|
|
|
Commission
File
Number
|
|
Exact name of registrants as specified in their
charters, address of principal executive offices and
registrants' telephone number
|
|
IRS Employer
Identification
Number
|
1-8841
|
|
NEXTERA ENERGY, INC.
|
|
59-2449419
|
2-27612
|
|
FLORIDA POWER & LIGHT COMPANY
|
|
59-0247775
|
|
|
700 Universe Boulevard
Juno Beach, Florida 33408
(561) 694-4000
|
|
|
NextEra Energy, Inc. Yes
þ
No
¨
Florida Power & Light Company Yes
þ
No
¨
|
NextEra Energy, Inc. Yes
þ
No
¨
Florida Power & Light Company Yes
þ
No
¨
|
NextEra Energy, Inc.
|
Large Accelerated Filer
þ
|
Accelerated Filer
¨
|
Non-Accelerated Filer
¨
|
Smaller Reporting Company
¨
|
Emerging Growth Company
¨
|
Florida Power & Light Company
|
Large Accelerated Filer
¨
|
Accelerated Filer
¨
|
Non-Accelerated Filer
þ
|
Smaller Reporting Company
¨
|
Emerging Growth Company
¨
|
Term
|
Meaning
|
AFUDC
|
allowance for funds used during construction
|
AFUDC - equity
|
equity component of AFUDC
|
AOCI
|
accumulated other comprehensive income
|
capacity clause
|
capacity cost recovery clause, as established by the FPSC
|
Duane Arnold
|
Duane Arnold Energy Center
|
EPA
|
U.S. Environmental Protection Agency
|
FASB
|
Financial Accounting Standards Board
|
FERC
|
U.S. Federal Energy Regulatory Commission
|
Florida Southeast Connection
|
Florida Southeast Connection, LLC, a wholly owned NEER subsidiary
|
FPL
|
Florida Power & Light Company
|
FPSC
|
Florida Public Service Commission
|
fuel clause
|
fuel and purchased power cost recovery clause, as established by the FPSC
|
GAAP
|
generally accepted accounting principles in the U.S.
|
ISO
|
independent system operator
|
ITC
|
investment tax credit
|
kWh
|
kilowatt-hour(s)
|
Management's Discussion
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
MMBtu
|
One million British thermal units
|
MW
|
megawatt(s)
|
MWh
|
megawatt-hour(s)
|
NEE
|
NextEra Energy, Inc.
|
NEECH
|
NextEra Energy Capital Holdings, Inc.
|
NEER
|
NextEra Energy Resources, LLC
|
NEET
|
NextEra Energy Transmission, LLC
|
NEP
|
NextEra Energy Partners, LP
|
NEP OpCo
|
NextEra Energy Operating Partners, LP
|
Note __
|
Note __ to condensed consolidated financial statements
|
NRC
|
U.S. Nuclear Regulatory Commission
|
O&M expenses
|
other operations and maintenance expenses in the condensed consolidated statements of income
|
OCI
|
other comprehensive income
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
PTC
|
production tax credit
|
PV
|
photovoltaic
|
Recovery Act
|
American Recovery and Reinvestment Act of 2009, as amended
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
Sabal Trail
|
Sabal Trail Transmission, LLC, an entity in which a wholly owned NEER subsidiary has a 42.5% ownership interest
|
Seabrook
|
Seabrook Station
|
SEC
|
U.S. Securities and Exchange Commission
|
tax reform
|
Tax Cuts and Jobs Act
|
U.S.
|
United States of America
|
|
|
Page No.
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected by the extensive regulation of their business.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise.
|
•
|
Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political, regulatory and economic factors.
|
•
|
FPL's use of derivative instruments could be subject to prudence challenges and, if found imprudent, could result in disallowances of cost recovery for such use by the FPSC.
|
•
|
Any reductions or modifications to, or the elimination of, governmental incentives or policies that support utility scale renewable energy, including, but not limited to, tax laws, policies and incentives, renewable portfolio standards, feed-in tariffs or the EPA's final rule under Section 111(d) of the Clean Air Act, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, NEER abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected as a result of new or revised laws, regulations, interpretations or other regulatory initiatives.
|
•
|
NEE and FPL are subject to numerous environmental laws, regulations and other standards that may result in capital expenditures, increased operating costs and various liabilities, and may require NEE and FPL to limit or eliminate certain operations.
|
•
|
NEE's and FPL's business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.
|
•
|
Extensive federal regulation of the operations and businesses of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.
|
•
|
Changes in tax laws, guidance or policies, including but not limited to changes in corporate income tax rates, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected due to adverse results of litigation.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable to complete the construction of, or capital improvements to, electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget.
|
•
|
NEE and FPL may face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.
|
•
|
The operation and maintenance of NEE's and FPL's electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth or slower growth in the number of customers or in customer usage.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions, including, but not limited to, the impact of severe weather.
|
•
|
Threats of terrorism and catastrophic events that could result from terrorism, cyber attacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEE's and FPL's insurance coverage does not provide protection against all significant losses.
|
•
|
NEE invests in gas and oil producing and transmission assets through NEER’s gas infrastructure business. The gas infrastructure business is exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and for certain existing projects to be impaired, which could materially adversely affect NEE's results of operations.
|
•
|
If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and materially adversely affect NEE's business, financial condition, results of operations and prospects.
|
•
|
Due to the potential for significant volatility in market prices for fuel, electricity and renewable and other energy commodities, NEER's inability or failure to manage properly or hedge effectively the commodity risks within its portfolios could materially adversely affect NEE's business, financial condition, results of operations and prospects.
|
•
|
Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's results of operations.
|
•
|
NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.
|
•
|
If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's risk management tools associated with their hedging and trading procedures may not protect against significant losses.
|
•
|
If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, FPL's and NEER's ability to sell and deliver power or natural gas may be limited.
|
•
|
NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors.
|
•
|
NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with the terms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contracts.
|
•
|
NEE and FPL are highly dependent on sensitive and complex information technology systems, and any failure or breach of those systems could have a material adverse effect on their business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's retail businesses are subject to the risk that sensitive customer data may be compromised, which could result in a material adverse impact to their reputation and/or have a material adverse effect on the business, financial condition, results of operations and prospects of NEE and FPL.
|
•
|
NEE and FPL could recognize financial losses as a result of volatility in the market values of derivative instruments and limited liquidity in OTC markets.
|
•
|
NEE and FPL may be materially adversely affected by negative publicity.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected if FPL is unable to maintain, negotiate or renegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.
|
•
|
NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected by work strikes or stoppages and increasing personnel costs.
|
•
|
NEE's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the power industry.
|
•
|
The operation and maintenance of NEE's and FPL's nuclear generation facilities involve environmental, health and financial risks that could result in fines or the closure of the facilities and in increased costs and capital expenditures.
|
•
|
In the event of an incident at any nuclear generation facility in the U.S. or at certain nuclear generation facilities in Europe, NEE and FPL could be assessed significant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system and nuclear insurance mutual companies.
|
•
|
NRC orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require NEE and FPL to incur substantial operating and capital expenditures at their nuclear generation facilities and/or result in reduced revenues.
|
•
|
The inability to operate any of NEE's or FPL's nuclear generation units through the end of their respective operating licenses could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.
|
•
|
NEE's and FPL's nuclear units are periodically removed from service to accommodate planned refueling and maintenance outages, and for other purposes. If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's results of operations and financial condition could be materially adversely affected.
|
•
|
Disruptions, uncertainty or volatility in the credit and capital markets may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and can also materially adversely affect the results of operations and financial condition of NEE and FPL.
|
•
|
NEE's, NEECH's and FPL's inability to maintain their current credit ratings may materially adversely affect NEE's and FPL's liquidity and results of operations, limit the ability of NEE and FPL to grow their business, and increase interest costs.
|
•
|
NEE's and FPL's liquidity may be impaired if their credit providers are unable to fund their credit commitments to the companies or to maintain their current credit ratings.
|
•
|
Poor market performance and other economic factors could affect NEE's defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's business, financial condition, liquidity and results of operations and prospects.
|
•
|
Poor market performance and other economic factors could adversely affect the asset values of NEE's and FPL's nuclear decommissioning funds, which may materially adversely affect NEE's and FPL's liquidity, financial condition and results of operations.
|
•
|
Certain of NEE's investments are subject to changes in market value and other risks, which may materially adversely affect NEE's liquidity, financial condition and results of operations.
|
•
|
NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds to NEE.
|
•
|
NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perform under guarantees of obligations of its subsidiaries.
|
•
|
NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions and on the value of NEE’s limited partner interest in NEP OpCo.
|
•
|
Disruptions, uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEE's common stock.
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
(a)
|
||||
OPERATING REVENUES
|
|
$
|
3,863
|
|
|
$
|
3,972
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
||||
Fuel, purchased power and interchange
|
|
819
|
|
|
899
|
|
||
Other operations and maintenance
|
|
777
|
|
|
838
|
|
||
Depreciation and amortization
|
|
857
|
|
|
619
|
|
||
Gains on disposal of a business/assets - net
|
|
(16
|
)
|
|
(1,100
|
)
|
||
Taxes other than income taxes and other - net
|
|
379
|
|
|
354
|
|
||
Total operating expenses - net
|
|
2,816
|
|
|
1,610
|
|
||
OPERATING INCOME
|
|
1,047
|
|
|
2,362
|
|
||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
||||
Interest expense
|
|
(226
|
)
|
|
(360
|
)
|
||
Benefits associated with differential membership interests - net
|
|
—
|
|
|
125
|
|
||
Equity in earnings of equity method investees
|
|
197
|
|
|
31
|
|
||
Allowance for equity funds used during construction
|
|
22
|
|
|
22
|
|
||
Interest income
|
|
18
|
|
|
19
|
|
||
Gain on NEP deconsolidation
|
|
3,935
|
|
|
—
|
|
||
Gains on disposal of investments and other property - net
|
|
50
|
|
|
45
|
|
||
Change in unrealized losses on equity securities held in NEER's nuclear decommissioning funds - net
|
|
(20
|
)
|
|
—
|
|
||
Other net periodic benefit income
|
|
51
|
|
|
43
|
|
||
Other - net
|
|
6
|
|
|
(21
|
)
|
||
Total other income (deductions) - net
|
|
4,033
|
|
|
(96
|
)
|
||
INCOME BEFORE INCOME TAXES
|
|
5,080
|
|
|
2,266
|
|
||
INCOME TAXES
|
|
1,249
|
|
|
675
|
|
||
NET INCOME
|
|
3,831
|
|
|
1,591
|
|
||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
597
|
|
|
(8
|
)
|
||
NET INCOME ATTRIBUTABLE TO NEE
|
|
$
|
4,428
|
|
|
$
|
1,583
|
|
Earnings per share attributable to NEE:
|
|
|
|
|
||||
Basic
|
|
$
|
9.41
|
|
|
$
|
3.39
|
|
Assuming dilution
|
|
$
|
9.32
|
|
|
$
|
3.37
|
|
Dividends per share of common stock
|
|
$
|
1.11
|
|
|
$
|
0.9825
|
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
||||
Basic
|
|
470.7
|
|
|
467.5
|
|
||
Assuming dilution
|
|
474.3
|
|
|
470.2
|
|
||
———————————————
|
|
|
|
|
||||
(a)
Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits.
