09
|
%
|
Salary increase
|
4.10
|
%
|
|
4.10
|
%
|
(a)
|
The method of estimating the interest cost component of net periodic benefit costs uses a full yield curve approach by applying a specific spot rate along the yield curve.
|
|
December 31, 2017
(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
(b)
|
$
|
1,077
|
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
1,095
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
853
|
|
|
—
|
|
|
853
|
|
||||
U.S. Government and municipal bonds
|
118
|
|
|
13
|
|
|
—
|
|
|
131
|
|
||||
Corporate debt securities
(d)
|
3
|
|
|
238
|
|
|
10
|
|
|
251
|
|
||||
Asset-backed securities
|
—
|
|
|
170
|
|
|
—
|
|
|
170
|
|
||||
Debt security commingled vehicles
(e)
|
—
|
|
|
155
|
|
|
—
|
|
|
155
|
|
||||
Convertible securities
(f)
|
19
|
|
|
307
|
|
|
—
|
|
|
326
|
|
||||
Total investments in the fair value hierarchy
|
$
|
1,217
|
|
|
$
|
1,752
|
|
|
$
|
12
|
|
|
2,981
|
|
|
Total investments measured at net asset value
(g)
|
|
|
|
|
|
|
1,039
|
|
|||||||
Total fair value of plan assets
|
|
|
|
|
|
|
$
|
4,020
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
480 million
.
|
(c)
|
Includes foreign investments of $
287 million
.
|
(d)
|
Includes foreign investments of $
73 million
.
|
(e)
|
Includes foreign investments of $
2 million
.
|
(f)
|
Includes foreign investments of $
35 million
.
|
(g)
|
Includes foreign investments of $
233 million
.
|
|
December 31, 2016
(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities
(b)
|
$
|
879
|
|
|
$
|
16
|
|
|
$
|
3
|
|
|
$
|
898
|
|
Equity commingled vehicles
(c)
|
—
|
|
|
845
|
|
|
—
|
|
|
845
|
|
||||
U.S. Government and municipal bonds
|
143
|
|
|
12
|
|
|
—
|
|
|
155
|
|
||||
Corporate debt securities
(d)
|
3
|
|
|
246
|
|
|
1
|
|
|
250
|
|
||||
Asset-backed securities
|
—
|
|
|
124
|
|
|
—
|
|
|
124
|
|
||||
Debt security commingled vehicles
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
||||
Convertible securities
(e)
|
21
|
|
|
277
|
|
|
—
|
|
|
298
|
|
||||
Total investments in the fair value hierarchy
|
$
|
1,046
|
|
|
$
|
1,542
|
|
|
$
|
4
|
|
|
2,592
|
|
|
Total investments measured at net asset value
(f)
|
|
|
|
|
|
|
1,059
|
|
|||||||
Total fair value of plan assets
|
|
|
|
|
|
|
$
|
3,651
|
|
(a)
|
See Note 4 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $
370 million
.
|
(c)
|
Includes foreign investments of $
261 million
.
|
(d)
|
Includes foreign investments of $
67 million
.
|
(e)
|
Includes foreign investments of $
31 million
.
|
(f)
|
Includes foreign investments of $
282 million
.
|
2018
|
$
|
175
|
|
2019
|
$
|
158
|
|
2020
|
$
|
160
|
|
2021
|
$
|
166
|
|
2022
|
$
|
167
|
|
2023 - 2027
|
$
|
868
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
|
|
(millions)
|
|
|
||||||||||||||||||
Service cost
|
$
|
66
|
|
|
$
|
62
|
|
|
$
|
70
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
83
|
|
|
105
|
|
|
97
|
|
|
8
|
|
|
13
|
|
|
13
|
|
||||||
Expected return on plan assets
|
(270
|
)
|
|
(260
|
)
|
|
(253
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Amortization of prior service cost (benefit)
|
(1
|
)
|
|
1
|
|
|
1
|
|
|
(10
|
)
|
|
(2
|
)
|
|
(3
|
)
|
||||||
Amortization of losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Special termination benefits
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Postretirement benefits settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic (income) cost at NEE
|
$
|
(84
|
)
|
|
$
|
(92
|
)
|
|
$
|
(85
|
)
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
14
|
|
Net periodic (income) cost allocated to FPL
|
$
|
(51
|
)
|
|
$
|
(58
|
)
|
|
$
|
(55
|
)
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
11
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions)
|
||||||||||
Prior service benefit (net of $3 tax expense)
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
Net gains (losses) (net of $23 tax expense and $16 and $27 tax benefit, respectively)
|
37
|
|
|
(26
|
)
|
|
(44
|
)
|
|||
Total
|
$
|
37
|
|
|
$
|
(22
|
)
|
|
$
|
(44
|
)
|
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
Prior service benefit
|
$
|
—
|
|
|
$
|
(12
|
)
|
Unrecognized losses (gains)
|
(120
|
)
|
|
48
|
|
||
Amortization of prior service cost (benefit)
|
1
|
|
|
(1
|
)
|
||
Total
|
$
|
(119
|
)
|
|
$
|
35
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Discount rate
|
4.09
|
%
|
|
4.35
|
%
|
|
3.95
|
%
|
Salary increase
|
4.10
|
%
|
|
4.10
|
%
|
|
4.10
|
%
|
Expected long-term rate of return, net of investment management fees
(a)
|
7.35
|
%
|
|
7.35
|
%
|
|
7.35
|
%
|
(a)
|
In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns.
|
|
December 31, 2017
|
||||||||||||||
|
Gross Basis
|
|
Net Basis
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
3,962
|
|
|
$
|
2,792
|
|
|
$
|
1,737
|
|
|
$
|
567
|
|
Interest rate contracts
|
50
|
|
|
275
|
|
|
55
|
|
|
280
|
|
||||
Foreign currency contracts
|
—
|
|
|
40
|
|
|
12
|
|
|
52
|
|
||||
Total fair values
|
$
|
4,012
|
|
|
$
|
3,107
|
|
|
$
|
1,804
|
|
|
$
|
899
|
|
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
(a)
|
|
|
|
|
$
|
489
|
|
|
|
||||||
Noncurrent derivative assets
|
|
|
|
|
1,315
|
|
|
|
|||||||
Current derivative liabilities
|
|
|
|
|
|
|
|
$
|
364
|
|
|||||
Noncurrent derivative liabilities
(b)
|
|
|
|
|
|
|
|
535
|
|
||||||
Total derivatives
|
|
|
|
|
$
|
1,804
|
|
|
$
|
899
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
|
|
|
|
|
$
|
2
|
|
|
|
||||||
Current other liabilities
|
|
|
|
|
|
|
$
|
2
|
|
||||||
Total derivatives
|
|
|
|
|
$
|
2
|
|
|
$
|
2
|
|
(a)
|
Reflects the netting of approximately
$39 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$39 million
in margin cash collateral paid to 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.
|
|
Year Ended
December 31, 2015 |
||||||||||
|
Interest
Rate
Contracts
|
|
Foreign
Currency
Contracts
|
|
Total
|
||||||
|
|
||||||||||
Losses recognized in OCI
|
$
|
(113
|
)
|
|
$
|
(12
|
)
|
|
$
|
(125
|
)
|
Losses reclassified from AOCI to net income
|
$
|
(73
|
)
|
(a)
|
$
|
(15
|
)
|
(b)
|
$
|
(88
|
)
|
(a)
|
Included in interest expense.
|
(b)
|
For 2015, losses of approximately
$11 million
are included in interest expense and the balances are included in other - net.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions)
|
||||||||||
Commodity contracts:
(a)
|
|
|
|
|
|
||||||
Operating revenues
|
$
|
454
|
|
|
$
|
459
|
|
|
$
|
932
|
|
Fuel, purchased power and interchange
|
—
|
|
|
(1
|
)
|
|
8
|
|
|||
Foreign currency contracts - interest expense
|
55
|
|
|
14
|
|
|
—
|
|
|||
Foreign currency contracts - other - net
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Interest rate contracts - interest expense
|
(223
|
)
|
|
181
|
|
|
8
|
|
|||
Losses reclassified from AOCI to interest expense:
|
|
|
|
|
|
||||||
Interest rate contracts
|
(48
|
)
|
|
(90
|
)
|
|
—
|
|
|||
Foreign currency contracts
|
(81
|
)
|
|
(11
|
)
|
|
—
|
|
|||
Total
|
$
|
153
|
|
|
$
|
551
|
|
|
$
|
948
|
|
(a)
|
For the years ended
December 31, 2017
,
2016
and
2015
, FPL recorded gains (losses) of approximately
$(169) million
,
$203 million
and
$(326) million
, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets.
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(109
|
)
|
|
MWh
(a)
|
|
—
|
|
|
|
|
(84
|
)
|
|
MWh
(a)
|
|
—
|
|
|
|
Natural gas
|
|
(74
|
)
|
|
MMBtu
(b)
|
|
142
|
|
|
MMBtu
(b)
|
|
1,002
|
|
|
MMBtu
(b)
|
|
618
|
|
|
MMBtu
(b)
|
Oil
|
|
(15
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(7
|
)
|
|
barrels
|
|
—
|
|
|
|
(a)
|
Megawatt-hours
|
(b)
|
One million British thermal units
|
|
December 31, 2017
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
1,294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
1,294
|
|
|
||
FPL - equity securities
|
$
|
144
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
144
|
|
|
||
Special use funds:
(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,595
|
|
|
$
|
1,719
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
3,314
|
|
|
||
U.S. Government and municipal bonds
|
$
|
478
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
|
|
$
|
617
|
|
|
||
Corporate debt securities
|
$
|
1
|
|
|
$
|
764
|
|
|
$
|
—
|
|
|
|
|
$
|
765
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
435
|
|
|
$
|
—
|
|
|
|
|
$
|
435
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
129
|
|
|
$
|
—
|
|
|
|
|
$
|
129
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
473
|
|
|
$
|
1,562
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
2,035
|
|
|
||
U.S. Government and municipal bonds
|
$
|
362
|
|
|
$
|
112
|
|
|
$
|
—
|
|
|
|
|
$
|
474
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
539
|
|
|
$
|
—
|
|
|
|
|
$
|
539
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
333
|
|
|
$
|
—
|
|
|
|
|
$
|
333
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
|
|
$
|
116
|
|
|
||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
|
|
$
|
12
|
|
|
||
Debt securities
|
$
|
34
|
|
|
$
|
103
|
|
|
$
|
—
|
|
|
|
|
$
|
137
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,303
|
|
|
$
|
1,301
|
|
|
$
|
1,358
|
|
|
$
|
(2,225
|
)
|
|
$
|
1,737
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
55
|
|
(e)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
12
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
(e)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,217
|
|
|
$
|
915
|
|
|
$
|
660
|
|
|
$
|
(2,225
|
)
|
|
$
|
567
|
|
(e)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
143
|
|
|
$
|
132
|
|
|
$
|
5
|
|
|
$
|
280
|
|
(e)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
52
|
|
(e)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash of approximately
$159 million
(
$128 million
for FPL) in current other assets on the consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at 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 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's 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
|
|
(d)
|
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 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 current other assets on the consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at 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 3 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
Transaction Type
|
|
Fair Value at
December 31, 2017
|
|
Valuation
Technique(s)
|
|
Significant
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
845
|
|
|
$
|
328
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$—
|
—
|
$130
|
Forward contracts - gas
|
|
26
|
|
|
13
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$2
|
—
|
$7
|
||
Forward contracts - other commodity related
|
|
—
|
|
|
5
|
|
|
Discounted cash flow
|
|
Forward price (various)
|
|
$(40)
|
—
|
$57
|
||
Options - power
|
|
47
|
|
|
17
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
100%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
8%
|
—
|
493%
|
||||
Options - primarily gas
|
|
165
|
|
|
199
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
100%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
290%
|
||||
Full requirements and unit contingent contracts
|
|
275
|
|
|
98
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(29)
|
—
|
$293
|
||
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
||||
Total
|
|
$
|
1,358
|
|
|
$
|
660
|
|
|
|
|
|
|
|
|
|
(a)
|
Applies only to full requirements contracts.
