Summary of Significant Accounting and Reporting Policies

9 Months Ended

Sep. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting and Reporting Policies

Summary of Significant Accounting and Reporting Policies

Revenue Recognition - In May 2014, the Financial Accounting Standards Board (FASB) issued a new accounting standard which provides guidance on the recognition of revenue from contracts with customers and requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows from an entity's contracts with customers.  The standard is effective for NEE and FPL beginning January 1, 2017.  NEE and FPL are currently evaluating the effect the adoption of this standard will have, if any, on their consolidated financial statements.

Basis of Presentation - NEE formed NextEra Energy Partners, LP (NEP) to own, operate and acquire contracted clean energy projects with stable, long-term cash flows through a limited partner interest in NextEra Energy Operating Partners, LP (NEP OpCo).  On July 1, 2014, NEP closed its initial public offering (IPO) by issuing 18,687,500 common units representing limited partnership interests.  The proceeds from the sale of the common units, net of underwriting discounts, commissions and structuring fees, were approximately $438 million.  NEP used such proceeds to purchase 18,687,500 common units of NEP OpCo, of which approximately $288 million was used to purchase common units from an indirect wholly-owned subsidiary of NEE and $150 million was used to purchase common units from NEP OpCo which will use that amount for its general partnership purposes, including to fund future acquisition opportunities.  Through an indirect wholly-owned subsidiary, NEE retained 74,440,000 units of NEP OpCo representing a 79.9% interest in NEP's operating projects.  Additionally, NEE owns a controlling general partner interest in NEP and consolidates this entity for financial reporting purposes and presents NEP's limited partner interest as a noncontrolling interest in NEE's financial statements.  The IPO resulted in a deferred gain of approximately $299 million which is reflected in noncurrent other liabilities on NEE's condensed consolidated balance sheet at September 30, 2014.  Upon completion of the IPO, NEP, through NEER's contribution of energy projects to NEP OpCo, owned a portfolio of ten wind and solar projects with generation capacity totaling approximately 990 MW.

Noncontrolling Interests - The following table reflects the changes in NEE's noncontrolling interests balance for the three and nine months ended September 30, 2014:

	Noncontrolling Interests
	(millions)
Noncontrolling interests at December 31, 2013 and June 30, 2014	$	—
NEP acquisition of limited partner interest in NEP OpCo	232
Other noncontrolling interests	98
Comprehensive income attributable to noncontrolling interests	4
Noncontrolling interests at September 30, 2014	$	334

The NEP acquisition of limited partner interest in NEP OpCo primarily reflects the value of NEP's interest in the underlying assets held by NEP OpCo at the time of the IPO.  Other noncontrolling interests primarily reflect the outside equity interests in a limited partnership that was consolidated by FPL during the three months ended September 30, 2014, which is included in other investments on NEE's condensed consolidated balance sheets (noncurrent other assets on FPL's condensed consolidated balance sheets) at September 30, 2014.  See Note 7 - FPL.