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Summarized Financial Information of Capital Holdings
 3 Months Ended
Mar. 31, 2012
Summarized Financial Information [Abstract]  
Summarized Financial Information of Capital Holdings
11.  Summarized Financial Information of NEECH

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL.  Most of NEECH's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by NEE.  Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income

 
Three Months Ended March 31,
 
2012
 
2011
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Operating revenues
$
—

 
$
1,151

 
$
2,220

 
$
3,371

 
$
—

 
$
890

 
$
2,244

 
$
3,134

Operating expenses
(4
)
 
(784
)
 
(1,740
)
 
(2,528
)
 
(3
)
 
(865
)
 
(1,838
)
 
(2,706
)
Interest expense
(3
)
 
(161
)
 
(101
)
 
(265
)
 
(3
)
 
(163
)
 
(88
)
 
(254
)
Equity in earnings of subsidiaries
458

 
—

 
(458
)
 
—

 
—

 
—

 
—

 
—

Other income (deductions) - net
—

 
32

 
8

 
40

 
270

 
53

 
(261
)
 
62

Income (loss) before income taxes
451

 
238

 
(71
)
 
618

 
264

 
(85
)
 
57

 
236

Income tax expense (benefit)
(10
)
 
19

 
148

 
157

 
(4
)
 
(149
)
 
121

 
(32
)
Net income (loss)
$
461

 
$
219

 
$
(219
)
 
$
461

 
$
268

 
$
64

 
$
(64
)
 
$
268

————————————
(a)
Represents FPL and consolidating adjustments.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Condensed Consolidating Statements of Comprehensive Income
 
Three Months Ended March 31,
 
2012
 
2011
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Comprehensive income (loss)
$
521

 
$
291

 
$
(291
)
 
$
521

 
$
304

 
$
94

 
$
(94
)
 
$
304

————————————
(a)
Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

 
March 31, 2012
 
December 31, 2011
 
NEE
(Guaran-
tor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guaran-
tor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric utility plant in service and other property
$
30

 
$
23,089

 
$
36,142

 
$
59,261

 
$
31

 
$
22,351

 
$
35,170

 
$
57,552

Less accumulated depreciation and amortization
(4
)
 
(4,364
)
 
(10,925
)
 
(15,293
)
 
(3
)
 
(4,143
)
 
(10,916
)
 
(15,062
)
Total property, plant and equipment - net
26

 
18,725

 
25,217

 
43,968

 
28

 
18,208

 
24,254

 
42,490

CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
1

 
257

 
17

 
275

 
1

 
339

 
37

 
377

Receivables
156

 
1,144

 
537

 
1,837

 
84

 
1,026

 
692

 
1,802

Other
9

 
1,323

 
1,650

 
2,982

 
5

 
1,075

 
1,613

 
2,693

Total current assets
166

 
2,724

 
2,204

 
5,094

 
90

 
2,440

 
2,342

 
4,872

OTHER ASSETS
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Investment in subsidiaries
15,154

 
—

 
(15,154
)
 
—

 
14,879

 
—

 
(14,879
)
 
—

Other
854

 
5,017

 
4,274

 
10,145

 
513

 
4,849

 
4,464

 
9,826

Total other assets
16,008

 
5,017

 
(10,880
)
 
10,145

 
15,392

 
4,849

 
(10,415
)
 
9,826

TOTAL ASSETS
$
16,200

 
$
26,466

 
$
16,541

 
$
59,207

 
$
15,510

 
$
25,497

 
$
16,181

 
$
57,188

CAPITALIZATION
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Common shareholders' equity
$
15,223

 
$
4,025

 
$
(4,025
)
 
$
15,223

 
$
14,943

 
$
4,030

 
$
(4,030
)
 
$
14,943

Long-term debt
—

 
13,526

 
7,056

 
20,582

 
—

 
13,327

 
7,483

 
20,810

Total capitalization
15,223

 
17,551

 
3,031

 
35,805

 
14,943

 
17,357

 
3,453

 
35,753

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Debt due within one year
—

 
2,100

 
1,288

 
3,388

 
—

 
1,778

 
379

 
2,157

Accounts payable
—

 
428

 
645

 
1,073

 
—

 
512

 
679

 
1,191

Other
401

 
1,641

 
1,502

 
3,544

 
250

 
1,520

 
1,601

 
3,371

Total current liabilities
401

 
4,169

 
3,435

 
8,005

 
250

 
3,810

 
2,659

 
6,719

OTHER LIABILITIES AND DEFERRED CREDITS
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Asset retirement obligations
—