|
Significant Unobservable Input
|
|
Position
|
|
Impact on
Fair Value Measurement
|
Forward price
|
|
Purchase power/gas
|
|
Increase (decrease)
|
|
|
Sell power/gas
|
|
Decrease (increase)
|
Implied correlations
|
|
Purchase option
|
|
Decrease (increase)
|
|
|
Sell option
|
|
Increase (decrease)
|
Implied volatilities
|
|
Purchase option
|
|
Increase (decrease)
|
|
|
Sell option
|
|
Decrease (increase)
|
Customer migration rate
|
|
Sell power
(a)
|
|
Decrease (increase)
|
(a)
|
Assumes the contract is in a gain position.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year
|
$
|
578
|
|
|
$
|
1
|
|
|
$
|
538
|
|
|
$
|
—
|
|
|
$
|
622
|
|
|
$
|
5
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Included in earnings
(a)
|
376
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
451
|
|
|
—
|
|
||||||
Included in other comprehensive income (loss)
(b)
|
(18
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|
11
|
|
|
—
|
|
||||||
Included in regulatory assets and liabilities
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
||||||
Purchases
|
126
|
|
|
—
|
|
|
261
|
|
|
—
|
|
|
180
|
|
|
—
|
|
||||||
Settlements
|
(317
|
)
|
|
(1
|
)
|
|
(390
|
)
|
|
—
|
|
|
(473
|
)
|
|
(8
|
)
|
||||||
Issuances
|
(197
|
)
|
|
—
|
|
|
(195
|
)
|
|
—
|
|
|
(202
|
)
|
|
—
|
|
||||||
Transfers in
(c)
|
17
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
||||||
Transfers out
(c)
|
1
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
||||||
Fair value of net derivatives based on significant unobservable inputs at December 31
|
$
|
566
|
|
|
$
|
—
|
|
|
$
|
578
|
|
|
$
|
1
|
|
|
$
|
538
|
|
|
$
|
—
|
|
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)
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
219
|
|
|
$
|
—
|
|
|
$
|
277
|
|
|
$
|
—
|
|
(a)
|
For the years ended
December 31, 2017
and 2016,
$379 million
and
$397 million
of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense. For the year ended
December 31, 2015
,
$462 million
of realized and unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is primarily reflected in interest expense.
|
(b)
|
Reflected in net unrealized gains (losses) on foreign currency translation on the consolidated statements of comprehensive income.
|
(c)
|
Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data and, in 2016, a favorable change to a credit valuation adjustment. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(d)
|
For the years ended
December 31, 2017
,
2016
and
2015
,
$281 million
,
$283 million
, and
$289 million
of unrealized gains are reflected in the consolidated statements of income in operating revenues and the balance is reflected in interest expense.
|
|
December 31, 2017
|
|
December 31, 2016
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
(a)
|
$
|
743
|
|
|
$
|
744
|
|
|
$
|
712
|
|
|
$
|
712
|
|
|
Other investments - primarily notes receivable
(b)
|
$
|
500
|
|
|
$
|
680
|
|
|
$
|
526
|
|
|
$
|
668
|
|
|
Long-term debt, including current maturities
|
$
|
33,134
|
|
|
$
|
35,447
|
|
(c)
|
$
|
30,418
|
|
(d)
|
$
|
31,623
|
|
(c)(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
(a)
|
$
|
593
|
|
|
$
|
593
|
|
|
$
|
557
|
|
|
$
|
557
|
|
|
Long-term debt, including current maturities
|
$
|
11,702
|
|
|
$
|
13,285
|
|
(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 December 31, 2017, the note receivable is classified as held for sale and is under contract, along with debt secured by this note receivable (see Note 8
-
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)
|
At
December 31, 2017 and 2016
, for NEE, approximately
$33,743 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 approximately
$373 million
reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheets for which the carrying amount approximates fair value. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Realized gains
|
$
|
178
|
|
|
$
|
116
|
|
|
$
|
194
|
|
|
$
|
75
|
|
|
$
|
53
|
|
|
$
|
70
|
|
Realized losses
|
$
|
83
|
|
|
$
|
76
|
|
|
$
|
87
|
|
|
$
|
50
|
|
|
$
|
44
|
|
|
$
|
43
|
|
Proceeds from sale or maturity of securities
|
$
|
2,817
|
|
|
$
|
3,400
|
|
|
$
|
4,643
|
|
|
$
|
1,902
|
|
|
$
|
2,442
|
|
|
$
|
3,724
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Equity securities
|
$
|
1,813
|
|
|
$
|
1,396
|
|
|
$
|
1,273
|
|
|
$
|
1,007
|
|
Debt securities
|
$
|
37
|
|
|
$
|
22
|
|
|
$
|
28
|
|
|
$
|
17
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Unrealized losses
(a)
|
$
|
12
|
|
|
$
|
34
|
|
|
$
|
9
|
|
|
$
|
28
|
|
Fair value
|
$
|
918
|
|
|
$
|
959
|
|
|
$
|
670
|
|
|
$
|
722
|
|
(a)
|
Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at
December 31, 2017 and 2016
were not material to NEE or FPL.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Federal:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current
|
$
|
100
|
|
|
$
|
72
|
|
|
$
|
10
|
|
|
$
|
168
|
|
|
$
|
72
|
|
|
$
|
423
|
|
Deferred
|
(1,040
|
)
|
|
1,075
|
|
|
1,194
|
|
|
776
|
|
|
830
|
|
|
399
|
|
||||||
Total federal
|
(940
|
)
|
|
1,147
|
|
|
1,204
|
|
|
944
|
|
|
902
|
|
|
822
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
|
88
|
|
|
76
|
|
|
31
|
|
|
29
|
|
|
57
|
|
|
58
|
|
||||||
Deferred
|
199
|
|
|
160
|
|
|
(7
|
)
|
|
133
|
|
|
92
|
|
|
77
|
|
||||||
Total state
|
287
|
|
|
236
|
|
|
24
|
|
|
162
|
|
|
149
|
|
|
135
|
|
||||||
Total income tax expense (benefit)
|
$
|
(653
|
)
|
|
$
|
1,383
|
|
|
$
|
1,228
|
|
|
$
|
1,106
|
|
|
$
|
1,051
|
|
|
$
|
957
|
|
|
NEE
|
|
FPL
|
||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||
Statutory federal income tax rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Increases (reductions) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes - net of federal income tax benefit
|
2.9
|
|
|
3.5
|
|
|
0.4
|
|
|
3.5
|
|
|
3.5
|
|
|
3.4
|
|
Tax reform rate change
|
(41.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
PTCs and ITCs - NEER
|
(8.4
|
)
|
|
(3.9
|
)
|
|
(4.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Convertible ITCs - NEER
|
0.6
|
|
|
(1.7
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjustments associated with Canadian assets
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other - net
|
(2.9
|
)
|
|
(0.7
|
)
|
|
0.3
|
|
|
(1.0
|
)
|
|
(0.7
|
)
|
|
(1.7
|
)
|
Effective income tax rate
|
(14.0
|
)%
|
|
31.5
|
%
|
|
30.8
|
%
|
|
37.0
|
%
|
|
37.8
|
%
|
|
36.7
|
%
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(millions)
|
||||||||||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
||||||||
Property-related
|
$
|
9,030
|
|
|
$
|
13,094
|
|
|
$
|
6,045
|
|
|
$
|
8,882
|
|
Pension
|
364
|
|
|
454
|
|
|
342
|
|
|
502
|
|
||||
Nuclear decommissioning trusts
|
226
|
|
|
253
|
|
|
—
|
|
|
—
|
|
||||
Net unrealized gains on derivatives
|
263
|
|
|
581
|
|
|
—
|
|
|
—
|
|
||||
Investments in partnerships and joint ventures
|
442
|
|
|
603
|
|
|
—
|
|
|
—
|
|
||||
Other
|
871
|
|
|
1,272
|
|
|
584
|
|
|
796
|
|
||||
Total deferred tax liabilities
|
11,196
|
|
|
16,257
|
|
|
6,971
|
|
|
10,180
|
|
||||
Deferred tax assets and valuation allowance:
|
|
|
|
|
|
|
|
||||||||
Decommissioning reserves
|
306
|
|
|
454
|
|
|
271
|
|
|
401
|
|
||||
Postretirement benefits
|
74
|
|
|
145
|
|
|
57
|
|
|
93
|
|
||||
Net operating loss carryforwards
|
482
|
|
|
427
|
|
|
3
|
|
|
3
|
|
||||
Tax credit carryforwards
|
3,126
|
|
|
3,059
|
|
|
—
|
|
|
—
|
|
||||
ARO and accrued asset removal costs
|
210
|
|
|
777
|
|
|
146
|
|
|
699
|
|
||||
Regulatory liabilities
(a)
|
1,267
|
|
|
84
|
|
|
1,273
|
|
|
84
|
|
||||
Other
|
646
|
|
|
940
|
|
|
216
|
|
|
359
|
|
||||
Valuation allowance
(b)
|
(252
|
)
|
|
(269
|
)
|
|
—
|
|
|
—
|
|
||||
Net deferred tax assets
|
5,859
|
|
|
5,617
|
|
|
1,966
|
|
|
1,639
|
|
||||
Net deferred income taxes
|
$
|
5,337
|
|
|
$
|
10,640
|
|
|
$
|
5,005
|
|
|
$
|
8,541
|
|
(a)
|
2017 reflects the tax gross up of regulatory liabilities associated with tax reform.
|
(b)
|
Reflects a valuation allowance related to the solar projects in Spain, deferred state tax credits and state operating loss carryforwards.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Noncurrent other assets
|
$
|
417
|
|
|
$
|
461
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Deferred income taxes - noncurrent liabilities
|
(5,754
|
)
|
|
(11,101
|
)
|
|
(5,005
|
)
|
|
(8,541
|
)
|
||||
Net deferred income taxes
|
$
|
(5,337
|
)
|
|
$
|
(10,640
|
)
|
|
$
|
(5,005
|
)
|
|
$
|
(8,541
|
)
|
|
Amount
|
|
Expiration
Dates
|
||
|
(millions)
|
|
|
||
Net operating loss carryforwards:
|
|
|
|
||
Federal
|
$
|
158
|
|
|
2026-2037
|
State
|
232
|
|
|
2018-2037
|
|
Foreign
|
92
|
|
(a)
|
2018-2036
|
|
Net operating loss carryforwards
|
$
|
482
|
|
|
|
Tax credit carryforwards:
|
|
|
|
||
Federal
|
$
|
2,779
|
|
|
2026-2037
|
State
|
347
|
|
(b)
|
2018-2044
|
|
Tax credit carryforwards
|
$
|
3,126
|
|
|
|
(a)
|
Includes $
64 million
of net operating loss carryforwards with an indefinite expiration period.
|
(b)
|
Includes $
188 million
of ITC carryforwards with an indefinite expiration period.
