|
|
|
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
|
Registrants
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange
on which registered
|
NextEra Energy, Inc.
|
|
Common Stock, $0.01 Par Value
|
|
NEE
|
|
New York Stock Exchange
|
|
|
4.872% Corporate Units
|
|
NEE.PRO
|
|
New York Stock Exchange
|
|
|
|
|
|
|
|
Florida Power & Light Company
|
|
None
|
|
|
|
|
Term
|
Meaning
|
AFUDC - equity
|
equity component of allowance for funds used during construction
|
AOCI
|
accumulated other comprehensive income
|
Bcf
|
billion cubic feet
|
CAISO
|
California Independent System Operator
|
capacity clause
|
capacity cost recovery clause, as established by the FPSC
|
DOE
|
U.S. Department of Energy
|
Duane Arnold
|
Duane Arnold Energy Center
|
environmental clause
|
environmental cost recovery clause
|
EPA
|
U.S. Environmental Protection Agency
|
ERCOT
|
Electric Reliability Council of Texas
|
FERC
|
U.S. Federal Energy Regulatory Commission
|
Florida Southeast Connection
|
Florida Southeast Connection, LLC, a wholly owned NextEra Energy Resources subsidiary
|
FPL
|
Florida Power & Light Company
|
FPSC
|
Florida Public Service Commission
|
fuel clause
|
fuel and purchased power cost recovery clause, as established by the FPSC
|
GAAP
|
generally accepted accounting principles in the U.S.
|
GHG
|
greenhouse gas(es)
|
Gulf Power
|
Gulf Power Company
|
ISO
|
independent system operator
|
ISO-NE
|
ISO New England Inc.
|
ITC
|
investment tax credit
|
kW
|
kilowatt
|
kWh
|
kilowatt-hour(s)
|
Management's Discussion
|
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
MISO
|
Midcontinent Independent System Operator
|
MMBtu
|
One million British thermal units
|
mortgage
|
mortgage and deed of trust dated as of January 1, 1944, from FPL to Deutsche Bank Trust Company Americas, as supplemented and amended
|
MW
|
megawatt(s)
|
MWh
|
megawatt-hour(s)
|
NEE
|
NextEra Energy, Inc.
|
NEECH
|
NextEra Energy Capital Holdings, Inc.
|
NEER
|
a segment comprised of NextEra Energy Resources and NEET
|
NEET
|
NextEra Energy Transmission, LLC
|
NEP
|
NextEra Energy Partners, LP
|
NEP OpCo
|
NextEra Energy Operating Partners, LP
|
NERC
|
North American Electric Reliability Corporation
|
net capacity
|
net ownership interest in pipeline(s) capacity
|
net generating capacity
|
net ownership interest in plant(s) capacity
|
net generation
|
net ownership interest in plant(s) generation
|
Note __
|
Note __ to consolidated financial statements
|
NextEra Energy Resources
|
NextEra Energy Resources, LLC
|
NRC
|
U.S. Nuclear Regulatory Commission
|
NYISO
|
New York Independent System Operator
|
O&M expenses
|
other operations and maintenance expenses in the consolidated statements of income
|
OCI
|
other comprehensive income
|
OEB
|
Ontario Energy Board
|
OTC
|
over-the-counter
|
OTTI
|
other than temporary impairment
|
PJM
|
PJM Interconnection, L.L.C.
|
PMI
|
NextEra Energy Marketing, LLC
|
Point Beach
|
Point Beach Nuclear Power Plant
|
PTC
|
production tax credit
|
PUCT
|
Public Utility Commission of Texas
|
PV
|
photovoltaic
|
Recovery Act
|
The American Recovery and Reinvestment Act of 2009, as amended
|
regulatory ROE
|
return on common equity as determined for regulatory purposes
|
RPS
|
renewable portfolio standards
|
RTO
|
regional transmission organization
|
Sabal Trail
|
Sabal Trail Transmission, LLC, an entity in which a NextEra Energy Resources 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*approximately 71% has dual fuel capability
|
*Oil is less than 1%
|
•
|
FPL has firm transportation contracts with seven different transportation suppliers for natural gas pipeline capacity for an aggregate maximum quantity of 2,769,000 MMBtu/day currently, of which 1,969,000 MMBtu/day have expiration dates ranging from 2020 to 2036. The remaining 800,000 MMBtu/day increases to 1,200,000 MMBtu/day starting in mid-2020 through 2042. See Note 15 - Contracts.
|
•
|
FPL has several contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel with expiration dates ranging from March 2020 through 2032.
|
•
|
Additionally, FPL enters into short- and medium-term natural gas supply contracts to provide a portion of FPL's anticipated needs for natural gas. The remainder of FPL's natural gas requirements is purchased in the spot market.
|
Facility
|
|
FPL's Ownership
(MW)
|
|
Beginning of Next
Scheduled Refueling Outage
|
|
Operating License
Expiration Date
|
St. Lucie Unit No. 1
|
|
981
|
|
April 2021
|
|
2036
|
St. Lucie Unit No. 2
|
|
840(a)
|
|
February 2020
|
|
2043
|
Turkey Point Unit No. 3
|
|
837
|
|
March 2020
|
|
2052
|
Turkey Point Unit No. 4
|
|
821
|
|
October 2020
|
|
2053
|
(a)
|
Excludes 147 MW operated by FPL but owned by non-affiliates.
|
•
|
the FPSC, which has jurisdiction over retail rates, service territory, issuances of securities, planning, siting and construction of facilities, among other things;
|
•
|
the FERC, which oversees the acquisition and disposition of generation, transmission and other facilities, transmission of electricity and natural gas in interstate commerce, proposals to build and operate interstate natural gas pipelines and storage facilities, and wholesale purchases and sales of electric energy, among other things;
|
•
|
the NERC, which, through its regional entities, establishes and enforces mandatory reliability standards, subject to approval by the FERC, to ensure the reliability of the U.S. electric transmission and generation system and to prevent major system blackouts;
|
•
|
the NRC, which has jurisdiction over the operation of nuclear power plants through the issuance of operating licenses, rules, regulations and orders; and
|
•
|
the EPA, which has the responsibility to maintain and enforce national standards under a variety of environmental laws, in some cases delegating authority to state agencies. The EPA also works with industries and all levels of government, including federal and state governments, in a wide variety of voluntary pollution prevention programs and energy conservation efforts.
|
•
|
New retail base rates and charges were established resulting in the following increases in annualized retail base revenues:
|
◦
|
$400 million beginning January 1, 2017;
|
◦
|
$211 million beginning January 1, 2018; and
|
◦
|
$200 million beginning April 1, 2019 for a new approximately 1,720 MW natural gas-fired combined-cycle unit in Okeechobee County, Florida (Okeechobee Clean Energy Center) that achieved commercial operation on March 31, 2019.
|
•
|
In addition, FPL is eligible to receive base rate increases associated with the addition of up to 300 MW annually of new solar generation in each of 2017 through 2020 with an installed cost cap of $1,750 per kW. Approximately 900 MW of new solar generating capacity has become operational, 600 MW in the first quarter of 2018 and 300 MW in the first quarter of 2019. An additional 300 MW is expected to be operational in the second quarter of 2020.
|
•
|
FPL's allowed regulatory ROE is 10.55%, with a range of 9.60% to 11.60%. If FPL's earned regulatory ROE falls below 9.60%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.60%, any party other than FPL may seek a review of FPL's retail base rates.
|
•
|
Subject to certain conditions, FPL may amortize, over the term of the 2016 rate agreement, up to $1.0 billion of depreciation reserve surplus plus the reserve amount that remained under FPL's previous rate agreement (approximately $250 million), provided that in any year of the 2016 rate agreement FPL must amortize at least enough reserve to maintain a 9.60% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.60%.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kWh of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover amounts above $400 million. See Note 1 - Storm Fund, Storm Reserve and Storm Cost Recovery regarding several hurricanes that impacted FPL's service territory from 2016 - 2019.
|
•
|
Fuel - primarily fuel costs, the most significant of the cost recovery clauses in terms of operating revenues (see Note 1 - Rate Regulation);
|
•
|
Capacity - primarily certain costs associated with the acquisition of several electric generation facilities (see Note 1 - Rate Regulation);
|
•
|
Energy Conservation - costs associated with implementing energy conservation programs; and
|
•
|
Environmental - certain costs of complying with federal, state and local environmental regulations enacted after April 1993 and costs associated with three of FPL's solar facilities placed in service prior to 2016.
|
•
|
represented approximately 19,796 MW of total net generating capacity;
|
•
|
weighted-average remaining contract term of the power sales agreements and the remaining life of the PTCs associated with repowered wind facilities of approximately 16 years, based on forecasted contributions to earnings and forecasted amounts of electricity produced by the repowered wind facilities; and
|
•
|
contracts for the supply of uranium and the conversion, enrichment and fabrication of nuclear fuel have expiration dates ranging from March 2020 through 2033 (see Note 15 - Contracts).
|
|
Miles
of
Pipeline
|
|
Pipeline
Location/Route
|
|
Ownership
|
|
Total
Net Capacity
(per day)
|
|
Actual/Expected
In-Service
Dates
|
Operational:
|
|
|
|
|
|
|
|
|
|
Texas Pipelines(a)
|
542
|
|
South Texas
|
|
58.8%
|
(b)
|
2.32 Bcf
|
|
1950 - 2014
|
Sabal Trail(c)
|
517
|
|
Southwestern Alabama to Central Florida
|
|
42.5%
|
|
0.35 Bcf -
0.46 Bcf
|
|
June 2017 - Mid-2021
|
Florida Southeast Connection(c)
|
169
|
|
Central Florida to South Florida
|
|
100%
|
|
0.64 Bcf
|
|
June 2017
|
Central Penn Line(d)
|
185
|
|
Northeastern Pennsylvania to Southeastern
Pennsylvania
|
|
23.7%
|
(b)
|
0.30 Bcf - 0.43 Bcf
|
|
October 2018 - Mid-2022
|
Under Construction:
|
|
|
|
|
|
|
|
|
|
Mountain Valley Pipeline(e)
|
303
|
|
Northwestern West Virginia to Southern
Virginia
|
|
31%
|
|
0.62 Bcf
|
|
End of 2020
|
(a)
|
A NEP portfolio of seven natural gas pipelines, of which a third party owns a 10% interest in a 120-mile pipeline with a daily capacity of approximately 2.3 Bcf. Approximately 1.82 Bcf per day of net capacity is contracted with firm ship-or-pay contracts that have expiration dates ranging from 2020 to 2035.
|
(b)
|
Ownership percentage based on NextEra Energy Resources limited partnership interest in NEP OpCo common units.
|
(c)
|
See Note 15 - Contracts for a discussion of transportation contracts with FPL.
|
(d)
|
NEP has an indirect equity method investment in the Central Penn Line (CPL) which represents an approximately 39% aggregate ownership interest in the CPL.
|
(e)
|
Completion of construction of the natural gas pipeline is subject to final permitting. Also, see Note 15 - Contracts for a discussion of a transportation contract with a NextEra Energy Resources subsidiary.
|
|
Miles
|
|
Substations
|
|
Kilovolt
|
|
Location
|
|
Rate Regulator
|
|
Ownership
|
|
Actual/Expected
In-Service
Dates
|
Operational:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lone Star
|
330
|
|
6
|
|
345
|
|
Central Texas
|
|
PUCT
|
|
100%
|
|
2013
|
Trans Bay Cable
|
53
|
|
2
|
|
200 DC(a)
|
|
Northern California
|
|
FERC
|
|
100%
|
|
2010
|
Under Construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NextBridge Infrastructure
|
280
|
|
-
|
|
230
|
|
Ontario, Canada
|
|
OEB
|
|
50%
|
|
Fourth Quarter of 2021
|
(a)
|
Direct current
|
•
|
manages risk associated with fluctuating commodity prices and optimizes the value of NEER's power generation and gas infrastructure production assets through the use of swaps, options, futures and forwards;
|
•
|
sells output from NEER's plants that is not sold under long-term contracts and procures fossil fuel for use by NEER's generation fleet;
|
•
|
provides full energy and capacity requirements to customers; and
|
•
|
markets and trades energy-related commodity products and provides a wide range of electricity and fuel commodity products as well as marketing and trading services to customers.
|
*Oil is less than 1%
|
•
|
located in 19 states in the U.S. and 4 provinces in Canada;
|
•
|
operated a total generating capacity of 15,955 MW at December 31, 2019;
|
•
|
ownership interests in a total net generating capacity of 14,111 MW at December 31, 2019;
|
◦
|
all MW are from contracted wind assets located primarily throughout Texas and the West and Midwest regions of the U.S. and Canada;
|
◦
|
added approximately 1,125 MW of new generating capacity and repowered wind generating capacity totaling 1,091 MW in the U.S. in 2019 (see Note 1 - Disposal of Businesses/Assets for asset sales to NEP).
|
•
|
located in 26 states in the U.S.;
|
•
|
operated PV and solar thermal facilities with a total generating capacity of 2,684 MW at December 31, 2019;
|
•
|
ownership interests in PV and solar thermal facilities with a total net generating capacity of 2,662 MW at December 31, 2019;
|
◦
|
essentially all MW are from contracted solar facilities located primarily throughout the West and South regions of the U.S.;
|
◦
|
added approximately 512 MW of generating capacity in the U.S. in 2019 (see Note 1 - Disposal of Businesses/Assets for asset sales to NEP).
|
•
|
operated natural gas generation facilities with a total generating capacity of 2,110 MW at December 31, 2019;
|
•
|
ownership interests in natural gas generation facilities with a total net generating capacity of 1,565 MW at December 31, 2019;
|
◦
|
approximately 1,407 MW are contracted and 158 MW are merchant;
|
◦
|
located in 2 states in the Northeast region of the U.S. and in Florida; and
|
•
|
operated oil-fired peak generation facilities with a total generating capacity of 878 MW with an ownership or undivided interests in total net generating capacity of 805 MW at December 31, 2019 primarily located in Maine.
|
Facility
|
|
Location
|
|
Ownership
(MW)
|
|
Portfolio
Category
|
|
Next Scheduled
Refueling Outage
|
|
Operating License
Expiration Date
|
Seabrook
|
|
New Hampshire
|
|
1,102(a)
|
|
Merchant
|
|
April 2020
|
|
2050
|
Duane Arnold
|
|
Iowa
|
|
431(b)
|
|
Contracted(c)
|
|
None(c)
|
|
2034(c)
|
Point Beach Unit No. 1
|
|
Wisconsin
|
|
595
|
|
Contracted(d)
|
|
October 2020
|
|
2030
|
Point Beach Unit No. 2
|
|
Wisconsin
|
|
595
|
|
Contracted(d)
|
|
March 2020
|
|
2033
|
(a)
|
Excludes 147 MW operated by NEER but owned by non-affiliates.
|
(b)
|
Excludes 184 MW operated by NEER but owned by non-affiliates.
|
(c)
|
NEER sells all of its share of the output of Duane Arnold under an amended long-term contract expiring in December 2020. Operations of Duane Arnold are expected to cease in late 2020. See Note 5 - Nonrecurring Fair Value Measurements.
|
(d)
|
NEER sells all of the output of Point Beach Units Nos. 1 and 2 under long-term contracts through their current operating license expiration dates.
|
|
Year construction of project begins(a)
|
||||||||||||||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||
PTC(b)
|
100
|
%
|
|
100
|
%
|
|
80
|
%
|
|
60
|
%
|
|
40
|
%
|
|
60
|
%
|
|
-
|
|
|
-
|
|
Wind ITC(c)
|
30
|
%
|
|
30
|
%
|
|
24
|
%
|
|
18
|
%
|
|
12
|
%
|
|
18
|
%
|
|
-
|
|
|
-
|
|
Solar ITC(d)
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
30
|
%
|
|
26
|
%
|
|
22
|
%
|
|
10
|
%
|
(a)
|
Project must be placed in service no more than four years after the year in which construction of the project began to qualify for the PTC or ITC.
|
(b)
|
Percentage of the full PTC available for wind projects that begin construction during the applicable year.
|
(c)
|
Percentage of eligible project costs that can be claimed as ITC by wind projects that begin construction during the applicable year.
|
(d)
|
Percentage of eligible project costs that can be claimed as ITC by solar projects that begin construction during the applicable year. ITC is limited to 10% for solar projects not placed in service before January 1, 2024.
|
Name
|
|
Age
|
|
Position
|
|
Effective Date
|
Miguel Arechabala
|
|
58
|
|
Executive Vice President, Power Generation Division of NEE
Executive Vice President, Power Generation Division of FPL |
|
January 1, 2014
|
Deborah H. Caplan
|
|
57
|
|
Executive Vice President, Human Resources and Corporate Services of NEE
Executive Vice President, Human Resources and Corporate Services of FPL |
|
April 15, 2013
|
Paul I. Cutler
|
|
60
|
|
Treasurer of NEE
Treasurer of FPL
Assistant Secretary of NEE
|
|
February 19, 2003
February 18, 2003
December 10, 1997
|
Joseph T. Kelliher
|
|
59
|
|
Executive Vice President, Federal Regulatory Affairs of NEE
|
|
May 18, 2009
|
John W. Ketchum
|
|
49
|
|
President and Chief Executive Officer of NextEra Energy Resources
|
|
March 1, 2019
|
Rebecca J. Kujawa
|
|
44
|
|
Executive Vice President, Finance and Chief Financial Officer of NEE
Executive Vice President, Finance and Chief Financial Officer of FPL |
|
March 1, 2019
|
James M. May
|
|
43
|
|
Vice President, Controller and Chief Accounting Officer of NEE
|
|
March 1, 2019
|
Donald A. Moul
|
|
54
|
|
Executive Vice President, Nuclear Division and Chief Nuclear Officer of NEE
Vice President and Chief Nuclear Officer of FPL
|
|
January 1, 2020
May 17, 2019 |
Ronald R. Reagan
|
|
51
|
|
Executive Vice President, Engineering, Construction and Integrated Supply Chain of NEE
Vice President, Engineering and Construction of FPL
|
|
January 1, 2020
March 1, 2019 |
James L. Robo
|
|
57
|
|
Chairman, President and Chief Executive Officer of NEE
Chairman of FPL
|
|
December 13, 2013
May 2, 2012
|
Charles E. Sieving
|
|
47
|
|
Executive Vice President & General Counsel of NEE
Executive Vice President of FPL
|
|
December 1, 2008
January 1, 2009
|
Eric E. Silagy
|
|
54
|
|
President and Chief Executive Officer of FPL
|
|
May 30, 2014
|
(a)
|
Information is as of February 14, 2020. Executive officers are elected annually by, and serve at the pleasure of, their respective boards of directors. Except as noted below, each officer has held his/her present position for five years or more and his/her employment history is continuous. Mr. Ketchum served as Executive Vice President, Finance and Chief Financial Officer of NEE and FPL from March 2016 to February 2019 and NEE’s Senior Vice President, Finance from February 2015 to March 2016. Ms. Kujawa served as Vice President, Business Management of NextEra Energy Resources from March 2012 to February 2019. Mr. May served as Controller of NextEra Energy Resources from April 2015 to February 2019 and was Director of Accounting of NextEra Energy Resources from July 2013 to April 2015. Mr. Moul served as Vice President and Chief Nuclear Officer of NEE from May 2019 to December 2019. He previously held various roles at several subsidiaries of FirstEnergy Corp., which are energy suppliers involved in the generation, transmission and distribution of electricity. Mr. Moul was Executive on Special Assignment of FirstEnergy Solutions Corp. from March 2019 to May 2019, President and Chief Nuclear Officer of FirstEnergy Generation Companies from March 2018 to March 2019, President of FirstEnergy Generation LLC from April 2017 to March 2018, Senior Vice President, Fossil Operations and Environmental of FirstEnergy Solutions from August 2015 to April 2017, and Vice President, Commodity Operations of FirstEnergy Solutions from October 2012 to August 2015. Mr. Reagan served as Vice President, Engineering and Construction of NEE from November 2018 to December 2019 and Vice President, Integrated Supply Chain of NEE from October 2012 to November 2018.
|
•
|
create substantial additional costs in the form of taxes or emission allowances;
|
•
|
make some of NEE's and FPL's electric generation units uneconomical to operate in the long term;
|
•
|
require significant capital investment in carbon capture and storage technology, fuel switching, or the replacement of high-emitting generation facilities with lower-emitting generation facilities; or
|
•
|
affect the availability or cost of fossil fuels.
|
•
|
risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned;
|
•
|
failures in the availability, acquisition or transportation of fuel or other necessary supplies;
|
•
|
the impact of unusual or adverse weather conditions and natural disasters, including, but not limited to, hurricanes, tornadoes, icing events, floods, earthquakes and droughts;
|
•
|
performance below expected or contracted levels of output or efficiency;
|
•
|
breakdown or failure, including, but not limited to, explosions, fires, leaks or other major events, of equipment, transmission or distribution systems or pipelines;
|
•
|
availability of replacement equipment;
|
•
|
risks of property damage, human injury or loss of life from energized equipment, hazardous substances or explosions, fires, leaks or other events, especially where facilities are located near populated areas;
|
•
|
potential environmental impacts of gas infrastructure operations;
|
•
|
availability of adequate water resources and ability to satisfy water intake and discharge requirements;
|
•
|
inability to identify, manage properly or mitigate equipment defects in NEE's and FPL's facilities;
|
•
|
use of new or unproven technology;
|
•
|
risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation, and lack of available alternative fuel sources;
|
•
|
increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes; and
|
•
|
insufficient insurance, warranties or performance guarantees to cover any or all lost revenues or increased expenses from the foregoing.
|
Period
|
|
Total
Number
of Shares
Purchased(a)
|
|
Average
Price Paid
Per Share
|
|
Total Number of Shares
Purchased as Part of a
Publicly Announced Program
|
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Program(b)
|
|||
10/1/19 - 10/31/19
|
|
—
|
|
|
—
|
|
|
—
|
|
45,000,000
|
|
11/1/19 - 11/30/19
|
|
990
|
|
$
|
231.42
|
|
|
—
|
|
45,000,000
|
|
12/1/19 - 12/31/19
|
|
387
|
|
$
|
238.22
|
|
|
—
|
|
45,000,000
|
|
Total
|
|
1,377
|
|
|
$
|
233.33
|
|
|
—
|
|
|
(a)
|
Includes: (1) in November 2019, shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan; and (2) in December 2019, shares of common stock purchased as a reinvestment of dividends by the trustee of a grantor trust in connection with NEE's obligation under a February 2006 grant under the NextEra Energy, Inc. Amended and Restated Long-Term Incentive Plan (former LTIP) to an executive officer of deferred retirement share awards.
