Summarized Financial Information of Capital Holdings

9 Months Ended

Sep. 30, 2015

Summarized Financial Information [Abstract]

Summarized Financial Information of Capital Holdings

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. NEECH’s debentures and junior subordinated debentures that are registered pursuant to the Securities Act of 1933, as amended, are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income

	Three Months Ended September 30,
	2015												2014
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,683		$	3,271		$	4,954		$	—		$	1,343		$	3,311		$	4,654
Operating expenses	(3		)	(1,045		)	(2,425		)	(3,473		)	(4		)	(1,010		)	(2,477		)	(3,491		)
Interest expense	(1		)	(200		)	(110		)	(311		)	(2		)	(204		)	(110		)	(316		)
Equity in earnings of subsidiaries	865			—			(865		)	—			660			—			(660		)	—
Other income - net	—			114			18			132			1			91			4			96
Income (loss) before income taxes	861			552			(111		)	1,302			655			220			68			943
Income tax expense (benefit)	(18		)	167			272			421			(5		)	17			267			279
Net income (loss)	879			385			(383		)	881			660			203			(199		)	664
Less net income attributable to noncontrolling interests	—			(2		)	—			(2		)	—			(4		)	—			(4		)
Net income (loss) attributable to NEE	$	879		$	383		$	(383	)	$	879		$	660		$	199		$	(199	)	$	660

	Nine Months Ended September 30,
	2015												2014
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	4,616		$	8,801		$	13,417		$	—		$	3,628		$	8,729		$	12,357
Operating expenses	(12		)	(3,124		)	(6,524		)	(9,660		)	(13		)	(3,011		)	(6,480		)	(9,504		)
Interest expense	(3		)	(573		)	(336		)	(912		)	(5		)	(614		)	(321		)	(940		)
Equity in earnings of subsidiaries	2,226			—			(2,226		)	—			1,602			—			(1,602		)	—
Other income - net	—			343			45			388			2			369			24			395
Income (loss) before income taxes	2,211			1,262			(240		)	3,233			1,586			372			350			2,308
Income tax expense (benefit)	(34		)	293			722			981			5			(3		)	721			723
Net income (loss)	2,245			969			(962		)	2,252			1,581			375			(371		)	1,585
Less net income attributable to noncontrolling interests	—			(7		)	—			(7		)	—			(4		)	—			(4		)
Net income (loss) attributable to NEE	$	2,245		$	962		$	(962	)	$	2,245		$	1,581		$	371		$	(371	)	$	1,581

————————————

(a)  Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended September 30,
	2015									2014
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	714	$	218	$	(218	)	$	714	$	648	$	187	$	(187	)	$	648

	Nine Months Ended September 30,
	2015									2014
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	2,117	$	850	$	(850	)	$	2,117	$	1,572	$	357	$	(357	)	$	1,572

————————————

(a) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

	September 30, 2015												December 31, 2014
	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	$	27		$	34,924		$	44,254		$	79,205		$	27		$	31,674		$	41,938		$	73,639
Less accumulated depreciation and amortization	(15		)	(7,622		)	(11,733		)	(19,370		)	(12		)	(6,640		)	(11,282		)	(17,934		)
Total property, plant and equipment - net	12			27,302			32,521			59,835			15			25,034			30,656			55,705
CURRENT ASSETS
Cash and cash equivalents	—			1,149			32			1,181			—			562			15			577
Receivables	455			1,707			148			2,310			82			1,378			699			2,159
Other	88			1,525			1,553			3,166			19			2,512			1,677			4,208
Total current assets	543			4,381			1,733			6,657			101			4,452			2,391			6,944
OTHER ASSETS
Investment in subsidiaries	22,108			—			(22,108		)	—			19,703			—			(19,703		)	—
Other	671			6,827			5,973			13,471			736			6,066			5,478			12,280
Total other assets	22,779			6,827			(16,135		)	13,471			20,439			6,066			(14,225		)	12,280
TOTAL ASSETS	$	23,334		$	38,510		$	18,119		$	79,963		$	20,555		$	35,552		$	18,822		$	74,929
CAPITALIZATION
Common shareholders' equity	$	22,318		$	6,223		$	(6,223	)	$	22,318		$	19,916		$	6,552		$	(6,552	)	$	19,916
Noncontrolling interests	—			508			—			508			—			252			—			252
Long-term debt	—			16,566			9,038			25,604			—			14,954			9,413			24,367
Total capitalization	22,318			23,297			2,815			48,430			19,916			21,758			2,861			44,535
CURRENT LIABILITIES
Debt due within one year	—			4,352			308			4,660			—			3,455			1,202			4,657
Accounts payable	12			1,192			666			1,870			—			707			647			1,354
Other	594			2,079			1,168			3,841			182			2,075			1,395			3,652
Total current liabilities	606			7,623			2,142			10,371			182			6,237			3,244			9,663
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			686			1,415			2,101			—			631			1,355			1,986
Deferred income taxes	79			2,638			6,850			9,567			149			2,608			6,504			9,261
Other	331			4,266			4,897			9,494			308			4,318			4,858			9,484
Total other liabilities and deferred credits	410			7,590			13,162			21,162			457			7,557			12,717			20,731
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	23,334		$	38,510		$	18,119		$	79,963		$	20,555		$	35,552		$	18,822		$	74,929

————————————

(a) Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

	Nine Months Ended September 30,
	2015												2014
	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	$	1,242		$	1,834		$	1,437		$	4,513		$	1,353		$	1,041		$	1,574		$	3,968
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(3,058		)	(2,618		)	(5,676		)	(1		)	(2,675		)	(2,382		)	(5,058		)
Capital contribution to FPL	(1,454		)	—			1,454			—			(100		)	—			100			—
Cash grants under the Recovery Act	—			6			—			6			—			321			—			321
Sale of independent power and other investments of NEER	—			34			—			34			—			307			—			307
Proceeds from the sale of a noncontrolling interest in subsidiaries	—			319			—			319			—			438			—			438
Other - net	(17		)	(4		)	(139		)	(160		)	(284		)	(78		)	276			(86		)
Net cash used in investing activities	(1,471		)	(2,703		)	(1,303		)	(5,477		)	(385		)	(1,687		)	(2,006		)	(4,078		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			3,377			85			3,462			—			3,246			998			4,244
Retirements of long-term debt	—			(2,547		)	(550		)	(3,097		)	—			(3,333		)	(355		)	(3,688		)
Proceeds from notes payable	—			1,450			—			1,450			—			501			—			501
Repayments of notes payable	—			(313		)	—			(313		)	—			—			—			—
Net change in commercial paper	—			780			(896		)	(116		)	—			(82		)	76			(6		)
Issuances of common stock	1,274			—			—			1,274			57			—			—			57
Dividends on common stock	(1,031		)	—			—			(1,031		)	(945		)	—			—			(945		)
Contributions from (dividends to) NEE	—			(1,214		)	1,214			—			—			295			(295		)	—
Other - net	(14		)	(77		)	30			(61		)	(79		)	56			17			(6		)
Net cash provided by (used in) financing activities	229			1,456			(117		)	1,568			(967		)	683			441			157
Net increase in cash and cash equivalents	—			587			17			604			1			37			9			47
Cash and cash equivalents at beginning of period	—			562			15			577			—			418			20			438
Cash and cash equivalents at end of period	$	—		$	1,149		$	32		$	1,181		$	1		$	455		$	29		$	485

————————————

(a) Represents primarily FPL and consolidating adjustments.