|
|
December 31, 2017
|
|||||||||||||
|
Ownership
Interest
|
|
Gross
Investment
(a)
|
|
Accumulated
Depreciation
(a)
|
|
Construction
Work
in Progress
|
|||||||
|
|
|
(millions)
|
|||||||||||
FPL:
|
|
|
|
|
|
|
|
|||||||
St. Lucie Unit No. 2
|
85
|
%
|
|
$
|
2,205
|
|
|
$
|
863
|
|
|
$
|
36
|
|
St. Johns River Power Park units (SJRPP) and coal terminal
(b)
|
20
|
%
|
|
$
|
394
|
|
|
$
|
215
|
|
|
$
|
—
|
|
Scherer Unit No. 4
|
76
|
%
|
|
$
|
1,146
|
|
|
$
|
419
|
|
|
$
|
24
|
|
NEER:
|
|
|
|
|
|
|
|
|||||||
Duane Arnold
(c)
|
70
|
%
|
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
4
|
|
Seabrook
|
88.23
|
%
|
|
$
|
1,181
|
|
|
$
|
302
|
|
|
$
|
78
|
|
Wyman Station Unit No. 4
|
87.49
|
%
|
|
$
|
26
|
|
|
$
|
4
|
|
|
$
|
—
|
|
Corporate and Other:
|
|
|
|
|
|
|
|
|||||||
Transmission substation assets located in Seabrook, New Hampshire
|
88.23
|
%
|
|
$
|
78
|
|
|
$
|
14
|
|
|
$
|
3
|
|
(a)
|
Excludes nuclear fuel.
|
(b)
|
SJRPP was shut down in January 2018. See Note 13 - Contracts.
|
(c)
|
Reflects impairment charge of
$420 million
pretax. See Note 4 - Nonrecurring Fair Value Measurements.
|
|
2017
|
|
2016
|
||||
|
(millions)
|
||||||
Net income
|
$
|
358
|
|
|
$
|
264
|
|
Total assets
|
$
|
6,001
|
|
|
$
|
4,502
|
|
Total liabilities
|
$
|
1,217
|
|
|
$
|
1,364
|
|
Partners'/members' equity
|
$
|
4,784
|
|
|
$
|
3,138
|
|
|
|
|
|
||||
NEER's share of underlying equity in the principal entities
|
$
|
2,024
|
|
|
$
|
1,423
|
|
Difference between investment carrying amount and underlying equity in net assets
(a)
|
105
|
|
|
65
|
|
||
NEER's investment carrying amount for the principal entities
|
$
|
2,129
|
|
|
$
|
1,488
|
|
(a)
|
Substantially all of the difference between the investment carrying amount and the underlying equity in net assets is being amortized over a 25-year period.
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Numerator - net income attributable to NEE
|
$
|
5,378
|
|
|
$
|
2,912
|
|
|
$
|
2,752
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of common shares outstanding - basic
|
468.8
|
|
|
463.1
|
|
|
450.5
|
|
|||
Equity units, stock options, performance share awards, forward sale agreements and restricted stock
(a)
|
3.7
|
|
|
2.7
|
|
|
3.5
|
|
|||
Weighted-average number of common shares outstanding - assuming dilution
|
472.5
|
|
|
465.8
|
|
|
454.0
|
|
|||
Earnings per share attributable to NEE:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
11.47
|
|
|
$
|
6.29
|
|
|
$
|
6.11
|
|
Assuming dilution
|
$
|
11.38
|
|
|
$
|
6.25
|
|
|
$
|
6.06
|
|
(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.
|
|
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|||
Restricted Stock:
|
|
|
|
|||
Nonvested balance, January 1, 2017
|
556,648
|
|
|
$
|
103.26
|
|
Granted
|
237,662
|
|
|
$
|
130.16
|
|
Vested
|
(261,940
|
)
|
|
$
|
101.31
|
|
Forfeited
|
(21,057
|
)
|
|
$
|
112.91
|
|
Nonvested balance, December 31, 2017
|
511,313
|
|
|
$
|
116.36
|
|
Performance Share Awards:
|
|
|
|
|
||
Nonvested balance, January 1, 2017
|
834,433
|
|
|
$
|
95.76
|
|
Granted
|
483,958
|
|
|
$
|
107.39
|
|
Vested
|
(463,511
|
)
|
|
$
|
87.24
|
|
Forfeited
|
(46,472
|
)
|
|
$
|
100.38
|
|
Nonvested balance, December 31, 2017
|
808,408
|
|
|
$
|
110.98
|
|
|
2017
|
|
2016
|
|
2015
|
Expected volatility
(a)
|
14.91%
|
|
16.37%
|
|
18.91%
|
Expected dividends
|
3.16%
|
|
3.16%
|
|
3.11%
|
Expected term (years)
(b)
|
7.0
|
|
7.0
|
|
7.0
|
Risk-free rate
|
2.23%
|
|
1.50%
|
|
1.84%
|
(a)
|
Based on historical experience.
|
(b)
|
Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges
|
|
Net Unrealized
Gains (Losses)
on Available for
Sale Securities
|
|
Defined Benefit
Pension and
Other Benefits
Plans
|
|
Net Unrealized
Gains (Losses)
on Foreign
Currency
Translation
|
|
Other
Comprehensive
Income (Loss)
Related to Equity
Method Investee
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Balances, December 31, 2014
|
$
|
(156
|
)
|
|
$
|
218
|
|
|
$
|
(20
|
)
|
|
$
|
(58
|
)
|
|
$
|
(24
|
)
|
|
$
|
(40
|
)
|
Other comprehensive loss before reclassifications
|
(88
|
)
|
|
(7
|
)
|
|
(42
|
)
|
|
(27
|
)
|
|
—
|
|
|
(164
|
)
|
||||||
Amounts reclassified from AOCI
|
63
|
|
(a)
|
(37
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||||
Net other comprehensive loss
|
(25
|
)
|
|
(44
|
)
|
|
(42
|
)
|
|
(27
|
)
|
|
—
|
|
|
(138
|
)
|
||||||
Less other comprehensive loss attributable to noncontrolling interests
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||||
Balances, December 31, 2015
|
(170
|
)
|
|
174
|
|
|
(62
|
)
|
|
(85
|
)
|
|
(24
|
)
|
|
(167
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
69
|
|
|
(21
|
)
|
|
(5
|
)
|
|
2
|
|
|
45
|
|
||||||
Amounts reclassified from AOCI
|
70
|
|
(a)
|
(18
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
||||||
Net other comprehensive income (loss)
|
70
|
|
|
51
|
|
|
(21
|
)
|
|
(5
|
)
|
|
2
|
|
|
97
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balances, December 31, 2016
|
(100
|
)
|
|
225
|
|
|
(83
|
)
|
|
(90
|
)
|
|
(22
|
)
|
|
(70
|
)
|
||||||
Other comprehensive income before reclassifications
|
—
|
|
|
127
|
|
|
44
|
|
|
24
|
|
|
2
|
|
|
197
|
|
||||||
Amounts reclassified from AOCI
|
32
|
|
(a)
|
(36
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Net other comprehensive income
|
32
|
|
|
91
|
|
|
44
|
|
|
24
|
|
|
2
|
|
|
193
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
9
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
12
|
|
||||||
Balances, December 31, 2017
|
$
|
(77
|
)
|
|
$
|
316
|
|
|
$
|
(39
|
)
|
|
$
|
(69
|
)
|
|
$
|
(20
|
)
|
|
$
|
111
|
|
(a)
|
Reclassified to interest expense and also to other - net in 2015 in NEE's consolidated statements of income. See Note 3 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's consolidated statements of income.
|
|
|
|
December 31,
|
||||||||||||
|
|
|
2017
|
|
2016
|
||||||||||
|
Maturity
Date |
|
Balance
|
|
Weighted-
Average Interest Rate |
|
Balance
|
|
Weighted-
Average Interest Rate |
||||||
|
|
|
(millions)
|
|
|
|
(millions)
|
|
|
||||||
FPL:
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage bonds - fixed
|
2017 - 2047
|
|
$
|
9,145
|
|
|
4.70
|
%
|
|
$
|
8,690
|
|
|
4.78
|
%
|
Storm-recovery bonds - fixed
(a)
|
2021
|
|
144
|
|
|
5.26
|
%
|
|
210
|
|
|
5.26
|
%
|
||
Pollution control, solid waste disposal and industrial development revenue bonds - primarily variable
(b)
|
2020 - 2047
|
|
966
|
|
|
2.12
|
%
|
|
778
|
|
|
0.77
|
%
|
||
Other long-term debt - variable
(c)
|
2018 - 2021
|
|
1,501
|
|
|
2.01
|
%
|
|
450
|
|
|
1.66
|
%
|
||
Other long-term debt - fixed
|
2017 - 2040
|
|
51
|
|
|
5.10
|
%
|
|
52
|
|
|
5.09
|
%
|
||
Unamortized debt issuance costs and discount
|
|
|
(105
|
)
|
|
|
|
(108
|
)
|
|
|
||||
Total long-term debt of FPL
|
|
|
11,702
|
|
|
|
|
10,072
|
|
|
|
||||
Less current maturities of long-term debt
|
|
|
466
|
|
|
|
|
367
|
|
|
|
||||
Long-term debt of FPL, excluding current maturities
|
|
|
11,236
|
|
|
|
|
9,705
|
|
|
|
||||
NEECH:
|
|
|
|
|
|
|
|
|
|
|
|||||
Debentures - fixed
(d)
|
2017 - 2027
|
|
4,100
|
|
|
3.00
|
%
|
|
4,100
|
|
|
2.87
|
%
|
||
Debentures, related to NEE's equity units - fixed
|
2020 - 2021
|
|
2,200
|
|
|
1.88
|
%
|
|
2,200
|
|
|
1.88
|
%
|
||
Junior subordinated debentures - primarily fixed
(d)
|
2044 - 2077
|
|
3,456
|
|
|
4.79
|
%
|
|
3,460
|
|
|
5.40
|
%
|
||
Japanese yen denominated senior notes - fixed
(d)
|
2030
|
|
89
|
|
|
5.13
|
%
|
|
85
|
|
|
5.13
|
%
|
||
Japanese yen denominated term loans - variable
(c)(d)
|
2017 - 2020
|
|
532
|
|
|
2.76
|
%
|
|
470
|
|
|
1.83
|
%
|
||
Other long-term debt - fixed
|
2017 - 2044
|
|
920
|
|
|
2.46
|
%
|
|
924
|
|
|
2.45
|
%
|
||
Other long-term debt - variable
(c)
|
2019
|
|
52
|
|
|
2.58
|
%
|
|
60
|
|
(e)
|
1.77
|
%
|
||
Fair value hedge adjustment
|
|
|
1
|
|
|
|
|
8
|
|
|
|
||||
Unamortized debt issuance costs and discount
|
|
|
(94
|
)
|
|
|
|
(101
|
)
|
|
|
||||
Total long-term debt of NEECH
|
|
|
11,256
|
|
|
|
|
11,206
|
|
|
|
||||
Less current maturities of long-term debt
|
|
|
645
|
|
|
|
|
1,724
|
|
|
|
||||
Long-term debt of NEECH, excluding current maturities
|
|
|
10,611
|
|
|
|
|
9,482
|
|
|
|
||||
NEER:
|
|
|
|
|
|
|
|
|
|
|
|||||
Senior secured limited-recourse bonds and notes - fixed
(f)
|
2019 - 2038
|
|
2,114
|
|
|
5.74
|
%
|
|
2,091
|
|
|
6.00
|
%
|
||
Senior secured limited-recourse term loans - primarily variable
(c)(d)
|
2019 - 2037
|
|
5,165
|
|
|
3.32
|
%
|
|
4,959
|
|
|
2.78
|
%
|
||
Senior unsecured notes - fixed
(d)
|
2024 - 2027
|
|
1,100
|
|
|
4.38
|
%
|
|
—
|
|
|
|
|||
Senior unsecured NEP convertible notes - fixed
(g)
|
2020
|
|
300
|
|
|
1.50
|
%
|
|
—
|
|
|
|
|||
Other long-term debt - primarily variable
(c)(d)
|
2017 - 2040
|
|
1,683
|
|
|
3.29
|
%
|
|
2,262
|
|
|
2.97
|
%
|
||
Unamortized debt issuance costs and premium - net
|
|
|
(181
|
)
|
|
|
|
(168
|
)
|
|
|
||||
Total long-term debt of NEER
|
|
|
10,181
|
|
|
|
|
9,144
|
|
|
|
||||
Less current maturities of long-term debt
|
|
|
565
|
|
|
|
|
513
|
|
|
|
||||
Long-term debt of NEER, excluding current maturities
|
|
|
9,616
|
|
|
|
|
8,631
|
|
|
|
||||
Total long-term debt
|
|
|
$
|
31,463
|
|
|
|
|
$
|
27,818
|
|
|
|
(a)
|
Principal on the storm-recovery bonds is due on the final maturity date (the date by which the principal must be repaid to prevent a default) for each tranche, however, it is being paid semiannually and sequentially.