|
(b)
|
In May 2017, NEE's Board of Directors authorized repurchases of up to 45 million shares of common stock over an unspecified period.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(millions, except per share amounts)
|
||||||||||||||||||
SELECTED DATA OF NEE(a):
|
|
||||||||||||||||||
Operating revenues
|
$
|
19,204
|
|
|
$
|
16,727
|
|
|
$
|
17,173
|
|
|
$
|
16,138
|
|
|
$
|
17,486
|
|
Net income(b)
|
$
|
3,388
|
|
|
$
|
5,776
|
|
|
$
|
5,323
|
|
|
$
|
2,999
|
|
|
$
|
2,762
|
|
Net income attributable to NEE(b)(c)
|
$
|
3,769
|
|
|
$
|
6,638
|
|
|
$
|
5,380
|
|
|
$
|
2,906
|
|
|
$
|
2,752
|
|
Earnings per share attributable to NEE - basic(b)(c)
|
$
|
7.82
|
|
|
$
|
14.03
|
|
|
$
|
11.48
|
|
|
$
|
6.27
|
|
|
$
|
6.11
|
|
Earnings per share attributable to NEE - assuming dilution(b)(c)
|
$
|
7.76
|
|
|
$
|
13.88
|
|
|
$
|
11.39
|
|
|
$
|
6.24
|
|
|
$
|
6.06
|
|
Dividends paid per share of common stock
|
$
|
5.00
|
|
|
$
|
4.44
|
|
|
$
|
3.93
|
|
|
$
|
3.48
|
|
|
$
|
3.08
|
|
Total assets(d)
|
$
|
117,691
|
|
|
$
|
103,702
|
|
|
$
|
97,963
|
|
|
$
|
90,474
|
|
|
$
|
82,479
|
|
Long-term debt, excluding current portion
|
$
|
37,543
|
|
|
$
|
26,782
|
|
|
$
|
31,410
|
|
|
$
|
27,765
|
|
|
$
|
26,681
|
|
Capital expenditures, independent power and
other investments and nuclear fuel purchases:
|
|
|
|
|
|
|
|
|
|
||||||||||
FPL
|
$
|
5,755
|
|
|
$
|
5,135
|
|
|
$
|
5,291
|
|
|
$
|
3,934
|
|
|
$
|
3,633
|
|
Gulf Power
|
729
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
NEER(e)
|
6,505
|
|
|
7,189
|
|
|
5,415
|
|
|
5,607
|
|
|
4,691
|
|
|||||
Corporate and Other(e)
|
4,473
|
|
|
680
|
|
|
34
|
|
|
95
|
|
|
53
|
|
|||||
Total
|
$
|
17,462
|
|
|
$
|
13,004
|
|
|
$
|
10,740
|
|
|
$
|
9,636
|
|
|
$
|
8,377
|
|
(a)
|
See Note 8 for a discussion of 2019 acquisitions and Note 1 - NextEra Energy Partners, LP for a discussion of the deconsolidation of NEP in January 2018.
|
(b)
|
2018 includes an after-tax gain of approximately $3.0 billion related to the deconsolidation of NEP (see Note 1 - NextEra Energy Partners, LP). 2017 includes approximately $1.8 billion ($1.9 billion attributable to NEE) of net favorable tax reform impacts (see Note 6). 2017 and 2016 include after-tax gains on the sale of the fiber-optic telecommunications business of $685 million (see Note 1 - Disposal of Businesses/Assets) and natural gas generation facilities of $219 million. Also, on an after-tax basis, 2017 includes an impairment charge of $258 million related to Duane Arnold (see Note 5 - Nonrecurring Fair Value Measurements).
|
(c)
|
2018 reflects approximately $497 million relating to a reduction of differential membership interests as a result of a change in the federal corporate income tax rate effective January 1, 2018 (see Note 1 - Sales of Differential Membership Interests).
|
(d)
|
Includes assets held for sale of approximately $440 million in 2019 related to two solar generation facilities and $452 million in 2016 related to a fiber-optic telecommunications business (see Note 1 - Disposal of Businesses/Assets) and $1,009 million in 2015 related to merchant natural gas generation facilities.
|
(e)
|
Prior year amounts have been adjusted as discussed in Note 16.
|
|
Net Income (Loss) Attributable
to NEE
|
|
Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
(millions)
|
|
|
||||||||||||||||||||
FPL
|
$
|
2,334
|
|
|
$
|
2,171
|
|
|
$
|
1,880
|
|
|
$
|
4.81
|
|
|
$
|
4.55
|
|
|
$
|
3.98
|
|
Gulf Power(a)
|
180
|
|
|
—
|
|
|
—
|
|
|
0.37
|
|
|
—
|
|
|
—
|
|
||||||
NEER(b)(c)(d)
|
1,807
|
|
|
4,704
|
|
|
2,997
|
|
|
3.72
|
|
|
9.82
|
|
|
6.34
|
|
||||||
Corporate and Other(d)
|
(552
|
)
|
|
(237
|
)
|
|
503
|
|
|
(1.14
|
)
|
|
(0.49
|
)
|
|
1.07
|
|
||||||
NEE(c)
|
$
|
3,769
|
|
|
$
|
6,638
|
|
|
$
|
5,380
|
|
|
$
|
7.76
|
|
|
$
|
13.88
|
|
|
$
|
11.39
|
|
(a)
|
Gulf Power was acquired in January 2019. See Note 8 - Gulf Power Company.
|
(b)
|
NEER’s results reflect an allocation of interest expense from NEECH based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.
|
(c)
|
NEP was deconsolidated from NEER in January 2018. See Note 1 - NextEra Energy Partners, LP.
|
(d)
|
NEER's and Corporate and Other's results for 2018 and 2017 were retrospectively adjusted to reflect a segment change. See Note 16.
|
|
Years Ended December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||
|
|
|
(millions)
|
|
|
||||||||
Net losses associated with non-qualifying hedge activity(a)
|
$
|
(404
|
)
|
|
$
|
(186
|
)
|
|
$
|
(37
|
)
|
||
Tax reform-related, including the impact of tax rate change on differential membership interests(b)
|
$
|
(89
|
)
|
|
$
|
436
|
|
|
$
|
1,881
|
|
||
NEP investment gains, net(c)
|
$
|
96
|
|
|
$
|
2,863
|
|
|
$
|
—
|
|
||
Change in unrealized gains (losses) on NEER's nuclear decommissioning funds and OTTI, net(d)
|
$
|
176
|
|
|
$
|
(125
|
)
|
|
$
|
2
|
|
||
Acquisition-related(e)
|
$
|
(70
|
)
|
|
$
|
(14
|
)
|
|
$
|
(63
|
)
|
||
Operating results of solar projects in Spain - NEER
|
$
|
(2
|
)
|
|
$
|
(9
|
)
|
|
$
|
5
|
|
||
Gain on sale of the fiber-optic telecommunications business - Corporate and Other(f)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
685
|
|
||
Duane Arnold impairment charge(g)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(258
|
)
|
(a)
|
For 2019, 2018 and 2017, approximately $63 million of losses, $41 million of gains, and $46 million of gains, respectively, are included in NEER's net income; the balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized. In 2017, net losses associated with non-qualifying hedge activity were partly offset by approximately $95 million of tax reform impacts.
|
(b)
|
For 2019, approximately $89 million related to the impact of tax rate change on differential membership interests relates to NEER. For 2018, approximately $421 million of favorable tax reform-related impacts, including the impact of tax rate change on differential membership interests, relates to NEER and the balance relates to Corporate and Other. For 2017, approximately $1,929 million of net favorable tax reform impacts and $50 million of net unfavorable tax reform impacts relate to NEER and FPL, respectively; the balance relates to Corporate and Other. See Note 1 - Storm Fund, Storm Reserve and Storm Cost Recovery and - Sales of Differential Membership Interests and Note 6.
|
(c)
|
For 2019 and 2018, approximately $96 million and $2,885 million, respectively, relates to NEER; the 2018 balance relates to Corporate and Other. See Note 1 - NextEra Energy Partners, LP and - Disposal of Businesses/Assets.
|
(d)
|
For 2019, 2018 and 2017, approximately $176 million of gains, $127 million of losses, and $2 million of gains, respectively, are included in NEER's net income; the balance for 2018 is included in Corporate and Other.
|
(e)
|
For 2019, approximately $44 million, $20 million and $6 million of costs are included in Corporate and Other's, Gulf Power's and NEER's net income, respectively. For 2018, $9 million of costs are included in Corporate and Other's net income; the balance is included in NEER. For 2017, the costs relate to Corporate and Other. See Note 1 - Acquisition-Related.
|
(f)
|
See Note 1 - Disposal of Businesses/Assets for a discussion of the sale of the fiber-optic telecommunications business.
|
(g)
|
Approximately $246 million of the impairment charge is included in NEER's net income; the balance is included in Corporate and Other. See Note 5 - Nonrecurring Fair Value Measurements.
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(millions)
|
||||||
Reserve reversal recorded under the 2016 rate agreement
|
$
|
357
|
|
|
$
|
541
|
|
Other depreciation and amortization recovered under base rates (excluding reserve amortization) and other
|
1,876
|
|
|
1,739
|
|
||
Depreciation and amortization primarily recovered under cost recovery clauses and securitized storm-recovery cost amortization
|
291
|
|
|
353
|
|
||
Total
|
$
|
2,524
|
|
|
$
|
2,633
|
|
|
Increase (Decrease)
From Prior Period
|
|||
|
Year Ended December 31, 2019
|
|||
|
(millions)
|
|||
New investments(a)
|
$
|
260
|
|
|
Existing assets(a)
|
(17
|
)
|
||
Gas infrastructure(a)
|
61
|
|
||
Customer supply and proprietary power and gas trading(b)
|
24
|
|
||
NEET(b)
|
20
|
|
||
Asset sales/abandonment
|
(83
|
)
|
||
Interest and other general and administrative expenses(c)
|
(172
|
)
|
||
Other, including other investment income and income taxes
|
104
|
|
||
Change in non-qualifying hedge activity(d)
|
(104
|
)
|
||
Change in unrealized gains/losses on equity securities held in nuclear decommissioning funds and OTTI, net(d)
|
303
|
|
||
Tax reform-related, including the impact of tax rate change on differential membership interests(d)
|
(510
|
)
|
||
NEP investment gains, net(d)
|
(2,789
|
)
|
||
Operating results of the solar projects in Spain(d)
|
7
|
|
||
Acquisition-related(d)
|
(1
|
)
|
||
Decrease in net income less net loss attributable to noncontrolling interests
|
$
|
(2,897
|
)
|
(a)
|
Reflects after-tax project contributions, including the net effect of deferred income taxes and other benefits associated with PTCs and ITCs for wind and solar projects, as applicable (see Note 1 - Income Taxes and - Sales of Differential Membership Interests and Note 6), 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.
|
•
|
favorable unrealized mark-to-market activity of $295 million from non-qualifying hedges,
|
•
|
revenues from new investments of $232 million,
|
•
|
higher revenues of $198 million from the customer supply and proprietary power and gas trading business, and
|
•
|
higher revenues of $122 million from the gas infrastructure business,
|
•
|
lower revenues from existing assets of $226 million primarily related to the absence of revenues of certain wind and solar facilities sold to NEP in December 2018 and June 2019 and lower wind resource as compared to 2018.
|
•
|
higher fuel and depreciation expense of $150 million primarily related to the customer supply and proprietary power and gas trading and gas infrastructure businesses,
|
•
|
higher operating expenses associated with new investments of approximately $137 million, and
|
•
|
an impairment charge of approximately $72 million in 2019 related to the decision to no longer move forward with the construction of a wind facility (see Note 1 - Construction Activity),
|
•
|
higher net gains on the disposal of businesses/assets of $320 million, primarily related to the gain recognized on the sale of ownership interests in wind and solar projects to NEP (see Note 1 - Disposal of Businesses/Assets).
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions)
|
||||||||||
Sources of cash:
|
|
|
|
|
|
||||||
Cash flows from operating activities
|
$
|
8,155
|
|
|
$
|
6,593
|
|
|
$
|
6,458
|
|
Issuances of long-term debt
|
13,919
|
|
|
4,399
|
|
|
8,354
|
|
|||
Proceeds from differential membership investors
|
1,604
|
|
|
1,841
|
|
|
1,414
|
|
|||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
—
|
|
|
1,454
|
|
|||
Sale of independent power and other investments of NEER
|
1,163
|
|
|
1,617
|
|
|
178
|
|
|||
Issuances of common stock - net
|
1,494
|
|
|
718
|
|
|
55
|
|
|||
Net increase in commercial paper and other short-term debt(a)
|
—
|
|
|
6,272
|
|
|
1,867
|
|
|||
Proceeds from issuance of NEP convertible preferred units - net
|
—
|
|
|
—
|
|
|
548
|
|
|||
Non-operating distributions from equity method investees
|
—
|
|
|
637
|
|
|
7
|
|
|||
Other sources - net
|
274
|
|
|
123
|
|
|
220
|
|
|||
Total sources of cash
|
26,609
|
|
|
22,200
|
|
|
20,555
|
|
|||
Uses of cash:
|
|
|
|
|
|
||||||
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases
|
(17,462
|
)
|
|
(13,004
|
)
|
|
(10,740
|
)
|
|||
Retirements of long-term debt
|
(5,492
|
)
|
|
(3,102
|
)
|
|
(6,780
|
)
|
|||
Net decrease in commercial paper and other short-term debt(a)
|
(4,799
|
)
|
|
—
|
|
|
—
|
|
|||
Payments to related parties under a cash sweep and credit support agreement – net
|
(54
|
)
|
|
(21
|
)
|
|
—
|
|
|||
Dividends
|
(2,408
|
)
|
|
(2,101
|
)
|
|
(1,845
|
)
|
|||
Other uses - net
|
(543
|
)
|
|
(695
|
)
|
|
(762
|
)
|
|||
Total uses of cash
|
(30,758
|
)
|
|
(18,923
|
)
|
|
(20,127
|
)
|
|||
Effects of currency translation on cash, cash equivalents and restricted cash
|
4
|
|
|
(7
|
)
|
|
26
|
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash(a)
|
$
|
(4,145
|
)
|
|
$
|
3,270
|
|
|
$
|
454
|
|
(a)
|
2019 and 2018 amounts relate to the acquisition of Gulf Power. See Note 8 - Gulf Power Company.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions)
|
||||||||||
FPL:
|
|
|
|
|
|
||||||
Generation:
|
|
|
|
|
|
||||||
New
|
$
|
1,242
|
|
|
$
|
976
|
|
|
$
|
1,198
|
|
Existing
|
1,215
|
|
|
1,142
|
|
|
1,285
|
|
|||
Transmission and distribution
|
2,893
|
|
|
2,456
|
|
|
2,151
|
|
|||
Nuclear fuel
|
195
|
|
|
123
|
|
|
117
|
|
|||
General and other
|
550
|
|
|
334
|
|
|
431
|
|
|||
Other, primarily change in accrued property additions and exclusion of AFUDC - equity
|
(340
|
)
|
|
104
|
|
|
109
|
|
|||
Total
|
5,755
|
|
|
5,135
|
|
|
5,291
|
|
|||
Gulf Power
|
729
|
|
|
—
|
|
|
—
|
|
|||
NEER(a):
|
|
|
|
|
|
|
|
||||
Wind
|
1,974
|
|
|
4,093
|
|
|
2,824
|
|
|||
Solar
|
1,741
|
|
|
698
|
|
|
759
|
|
|||
Nuclear, including nuclear fuel
|
179
|
|
|
233
|
|
|
220
|
|
|||
Natural gas pipelines
|
687
|
|
|
873
|
|
|
785
|
|
|||
Other gas infrastructure
|
969
|
|
|
893
|
|
|
681
|
|
|||
Other (2019 primarily related to acquisitions, see Note 8)
|
955
|
|
|
399
|
|
|
146
|
|
|||
Total
|
6,505
|
|
|
7,189
|
|
|
5,415
|
|
|||
Corporate and Other (2019 primarily related to acquisitions, see Note 8)(a)
|
4,473
|
|
|
680
|
|
|
34
|
|
|||
Total capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
17,462
|
|
|
$
|
13,004
|
|
|
$
|
10,740
|
|
(a)
|
Amounts for 2018 and 2017 were retrospectively adjusted to reflect a segment change. See Note 16.
|
|
|
|
Gulf
|
|
|
|
|
|
Maturity Date
|
||||||||||||
|
FPL
|
|
Power
|
|
NEECH
|
|
Total
|
|
FPL
|
|
Gulf Power
|
|
NEECH
|
||||||||
|
(millions)
|
|
|
|
|
|
|
||||||||||||||
Syndicated revolving credit facilities(a)
|
$
|
2,943
|
|
|
$
|
900
|
|
|
$
|
5,297
|
|
|
$
|
9,140
|
|
|
2020 - 2024
|
|
2024
|
|
2021 - 2024
|
Issued letters of credit
|
(3
|
)
|
|
—
|
|
|
(212
|
)
|
|
(215
|
)
|
|
|
|
|
|
|
||||
|
2,940
|
|
|
900
|
|
|
5,085
|
|
|
8,925
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bilateral revolving credit facilities
|
680
|
|
|
—
|
|
|
1,075
|
|
|
1,755
|
|
|
2020 - 2022
|
|
|
|
2020 - 2023
|
||||
Borrowings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
||||
|
680
|
|
|
—
|
|
|
1,075
|
|
|
1,755
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Letter of credit facilities(b)
|
—
|
|
|
—
|
|
|
900
|
|
|
900
|
|
|
|
|
|
|
2020 - 2021
|
||||
Issued letters of credit
|
—
|
|
|
—
|
|
|
(793
|
)
|
|
(793
|
)
|
|
|
|
|
|
|
||||
|
—
|
|
|
—
|
|
|
107
|
|
|
107
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Subtotal
|
3,620
|
|
|
900
|
|
|
6,267
|
|
|
10,787
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
77
|
|
|
6
|
|
|
515
|
|
|
598
|
|
|
|
|
|
|
|
||||
Commercial paper and other short-term borrowings
outstanding
|
(1,482
|
)
|
|
(392
|
)
|
|
(1,042
|
)
|
|
(2,916
|
)
|
|
|
|
|
|
|
||||
Net available liquidity
|
$
|
2,215
|
|
|
$
|
514
|
|
|
$
|
5,740
|
|
|
$
|
8,469
|
|
|
`
|
|
|
|
|
(a)
|
Provide for the funding of loans up to the amount of the credit facility and the issuance of letters of credit up to $2,525 million ($575 million for FPL, $75 million for Gulf Power and $1,875 million for NEECH). 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 syndicated revolving credit facilities are also available to support the purchase of $948 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, as well as, the repayment of approximately $236 million of floating rate notes in the event an individual noteholder requires repayment prior to maturity. Gulf Power's syndicated revolving credit facilities are also available to support the purchase of approximately $269 million of its tax exempt bonds in the event they are tendered by individual bondholders and not remarketed prior to maturity. Approximately $2,314 million of FPL's and $4,109 million of NEECH's syndicated revolving credit facilities expire in 2024.
|
(b)
|
Only available for the issuance of letters of credit.
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Long-term debt, including interest:(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL(b)
|
$
|
612
|
|
|
$
|
646
|
|
|
$
|
1,685
|
|
|
$
|
1,082
|
|
|
$
|
1,199
|
|
|
$
|
20,337
|
|
|
$
|
25,561
|
|
Gulf Power(b)
|
226
|
|
|
345
|
|
|
179
|
|
|
68
|
|
|
35
|
|
|
1,741
|
|
|
2,594
|
|
|||||||
NEER
|
382
|
|
|
423
|
|
|
383
|
|
|
534
|
|
|
454
|
|
|
4,326
|
|
|
6,502
|
|
|||||||
Corporate and Other
|
2,390
|
|
|
4,305
|
|
|
3,169
|
|
|
1,210
|
|
|
2,816
|
|
|
19,790
|
|
|
33,680
|
|
|||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL(c)
|
7,320
|
|
|
7,310
|
|
|
7,105
|
|
|
7,020
|
|
|
7,310
|
|
|
11,625
|
|
|
47,690
|
|
|||||||
Gulf Power(c)
|
800
|
|
|
770
|
|
|
645
|
|
|
650
|
|
|
680
|
|
|
—
|
|
|
3,545
|
|
|||||||
NEER(d)
|
3,355
|
|
|
395
|
|
|
255
|
|
|
130
|
|
|
140
|
|
|
1,413
|
|
|
5,688
|
|
|||||||
Elimination of FPL's purchase obligations to NEER(d)
|
(108
|
)
|
|
(105
|
)
|
|
(102
|
)
|
|
(99
|
)
|
|
(97
|
)
|
|
(1,314
|
)
|
|
(1,825
|
)
|
|||||||
Asset retirement activities:(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL(f)
|
34
|
|
|
32
|
|
|
39
|
|
|
22
|
|
|
22
|
|
|
10,650
|
|
|
10,799
|
|
|||||||
Gulf Power
|
5
|
|
|
15
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
98
|
|
|
121
|
|
|||||||
NEER(g)
|
24
|
|
|
45
|
|
|
26
|
|
|
18
|
|
|
12
|
|
|
11,332
|
|
|
11,457
|
|
|||||||
Other commitments:(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
FPL
|
13
|
|
|
12
|
|
|
12
|
|
|
8
|
|
|
5
|
|
|
42
|
|
|
92
|
|
|||||||
Gulf Power
|
64
|
|
|
64
|
|
|
64
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
219
|
|
|||||||
NEER(i)
|
36
|
|
|
46
|
|
|
41
|
|
|
38
|
|
|
41
|
|
|
704
|
|
|
906
|
|
|||||||
Total
|
$
|
15,153
|
|
|
$
|
14,303
|
|
|
$
|
13,502
|
|
|
$
|
10,709
|
|
|
$
|
12,618
|
|
|
$
|
80,744
|
|
|
$
|
147,029
|
|
(a)
|
Includes principal, interest, interest rate contracts and payments by NEE under stock purchase contracts. Variable rate interest was computed using December 31, 2019 rates. See Note 12.
|
(b)
|
Includes tax exempt bonds at FPL of approximately $9 million in 2020, $46 million in 2021, $96 million in 2022, $15 million in 2023, $146 in 2024 and $636 million thereafter and at Gulf Power of approximately $41 million in 2022 and $228 million after 2024 that permit individual bondholders to tender the bonds for purchase at any time prior to maturity. In the event bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL and Gulf Power, as the case may be, would be required to purchase the tax exempt bonds. As of December 31, 2019, all of FPL's and Gulf Power's tax exempt bonds tendered for purchase had been successfully remarketed. Also includes at FPL floating rate notes of approximately $236 million maturing after 2024 that permit individual noteholders to require repayment prior to maturity. FPL’s syndicated revolving credit facilities are available to support the purchase of tax exempt bonds and the repayment of floating rate notes. Gulf Power's syndicated revolving credit facilities are available to support the purchase of Gulf Power's tax exempt bonds.
|
(c)
|
Represents projected capital expenditures through 2024, as well as, for FPL, required minimum payments primarily under long-term fuel transportation contracts (see Note 15 - Commitments and - Contracts).