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
NET INCOME
|
$
|
3,831
|
|
|
$
|
1,591
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
|
|
|
|
||||
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income (net of $3 and $4 tax expense, respectively)
|
7
|
|
|
9
|
|
||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
||
Net unrealized gains (losses) on securities still held (net of $2 tax benefit and $26 tax expense, respectively)
|
(5
|
)
|
|
34
|
|
||
Reclassification from accumulated other comprehensive income (loss) to net income (net of $2 and $10 tax benefit, respectively)
|
(1
|
)
|
|
(16
|
)
|
||
Defined benefit pension and other benefits plans (net of $1 and $2 tax benefit, respectively)
|
(2
|
)
|
|
(3
|
)
|
||
Net unrealized gains on foreign currency translation (net of $0 and less than $1 tax expense, respectively)
|
(20
|
)
|
|
16
|
|
||
Other comprehensive income related to equity method investees (net of $1 and less than $1 tax expense, respectively)
|
2
|
|
|
1
|
|
||
Total other comprehensive income (loss), net of tax
|
(19
|
)
|
|
41
|
|
||
IMPACT OF NEP DECONSOLIDATION (NET OF $15 TAX EXPENSE)
|
58
|
|
|
—
|
|
||
COMPREHENSIVE INCOME
|
3,870
|
|
|
1,632
|
|
||
COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
597
|
|
|
(19
|
)
|
||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE
|
$
|
4,467
|
|
|
$
|
1,613
|
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Electric plant in service and other property
|
|
$
|
79,611
|
|
|
$
|
85,337
|
|
Nuclear fuel
|
|
1,834
|
|
|
1,767
|
|
||
Construction work in progress
|
|
6,670
|
|
|
6,679
|
|
||
Accumulated depreciation and amortization
|
|
(20,919
|
)
|
|
(21,367
|
)
|
||
Total property, plant and equipment - net ($10,199 and $16,485 related to VIEs, respectively)
|
|
67,196
|
|
|
72,416
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
550
|
|
|
1,714
|
|
||
Customer receivables, net of allowances of $5 and $7, respectively
|
|
1,881
|
|
|
2,220
|
|
||
Other receivables
|
|
508
|
|
|
517
|
|
||
Materials, supplies and fossil fuel inventory
|
|
1,205
|
|
|
1,273
|
|
||
Regulatory assets ($72 and $71 related to a VIE, respectively)
|
|
314
|
|
|
336
|
|
||
Derivatives
|
|
577
|
|
|
489
|
|
||
Other
|
|
577
|
|
|
608
|
|
||
Total current assets
|
|
5,612
|
|
|
7,157
|
|
||
OTHER ASSETS
|
|
|
|
|
|
|
||
Special use funds
|
|
6,035
|
|
|
6,003
|
|
||
Investment in equity method investees
|
|
6,774
|
|
|
2,321
|
|
||
Prepaid benefit costs
|
|
1,459
|
|
|
1,427
|
|
||
Regulatory assets ($28 and $37 related to a VIE, respectively)
|
|
2,597
|
|
|
2,469
|
|
||
Derivatives
|
|
1,441
|
|
|
1,315
|
|
||
Other ($470 related to a VIE at December 31, 2017)
|
|
3,170
|
|
|
4,719
|
|
||
Total other assets
|
|
21,476
|
|
|
18,254
|
|
||
TOTAL ASSETS
|
|
$
|
94,284
|
|
|
$
|
97,827
|
|
CAPITALIZATION
|
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 471 and 471, respectively)
|
|
$
|
5
|
|
|
$
|
5
|
|
Additional paid-in capital
|
|
9,698
|
|
|
9,100
|
|
||
Retained earnings
|
|
23,181
|
|
|
18,992
|
|
||
Accumulated other comprehensive income (loss)
|
|
(178
|
)
|
|
111
|
|
||
Total common shareholders' equity
|
|
32,706
|
|
|
28,208
|
|
||
Noncontrolling interests ($3,287 and $1,006 related to VIEs, respectively)
|
|
3,287
|
|
|
1,290
|
|
||
Total equity
|
|
35,993
|
|
|
29,498
|
|
||
Long-term debt ($1,186 and $5,941 related to VIEs, respectively)
|
|
28,062
|
|
|
31,463
|
|
||
Total capitalization
|
|
64,055
|
|
|
60,961
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Commercial paper
|
|
2,964
|
|
|
1,687
|
|
||
Other short-term debt
|
|
5
|
|
|
255
|
|
||
Current maturities of long-term debt ($72 and $70 related to a VIE, respectively)
|
|
1,168
|
|
|
1,676
|
|
||
Accounts payable
|
|
1,748
|
|
|
3,235
|
|
||
Customer deposits
|
|
450
|
|
|
448
|
|
||
Accrued interest and taxes
|
|
696
|
|
|
622
|
|
||
Derivatives
|
|
450
|
|
|
364
|
|
||
Accrued construction-related expenditures
|
|
797
|
|
|
1,033
|
|
||
Regulatory liabilities
|
|
346
|
|
|
346
|
|
||
Other
|
|
955
|
|
|
1,566
|
|
||
Total current liabilities
|
|
9,579
|
|
|
11,232
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
||
Asset retirement obligations
|
|
2,998
|
|
|
3,031
|
|
||
Deferred income taxes
|
|
7,007
|
|
|
5,754
|
|
||
Regulatory liabilities
|
|
8,916
|
|
|
8,765
|
|
||
Derivatives
|
|
469
|
|
|
535
|
|
||
Deferral related to differential membership interests - VIEs
|
|
—
|
|
|
5,403
|
|
||
Other
|
|
1,260
|
|
|
2,146
|
|
||
Total other liabilities and deferred credits
|
|
20,650
|
|
|
25,634
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
94,284
|
|
|
$
|
97,827
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
(a)
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income
|
|
$
|
3,831
|
|
|
$
|
1,591
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
857
|
|
|
619
|
|
||
Nuclear fuel and other amortization
|
|
67
|
|
|
72
|
|
||
Unrealized gains on marked to market derivative contracts - net
|
|
(193
|
)
|
|
(169
|
)
|
||
Foreign currency transaction losses
|
|
38
|
|
|
28
|
|
||
Deferred income taxes
|
|
1,271
|
|
|
565
|
|
||
Cost recovery clauses and franchise fees
|
|
(47
|
)
|
|
16
|
|
||
Acquisition of purchased power agreement
|
|
(52
|
)
|
|
(259
|
)
|
||
Gains on disposal of a business/assets - net
|
|
(66
|
)
|
|
(1,145
|
)
|
||
Gain on NEP deconsolidation
|
|
(3,935
|
)
|
|
—
|
|
||
Recoverable storm-related costs
|
|
—
|
|
|
(90
|
)
|
||
Other - net
|
|
(86
|
)
|
|
69
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Current assets
|
|
237
|
|
|
36
|
|
||
Noncurrent assets
|
|
(22
|
)
|
|
(170
|
)
|
||
Current liabilities
|
|
(590
|
)
|
|
261
|
|
||
Noncurrent liabilities
|
|
(20
|
)
|
|
(166
|
)
|
||
Net cash provided by operating activities
|
|
1,290
|
|
|
1,258
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Capital expenditures of FPL
|
|
(1,166
|
)
|
|
(1,687
|
)
|
||
Independent power and other investments of NEER
|
|
(2,300
|
)
|
|
(3,337
|
)
|
||
Nuclear fuel purchases
|
|
(110
|
)
|
|
(129
|
)
|
||
Other capital expenditures and other investments
|
|
(12
|
)
|
|
(26
|
)
|
||
Proceeds from sale of the fiber-optic telecommunications business
|
|
—
|
|
|
1,484
|
|
||
Proceeds from sale or maturity of securities in special use funds and other investments
|
|
919
|
|
|
735
|
|
||
Purchases of securities in special use funds and other investments
|
|
(1,039
|
)
|
|
(804
|
)
|
||
Other - net
|
|
41
|
|
|
94
|
|
||
Net cash used in investing activities
|
|
(3,667
|
)
|
|
(3,670
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Issuances of long-term debt
|
|
1,804
|
|
|
689
|
|
||
Retirements of long-term debt
|
|
(942
|
)
|
|
(548
|
)
|
||
Net change in commercial paper
|
|
1,277
|
|
|
2,041
|
|
||
Proceeds from other short-term debt
|
|
—
|
|
|
200
|
|
||
Repayments of other short-term debt
|
|
(250
|
)
|
|
—
|
|
||
Issuances of common stock - net
|
|
7
|
|
|
7
|
|
||
Dividends on common stock
|
|
(523
|
)
|
|
(460
|
)
|
||
Other - net
|
|
(62
|
)
|
|
(246
|
)
|
||
Net cash provided by financing activities
|
|
1,311
|
|
|
1,683
|
|
||
Effects of currency translation on cash, cash equivalents and restricted cash
|
|
(9
|
)
|
|
—
|
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
(1,075
|
)
|
|
(729
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
1,983
|
|
|
1,529
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
908
|
|
|
$
|
800
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
||||
Accrued property additions
|
|
$
|
1,639
|
|
|
$
|
972
|
|
Increase in property, plant and equipment - net as a result of cash grants primarily under the Recovery Act
|
|
$
|
—
|
|
|
$
|
(147
|
)
|
———————————————
|
|
|
|
|
||||
(a) Prior period amounts have been retrospectively adjusted as discussed in Note 10 - Restricted Cash.
|
|
|
|
|
|
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, 2017
|
471
|
|
|
$
|
5
|
|
|
$
|
9,100
|
|
|
$
|
111
|
|
|
$
|
18,992
|
|
|
$
|
28,208
|
|
|
$
|
1,290
|
|
|
$
|
29,498
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,428
|
|
|
4,428
|
|
|
(597
|
)
|
|
|
||||||||
Share-based payment activity
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(523
|
)
|
|
(523
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
|
||||||||
Impact of NEP deconsolidation
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
(2,695
|
)
|
|
|
||||||||
Adoption of accounting standards updates
(b)
|
—
|
|
|
—
|
|
|
593
|
|
|
(328
|
)
|
|
285
|
|
|
550
|
|
|
5,303
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|
|
||||||||
Balances, March 31, 2018
|
471
|
|
|
$
|
5
|
|
|
$
|
9,698
|
|
|
$
|
(178
|
)
|
|
$
|
23,181
|
|
|
$
|
32,706
|
|
|
$
|
3,287
|
|
|
$
|
35,993
|
|
———————————————
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(a) See Note 2.
|
||||||||||||||||||||||||||||||
(b) See Notes 1, 5 - Financial Instruments Accounting Standards Update, 6 and 10 - Accounting for Partial Sales of Nonfinancial Assets.