|
(b)
|
Includes approximately
$838 million
of variable rate tax exempt bonds that permit individual bond holders to tender the bonds for purchase at any time prior to maturity. In the event these variable rate tax exempt bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase the variable rate tax exempt bonds. At
December 31, 2017
, all variable rate tax exempt bonds tendered for purchase have been successfully remarketed. FPL's bank revolving line of credit facilities are available to support the purchase of the variable rate tax exempt bonds. Variable interest rate is established at various intervals by the remarketing agent.
|
(c)
|
Variable rate is based on an underlying index plus a margin.
|
(d)
|
Interest rate contracts, primarily swaps, have been entered into with respect to certain of these debt issuances. Additionally, foreign currency contracts have been entered into with respect to the Japanese yen denominated debt. See Note 3.
|
(e)
|
Excludes debt totaling
$373 million
reflected in liabilities associated with assets held for sale on NEE's consolidated balance sheets. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(f)
|
Includes approximately
$483 million
in 2017 and
$490 million
in 2016 of debt held by a wholly owned subsidiary of NEER and collateralized by a third-party note receivable held by that subsidiary. See Note 8 - NEER.
|
(g)
|
A holder may convert all or a portion of its notes into NEP common units and cash in lieu of any fractional common unit at the conversion rate. At
December 31, 2017
, the conversion rate, subject to certain adjustments, is
18.9170
NEP common units per
$1,000
principal amount of the convertible notes.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2015
|
$
|
1,822
|
|
|
$
|
647
|
|
|
$
|
2,469
|
|
Liabilities incurred
|
1
|
|
|
56
|
|
|
57
|
|
|||
Accretion expense
|
91
|
|
|
47
|
|
|
138
|
|
|||
Liabilities settled
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
Revision in estimated cash flows - net
|
5
|
|
|
69
|
|
(a)
|
74
|
|
|||
Balances, December 31, 2016
|
1,919
|
|
|
817
|
|
|
2,736
|
|
|||
Liabilities incurred
|
17
|
|
|
59
|
|
|
76
|
|
|||
Accretion expense
|
96
|
|
|
52
|
|
|
148
|
|
|||
Liabilities settled
|
—
|
|
|
(14
|
)
|
(b)
|
(14
|
)
|
|||
Revision in estimated cash flows - net
|
15
|
|
|
70
|
|
(c)
|
85
|
|
|||
Balances, December 31, 2017
|
$
|
2,047
|
|
|
$
|
984
|
|
|
$
|
3,031
|
|
(a)
|
Primarily reflects the effect of revised cost estimates to dismantle certain of NEER’s wind and solar facilities.
|
(b)
|
Includes approximately
$13 million
reclassified to liabilities associated with assets held for sale in NEE's consolidated balance sheets. See Note 1 - Assets and Liabilities Associated with Assets Held for Sale.
|
(c)
|
Primarily reflects the effect of the revised cost estimate due to the change in useful life of Duane Arnold. See Note 4 - Nonrecurring Fair Value Measurements.
|
|
FPL
|
|
NEER
|
|
NEE
|
||||||
|
|
|
(millions)
|
|
|
||||||
Balances, December 31, 2017
|
$
|
4,090
|
|
|
$
|
1,913
|
|
|
$
|
6,003
|
|
Balances, December 31, 2016
|
$
|
3,665
|
|
|
$
|
1,769
|
|
|
$
|
5,434
|
|
(a)
|
Includes AFUDC of approximately $
118 million
, $
58 million
,
$49 million
,
$33 million
and $
16 million
for 2018 through 2022, 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
3,600
MW.
|
(d)
|
Includes capital expenditures for new solar projects and related transmission totaling approximately
140
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 to proceed with construction.
|
(a)
|
Capacity charges, substantially all of which are recoverable through the capacity clause, totaled approximately $
72 million
, $
175 million
and $
434 million
for the years ended
December 31, 2017, 2016 and 2015
, respectively. Energy charges, which are recoverable through the fuel clause, totaled approximately $
90 million
, $
126 million
and $
262 million
for the years ended
December 31, 2017, 2016 and 2015
, respectively.
|
(b)
|
Recoverable through the fuel clause.
|
(c)
|
Includes approximately $
295 million
, $
290 million
, $
360 million
,
$390 million
,
$390 million
and $
7,175 million
in 2018 through 2022 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection, LLC.
|
(d)
|
Includes an approximately
$75 million
commitment to invest in clean power and technology businesses through 2021.
|
(e)
|
Excludes approximately
$60 million
in
2018
of joint obligations of NEECH and NEER which are included in the NEER amounts above.
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
NEE
Consoli-
dated
|
|
FPL
|
|
NEER
(a)
|
|
Corp.
and
Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Operating revenues
|
$
|
11,972
|
|
|
$
|
5,186
|
|
|
$
|
37
|
|
|
$
|
17,195
|
|
|
$
|
10,895
|
|
|
$
|
4,893
|
|
|
$
|
367
|
|
|
$
|
16,155
|
|
|
$
|
11,651
|
|
|
$
|
5,444
|
|
|
$
|
391
|
|
|
$
|
17,486
|
|
Operating expenses - net
|
$
|
8,581
|
|
|
$
|
4,318
|
|
|
$
|
(1,030
|
)
|
|
$
|
11,869
|
|
|
$
|
7,737
|
|
|
$
|
3,419
|
|
|
$
|
391
|
|
|
$
|
11,547
|
|
|
$
|
8,674
|
|
|
$
|
3,865
|
|
|
$
|
315
|
|
|
$
|
12,854
|
|
Interest expense
|
$
|
482
|
|
|
$
|
801
|
|
|
$
|
275
|
|
|
$
|
1,558
|
|
|
$
|
456
|
|
|
$
|
732
|
|
|
$
|
(95
|
)
|
|
$
|
1,093
|
|
|
$
|
445
|
|
|
$
|
625
|
|
|
$
|
141
|
|
|
$
|
1,211
|
|
Interest income
|
$
|
2
|
|
|
$
|
72
|
|
|
$
|
7
|
|
|
$
|
81
|
|
|
$
|
2
|
|
|
$
|
34
|
|
|
$
|
46
|
|
|
$
|
82
|
|
|
$
|
7
|
|
|
$
|
28
|
|
|
$
|
51
|
|
|
$
|
86
|
|
Depreciation and amortization
|
$
|
933
|
|
|
$
|
1,398
|
|
|
$
|
26
|
|
|
$
|
2,357
|
|
|
$
|
1,651
|
|
|
$
|
1,366
|
|
|
$
|
60
|
|
|
$
|
3,077
|
|
|
$
|
1,576
|
|
|
$
|
1,183
|
|
|
$
|
72
|
|
|
$
|
2,831
|
|
Equity in earnings of equity method investees
|
$
|
—
|
|
|
$
|
136
|
|
|
$
|
5
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
119
|
|
|
$
|
29
|
|
|
$
|
148
|
|
|
$
|
—
|
|
|
$
|
103
|
|
|
$
|
4
|
|
|
$
|
107
|
|
Income tax expense (benefit)
(b)
|
$
|
1,106
|
|
|
$
|
(2,025
|
)
|
|
$
|
266
|
|
|
$
|
(653
|
)
|
|
$
|
1,051
|
|
|
$
|
242
|
|
|
$
|
90
|
|
|
$
|
1,383
|
|
|
$
|
957
|
|
|
$
|
289
|
|
|
$
|
(18
|
)
|
|
$
|
1,228
|
|
Net income
|
$
|
1,880
|
|
|
$
|
2,905
|
|
|
$
|
535
|
|
|
$
|
5,320
|
|
|
$
|
1,727
|
|
|
$
|
1,218
|
|
|
$
|
60
|
|
|
$
|
3,005
|
|
|
$
|
1,648
|
|
|
$
|
1,102
|
|
|
$
|
12
|
|
|
$
|
2,762
|
|
Net income attributable to NEE
|
$
|
1,880
|
|
|
$
|
2,963
|
|
|
$
|
535
|
|
|
$
|
5,378
|
|
|
$
|
1,727
|
|
|
$
|
1,125
|
|
|
$
|
60
|
|
|
$
|
2,912
|
|
|
$
|
1,648
|
|
|
$
|
1,092
|
|
|
$
|
12
|
|
|
$
|
2,752
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
5,291
|
|
|
$
|
5,375
|
|
|
$
|
74
|
|
|
$
|
10,740
|
|
|
$
|
3,934
|
|
|
$
|
5,521
|
|
|
$
|
181
|
|
|
$
|
9,636
|
|
|
$
|
3,633
|
|
|
$
|
4,661
|
|
|
$
|
83
|
|
|
$
|
8,377
|
|
Property, plant and equipment
|
$
|
51,982
|
|
|
$
|
40,767
|
|
|
$
|
1,034
|
|
|
$
|
93,783
|
|
|
$
|
48,313
|
|
|
$
|
37,644
|
|
|
$
|
1,056
|
|
|
$
|
87,013
|
|
|
$
|
45,383
|
|
|
$
|
33,340
|
|
|
$
|
1,607
|
|
|
$
|
80,330
|
|
Accumulated depreciation and amortization
|
$
|
12,802
|
|
|
$
|
8,452
|
|
|
$
|
113
|
|
|
$
|
21,367
|
|
|
$
|
12,304
|
|
|
$
|
7,655
|
|
|
$
|
142
|
|
|
$
|
20,101
|
|
|
$
|
11,862
|
|
|
$
|
6,640
|
|
|
$
|
442
|
|
|
$
|
18,944
|
|
Total assets
|
$
|
50,244
|
|
|
$
|
45,549
|
|
|
$
|
2,034
|
|
|
$
|
97,827
|
|
|
$
|
45,501
|
|
|
$
|
41,743
|
|
|
$
|
2,749
|
|
|
$
|
89,993
|
|
|
$
|
42,523
|
|
|
$
|
37,647
|
|
|
$
|
2,309
|
|
|
$
|
82,479
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
2,153
|
|
|
$
|
168
|
|
|
$
|
2,321
|
|
|
$
|
—
|
|
|
$
|
1,661
|
|
|
$
|
106
|
|
|
$
|
1,767
|
|
|
$
|
—
|
|
|
$
|
983
|
|
|
$
|
80
|
|
|
$
|
1,063
|
|
(a)
|
Interest expense allocated from NEECH is based on a deemed capital structure of
70%
debt. For this purpose, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual NEECH corporate interest expense is included in Corporate and Other.