|
(d)
|
See Note 15 - Contracts.
|
(e)
|
Represents expected cash payments adjusted for inflation for estimated costs to perform asset retirement activities.
|
(f)
|
At December 31, 2019, FPL had approximately $4,697 million in restricted funds (included in NEE’s and FPL’s special use funds) for the payment of its portion of future expenditures to decommission the Turkey Point and St. Lucie nuclear units. See Note 13.
|
(g)
|
At December 31, 2019, NEER had approximately $2,183 million in restricted funds (included in NEE’s special use funds) for the payment of its portion of future expenditures to decommission Seabrook, Duane Arnold and Point Beach nuclear units. See Note 13.
|
(h)
|
Includes lease payment obligations. See Note 14.
|
(i)
|
Includes payments related to the acquisition of certain development rights.
|
|
Moody's(a)
|
|
S&P(a)
|
|
Fitch(a)
|
NEE:(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
|
|
|
|
|
|
FPL:(b)
|
|
|
|
|
|
Corporate credit rating
|
A1
|
|
A
|
|
A
|
First mortgage bonds
|
Aa2
|
|
A+
|
|
AA-
|
Senior unsecured notes
|
A1
|
|
A
|
|
A+
|
Pollution control, solid waste disposal and industrial development revenue bonds(c)
|
VMIG-1/P-1
|
|
A-1
|
|
F1
|
Commercial paper
|
P-1
|
|
A-1
|
|
F1
|
|
|
|
|
|
|
NEECH:(b)
|
|
|
|
|
|
Corporate credit rating
|
Baa1
|
|
A-
|
|
A-
|
Debentures
|
Baa1
|
|
BBB+
|
|
A-
|
Junior subordinated debentures
|
Baa2
|
|
BBB
|
|
BBB
|
Commercial paper
|
P-2
|
|
A-2
|
|
F2
|
(a)
|
A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.
|
(b)
|
The outlook indicated by each of Moody's, S&P and Fitch is stable.
|
(c)
|
Short-term ratings are presented as all bonds outstanding are currently paying a short-term interest rate. At FPL's election, a portion or all of the bonds may be adjusted to a long-term interest rate.
|
|
2019
|
|
2018
|
|
2017
|
|||
Discount rate
|
4.26
|
%
|
|
3.59
|
%
|
|
4.09
|
%
|
Salary increase
|
4.40
|
%
|
|
4.10
|
%
|
|
4.10
|
%
|
Expected long-term rate of return, net of investment management fees
|
7.35
|
%
|
|
7.35
|
%
|
|
7.35
|
%
|
|
|
|
Decrease in 2019
Net Periodic Pension Income
|
||||||
|
Change in
Assumption
|
|
NEE
|
|
FPL
|
||||
|
|
|
(millions)
|
||||||
Expected long-term rate of return
|
(0.5)%
|
|
$
|
(22
|
)
|
|
$
|
(14
|
)
|
Discount rate
|
0.5%
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
Salary increase
|
0.5%
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
Nuclear
Decommissioning
|
|
Fossil/Solar
Dismantlement
|
|
Interim Removal
Costs and Other
|
|
Total
|
||||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||
AROs
|
$
|
2,076
|
|
|
$
|
2,045
|
|
|
$
|
186
|
|
|
$
|
97
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
2,268
|
|
|
$
|
2,148
|
|
Less capitalized ARO asset net of accumulated depreciation
|
225
|
|
|
316
|
|
|
48
|
|
|
33
|
|
|
1
|
|
|
1
|
|
|
274
|
|
|
350
|
|
||||||||
Accrued asset removal costs(a)
|
368
|
|
|
319
|
|
|
144
|
|
|
164
|
|
|
645
|
|
|
489
|
|
|
1,157
|
|
|
972
|
|
||||||||
Asset retirement obligation regulatory expense difference(a)
|
2,904
|
|
|
2,358
|
|
|
(72
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
2,828
|
|
|
2,352
|
|
||||||||
Accrued decommissioning, dismantlement and other accrued asset removal costs(b)
|
$
|
5,123
|
|
|
$
|
4,406
|
|
|
$
|
210
|
|
|
$
|
225
|
|
|
$
|
646
|
|
|
$
|
491
|
|
|
$
|
5,979
|
|
|
$
|
5,122
|
|
(a)
|
Included in noncurrent regulatory liabilities on NEE’s and FPL’s consolidated balance sheets. See Note 1 - Rate Regulation.
|
(b)
|
Represents total amount accrued for ratemaking purposes.
|
|
|
Hedges on Owned Assets
|
|
|
|||||||||||||||
|
Trading
|
|
Non-
Qualifying
|
|
FPL Cost
Recovery
Clauses
|
|
Gulf Power
Cost Recovery
Clauses
|
|
NEE Total
|
||||||||||
|
(millions)
|
||||||||||||||||||
Fair value of contracts outstanding at December 31, 2017
|
$
|
442
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,170
|
|
Reclassification to realized at settlement of contracts
|
(159
|
)
|
|
(28
|
)
|
|
(6
|
)
|
|
—
|
|
|
(193
|
)
|
|||||
Value of contracts acquired
|
(3
|
)
|
|
(2
|
)
|
|
(15
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Net option premium purchases (issuances)
|
47
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|||||
Impact of adoption of new revenue standard
|
3
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|||||
Changes in fair value excluding reclassification to realized
|
263
|
|
|
114
|
|
|
(20
|
)
|
|
—
|
|
|
357
|
|
|||||
Fair value of contracts outstanding at December 31, 2018
|
593
|
|
|
794
|
|
|
(41
|
)
|
|
—
|
|
|
1,346
|
|
|||||
Reclassification to realized at settlement of contracts
|
(215
|
)
|
|
(154
|
)
|
|
30
|
|
|
7
|
|
|
(332
|
)
|
|||||
Value of contracts acquired
|
28
|
|
|
9
|
|
|
—
|
|
|
(6
|
)
|
|
31
|
|
|||||
Net option premium purchases (issuances)
|
43
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|||||
Changes in fair value excluding reclassification to realized
|
202
|
|
|
555
|
|
|
1
|
|
|
(2
|
)
|
|
756
|
|
|||||
Fair value of contracts outstanding at December 31, 2019
|
651
|
|
|
1,209
|
|
|
(10
|
)
|
|
(1
|
)
|
|
1,849
|
|
|||||
Net margin cash collateral paid (received)
|
|
|
|
|
|
|
|
|
(75
|
)
|
|||||||||
Total mark-to-market energy contract net assets (liabilities) at December 31, 2019
|
$
|
651
|
|
|
$
|
1,209
|
|
|
$
|
(10
|
)
|
|
$
|
(1
|
)
|
|
$
|
1,774
|
|
|
December 31, 2019
|
||
|
(millions)
|
||
Current derivative assets
|
$
|
742
|
|
Noncurrent derivative assets
|
1,608
|
|
|
Current derivative liabilities
|
(314
|
)
|
|
Noncurrent derivative liabilities
|
(262
|
)
|
|
NEE's total mark-to-market energy contract net assets
|
$
|
1,774
|
|
|
Maturity
|
||||||||||||||||||||||||||
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||
Trading:
|
|
||||||||||||||||||||||||||
Quoted prices in active markets for identical assets
|
$
|
(191
|
)
|
|
$
|
1
|
|
|
$
|
29
|
|
|
$
|
(2
|
)
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
(159
|
)
|
Significant other observable inputs
|
17
|
|
|
8
|
|
|
(32
|
)
|
|
1
|
|
|
4
|
|
|
(65
|
)
|
|
(67
|
)
|
|||||||
Significant unobservable inputs
|
298
|
|
|
61
|
|
|
54
|
|
|
78
|
|
|
51
|
|
|
335
|
|
|
877
|
|
|||||||
Total
|
124
|
|
|
70
|
|
|
51
|
|
|
77
|
|
|
59
|
|
|
270
|
|
|
651
|
|
|||||||
Owned Assets - Non-Qualifying:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
9
|
|
|
8
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|||||||
Significant other observable inputs
|
185
|
|
|
113
|
|
|
97
|
|
|
72
|
|
|
39
|
|
|
200
|
|
|
706
|
|
|||||||
Significant unobservable inputs
|
39
|
|
|
40
|
|
|
34
|
|
|
36
|
|
|
36
|
|
|
295
|
|
|
480
|
|
|||||||
Total
|
233
|
|
|
161
|
|
|
137
|
|
|
108
|
|
|
75
|
|
|
495
|
|
|
1,209
|
|
|||||||
Owned Assets - FPL Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||||
Significant unobservable inputs
|
(7
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||||||
Total
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||||||
Owned Assets - Gulf Power Cost Recovery Clauses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Quoted prices in active markets for identical assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Significant other observable inputs
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Significant unobservable inputs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Total sources of fair value
|
$
|
347
|
|
|
$
|
230
|
|
|
$
|
188
|
|
|
$
|
185
|
|
|
$
|
134
|
|
|
$
|
765
|
|
|
$
|
1,849
|
|
|
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, 2018
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
45
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
46
|
|
December 31, 2019
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
26
|
|
Average for the year ended December 31, 2019
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
34
|
|
(a)
|
Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value(a)
|
|
Carrying
Amount
|
|
Estimated
Fair Value(a)
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Fixed income securities:
|
|
|
|
|
|
|
|
||||||||
Special use funds
|
$
|
2,099
|
|
|
$
|
2,099
|
|
|
$
|
1,956
|
|
|
$
|
1,956
|
|
Other investments, primarily debt securities
|
$
|
181
|
|
|
$
|
181
|
|
|
$
|
180
|
|
|
$
|
180
|
|
Long-term debt, including current portion
|
$
|
39,667
|
|
|
$
|
42,928
|
|
|
$
|
29,498
|
|
|
$
|
30,043
|
|
Interest rate contracts - net unrealized losses
|
$
|
(716
|
)
|
|
$
|
(716
|
)
|
|
$
|
(416
|
)
|
|
$
|
(416
|
)
|
FPL:
|
|
|
|
|
|
|
|
||||||||
Fixed income securities - special use funds
|
$
|
1,574
|
|
|
$
|
1,574
|
|
|
$
|
1,513
|
|
|
$
|
1,513
|
|
Long-term debt, including current portion
|
$
|
14,161
|
|
|
$
|
16,448
|
|
|
$
|
11,783
|
|
|
$
|
12,613
|
|
(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.
|
JAMES L. ROBO
|
|
REBECCA J. KUJAWA
|
James L. Robo
Chairman, President and Chief Executive Officer of NEE and Chairman of FPL
|
|
Rebecca J. Kujawa
Executive Vice President, Finance and Chief Financial Officer of NEE and FPL
|
JAMES M. MAY
|
|
|
James M. May
Vice President, Controller and Chief Accounting Officer of NEE |
|
|
ERIC E. SILAGY
|
|
KEITH FERGUSON
|
Eric E. Silagy
President and Chief Executive Officer of FPL
|
|
Keith Ferguson
Controller of FPL
|
•
|
We tested the effectiveness of controls, including those relating to commodity valuation models, and market data validation.
|
•
|
We selected a sample of transactions, obtained an understanding of the business rationale of transactions and read the underlying contractual agreements.
|
•
|
We used personnel in our firm who specialize in energy transacting to assist in auditing NEE’s energy transactions, including testing certain inputs in managements fair value models.
|
•
|
We used personnel in our firm who specialize in the valuation of energy products to independently value Level 3 transactions to provide us with a benchmark for comparison to NEE valuations.
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||
OPERATING REVENUES
|
|
$
|
19,204
|
|
|
$
|
16,727
|
|
|
$
|
17,173
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
|
4,363
|
|
|
3,732
|
|
|
4,071
|
|
|||
Other operations and maintenance
|
|
3,640
|
|
|
3,330
|
|
|
3,458
|
|
|||
Storm restoration costs
|
|
234
|
|
|
3
|
|
|
1,255
|
|
|||
Impairment charges
|
|
72
|
|
|
11
|
|
|
446
|
|
|||
Acquisition-related
|
|
35
|
|
|
32
|
|
|
69
|
|
|||
Depreciation and amortization
|
|
4,216
|
|
|
3,911
|
|
|
2,357
|
|
|||
Gains on disposal of businesses/assets - net
|
|
(406
|
)
|
|
(80
|
)
|
|
(1,111
|
)
|
|||
Taxes other than income taxes and other - net
|
|
1,697
|
|
|
1,508
|
|
|
1,455
|
|
|||
Total operating expenses - net
|
|
13,851
|
|
|
12,447
|
|
|
12,000
|
|
|||
OPERATING INCOME
|
|
5,353
|
|
|
4,280
|
|
|
5,173
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
(2,249
|
)
|
|
(1,498
|
)
|
|
(1,558
|
)
|
|||
Benefits associated with differential membership interests - net
|
|
—
|
|
|
—
|
|
|
460
|
|
|||
Equity in earnings of equity method investees
|
|
66
|
|
|
358
|
|
|
141
|
|
|||
Allowance for equity funds used during construction
|
|
67
|
|
|
96
|
|
|
92
|
|
|||
Interest income
|
|
54
|
|
|
51
|
|
|
81
|
|
|||
Gain on NEP deconsolidation
|
|
—
|
|
|
3,927
|
|
|
—
|
|
|||
Gains on disposal of investments and other property - net
|
|
55
|
|
|
111
|
|
|
112
|
|
|||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net
|
|
238
|
|
|
(189
|
)
|
|
—
|
|
|||
Other net periodic benefit income
|
|
185
|
|
|
168
|
|
|
151
|
|
|||
Other - net
|
|
67
|
|
|
48
|
|
|
11
|
|
|||
Total other income (deductions) - net
|
|
(1,517
|
)
|
|
3,072
|
|
|
(510
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
|
3,836
|
|
|
7,352
|
|
|
4,663
|
|
|||
INCOME TAX EXPENSE (BENEFIT)
|
|
448
|
|
|
1,576
|
|
|
(660
|
)
|
|||
NET INCOME
|
|
3,388
|
|
|
5,776
|
|
|
5,323
|
|
|||
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
381
|
|
|
862
|
|
|
57
|
|
|||
NET INCOME ATTRIBUTABLE TO NEE
|
|
$
|
3,769
|
|
|
$
|
6,638
|
|
|
$
|
5,380
|
|
Earnings per share attributable to NEE:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
7.82
|
|
|
$
|
14.03
|
|
|
$
|
11.48
|
|
Assuming dilution
|
|
$
|
7.76
|
|
|
$
|
13.88
|
|
|
$
|
11.39
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
NET INCOME
|
$
|
3,388
|
|
|
$
|
5,776
|
|
|
$
|
5,323
|
|
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 $8, $8 and $13 tax expense, respectively)
|
29
|
|
|
26
|
|
|
32
|
|
|||
Net unrealized gains (losses) on available for sale securities:
|
|
|
|
|
|
||||||
Net unrealized gains (losses) on securities still held (net of $8 tax expense, $5 tax benefit and $94 tax expense, respectively)
|
20
|
|
|
(12
|
)
|
|
127
|
|
|||
Reclassification from accumulated other comprehensive income (loss) to net income (net of $1, less than $1 and $25 tax benefit, respectively)
|
(2
|
)
|
|
1
|
|
|
(36
|
)
|
|||
Defined benefit pension and other benefits plans:
|
|
|
|
|
|
||||||
Net unrealized gain (loss) and unrecognized prior service benefit (cost) (net of $14 and $5 tax benefit and $29 tax expense, respectively)
|
(46
|
)
|
|
(14
|
)
|
|
46
|
|
|||
Reclassification from accumulated other comprehensive income (loss) to net income (net of $1, $1 and $1 tax benefit, respectively)
|
(3
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|||
Net unrealized gains (losses) on foreign currency translation (net of $0, $0 and $1 tax expense, respectively)
|
22
|
|
|
(31
|
)
|
|
23
|
|
|||
Other comprehensive income related to equity method investees (net of $0, $1 and $1 tax expense, respectively)
|
1
|
|
|
4
|
|
|
2
|
|
|||
Total other comprehensive income (loss), net of tax
|
21
|
|
|
(29
|
)
|
|
192
|
|
|||
IMPACT OF NEP DECONSOLIDATION (NET OF $15 TAX EXPENSE)
|
—
|
|
|
58
|
|
|
—
|
|
|||
COMPREHENSIVE INCOME
|
3,409
|
|
|
5,805
|
|
|
5,515
|
|
|||
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
380
|
|
|
862
|
|
|
46
|
|
|||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE
|
$
|
3,789
|
|
|
$
|
6,667
|
|
|
$
|
5,561
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
||||
Electric plant in service and other property
|
|
$
|
96,093
|
|
|
$
|
81,986
|
|
Nuclear fuel
|
|
1,755
|
|
|
1,740
|
|
||
Construction work in progress
|
|
9,330
|
|
|
8,357
|
|
||
Accumulated depreciation and amortization
|
|
(25,168
|
)
|
|
(21,749
|
)
|
||
Total property, plant and equipment - net ($11,893 and $10,553 related to VIEs, respectively)
|
|
82,010
|
|
|
70,334
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
600
|
|
|
638
|
|
||
Customer receivables, net of allowances of $19 and $10, respectively
|
|
2,282
|
|
|
2,302
|
|
||
Other receivables
|
|
525
|
|
|
667
|
|
||
Materials, supplies and fossil fuel inventory
|
|
1,328
|
|
|
1,223
|
|
||
Regulatory assets ($41 related to a VIE at December 31, 2018)
|
|
335
|
|
|
448
|
|
||
Derivatives
|
|
762
|
|
|
564
|
|
||
Other
|
|
1,576
|
|
|
551
|
|
||
Total current assets
|
|
7,408
|
|
|
6,393
|
|
||
OTHER ASSETS
|
|
|
|
|
|
|
||
Special use funds
|
|
6,954
|
|
|
5,886
|
|
||
Investment in equity method investees
|
|
7,453
|
|
|
6,748
|
|
||
Prepaid benefit costs
|
|
1,437
|
|
|
1,284
|
|
||
Regulatory assets
|
|
3,287
|
|
|
3,290
|
|
||
Derivatives
|
|
1,624
|
|
|
1,355
|
|
||
Goodwill
|
|
4,204
|
|
|
891
|
|
||
Other
|
|
3,314
|
|
|
7,521
|
|
||
Total other assets
|
|
28,273
|
|
|
26,975
|
|
||
TOTAL ASSETS
|
|
$
|
117,691
|
|
|
$
|
103,702
|
|
CAPITALIZATION
|
|
|
|
|
|
|
||
Common stock ($0.01 par value, authorized shares - 800; outstanding shares - 489 and 478, respectively)
|
|
$
|
5
|
|
|
$
|
5
|
|
Additional paid-in capital
|
|
11,970
|
|
|
10,490
|
|
||
Retained earnings
|
|
25,199
|
|
|
23,837
|
|
||
Accumulated other comprehensive loss
|
|
(169
|
)
|
|
(188
|
)
|
||
Total common shareholders' equity
|
|
37,005
|
|
|
34,144
|
|
||
Noncontrolling interests ($4,350 and $3,265 related to VIEs, respectively)
|
|
4,355
|
|
|
3,269
|
|
||
Total equity
|
|
41,360
|
|
|
37,413
|
|
||
Redeemable noncontrolling interests
|
|
487
|
|
|
468
|
|
||
Long-term debt ($498 and $1,020 related to VIEs, respectively)
|
|
37,543
|
|
|
26,782
|
|
||
Total capitalization
|
|
79,390
|
|
|
64,663
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Commercial paper
|
|
2,516
|
|
|
2,749
|
|
||
Other short-term debt
|
|
400
|
|
|
5,465
|
|
||
Current portion of long-term debt ($27 and $74 related to VIEs, respectively)
|
|
2,124
|
|
|
2,716
|
|
||
Accounts payable
|
|
3,631
|
|
|
2,386
|
|
||
Customer deposits
|
|
499
|
|
|
445
|
|
||
Accrued interest and taxes
|
|
558
|
|
|
477
|
|
||
Derivatives
|
|
344
|
|
|
675
|
|
||
Accrued construction-related expenditures
|
|
1,152
|
|
|
1,195
|
|
||
Regulatory liabilities
|
|
320
|
|
|
325
|
|
||
Other
|
|
2,309
|
|
|
1,130
|
|
||
Total current liabilities
|
|
13,853
|
|
|
17,563
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
||||
Asset retirement obligations
|
|
3,457
|
|
|
3,135
|
|
||
Deferred income taxes
|
|
8,361
|
|
|
7,367
|
|
||
Regulatory liabilities
|
|
9,936
|
|
|
9,009
|
|
||
Derivatives
|
|
863
|
|
|
516
|
|
||
Other
|
|
1,831
|
|
|
1,449
|
|
||
Total other liabilities and deferred credits
|
|
24,448
|
|
|
21,476
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
|
$
|
117,691
|
|
|
$
|
103,702
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
3,388
|
|
|
$
|
5,776
|
|
|
$
|
5,323
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
4,216
|
|
|
3,911
|
|
|
2,357
|
|
|||
Nuclear fuel and other amortization
|
262
|
|
|
236
|
|
|
281
|
|
|||
Impairment charges
|
72
|
|
|
11
|
|
|
446
|
|
|||
Unrealized losses (gains) on marked to market derivative contracts – net
|
(108
|
)
|
|
54
|
|
|
436
|
|
|||
Foreign currency transaction losses (gains)
|
17
|
|
|
16
|
|
|
(25
|
)
|
|||
Deferred income taxes
|
258
|
|
|
1,463
|
|
|
(882
|
)
|
|||
Cost recovery clauses and franchise fees
|
155
|
|
|
(225
|
)
|
|
82
|
|
|||
Acquisition of purchased power agreement
|
—
|
|
|
(52
|
)
|
|
(243
|
)
|
|||
Benefits associated with differential membership interests - net
|
—
|
|
|
—
|
|
|
(460
|
)
|
|||
Equity in earnings of equity method investees
|
(66
|
)
|
|
(358
|
)
|
|
(141
|
)
|
|||
Distributions of earnings from equity method investees
|
438
|
|
|
328
|
|
|
160
|
|
|||
Gains on disposal of businesses, assets and investments – net
|
(461
|
)
|
|
(191
|
)
|
|
(1,223
|
)
|
|||
Gain on NEP deconsolidation
|
—
|
|
|
(3,927
|
)
|
|
—
|
|
|||
Recoverable storm-related costs
|
(180
|
)
|
|
—
|
|
|
(108
|
)
|
|||
Other - net
|
(213
|
)
|
|
156
|
|
|
109
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
||||
Current assets
|
123
|
|
|
(631
|
)
|
|
(333
|
)
|
|||
Noncurrent assets
|
(93
|
)
|
|
(220
|
)
|
|
(60
|
)
|
|||
Current liabilities
|
116
|
|
|
163
|
|
|
758
|
|
|||
Noncurrent liabilities
|
231
|
|
|
83
|
|
|
(19
|
)
|
|||
Net cash provided by operating activities
|
8,155
|
|
|
6,593
|
|
|
6,458
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures of FPL
|
(5,560
|
)
|
|
(5,012
|
)
|
|
(5,174
|
)
|
|||
Acquisition and capital expenditures of Gulf Power
|
(5,165
|
)
|
|
—
|
|
|
—
|
|
|||
Independent power and other investments of NEER
|
(6,385
|
)
|
|
(7,045
|
)
|
|
(5,335
|
)
|
|||
Nuclear fuel purchases
|
(315
|
)
|
|
(267
|
)
|
|
(197
|
)
|
|||
Other capital expenditures, acquisitions and other investments
|
(37
|
)
|
|
(680
|
)
|
|
(34
|
)
|
|||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
—
|
|
|
1,454
|
|
|||
Sale of independent power and other investments of NEER
|
1,163
|
|
|
1,617
|
|
|
178
|
|
|||
Proceeds from sale or maturity of securities in special use funds and other investments
|
4,008
|
|
|
3,410
|
|
|
3,207
|
|
|||
Purchases of securities in special use funds and other investments
|
(4,160
|
)
|
|
(3,733
|
)
|
|
(3,244
|
)
|
|||
Distributions from equity method investees
|
—
|
|
|
637
|
|
|
7
|
|
|||
Other - net
|
274
|
|
|
123
|
|
|
220
|
|
|||
Net cash used in investing activities
|
(16,177
|
)
|
|
(10,950
|
)
|
|
(8,918
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
13,919
|
|
|
4,399
|
|
|
8,354
|
|
|||
Retirements of long-term debt
|
(5,492
|
)
|
|
(3,102
|
)
|
|
(6,780
|
)
|
|||
Proceeds from differential membership investors
|
1,604
|
|
|
1,841
|
|
|
1,414
|
|
|||
Net change in commercial paper
|
(234
|
)
|
|
1,062
|
|
|
1,419
|
|
|||
Proceeds from other short-term debt
|
200
|
|
|
5,665
|
|
|
450
|
|
|||
Repayments of other short-term debt
|
(4,765
|
)
|
|
(455
|
)
|
|
(2
|
)
|
|||
Payments to related parties under a cash sweep and credit support agreement – net
|
(54
|
)
|
|
(21
|
)
|
|
—
|
|
|||
Issuances of common stock - net
|
1,494
|
|
|
718
|
|
|
55
|
|
|||
Proceeds from issuance of NEP convertible preferred units - net
|
—
|
|
|
—
|
|
|
548
|
|
|||
Dividends on common stock
|
(2,408
|
)
|
|
(2,101
|
)
|
|
(1,845
|
)
|
|||
Other - net
|
(391
|
)
|
|
(372
|
)
|
|
(725
|
)
|
|||
Net cash provided by financing activities
|
3,873
|
|
|
7,634
|
|
|
2,888
|
|
|||
Effects of currency translation on cash, cash equivalents and restricted cash
|
4
|
|
|
(7
|
)
|
|
26
|
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(4,145
|
)
|
|
3,270
|
|
|
454
|
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
5,253
|
|
|
1,983
|
|
|
1,529
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
1,108
|
|
|
$
|
5,253
|
|
|
$
|
1,983
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
1,799
|
|
|
$
|
1,209
|
|
|
$
|
1,186
|
|
Cash paid for income taxes - net
|
$
|
184
|
|
|
$
|
200
|
|
|
$
|
142
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Accrued property additions
|
$
|
3,573
|
|
|
$
|
2,138
|
|
|
$
|
3,029
|
|
Increase in property, plant and equipment - net as a result of cash grants primarily under the American Recovery and Reinvestment Act of 2009
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(154
|
)
|
Increase in property, plant and equipment - net as a result of a settlement/noncash exchange
|
$
|
(7
|
)
|
|
$
|
(5
|
)
|
|
$
|
(108
|
)
|
|
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
|
)
|
|
$
|
15,484
|
|
|
$
|
24,367
|
|
|
$
|
991
|
|
|
$
|
25,358
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,380
|
|
|
5,380
|
|
|
(57
|
)
|
|
|
||||||||
Issuances of common stock - net
|
2
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
122
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,845
|
)
|
|
(1,845
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|
—
|
|
|
181
|
|
|
11
|
|
|
|
||||||||
Sale of NEER assets to NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
460
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
1
|
|
|
(2
|
)
|
|
(110
|
)
|
|
|
||||||||
Balances, December 31, 2017
|
471
|
|
|
5
|
|
|
9,100
|
|
|
111
|
|
|
19,020
|
|
|
28,236
|
|
|
1,295
|
|
|
$
|
29,531
|
|
||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,638
|
|
|
6,638
|
|
|
(862
|
)
|
|
|
||||||||
Issuances of common stock - net
|
6
|
|
|
—
|
|
|
700
|
|
|
—
|
|
|
—
|
|
|
700
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,101
|
)
|
|
(2,101
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
|
||||||||
Impact of NEP deconsolidation(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
(2,700
|
)
|
|
|
||||||||
Sales of differential membership interests to NEP
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(941
|
)
|
|
|
||||||||
Adoption of accounting standards updates
|
—
|
|
|
—
|
|
|
590
|
|
|
(328
|
)
|
|
280
|
|
|
542
|
|
|
5,303
|
|
|
|
||||||||
Other differential membership interests activity
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
1,243
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
|
||||||||
Balances, December 31, 2018
|
478
|
|
|
5
|
|
|
10,490
|
|
|
(188
|
)
|
|
23,837
|
|
|
34,144
|
|
|
3,269
|
|
|
$
|
37,413
|
|
||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,769
|
|
|
3,769
|
|
|
(371
|
)
|
|
|
||||||||
Issuances of common stock - net
|
10
|
|
|
—
|
|
|
1,470
|
|
|
—
|
|
|
—
|
|
|
1,470
|
|
|
—
|
|
|
|
||||||||
Share-based payment activity
|
1
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
|
||||||||
Dividends on common stock(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,408
|
)
|
|
(2,408
|
)
|
|
—
|
|
|
|
||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
1
|
|
|
|
||||||||
Premium on equity units
|
—
|
|
|
—
|
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
|
(120
|
)
|
|
|
|
|
|
||||||||
Other differential membership interests activity
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
1,270
|
|
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(1
|
)
|
|
1
|
|
|
(14
|
)
|
|
186
|
|
|
|
||||||||
Balances, December 31, 2019
|
489
|
|
|
$
|
5
|
|
|
$
|
11,970
|
|
|
$
|
(169
|
)
|
|
$
|
25,199
|
|
|
$
|
37,005
|
|
|
$
|
4,355
|
|
|
$
|
41,360
|
|
(a)
|
Dividends per share were $5.00, $4.44 and $3.93 for the years ended December 31, 2019, 2018 and 2017, respectively.