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|||||||||||||||||
|
Shares
|
|
Aggregate
Par Value
|
|
||||||||||||||||||||||||||
Balances, December 31, 2016
|
468
|
|
|
$
|
5
|
|
|
$
|
8,948
|
|
|
$
|
(70
|
)
|
|
$
|
15,458
|
|
|
$
|
24,341
|
|
|
$
|
990
|
|
|
$
|
25,331
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,583
|
|
|
1,583
|
|
|
8
|
|
|
|
||||||||
Issuances of common stock, net of issuance cost of less than $1
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(460
|
)
|
|
(460
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
|
11
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(37
|
)
|
|
|
||||||||
Balances, March 31, 2017
|
468
|
|
|
$
|
5
|
|
|
$
|
8,951
|
|
|
$
|
(40
|
)
|
|
$
|
16,581
|
|
|
$
|
25,497
|
|
|
$
|
972
|
|
|
$
|
26,469
|
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2018
|
|
2017
|
||||
OPERATING REVENUES
|
|
$
|
2,620
|
|
|
$
|
2,527
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
||
Fuel, purchased power and interchange
|
|
712
|
|
|
768
|
|
||
Other operations and maintenance
|
|
347
|
|
|
371
|
|
||
Depreciation and amortization
|
|
545
|
|
|
273
|
|
||
Taxes other than income taxes and other - net
|
|
308
|
|
|
304
|
|
||
Total operating expenses - net
|
|
1,912
|
|
|
1,716
|
|
||
OPERATING INCOME
|
|
708
|
|
|
811
|
|
||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
||
Interest expense
|
|
(134
|
)
|
|
(119
|
)
|
||
Allowance for equity funds used during construction
|
|
21
|
|
|
16
|
|
||
Other - net
|
|
1
|
|
|
—
|
|
||
Total other deductions - net
|
|
(112
|
)
|
|
(103
|
)
|
||
INCOME BEFORE INCOME TAXES
|
|
596
|
|
|
708
|
|
||
INCOME TAXES
|
|
112
|
|
|
263
|
|
||
NET INCOME
(a)
|
|
$
|
484
|
|
|
$
|
445
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
|
March 31,
2018 |
|
December 31,
2017 |
|||||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY
|
|
|
|
|
|||||
Plant in service and other property
|
|
$
|
48,284
|
|
|
$
|
47,167
|
|
|
Nuclear fuel
|
|
1,228
|
|
|
1,192
|
|
|||
Construction work in progress
|
|
3,280
|
|
|
3,623
|
|
|||
Accumulated depreciation and amortization
|
|
(13,025
|
)
|
|
(12,802
|
)
|
|||
Total electric utility plant and other property - net
|
|
39,767
|
|
|
39,180
|
|
|||
CURRENT ASSETS
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
26
|
|
|
33
|
|
|||
Customer receivables, net of allowances of $1 and $2, respectively
|
|
922
|
|
|
1,073
|
|
|||
Other receivables
|
|
334
|
|
|
160
|
|
|||
Materials, supplies and fossil fuel inventory
|
|
811
|
|
|
840
|
|
|||
Regulatory assets ($72 and $71 related to a VIE, respectively)
|
|
313
|
|
|
335
|
|
|||
Other
|
|
226
|
|
|
243
|
|
|||
Total current assets
|
|
2,632
|
|
|
2,684
|
|
|||
OTHER ASSETS
|
|
|
|
|
|
|
|||
Special use funds
|
|
4,139
|
|
|
4,090
|
|
|||
Prepaid benefit costs
|
|
1,371
|
|
|
1,351
|
|
|||
Regulatory assets ($28 and $37 related to a VIE, respectively)
|
|
2,372
|
|
|
2,249
|
|
|||
Other
|
|
614
|
|
|
690
|
|
|||
Total other assets
|
|
8,496
|
|
|
8,380
|
|
|||
TOTAL ASSETS
|
|
$
|
50,895
|
|
|
$
|
50,244
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
|
$
|
1,373
|
|
|
$
|
1,373
|
|
|
Additional paid-in capital
|
|
9,141
|
|
|
8,291
|
|
|||
Retained earnings
|
|
7,853
|
|
|
7,376
|
|
|||
Total common shareholder's equity
|
|
18,367
|
|
|
17,040
|
|
|||
Long-term debt ($35 and $74 related to a VIE, respectively)
|
|
11,803
|
|
|
11,236
|
|
|||
Total capitalization
|
|
30,170
|
|
|
28,276
|
|
|||
CURRENT LIABILITIES
|
|
|
|
|
|
|
|||
Commercial paper
|
|
1,561
|
|
|
1,687
|
|
|||
Other short-term debt
|
|
—
|
|
|
250
|
|
|||
Current maturities of long-term debt ($72 and $70 related to a VIE, respectively)
|
|
93
|
|
|
466
|
|
|||
Accounts payable
|
|
782
|
|
|
893
|
|
|||
Customer deposits
|
|
446
|
|
|
445
|
|
|||
Accrued interest and taxes
|
|
397
|
|
|
439
|
|
|||
Accrued construction-related expenditures
|
|
229
|
|
|
300
|
|
|||
Regulatory liabilities
|
|
332
|
|
|
333
|
|
|||
Other
|
|
490
|
|
|
984
|
|
|||
Total current liabilities
|
|
4,330
|
|
|
5,797
|
|
|||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
|
|||
Asset retirement obligations
|
|
2,072
|
|
|
2,047
|
|
|||
Deferred income taxes
|
|
5,077
|
|
|
5,005
|
|
|||
Regulatory liabilities
|
|
8,795
|
|
|
8,642
|
|
|||
Other
|
|
451
|
|
|
477
|
|
|||
Total other liabilities and deferred credits
|
|
16,395
|
|
|
16,171
|
|
|||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
50,895
|
|
|
$
|
50,244
|
|
|
|
Three Months Ended
March 31, |
|||||||
|
|
2018
|
|
2017
(a)
|
|||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|||||
Net income
|
|
$
|
484
|
|
|
$
|
445
|
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
|
545
|
|
|
273
|
|
|||
Nuclear fuel and other amortization
|
|
40
|
|
|
49
|
|
|||
Deferred income taxes
|
|
265
|
|
|
275
|
|
|||
Cost recovery clauses and franchise fees
|
|
(47
|
)
|
|
16
|
|
|||
Acquisition of purchased power agreement
|
|
(52
|
)
|
|
(259
|
)
|
|||
Recoverable storm-related costs
|
|
—
|
|
|
(90
|
)
|
|||
Other - net
|
|
(8
|
)
|
|
137
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|||
Current assets
|
|
(51
|
)
|
|
29
|
|
|||
Noncurrent assets
|
|
(20
|
)
|
|
(145
|
)
|
|||
Current liabilities
|
|
(512
|
)
|
|
81
|
|
|||
Noncurrent liabilities
|
|
(56
|
)
|
|
(42
|
)
|
|||
Net cash provided by operating activities
|
|
588
|
|
|
769
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|||
Capital expenditures
|
|
(1,166
|
)
|
|
(1,687
|
)
|
|||
Nuclear fuel purchases
|
|
(37
|
)
|
|
(79
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
|
430
|
|
|
493
|
|
|||
Purchases of securities in special use funds
|
|
(534
|
)
|
|
(519
|
)
|
|||
Other - net
|
|
19
|
|
|
65
|
|
|||
Net cash used in investing activities
|
|
(1,288
|
)
|
|
(1,727
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
|
1,000
|
|
|
200
|
|
|||
Retirements of long-term debt
|
|
(787
|
)
|
|
(35
|
)
|
|||
Net change in commercial paper
|
|
(126
|
)
|
|
956
|
|
|||
Proceeds from other short-term debt
|
|
—
|
|
|
200
|
|
|||
Repayments of other short-term debt
|
|
(250
|
)
|
|
—
|
|
|||
Capital contribution from NEE
|
|
850
|
|
|
—
|
|
|||
Dividends to NEE
|
|
—
|
|
|
(400
|
)
|
|||
Other - net
|
|
(19
|
)
|
|
11
|
|
|||
Net cash provided by financing activities
|
|
668
|
|
|
932
|
|
|||
Net decrease in cash, cash equivalents and restricted cash
|
|
(32
|
)
|
|
(26
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of period
|
|
174
|
|
|
153
|
|
|||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
142
|
|
|
$
|
127
|
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|||
Accrued property additions
|
|
$
|
641
|
|
|
$
|
435
|
|
|
———————————————
|
|
|
|
|
|
||||
(a) Prior period amounts have been retrospectively adjusted as discussed in Note 10 - Restricted Cash.
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
Three Months Ended
March 31, |
|
Three Months Ended
March 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(millions)
|
||||||||||||||
Service cost
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
20
|
|
|
21
|
|
|
2
|
|
|
2
|
|
||||
Expected return on plan assets
|
(69
|
)
|
|
(67
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service benefit
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
||||
Special termination benefits
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit (income) cost at NEE
|
$
|
(31
|
)
|
|
$
|
(29
|
)
|
|
$
|
(2
|
)
|
|
$
|
2
|
|
Net periodic benefit (income) cost at FPL
|
$
|
(20
|
)
|
|
$
|
(18
|
)
|
|
$
|
(2
|
)
|
|
$
|
2
|
|
|
March 31, 2018
|
||||||||||||||
|
Gross Basis
|
|
Net Basis
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
4,308
|
|
|
$
|
3,071
|
|
|
$
|
1,893
|
|
|
$
|
674
|
|
Interest rate contracts
|
77
|
|
|
208
|
|
|
78
|
|
|
209
|
|
||||
Foreign currency contracts
|
35
|
|
|
24
|
|
|
47
|
|
|
36
|
|
||||
Total fair values
|
$
|
4,420
|
|
|
$
|
3,303
|
|
|
$
|
2,018
|
|
|
$
|
919
|
|
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets
(a)
|
|
|
|
|
$
|
577
|
|
|
|
||||||
Noncurrent derivative assets
|
|
|
|
|
1,441
|
|
|
|
|||||||
Current derivative liabilities
|
|
|
|
|
|
|
$
|
450
|
|
||||||
Noncurrent derivative liabilities
(b)
|
|
|
|
|
|
|
469
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
2,018
|
|
|
$
|
919
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current other assets
|
|
|
|
|
$
|
2
|
|
|
|
||||||
Current other liabilities
|
|
|
|
|
|
|
$
|
2
|
|
||||||
Total derivatives
|
|
|
|
|
$
|
2
|
|
|
$
|
2
|
|
(a)
|
Reflects the netting of approximately
$34 million
in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately
$16 million
in margin cash collateral paid to counterparties.
|
|
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 other 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.
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
|
(millions)
|
||||||
Commodity contracts
(a)
- operating revenues
|
$
|
137
|
|
|
$
|
291
|
|
Foreign currency contracts - interest expense
|
45
|
|
|
21
|
|
||
Foreign currency contracts - other - net
|
—
|
|
|
(1
|
)
|
||
Interest rate contracts - interest expense
|
59
|
|
|
(45
|
)
|
||
Losses reclassified from AOCI to interest expense:
|
|
|
|
||||
Interest rate contracts
|
(9
|
)
|
|
(10
|
)
|
||
Foreign currency contracts
|
(1
|
)
|
|
(3
|
)
|
||
Total
|
$
|
231
|
|
|
$
|
253
|
|
(a)
|
For the
three months ended March 31, 2018 and 2017
, FPL recorded approximately
$4 million
of gains and
$104 million
of losses, respectively, related to commodity contracts as regulatory liabilities and regulatory assets, respectively, on its condensed consolidated balance sheets.
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(105
|
)
|
|
MWh
|
|
—
|
|
|
|
|
(109
|
)
|
|
MWh
|
|
—
|
|
|
|
Natural gas
|
|
(40
|
)
|
|
MMBtu
|
|
319
|
|
|
MMBtu
|
|
(74
|
)
|
|
MMBtu
|
|
142
|
|
|
MMBtu
|
Oil
|
|
(19
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(15
|
)
|
|
barrels
|
|
—
|
|
|
|
|
March 31, 2018
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash equivalents:
(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
227
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
227
|
|
|
||
FPL - equity securities
|
$
|
117
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
117
|
|
|
||
Special use funds:
(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,631
|
|
|
$
|
1,691
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
3,322
|
|
|
||
U.S. Government and municipal bonds
|
$
|
444
|
|
|
$
|
151
|
|
|
$
|
—
|
|
|
|
|
$
|
595
|
|
|
||
Corporate debt securities
|
$
|
1
|
|
|
$
|
716
|
|
|
$
|
—
|
|
|
|
|
$
|
717
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
427
|
|
|
$
|
—
|
|
|
|
|
$
|
427
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
141
|
|
|
$
|
—
|
|
|
|
|
$
|
141
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
457
|
|
|
$
|
1,537
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
1,994
|
|
|
||
U.S. Government and municipal bonds
|
$
|
346
|
|
|
$
|
118
|
|
|
$
|
—
|
|
|
|
|
$
|
464
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
545
|
|
|
$
|
—
|
|
|
|
|
$
|
545
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
322
|
|
|
$
|
—
|
|
|
|
|
$
|
322
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
127
|
|
|
$
|
—
|
|
|
|
|
$
|
127
|
|
|
||
Other investments:
(e)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
2
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
|
|
$
|
14
|
|
|
||
Debt securities
|
$
|
32
|
|
|
$
|
103
|
|
|
$
|
—
|
|
|
|
|
$
|
135
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,030
|
|
|
$
|
2,023
|
|
|
$
|
1,255
|
|
|
$
|
(2,415
|
)
|
|
$
|
1,893
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
78
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
47
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
(f)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,038
|
|
|
$
|
1,550
|
|
|
$
|
483
|
|
|
$
|
(2,397
|
)
|
|
$
|
674
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
61
|
|
|
$
|
147
|
|
|
$
|
1
|
|
|
$
|
209
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
36
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
(f)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash equivalents of approximately
$107 million
(
$103 million
for FPL) in current other assets on the condensed consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
Included in noncurrent other assets in the condensed consolidated balance sheets.