|
(b)
|
NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes.
|
|
Year Ended
December 31, 2017 |
|
Year Ended
December 31, 2016 |
|
Year Ended
December 31, 2015 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
5,322
|
|
|
$
|
11,873
|
|
|
$
|
17,195
|
|
|
$
|
—
|
|
|
$
|
5,283
|
|
|
$
|
10,872
|
|
|
$
|
16,155
|
|
|
$
|
—
|
|
|
$
|
5,849
|
|
|
$
|
11,637
|
|
|
$
|
17,486
|
|
Operating expenses - net
|
(25
|
)
|
|
(3,293
|
)
|
|
(8,551
|
)
|
|
(11,869
|
)
|
|
(20
|
)
|
|
(3,663
|
)
|
|
(7,864
|
)
|
|
(11,547
|
)
|
|
(17
|
)
|
|
(4,142
|
)
|
|
(8,695
|
)
|
|
(12,854
|
)
|
||||||||||||
Interest expense
|
(3
|
)
|
|
(1,073
|
)
|
|
(482
|
)
|
|
(1,558
|
)
|
|
(1
|
)
|
|
(636
|
)
|
|
(456
|
)
|
|
(1,093
|
)
|
|
(4
|
)
|
|
(764
|
)
|
|
(443
|
)
|
|
(1,211
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
5,391
|
|
|
—
|
|
|
(5,391
|
)
|
|
—
|
|
|
2,956
|
|
|
—
|
|
|
(2,956
|
)
|
|
—
|
|
|
2,754
|
|
|
—
|
|
|
(2,754
|
)
|
|
—
|
|
||||||||||||
Other income - net
|
2
|
|
|
845
|
|
|
52
|
|
|
899
|
|
|
5
|
|
|
793
|
|
|
75
|
|
|
873
|
|
|
1
|
|
|
498
|
|
|
70
|
|
|
569
|
|
||||||||||||
Income (loss) before income taxes
|
5,365
|
|
|
1,801
|
|
|
(2,499
|
)
|
|
4,667
|
|
|
2,940
|
|
|
1,777
|
|
|
(329
|
)
|
|
4,388
|
|
|
2,734
|
|
|
1,441
|
|
|
(185
|
)
|
|
3,990
|
|
||||||||||||
Income tax expense (benefit)
|
(14
|
)
|
|
(1,712
|
)
|
|
1,073
|
|
|
(653
|
)
|
|
28
|
|
|
354
|
|
|
1,001
|
|
|
1,383
|
|
|
(18
|
)
|
|
299
|
|
|
947
|
|
|
1,228
|
|
||||||||||||
Net income (loss)
|
5,379
|
|
|
3,513
|
|
|
(3,572
|
)
|
|
5,320
|
|
|
2,912
|
|
|
1,423
|
|
|
(1,330
|
)
|
|
3,005
|
|
|
2,752
|
|
|
1,142
|
|
|
(1,132
|
)
|
|
2,762
|
|
||||||||||||
Less net income (loss) attributable to noncontrolling interests
|
—
|
|
|
(58
|
)
|
|
—
|
|
|
(58
|
)
|
|
—
|
|
|
93
|
|
|
—
|
|
|
93
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||||||||||
Net income (loss) attributable to NEE
|
$
|
5,379
|
|
|
$
|
3,571
|
|
|
$
|
(3,572
|
)
|
|
$
|
5,378
|
|
|
$
|
2,912
|
|
|
$
|
1,330
|
|
|
$
|
(1,330
|
)
|
|
$
|
2,912
|
|
|
$
|
2,752
|
|
|
$
|
1,132
|
|
|
$
|
(1,132
|
)
|
|
$
|
2,752
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Year Ended
December 31, 2017 |
|
Year Ended
December 31, 2016 |
|
Year Ended
December 31, 2015 |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
5,559
|
|
|
$
|
3,708
|
|
|
$
|
(3,708
|
)
|
|
$
|
5,559
|
|
|
$
|
3,009
|
|
|
$
|
1,448
|
|
|
$
|
(1,448
|
)
|
|
$
|
3,009
|
|
|
$
|
2,625
|
|
|
$
|
1,049
|
|
|
$
|
(1,049
|
)
|
|
$
|
2,625
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Year Ended
December 31, 2017 |
|
Year Ended
December 31, 2016 (a) |
|
Year Ended
December 31, 2015 (a) |
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(b)
|
|
NEE
Consoli-dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(b)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other
(b)
|
|
NEE
Consoli-
dated
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
1,968
|
|
|
$
|
2,711
|
|
|
$
|
1,734
|
|
|
$
|
6,413
|
|
|
$
|
1,897
|
|
|
$
|
2,129
|
|
|
$
|
2,267
|
|
|
$
|
6,293
|
|
|
$
|
1,659
|
|
|
$
|
2,462
|
|
|
$
|
1,968
|
|
|
$
|
6,089
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
—
|
|
|
(5,449
|
)
|
|
(5,291
|
)
|
|
(10,740
|
)
|
|
(1
|
)
|
|
(5,701
|
)
|
|
(3,934
|
)
|
|
(9,636
|
)
|
|
—
|
|
|
(4,744
|
)
|
|
(3,633
|
)
|
|
(8,377
|
)
|
||||||||||||
Capital contributions from NEE
|
(92
|
)
|
|
—
|
|
|
92
|
|
|
—
|
|
|
(745
|
)
|
|
—
|
|
|
745
|
|
|
—
|
|
|
(1,480
|
)
|
|
—
|
|
|
1,480
|
|
|
—
|
|
||||||||||||
Cash grants under the Recovery Act
|
—
|
|
|
78
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
335
|
|
|
—
|
|
|
335
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||||||||||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
1,454
|
|
|
—
|
|
|
1,454
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Sale of independent power and other investments of NEER
|
—
|
|
|
178
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
658
|
|
|
—
|
|
|
658
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments
|
9
|
|
|
1,221
|
|
|
1,977
|
|
|
3,207
|
|
|
—
|
|
|
1,281
|
|
|
2,495
|
|
|
3,776
|
|
|
—
|
|
|
1,120
|
|
|
3,731
|
|
|
4,851
|
|
||||||||||||
Purchases of securities in special use funds and other investments
|
—
|
|
|
(1,163
|
)
|
|
(2,081
|
)
|
|
(3,244
|
)
|
|
—
|
|
|
(1,323
|
)
|
|
(2,506
|
)
|
|
(3,829
|
)
|
|
—
|
|
|
(1,190
|
)
|
|
(3,792
|
)
|
|
(4,982
|
)
|
||||||||||||
Proceeds from sales of noncontrolling interests in NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
645
|
|
|
—
|
|
|
645
|
|
|
—
|
|
|
345
|
|
|
—
|
|
|
345
|
|
||||||||||||
Other - net
|
7
|
|
|
124
|
|
|
18
|
|
|
149
|
|
|
—
|
|
|
(19
|
)
|
|
24
|
|
|
5
|
|
|
—
|
|
|
79
|
|
|
28
|
|
|
107
|
|
||||||||||||
Net cash used in investing activities
|
(76
|
)
|
|
(3,557
|
)
|
|
(5,285
|
)
|
|
(8,918
|
)
|
|
(746
|
)
|
|
(4,124
|
)
|
|
(3,176
|
)
|
|
(8,046
|
)
|
|
(1,480
|
)
|
|
(4,330
|
)
|
|
(2,186
|
)
|
|
(7,996
|
)
|
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuances of long-term debt
|
—
|
|
|
6,393
|
|
|
1,961
|
|
|
8,354
|
|
|
—
|
|
|
5,349
|
|
|
308
|
|
|
5,657
|
|
|
—
|
|
|
4,689
|
|
|
1,083
|
|
|
5,772
|
|
||||||||||||
Retirements of long-term debt
|
—
|
|
|
(5,907
|
)
|
|
(873
|
)
|
|
(6,780
|
)
|
|
—
|
|
|
(3,048
|
)
|
|
(262
|
)
|
|
(3,310
|
)
|
|
—
|
|
|
(3,421
|
)
|
|
(551
|
)
|
|
(3,972
|
)
|
||||||||||||
Proceeds from differential membership investors
|
—
|
|
|
1,414
|
|
|
—
|
|
|
1,414
|
|
|
—
|
|
|
1,859
|
|
|
—
|
|
|
1,859
|
|
|
—
|
|
|
761
|
|
|
—
|
|
|
761
|
|
||||||||||||
Net change in commercial paper
|
—
|
|
|
—
|
|
|
1,419
|
|
|
1,419
|
|
|
—
|
|
|
(318
|
)
|
|
212
|
|
|
(106
|
)
|
|
—
|
|
|
318
|
|
|
(1,086
|
)
|
|
(768
|
)
|
||||||||||||
Proceeds from other short-term debt
|
—
|
|
|
—
|
|
|
450
|
|
|
450
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
500
|
|
|
—
|
|
|
1,125
|
|
|
100
|
|
|
1,225
|
|
||||||||||||
Repayments of other short-term debt
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(212
|
)
|
|
(450
|
)
|
|
(662
|
)
|
|
—
|
|
|
(813
|
)
|
|
—
|
|
|
(813
|
)
|
||||||||||||
Issuances of common stock - net
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
537
|
|
|
—
|
|
|
—
|
|
|
537
|
|
|
1,298
|
|
|
—
|
|
|
—
|
|
|
1,298
|
|
||||||||||||
Proceeds from issuance of NEP convertible preferred units - net
|
—
|
|
|
548
|
|
|
—
|
|
|
548
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Dividends on common stock
|
(1,845
|
)
|
|
—
|
|
|
—
|
|
|
(1,845
|
)
|
|
(1,612
|
)
|
|
—
|
|
|
—
|
|
|
(1,612
|
)
|
|
(1,385
|
)
|
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
||||||||||||
Dividends to NEE
|
—
|
|
|
(633
|
)
|
|
633
|
|
|
—
|
|
|
—
|
|
|
(650
|
)
|
|
650
|
|
|
—
|
|
|
—
|
|
|
(698
|
)
|
|
698
|
|
|
—
|
|
||||||||||||
Other - net
|
(102
|
)
|
|
(563
|
)
|
|
(15
|
)
|
|
(680
|
)
|
|
(75
|
)
|
|
(292
|
)
|
|
4
|
|
|
(363
|
)
|
|
(92
|
)
|
|
(150
|
)
|
|
21
|
|
|
(221
|
)
|
||||||||||||
Net cash provided by (used in) financing activities
|
(1,892
|
)
|
|
1,252
|
|
|
3,573
|
|
|
2,933
|
|
|
(1,150
|
)
|
|
2,688
|
|
|
962
|
|
|
2,500
|
|
|
(179
|
)
|
|
1,811
|
|
|
265
|
|
|
1,897
|
|
||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||||||||||
Net increase in cash, cash equivalents and restricted cash
|
—
|
|
|
432
|
|
|
22
|
|
|
454
|
|
|
1
|
|
|
703
|
|
|
53
|
|
|
757
|
|
|
—
|
|
|
(40
|
)
|
|
47
|
|
|
7
|
|
||||||||||||
Cash, cash equivalents and restricted cash at beginning of year
|
1
|
|
|
1,375
|
|
|
153
|
|
|
1,529
|
|
|
—
|
|
|
672
|
|
|
100
|
|
|
772
|
|
|
—
|
|
|
712
|
|
|
53
|
|
|
765
|
|
||||||||||||
Cash, cash equivalents and restricted cash at end of year
|
$
|
1
|
|
|
$
|
1,807
|
|
|
$
|
175
|
|
|
$
|
1,983
|
|
|
$
|
1
|
|
|
$
|
1,375
|
|
|
$
|
153
|
|
|
$
|
1,529
|
|
|
$
|
—
|
|
|
$
|
672
|
|
|
$
|
100
|
|
|
$
|
772
|
|
(a)
|
Prior period amounts have been retrospectively adjusted as discussed in Note 1 - Restricted Cash.