|
(b)
|
See Note 1 - NextEra Energy Partners, LP.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
OPERATING REVENUES
|
$
|
12,192
|
|
|
$
|
11,862
|
|
|
$
|
11,972
|
|
OPERATING EXPENSES (INCOME)
|
|
|
|
|
|
|
|
|
|||
Fuel, purchased power and interchange
|
3,256
|
|
|
3,250
|
|
|
3,541
|
|
|||
Other operations and maintenance
|
1,519
|
|
|
1,514
|
|
|
1,554
|
|
|||
Storm restoration costs
|
234
|
|
|
3
|
|
|
1,255
|
|
|||
Depreciation and amortization
|
2,524
|
|
|
2,633
|
|
|
940
|
|
|||
Taxes other than income taxes and other - net
|
1,357
|
|
|
1,308
|
|
|
1,292
|
|
|||
Total operating expenses - net
|
8,890
|
|
|
8,708
|
|
|
8,582
|
|
|||
OPERATING INCOME
|
3,302
|
|
|
3,154
|
|
|
3,390
|
|
|||
OTHER INCOME (DEDUCTIONS)
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
(594
|
)
|
|
(541
|
)
|
|
(481
|
)
|
|||
Allowance for equity funds used during construction
|
62
|
|
|
90
|
|
|
79
|
|
|||
Other - net
|
5
|
|
|
7
|
|
|
(2
|
)
|
|||
Total other deductions - net
|
(527
|
)
|
|
(444
|
)
|
|
(404
|
)
|
|||
INCOME BEFORE INCOME TAXES
|
2,775
|
|
|
2,710
|
|
|
2,986
|
|
|||
INCOME TAXES
|
441
|
|
|
539
|
|
|
1,106
|
|
|||
NET INCOME(a)
|
$
|
2,334
|
|
|
$
|
2,171
|
|
|
$
|
1,880
|
|
(a)
|
FPL's comprehensive income is the same as reported net income.
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
ELECTRIC UTILITY PLANT AND OTHER PROPERTY
|
|
|
|
||||
Plant in service and other property
|
$
|
54,523
|
|
|
$
|
49,640
|
|
Nuclear fuel
|
1,153
|
|
|
1,189
|
|
||
Construction work in progress
|
3,351
|
|
|
3,888
|
|
||
Accumulated depreciation and amortization
|
(13,953
|
)
|
|
(13,218
|
)
|
||
Total electric utility plant and other property - net
|
45,074
|
|
|
41,499
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
77
|
|
|
112
|
|
||
Customer receivables, net of allowances of $3 and $3, respectively
|
1,024
|
|
|
1,026
|
|
||
Other receivables
|
333
|
|
|
284
|
|
||
Materials, supplies and fossil fuel inventory
|
722
|
|
|
670
|
|
||
Regulatory assets ($41 related to a VIE at December 31, 2018)
|
227
|
|
|
447
|
|
||
Other
|
136
|
|
|
239
|
|
||
Total current assets
|
2,519
|
|
|
2,778
|
|
||
OTHER ASSETS
|
|
|
|
|
|
||
Special use funds
|
4,771
|
|
|
4,056
|
|
||
Prepaid benefit costs
|
1,477
|
|
|
1,407
|
|
||
Regulatory assets
|
2,549
|
|
|
2,843
|
|
||
Goodwill
|
300
|
|
|
302
|
|
||
Other
|
498
|
|
|
599
|
|
||
Total other assets
|
9,595
|
|
|
9,207
|
|
||
TOTAL ASSETS
|
$
|
57,188
|
|
|
$
|
53,484
|
|
CAPITALIZATION
|
|
|
|
|
|
||
Common stock (no par value, 1,000 shares authorized, issued and outstanding)
|
$
|
1,373
|
|
|
$
|
1,373
|
|
Additional paid-in capital
|
10,851
|
|
|
10,601
|
|
||
Retained earnings
|
9,174
|
|
|
9,040
|
|
||
Total common shareholder's equity
|
21,398
|
|
|
21,014
|
|
||
Long-term debt
|
14,131
|
|
|
11,688
|
|
||
Total capitalization
|
35,529
|
|
|
32,702
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Commercial paper
|
1,482
|
|
|
1,256
|
|
||
Current portion of long-term debt ($74 related to a VIE at December 31, 2018)
|
30
|
|
|
95
|
|
||
Accounts payable
|
768
|
|
|
731
|
|
||
Customer deposits
|
459
|
|
|
442
|
|
||
Accrued interest and taxes
|
266
|
|
|
376
|
|
||
Accrued construction-related expenditures
|
426
|
|
|
323
|
|
||
Regulatory liabilities
|
284
|
|
|
310
|
|
||
Other
|
510
|
|
|
543
|
|
||
Total current liabilities
|
4,225
|
|
|
4,076
|
|
||
OTHER LIABILITIES AND DEFERRED CREDITS
|
|
|
|
|
|
||
Asset retirement obligations
|
2,268
|
|
|
2,147
|
|
||
Deferred income taxes
|
5,415
|
|
|
5,165
|
|
||
Regulatory liabilities
|
9,296
|
|
|
8,886
|
|
||
Other
|
455
|
|
|
508
|
|
||
Total other liabilities and deferred credits
|
17,434
|
|
|
16,706
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
||
TOTAL CAPITALIZATION AND LIABILITIES
|
$
|
57,188
|
|
|
$
|
53,484
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
2,334
|
|
|
$
|
2,171
|
|
|
$
|
1,880
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
2,524
|
|
|
2,633
|
|
|
940
|
|
|||
Nuclear fuel and other amortization
|
175
|
|
|
144
|
|
|
159
|
|
|||
Deferred income taxes
|
44
|
|
|
180
|
|
|
905
|
|
|||
Cost recovery clauses and franchise fees
|
177
|
|
|
(225
|
)
|
|
82
|
|
|||
Acquisition of purchased power agreement
|
—
|
|
|
(52
|
)
|
|
(243
|
)
|
|||
Recoverable storm-related costs
|
—
|
|
|
—
|
|
|
(108
|
)
|
|||
Other - net
|
6
|
|
|
7
|
|
|
(139
|
)
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|||
Current assets
|
(48
|
)
|
|
97
|
|
|
(190
|
)
|
|||
Noncurrent assets
|
(67
|
)
|
|
(64
|
)
|
|
(37
|
)
|
|||
Current liabilities
|
32
|
|
|
(509
|
)
|
|
699
|
|
|||
Noncurrent liabilities
|
4
|
|
|
40
|
|
|
(32
|
)
|
|||
Net cash provided by operating activities
|
5,181
|
|
|
4,422
|
|
|
3,916
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(5,560
|
)
|
|
(5,012
|
)
|
|
(5,174
|
)
|
|||
Nuclear fuel purchases
|
(195
|
)
|
|
(123
|
)
|
|
(117
|
)
|
|||
Proceeds from sale or maturity of securities in special use funds
|
2,729
|
|
|
2,232
|
|
|
1,986
|
|
|||
Purchases of securities in special use funds
|
(2,854
|
)
|
|
(2,402
|
)
|
|
(2,082
|
)
|
|||
Other - net
|
10
|
|
|
239
|
|
|
18
|
|
|||
Net cash used in investing activities
|
(5,870
|
)
|
|
(5,066
|
)
|
|
(5,369
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|||
Issuances of long-term debt
|
2,498
|
|
|
1,748
|
|
|
1,961
|
|
|||
Retirements of long-term debt
|
(95
|
)
|
|
(1,591
|
)
|
|
(882
|
)
|
|||
Net change in commercial paper
|
226
|
|
|
(431
|
)
|
|
1,419
|
|
|||
Proceeds from other short-term debt
|
—
|
|
|
—
|
|
|
450
|
|
|||
Repayments of other short-term debt
|
—
|
|
|
(250
|
)
|
|
(2
|
)
|
|||
Capital contributions from NEE
|
250
|
|
|
1,785
|
|
|
—
|
|
|||
Dividends to NEE
|
(2,200
|
)
|
|
(500
|
)
|
|
(1,450
|
)
|
|||
Other - net
|
(49
|
)
|
|
(37
|
)
|
|
(22
|
)
|
|||
Net cash provided by financing activities
|
630
|
|
|
724
|
|
|
1,474
|
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(59
|
)
|
|
80
|
|
|
21
|
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
254
|
|
|
174
|
|
|
153
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
195
|
|
|
$
|
254
|
|
|
$
|
174
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|||
Cash paid for interest (net of amount capitalized)
|
$
|
561
|
|
|
$
|
520
|
|
|
$
|
473
|
|
Cash paid for income taxes - net
|
$
|
544
|
|
|
$
|
415
|
|
|
$
|
2
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
||||
Accrued property additions
|
$
|
680
|
|
|
$
|
549
|
|
|
$
|
668
|
|
Increase in electric utility plant and other property - net as a result of a noncash exchange
|
$
|
(7
|
)
|
|
$
|
(5
|
)
|
|
$
|
(112
|
)
|
NEE's noncash contribution of a consolidated subsidiary - net
|
$
|
—
|
|
|
$
|
526
|
|
|
$
|
—
|
|
|
Common
Stock
|
|
Additional
Paid-In Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
||||||||
Balances, December 31, 2016
|
$
|
1,373
|
|
|
$
|
8,332
|
|
|
$
|
6,875
|
|
|
$
|
16,580
|
|
Net income
|
—
|
|
|
—
|
|
|
1,880
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(1,450
|
)
|
|
|
|||||
Other
|
—
|
|
|
(41
|
)
|
|
71
|
|
|
|
|||||
Balances, December 31, 2017
|
1,373
|
|
|
8,291
|
|
|
7,376
|
|
|
$
|
17,040
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
2,171
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
1,785
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(500
|
)
|
|
|
|||||
NEE's contribution of a consolidated subsidiary
|
—
|
|
|
526
|
|
|
—
|
|
|
|
|||||
Other
|
—
|
|
|
(1
|
)
|
|
(7
|
)
|
|
|
|||||
Balances, December 31, 2018
|
1,373
|
|
|
10,601
|
|
|
9,040
|
|
|
$
|
21,014
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
2,334
|
|
|
|
|||||
Capital contributions from NEE
|
—
|
|
|
250
|
|
|
—
|
|
|
|
|||||
Dividends to NEE
|
—
|
|
|
—
|
|
|
(2,200
|
)
|
|
|
|||||
Balances, December 31, 2019
|
$
|
1,373
|
|
|
$
|
10,851
|
|
|
$
|
9,174
|
|
|
$
|
21,398
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(millions)
|
||||||||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
||||||||
Current:
|
|
|
|
|
|
|
|
||||||||
Acquisition of purchased power agreements
|
$
|
165
|
|
|
$
|
165
|
|
|
$
|
165
|
|
|
$
|
165
|
|
Deferred clause and franchise expenses
|
5
|
|
|
146
|
|
|
5
|
|
|
146
|
|
||||
Other
|
165
|
|
|
137
|
|
|
57
|
|
|
136
|
|
||||
Total
|
$
|
335
|
|
|
$
|
448
|
|
|
$
|
227
|
|
|
$
|
447
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisition of purchased power agreements
|
$
|
634
|
|
|
$
|
798
|
|
|
$
|
634
|
|
|
$
|
798
|
|
Other
|
2,653
|
|
|
2,492
|
|
|
1,915
|
|
|
2,045
|
|
||||
Total
|
$
|
3,287
|
|
|
$
|
3,290
|
|
|
$
|
2,549
|
|
|
$
|
2,843
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current:
|
|
|
|
|
|
|
|
||||||||
Deferred clause revenues
|
$
|
309
|
|
|
$
|
265
|
|
|
$
|
284
|
|
|
$
|
265
|
|
Other
|
11
|
|
|
60
|
|
|
—
|
|
|
45
|
|
||||
Total
|
$
|
320
|
|
|
$
|
325
|
|
|
$
|
284
|
|
|
$
|
310
|
|
Noncurrent:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asset retirement obligation regulatory expense difference
|
$
|
2,826
|
|
|
$
|
2,352
|
|
|
$
|
2,828
|
|
|
$
|
2,352
|
|
Accrued asset removal costs
|
1,346
|
|
|
991
|
|
|
1,157
|
|
|
972
|
|
||||
Deferred taxes
|
4,862
|
|
|
4,815
|
|
|
4,397
|
|
|
4,736
|
|
||||
Other
|
902
|
|
|
851
|
|
|
914
|
|
|
826
|
|
||||
Total
|
$
|
9,936
|
|
|
$
|
9,009
|
|
|
$
|
9,296
|
|
|
$
|
8,886
|
|
•
|
New retail base rates and charges were established resulting in the following increases in annualized retail base revenues:
|
◦
|
$400 million beginning January 1, 2017;
|
◦
|
$211 million beginning January 1, 2018; and
|
◦
|
$200 million beginning April 1, 2019 for a new approximately 1,720 megawatts (MW) natural gas-fired combined-cycle unit in Okeechobee County, Florida that achieved commercial operation on March 31, 2019.
|
•
|
In addition, FPL is eligible to receive base rate increases associated with the addition of up to 300 MW annually of new solar generation in each of 2017 through 2020 with an installed cost cap of $1,750 per kilowatt (kW). Approximately 900 MW of new solar generating capacity has become operational, 600 MW in the first quarter of 2018 and 300 MW in the first quarter of 2019. An additional 300 MW is expected to be operational in the second quarter of 2020.
|
•
|
FPL's allowed regulatory return on common equity (ROE) is 10.55%, with a range of 9.60% to 11.60%. If FPL's earned regulatory ROE falls below 9.60%, FPL may seek retail base rate relief. If the earned regulatory ROE rises above 11.60%, any party other than FPL may seek a review of FPL's retail base rates.
|
•
|
Subject to certain conditions, FPL may amortize, over the term of the 2016 rate agreement, up to $1.0 billion of depreciation reserve surplus plus the reserve amount that remained under FPL's previous rate agreement (approximately $250 million), provided that in any year of the 2016 rate agreement FPL must amortize at least enough reserve to maintain a 9.60% earned regulatory ROE but may not amortize any reserve that would result in an earned regulatory ROE in excess of 11.60%.
|
•
|
Future storm restoration costs would be recoverable on an interim basis beginning 60 days from the filing of a cost recovery petition, but capped at an amount that could produce a surcharge of no more than $4 for every 1,000 kilowatt-hour (kWh) of usage on residential bills during the first 12 months of cost recovery. Any additional costs would be eligible for recovery in subsequent years. If storm restoration costs exceed $800 million in any given calendar year, FPL may request an increase to the $4 surcharge to recover amounts above $400 million. See Storm Fund, Storm Reserve and Storm Cost Recovery below.