|
(f)
|
See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.
|
|
December 31, 2017
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash equivalents:
(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:
(e)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
55
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
12
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
(f)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,217
|
|
|
$
|
915
|
|
|
$
|
660
|
|
|
$
|
(2,225
|
)
|
|
$
|
567
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
143
|
|
|
$
|
132
|
|
|
$
|
5
|
|
|
$
|
280
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
52
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
(f)
|
(a)
|
Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash equivalents of approximately
$159 million
(
$128 million
for FPL) in current other assets on the condensed consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
Included in noncurrent other assets in the condensed consolidated balance sheets.
|
(f)
|
See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's condensed consolidated balance sheets.
|
|
|
Fair Value at
|
|
Valuation
|
|
Significant
|
|
|
|
|
||||||
Transaction Type
|
|
March 31, 2018
|
|
Technique(s)
|
|
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
783
|
|
|
$
|
254
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(40)
|
—
|
$284
|
Forward contracts - gas
|
|
57
|
|
|
8
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$1
|
—
|
$6
|
||
Options - power
|
|
49
|
|
|
15
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
100%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
7%
|
—
|
485%
|
||||
Options - primarily gas
|
|
100
|
|
|
168
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
100%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
95%
|
||||
Full requirements and unit contingent contracts
|
|
266
|
|
|
38
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(29)
|
—
|
$928
|
||
|
|
|
|
|
|
|
|
Customer migration rate
(a)
|
|
—%
|
—
|
20%
|
||||
Total
|
|
$
|
1,255
|
|
|
$
|
483
|
|
|
|
|
|
|
|
|
|
(a)
|
Applies only to full requirements contracts.
|
Significant Unobservable Input
|
|
Position
|
|
Impact on
Fair Value Measurement
|
Forward price
|
|
Purchase power/gas
|
|
Increase (decrease)
|
|
|
Sell power/gas
|
|
Decrease (increase)
|
Implied correlations
|
|
Purchase option
|
|
Decrease (increase)
|
|
|
Sell option
|
|
Increase (decrease)
|
Implied volatilities
|
|
Purchase option
|
|
Increase (decrease)
|
|
|
Sell option
|
|
Decrease (increase)
|
Customer migration rate
|
|
Sell power
(a)
|
|
Decrease (increase)
|
|
Three Months Ended March 31,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||
|
(millions)
|
||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period
|
$
|
564
|
|
|
$
|
—
|
|
|
$
|
578
|
|
|
$
|
1
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
||||||||
Included in earnings
(a)
|
16
|
|
|
—
|
|
|
216
|
|
|
—
|
|
||||
Included in other comprehensive income
(b)
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Included in regulatory assets and liabilities
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Purchases
|
42
|
|
|
—
|
|
|
21
|
|
|
—
|
|
||||
Settlements
|
48
|
|
|
—
|
|
|
(85
|
)
|
|
(3
|
)
|
||||
Issuances
|
(33
|
)
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
||||
Impact of adoption of new revenue standard
(c)
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers in
(d)
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
Transfers out
(d)
|
22
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
||||
Fair value of net derivatives based on significant unobservable inputs at March 31
|
$
|
625
|
|
|
$
|
(2
|
)
|
|
$
|
715
|
|
|
$
|
(4
|
)
|
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
(e)
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
141
|
|
|
$
|
—
|
|
(a)
|
For the
three months ended March 31, 2018 and 2017
, realized and unrealized gains of approximately
$26 million
and
$215 million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense.
|
(b)
|
Reflected in net unrealized gains on foreign currency translation on the condensed consolidated statements of comprehensive income.
|
(c)
|
See Note 1.
|
(d)
|
Transfers into Level 3 were a result of decreased observability of market data and transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(e)
|
For the
three months ended March 31, 2018 and 2017
, unrealized gains of approximately
$29 million
and
$141 million
, respectively, are reflected in the condensed consolidated statements of income in operating revenues and the balance is reflected in interest expense.
|
|
March 31, 2018
|
|
December 31, 2017
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds
(a)
|
$
|
833
|
|
|
$
|
833
|
|
|
$
|
743
|
|
|
$
|
744
|
|
|
Other investments - primarily notes receivable
(b)
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
500
|
|
|
$
|
680
|
|
|
Long-term debt, including current maturities
|
$
|
29,226
|
|
|
$
|
30,828
|
|
(c)
|
$
|
33,134
|
|
|
$
|
35,447
|
|
(c)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
(a)
|
$
|
687
|
|
|
$
|
687
|
|
|
$
|
593
|
|
|
$
|
593
|
|
|
Long-term debt, including current maturities
|
$
|
11,895
|
|
|
$
|
13,077
|
|
(c)
|
$
|
11,702
|
|
|
$
|
13,285
|
|
(c)
|
(a)
|
Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis.
|
(b)
|
Included in noncurrent other assets in the condensed consolidated balance sheets. At December 31, 2017, primarily a note receivable (Level 3) classified as held for sale and under contract, along with debt secured by this note receivable (see Note 7 - NEER).
|
(c)
|
At
March 31, 2018
and
December 31, 2017
, for NEE, approximately
$30,649 million
and
$33,743 million
, respectively, is Level 2; the balance is Level 3. For FPL, all is Level 2.
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
Three Months Ended
March 31, |
|
Three Months Ended
March 31, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(millions)
|
|||||||||||||||
Realized gains
|
|
$
|
8
|
|
|
$
|
55
|
|
|
$
|
5
|
|
|
$
|
13
|
|
Realized losses
|
|
$
|
14
|
|
|
$
|
29
|
|
|
$
|
9
|
|
|
$
|
19
|
|
Proceeds from sale or maturity of securities
|
|
$
|
595
|
|
|
$
|
626
|
|
|
$
|
389
|
|
|
$
|
441
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||
|
(millions)
|
||||||||||||||
Unrealized gains
|
$
|
18
|
|
|
$
|
37
|
|
|
$
|
15
|
|
|
$
|
28
|
|
Unrealized losses
(a)
|
$
|
32
|
|
|
$
|
12
|
|
|
$
|
25
|
|
|
$
|
9
|
|
Fair value
|
$
|
1,295
|
|
|
$
|
918
|
|
|
$
|
1,008
|
|
|
$
|
670
|
|
(a)
|
Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at
March 31, 2018
and
December 31, 2017
were not material to NEE or FPL.
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
|
(millions, except per share amounts)
|
||||||
Numerator:
|
|
|
|
||||
Net income attributable to NEE - basic
|
$
|
4,428
|
|
|
$
|
1,583
|
|
Adjustment for the impact of dilutive securities at NEP
|
(9
|
)
|
|
—
|
|
||
Net income attributable to NEE - assuming dilution
|
$
|
4,419
|
|
|
$
|
1,583
|
|
|
|
|
|
||||
Denominator:
|
|
||||||
Weighted-average number of common shares outstanding - basic
|
470.7
|
|
|
467.5
|
|
||
Equity units, stock options, performance share awards, forward sale agreements and restricted stock
(a)
|
3.6
|
|
|
2.7
|
|
||
Weighted-average number of common shares outstanding - assuming dilution
|
474.3
|
|
|
470.2
|
|
||
Earnings per share attributable to NEE:
|
|
||||||
Basic
|
$
|
9.41
|
|
|
$
|
3.39
|
|
Assuming dilution
|
$
|
9.32
|
|
|
$
|
3.37
|
|
(a)
|
Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension and Other Benefits Plans
|
|
Net Unrealized Gains (Losses) on Foreign Currency Translation
|
|
Other Comprehensive Income (Loss) Related to Equity Method Investees
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Three Months Ended March 31, 2018
|
|
||||||||||||||||||||||
Balances, December 31, 2017
|
$
|
(77
|
)
|
|
$
|
316
|
|
|
$
|
(39
|
)
|
|
$
|
(69
|
)
|
|
$
|
(20
|
)
|
|
$
|
111
|
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(5
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
2
|
|
|
(25
|
)
|
||||||
Amounts reclassified from AOCI
|
7
|
|
(a)
|
(1
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Net other comprehensive income (loss)
|
7
|
|
|
(6
|
)
|
|
(2
|
)
|
|
(20
|
)
|
|
2
|
|
|
(19
|
)
|
||||||
Impact of NEP deconsolidation
(c)
|
3
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
18
|
|
|
58
|
|
||||||
Adoption of accounting standards updates
(d)
|
(7
|
)
|
|
(312
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(328
|
)
|
||||||
Balances, March 31, 2018
|
$
|
(74
|
)
|
|
$
|
(2
|
)
|
|
$
|
(50
|
)
|
|
$
|
(52
|
)
|
|
$
|
—
|
|
|
$
|
(178
|
)
|
(a)
|
Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.
|
(c)
|
Reclassified and reflected in gain on NEP deconsolidation. See Note 2.
|
(d)
|
Reclassified to retained earnings. See Notes 5 - Financial Instruments Accounting Standards Update and 6.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized Gains (Losses) on Cash Flow Hedges
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension and Other Benefits Plans
|
|
Net Unrealized Gains (Losses) on Foreign Currency Translation
|
|
Other Comprehensive Income (Loss) Related to Equity Method Investees
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Three Months Ended March 31, 2017
|
|
||||||||||||||||||||||
Balances, December 31, 2016
|
$
|
(100
|
)
|
|
$
|
225
|
|
|
$
|
(83
|
)
|
|
$
|
(90
|
)
|
|
$
|
(22
|
)
|
|
$
|
(70
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
34
|
|
|
(3
|
)
|
|
16
|
|
|
1
|
|
|
48
|
|
||||||
Amounts reclassified from AOCI
|
9
|
|
(a)
|
(16
|
)
|
(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||||
Net other comprehensive income (loss)
|
9
|
|
|
18
|
|
|
(3
|
)
|
|
16
|
|
|
1
|
|
|
41
|
|
||||||
Other comprehensive income attributable to noncontrolling interests
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(11
|
)
|
||||||
Balances, March 31, 2017
|
$
|
(101
|
)
|
|
$
|
243
|
|
|
$
|
(86
|
)
|
|
$
|
(75
|
)
|
|
$
|
(21
|
)
|
|
$
|
(40
|
)
|
(a)
|
Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 4 - Income Statement Impact of Derivative Instruments.
|
(b)
|
Reclassified to gains on disposal of investments and other property - net in NEE's condensed consolidated statements of income.
|
|
|
Principal Amount
|
|
Interest Rate
|
|
Maturity Date
|
|||
|
(millions)
|
|
|
|
|
|||
FPL - First mortgage bonds
|
$
|
1,000
|
|
|
3.95
|
%
|
|
2048
|
NEECH - Debentures
|
$
|
800
|
|
|
Variable
|
|
(a)
|
2019
|
(a)
|
Variable rate is based on an underlying index plus a margin.
