Summarized Financial Information of Capital Holdings

6 Months Ended

Jun. 30, 2013

Summarized Financial Information [Abstract]

Summarized Financial Information of Capital Holdings

12.  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 June 30,
	2013												2012
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,140		$	2,693		$	3,833		$	—		$	1,090		$	2,577		$	3,667
Operating expenses(b)	(4		)	(878		)	(1,970		)	(2,852		)	(5		)	(747		)	(1,915		)	(2,667		)
Interest expense	(2		)	(161		)	(103		)	(266		)	(3		)	(163		)	(104		)	(270		)
Equity in earnings of subsidiaries	623			—			(623		)	—			607			—			(607		)	—
Other income (deductions) - net(b)	(1		)	94			13			106			2			108			10			120
Income (loss) before income taxes	616			195			10			821			601			288			(39		)	850
Income tax expense (benefit)	6			(36		)	241			211			(6		)	34			215			243
Net income (loss)	$	610		$	231		$	(231	)	$	610		$	607		$	254		$	(254	)	$	607

	Six Months Ended June 30,
	2013												2012
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	2,234		$	4,878		$	7,112		$	—		$	2,241		$	4,797		$	7,038
Operating expenses(b)	(7		)	(2,078		)	(3,612		)	(5,697		)	(9		)	(1,572		)	(3,654		)	(5,235		)
Interest expense	(5		)	(331		)	(201		)	(537		)	(6		)	(324		)	(206		)	(536		)
Equity in earnings of subsidiaries	872			—			(872		)	—			1,065			—			(1,065		)	—
Other income - net(b)	1			168			27			196			2			181			17			200
Income (loss) from continuing operations before income taxes	861			(7		)	220			1,074			1,052			526			(111		)	1,467
Income tax expense (benefit)	(9		)	(25		)	413			379			(16		)	53			362			399
Income (loss) from continuing operations	870			18			(193		)	695			1,068			473			(473		)	1,068
Net gain from discontinued operations, net of income taxes	13			175			—			188			—			—			—			—
Net income (loss)	$	883		$	193		$	(193	)	$	883		$	1,068		$	473		$	(473	)	$	1,068

————————————

(a)  Represents FPL and consolidating adjustments.

(b)  Prior year amounts are restated to conform to the current year's presentation.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended June 30,
	2013									2012
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	644	$	265	$	(265	)	$	644	$	511	$	151	$	(151	)	$	511

	Six Months Ended June 30,
	2013									2012
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	1,036	$	339	$	(339	)	$	1,036	$	1,032	$	442	$	(442	)	$	1,032

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

	June 30, 2013												December 31, 2012
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	32		$	27,528		$	38,851		$	66,411		$	31		$	26,638		$	38,248		$	64,917
Less accumulated depreciation and amortization	(9		)	(5,291		)	(10,651		)	(15,951		)	(7		)	(4,800		)	(10,697		)	(15,504		)
Total property, plant and equipment - net	23			22,237			28,200			50,460			24			21,838			27,551			49,413
CURRENT ASSETS
Cash and cash equivalents	—			381			30			411			2			287			40			329
Receivables	481			1,224			415			2,120			398			1,208			450			2,056
Other	9			1,036			1,159			2,204			432			1,421			999			2,852
Total current assets	490			2,641			1,604			4,735			832			2,916			1,489			5,237
OTHER ASSETS
Investment in subsidiaries	16,530			—			(16,530		)	—			16,064			—			(16,064		)	—
Other	716			4,696			4,610			10,022			647			4,749			4,393			9,789
Total other assets	17,246			4,696			(11,920		)	10,022			16,711			4,749			(11,671		)	9,789
TOTAL ASSETS	$	17,759		$	29,574		$	17,884		$	65,217		$	17,567		$	29,503		$	17,369		$	64,439
CAPITALIZATION
Common shareholders' equity	$	16,601		$	3,661		$	(3,661	)	$	16,601		$	16,068		$	3,533		$	(3,533	)	$	16,068
Long-term debt	—			15,015			8,499			23,514			—			14,848			8,329			23,177
Total capitalization	16,601			18,676			4,838			40,115			16,068			18,381			4,796			39,245
CURRENT LIABILITIES
Debt due within one year	—			4,017			701			4,718			—			3,624			558			4,182
Accounts payable	—			559			720			1,279			1			667			613			1,281
Other	520			1,863			487			2,870			440			2,317			659			3,416
Total current liabilities	520			6,439			1,908			8,867			441			6,608			1,830			8,879
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			536			1,238			1,774			—			508			1,207			1,715
Deferred income taxes	106			1,013			5,742			6,861			497			891			5,315			6,703
Other	532			2,910			4,158			7,600			561			3,115			4,221			7,897
Total other liabilities and deferred credits	638			4,459			11,138			16,235			1,058			4,514			10,743			16,315
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	17,759		$	29,574		$	17,884		$	65,217		$	17,567		$	29,503		$	17,369		$	64,439

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30,
	2013												2012
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	598		$	657		$	995		$	2,250		$	403		$	667		$	858		$	1,928
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(1,647		)	(1,507		)	(3,154		)	—			(1,767		)	(2,263		)	(4,030		)
Capital contribution to FPL	—			—			—			—			(240		)	—			240			—
Cash grants under the Recovery Act	—			170			—			170			—			3			—			3
Change in loan proceeds restricted for construction	—			207			—			207			—			95			—			95
Other - net	—			26			(34		)	(8		)	—			(48		)	(41		)	(89		)
Net cash used in investing activities	—			(1,244		)	(1,541		)	(2,785		)	(240		)	(1,717		)	(2,064		)	(4,021		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			2,364			498			2,862			—			1,736			594			2,330
Retirements of long-term debt	—			(998		)	(427		)	(1,425		)	—			(621		)	(25		)	(646		)
Proceeds from sale of differential membership interests	—			201			—			201			—			337			—			337
Net change in short-term debt	—			(611		)	241			(370		)	—			(38		)	208			170
Issuances of common stock	9			—			—			9			372			—			—			372
Dividends on common stock	(557		)	—			—			(557		)	(500		)	—			—			(500		)
Other - net	(52		)	(275		)	224			(103		)	(35		)	(434		)	417			(52		)
Net cash provided by (used in) financing activities	(600		)	681			536			617			(163		)	980			1,194			2,011
Net increase (decrease) in cash and cash equivalents	(2		)	94			(10		)	82			—			(70		)	(12		)	(82		)
Cash and cash equivalents at beginning of period	2			287			40			329			1			339			37			377
Cash and cash equivalents at end of period	$	—		$	381		$	30		$	411		$	1		$	269		$	25		$	295

————————————

(a) Represents FPL and consolidating adjustments.