|
|
Weighted-
Average
Useful Lives
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
|||||
|
(years)
|
|
(millions)
|
||||||
Goodwill (by reporting unit):
|
|
|
|
|
|
||||
FPL segment:
|
|
|
|
|
|
|
|||
Florida City Gas
|
|
|
$
|
291
|
|
|
$
|
293
|
|
Other
|
|
|
9
|
|
|
11
|
|
||
NEER segment:
|
|
|
|
|
|
||||
Rate-regulated transmission (see Note 8 - Trans Bay Cable, LLC)
|
|
|
610
|
|
|
—
|
|
||
Gas infrastructure
|
|
|
487
|
|
|
487
|
|
||
Customer supply
|
|
|
93
|
|
|
72
|
|
||
Generation assets
|
|
|
28
|
|
|
28
|
|
||
Corporate and Other - Gulf Power (see Note 8 - Gulf Power Company)
|
|
|
2,686
|
|
|
—
|
|
||
Total goodwill
|
|
|
$
|
4,204
|
|
|
$
|
891
|
|
Other intangible assets not subject to amortization, primarily land easements
|
|
|
$
|
135
|
|
|
$
|
135
|
|
Other intangible assets subject to amortization:
|
|
|
|
|
|
||||
Purchased power agreements
|
17
|
|
$
|
401
|
|
|
$
|
625
|
|
Other, primarily transmission and development rights and customer lists
|
22
|
|
72
|
|
|
34
|
|
||
Total
|
|
|
473
|
|
|
659
|
|
||
Accumulated amortization
|
|
|
(56
|
)
|
|
(86
|
)
|
||
Total other intangible assets subject to amortization - net
|
|
|
$
|
417
|
|
|
$
|
573
|
|
|
2019
|
|
2018
|
||||
|
(millions)
|
||||||
Change in pension plan assets:
|
|
|
|
||||
Fair value of plan assets at January 1
|
$
|
3,806
|
|
|
$
|
4,020
|
|
Actual return on plan assets
|
736
|
|
|
(69
|
)
|
||
Benefit payments
|
(235
|
)
|
|
(160
|
)
|
||
Acquisitions(a)
|
493
|
|
|
15
|
|
||
Fair value of plan assets at December 31
|
$
|
4,800
|
|
|
$
|
3,806
|
|
Change in pension benefit obligation:
|
|
|
|
|
|
||
Obligation at January 1
|
$
|
2,522
|
|
|
$
|
2,593
|
|
Service cost
|
80
|
|
|
70
|
|
||
Interest cost
|
114
|
|
|
82
|
|
||
Acquisitions(a)
|
503
|
|
|
15
|
|
||
Special termination benefits(b)
|
19
|
|
|
35
|
|
||
Plan amendments
|
3
|
|
|
—
|
|
||
Actuarial losses (gains) - net
|
357
|
|
|
(113
|
)
|
||
Benefit payments
|
(235
|
)
|
|
(160
|
)
|
||
Obligation at December 31(c)
|
$
|
3,363
|
|
|
$
|
2,522
|
|
Funded status:
|
|
|
|
|
|
||
Prepaid pension benefit costs at NEE at December 31
|
$
|
1,437
|
|
|
$
|
1,284
|
|
Prepaid pension benefit costs at FPL at December 31(d)
|
$
|
1,477
|
|
|
$
|
1,407
|
|
(a)
|
Relates to substantially funded pension obligations in connection with the acquisitions of Gulf Power and Florida City Gas, see Note 8.
|
(b)
|
Reflects enhanced early retirement programs.
|
(c)
|
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2019 and 2018 was approximately $3,281 million and $2,479 million, respectively.
|
(d)
|
Reflects FPL's allocated benefits under NEE's pension plan.
|
|
2019
|
|
2018
|
||||
|
(millions)
|
||||||
Unrecognized prior service benefit (net of $2 and $2 tax expense, respectively)
|
$
|
2
|
|
|
$
|
2
|
|
Unrecognized losses (net of $37 and $27 tax benefit, respectively)
|
(108
|
)
|
|
(71
|
)
|
||
Total
|
$
|
(106
|
)
|
|
$
|
(69
|
)
|
|
2019
|
|
2018
|
||||
|
(millions)
|
||||||
Unrecognized prior service benefit
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
Unrecognized losses
|
263
|
|
|
376
|
|
||
Total
|
$
|
261
|
|
|
$
|
373
|
|
|
2019
|
|
2018
|
||
Discount rate(a)
|
3.22
|
%
|
|
4.26
|
%
|
Salary increase
|
4.40
|
%
|
|
4.40
|
%
|
(a)
|
The method of estimating the interest cost component of net periodic benefit costs uses a full yield curve approach by applying a specific spot rate along the yield curve.
|
|
December 31, 2019(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities(b)
|
$
|
1,593
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
1,605
|
|
Equity commingled vehicles(c)
|
—
|
|
|
706
|
|
|
—
|
|
|
706
|
|
||||
U.S. Government and municipal bonds
|
95
|
|
|
7
|
|
|
—
|
|
|
102
|
|
||||
Corporate debt securities(d)
|
—
|
|
|
247
|
|
|
—
|
|
|
247
|
|
||||
Asset-backed securities
|
—
|
|
|
416
|
|
|
—
|
|
|
416
|
|
||||
Debt security commingled vehicles(e)
|
47
|
|
|
143
|
|
|
—
|
|
|
190
|
|
||||
Convertible securities(f)
|
32
|
|
|
372
|
|
|
—
|
|
|
404
|
|
||||
Total investments in the fair value hierarchy
|
$
|
1,767
|
|
|
$
|
1,900
|
|
|
$
|
3
|
|
|
3,670
|
|
|
Total investments measured at net asset value(g)
|
|
|
|
|
|
|
1,130
|
|
|||||||
Total fair value of plan assets
|
|
|
|
|
|
|
$
|
4,800
|
|
(a)
|
See Note 5 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $741 million.
|
(c)
|
Includes foreign investments of $141 million.
|
(d)
|
Includes foreign investments of $76 million.
|
(e)
|
Includes foreign investments of $5 million.
|
(f)
|
Includes foreign investments of $20 million.
|
(g)
|
Includes foreign investments of $190 million.
|
|
December 31, 2018(a)
|
||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
or Liabilities
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(millions)
|
||||||||||||||
Equity securities(b)
|
$
|
1,030
|
|
|
$
|
11
|
|
|
$
|
2
|
|
|
$
|
1,043
|
|
Equity commingled vehicles(c)
|
—
|
|
|
638
|
|
|
—
|
|
|
638
|
|
||||
U.S. Government and municipal bonds
|
84
|
|
|
11
|
|
|
—
|
|
|
95
|
|
||||
Corporate debt securities(d)
|
—
|
|
|
252
|
|
|
—
|
|
|
252
|
|
||||
Asset-backed securities
|
—
|
|
|
253
|
|
|
—
|
|
|
253
|
|
||||
Debt security commingled vehicles
|
—
|
|
|
133
|
|
|
—
|
|
|
133
|
|
||||
Convertible securities(e)
|
17
|
|
|
303
|
|
|
—
|
|
|
320
|
|
||||
Total investments in the fair value hierarchy
|
$
|
1,131
|
|
|
$
|
1,601
|
|
|
$
|
2
|
|
|
2,734
|
|
|
Total investments measured at net asset value(f)
|
|
|
|
|
|
|
1,072
|
|
|||||||
Total fair value of plan assets
|
|
|
|
|
|
|
$
|
3,806
|
|
(a)
|
See Note 5 for discussion of fair value measurement techniques and inputs.
|
(b)
|
Includes foreign investments of $459 million.
|
(c)
|
Includes foreign investments of $193 million.
|
(d)
|
Includes foreign investments of $77 million.
|
(e)
|
Includes foreign investments of $30 million.
|
(f)
|
Includes foreign investments of $214 million.
|
2020
|
$
|
211
|
|
2021
|
$
|
203
|
|
2022
|
$
|
203
|
|
2023
|
$
|
206
|
|
2024
|
$
|
207
|
|
2025 - 2029
|
$
|
1,044
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
|
|
(millions)
|
|
|
||||||||||||||||||
Service cost
|
$
|
80
|
|
|
$
|
70
|
|
|
$
|
66
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Interest cost
|
114
|
|
|
82
|
|
|
83
|
|
|
9
|
|
|
7
|
|
|
8
|
|
||||||
Expected return on plan assets
|
(312
|
)
|
|
(276
|
)
|
|
(270
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service benefit
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(15
|
)
|
|
(15
|
)
|
|
(10
|
)
|
||||||
Special termination benefits
|
19
|
|
|
35
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Postretirement benefits settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Net periodic income at NEE
|
$
|
(100
|
)
|
|
$
|
(90
|
)
|
|
$
|
(84
|
)
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
Net periodic income allocated to FPL
|
$
|
(71
|
)
|
|
$
|
(57
|
)
|
|
$
|
(51
|
)
|
|
$
|
(4
|
)
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions)
|
||||||||||
Net gains (losses) (net of $10 tax benefit, $4 tax benefit and $23 tax expense, respectively)
|
$
|
(36
|
)
|
|
$
|
(13
|
)
|
|
$
|
37
|
|
|
2019
|
|
2018
|
||||
|
(millions)
|
||||||
Unrecognized losses (gains)
|
$
|
(113
|
)
|
|
$
|
216
|
|
Amortization of prior service cost
|
1
|
|
|
1
|
|
||
Total
|
$
|
(112
|
)
|
|
$
|
217
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Discount rate
|
4.26
|
%
|
|
3.59
|
%
|
|
4.09
|
%
|
Salary increase
|
4.40
|
%
|
|
4.10
|
%
|
|
4.10
|
%
|
Expected long-term rate of return, net of investment management fees(a)
|
7.35
|
%
|
|
7.35
|
%
|
|
7.35
|
%
|
(a)
|
In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns.
|
|
December 31, 2019
|
||||||||||||||
|
Gross Basis
|
|
Net Basis
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
5,050
|
|
|
$
|
3,201
|
|
|
$
|
2,350
|
|
|
$
|
576
|
|
Interest rate contracts
|
26
|
|
|
742
|
|
|
9
|
|
|
725
|
|
||||
Foreign currency contracts
|
26
|
|
|
38
|
|
|
27
|
|
|
39
|
|
||||
Total fair values
|
$
|
5,102
|
|
|
$
|
3,981
|
|
|
$
|
2,386
|
|
|
$
|
1,340
|
|
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
3
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets(a)
|
|
|
|
|
$
|
762
|
|
|
|
||||||
Noncurrent derivative assets(b)
|
|
|
|
|
1,624
|
|
|
|
|||||||
Current derivative liabilities(c)
|
|
|
|
|
|
|
$
|
344
|
|
||||||
Current other liabilities(d)
|
|
|
|
|
|
|
133
|
|
|||||||
Noncurrent derivative liabilities
|
|
|
|
|
|
|
863
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
2,386
|
|
|
$
|
1,340
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current other assets
|
|
|
|
|
$
|
3
|
|
|
|
||||||
Current other liabilities
|
|
|
|
|
|
|
$
|
12
|
|
||||||
Noncurrent other liabilities
|
|
|
|
|
|
|
1
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
3
|
|
|
$
|
13
|
|
(a)
|
Reflects the netting of approximately $2 million in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately $139 million in margin cash collateral received from counterparties.
|
(c)
|
Reflects the netting of approximately $66 million in margin cash collateral paid to counterparties.
|
(d)
|
See Note 1 - Disposal of Businesses/Assets.
|
|
December 31, 2018
|
||||||||||||||
|
Gross Basis
|
|
Net Basis
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(millions)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
4,651
|
|
|
$
|
3,305
|
|
|
$
|
1,840
|
|
|
$
|
683
|
|
Interest rate contracts
|
56
|
|
|
472
|
|
|
49
|
|
|
465
|
|
||||
Foreign currency contracts
|
17
|
|
|
30
|
|
|
30
|
|
|
43
|
|
||||
Total fair values
|
$
|
4,724
|
|
|
$
|
3,807
|
|
|
$
|
1,919
|
|
|
$
|
1,191
|
|
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
2
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
|
|
|
|
|
|
|
||||||||
Net fair value by NEE balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current derivative assets(a)
|
|
|
|
|
$
|
564
|
|
|
|
||||||
Noncurrent derivative assets(b)
|
|
|
|
|
1,355
|
|
|
|
|||||||
Current derivative liabilities
|
|
|
|
|
|
|
$
|
675
|
|
||||||
Noncurrent derivative liabilities
|
|
|
|
|
|
|
516
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
1,919
|
|
|
$
|
1,191
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net fair value by FPL balance sheet line item:
|
|
|
|
|
|
|
|
||||||||
Current other liabilities
|
|
|
|
|
|
|
$
|
32
|
|
||||||
Noncurrent other liabilities
|
|
|
|
|
|
|
9
|
|
|||||||
Total derivatives
|
|
|
|
|
$
|
—
|
|
|
$
|
41
|
|
(a)
|
Reflects the netting of approximately $124 million in margin cash collateral received from counterparties.
|
(b)
|
Reflects the netting of approximately $65 million in margin cash collateral received from counterparties.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions)
|
||||||||||
Commodity contracts:(a)
|
|
|
|
|
|
||||||
Operating revenues
|
$
|
762
|
|
|
$
|
377
|
|
|
$
|
454
|
|
Fuel, purchased power and interchange
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
Foreign currency contracts - interest expense
|
(7
|
)
|
|
19
|
|
|
55
|
|
|||
Foreign currency contracts - other - net
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||
Interest rate contracts - interest expense
|
(699
|
)
|
|
(280
|
)
|
|
(223
|
)
|
|||
Losses reclassified from AOCI to interest expense:
|
|
|
|
|
|
||||||
Interest rate contracts
|
(32
|
)
|
|
(30
|
)
|
|
(48
|
)
|
|||
Foreign currency contracts
|
(4
|
)
|
|
(4
|
)
|
|
(81
|
)
|
|||
Total
|
$
|
20
|
|
|
$
|
80
|
|
|
$
|
153
|
|
(a)
|
For the years ended December 31, 2019, 2018 and 2017, FPL recorded gains (losses) of approximately $9 million, $(31) million and $(169) million, respectively, related to commodity contracts as regulatory liabilities (assets) on its consolidated balance sheets.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
|
(millions)
|
||||||||||||||||||
Power
|
|
(81
|
)
|
|
MWh(a)
|
|
1
|
|
|
MWh(a)
|
|
(100
|
)
|
|
MWh(a)
|
|
1
|
|
|
MWh(a)
|
Natural gas
|
|
(1,723
|
)
|
|
MMBtu(b)
|
|
161
|
|
|
MMBtu(b)
|
|
(491
|
)
|
|
MMBtu(b)
|
|
231
|
|
|
MMBtu(b)
|
Oil
|
|
(13
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(30
|
)
|
|
barrels
|
|
—
|
|
|
|
(a)
|
Megawatt-hours
|
(b)
|
One million British thermal units
|
|
December 31, 2019
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash equivalents:(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
363
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
363
|
|
|
||
FPL - equity securities
|
$
|
156
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
156
|
|
|
||
Special use funds:(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,875
|
|
|
$
|
2,088
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
3,963
|
|
|
||
U.S. Government and municipal bonds
|
$
|
567
|
|
|
$
|
150
|
|
|
$
|
—
|
|
|
|
|
$
|
717
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
748
|
|
|
$
|
—
|
|
|
|
|
$
|
748
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
517
|
|
|
$
|
—
|
|
|
|
|
$
|
517
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
117
|
|
|
$
|
—
|
|
|
|
|
$
|
117
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
596
|
|
|
$
|
1,895
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
2,491
|
|
|
||
U.S. Government and municipal bonds
|
$
|
429
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
|
|
$
|
535
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
533
|
|
|
$
|
—
|
|
|
|
|
$
|
533
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
395
|
|
|
$
|
—
|
|
|
|
|
$
|
395
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
111
|
|
|
$
|
—
|
|
|
|
|
$
|
111
|
|
|
||
Other investments:(e)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
34
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
|
|
$
|
46
|
|
|
||
Debt securities
|
$
|
82
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
|
|
$
|
151
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,229
|
|
|
$
|
2,082
|
|
|
$
|
1,739
|
|
|
$
|
(2,700
|
)
|
|
$
|
2,350
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
24
|
|
|
$
|
2
|
|
|
$
|
(17
|
)
|
|
$
|
9
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
27
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
(f)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,365
|
|
|
$
|
1,446
|
|
|
$
|
390
|
|
|
$
|
(2,625
|
)
|
|
$
|
576
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
598
|
|
|
$
|
144
|
|
|
$
|
(17
|
)
|
|
$
|
725
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
39
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
(1
|
)
|
|
$
|
13
|
|
(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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash equivalents of approximately $60 million ($54 million for FPL) in current other assets and $64 million ($64 million for FPL) in noncurrent other assets on the consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
Included in noncurrent other assets in the consolidated balance sheets.
|
(f)
|
See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
|
December 31, 2018
|
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting(a)
|
|
Total
|
|
||||||||||
|
(millions)
|
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents and restricted cash equivalents:(b)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE - equity securities
|
$
|
486
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
486
|
|
|
||
FPL - equity securities
|
$
|
206
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
206
|
|
|
||
Special use funds:(c)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
1,445
|
|
|
$
|
1,601
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
3,046
|
|
|
||
U.S. Government and municipal bonds
|
$
|
449
|
|
|
$
|
155
|
|
|
$
|
—
|
|
|
|
|
$
|
604
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
728
|
|
|
$
|
—
|
|
|
|
|
$
|
728
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
478
|
|
|
$
|
—
|
|
|
|
|
$
|
478
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
145
|
|
|
$
|
1
|
|
|
|
|
$
|
146
|
|
|
||
FPL:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
398
|
|
|
$
|
1,452
|
|
(d)
|
$
|
—
|
|
|
|
|
$
|
1,850
|
|
|
||
U.S. Government and municipal bonds
|
$
|
350
|
|
|
$
|
120
|
|
|
$
|
—
|
|
|
|
|
$
|
470
|
|
|
||
Corporate debt securities
|
$
|
—
|
|
|
$
|
544
|
|
|
$
|
—
|
|
|
|
|
$
|
544
|
|
|
||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
367
|
|
|
$
|
—
|
|
|
|
|
$
|
367
|
|
|
||
Other debt securities
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
1
|
|
|
|
|
$
|
132
|
|
|
||
Other investments:(e)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
|
|
$
|
24
|
|
|
||
Debt securities
|
$
|
36
|
|
|
$
|
90
|
|
|
$
|
—
|
|
|
|
|
$
|
126
|
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,379
|
|
|
$
|
1,923
|
|
|
$
|
1,349
|
|
|
$
|
(2,811
|
)
|
|
$
|
1,840
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
56
|
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
49
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
30
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
(f)
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NEE:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
$
|
1,329
|
|
|
$
|
1,410
|
|
|
$
|
566
|
|
|
$
|
(2,622
|
)
|
|
$
|
683
|
|
(f)
|
Interest rate contracts
|
$
|
—
|
|
|
$
|
336
|
|
|
$
|
136
|
|
|
$
|
(7
|
)
|
|
$
|
465
|
|
(f)
|
Foreign currency contracts
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
43
|
|
(f)
|
FPL - commodity contracts
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
36
|
|
|
$
|
(2
|
)
|
|
$
|
41
|
|
(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 consolidated balance sheets and are recorded in customer receivables - net and accounts payable, respectively.
|
(b)
|
Includes restricted cash equivalents of approximately $85 million ($81 million for FPL) in current other assets on the consolidated balance sheets.
|
(c)
|
Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.
|
(d)
|
Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.
|
(e)
|
Included in noncurrent other assets in the consolidated balance sheets.
|
(f)
|
See Note 4 - Fair Value of Derivative Instruments for a reconciliation of net derivatives to NEE's and FPL's consolidated balance sheets.
|
Transaction Type
|
|
Fair Value at
December 31, 2019
|
|
Valuation
Technique(s)
|
|
Significant
Unobservable Inputs
|
|
Range
|
||||||||
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||
|
|
(millions)
|
|
|
|
|
|
|
|
|
||||||
Forward contracts - power
|
|
$
|
858
|
|
|
$
|
52
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(14)
|
—
|
$258
|
Forward contracts - gas
|
|
195
|
|
|
22
|
|
|
Discounted cash flow
|
|
Forward price (per MMBtu)
|
|
$2
|
—
|
$6
|
||
Forward contracts - other commodity related
|
|
3
|
|
|
2
|
|
|
Discounted cash flow
|
|
Forward price (various)
|
|
$—
|
—
|
$70
|
||
Options - power
|
|
42
|
|
|
11
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
88%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
6%
|
—
|
502%
|
||||
Options - primarily gas
|
|
152
|
|
|
148
|
|
|
Option models
|
|
Implied correlations
|
|
1%
|
—
|
88%
|
||
|
|
|
|
|
|
|
|
Implied volatilities
|
|
1%
|
—
|
218%
|
||||
Full requirements and unit contingent contracts
|
|
489
|
|
|
155
|
|
|
Discounted cash flow
|
|
Forward price (per MWh)
|
|
$(20)
|
—
|
$949
|
||
|
|
|
|
|
|
|
|
Customer migration rate(a)
|
|
—%
|
—
|
14%
|
||||
Total
|
|
$
|
1,739
|
|
|
$
|
390
|
|
|
|
|
|
|
|
|
|
(a)
|
Applies only to full requirements contracts.
|
Significant Unobservable Input
|
|
Position
|
|
Impact on
Fair Value Measurement
|
Forward price
|
|
Purchase power/gas
|
|
Increase (decrease)
|
|
|
Sell power/gas
|
|
Decrease (increase)
|
Implied correlations
|
|
Purchase option
|
|
Decrease (increase)
|
|
|
Sell option
|
|
Increase (decrease)
|
Implied volatilities
|
|
Purchase option
|
|
Increase (decrease)
|
|
|
Sell option
|
|
Decrease (increase)
|
Customer migration rate
|
|
Sell power(a)
|
|
Decrease (increase)
|
(a)
|
Assumes the contract is in a gain position.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior year
|
$
|
647
|
|
|
$
|
(36
|
)
|
|
$
|
566
|
|
|
$
|
—
|
|
|
$
|
578
|
|
|
$
|
1
|
|
Realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Included in earnings(a)
|
923
|
|
|
—
|
|
|
35
|
|
|
(1
|
)
|
|
376
|
|
|
—
|
|
||||||
Included in other comprehensive income (loss)(b)
|
5
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
||||||
Included in regulatory assets and liabilities
|
1
|
|
|
1
|
|
|
(18
|
)
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
||||||
Purchases
|
141
|
|
|
—
|
|
|
152
|
|
|
(16
|
)
|
|
126
|
|
|
—
|
|
||||||
Settlements
|
(356
|
)
|
|
25
|
|
|
28
|
|
|
(2
|
)
|
|
(317
|
)
|
|
(1
|
)
|
||||||
Issuances
|
(87
|
)
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
(197
|
)
|
|
—
|
|
||||||
Impact of adoption of revenue standard
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Transfers in(c)
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
||||||
Transfers out(c)
|
(62
|
)
|
|
2
|
|
|
22
|
|
|
1
|
|
|
1
|
|
|
—
|
|
||||||
Fair value of net derivatives based on significant unobservable inputs at December 31
|
$
|
1,207
|
|
|
$
|
(8
|
)
|
|
$
|
647
|
|
|
$
|
(36
|
)
|
|
$
|
566
|
|
|
$
|
—
|
|
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date(d)
|
$
|
611
|
|
|
$
|
—
|
|
|
$
|
100
|
|
|
$
|
(1
|
)
|
|
$
|
277
|
|
|
$
|
—
|
|
(a)
|
For the years ended December 31, 2019, 2018 and 2017, approximately $956 million, $48 million and $379 million of realized and unrealized gains are included in the consolidated statements of income in operating revenues and the balance is included in interest expense.
|
(b)
|
Included in net unrealized gains (losses) on foreign currency translation in the consolidated statements of comprehensive income.
|
(c)
|
Transfers into Level 3 were a result of decreased observability of market data. Transfers from Level 3 to Level 2 were a result of increased observability of market data. NEE's and FPL's policy is to recognize all transfers at the beginning of the reporting period.