|
|
Remainder of 2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:
(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New
(b)(c)
|
$
|
430
|
|
|
$
|
465
|
|
|
$
|
1,245
|
|
|
$
|
1,100
|
|
|
$
|
1,105
|
|
|
$
|
4,345
|
|
Existing
|
980
|
|
|
855
|
|
|
460
|
|
|
550
|
|
|
490
|
|
|
3,335
|
|
||||||
Transmission and distribution
|
1,870
|
|
|
2,135
|
|
|
2,280
|
|
|
2,545
|
|
|
2,570
|
|
|
11,400
|
|
||||||
Nuclear fuel
|
130
|
|
|
150
|
|
|
135
|
|
|
145
|
|
|
165
|
|
|
725
|
|
||||||
General and other
|
385
|
|
|
320
|
|
|
290
|
|
|
300
|
|
|
280
|
|
|
1,575
|
|
||||||
Total
|
$
|
3,795
|
|
|
$
|
3,925
|
|
|
$
|
4,410
|
|
|
$
|
4,640
|
|
|
$
|
4,610
|
|
|
$
|
21,380
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Wind
(d)
|
$
|
1,550
|
|
|
$
|
1,750
|
|
|
$
|
40
|
|
|
$
|
30
|
|
|
$
|
25
|
|
|
$
|
3,395
|
|
Solar
(e)
|
90
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90
|
|
||||||
Nuclear, including nuclear fuel
|
200
|
|
|
225
|
|
|
205
|
|
|
195
|
|
|
240
|
|
|
1,065
|
|
||||||
Natural gas pipelines
(f)
|
850
|
|
|
50
|
|
|
25
|
|
|
15
|
|
|
25
|
|
|
965
|
|
||||||
Other
|
450
|
|
|
50
|
|
|
50
|
|
|
40
|
|
|
45
|
|
|
635
|
|
||||||
Total
|
$
|
3,140
|
|
|
$
|
2,075
|
|
|
$
|
320
|
|
|
$
|
280
|
|
|
$
|
335
|
|
|
$
|
6,150
|
|
Corporate and Other
|
$
|
40
|
|
|
$
|
20
|
|
|
$
|
30
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
105
|
|
(a)
|
Includes AFUDC of approximately $
74 million
, $
46 million
, $
47 million
, $
31 million
and $
14 million
for the remainder of 2018 through 2022, respectively.
|
(b)
|
Includes land, generation structures, transmission interconnection and integration and licensing.
|
(c)
|
Excludes capital expenditures of approximately
$800 million
for the modernization of two generating units at FPL's Lauderdale facility to a high-efficiency natural gas-fired unit (Dania Beach Clean Energy Center), which is pending approval by the Florida Power Plant Siting Board, comprised of the Florida governor and cabinet.
|
(d)
|
Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately
4,050
MW.
|
(e)
|
Includes capital expenditures for new solar projects and related transmission totaling approximately
100
MW.
|
(f)
|
Includes equity contributions associated with joint venture equity investments for the construction of natural gas pipelines.
|
|
Remainder of 2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capacity charges
(a)
|
$
|
15
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
225
|
|
Minimum charges, at projected prices:
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural gas, including transportation and storage
(c)
|
$
|
1,485
|
|
|
$
|
980
|
|
|
$
|
940
|
|
|
$
|
905
|
|
|
$
|
895
|
|
|
$
|
11,240
|
|
Coal, including transportation
|
$
|
30
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NEER
(d)
|
$
|
2,145
|
|
|
$
|
540
|
|
|
$
|
175
|
|
|
$
|
145
|
|
|
$
|
170
|
|
|
$
|
1,330
|
|
Corporate and Other
(e)(f)
|
$
|
205
|
|
|
$
|
15
|
|
|
$
|
15
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(a)
|
Capacity charges, substantially all of which are recoverable through the capacity clause, totaled approximately $
5 million
and $
20 million
for the
three months ended March 31, 2018 and 2017
, respectively. Energy charges, which are recoverable through the fuel clause, totaled approximately $
7 million
and $
16 million
for the
three months ended March 31, 2018 and 2017
, respectively.
|
(b)
|
Recoverable through the fuel clause.
|
(c)
|
Includes approximately
$220 million
,
$290 million
,
$360 million
,
$390 million
,
$390 million
and
$7,175 million
for the remainder of 2018 through 2022 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection.
|
(d)
|
Includes approximately
$65 million
,
$65 million
,
$65 million
,
$65 million
and
$1,035 million
in 2019 through 2022 and thereafter, respectively, of firm commitments related to a natural gas transportation agreement with a joint venture, in which NEER has a
31%
equity investment, that is constructing a natural gas pipeline. These firm commitments are subject to the completion of construction of the pipeline which is expected at the end of 2018.
|
(e)
|
Includes an approximately
$70 million
commitment to invest in clean power and technology businesses through 2021.
|
(f)
|
Excludes approximately
$170 million
for the remainder of 2018 of joint obligations of NEECH and NEER which are included in the NEER amounts above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)(b)
|
|
Corporate
and Other
|
|
NEE
Consoli- dated (b) |
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other |
|
NEE
Consoli-
dated
|
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
2,620
|
|
|
$
|
1,247
|
|
|
$
|
(4
|
)
|
|
$
|
3,863
|
|
|
$
|
2,527
|
|
|
$
|
1,424
|
|
|
$
|
21
|
|
|
$
|
3,972
|
|
|
Operating expenses (income) - net
|
$
|
1,912
|
|
|
$
|
861
|
|
|
$
|
43
|
|
|
$
|
2,816
|
|
|
$
|
1,716
|
|
|
$
|
931
|
|
|
$
|
(1,037
|
)
|
(d)
|
$
|
1,610
|
|
(d)
|
Net income attributable to NEE
|
$
|
484
|
|
|
$
|
3,926
|
|
(c)
|
$
|
18
|
|
|
$
|
4,428
|
|
|
$
|
445
|
|
|
$
|
476
|
|
(c)
|
$
|
662
|
|
|
$
|
1,583
|
|
|
(a)
|
Interest expense allocated from NEECH is based on a deemed capital structure of
70%
debt. For this purpose, differential membership interests sold by NEER subsidiaries are included with debt. Residual NEECH corporate interest expense is included in Corporate and Other.
|
(b)
|
NEP was deconsolidated from NEER in January 2018. See Note 2.
|
(c)
|
See Note 6 for a discussion of NEER's tax benefits related to PTCs.
|
(d)
|
Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits.
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
FPL
|
|
NEER
(a)
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
(a)
|
|
FPL
|
|
NEER
|
|
Corporate
and Other
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Total assets
|
$
|
50,895
|
|
|
$
|
42,171
|
|
|
$
|
1,218
|
|
|
$
|
94,284
|
|
|
$
|
50,244
|
|
|
$
|
45,549
|
|
|
$
|
2,034
|
|
|
$
|
97,827
|
|
(a)
|
NEP was deconsolidated from NEER in January 2018. See Note 2.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
(b)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
(b)
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
1,277
|
|
|
$
|
2,586
|
|
|
$
|
3,863
|
|
|
$
|
—
|
|
|
$
|
1,462
|
|
|
$
|
2,510
|
|
|
$
|
3,972
|
|
Operating expenses - net
|
(56
|
)
|
|
(878
|
)
|
|
(1,882
|
)
|
|
(2,816
|
)
|
|
(49
|
)
|
|
150
|
|
|
(1,711
|
)
|
|
(1,610
|
)
|
||||||||
Interest expense
|
(1
|
)
|
|
(91
|
)
|
|
(134
|
)
|
|
(226
|
)
|
|
—
|
|
|
(241
|
)
|
|
(119
|
)
|
|
(360
|
)
|
||||||||
Equity in earnings of subsidiaries
|
4,361
|
|
|
—
|
|
|
(4,361
|
)
|
|
—
|
|
|
1,563
|
|
|
—
|
|
|
(1,563
|
)
|
|
—
|
|
||||||||
Gain on NEP deconsolidation
|
—
|
|
|
3,935
|
|
|
—
|
|
|
3,935
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other income (deduction) - net
|
51
|
|
|
250
|
|
|
23
|
|
|
324
|
|
|
43
|
|
|
229
|
|
|
(8
|
)
|
|
264
|
|
||||||||
Income (loss) before income taxes
|
4,355
|
|
|
4,493
|
|
|
(3,768
|
)
|
|
5,080
|
|
|
1,557
|
|
|
1,600
|
|
|
(891
|
)
|
|
2,266
|
|
||||||||
Income tax expense (benefit)
|
(73
|
)
|
|
1,210
|
|
|
112
|
|
|
1,249
|
|
|
(26
|
)
|
|
450
|
|
|
251
|
|
|
675
|
|
||||||||
Net income (loss)
|
4,428
|
|
|
3,283
|
|
|
(3,880
|
)
|
|
3,831
|
|
|
1,583
|
|
|
1,150
|
|
|
(1,142
|
)
|
|
1,591
|
|
||||||||
Net (income) loss attributable to noncontrolling interests
|
—
|
|
|
597
|
|
|
—
|
|
|
597
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||||||
Net income (loss) attributable to NEE
|
$
|
4,428
|
|
|
$
|
3,880
|
|
|
$
|
(3,880
|
)
|
|
$
|
4,428
|
|
|
$
|
1,583
|
|
|
$
|
1,142
|
|
|
$
|
(1,142
|
)
|
|
$
|
1,583
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(b)
|
Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guarantor)
|
|
NEECH
|
|
Other
(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
4,467
|
|
|
$
|
3,921
|
|
|
$
|
(3,921
|
)
|
|
$
|
4,467
|
|
|
$
|
1,613
|
|
|
$
|
1,175
|
|
|
$
|
(1,175
|
)
|
|
$
|
1,613
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||||||||||
|
2018
|
|
2017
(a)
|
||||||||||||||||||||||||||||
|
NEE
(Guaran-
tor)
|
|
NEECH
|
|
Other
(b)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guaran-
tor)
|
|
NEECH
|
|
Other
(b)
|
|
NEE
Consoli-
dated
|
||||||||||||||||
|
|
|
|
|
|
|
(millions)
|
|
|
|
|
|
|
||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
1,392
|
|
|
$
|
503
|
|
|
$
|
(605
|
)
|
|
$
|
1,290
|
|
|
$
|
522
|
|
|
$
|
493
|
|
|
$
|
243
|
|
|
$
|
1,258
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
—
|
|
|
(2,385
|
)
|
|
(1,203
|
)
|
|
(3,588
|
)
|
|
—
|
|
|
(3,413
|
)
|
|
(1,766
|
)
|
|
(5,179
|
)
|
||||||||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,484
|
|
|
—
|
|
|
1,484
|
|
||||||||
Capital contributions from NEE
|
(853
|
)
|
|
—
|
|
|
853
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
38
|
|
|
—
|
|
||||||||
Proceeds from sale or maturity of securities in special use funds and other investments
|
—
|
|
|
489
|
|
|
430
|
|
|
919
|
|
|
—
|
|
|
243
|
|
|
492
|
|
|
735
|
|
||||||||
Purchases of securities in special use funds and other investments
|
—
|
|
|
(506
|
)
|
|
(533
|
)
|
|
(1,039
|
)
|
|
—
|
|
|
(285
|
)
|
|
(519
|
)
|
|
(804
|
)
|
||||||||
Other - net
|
12
|
|
|
11
|
|
|
18
|
|
|
41
|
|
|
1
|
|
|
27
|
|
|
66
|
|
|
94
|
|
||||||||
Net cash used in investing activities
|
(841
|
)
|
|
(2,391
|
)
|
|
(435
|
)
|
|
(3,667
|
)
|
|
(37
|
)
|
|
(1,944
|
)
|
|
(1,689
|
)
|
|
(3,670
|
)
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Issuances of long-term debt
|
—
|
|
|
804
|
|
|
1,000
|
|
|
1,804
|
|
|
—
|
|
|
489
|
|
|
200
|
|
|
689
|
|
||||||||
Retirements of long-term debt
|
—
|
|
|
(155
|
)
|
|
(787
|
)
|
|
(942
|
)
|
|
—
|
|
|
(514
|
)
|
|
(34
|
)
|
|
(548
|
)
|
||||||||
Net change in commercial paper
|
—
|
|
|
1,403
|
|
|
(126
|
)
|
|
1,277
|
|
|
—
|
|
|
1,085
|
|
|
956
|
|
|
2,041
|
|
||||||||
Proceeds from other short-term debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|
200
|
|
||||||||
Repayments of other short-term debt
|
—
|
|
|
—
|
|
|
(250
|
)
|
|
(250
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuances of common stock - net
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||||
Dividends on common stock
|
(523
|
)
|
|
—
|
|
|
—
|
|
|
(523
|
)
|
|
(460
|
)
|
|
—
|
|
|
—
|
|
|
(460
|
)
|
||||||||
Contributions from (dividends to) NEE
|
—
|
|
|
(1,191
|
)
|
|
1,191
|
|
|
—
|
|
|
—
|
|
|
(89
|
)
|
|
89
|
|
|
—
|
|
||||||||
Other - net
|
(33
|
)
|
|
(9
|
)
|
|
(20
|
)
|
|
(62
|
)
|
|
(32
|
)
|
|
(224
|
)
|
|
10
|
|
|
(246
|
)
|
||||||||
Net cash provided by (used in) financing activities
|
(549
|
)
|
|
852
|
|
|
1,008
|
|
|
1,311
|
|
|
(485
|
)
|
|
747
|
|
|
1,421
|
|
|
1,683
|
|
||||||||
Effects of currency translation on cash, cash equivalents and restricted cash
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
2
|
|
|
(1,045
|
)
|
|
(32
|
)
|
|
(1,075
|
)
|
|
—
|
|
|
(704
|
)
|
|
(25
|
)
|
|
(729
|
)
|
||||||||
Cash, cash equivalents and restricted cash at beginning of period
|
1
|
|
|
1,807
|
|
|
175
|
|
|
1,983
|
|
|
1
|
|
|
1,375
|
|
|
153
|
|
|
1,529
|
|
||||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
3
|
|
|
$
|
762
|
|
|
$
|
143
|
|
|
$
|
908
|
|
|
$
|
1
|
|
|
$
|
671
|
|
|
$
|
128
|
|
|
$
|
800
|
|
(a)
|
Prior period amounts have been retrospectively adjusted as discussed in Note 10 - Restricted Cash.