|
(b)
|
Represents primarily FPL and consolidating adjustments.
|
|
March 31
(a)
|
|
June 30
(a)
|
|
September 30
(a)
|
|
December 31
(a)
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,972
|
|
|
$
|
4,404
|
|
|
$
|
4,808
|
|
|
$
|
4,010
|
|
Operating income
(b)(c)
|
$
|
2,405
|
|
|
$
|
1,285
|
|
|
$
|
1,399
|
|
|
$
|
236
|
|
Net income
(b)(c)
|
$
|
1,591
|
|
|
$
|
804
|
|
|
$
|
856
|
|
|
$
|
2,068
|
|
Net income attributable to NEE
(b)(c)
|
$
|
1,583
|
|
|
$
|
793
|
|
|
$
|
847
|
|
|
$
|
2,155
|
|
Earnings per share attributable to NEE - basic
(c)(d)
|
$
|
3.39
|
|
|
$
|
1.69
|
|
|
$
|
1.80
|
|
|
$
|
4.58
|
|
Earnings per share attributable to NEE - assuming dilution
(c)(d)
|
$
|
3.37
|
|
|
$
|
1.68
|
|
|
$
|
1.79
|
|
|
$
|
4.55
|
|
Dividends per share
|
$
|
0.9825
|
|
|
$
|
0.9825
|
|
|
$
|
0.9825
|
|
|
$
|
0.9825
|
|
High-low common stock sales prices
|
$133.28 - $117.33
|
|
|
$144.87 - $127.09
|
|
|
$151.60 - 138.00
|
|
|
$159.40 - $145.62
|
|
||||
2016
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
3,835
|
|
|
$
|
3,817
|
|
|
$
|
4,805
|
|
|
$
|
3,699
|
|
Operating income
(b)
|
$
|
1,234
|
|
|
$
|
1,169
|
|
|
$
|
1,279
|
|
|
$
|
926
|
|
Net income
(b)
|
$
|
654
|
|
|
$
|
544
|
|
|
$
|
789
|
|
|
$
|
1,017
|
|
Net income attributable to NEE
(b)
|
$
|
653
|
|
|
$
|
540
|
|
|
$
|
753
|
|
|
$
|
966
|
|
Earnings per share attributable to NEE - basic
(d)
|
$
|
1.42
|
|
|
$
|
1.17
|
|
|
$
|
1.63
|
|
|
$
|
2.07
|
|
Earnings per share attributable to NEE - assuming dilution
(d)
|
$
|
1.41
|
|
|
$
|
1.16
|
|
|
$
|
1.62
|
|
|
$
|
2.06
|
|
Dividends per share
|
$
|
0.87
|
|
|
$
|
0.87
|
|
|
$
|
0.87
|
|
|
$
|
0.87
|
|
High-low common stock sales prices
|
$119.37 - $102.20
|
|
|
$130.43 - $112.44
|
|
|
$131.98 - $120.22
|
|
|
$128.46 - $110.49
|
|
||||
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,527
|
|
|
$
|
3,091
|
|
|
$
|
3,477
|
|
|
$
|
2,877
|
|
Operating income
(b)
|
$
|
811
|
|
|
$
|
941
|
|
|
$
|
1,022
|
|
|
$
|
618
|
|
Net income
(b)
|
$
|
445
|
|
|
$
|
526
|
|
|
$
|
566
|
|
|
$
|
344
|
|
2016
|
|
|
|
|
|
|
|
||||||||
Operating revenues
(b)
|
$
|
2,303
|
|
|
$
|
2,750
|
|
|
$
|
3,283
|
|
|
$
|
2,558
|
|
Operating income
(b)
|
$
|
714
|
|
|
$
|
828
|
|
|
$
|
921
|
|
|
$
|
694
|
|
Net income
(b)
|
$
|
393
|
|
|
$
|
448
|
|
|
$
|
515
|
|
|
$
|
371
|
|
(a)
|
In the opinion of NEE and FPL management, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year.
|
(b)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding.
|
(c)
|
First quarter of 2017 includes gain on disposal of a business (see Note 1 - Assets and Liabilities Associated with Assets Held for Sale); fourth quarter of 2017 includes impairment charges (see Note 4 - Nonrecurring Fair Value Measurements) and net favorable tax reform impacts (see Note 5).
|
(d)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding.
|
(a)
|
Management's Annual Report on Internal Control Over Financial Reporting
|
(b)
|
Attestation Report of the Independent Registered Public Accounting Firm
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
|
|
||||
Equity compensation plans approved by security holders
|
|
4,317,490
|
|
(a)
|
$
|
83.45
|
|
(b)
|
8,559,238
|
|
(c)
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Total
|
|
4,317,490
|
|
|
$
|
83.45
|
|
|
8,559,238
|
|
|
(a)
|
Includes an aggregate of 2,483,022 outstanding options, 1,674,780 unvested performance share awards (at maximum payout), 16,564 deferred fully vested performance shares and 115,597 deferred stock awards (including future reinvested dividends) under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan and former LTIP, and 27,527 fully vested shares deferred by directors under the NextEra Energy, Inc. 2007 Non-Employee Directors Stock Plan and its predecessor, the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.
|
(b)
|
Relates to outstanding options only.
|
(c)
|
Includes 8,061,938 shares under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan and 497,300 shares under the NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan.
|
|
2017
|
|
2016
|
||||
Audit fees
(a)
|
$
|
3,998,000
|
|
|
$
|
3,787,000
|
|
Audit-related fees
(b)
|
4,000
|
|
|
4,000
|
|
||
Tax fees
(c)
|
94,000
|
|
|
102,000
|
|
||
All other fees
(d)
|
22,000
|
|
|
9,000
|
|
||
Total
|
$
|
4,118,000
|
|
|
$
|
3,902,000
|
|
(a)
|
Audit fees consist of fees billed for professional services rendered for the audit of FPL's and NEE's annual consolidated financial statements for the fiscal year, the reviews of the financial statements included in FPL's and NEE's Quarterly Reports on Form 10-Q during the fiscal year and the audit of the effectiveness of internal control over financial reporting, comfort letters, consents, and other services related to SEC matters and services in connection with annual and semi-annual filings of NEE's financial statements with the Japanese Ministry of Finance.
|
(b)
|
Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of FPL's and NEE's consolidated financial statements and are not reported under audit fees. These fees primarily relate to subscription services for an accounting research tool.
|
(c)
|
Tax fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning.
In 2017 and 2016, approximately $7,000 and $66,000, respectively, was paid related to tax advice and planning services. All other tax fees in 2017 and in 2016 related to tax compliance services.
|
(d)
|
All other fees consist of fees for products and services other than the services reported under the other named categories. In 2017 and 2016, these fees related to training.
|
|
|
|
Page(s)
|
(a)
|
1.
|
Financial Statements
|
|
|
|
Management's Report on Internal Control Over Financial Reporting
|
|
|
|
Attestation Report of Independent Registered Public Accounting Firm
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
NEE:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Equity
|
|
|
|
FPL:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Common Shareholder's Equity
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
2.
|
Financial Statement Schedules - Schedules are omitted as not applicable or not required.
|
|
|
|
|
|
|
3.
|
Exhibits (including those incorporated by reference)
|
|
|
|
Certain exhibits listed below refer to "FPL Group" and "FPL Group Capital," and were effective prior to the change of the name FPL Group, Inc. to NextEra Energy, Inc., and of the name FPL Group Capital Inc to NextEra Energy Capital Holdings, Inc., during 2010.