|
(d)
|
For the years ended December 31, 2019, 2018 and 2017, approximately $638 million, $112 million and $281 million of unrealized gains are included in the consolidated statements of income in operating revenues and the balance is included in interest expense.
|
|
December 31, 2019
|
|
December 31, 2018
|
|
||||||||||||
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
||||||||
|
(millions)
|
|
||||||||||||||
NEE:
|
|
|
||||||||||||||
Special use funds(a)
|
$
|
892
|
|
|
$
|
891
|
|
|
$
|
884
|
|
|
$
|
883
|
|
|
Other investments(b)
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
54
|
|
|
$
|
54
|
|
|
Long-term debt, including current portion(c)
|
$
|
39,667
|
|
|
$
|
42,928
|
|
(d)
|
$
|
29,498
|
|
|
$
|
30,043
|
|
(d)
|
FPL:
|
|
|
|
|
|
|
|
|
||||||||
Special use funds(a)
|
$
|
706
|
|
|
$
|
705
|
|
|
$
|
693
|
|
|
$
|
692
|
|
|
Long-term debt, including current portion
|
$
|
14,161
|
|
|
$
|
16,448
|
|
(d)
|
$
|
11,783
|
|
|
$
|
12,613
|
|
(d)
|
(a)
|
Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).
|
(b)
|
Included in noncurrent other assets on NEE's consolidated balance sheets.
|
(c)
|
Excludes debt totaling approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets, for which the carrying amount approximates fair value. See Note 1 - Disposal of Businesses/Assets.
|
(d)
|
At December 31, 2019 and 2018, substantially all is Level 2 for NEE and all is Level 2 for FPL.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Realized gains
|
$
|
68
|
|
|
$
|
51
|
|
|
$
|
178
|
|
|
$
|
44
|
|
|
$
|
31
|
|
|
$
|
75
|
|
Realized losses
|
$
|
48
|
|
|
$
|
75
|
|
|
$
|
83
|
|
|
$
|
29
|
|
|
$
|
49
|
|
|
$
|
50
|
|
Proceeds from sale or maturity of securities
|
$
|
3,005
|
|
|
$
|
2,551
|
|
|
$
|
2,817
|
|
|
$
|
2,539
|
|
|
$
|
2,100
|
|
|
$
|
1,902
|
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Unrealized gains
|
$
|
75
|
|
|
$
|
14
|
|
|
$
|
58
|
|
|
$
|
11
|
|
Unrealized losses(a)
|
$
|
7
|
|
|
$
|
52
|
|
|
$
|
7
|
|
|
$
|
41
|
|
Fair value
|
$
|
314
|
|
|
$
|
1,273
|
|
|
$
|
240
|
|
|
$
|
961
|
|
(a)
|
Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at December 31, 2019 and 2018 were not material to NEE or FPL.
|
|
NEE
|
|
FPL
|
||||||||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Federal:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current
|
$
|
167
|
|
|
$
|
30
|
|
|
$
|
100
|
|
|
$
|
348
|
|
|
$
|
251
|
|
|
$
|
168
|
|
Deferred
|
115
|
|
|
1,153
|
|
|
(1,047
|
)
|
|
(29
|
)
|
|
134
|
|
|
776
|
|
||||||
Total federal
|
282
|
|
|
1,183
|
|
|
(947
|
)
|
|
319
|
|
|
385
|
|
|
944
|
|
||||||
State:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Current
|
23
|
|
|
63
|
|
|
88
|
|
|
49
|
|
|
91
|
|
|
29
|
|
||||||
Deferred
|
143
|
|
|
330
|
|
|
199
|
|
|
73
|
|
|
63
|
|
|
133
|
|
||||||
Total state
|
166
|
|
|
393
|
|
|
287
|
|
|
122
|
|
|
154
|
|
|
162
|
|
||||||
Total income tax expense (benefit)
|
$
|
448
|
|
|
$
|
1,576
|
|
|
$
|
(660
|
)
|
|
$
|
441
|
|
|
$
|
539
|
|
|
$
|
1,106
|
|
|
NEE
|
|
FPL
|
||||||||||||||
|
Years Ended December 31,
|
|
Years Ended December 31,
|
||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||
Statutory federal income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
Increases (reductions) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes - net of federal income tax benefit
|
3.4
|
|
|
4.2
|
|
|
2.9
|
|
|
3.5
|
|
|
4.5
|
|
|
3.5
|
|
Taxes attributable to noncontrolling interests
|
2.1
|
|
|
2.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Tax reform rate change
|
—
|
|
|
—
|
|
|
(41.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
PTCs and ITCs - NEER
|
(7.2
|
)
|
|
(3.0
|
)
|
|
(8.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of deferred regulatory credit(a)
|
(6.2
|
)
|
|
(1.8
|
)
|
|
—
|
|
|
(8.1
|
)
|
|
(5.0
|
)
|
|
(0.1
|
)
|
Convertible ITCs - NEER
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other - net
|
(1.4
|
)
|
|
(1.5
|
)
|
|
(3.0
|
)
|
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(0.9
|
)
|
Effective income tax rate
|
11.7
|
%
|
|
21.4
|
%
|
|
(14.2
|
)%
|
|
15.9
|
%
|
|
19.9
|
%
|
|
37.0
|
%
|
(a)
|
2019 reflects an adjustment of approximately $83 million recorded by FPL to reduce income tax expense for the cumulative amortization of excess deferred income taxes from January 1, 2018 as a result of a FPSC order in connection with its review of impacts associated with tax reform. One of the provisions of the order requires FPL to amortize approximately $870 million of its excess deferred income taxes over a period not to exceed ten years.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(millions)
|
||||||||||||||
Deferred tax liabilities:
|
|
|
|
|
|
|
|
||||||||
Property-related
|
$
|
10,133
|
|
|
$
|
9,315
|
|
|
$
|
6,394
|
|
|
$
|
6,113
|
|
Pension
|
417
|
|
|
374
|
|
|
374
|
|
|
357
|
|
||||
Investments in partnerships and joint ventures
|
2,019
|
|
|
1,925
|
|
|
—
|
|
|
—
|
|
||||
Other
|
1,618
|
|
|
1,505
|
|
|
685
|
|
|
791
|
|
||||
Total deferred tax liabilities
|
14,187
|
|
|
13,119
|
|
|
7,453
|
|
|
7,261
|
|
||||
Deferred tax assets and valuation allowance:
|
|
|
|
|
|
|
|
||||||||
Decommissioning reserves
|
317
|
|
|
313
|
|
|
286
|
|
|
278
|
|
||||
Net operating loss carryforwards
|
380
|
|
|
350
|
|
|
2
|
|
|
3
|
|
||||
Tax credit carryforwards
|
3,406
|
|
|
3,259
|
|
|
—
|
|
|
—
|
|
||||
ARO and accrued asset removal costs
|
368
|
|
|
310
|
|
|
273
|
|
|
237
|
|
||||
Regulatory liabilities
|
1,335
|
|
|
1,277
|
|
|
1,219
|
|
|
1,283
|
|
||||
Other
|
515
|
|
|
751
|
|
|
258
|
|
|
295
|
|
||||
Valuation allowance(a)
|
(285
|
)
|
|
(273
|
)
|
|
—
|
|
|
—
|
|
||||
Net deferred tax assets
|
6,036
|
|
|
5,987
|
|
|
2,038
|
|
|
2,096
|
|
||||
Net deferred income taxes
|
$
|
8,151
|
|
|
$
|
7,132
|
|
|
$
|
5,415
|
|
|
$
|
5,165
|
|
(a)
|
Reflects a valuation allowance related to the solar projects in Spain that completely offsets the related deferred taxes, as well as deferred state tax credits and state operating loss carryforwards.
|
|
NEE
|
|
FPL
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
|
(millions)
|
|
|
||||||||||
Noncurrent other assets
|
$
|
210
|
|
|
$
|
235
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Deferred income taxes - noncurrent liabilities
|
(8,361
|
)
|
|
(7,367
|
)
|
|
(5,415
|
)
|
|
(5,165
|
)
|
||||
Net deferred income taxes
|
$
|
(8,151
|
)
|
|
$
|
(7,132
|
)
|
|
$
|
(5,415
|
)
|
|
$
|
(5,165
|
)
|
|
Amount
|
|
Expiration
Dates
|
||
|
(millions)
|
|
|
||
Net operating loss carryforwards:
|
|
|
|
||
State
|
$
|
304
|
|
|
2020-2039
|
Foreign
|
76
|
|
(a)
|
2020-2039
|
|
Net operating loss carryforwards
|
$
|
380
|
|
|
|
Tax credit carryforwards:
|
|
|
|
||
Federal
|
$
|
3,060
|
|
|
2029-2039
|
State
|
344
|
|
(b)
|
2020-2044
|
|
Foreign
|
2
|
|
|
2034-2039
|
|
Tax credit carryforwards
|
$
|
3,406
|
|
|
|
(a)
|
Includes $58 million of net operating loss carryforwards with an indefinite expiration period.
|
(b)
|
Includes $188 million of ITC carryforwards with an indefinite expiration period.
|
|
December 31, 2019
|
|||||||||||||
|
Ownership
Interest
|
|
Gross
Investment(a)
|
|
Accumulated
Depreciation(a)
|
|
Construction
Work
in Progress
|
|||||||
|
|
|
(millions)
|
|||||||||||
FPL:
|
|
|
|
|
|
|
|
|||||||
St. Lucie Unit No. 2
|
85
|
%
|
|
$
|
2,226
|
|
|
$
|
972
|
|
|
$
|
66
|
|
Scherer Unit No. 4
|
76
|
%
|
|
$
|
1,227
|
|
|
$
|
473
|
|
|
$
|
55
|
|
Gulf Power:
|
|
|
|
|
|
|
|
|||||||
Daniel Units Nos. 1 and 2
|
50
|
%
|
|
$
|
715
|
|
|
$
|
222
|
|
|
$
|
22
|
|
Scherer Unit No. 3
|
25
|
%
|
|
$
|
423
|
|
|
$
|
146
|
|
|
$
|
14
|
|
NEER:
|
|
|
|
|
|
|
|
|||||||
Duane Arnold
|
70
|
%
|
|
$
|
69
|
|
|
$
|
41
|
|
|
$
|
—
|
|
Seabrook
|
88.23
|
%
|
|
$
|
1,270
|
|
|
$
|
375
|
|
|
$
|
45
|
|
Wyman Station Unit No. 4
|
91.19
|
%
|
|
$
|
29
|
|
|
$
|
7
|
|
|
$
|
1
|
|
Stanton
|
65
|
%
|
|
$
|
137
|
|
|
$
|
7
|
|
|
$
|
—
|
|
Transmission substation assets located in Seabrook, New Hampshire
|
88.23
|
%
|
|
$
|
94
|
|
|
$
|
13
|
|
|
$
|
14
|
|
(a)
|
Excludes nuclear fuel.
|
|
2019
|
|
2018
|
||||
|
(millions)
|
||||||
Net income
|
$
|
128
|
|
|
$
|
632
|
|
Total assets
|
$
|
20,659
|
|
|
$
|
16,334
|
|
Total liabilities
|
$
|
6,956
|
|
|
$
|
5,990
|
|
Partners'/members' equity(a)
|
$
|
13,703
|
|
|
$
|
10,344
|
|
|
|
|
|
||||
NEE's share of underlying equity in the principal entities
|
$
|
3,723
|
|
|
$
|
2,958
|
|
Difference between investment carrying amount and underlying equity in net assets(b)
|
3,153
|
|
|
3,193
|
|
||
NEE's investment carrying amount for the principal entities
|
$
|
6,876
|
|
|
$
|
6,151
|
|
(a)
|
Reflects NEE's interest, as well as third-party interests, in NEP OpCo.
|
(b)
|
Primarily associated with NEP OpCo; approximately 70% of the difference between the investment carrying amount and the underlying equity in net assets relates to goodwill and is not being amortized; the remaining balance is being amortized primarily over a period of 20 to 28 years.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(millions, except per share amounts)
|
||||||||||
Numerator:
|
|
|
|
|
|
||||||
Net income attributable to NEE - basic
|
$
|
3,769
|
|
|
$
|
6,638
|
|
|
$
|
5,380
|
|
Adjustment for the impact of dilutive securities at NEP(a)
|
—
|
|
|
(19
|
)
|
|
—
|
|
|||
Net income attributable to NEE - assuming dilution
|
$
|
3,769
|
|
|
$
|
6,619
|
|
|
$
|
5,380
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
|
|
|||
Weighted-average number of common shares outstanding - basic
|
482.0
|
|
|
473.2
|
|
|
468.8
|
|
|||
Equity units, stock options, performance share awards, forward sale agreements and restricted stock(b)
|
3.5
|
|
|
3.8
|
|
|
3.7
|
|
|||
Weighted-average number of common shares outstanding - assuming dilution
|
485.5
|
|
|
477.0
|
|
|
472.5
|
|
|||
Earnings per share attributable to NEE:
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
7.82
|
|
|
$
|
14.03
|
|
|
$
|
11.48
|
|
Assuming dilution
|
$
|
7.76
|
|
|
$
|
13.88
|
|
|
$
|
11.39
|
|
(a)
|
The 2018 adjustment is related to both the NEP Series A convertible preferred units and the NEP senior unsecured convertible notes (see Potentially Dilutive Securities at NEP below).
|
(b)
|
Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based
|
|
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|||
Restricted Stock:
|
|
|
|
|||
Nonvested balance, January 1, 2019
|
479,936
|
|
|
$
|
134.69
|
|
Granted
|
235,280
|
|
|
$
|
186.54
|
|
Vested
|
(212,815
|
)
|
|
$
|
132.15
|
|
Forfeited
|
(7,253
|
)
|
|
$
|
155.20
|
|
Nonvested balance, December 31, 2019
|
495,148
|
|
|
$
|
159.74
|
|
Performance Share Awards:
|
|
|
|
|
||
Nonvested balance, January 1, 2019
|
782,664
|
|
|
$
|
123.47
|
|
Granted
|
426,777
|
|
|
$
|
138.99
|
|
Vested
|
(522,446
|
)
|
|
$
|
110.68
|
|
Forfeited
|
(16,849
|
)
|
|
$
|
157.07
|
|
Nonvested balance, December 31, 2019
|
670,146
|
|
|
$
|
142.42
|
|
|
2019
|
|
2018
|
|
2017
|
Expected volatility(a)
|
14.20 - 14.31%
|
|
14.41%
|
|
14.91%
|
Expected dividends
|
2.85 - 2.93%
|
|
3.05%
|
|
3.16%
|
Expected term (years)(b)
|
7.0
|
|
7.0
|
|
7.0
|
Risk-free rate
|
2.24 - 2.54%
|
|
2.83%
|
|
2.23%
|
(a)
|
Based on historical experience.
|
(b)
|
Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
Net Unrealized
Gains (Losses)
on Cash Flow
Hedges
|
|
Net Unrealized
Gains (Losses)
on Available for
Sale Securities
|
|
Defined Benefit
Pension and
Other Benefits
Plans
|
|
Net Unrealized
Gains (Losses)
on Foreign
Currency
Translation
|
|
Other
Comprehensive
Income (Loss)
Related to Equity
Method Investees
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
Balances, December 31, 2016
|
$
|
(100
|
)
|
|
$
|
225
|
|
|
$
|
(83
|
)
|
|
$
|
(90
|
)
|
|
$
|
(22
|
)
|
|
$
|
(70
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
127
|
|
|
46
|
|
|
23
|
|
|
2
|
|
|
198
|
|
||||||
Amounts reclassified from AOCI
|
32
|
|
(a)
|
(36
|
)
|
(b)
|
(2
|
)
|
(c)
|
—
|
|
|
—
|
|
|
(6
|
)
|
||||||
Net other comprehensive income
|
32
|
|
|
91
|
|
|
44
|
|
|
23
|
|
|
2
|
|
|
192
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
9
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
11
|
|
||||||
Balances, December 31, 2017
|
(77
|
)
|
|
316
|
|
|
(39
|
)
|
|
(69
|
)
|
|
(20
|
)
|
|
111
|
|
||||||
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
(12
|
)
|
|
(14
|
)
|
|
(31
|
)
|
|
4
|
|
|
(53
|
)
|
||||||
Amounts reclassified from AOCI
|
26
|
|
(a)
|
1
|
|
(b)
|
(3
|
)
|
(c)
|
—
|
|
|
—
|
|
|
24
|
|
||||||
Net other comprehensive income (loss)
|
26
|
|
|
(11
|
)
|
|
(17
|
)
|
|
(31
|
)
|
|
4
|
|
|
(29
|
)
|
||||||
Impact of NEP deconsolidation(d)
|
3
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
18
|
|
|
58
|
|
||||||
Adoption of accounting standards updates
|
(7
|
)
|
|
(312
|
)
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
(328
|
)
|
||||||
Balances, December 31, 2018
|
(55
|
)
|
|
(7
|
)
|
|
(65
|
)
|
|
(63
|
)
|
|
2
|
|
|
(188
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
20
|
|
|
(46
|
)
|
|
22
|
|
|
1
|
|
|
(3
|
)
|
||||||
Amounts reclassified from AOCI
|
29
|
|
(a)
|
(2
|
)
|
(b)
|
(3
|
)
|
(c)
|
—
|
|
|
—
|
|
|
24
|
|
||||||
Net other comprehensive income (loss)
|
29
|
|
|
18
|
|
|
(49
|
)
|
|
22
|
|
|
1
|
|
|
21
|
|
||||||
Less other comprehensive income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Acquisition of Gulf Power (see Note 8)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Balances, December 31, 2019
|
$
|
(27
|
)
|
|
$
|
11
|
|
|
$
|
(114
|
)
|
|
$
|
(42
|
)
|
|
$
|
3
|
|
|
$
|
(169
|
)
|
(a)
|
Reclassified to interest expense in NEE's 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 consolidated statements of income.
|
(c)
|
Reclassified to other net periodic benefit income in NEE's consolidated statements of income.
|
|
December 31,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
Maturity
Date |
|
Balance
|
|
Weighted-
Average Interest Rate |
|
Balance
|
|
Weighted-
Average Interest Rate |
||||||
|
|
|
(millions)
|
|
|
|
(millions)
|
|
|
||||||
FPL:
|
|
|
|
|
|
|
|
|
|
||||||
First mortgage bonds - fixed
|
2020-2049
|
|
$
|
12,005
|
|
|
4.46
|
%
|
|
$
|
10,626
|
|
|
4.60
|
%
|
Storm-recovery bonds - fixed
|
|
|
—
|
|
|
|
|
|
74
|
|
|
5.26
|
%
|
||
Pollution control, solid waste disposal and industrial development revenue bonds - primarily variable(a)
|
2020-2049
|
|
1,076
|
|
|
1.67
|
%
|
|
1,022
|
|
|
2.04
|
%
|
||
Senior unsecured notes - variable(b)(c)
|
2022-2069
|
|
1,236
|
|
|
2.18
|
%
|
|
193
|
|
|
2.40
|
%
|
||
Unamortized debt issuance costs and discount
|
|
|
(156
|
)
|
|
|
|
(132
|
)
|
|
|
||||
Total long-term debt of FPL
|
|
|
14,161
|
|
|
|
|
11,783
|
|
|
|
||||
Less current portion of long-term debt
|
|
|
30
|
|
|
|
|
95
|
|
|
|
||||
Long-term debt of FPL, excluding current portion
|
|
|
14,131
|
|
|
|
|
11,688
|
|
|
|
||||
GULF POWER:
|
|
|
|
|
|
|
|
|
|
||||||
Senior unsecured notes - fixed
|
2020-2044
|
|
990
|
|
|
4.17
|
%
|
|
—
|
|
|
|
|||
Other long-term debt - primarily variable(a)
|
2021-2049
|
|
709
|
|
|
1.93
|
%
|
|
—
|
|
|
|
|||
Unamortized debt issuance costs and discount
|
|
|
(14
|
)
|
|
|
|
—
|
|
|
|
||||
Total long-term debt of Gulf Power
|
|
|
1,685
|
|
|
|
|
—
|
|
|
|
||||
Less current portion of long-term debt
|
|
|
175
|
|
|
|
|
—
|
|
|
|
||||
Long-term debt of Gulf Power, excluding current portion
|
|
|
1,510
|
|
|
|
|
—
|
|
|
|
||||
NEER:
|
|
|
|
|
|
|
|
|
|
|
|||||
NextEra Energy Resources:
|
|
|
|
|
|
|
|
|
|
||||||
Senior secured limited-recourse long-term debt - primarily variable(c)(d)
|
2023-2049
|
|
3,419
|
|
|
3.79
|
%
|
|
4,193
|
|
|
4.38
|
%
|
||
Other long-term debt - primarily variable(c)(d)
|
2024-2040
|
|
440
|
|
(e)
|
3.78
|
%
|
|
601
|
|
|
2.57
|
%
|
||
NEET - long-term debt - primarily fixed(d)
|
2021-2049
|
|
837
|
|
|
3.50
|
%
|
|
325
|
|
|
3.73
|
%
|
||
Unamortized debt issuance costs and premium - net
|
|
|
(74
|
)
|
|
|
|
(95
|
)
|
|
|
||||
Total long-term debt of NEER
|
|
|
4,622
|
|
|
|
|
5,024
|
|
|
|
||||
Less current portion of long-term debt
|
|
|
215
|
|
|
|
|
602
|
|
|
|
||||
Long-term debt of NEER, excluding current portion
|
|
|
4,407
|
|
|
|
|
4,422
|
|
|
|
||||
NEECH:
|
|
|
|
|
|
|
|
|
|
|
|||||
Debentures - fixed(d)
|
2020-2029
|
|
9,550
|
|
|
3.05
|
%
|
|
4,300
|
|
|
3.21
|
%
|
||
Debentures - variable(c)
|
2020-2022
|
|
1,375
|
|
|
3.00
|
%
|
|
2,341
|
|
|
3.11
|
%
|
||
Debentures, related to NEE's equity units - fixed
|
2024
|
|
1,500
|
|
|
2.10
|
%
|
|
1,500
|
|
|
1.65
|
%
|
||
Junior subordinated debentures - primarily fixed(d)
|
2057-2079
|
|
4,643
|
|
|
5.13
|
%
|
|
3,456
|
|
|
4.99
|
%
|
||
Japanese yen denominated long-term debt - primarily variable(c)(d)(f)
|
2020-2030
|
|
645
|
|
|
3.10
|
%
|
|
637
|
|
|
3.10
|
%
|
||
Australian dollar denominated long-term debt - fixed(f)
|
2026
|
|
351
|
|
|
2.59
|
%
|
|
—
|
|
|
|
|
||
Other long-term debt - fixed
|
2020-2021
|
|
524
|
|
|
2.00
|
%
|
|
543
|
|
|
1.95
|
%
|
||
Other long-term debt - variable(c)
|
2021
|
|
750
|
|
|
2.60
|
%
|
|
—
|
|
|
|
|
||
Unamortized debt issuance costs and discount
|
|
|
(139
|
)
|
|
|
|
(86
|
)
|
|
|
||||
Total long-term debt of NEECH
|
|
|
19,199
|
|
|
|
|
12,691
|
|
|
|
||||
Less current portion of long-term debt
|
|
|
1,704
|
|
|
|
|
2,019
|
|
|
|
||||
Long-term debt of NEECH, excluding current portion
|
|
|
17,495
|
|
|
|
|
10,672
|
|
|
|
||||
Total long-term debt
|
|
|
$
|
37,543
|
|
|
|
|
$
|
26,782
|
|
|
|
(a)
|
Includes variable rate tax exempt bonds that permit individual bondholders to tender the bonds for purchase at any time prior to maturity. In the event these variable rate tax exempt bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL or Gulf Power, as the case may be, would be required to purchase the variable rate tax exempt bonds. At December 31, 2019, variable rate tax exempt bonds totaled approximately $948 million at FPL and $269 million at Gulf Power. All variable rate tax exempt bonds tendered for purchase have been successfully remarketed. FPL's and Gulf Power's syndicated revolving credit facilities, as the case may be, are available to support the purchase of the variable rate tax exempt bonds. Variable interest rate is established at various intervals by the remarketing agent. Gulf Power's remaining debt is primarily variable which is based on an underlying index plus a margin.