|
(b)
|
Represents primarily FPL and consolidating adjustments.
|
|
Net Income Attributable to NEE
|
|
Earnings
Per Share Attributable to NEE,
Assuming Dilution
|
||||||||||||
|
Three Months Ended
March 31, |
|
Three Months Ended
March 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(millions)
|
|
|
|
|
||||||||||
FPL
|
$
|
484
|
|
|
$
|
445
|
|
|
$
|
1.02
|
|
|
$
|
0.95
|
|
NEER
(a)(b)
|
3,926
|
|
|
476
|
|
|
8.26
|
|
|
1.01
|
|
||||
Corporate and Other
|
18
|
|
|
662
|
|
|
0.04
|
|
|
1.41
|
|
||||
NEE
(b)
|
$
|
4,428
|
|
|
$
|
1,583
|
|
|
$
|
9.32
|
|
|
$
|
3.37
|
|
(a)
|
NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt.
|
(b)
|
NEP was deconsolidated from NEER in January 2018. See Note 2.
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
|
(millions)
|
||||||
Net gains associated with non-qualifying hedge activity
(a)
|
$
|
88
|
|
|
$
|
109
|
|
Tax reform-related
(b)
|
$
|
465
|
|
|
$
|
—
|
|
NEP investment gains, net
(c)
|
$
|
2,973
|
|
|
$
|
—
|
|
Change in unrealized losses on NEER's nuclear decommissioning funds and OTTI, net
(d)
|
$
|
(11
|
)
|
|
$
|
—
|
|
Operating results of solar projects in Spain - NEER
|
$
|
(6
|
)
|
|
$
|
(8
|
)
|
Merger-related expenses - Corporate and Other
|
$
|
—
|
|
|
$
|
(23
|
)
|
Gain on sale of the fiber-optic telecommunications business - Corporate and Other
(e)
|
$
|
—
|
|
|
$
|
685
|
|
(a)
|
For the
three months ended March 31, 2018 and 2017
, approximately $93 million and $127 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.
|
(b)
|
For the
three months ended March 31, 2018
, approximately $467 million of favorable tax reform-related impacts are included in NEER's net income; the balance is included in Corporate and Other. See Note 10 - Accounting for Partial Sales of Nonfinancial Assets for a discussion of the impact of tax reform on differential membership interests.
|
(c)
|
For the
three months ended March 31, 2018
, approximately $2,999 million of gains are included in NEER's net income; the balance is included in Corporate and Other. See Note 2.
|
(d)
|
For the
three months ended March 31, 2018
, approximately $13 million of losses are included in NEER's net income; the balance is included in Corporate and Other.
|
(e)
|
See Note 10 - Assets and Liabilities Associated with Assets Held for Sale for a discussion of the sale of the fiber-optic telecommunications business.
|
|
Increase (Decrease)
From Prior Year Period
|
||
|
Three Months Ended
March 31, 2018 |
||
|
(millions)
|
||
New investments
(a)
|
$
|
(82
|
)
|
Existing assets
(a)
|
26
|
|
|
Gas infrastructure
(a)
|
26
|
|
|
Customer supply and proprietary power and gas trading
(b)
|
6
|
|
|
Asset sales
|
33
|
|
|
Interest and other general and administrative expenses
(c)
|
(53
|
)
|
|
Income taxes, primarily due to corporate federal income tax rate reduction
|
69
|
|
|
Other
|
4
|
|
|
Change in non-qualifying hedge activity
(d)
|
(34
|
)
|
|
Tax reform-related
(d)
|
467
|
|
|
NEP investment gains, net
(d)
|
2,999
|
|
|
Change in unrealized losses on securities held in NEER's nuclear decommissioning funds and OTTI, net
|
(13
|
)
|
|
Operating results of the solar projects in Spain
|
2
|
|
|
Increase in net income less net loss attributable to noncontrolling interests
|
$
|
3,450
|
|
(a)
|
Reflects after-tax project contributions, including PTCs, ITCs and deferred income taxes and other benefits associated with convertible ITCs for wind and solar projects, as applicable, but excludes allocation of interest expense or corporate general and administrative expenses. Results from projects and pipelines are included in new investments during the first twelve months of operation or ownership. Project results are included in existing assets and pipeline results are included in gas infrastructure beginning with the thirteenth month of operation 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.
|
•
|
lower earnings including the net effect of deferred income taxes and other benefits associated with ITCs and convertible ITCs, related to the addition of approximately 354 MW of wind generating capacity and 198 MW of solar generating capacity during or after the
three months ended March 31, 2017
.
|
•
|
lower revenues of approximately $177 million related to the deconsolidation of NEP, and
|
•
|
lower gains from non-qualifying commodity hedges ($84 million of gains for the
three months ended March 31, 2018
compared to $207 million of gains for the comparable period in 2017),
|
•
|
higher revenues from customer supply and proprietary power and gas trading of approximately $40 million,
|
•
|
higher revenues from new investments of approximately $35 million, and
|
•
|
higher revenues from existing assets primarily related to favorable generation due to winter weather.
|
•
|
the absence of approximately $95 million of operating expenses related to NEP which is no longer consolidated,
|
•
|
higher operating expenses associated with new investments of approximately $12 million.
|
|
Three Months Ended
March 31, |
|
||||||
|
2018
|
|
2017
(a)
|
|
||||
|
(millions)
|
|
||||||
Sources of cash:
|
|
|
|
|
||||
Cash flows from operating activities
|
$
|
1,290
|
|
|
$
|
1,258
|
|
|
Long-term borrowings
|
1,804
|
|
|
689
|
|
|
||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
1,484
|
|
|
||
Issuances of common stock - net
|
7
|
|
|
7
|
|
|
||
Net increase in commercial paper and other short-term debt
|
1,027
|
|
|
2,241
|
|
|
||
Other sources - net
|
41
|
|
|
94
|
|
|
||
Total sources of cash
|
4,169
|
|
|
5,773
|
|
|
||
Uses of cash:
|
|
|
|
|
||||
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
(3,588
|
)
|
|
(5,179
|
)
|
|
||
Retirements of long-term debt
|
(942
|
)
|
|
(548
|
)
|
|
||
Dividends
|
(523
|
)
|
|
(460
|
)
|
|
||
Effects of currency translation on cash, cash equivalents and restricted cash
|
(9
|
)
|
|
—
|
|
|
||
Other uses - net
|
(182
|
)
|
|
(315
|
)
|
|
||
Total uses of cash
|
(5,244
|
)
|
|
(6,502
|
)
|
|
||
Net decrease in cash, cash equivalents and restricted cash
|
$
|
(1,075
|
)
|
|
$
|
(729
|
)
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
|
(millions)
|
||||||
FPL:
|
|
|
|
||||
Generation:
|
|
|
|
||||
New
|
$
|
66
|
|
|
$
|
357
|
|
Existing
|
276
|
|
|
527
|
|
||
Transmission and distribution
|
583
|
|
|
516
|
|
||
Nuclear fuel
|
37
|
|
|
79
|
|
||
General and other
|
76
|
|
|
72
|
|
||
Other, primarily change in accrued property additions and the exclusion of AFUDC - equity
|
165
|
|
|
215
|
|
||
Total
|
1,203
|
|
|
1,766
|
|
||
NEER:
|
|
|
|
||||
Wind
|
1,557
|
|
|
2,340
|
|
||
Solar
|
390
|
|
|
451
|
|
||
Nuclear, including nuclear fuel
|
91
|
|
|
89
|
|
||
Natural gas pipelines
|
112
|
|
|
393
|
|
||
Other
|
223
|
|
|
114
|
|
||
Total
|
2,373
|
|
|
3,387
|
|
||
Corporate and Other
|
12
|
|
|
26
|
|
||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
3,588
|
|
|
$
|
5,179
|
|
|
|
|
|
|
|
|
Maturity Date
|
||||||||
|
FPL
|
|
NEECH
|
|
Total
|
|
FPL
|
|
NEECH
|
||||||
|
|
|
(millions)
|
|
|
|
|
|
|
||||||
Bank revolving line of credit facilities
(a)
|
$
|
2,943
|
|
|
$
|
4,997
|
|
|
$
|
7,940
|
|
|
2019 - 2023
|
|
2019 - 2023
|
Issued letters of credit
|
(3
|
)
|
|
(140
|
)
|
|
(143
|
)
|
|
|
|
|
|||
|
2,940
|
|
|
4,857
|
|
|
7,797
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Revolving credit facilities
|
1,000
|
|
|
1,150
|
|
|
2,150
|
|
|
2018 - 2019
|
|
2018 - 2021
|
|||
Borrowings
|
(1,000
|
)
|
|
—
|
|
|
(1,000
|
)
|
|
|
|
|
|||
|
—
|
|
|
1,150
|
|
|
1,150
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Letter of credit facilities
(b)
|
—
|
|
|
800
|
|
|
800
|
|
|
|
|
2019 - 2021
|
|||
Issued letters of credit
|
—
|
|
|
(601
|
)
|
|
(601
|
)
|
|
|
|
|
|||
|
—
|
|
|
199
|
|
|
199
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal
|
2,940
|
|
|
6,206
|
|
|
9,146
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
26
|
|
|
521
|
|
|
547
|
|
|
|
|
|
|||
Commercial paper and other short-term borrowings outstanding
|
(1,561
|
)
|
|
(1,408
|
)
|
|
(2,969
|
)
|
|
|
|
|
|||
Net available liquidity
|
$
|
1,405
|
|
|
$
|
5,319
|
|
|
$
|
6,724
|
|
|
|
|
|
(a)
|
Provide for the funding of loans up to $7,940 million ($2,943 million for FPL) and the issuance of letters of credit up to $2,450 million ($575 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 bondholders and not remarketed prior to maturity. Approximately $2,389 million of FPL's and $3,871 million of NEECH's bank revolving line of credit facilities expire in 2023.