 
475

 
1,159

 
1,634

 
—

 
466

 
1,145

 
1,611

Accumulated deferred income taxes
73

 
1,355

 
4,385

 
5,813

 
68

 
1,376

 
4,237

 
5,681

Other
503

 
2,916

 
4,531

 
7,950

 
249

 
2,488

 
4,687

 
7,424

Total other liabilities and deferred credits
576

 
4,746

 
10,075

 
15,397

 
317

 
4,330

 
10,069

 
14,716

COMMITMENTS AND CONTINGENCIES


 


 


 


 


 


 


 


TOTAL CAPITALIZATION AND LIABILITIES
$
16,200

 
$
26,466

 
$
16,541

 
$
59,207

 
$
15,510

 
$
25,497

 
$
16,181

 
$
57,188

————————————
(a)
Represents FPL and consolidating adjustments.


Condensed Consolidating Statements of Cash Flows

 
Three Months Ended March 31,
 
2012
 
2011
 
NEE
(Guaran-
tor)
 

NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guaran-
tor)
 

NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends from FPL
$
—

 
$
—

 
$
—

 
$
—

 
$
400

 
$
—

 
$
(400
)
 
$
—

Dividends from NEECH
295

 
—

 
(295
)
 
—

 
—

 
—

 
—

 
—

Other
12

 
265

 
558

 
835

 
118

 
234

 
631

 
983

Net cash provided by operating activities
307

 
265

 
263

 
835

 
518

 
234

 
231

 
983

CASH FLOWS FROM INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Capital expenditures, independent power and other investments and nuclear fuel purchases
—

 
(902
)
 
(1,112
)
 
(2,014
)
 
(16
)
 
(734
)
 
(694
)
 
(1,444
)
Capital contribution to FPL
(40
)
 
—

 
40

 
—

 
—

 
—

 
—

 
—

Cash grants under the Recovery Act
—

 
—

 
—

 
—

 
—

 
223

 
154

 
377

Other - net
—

 
29

 
(10
)
 
19

 
(280
)
 
8

 
262

 
(10
)
Net cash used in investing activities
(40
)
 
(873
)
 
(1,082
)
 
(1,995
)
 
(296
)
 
(503
)
 
(278
)
 
(1,077
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Issuances of long-term debt
—

 
566

 
—

 
566

 
—

 
201

 
—

 
201

Retirements of long-term debt
—

 
(109
)
 
(25
)
 
(134
)
 
—

 
(228
)
 
(24
)
 
(252
)
Proceeds from sale of differential membership interests
—

 
303

 
—

 
303

 
—

 
—

 
—

 
—

Net change in short-term debt
—

 
75

 
507

 
582

 
—

 
158

 
330

 
488

Dividends on common stock
(248
)
 
—

 
—

 
(248
)
 
(229
)
 
—

 
—

 
(229
)
Dividends to NEE(b)
—

 
(295
)
 
295

 
—

 
—

 
—

 
—

 
—

   Other - net
(19
)
 
(14
)
 
22

 
(11
)
 
7

 
260

 
(258
)
 
9

Net cash provided by (used in) financing activities
(267
)
 
526

 
799

 
1,058

 
(222
)
 
391

 
48

 
217

Net increase (decrease) in cash and cash equivalents
—

 
(82
)
 
(20
)
 
(102
)
 
—

 
122

 
1

 
123

Cash and cash equivalents at beginning of period
1

 
339

 
37

 
377

 
—

 
282

 
20

 
302

Cash and cash equivalents at end of period
$
1

 
$
257

 
$
17

 
$
275

 
$
—

 
$
404

 
$
21

 
$
425

————————————
(a)
Represents FPL and consolidating adjustments.
(b)
Other column in 2011 also includes cash dividends from FPL to NEE of $400 million and corresponding consolidating adjustments.