|
(b)
|
Includes approximately $236 million of floating rate notes that permit individual noteholders to require repayment prior to maturity. FPL’s syndicated revolving credit facilities are available to support the purchase of the senior unsecured notes.
|
(c)
|
Variable rate is based on an underlying index plus a specified margin.
|
(d)
|
Interest rate contracts, primarily swaps, have been entered into with respect to certain of these debt issuances. See Note 4.
|
(e)
|
Excludes approximately $463 million classified as held for sale, which is included in current other liabilities on NEE's consolidated balance sheets. See Note 1 - Disposal of Businesses/Assets.
|
(f)
|
Foreign currency contracts have been entered into with respect to these debt issuances. See Note 4.
|
|
NEE
|
|
FPL
|
|
||||
|
(millions)
|
|
||||||
Balances, December 31, 2017
|
$
|
3,031
|
|
|
$
|
2,047
|
|
|
Liabilities incurred
|
49
|
|
|
—
|
|
|
||
Accretion expense
|
158
|
|
|
101
|
|
|
||
Liabilities settled
|
(26
|
)
|
(a)
|
(1
|
)
|
|
||
Revision in estimated cash flows - net
|
4
|
|
|
—
|
|
|
||
Impact of NEP deconsolidation
|
(81
|
)
|
(b)
|
—
|
|
|
||
Balances, December 31, 2018
|
3,135
|
|
|
2,147
|
|
|
||
Liabilities incurred
|
100
|
|
|
1
|
|
|
||
Accretion expense
|
172
|
|
|
107
|
|
|
||
Liabilities settled
|
(65
|
)
|
(a)
|
(1
|
)
|
|
||
Revision in estimated cash flows - net
|
32
|
|
(c)
|
14
|
|
(c)
|
||
Additions from acquisitions
|
132
|
|
(d)
|
—
|
|
|
||
Balances, December 31, 2019
|
$
|
3,506
|
|
(e)
|
$
|
2,268
|
|
|
(a)
|
Primarily reflects sales of ownership interests to subsidiaries of NEP. See Note 1 - Disposal of Businesses/Assets.
|
(b)
|
See Note 1 - NextEra Energy Partners, LP.
|
(c)
|
Includes an increase of approximately $75 million for additional estimated ash pond closure costs at Scherer, partly offset by a decrease of approximately $71 million due to the approval of Turkey Point Units Nos. 3 and 4 license renewals for an additional 20 years.
|
(d)
|
See Note 8 for 2019 acquisitions.
|
(e)
|
Includes the current portion of AROs of approximately $49 million, which is included in other current liabilities on NEE's consolidated balance sheets.
|
|
NEE
|
|
FPL
|
||||
|
(millions)
|
||||||
Balances, December 31, 2019
|
$
|
6,880
|
|
|
$
|
4,697
|
|
Balances, December 31, 2018
|
$
|
5,818
|
|
|
$
|
3,987
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Total
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation:(a)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New(b)
|
$
|
1,345
|
|
|
$
|
730
|
|
|
$
|
555
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
3,130
|
|
Existing
|
855
|
|
|
970
|
|
|
930
|
|
|
925
|
|
|
840
|
|
|
4,520
|
|
||||||
Transmission and distribution(c)
|
3,150
|
|
|
3,905
|
|
|
4,030
|
|
|
4,120
|
|
|
4,885
|
|
|
20,090
|
|
||||||
Nuclear fuel
|
205
|
|
|
220
|
|
|
165
|
|
|
120
|
|
|
145
|
|
|
855
|
|
||||||
General and other
|
730
|
|
|
480
|
|
|
440
|
|
|
380
|
|
|
470
|
|
|
2,500
|
|
||||||
Total
|
$
|
6,285
|
|
|
$
|
6,305
|
|
|
$
|
6,120
|
|
|
$
|
6,045
|
|
|
$
|
6,340
|
|
|
$
|
31,095
|
|
Gulf Power
|
$
|
800
|
|
|
$
|
770
|
|
|
$
|
645
|
|
|
$
|
650
|
|
|
$
|
680
|
|
|
$
|
3,545
|
|
NEER:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Wind(d)
|
$
|
3,265
|
|
|
$
|
20
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
3,315
|
|
Solar(e)
|
945
|
|
|
230
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
1,185
|
|
||||||
Nuclear, including nuclear fuel
|
170
|
|
|
180
|
|
|
170
|
|
|
130
|
|
|
150
|
|
|
800
|
|
||||||
Natural gas pipelines(f)
|
600
|
|
|
195
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
815
|
|
||||||
Rate-regulated transmission
|
300
|
|
|
110
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
415
|
|
||||||
Other
|
580
|
|
|
50
|
|
|
70
|
|
|
60
|
|
|
60
|
|
|
820
|
|
||||||
Total
|
$
|
5,860
|
|
|
$
|
785
|
|
|
$
|
280
|
|
|
$
|
205
|
|
|
$
|
220
|
|
|
$
|
7,350
|
|
(a)
|
Includes AFUDC of approximately $45 million, $70 million, $40 million, and $20 million for 2020 through 2023, respectively.
|
(b)
|
Includes land, generation structures, transmission interconnection and integration and licensing.
|
(c)
|
Includes AFUDC of approximately $40 million, $50 million, $40 million, $25 million and $20 million for 2020 through 2024, respectively.
|
(d)
|
Consists of capital expenditures for new wind projects, repowering of existing wind projects and related transmission totaling approximately 4,400 MW.
|
(e)
|
Includes capital expenditures for new solar projects and related transmission totaling approximately 1,180 MW.
|
(f)
|
Construction of two natural gas pipelines are subject to certain conditions, including applicable regulatory approvals. In addition, completion of another natural gas pipeline is subject to final permitting.
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||
|
(millions)
|
||||||||||||||||||||||
FPL(a)
|
$
|
1,035
|
|
|
$
|
1,005
|
|
|
$
|
985
|
|
|
$
|
975
|
|
|
$
|
970
|
|
|
$
|
11,625
|
|
NEER(b)(c)(d)
|
$
|
3,355
|
|
|
$
|
395
|
|
|
$
|
255
|
|
|
$
|
130
|
|
|
$
|
140
|
|
|
$
|
1,415
|
|
(a)
|
Includes approximately $385 million, $415 million, $415 million, $410 million, $410 million and $6,765 million in 2020 through 2024 and thereafter, respectively, of firm commitments related to the natural gas transportation agreements with Sabal Trail and Florida Southeast Connection, LLC. The charges associated with these agreements are recoverable through the fuel clause and totaled approximately $316 million and $303 million for the years ended December 31, 2019 and 2018, respectively, of which $108 million and $95 million, respectively, were eliminated in consolidation at NEE.
|
(b)
|
Includes approximately $70 million, $70 million, $70 million, $70 million and $1,110 million for 2021 through 2024 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 in 2020.
|
(c)
|
Includes an approximately $110 million commitment to invest in technology investments through 2029.
|
(d)
|
Includes approximately $60 million, $20 million, $20 million, $20 million, $10 million and $15 million for 2020 through 2024 and thereafter, respectively, of joint obligations of NEECH and NEER.
|
|
2019
|
||||||||||||||||||
|
FPL
|
|
Gulf Power(a)
|
|
NEER(b)
|
|
Corp. and
Other |
|
NEE
Consolidated |
||||||||||
|
(millions)
|
||||||||||||||||||
Operating revenues
|
$
|
12,192
|
|
|
$
|
1,487
|
|
|
$
|
5,639
|
|
|
$
|
(114
|
)
|
|
$
|
19,204
|
|
Operating expenses - net
|
$
|
8,890
|
|
|
$
|
1,216
|
|
|
$
|
3,635
|
|
|
$
|
110
|
|
|
$
|
13,851
|
|
Interest expense
|
$
|
594
|
|
|
$
|
55
|
|
|
$
|
873
|
|
|
$
|
727
|
|
|
$
|
2,249
|
|
Interest income
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
38
|
|
|
$
|
8
|
|
|
$
|
54
|
|
Depreciation and amortization
|
$
|
2,524
|
|
|
$
|
247
|
|
|
$
|
1,387
|
|
|
$
|
58
|
|
|
$
|
4,216
|
|
Equity in earnings (losses) of equity method investees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67
|
|
|
$
|
(1
|
)
|
|
$
|
66
|
|
Income tax expense (benefit)(c)
|
$
|
441
|
|
|
$
|
42
|
|
|
$
|
162
|
|
|
$
|
(197
|
)
|
|
$
|
448
|
|
Net income (loss)
|
$
|
2,334
|
|
|
$
|
180
|
|
|
$
|
1,426
|
|
|
$
|
(552
|
)
|
|
$
|
3,388
|
|
Net income (loss) attributable to NEE
|
$
|
2,334
|
|
|
$
|
180
|
|
|
$
|
1,807
|
|
|
$
|
(552
|
)
|
|
$
|
3,769
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
5,755
|
|
|
$
|
729
|
|
|
$
|
6,505
|
|
|
$
|
4,473
|
|
|
$
|
17,462
|
|
Property, plant and equipment
|
$
|
59,027
|
|
|
$
|
6,393
|
|
|
$
|
41,499
|
|
|
$
|
259
|
|
|
$
|
107,178
|
|
Accumulated depreciation and amortization
|
$
|
13,953
|
|
|
$
|
1,630
|
|
|
$
|
9,457
|
|
|
$
|
128
|
|
|
$
|
25,168
|
|
Total assets
|
$
|
57,188
|
|
|
$
|
5,855
|
|
|
$
|
51,516
|
|
|
$
|
3,132
|
|
|
$
|
117,691
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,453
|
|
|
$
|
—
|
|
|
$
|
7,453
|
|
|
2018
|
||||||||||||||
|
FPL
|
|
NEER(b)(d)
|
|
Corp. and
Other |
|
NEE
Consolidated |
||||||||
|
(millions)
|
||||||||||||||
Operating revenues
|
$
|
11,862
|
|
|
$
|
4,984
|
|
|
$
|
(119
|
)
|
|
$
|
16,727
|
|
Operating expenses - net
|
$
|
8,708
|
|
|
$
|
3,616
|
|
|
$
|
123
|
|
|
$
|
12,447
|
|
Interest expense
|
$
|
541
|
|
|
$
|
595
|
|
|
$
|
362
|
|
|
$
|
1,498
|
|
Interest income
|
$
|
4
|
|
|
$
|
40
|
|
|
$
|
7
|
|
|
$
|
51
|
|
Depreciation and amortization
|
$
|
2,633
|
|
|
$
|
1,230
|
|
|
$
|
48
|
|
|
$
|
3,911
|
|
Equity in earnings of equity method investees
|
$
|
—
|
|
|
$
|
321
|
|
|
$
|
37
|
|
|
$
|
358
|
|
Income tax expense (benefit)(c)
|
$
|
539
|
|
|
$
|
1,196
|
|
|
$
|
(159
|
)
|
|
$
|
1,576
|
|
Net income (loss)
|
$
|
2,171
|
|
|
$
|
3,842
|
|
|
$
|
(237
|
)
|
|
$
|
5,776
|
|
Net income (loss) attributable to NEE
|
$
|
2,171
|
|
|
$
|
4,704
|
|
|
$
|
(237
|
)
|
|
$
|
6,638
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
5,135
|
|
|
$
|
7,189
|
|
|
$
|
680
|
|
|
$
|
13,004
|
|
Property, plant and equipment
|
$
|
54,717
|
|
|
$
|
37,063
|
|
|
$
|
303
|
|
|
$
|
92,083
|
|
Accumulated depreciation and amortization
|
$
|
13,218
|
|
|
$
|
8,461
|
|
|
$
|
70
|
|
|
$
|
21,749
|
|
Total assets
|
$
|
53,484
|
|
|
$
|
44,509
|
|
|
$
|
5,709
|
|
|
$
|
103,702
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
6,521
|
|
|
$
|
227
|
|
|
$
|
6,748
|
|
|
2017
|
||||||||||||||
|
FPL
|
|
NEER(b)
|
|
Corp. and
Other |
|
NEE
Consolidated |
||||||||
|
(millions)
|
||||||||||||||
Operating revenues
|
$
|
11,972
|
|
|
$
|
5,275
|
|
|
$
|
(74
|
)
|
|
$
|
17,173
|
|
Operating expenses - net
|
$
|
8,582
|
|
|
$
|
4,345
|
|
|
$
|
(927
|
)
|
|
$
|
12,000
|
|
Interest expense
|
$
|
481
|
|
|
$
|
815
|
|
|
$
|
262
|
|
|
$
|
1,558
|
|
Interest income
|
$
|
2
|
|
|
$
|
72
|
|
|
$
|
7
|
|
|
$
|
81
|
|
Depreciation and amortization
|
$
|
940
|
|
|
$
|
1,414
|
|
|
$
|
3
|
|
|
$
|
2,357
|
|
Equity in earnings of equity method investees
|
$
|
—
|
|
|
$
|
136
|
|
|
$
|
5
|
|
|
$
|
141
|
|
Income tax expense (benefit)(c)
|
$
|
1,106
|
|
|
$
|
(2,013
|
)
|
|
$
|
247
|
|
|
$
|
(660
|
)
|
Net income
|
$
|
1,880
|
|
|
$
|
2,940
|
|
|
$
|
503
|
|
|
$
|
5,323
|
|
Net income attributable to NEE
|
$
|
1,880
|
|
|
$
|
2,997
|
|
|
$
|
503
|
|
|
$
|
5,380
|
|
Capital expenditures, independent power and other investments and nuclear fuel purchases
|
$
|
5,291
|
|
|
$
|
5,415
|
|
|
$
|
34
|
|
|
$
|
10,740
|
|
Property, plant and equipment
|
$
|
51,915
|
|
|
$
|
41,567
|
|
|
$
|
83
|
|
|
$
|
93,565
|
|
Accumulated depreciation and amortization
|
$
|
12,791
|
|
|
$
|
8,460
|
|
|
$
|
25
|
|
|
$
|
21,276
|
|
Total assets
|
$
|
50,254
|
|
|
$
|
46,611
|
|
|
$
|
1,098
|
|
|
$
|
97,963
|
|
Investment in equity method investees
|
$
|
—
|
|
|
$
|
2,173
|
|
|
$
|
148
|
|
|
$
|
2,321
|
|
(a)
|
See Note 8 - Gulf Power Company.
|
(b)
|
Interest expense allocated from NEECH is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.
|
(c)
|
NEER includes PTCs that were recognized based on its tax sharing agreement with NEE. See Note 1 - Income Taxes.
|
(d)
|
NEP was deconsolidated from NEER in January 2018. See Note 1 - NextEra Energy Partners, LP.
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues
|
$
|
—
|
|
|
$
|
5,671
|
|
|
$
|
13,533
|
|
|
$
|
19,204
|
|
|
$
|
—
|
|
|
$
|
5,007
|
|
|
$
|
11,720
|
|
|
$
|
16,727
|
|
|
$
|
—
|
|
|
$
|
5,301
|
|
|
$
|
11,872
|
|
|
$
|
17,173
|
|
Operating expenses - net
|
(209
|
)
|
|
(3,669
|
)
|
|
(9,973
|
)
|
|
(13,851
|
)
|
|
(196
|
)
|
|
(3,652
|
)
|
|
(8,599
|
)
|
|
(12,447
|
)
|
|
(175
|
)
|
|
(3,273
|
)
|
|
(8,552
|
)
|
|
(12,000
|
)
|
||||||||||||
Interest expense
|
(3
|
)
|
|
(1,596
|
)
|
|
(650
|
)
|
|
(2,249
|
)
|
|
(17
|
)
|
|
(940
|
)
|
|
(541
|
)
|
|
(1,498
|
)
|
|
(3
|
)
|
|
(1,074
|
)
|
|
(481
|
)
|
|
(1,558
|
)
|
||||||||||||
Equity in earnings of subsidiaries
|
3,785
|
|
|
—
|
|
|
(3,785
|
)
|
|
—
|
|
|
6,548
|
|
|
—
|
|
|
(6,548
|
)
|
|
—
|
|
|
5,393
|
|
|
—
|
|
|
(5,393
|
)
|
|
—
|
|
||||||||||||
Equity in earnings of equity method investees
|
—
|
|
|
66
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
358
|
|
|
—
|
|
|
358
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
141
|
|
||||||||||||
Gain on NEP deconsolidation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,927
|
|
|
—
|
|
|
3,927
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Other income - net
|
185
|
|
|
407
|
|
|
74
|
|
|
666
|
|
|
169
|
|
|
21
|
|
|
95
|
|
|
285
|
|
|
151
|
|
|
702
|
|
|
54
|
|
|
907
|
|
||||||||||||
Income (loss) before income taxes
|
3,758
|
|
|
879
|
|
|
(801
|
)
|
|
3,836
|
|
|
6,504
|
|
|
4,721
|
|
|
(3,873
|
)
|
|
7,352
|
|
|
5,366
|
|
|
1,797
|
|
|
(2,500
|
)
|
|
4,663
|
|
||||||||||||
Income tax expense (benefit)
|
(11
|
)
|
|
(21
|
)
|
|
480
|
|
|
448
|
|
|
(134
|
)
|
|
1,195
|
|
|
515
|
|
|
1,576
|
|
|
(14
|
)
|
|
(1,719
|
)
|
|
1,073
|
|
|
(660
|
)
|
||||||||||||
Net income (loss)
|
3,769
|
|
|
900
|
|
|
(1,281
|
)
|
|
3,388
|
|
|
6,638
|
|
|
3,526
|
|
|
(4,388
|
)
|
|
5,776
|
|
|
5,380
|
|
|
3,516
|
|
|
(3,573
|
)
|
|
5,323
|
|
||||||||||||
Net loss attributable to noncontrolling interests
|
—
|
|
|
381
|
|
|
—
|
|
|
381
|
|
|
—
|
|
|
862
|
|
|
—
|
|
|
862
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
57
|
|
||||||||||||
Net income (loss) attributable to NEE
|
$
|
3,769
|
|
|
$
|
1,281
|
|
|
$
|
(1,281
|
)
|
|
$
|
3,769
|
|
|
$
|
6,638
|
|
|
$
|
4,388
|
|
|
$
|
(4,388
|
)
|
|
$
|
6,638
|
|
|
$
|
5,380
|
|
|
$
|
3,573
|
|
|
$
|
(3,573
|
)
|
|
$
|
5,380
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli- dated |
|
NEE
(Guaran- tor) |
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli- dated |
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to NEE
|
$
|
3,789
|
|
|
$
|
1,340
|
|
|
$
|
(1,340
|
)
|
|
$
|
3,789
|
|
|
$
|
6,667
|
|
|
$
|
4,434
|
|
|
$
|
(4,434
|
)
|
|
$
|
6,667
|
|
|
$
|
5,561
|
|
|
$
|
3,710
|
|
|
$
|
(3,710
|
)
|
|
$
|
5,561
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli-
dated
|
|
NEE
(Guar-
antor)
|
|
NEECH
|
|
Other(a)
|
|
NEE
Consoli-
dated
|
||||||||||||||||||||||||
|
(millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
2,769
|
|
|
$
|
2,562
|
|
|
$
|
2,824
|
|
|
$
|
8,155
|
|
|
$
|
3,401
|
|
|
$
|
2,094
|
|
|
$
|
1,098
|
|
|
$
|
6,593
|
|
|
$
|
1,968
|
|
|
$
|
2,749
|
|
|
$
|
1,741
|
|
|
$
|
6,458
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases
|
(7
|
)
|
|
(6,509
|
)
|
|
(10,946
|
)
|
|
(17,462
|
)
|
|
(132
|
)
|
|
(7,735
|
)
|
|
(5,137
|
)
|
|
(13,004
|
)
|
|
—
|
|
|
(5,449
|
)
|
|
(5,291
|
)
|
|
(10,740
|
)
|
||||||||||||
Capital contributions from NEE
|
(1,876
|
)
|
|
—
|
|
|
1,876
|
|
|
—
|
|
|
(6,270
|
)
|
|
—
|
|
|
6,270
|
|
|
—
|
|
|
(92
|
)
|
|
—
|
|
|
92
|
|
|
—
|
|
||||||||||||
Proceeds from sale of the fiber-optic telecommunications business
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,454
|
|
|
—
|
|
|
1,454
|
|
||||||||||||
Sale of independent power and other investments of NEER
|
—
|
|
|
1,163
|
|
|
—
|
|
|
1,163
|
|
|
—
|
|
|
1,617
|
|
|
—
|
|
|
1,617
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
178
|
|
||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments
|
—
|
|
|
1,279
|
|
|
2,729
|
|
|
4,008
|
|
|
—
|
|
|
1,178
|
|
|
2,232
|
|
|
3,410
|
|
|
9
|
|
|
1,221
|
|
|
1,977
|
|
|
3,207
|
|
||||||||||||
Purchases of securities in special use funds and other investments
|
—
|
|
|
(1,306
|
)
|
|
(2,854
|
)
|
|
(4,160
|
)
|
|
—
|
|
|
(1,330
|
)
|
|
(2,403
|
)
|
|
(3,733
|
)
|
|
—
|
|
|
(1,163
|
)
|
|
(2,081
|
)
|
|
(3,244
|
)
|
||||||||||||
Distributions from subsidiaries and equity method investees
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,466
|
|
|
637
|
|
|
(4,466
|
)
|
|
637
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||||||||
Other - net
|
103
|
|
|
150
|
|
|
21
|
|
|
274
|
|
|
12
|
|
|
(130
|
)
|
|
241
|
|
|
123
|
|
|
7
|
|
|
195
|
|
|
18
|
|
|
220
|
|
||||||||||||
Net cash used in investing activities
|
(1,780
|
)
|
|
(5,223
|
)
|
|
(9,174
|
)
|
|
(16,177
|
)
|
|
(1,924
|
)
|
|
(5,763
|
)
|
|
(3,263
|
)
|
|
(10,950
|
)
|
|
(76
|
)
|
|
(3,557
|
)
|
|
(5,285
|
)
|
|
(8,918
|
)
|
||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issuances of long-term debt
|
—
|
|
|
10,916
|
|
|
3,003
|
|
|
13,919
|
|
|
—
|
|
|
2,651
|
|
|
1,748
|
|
|
4,399
|
|
|
—
|
|
|
6,393
|
|
|
1,961
|
|
|
8,354
|
|
||||||||||||
Retirements of long-term debt
|
—
|
|
|
(5,292
|
)
|
|
(200
|
)
|
|
(5,492
|
)
|
|
—
|
|
|
(1,512
|
)
|
|
(1,590
|
)
|
|
(3,102
|
)
|
|
—
|
|
|
(5,907
|
)
|
|
(873
|
)
|
|
(6,780
|
)
|
||||||||||||
Proceeds from differential membership investors
|
—
|
|
|
1,604
|
|
|
—
|
|
|
1,604
|
|
|
—
|
|
|
1,841
|
|
|
—
|
|
|
1,841
|
|
|
—
|
|
|
1,414
|
|
|
—
|
|
|
1,414
|
|
||||||||||||
Net change in commercial paper
|
—
|
|
|
(651
|
)
|
|
417
|
|
|
(234
|
)
|
|
—
|
|
|
1,493
|
|
|
(431
|
)
|
|
1,062
|
|
|
—
|
|
|
—
|
|
|
1,419
|
|
|
1,419
|
|
||||||||||||
Proceeds from other short-term debt
|
—
|
|
|
—
|
|
|
200
|
|
|
200
|
|
|
—
|
|
|
5,665
|
|
|
—
|
|
|
5,665
|
|
|
—
|
|
|
—
|
|
|
450
|
|
|
450
|
|
||||||||||||
Repayments of other short-term debt
|
—
|
|
|
(4,765
|
)
|
|
—
|
|
|
(4,765
|
)
|
|
—
|
|
|
(205
|
)
|
|
(250
|
)
|
|
(455
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||||
Payments to related parties under CSCS agreement – net
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Issuances of common stock - net
|
1,494
|
|
|
—
|
|
|
—
|
|
|
1,494
|
|
|
718
|
|
|
—
|
|
|
—
|
|
|
718
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
||||||||||||
Proceeds from issuance of NEP convertible preferred units - net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
548
|
|
|
—
|
|
|
548
|
|
||||||||||||
Dividends on common stock
|
(2,408
|
)
|
|
—
|
|
|
—
|
|
|
(2,408
|
)
|
|
(2,101
|
)
|
|
—
|
|
|
—
|
|
|
(2,101
|
)
|
|
(1,845
|
)
|
|
—
|
|
|
—
|
|
|
(1,845
|
)
|
||||||||||||
Contributions from (dividends to) NEE
|
—
|
|
|
1,479
|
|
|
(1,479
|
)
|
|
—
|
|
|
—
|
|
|
(7,272
|
)
|
|
7,272
|
|
|
—
|
|
|
—
|
|
|
(633
|
)
|
|
633
|
|
|
—
|
|
||||||||||||
Other - net
|
(73
|
)
|
|
(271
|
)
|
|
(47
|
)
|
|
(391
|
)
|
|
(96
|
)
|
|
(238
|
)
|
|
(38
|
)
|
|
(372
|
)
|
|
(102
|
)
|
|
(601
|
)
|
|
(22
|
)
|
|
(725
|
)
|
||||||||||||
Net cash provided by (used in) financing activities
|
(987
|
)
|
|
2,966
|
|
|
1,894
|
|
|
3,873
|
|
|
(1,479
|
)
|
|
2,402
|
|
|
6,711
|
|
|
7,634
|
|
|
(1,892
|
)
|
|
1,214
|
|
|
3,566
|
|
|
2,888
|
|
||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
2
|
|
|
309
|
|
|
(4,456
|
)
|
|
(4,145
|
)
|
|
(2
|
)
|
|
(1,274
|
)
|
|
4,546
|
|
|
3,270
|
|
|
—
|
|
|
432
|
|
|
22
|
|
|
454
|
|
||||||||||||
Cash, cash equivalents and restricted cash at beginning of year
|
(1
|
)
|
|
533
|
|
|
4,721
|
|
|
5,253
|
|
|
1
|
|
|
1,807
|
|
|
175
|
|
|
1,983
|
|
|
1
|
|
|
1,375
|
|
|
153
|
|
|
1,529
|
|
||||||||||||
Cash, cash equivalents and restricted cash at end of year
|
$
|
1
|
|
|
$
|
842
|
|
|
$
|
265
|
|
|
$
|
1,108
|
|
|
$
|
(1
|
)
|
|
$
|
533
|
|
|
$
|
4,721
|
|
|
$
|
5,253
|
|
|
$
|
1
|
|
|
$
|
1,807
|
|
|
$
|
175
|
|
|
$
|
1,983
|
|
(a)
|
Represents primarily FPL and consolidating adjustments.