|
(b)
|
Only available for the issuance of letters of credit.
|
|
|
|
|
|
|
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE Total
|
||||||||
|
(millions)
|
||||||||||||||
Three months ended March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at December 31, 2017
|
$
|
442
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
1,170
|
|
Reclassification to realized at settlement of contracts
|
(52
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(58
|
)
|
||||
Inception value of new contracts
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Net option premium purchases (issuances)
|
2
|
|
|
5
|
|
|
—
|
|
|
7
|
|
||||
Impact of adoption of new revenue standard
|
3
|
|
|
(27
|
)
|
|
—
|
|
|
(24
|
)
|
||||
Changes in fair value excluding reclassification to realized
|
38
|
|
|
101
|
|
|
2
|
|
|
141
|
|
||||
Fair value of contracts outstanding at March 31, 2018
|
433
|
|
|
805
|
|
|
(1
|
)
|
|
1,237
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
(18
|
)
|
|||||||
Total mark-to-market energy contract net assets (liabilities) at March 31, 2018
|
$
|
433
|
|
|
$
|
805
|
|
|
$
|
(1
|
)
|
|
$
|
1,219
|
|
|
March 31, 2018
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
571
|
|
Noncurrent derivative assets
|
1,322
|
|
|
Current derivative liabilities
|
(382
|
)
|
|
Noncurrent derivative liabilities
|
(292
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
1,219
|
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
|
$
|
(10
|
)
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(30
|
)
|
Significant other observable inputs
|
|
41
|
|
|
38
|
|
|
12
|
|
|
4
|
|
|
(12
|
)
|
|
(6
|
)
|
|
77
|
|
|||||||
Significant unobservable inputs
|
|
73
|
|
|
35
|
|
|
48
|
|
|
32
|
|
|
47
|
|
|
151
|
|
|
386
|
|
|||||||
Total
|
|
110
|
|
|
69
|
|
|
50
|
|
|
24
|
|
|
35
|
|
|
145
|
|
|
433
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
|
20
|
|
|
7
|
|
|
(6
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||||
Significant other observable inputs
|
|
105
|
|
|
113
|
|
|
80
|
|
|
58
|
|
|
37
|
|
|
2
|
|
|
395
|
|
|||||||
Significant unobservable inputs
|
|
25
|
|
|
6
|
|
|
19
|
|
|
26
|
|
|
23
|
|
|
289
|
|
|
388
|
|
|||||||
Total
|
|
150
|
|
|
126
|
|
|
93
|
|
|
85
|
|
|
60
|
|
|
291
|
|
|
805
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Significant unobservable inputs
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||||
Total
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Total sources of fair value
|
|
$
|
259
|
|
|
$
|
195
|
|
|
$
|
143
|
|
|
$
|
109
|
|
|
$
|
95
|
|
|
$
|
436
|
|
|
$
|
1,237
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedges on Owned Assets
|
|
|
||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
NEE
Total
|
||||||||
|
(millions)
|
||||||||||||||
Three months ended March 31, 2017
|
|
|
|
|
|
|
|
||||||||
Fair value of contracts outstanding at December 31, 2016
|
$
|
430
|
|
|
$
|
984
|
|
|
$
|
208
|
|
|
$
|
1,622
|
|
Reclassification to realized at settlement of contracts
|
(44
|
)
|
|
(69
|
)
|
|
(26
|
)
|
|
(139
|
)
|
||||
Inception value of new contracts
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Net option premium purchases (issuances)
|
1
|
|
|
4
|
|
|
—
|
|
|
5
|
|
||||
Changes in fair value excluding reclassification to realized
|
97
|
|
|
195
|
|
|
(105
|
)
|
|
187
|
|
||||
Fair value of contracts outstanding at March 31, 2017
|
485
|
|
|
1,114
|
|
|
77
|
|
|
1,676
|
|
||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
|
(228
|
)
|
||||
Total mark-to-market energy contract net assets (liabilities) at March 31, 2017
|
$
|
485
|
|
|
$
|
1,114
|
|
|
$
|
77
|
|
|
$
|
1,448
|
|
|
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, 2017
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
44
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
37
|
|
March 31, 2018
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
31
|
|
Average for the three months ended March 31, 2018
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
33
|
|
(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.
|
|
March 31, 2018
|
|
December 31, 2017
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
(a)
|
|
Carrying
Amount
|
|
Estimated
Fair Value
(a)
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
1,880
|
|
|
$
|
1,880
|
|
|
$
|
1,946
|
|
|
$
|
1,946
|
|
|
Other investments:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities
|
$
|
136
|
|
|
$
|
136
|
|
|
$
|
136
|
|
|
$
|
136
|
|
|
Primarily notes receivable
|
$
|
19
|
|
|
$
|
19
|
|
|
$
|
500
|
|
|
$
|
680
|
|
|
Long-term debt, including current maturities
|
$
|
29,226
|
|
|
$
|
30,828
|
|
|
$
|
33,134
|
|
|
$
|
35,447
|
|
|
Interest rate contracts - net unrealized gains (losses)
|
$
|
(131
|
)
|
|
$
|
(131
|
)
|
|
$
|
(225
|
)
|
|
$
|
(225
|
)
|
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,458
|
|
|
$
|
1,458
|
|
|
$
|
1,462
|
|
|
$
|
1,462
|
|
|
Long-term debt, including current maturities
|
$
|
11,895
|
|
|
$
|
13,077
|
|
|
$
|
11,702
|
|
|
$
|
13,285
|
|
|
(a)
|
See Note 5.
|
•
|
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.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
(a)
|
Information regarding purchases made by NEE of its common stock during the
three months ended March 31, 2018
is as follows:
|
Period
|
|
Total Number
of Shares Purchased
(a)
|
|
Average Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of a
Publicly Announced
Program
|
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Program
(b)
|
|||
1/1/18 - 1/31/18
|
|
—
|
|
|
—
|
|
|
—
|
|
45,000,000
|
|
2/1/18 - 2/28/18
|
|
66,427
|
|
|
$
|
154.43
|
|
|
—
|
|
45,000,000
|
3/1/18 - 3/31/18
|
|
495
|
|
|
$
|
158.31
|
|
|
—
|
|
45,000,000
|
Total
|
|
66,922
|
|
|
$
|
154.46
|
|
|
—
|
|
|
(a)
|
Includes: (1) in February 2018, 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 March 2018, shares of common stock purchased as a reinvestment of dividends by the trustee of a grantor trust in connection with NEE's obligation under a February 2006 grant under the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan to an executive officer of deferred retirement share awards.
|
(b)
|
In May 2017, NEE's Board of Directors authorized common stock repurchases of up to 45 million over an unspecified period.
|
Exhibit Number
|
|
Description
|
|
NEE
|
|
FPL
|
4(a)
|
|
|
x
|
|
x
|
|
*4(b)
|
|
|
x
|
|
|
|
*10(a)
|
|
|
x
|
|
|
|
10(b)
|
|
|
x
|
|
x
|
|
10(c)
|
|
|
x
|
|
x
|
|
10(d)
|
|
|
x
|
|
x
|
|
12(a)
|
|
|
x
|
|
|
|
12(b)
|
|
|
|
|
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
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
x
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x
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101.CAL
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XBRL Calculation Linkbase Document
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x
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x
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101.LAB
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XBRL Label Linkbase Document
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x
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x
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101.DEF
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XBRL Definition Linkbase Document
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x
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x
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*
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Incorporated herein by reference
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NEXTERA ENERGY, INC.
(Registrant)
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TERRELL KIRK CREWS, II
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Terrell Kirk Crews, II
Vice President, Controller and Chief Accounting Officer
of NextEra Energy, Inc.
(Principal Accounting Officer of NextEra Energy, Inc.)
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FLORIDA POWER & LIGHT COMPANY
(Registrant)
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KIMBERLY OUSDAHL
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Kimberly Ousdahl
Vice President and Chief Accounting Officer
of Florida Power & Light Company
(Principal Accounting Officer of
Florida Power & Light Company)
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This instrument was prepared by:
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Paul I. Cutler
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EXECUTED IN 50 COUNTERPARTS OF
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Florida Power & Light Company
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WHICH THIS IS COUNTERPART NO. 3
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700 Universe Boulevard
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Juno Beach, Florida 33408
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(1)
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the sum of the present values, calculated as of the Redemption Date, of:
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a.
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each interest payment that, but for such redemption, would have been payable on the bond of the One Hundred Twenty-Third 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 One Hundred
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b.
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the principal amount that, but for such redemption, would have been payable at the final maturity of the bond of the One Hundred Twenty-Third Series (or portion thereof) being redeemed; over
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(2)
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the principal amount of the bond of the One Hundred Twenty-Third Series (or portion thereof) being redeemed.
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FLORIDA POWER & LIGHT COMPANY
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By:
/s/ Kimberly Ousdahl
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Kimberly Ousdahl
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Vice President and Chief Accounting Officer
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Attest:
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/s/ Charlotte B. Anderson
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Charlotte B. Anderson
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Assistant Secretary
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Executed, sealed and delivered by
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FLORIDA POWER & LIGHT COMPANY
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in the presence of:
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/s/ Jon Coatoam
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/s/ W. Jay Frazier
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DEUTSCHE BANK TRUST COMPANY AMERICAS
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As Trustee
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By:
/s/ Carol Ng
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Carol Ng
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Vice President
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60 Wall Street, 16th Floor
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New York, NY 10005
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By:
/s/ James Briggs
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James Briggs
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Vice President
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60 Wall Street, 16th Floor
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New York, NY 10005
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Attest:
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/s/ Scott Dodic
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Scott Dodic
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Assistant Vice President
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60 Wall Street, 16th Floor
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New York, NY 10005
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Executed, sealed and delivered by
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DEUTSCHE BANK TRUST COMPANY AMERICAS
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in the presence of:
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/s/ Nigel Luke
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Nigel Luke
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/s/ Randy Kahn
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Randy Kahn
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State of Florida
County of Palm Beach
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}
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SS:
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/s/ Cassandra A. Kelly
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Notary Public - State of Florida
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Cassandra A. Kelly
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My Commission FF 124846
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Expires 05/20/2018
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State of New York
County of New York
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}
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SS:
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/s/ Julia Engel
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Notary Public - State of Florida
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Julia Engel
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Notary Public - State of New York
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No. 02EN6194015
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Qualified in New York County
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Commission Expires 09/29/2020
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NEXTERA ENERGY, INC.
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By:
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Deborah H. Caplan
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Executive Vice President,
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Human Resources &
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Corporate Services
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Accepted:
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{{EMPLOYEENAME}}
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{{PERN}}
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–
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{{AMTVESTINGYR1}} shares
on the later to occur of (i)
{{VESTDATE1}}
, or (ii) the date on which the Committee makes the certification described in section 2(b)(i) hereof (the “First Vest”);
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–
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{{AMTVESTINGYR2}} shares
on the later to occur of (i)
{{VESTDATE2}}
, or (ii) the date on which the Committee makes the certification described in section 2(b)(ii) hereof (the “Second Vest”); and
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–
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{{AMTVESTINGYR3}} shares
on the later to occur of (i)
{{VESTDATE3}}
, or (ii) the date on which the Committee makes the certification described in section 2(b)(iii) hereof (the “Final Vest”).
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(a)
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The Grantee shall not be entitled to delivery of unrestricted shares until vesting.
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(b)
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The Grantee may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Awarded Shares prior to vesting.
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(c)
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In addition to the provisions set forth in section 4 hereof, a breach by the Grantee of the terms and conditions set forth in this Agreement shall result in the immediate forfeiture of all then unvested Awarded Shares.