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*3(i)a
|
|
|
x
|
|
|
|
|
*3(i)b
|
|
|
|
|
x
|
|
|
*3(ii)a
|
|
|
x
|
|
|
|
|
*3(ii)b
|
|
|
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(a)
|
|
Mortgage and Deed of Trust dated as of January 1, 1944, as amended, between Florida Power & Light Company and Deutsche Bank Trust Company Americas, Trustee (filed as Exhibit B-3, File No. 2-4845; Exhibit 7(a), File No. 2-7126; Exhibit 7(a), File No. 2-7523; Exhibit 7(a), File No. 2-7990; Exhibit 7(a), File No. 2-9217; Exhibit 4(a)-5, File No. 2-10093; Exhibit 4(c), File No. 2-11491; Exhibit 4(b)-1, File No. 2-12900; Exhibit 4(b)-1, File No. 2-13255; Exhibit 4(b)-1, File No. 2-13705; Exhibit 4(b)-1, File No. 2-13925; Exhibit 4(b)-1, File No. 2-15088; Exhibit 4(b)-1, File No. 2-15677; Exhibit 4(b)-1, File No. 2-20501; Exhibit 4(b)-1, File No. 2-22104; Exhibit 2(c), File No. 2-23142; Exhibit 2(c), File No. 2-24195; Exhibit 4(b)-1, File No. 2-25677; Exhibit 2(c), File No. 2-27612; Exhibit 2(c), File No. 2-29001; Exhibit 2(c), File No. 2-30542; Exhibit 2(c), File No. 2-33038; Exhibit 2(c), File No. 2-37679; Exhibit 2(c), File No. 2-39006; Exhibit 2(c), File No. 2-41312; Exhibit 2(c), File No. 2-44234; Exhibit 2(c), File No. 2-46502; Exhibit 2(c), File No. 2-48679; Exhibit 2(c), File No. 2-49726; Exhibit 2(c), File No. 2-50712; Exhibit 2(c), File No. 2-52826; Exhibit 2(c), File No. 2-53272; Exhibit 2(c), File No. 2-54242; Exhibit 2(c), File No. 2-56228; Exhibits 2(c) and 2(d), File No. 2-60413; Exhibits 2(c) and 2(d), File No. 2-65701; Exhibit 2(c), File No. 2-66524; Exhibit 2(c), File No. 2-67239; Exhibit 4(c), File No. 2-69716; Exhibit 4(c), File No. 2-70767; Exhibit 4(b), File No. 2-71542; Exhibit 4(b), File No. 2-73799; Exhibits 4(c), 4(d) and 4(e), File No. 2-75762; Exhibit 4(c), File No. 2-77629; Exhibit 4(c), File No. 2-79557; Exhibit 99(a) to Post-Effective Amendment No. 5 to Form S-8, File No. 33-18669; Exhibit 99(a) to Post-Effective Amendment No. 1 to Form S-3, File No. 33-46076;
Exhibit 4(b) to Form 10-Q for the quarter ended June 30, 1995, File No. 1-3545
;
Exhibit 4(a) to Form 10-Q for the quarter ended March 31, 1996, File No. 1-3545
;
Exhibit 4(o), File No. 333-102169
;
Exhibit 4(k) to Post-Effective Amendment No. 1 to Form S-3, File No. 333-102172
;
Exhibit 4(l) to Post-Effective Amendment No. 2 to Form S-3, File No. 333-102172
;
Exhibit 4(m) to Post-Effective Amendment No. 3 to Form S-3, File No. 333-102172
;
Exhibit 4(f) to Amendment No. 1 to Form S-3, File No. 333-125275
;
Exhibit 4(y) to Post-Effective Amendment No. 2 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02
;
Exhibit 4(z) to Post-Effective Amendment No. 3 to Form S-3, File Nos. 333-116300, 333-116300-01 and 333-116300-02
;
Exhibit 4(b) to Form 10-Q for the quarter ended March 31, 2006, File No. 2-27612
;
Exhibit 4(a) to Form 8-K dated April 17, 2007, File No. 2-27612
;
Exhibit 4 to Form 8-K dated January 16, 2008, File No. 2-27612
;
Exhibit 4(a) to Form 8-K dated March 17, 2009, File No. 2-27612
;
Exhibit 4 to Form 8-K dated February 9, 2010
,
File No. 2-27612; Exhibit 4 to Form 8-K dated December 9, 2010, File No. 2-27612
;
Exhibit 4(a) to Form 8-K dated June 10, 2011, File No. 2-27612
;
Exhibit 4 to Form 8-K dated December 13, 2011, File No. 2-27612
;
Exhibit 4 to Form 8-K dated May 15, 2012, File No. 2-27612
;
Exhibit 4 to Form 8-K dated December 20, 2012, File No. 2-27612
;
Exhibit 4 to Form 8-K dated June 5, 2013, File No. 2-27612
;
Exhibit 4 to Form 8-K dated May 15, 2014, File No. 2-27612
;
Exhibit 4 to Form 8-K dated September 10, 2014, File No. 2-27612
; and
Exhibit 4 to Form 8-K dated November 19, 2015, File No. 2-27612
)
|
|
x
|
|
x
|
|
4(b)
|
|
|
x
|
|
x
|
|
|
*4(c)
|
|
|
x
|
|
x
|
|
|
*4(d)
|
|
|
x
|
|
x
|
|
|
*4(e)
|
|
|
x
|
|
|
|
|
*4(f)
|
|
|
x
|
|
|
|
|
*4(g)
|
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(h)
|
|
|
x
|
|
|
|
|
*4(i)
|
|
|
x
|
|
|
|
|
*4(j)
|
|
|
x
|
|
|
|
|
*4(k)
|
|
|
x
|
|
|
|
|
*4(l)
|
|
|
x
|
|
|
|
|
*4(m)
|
|
|
x
|
|
|
|
|
*4(n)
|
|
|
x
|
|
|
|
|
*4(o)
|
|
|
x
|
|
|
|
|
*4(p)
|
|
|
x
|
|
|
|
|
*4(q)
|
|
|
x
|
|
|
|
|
*4(r)
|
|
|
x
|
|
|
|
|
*4(s)
|
|
|
x
|
|
|
|
|
*4(t)
|
|
|
x
|
|
|
|
|
*4(u)
|
|
|
x
|
|
|
|
|
*4(v)
|
|
|
x
|
|
|
|
|
*4(w)
|
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(x)
|
|
|
x
|
|
|
|
|
*4(y)
|
|
|
x
|
|
|
|
|
*4(z)
|
|
|
x
|
|
|
|
|
*4(aa)
|
|
|
x
|
|
|
|
|
*4(bb)
|
|
|
x
|
|
|
|
|
*4(cc)
|
|
|
x
|
|
|
|
|
*4(dd)
|
|
|
x
|
|
|
|
|
*4(ee)
|
|
|
x
|
|
|
|
|
*4(ff)
|
|
|
x
|
|
|
|
|
*4(gg)
|
|
|
x
|
|
|
|
|
*4(hh)
|
|
|
|
|
x
|
|
|
*4(ii)
|
|
|
x
|
|
|
|
|
*4(jj)
|
|
|
x
|
|
|
|
|
*4(kk)
|
|
|
x
|
|
|
|
|
*4(ll)
|
|
|
x
|
|
|
|
|
*4(mm)
|
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(nn)
|
|
|
x
|
|
|
|
|
*4(oo)
|
|
|
x
|
|
|
|
|
*4(pp)
|
|
|
x
|
|
|
|
|
*10(a)
|
|
|
x
|
|
x
|
|
|
*10(b)
|
|
|
x
|
|
x
|
|
|
*10(c)
|
|
|
x
|
|
x
|
|
|
10(d)
|
|
|
x
|
|
x
|
|
|
10(e)
|
|
|
x
|
|
x
|
|
|
*10(f)
|
|
|
x
|
|
x
|
|
|
*10(g)
|
|
|
x
|
|
x
|
|
|
*10(h)
|
|
|
x
|
|
x
|
|
|
*10(i)
|
|
|
x
|
|
x
|
|
|
*10(j)
|
|
|
x
|
|
x
|
|
|
*10(k)
|
|
|
x
|
|
x
|
|
|
*10(l)
|
|
|
x
|
|
x
|
|
|
*10(m)
|
|
|
x
|
|
x
|
|
|
*10(n)
|
|
|
x
|
|
x
|
|
|
*10(o)
|
|
|
x
|
|
x
|
|
|
*10(p)
|
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(q)
|
|
|
x
|
|
x
|
|
|
*10(r)
|
|
|
x
|
|
x
|
|
|
*10(s)
|
|
|
x
|
|
x
|
|
|
*10(t)
|
|
|
x
|
|
x
|
|
|
*10(u)
|
|
|
x
|
|
x
|
|
|
*10(v)
|
|
|
x
|
|
x
|
|
|
*10(w)
|
|
|
x
|
|
x
|
|
|
*10(x)
|
|
|
x
|
|
x
|
|
|
*10(y)
|
|
|
x
|
|
x
|
|
|
*10(z)
|
|
|
x
|
|
x
|
|
|
*10(aa)
|
|
|
x
|
|
x
|
|
|
*10(bb)
|
|
|
x
|
|
x
|
|
|
*10(cc)
|
|
|
x
|
|
x
|
|
|
*10(dd)
|
|
|
x
|
|
x
|
|
|
*10(ee)
|
|
|
x
|
|
x
|
|
|
*10(ff)
|
|
|
x
|
|
x
|
|
|
*10(gg)
|
|
|
x
|
|
|
|
|
*10(hh)
|
|
|
x
|
|
|
|
|
*10(ii)
|
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
10(jj)
|
|
|
x
|
|
|
|
|
*10(kk)
|
|
|
x
|
|
|
|
|
*10(ll)
|
|
|
x
|
|
x
|
|
|
*10(mm)
|
|
|
x
|
|
x
|
|
|
*10(nn)
|
|
|
x
|
|
x
|
|
|
*10(oo)
|
|
|
x
|
|
x
|
|
|
*10(pp)
|
|
|
x
|
|
x
|
|
|
*10(qq)
|
|
|
x
|
|
x
|
|
|
*10(rr)
|
|
|
x
|
|
x
|
|
|
*10(ss)
|
|
|
x
|
|
x
|
|
|
*10(tt)
|
|
|
x
|
|
x
|
|
|
*10(uu)
|
|
|
x
|
|
x
|
|
|
*10(vv)
|
|
|
x
|
|
|
|
|
12(a)
|
|
|
x
|
|
|
|
|
12(b)
|
|
|
|
|
x
|
|
|
21
|
|
|
x
|
|
|
|
|
23
|
|
|
x
|
|
x
|
|
|
31(a)
|
|
|
x
|
|
|
|
|
31(b)
|
|
|
x
|
|
|
|
|
31(c)
|
|
|
|
|
x
|
|
|
31(d)
|
|
|
|
|
x
|
|
|
32(a)
|
|
|
x
|
|
|
|
|
32(b)
|
|
|
|
|
x
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
x
|
|
x
|
|
101.SCH
|
|
XBRL Schema Document
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
x
|
|
x
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
x
|
|
x
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
x
|
|
x
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
x
|
|
x
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer and Director
(Principal Executive Officer)
|
JOHN W. KETCHUM
|
|
TERRELL KIRK CREWS, II
|
John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)
|
|
Terrell Kirk Crews, II
Vice President, Controller and Chief Accounting
Officer
(Principal Accounting Officer)
|
SHERRY S. BARRAT
|
|
AMY B. LANE
|
Sherry S. Barrat
|
|
Amy B. Lane
|
JAMES L. CAMAREN
|
|
RUDY E. SCHUPP
|
James L. Camaren
|
|
Rudy E. Schupp
|
KENNETH B. DUNN
|
|
JOHN L. SKOLDS
|
Kenneth B. Dunn
|
|
John L. Skolds
|
NAREN K. GURSAHANEY
|
|
WILLIAM H. SWANSON
|
Naren K. Gursahaney
|
|
William H. Swanson
|
KIRK S. HACHIGIAN
|
|
HANSEL E. TOOKES, II
|
Kirk S. Hachigian
|
|
Hansel E. Tookes, II
|
TONI JENNINGS
|
|
|
Toni Jennings
|
|
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer and Director
(Principal Executive Officer)
|
JOHN W. KETCHUM
|
|
KIMBERLY OUSDAHL
|
John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer and Director
(Principal Financial Officer)
|
|
Kimberly Ousdahl
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
JAMES L. ROBO
|
James L. Robo
|
This instrument was prepared by:
|
|
|
|
|
Paul I. Cutler
Florida Power & Light Company
700 Universe Boulevard
Juno Beach, Florida 33408
|
|
EXECUTED IN 60 COUNTERPARTS OF
WHICH THIS IS COUNTERPART NO. 3
|
(1)
|
the sum of the present values, calculated as of the Redemption Date, of:
|
a.
|
each interest payment that, but for such redemption, would have been payable on the bond of the One Hundred Twenty-Second Series (or portion thereof) being redeemed on each Interest Payment Date occurring after the Redemption Date that would be payable if such bond of the
|
b.
|
the principal amount that, but for such redemption, would have been payable at the final maturity of the bond of the One Hundred Twenty-Second Series (or portion thereof) being redeemed; over
|
(2)
|
the principal amount of the bond of the One Hundred Twenty-Second Series (or portion thereof) being redeemed.
|
FLORIDA POWER & LIGHT COMPANY
|
|
|
|
|
|
By:
|
/s/ W. Scott Seeley
|
|
W. Scott Seeley
Vice President, Compliance
& Corporate Secretary
|
/s/ Charlotte B. Anderson
|
Charlotte B. Anderson
Assistant Secretary
|
/s/ Aldo Portales
|
/s/ Melissa Coleman
|
DEUTSCHE BANK TRUST COMPANY AMERICAS
As Trustee
|
|
|
|
|
|
By:
|
/s/ Carol Ng
|
|
Carol Ng
Vice President
60 Wall Street, 16th Floor
New York, NY 10005
|
By:
|
/s/ James Briggs
|
|
James Briggs
Vice President
60 Wall Street, 16th Floor
New York, NY 10005
|
/s/ Scott Dodic
|
Scott Dodic
Assistant Vice President
60 Wall Street, 16th Floor
New York, NY 10005
|
/s/ Ike Graham
|
Ike Graham
|
/s/ Randy Kahn
|
Randy Kahn
|
STATE OF FLORIDA
|
}
|
SS:
|
COUNTY OF PALM BEACH
|
/s/ Cassandra A. Kelly
|
Notary Public - State of Florida
|
|
Notary Public State of Florida
Cassandra A. Kelly
My Commission FF 124846
Expires 05/20/2018
|
STATE OF NEW YORK
|
}
|
SS:
|
COUNTY OF NEW YORK
|
/s/ Julia Engel
|
Notary Public - State of New York
|
|
Julia Engel
Notary Public - State of New York
No. 02EN6194015
Qualified in New York County
Commission Expires 09/29/2020
|
Appendix A1
Last Revised On: March 16, 2016
|
|||||
Name
|
Company
|
Pre-4/1/1997 Participant
|
Class A “Bonus SERP” Status
|
Double Basic Credits
|
Double
Transition
Credits
|
ROBO, JAMES L. *
|
NextEra Energy, Inc.