|
|
March 31(a)
|
|
June 30(a)
|
|
September 30(a)
|
|
December 31(a)
|
||||||||
|
(millions, except per share amounts)
|
||||||||||||||
NEE:
|
|
|
|
|
|
|
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Operating revenues(b)
|
$
|
4,075
|
|
|
$
|
4,970
|
|
|
$
|
5,572
|
|
|
$
|
4,588
|
|
Operating income(b)
|
$
|
1,135
|
|
|
$
|
1,747
|
|
|
$
|
1,593
|
|
|
$
|
878
|
|
Net income(b)
|
$
|
606
|
|
|
$
|
1,139
|
|
|
$
|
798
|
|
|
$
|
844
|
|
Net income attributable to NEE(b)
|
$
|
680
|
|
|
$
|
1,234
|
|
|
$
|
879
|
|
|
$
|
975
|
|
Earnings per share attributable to NEE - basic(c)
|
$
|
1.42
|
|
|
$
|
2.58
|
|
|
$
|
1.82
|
|
|
$
|
2.00
|
|
Earnings per share attributable to NEE - assuming dilution(c)
|
$
|
1.41
|
|
|
$
|
2.56
|
|
|
$
|
1.81
|
|
|
$
|
1.99
|
|
Dividends per share
|
$
|
1.25
|
|
|
$
|
1.25
|
|
|
$
|
1.25
|
|
|
$
|
1.25
|
|
High-low common stock sales prices
|
$195.55 - $168.66
|
|
|
$208.91 - $187.30
|
|
|
$233.45 - $201.06
|
|
|
$245.01 - $220.66
|
|
||||
2018
|
|
|
|
|
|
|
|
||||||||
Operating revenues(b)
|
$
|
3,857
|
|
|
$
|
4,063
|
|
|
$
|
4,416
|
|
|
$
|
4,390
|
|
Operating income(b)
|
$
|
1,059
|
|
|
$
|
1,146
|
|
|
$
|
968
|
|
|
$
|
1,107
|
|
Net income(b)(d)
|
$
|
3,834
|
|
|
$
|
687
|
|
|
$
|
941
|
|
|
$
|
314
|
|
Net income attributable to NEE(b)(d)
|
$
|
4,431
|
|
|
$
|
781
|
|
|
$
|
1,005
|
|
|
$
|
422
|
|
Earnings per share attributable to NEE - basic(c)(d)
|
$
|
9.41
|
|
|
$
|
1.66
|
|
|
$
|
2.12
|
|
|
$
|
0.88
|
|
Earnings per share attributable to NEE - assuming dilution(c)(d)
|
$
|
9.32
|
|
|
$
|
1.61
|
|
|
$
|
2.10
|
|
|
$
|
0.88
|
|
Dividends per share
|
$
|
1.11
|
|
|
$
|
1.11
|
|
|
$
|
1.11
|
|
|
$
|
1.11
|
|
High-low common stock sales prices
|
$164.41 - $145.10
|
|
|
$169.53 - $155.06
|
|
|
$175.65 - $163.52
|
|
|
$184.20 - $164.78
|
|
||||
|
|
|
|
|
|
|
|
||||||||
FPL:
|
|
|
|
|
|
|
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Operating revenues(b)
|
$
|
2,618
|
|
|
$
|
3,158
|
|
|
$
|
3,491
|
|
|
$
|
2,925
|
|
Operating income(b)
|
$
|
857
|
|
|
$
|
854
|
|
|
$
|
973
|
|
|
$
|
617
|
|
Net income(b)
|
$
|
588
|
|
|
$
|
663
|
|
|
$
|
683
|
|
|
$
|
400
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Operating revenues(b)
|
$
|
2,620
|
|
|
$
|
2,908
|
|
|
$
|
3,399
|
|
|
$
|
2,935
|
|
Operating income(b)
|
$
|
707
|
|
|
$
|
921
|
|
|
$
|
917
|
|
|
$
|
609
|
|
Net income(b)
|
$
|
484
|
|
|
$
|
626
|
|
|
$
|
654
|
|
|
$
|
407
|
|
(a)
|
In the opinion of NEE and FPL management, all adjustments, which consist of normal recurring accruals necessary to present a fair statement of the amounts shown for such periods, have been made. Results of operations for an interim period generally will not give a true indication of results for the year.
|
(b)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding.
|
(c)
|
The sum of the quarterly amounts may not equal the total for the year due to rounding and changes in weighted-average number of common shares outstanding.
|
(d)
|
First quarter of 2018 includes gain on the deconsolidation of NEP (see Note 1 - NextEra Energy Partners, LP).
|
(a)
|
Management's Annual Report on Internal Control Over Financial Reporting
|
(b)
|
Attestation Report of the Independent Registered Public Accounting Firm
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
|
|
||||
Equity compensation plans approved by security holders
|
|
4,011,354
|
|
(a)
|
$
|
123.09
|
|
(b)
|
6,414,488
|
|
(c)
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Total
|
|
4,011,354
|
|
|
$
|
123.09
|
|
|
6,414,488
|
|
|
(a)
|
Includes an aggregate of 2,416,688 outstanding options, 1,422,352 unvested performance share awards (at maximum payout), 22,446 deferred fully vested performance shares and 117,936 deferred stock awards (including future reinvested dividends) under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan and former LTIP, and 31,932 fully vested shares deferred by directors under the NextEra Energy, Inc. 2007 Non-Employee Directors Stock Plan and its predecessor, the FPL Group, Inc. Amended and Restated Non-Employee Directors Stock Plan.
|
(b)
|
Relates to outstanding options only.
|
(c)
|
Includes 5,939,880 shares under the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan and 474,608 shares under the NextEra Energy, Inc. 2017 Non-Employee Directors Stock Plan.
|
|
2019
|
|
2018
|
||||
Audit fees(a)
|
$
|
3,621,000
|
|
|
$
|
3,895,000
|
|
Audit-related fees(b)
|
380,000
|
|
|
84,000
|
|
||
Tax fees(c)
|
2,097,000
|
|
|
256,000
|
|
||
All other fees(d)
|
15,000
|
|
|
7,000
|
|
||
Total
|
$
|
6,113,000
|
|
|
$
|
4,242,000
|
|
(a)
|
Audit fees consist of fees billed for professional services rendered for the audit of FPL's and NEE's annual consolidated financial statements for the fiscal year, the reviews of the financial statements included in FPL's and NEE's Quarterly Reports on Form 10-Q during the fiscal year and the audit of the effectiveness of internal control over financial reporting, comfort letters, and consents.
|
(b)
|
Audit-related fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of FPL's and NEE's consolidated financial statements and are not reported under audit fees. These fees primarily relate to audits of subsidiary financial statements and attestation services.
|
(c)
|
Tax fees consist of fees billed for professional services rendered for tax compliance, tax advice and tax planning. In 2019 and 2018, approximately $2,069,000 and $36,000, respectively, was paid related to tax compliance services. In 2019, these fees primarily related to research and development tax credit compliance services. All other tax fees in 2019 and in 2018 related to tax advice and planning services.
|
(d)
|
All other fees consist of fees for products and services other than the services reported under the other named categories. In 2019 and 2018, these fees related to training.
|
|
|
|
Page(s)
|
(a)
|
1.
|
Financial Statements
|
|
|
|
Management's Report on Internal Control Over Financial Reporting
|
|
|
|
Attestation Report of Independent Registered Public Accounting Firm
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
NEE:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Equity
|
|
|
|
FPL:
|
|
|
|
Consolidated Statements of Income
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Common Shareholder's Equity
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
|
|
2.
|
Financial Statement Schedules - Schedules are omitted as not applicable or not required.
|
|
|
|
|
|
|
3.
|
Exhibits (including those incorporated by reference)
|
|
|
|
Certain exhibits listed below refer to "FPL Group" and "FPL Group Capital," and were effective prior to the change of the name FPL Group, Inc. to NextEra Energy, Inc., and of the name FPL Group Capital Inc to NextEra Energy Capital Holdings, Inc., during 2010.
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*2(a)
|
|
|
x
|
|
|
|
|
*2(b)
|
|
|
x
|
|
|
|
|
*3(i)a
|
|
|
x
|
|
|
|
|
*3(i)b
|
|
|
|
|
x
|
|
|
*3(ii)a
|
|
|
x
|
|
|
|
|
*3(ii)b
|
|
|
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(g)
|
|
|
x
|
|
|
|
|
*4(h)
|
|
|
x
|
|
|
|
|
*4(i)
|
|
|
x
|
|
|
|
|
*4(j)
|
|
|
x
|
|
|
|
|
*4(k)
|
|
|
x
|
|
|
|
|
*4(l)
|
|
|
x
|
|
|
|
|
*4(m)
|
|
|
x
|
|
|
|
|
*4(n)
|
|
|
x
|
|
|
|
|
*4(o)
|
|
|
x
|
|
|
|
|
*4(p)
|
|
|
x
|
|
|
|
|
*4(q)
|
|
|
x
|
|
|
|
|
*4(r)
|
|
|
x
|
|
|
|
|
*4(s)
|
|
|
x
|
|
|
|
|
*4(t)
|
|
|
x
|
|
|
|
|
*4(u)
|
|
|
x
|
|
|
|
|
*4(v)
|
|
|
x
|
|
|
|
|
*4(w)
|
|
|
x
|
|
|
|
|
*4(x)
|
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(y)
|
|
|
x
|
|
|
|
|
*4(z)
|
|
|
x
|
|
|
|
|
*4(aa)
|
|
|
x
|
|
|
|
|
*4(bb)
|
|
|
x
|
|
|
|
|
*4(cc)
|
|
|
x
|
|
|
|
|
*4(dd)
|
|
|
x
|
|
|
|
|
*4(ee)
|
|
|
x
|
|
|
|
|
*4(ff)
|
|
|
x
|
|
|
|
|
*4(gg)
|
|
|
x
|
|
|
|
|
*4(hh)
|
|
|
x
|
|
|
|
|
*4(ii)
|
|
|
x
|
|
|
|
|
*4(jj)
|
|
|
x
|
|
|
|
|
*4(kk)
|
|
|
x
|
|
|
|
|
*4(ll)
|
|
|
x
|
|
|
|
|
*4(mm)
|
|
|
x
|
|
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*4(nn)
|
|
|
x
|
|
|
|
|
*4(oo)
|
|
|
x
|
|
|
|
|
*4(pp)
|
|
|
x
|
|
|
|
|
*4(qq)
|
|
|
x
|
|
|
|
|
*4(rr)
|
|
|
x
|
|
|
|
|
*4(ss)
|
|
|
x
|
|
|
|
|
*4(tt)
|
|
|
x
|
|
|
|
|
*4(uu)
|
|
|
x
|
|
|
|
|
*4(vv)
|
|
|
|
|
x
|
|
|
*4(ww)
|
|
|
x
|
|
|
|
|
*4(xx)
|
|
|
x
|
|
|
|
|
*4(yy)
|
|
Senior Note Indenture dated as of January 1, 1998, between Gulf Power Company and Wells Fargo Bank, National Association, as Successor Trustee, and certain indentures supplemental thereto (filed as Exhibit 4.1 to Form 8-K dated June 17, 1998, File No. 0-2429; Exhibit 4.2 to Form 8-K dated April 6, 2010, File No. 1-31737; Exhibit 4.2 to Form 8-K dated September 9, 2010, File No. 1-31737; Exhibit 4.2 to Form 8-K dated May 15, 2012, File No. 1-31737; Exhibit 4.2 to Form 8-K dated June 10, 2013, File No. 1-31737; Exhibit 4.2 to Form 8-K dated September 16, 2014, File No. 1-31737; and Exhibit 4.2 to Form 8-K dated May 15, 2017, File No. 1-31737)
|
|
x
|
|
|
|
4(zz)
|
|
|
x
|
|
|
|
|
*10(a)
|
|
|
x
|
|
x
|
|
|
*10(b)
|
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(c)
|
|
|
x
|
|
x
|
|
|
*10(d)
|
|
|
x
|
|
x
|
|
|
*10(e)
|
|
|
x
|
|
x
|
|
|
*10(f)
|
|
|
x
|
|
x
|
|
|
*10(g)
|
|
|
x
|
|
x
|
|
|
*10(h)
|
|
|
x
|
|
x
|
|
|
*10(i)
|
|
|
x
|
|
x
|
|
|
*10(j)
|
|
|
x
|
|
x
|
|
|
*10(k)
|
|
|
x
|
|
x
|
|
|
*10(l)
|
|
|
x
|
|
x
|
|
|
*10(m)
|
|
|
x
|
|
x
|
|
|
*10(n)
|
|
|
x
|
|
x
|
|
|
*10(o)
|
|
|
x
|
|
x
|
|
|
*10(p)
|
|
|
x
|
|
x
|
|
|
*10(q)
|
|
|
x
|
|
x
|
|
|
*10(r)
|
|
|
x
|
|
x
|
|
|
*10(s)
|
|
|
x
|
|
x
|
|
|
*10(t)
|
|
|
x
|
|
x
|
|
|
*10(u)
|
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(v)
|
|
|
x
|
|
x
|
|
|
*10(w)
|
|
|
x
|
|
x
|
|
|
*10(x)
|
|
|
x
|
|
x
|
|
|
*10(y)
|
|
|
x
|
|
x
|
|
|
*10(z)
|
|
|
x
|
|
x
|
|
|
*10(aa)
|
|
|
x
|
|
x
|
|
|
*10(bb)
|
|
|
x
|
|
x
|
|
|
*10(cc)
|
|
|
x
|
|
x
|
|
|
*10(dd)
|
|
|
x
|
|
|
|
|
*10(ee)
|
|
|
x
|
|
|
|
|
*10(ff)
|
|
|
x
|
|
|
|
|
*10(gg)
|
|
|
x
|
|
|
|
|
10(hh)
|
|
|
x
|
|
|
|
|
*10(ii)
|
|
|
x
|
|
x
|
|
|
*10(jj)
|
|
|
x
|
|
x
|
|
|
*10(kk)
|
|
|
x
|
|
x
|
|
|
*10(ll)
|
|
|
x
|
|
x
|
|
|
*10(mm)
|
|
|
x
|
|
x
|
|
Exhibit
Number
|
|
Description
|
|
NEE
|
|
FPL
|
|
*10(nn)
|
|
|
x
|
|
x
|
|
|
*10(oo)
|
|
|
x
|
|
x
|
|
|
*10(pp)
|
|
|
x
|
|
x
|
|
|
*10(qq)
|
|
|
x
|
|
x
|
|
|
*10(rr)
|
|
|
x
|
|
x
|
|
|
10(ss)
|
|
|
x
|
|
x
|
|
|
10(tt)
|
|
|
x
|
|
x
|
|
|
*10(uu)
|
|
|
x
|
|
x
|
|
|
*10(vv)
|
|
|
x
|
|
|
|
|
*10(ww)
|
|
|
x
|
|
|
|
|
*10(xx)
|
|
|
x
|
|
|
|
|
21
|
|
|
x
|
|
|
|
|
23
|
|
|
x
|
|
x
|
|
|
31(a)
|
|
|
x
|
|
|
|
|
31(b)
|
|
|
x
|
|
|
|
|
31(c)
|
|
|
|
|
x
|
|
|
31(d)
|
|
|
|
|
x
|
|
|
32(a)
|
|
|
x
|
|
|
|
|
32(b)
|
|
|
|
|
x
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
x
|
|
x
|
|
101.SCH
|
|
Inline XBRL Schema Document
|
|
x
|
|
x
|
|
101.PRE
|
|
Inline XBRL Presentation Linkbase Document
|
|
x
|
|
x
|
|
101.CAL
|
|
Inline XBRL Calculation Linkbase Document
|
|
x
|
|
x
|
|
101.LAB
|
|
Inline XBRL Label Linkbase Document
|
|
x
|
|
x
|
|
101.DEF
|
|
Inline XBRL Definition Linkbase Document
|
|
x
|
|
x
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
x
|
|
x
|
JAMES L. ROBO
|
James L. Robo
Chairman, President and Chief Executive Officer and Director
(Principal Executive Officer)
|
REBECCA J. KUJAWA
|
|
JAMES M. MAY
|
Rebecca J. Kujawa
Executive Vice President, Finance
and Chief Financial Officer
(Principal Financial Officer)
|
|
James M. May
Vice President, Controller and Chief Accounting
Officer
(Principal Accounting Officer)
|
SHERRY S. BARRAT
|
|
AMY B. LANE
|
Sherry S. Barrat
|
|
Amy B. Lane
|
JAMES L. CAMAREN
|
|
DAVID L. PORGES
|
James L. Camaren
|
|
David L. Porges
|
KENNETH B. DUNN
|
|
RUDY E. SCHUPP
|
Kenneth B. Dunn
|
|
Rudy E. Schupp
|
NAREN K. GURSAHANEY
|
|
JOHN L. SKOLDS
|
Naren K. Gursahaney
|
|
John L. Skolds
|
KIRK S. HACHIGIAN
|
|
WILLIAM H. SWANSON
|
Kirk S. Hachigian
|
|
William H. Swanson
|
TONI JENNINGS
|
|
HANSEL E. TOOKES, II
|
Toni Jennings
|
|
Hansel E. Tookes, II
|
|
|
DARRYL L. WILSON
|
|
|
Darryl L. Wilson
|
ERIC E. SILAGY
|
Eric E. Silagy
President and Chief Executive Officer and Director
(Principal Executive Officer)
|
REBECCA J. KUJAWA
|
|
KEITH FERGUSON
|
Rebecca J. Kujawa
Executive Vice President, Finance
and Chief Financial Officer and Director
(Principal Financial Officer)
|
|
Keith Ferguson
Controller
(Principal Accounting Officer)
|
JAMES L. ROBO
|
|
|
James L. Robo
|
|
|