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(d)
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Notwithstanding anything herein to the contrary, if all or a portion of the Awarded Shares do not vest, whether upon the termination of the Grantee’s Service (including without limitation Service to any successors to the Company or an Affiliate), or otherwise (including without limitation if the Company fails to meet one or more Performance Targets established as described in section 2(b) hereof or if the Grantee breaches any provision hereof, including without limitation the provisions of section 9 hereof), all dividends paid to the Grantee on Awarded Shares which have not vested (and which shall not thereafter vest in accordance with section 4 hereof) shall be forfeited, and shall be repaid to the Company within thirty (30) days after the date on which the Grantee’s obligation to repay such dividends accrues. For purposes hereof, such obligation to repay such dividends shall accrue (1) on such date as the Committee establishes that a Performance Target has not been met, as to all dividends paid on Awarded Shares which are forfeited due to failure to meet such Performance Target; (2) on the date of termination of Service, as to all dividends paid on Awarded Shares which are forfeited upon such termination of Service; and (3) upon forfeiture of unvested Awarded Shares upon a breach by the Grantee of the terms and conditions set forth in this Agreement (including without limitation any such forfeiture occurring after termination of Service).
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(a)
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If the Grantee’s termination of Service is due to resignation, discharge, or retirement prior to age 55 and does not meet the condition set forth in section 4(d) hereof, all rights to Awarded Shares not theretofore vested (including without limitation rights to dividends not theretofore paid and rights to retain dividends on Awarded Shares which have not theretofore vested, as more fully set forth in section 3(d) hereof) under this Agreement shall be immediately forfeited. Forfeited dividends shall be repaid to the Company within thirty (30) days after the Grantee’s termination of Service.
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(b)
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If the Grantee’s termination of Service is due to Disability or death, or if the Grantee converts to inactive employee status on account of a determination of such Grantee’s total and permanent Disability under any long-term disability plan of the Company or an Affiliate (a “Disability Plan”), the then-unvested portion of the Awarded Shares shall vest (1) in the case of the Grantee’s Disability, on the vesting schedule and otherwise in accordance with the terms and conditions (including without limitation satisfaction of the applicable Performance Targets) set forth in section 2 hereof, notwithstanding that the Grantee’s Service shall have previously terminated or the Grantee has converted to inactive employee status on account of Disability under any Disability Plan, and (2) in the case of the Grantee’s death, upon such termination of Service (treating the applicable Performance Targets in section 2 hereof as having been achieved).
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(
c)
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If the Grantee’s termination of Service is due to retirement on or after age 55 after completing at least ten years of continuous Service with the Company and does not meet the condition set forth in section 4(d) hereof, a pro rata share of the then-unvested portion of the Awarded Shares (determined as follows: (A) with respect to any unvested Awarded Shares included in the First Vest, the product of (x) the quotient (which shall not exceed 1.0) of (I) the total number of full days of the Grantee’s Service completed during the Restricted Period divided by (II) 365, multiplied by (y) such unvested portion of the Awarded Shares, and rounded to the nearest share of Stock; (B) with respect to any unvested Awarded Shares included in the Second Vest, the product of (x) the quotient (which shall not exceed 1.0) of (I) the total number of full days of the Grantee’s Service completed during the Restricted Period divided by (II) 730, multiplied by (y) such unvested portion of the Awarded Shares, and rounded to the nearest share of Stock; and (C) with respect to any unvested Awarded Shares included in the Final Vest, the product of (x) the quotient (which shall not exceed 1.0) of (I) the total number of full days of the Grantee’s Service completed during the Restricted Period divided
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(d)
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If the Grantee’s termination of Service is due to retirement on or after age 50, and if, but only if, such retirement is evidenced by a writing which specifically acknowledges that this provision shall apply to such retirement and is executed by the Company’s chief executive officer (or, if the Grantee is an executive officer, by a member of the Committee or the chief executive officer at the direction of the Committee, other than with respect to himself), the then-unvested portion of the Awarded Shares shall vest on the vesting schedule and otherwise in accordance with the terms and conditions (including without limitation satisfaction of the applicable Performance Targets) set forth in section 2 hereof, notwithstanding that the Grantee’s Service shall have previously terminated. Notwithstanding the foregoing, if, after termination of Service but prior to vesting of all or a portion of the Awarded Shares, the Grantee breaches any provision hereof, including without limitation the provisions of section 9 hereof, the Grantee shall immediately forfeit all rights to the then-unvested Awarded Shares and any dividends theretofore paid on such then-unvested Awarded Shares. Forfeited dividends shall be repaid to the Company within thirty (30) days after the date on which the Grantee’s obligation to repay such dividends accrues.
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(e)
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If the Grantee's Service is terminated prior to vesting of all or a portion of the Awarded Shares for any reason other than as set forth in sections 4(a), (b), (c), and (d) hereof, or if an ambiguity exists as to the interpretation of those sections, the Committee shall determine whether the Grantee's then-unvested Awarded Shares shall be forfeited or whether the Grantee shall be entitled to full vesting or pro rata vesting as set forth above based upon completed days of service during the Restricted Period, and any Awarded Shares which may vest shall do so on the vesting schedule and otherwise in accordance with the terms and conditions (including without limitation satisfaction of the applicable Performance Targets) set forth in section 2 hereof, notwithstanding that the Grantee’s Service shall have previously terminated. Notwithstanding the foregoing, if, after termination of Service but prior to vesting of all or a portion of the Awarded Shares, the Grantee
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(a)
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During the Grantee's Service with the Company, and for a two-year period following the termination of the Grantee's Service with the Company, the Grantee agrees not to (i) compete or attempt to compete for, or act as a broker or otherwise participate in, any projects in which the Company has at any time done any work or undertaken any development efforts, or (ii) directly or indirectly solicit any of the Company’s customers, vendors, contractors, agents, or any other parties with which the Company has an existing or prospective business relationship, for the benefit of the Grantee or for the benefit of any third party, nor shall the Grantee accept consideration or negotiate or enter into agreements with such parties for the benefit of the Grantee or any third party.
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(b)
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During the Grantee's Service with the Company, and for a two-year period following the termination of the Grantee's Service with the Company, the Grantee shall not, directly or indirectly, on behalf of the Grantee or for any other business, person or entity, entice, induce or solicit or attempt to entice, induce or solicit any employee of the Company or its Subsidiaries or other Affiliates to leave the Company's employ (or the employ of such Subsidiary or
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(
c)
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The Grantee shall not, at any time or in any way, disparage the Company or its current or former officers, directors, and employees, orally or in writing, or make any statements that may be derogatory or detrimental to the Company’s good name or business reputation.
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(d)
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The
Grantee acknowledges that the Company would not have an adequate remedy at law for monetary damages if the Grantee breaches these Protective Covenants. Therefore, in addition to all remedies to which the Company may be entitled for a breach or threatened breach of these Protective Covenants, including but not limited to monetary damages, the Company shall be entitled to specific enforcement of these Protective Covenants and to injunctive or other equitable relief as a remedy for a breach or threatened breach. In addition, upon any breach of these Protective Covenants or any separate confidentiality agreement or confidentiality provision between the Company and the Grantee, all the Grantee’s rights to receive theretofore unvested Awarded Shares and dividends relating thereto under this Agreement shall be forfeited.
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(
e)
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For purposes of this section 9, the term “Company” shall include all Subsidiaries and other Affiliates of the Company (such Subsidiaries and other Affiliates being hereinafter referred to as the “NextEra Entities”). The Company and the Grantee agree that each of the NextEra Entities is an intended third-party beneficiary of this section 9, and further agree that each of the NextEra Entities is entitled to enforce the provisions of this section 9 in accordance with its terms.
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(f
)
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Notwithstanding anything to the contrary contained in this Agreement, the terms of these Protective Covenants shall survive the termination of this Agreement and shall remain in effect.
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NEXTERA ENERGY, INC.
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Deborah H. Caplan
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Executive Vice President, Human Resources &
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Corporate Services
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{{EMPLOYEENAME}}
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{{PERN}}
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(a)
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If the Grantee’s termination of Service is due to resignation, discharge or retirement prior to age 55 and does not meet the condition set forth in section 5(d) hereof, all rights to exercise the Option (or any portion thereof) which is not then vested shall be immediately forfeited, and all rights to exercise the vested portion of the Option shall expire on the Expiration Date.
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(b)
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If the Grantee’s termination of Service is due to Disability or death, or the Grantee converts to inactive employee status on account of a determination of such Grantee’s total and permanent Disability under any long-term disability plan of the Company or an Affiliate (a “Disability Plan”), the then-unvested portion of the Option shall vest on the date of termination of Service or the date the Grantee converts to inactive employee status due to Disability under any Disability Plan. The then-unexercised portion of the Option shall be exercisable until the Expiration Date.
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NEXTERA ENERGY, INC.
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By:
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Deborah H. Caplan
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Executive Vice President, Human Resources
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& Corporate Services
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Three Months Ended
March 31, 2018 |
||
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(millions of dollars)
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Earnings, as defined:
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Net income
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$
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3,831.1
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Income taxes
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1,248.9
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Fixed charges included in the determination of net income, as below
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247.9
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Amortization of capitalized interest
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7.8
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Distributed income of equity method investees
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84.4
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Less equity in earnings of equity method investees
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197.1
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Total earnings, as defined
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$
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5,223.0
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Fixed charges, as defined:
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Interest expense
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$
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226.0
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Rental interest factor
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15.8
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Allowance for borrowed funds used during construction
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6.1
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Fixed charges included in the determination of net income
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247.9
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Capitalized interest
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16.8
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Total fixed charges, as defined
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$
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264.7
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Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
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19.73
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(a)
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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.
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Three Months Ended
March 31, 2018 |
||
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(millions of dollars)
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Earnings, as defined:
|
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Net income
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$
|
484
|
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Income taxes
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112
|
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Fixed charges, as below
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143
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Total earnings, as defined
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$
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739
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Fixed charges, as defined:
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Interest expense
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$
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134
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Rental interest factor
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3
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Allowance for borrowed funds used during construction
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6
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Total fixed charges, as defined
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$
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143
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Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends
(a)
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5.17
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(a)
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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.
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1.
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I have reviewed this Form 10-Q for the quarterly period ended
March 31, 2018
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;
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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.
|
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;
|
(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;
|
(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)
|
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):
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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
|
(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.
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Date:
|
April 24, 2018
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
March 31, 2018
of NextEra Energy, Inc. (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
April 24, 2018
|
JOHN W. KETCHUM
|
John W. Ketchum
Executive Vice President, Finance and Chief Financial Officer of NextEra Energy, Inc. |
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
March 31, 2018
of Florida Power & Light Company (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
April 24, 2018
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer
of Florida Power & Light Company
|
1.
|
I have reviewed this Form 10-Q for the quarterly period ended
March 31, 2018
of Florida Power & Light Company (the registrant);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
April 24, 2018
|
JOHN W. KETCHUM
|
John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
of Florida Power & Light Company
|
(1)
|
The Quarterly Report on Form 10-Q of NextEra Energy, Inc. (the registrant) for the quarterly period ended
March 31, 2018
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
Dated:
|
April 24, 2018
|
|
JAMES L. ROBO
|
|
|
James L. Robo
Chairman, President and Chief Executive Officer
of NextEra Energy, Inc.
|
|
|
JOHN W. KETCHUM
|
|
|
John W. Ketchum
Executive Vice President, Finance and
Chief Financial Officer
of NextEra Energy, Inc.
|
|
(1)
|
The Quarterly Report on Form 10-Q of Florida Power & Light Company (the registrant) for the quarterly period ended
March 31, 2018
(Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
Dated:
|
April 24, 2018
|
|
ERIC E. SILAGY
|
|
|
Eric E. Silagy
President and Chief Executive Officer
of Florida Power & Light Company
|
|
|
JOHN W. KETCHUM
|
|
|
John W. Ketchum
Executive Vice President, Finance
and Chief Financial Officer
of Florida Power & Light Company
|
|