|
|
X
|
X
1
|
|
KETCHUM, JOHN W. *
|
NextEra Energy, Inc.
|
|
X
|
X
1
|
|
PIMENTEL, ARMANDO *
|
NextEra Energy Resources, LLC
|
|
X
|
X
1
|
|
NAZAR, MANO K. *
|
NextEra Energy, Inc.
|
|
X
1
|
X
1
|
|
SILAGY, ERIC E.*
|
Florida Power & Light Company
|
|
X
1
|
X
1
|
|
1
The Compensation Committee has expressly identified these items and acknowledged that they are subject to Internal Revenue Code Section 409A. In particular, these items include: (i) the additional deferred compensation provided by the designation of certain officers as Class A Executives, effective on or after January 1, 2006; and (ii) the additional deferred compensation set forth in SERP Amendment #4 to the Prior Plan (meaning amounts deferred by certain senior officers specified by the Compensation Committee who became participants in the SERP on or after April 1, 1997 at the rate of two times the basic credit and, to the extent applicable, the transition credit under the cash balance formula in the SERP for their pensionable earnings on or after January 1, 2006). Importantly, nothing in Amendment #4 to the Prior Plan, the SERP, Compensation Committee resolutions, or any other document shall be construed as subjecting to Code Section 409A any deferrals made under the SERP prior to January 1, 2005, except as expressly noted herein.
* Executive Officer of NextEra Energy, Inc.
|
Appendix A2
Last Revised On: October 1, 2017
|
|||||
Name
|
Company
|
Pre-4/1/1997 Participant
|
Class A
“Bonus SERP” Status
|
Double Basic Credits
|
Double Transition Credits
|
ARECHABALA, MIGUEL *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
CAPLAN, DEBORAH H. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
KELLIHER, JOSEPH T. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
SIEVING, CHARLES E. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
YEAGER, WILLIAM L. *
|
NextEra Energy, Inc
|
|
X
1
|
X
1
|
|
CUTLER, PAUL I. *
|
NextEra Energy, Inc
|
|
X
1
|
|
|
CREWS, T. KIRK ii *
|
NextEra Energy, Inc
|
|
X
1
|
|
|
|
|
1
|
The Compensation Committee has expressly identified these items and acknowledged that they are subject to Internal Revenue Code Section 409A. In particular, these items include: (i) the additional deferred compensation provided by the designation of certain officers as Class A Executives, effective on or after January 1, 2006; and (ii) the additional deferred compensation set forth in SERP Amendment #4 to the Prior Plan (meaning amounts deferred by certain senior officers specified by the Compensation Committee who became participants in the SERP on or after April 1, 1997 at the rate of two times the basic credit and, to the extent applicable, the transition credit under the cash balance formula in the SERP for their pensionable earnings on or after January 1, 2006). Importantly, nothing in Amendment #4 to the Prior Plan, the SERP, Compensation Committee resolutions, or any other document shall be construed as subjecting to Code Section 409A any deferrals made under the SERP
prior
to January 1, 2005, except as expressly noted herein.
|
*
|
Executive Officer of NextEra Energy, Inc.
|
Annual Retainer
(payable quarterly in common stock or cash)
|
$90,000
|
|
|
Board or Committee meeting fee
|
$2,000/meeting
|
|
|
Audit Committee Chair retainer (annual)
(payable quarterly)
|
$20,000
|
|
|
Lead Director retainer (annual)
(payable quarterly)
|
$30,000
|
|
|
Other Committee Chair retainer (annual)
(payable quarterly)
|
$15,000
|
|
|
Annual grant of restricted stock
(under 2017 Non-Employee Directors Stock Plan)
|
That number of shares determined by dividing $160,000 by closing price of NextEra Energy common stock on effective date of grant (rounded up to the nearest 10 shares)
|
|
|
Miscellaneous
|
- Travel and Accident Insurance (including spouse coverage)
|
|
|
|
Travel and related expenses while on Board business, and actual administrative or similar expenses incurred for Board or Committee business, are paid or reimbursed by the Company. Directors may travel on Company aircraft in accordance with the Company’s Aviation Policy (primarily to or from Board meetings and while on Board business; in limited circumstances for other reasons if the Company would incur little if any incremental cost, space is available and the aircraft is already in use for another authorized purpose - may be accompanied by immediate family members when space is available).
|
|
|
|
- Directors may participate in the Company’s Deferred Compensation Plan.
|
|
|
|
- Directors may participate in the Company’s matching gift program, which matches gifts to educational institutions to a maximum of $10,000 per donor.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Income
|
$
|
5,320
|
|
|
$
|
3,005
|
|
|
$
|
2,762
|
|
|
$
|
2,469
|
|
|
$
|
1,677
|
|
|||||
Income taxes
|
(653
|
)
|
|
1,383
|
|
|
1,228
|
|
|
1,176
|
|
|
777
|
|
||||||||||
Fixed charges included in the determination of net income, as below
|
1,658
|
|
|
1,184
|
|
|
1,287
|
|
|
1,331
|
|
|
1,195
|
|
||||||||||
Amortization of capitalized interest
|
38
|
|
|
38
|
|
|
40
|
|
|
39
|
|
|
34
|
|
||||||||||
Distributed income of equity method investees
|
160
|
|
|
102
|
|
|
80
|
|
|
33
|
|
|
33
|
|
||||||||||
Less equity in earnings of equity method investees
|
141
|
|
|
148
|
|
|
107
|
|
|
93
|
|
|
25
|
|
||||||||||
Total earnings, as defined
|
$
|
6,382
|
|
|
$
|
5,564
|
|
|
$
|
5,290
|
|
|
$
|
4,955
|
|
|
$
|
3,691
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
1,558
|
|
|
$
|
1,093
|
|
|
$
|
1,211
|
|
|
$
|
1,261
|
|
|
$1,121
|
|
||||||
Rental interest factor
|
75
|
|
|
66
|
|
|
55
|
|
|
55
|
|
|
47
|
|
||||||||||
Allowance for borrowed funds used during construction
|
25
|
|
|
25
|
|
|
21
|
|
|
15
|
|
|
27
|
|
||||||||||
Fixed charges included in the determination of net income
|
1,658
|
|
|
1,184
|
|
|
1,287
|
|
|
1,331
|
|
|
1,195
|
|
||||||||||
Capitalized interest
|
89
|
|
|
110
|
|
|
100
|
|
|
113
|
|
|
140
|
|
||||||||||
Total fixed charges, as defined
|
$
|
1,747
|
|
|
$
|
1,294
|
|
|
$
|
1,387
|
|
|
$
|
1,444
|
|
|
$
|
1,335
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
3.65
|
|
|
4.30
|
|
|
3.81
|
|
|
3.43
|
|
|
2.76
|
|
(a)
|
NextEra Energy, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.
|
|
Years Ended December 31,
|
|||||||||||||||||||||||
|
2017
|
|
|
2016
|
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||
|
(millions of dollars)
|
|||||||||||||||||||||||
Earnings, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income
|
$
|
1,880
|
|
|
$
|
1,727
|
|
|
$
|
1,648
|
|
|
$
|
1,517
|
|
|
$
|
1,349
|
|
|||||
Income taxes
|
1,106
|
|
|
1,051
|
|
|
957
|
|
|
910
|
|
|
835
|
|
||||||||||
Fixed charges, as below
|
518
|
|
|
493
|
|
|
478
|
|
|
466
|
|
|
451
|
|
||||||||||
Total earnings, as defined
|
$
|
3,504
|
|
|
$
|
3,271
|
|
|
$
|
3,083
|
|
|
$
|
2,893
|
|
|
$
|
2,635
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Fixed charges, as defined:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense
|
$
|
482
|
|
|
$
|
456
|
|
|
$
|
445
|
|
|
$
|
439
|
|
|
$
|
415
|
|
|||||
Rental interest factor
|
14
|
|
|
14
|
|
|
12
|
|
|
12
|
|
|
10
|
|
||||||||||
Allowance for borrowed funds used during construction
|
22
|
|
|
23
|
|
|
21
|
|
|
15
|
|
|
26
|
|
||||||||||
Total fixed charges, as defined
|
$
|
518
|
|
|
$
|
493
|
|
|
$
|
478
|
|
|
$
|
466
|
|
|
$
|
451
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
|
6.76
|
|
|
6.63
|
|
|
6.45
|
|
|
6.21
|
|
|
5.84
|
|
(a)
|
Florida Power & Light Company has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends.
|
|
Subsidiary
|
|
State or
Jurisdiction of
Incorporation
or Organization
|
|
|
|
|
1.
|
Florida Power & Light Company (100%-owned)
|
|
Florida
|
2.
|
NextEra Energy Capital Holdings, Inc. (100%-owned)
|
|
Florida
|
3.
|
NextEra Energy Resources, LLC
(a)(b)
|
|
Delaware
|
4.
|
Palms Insurance Company, Limited
(b)
|
|
Cayman Islands
|
(a)
|
Includes 982 subsidiaries that operate in the United States and 196 subsidiaries that operate in foreign countries in the same line of business as NextEra Energy Resources, LLC.
|
(b)
|
100%-owned subsidiary of NextEra Energy Capital Holdings, Inc.
|
NEE
|
|
FPL
|
||
Form S-8
|
No. 33-57673
|
|
Form S-3
|
No. 333-205558-02
|
Form S-8
|
No. 333-27079
|
|
|
|
Form S-8
|
No. 333-88067
|
|
|
|
Form S-8
|
No. 333-114911
|
|
|
|
Form S-8
|
No. 333-116501
|
|
|
|
Form S-8
|
No. 333-130479
|
|
|
|
Form S-8
|
No. 333-143739
|
|
|
|
Form S-8
|
No. 333-174799
|
|
|
|
Form S-8
|
No. 333-220136
|
|
|
|
Form S-3
|
No. 333-203453
|
|
|
|
Form S-3
|
No. 333-205558
|
|
|
|
1.
|
I have reviewed this Form 10-K for the annual period ended
December 31, 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.
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
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1.
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I have reviewed this Form 10-K for the annual period ended
December 31, 2017
of NextEra Energy, Inc. (the registrant);
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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JOHN W. KETCHUM
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John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
of NextEra Energy, Inc.
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1.
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I have reviewed this Form 10-K for the annual period ended
December 31, 2017
of Florida Power & Light Company (the registrant);
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2.
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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;
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3.
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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;
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4.
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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:
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(a)
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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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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1.
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I have reviewed this Form 10-K for the annual period ended
December 31, 2017
of Florida Power & Light Company (the registrant);
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2.
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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;
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3.
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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;
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4.
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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;
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(b)
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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;
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(c)
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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
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(d)
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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
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5.
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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):
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(a)
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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
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(b)
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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.
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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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(1)
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The Annual Report on Form 10-K of NextEra Energy, Inc. (the registrant) for the annual period ended
December 31, 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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JAMES L. ROBO
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James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
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JOHN W. KETCHUM
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John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
of NextEra Energy, Inc.
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(1)
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The Annual Report on Form 10-K of Florida Power & Light Company (the registrant) for the annual period ended
December 31, 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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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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