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 | ||||||||||||
Registrants | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||||||
Florida Power & Light Company | None |
Exhibit Number | Description | NextEra Energy, Inc. | Florida Power & Light Company | |||||||||||||||||
99 | x | x | ||||||||||||||||||
101 | Interactive data files for this Form 8-K formatted in Inline XBRL | x | x | |||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | x | x |
JAMES M. MAY | ||||||||
James M. May Vice President, Controller and Chief Accounting Officer |
KEITH FERGUSON | ||||||||
Keith Ferguson Controller |
NextEra Energy, Inc. Media Line: 561-694-4442 Jan. 26, 2021 FOR IMMEDIATE RELEASE |
As previously announced, NextEra Energy's fourth-quarter and full-year 2020 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the fourth-quarter and full-year 2020 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above. | ||||||||||||||
Preliminary | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2020 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Operating Revenues | $ | 2,842 | $ | 333 | $ | 1,243 | $ | (23) | $ | 4,395 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 680 | 103 | 123 | (30) | 876 | |||||||||||||||||||||||||||
Other operations and maintenance | 399 | 68 | 540 | 64 | 1,071 | |||||||||||||||||||||||||||
Storm restoration costs | 207 | — | — | — | 207 | |||||||||||||||||||||||||||
Depreciation and amortization | 471 | 66 | 391 | 16 | 944 | |||||||||||||||||||||||||||
Taxes other than income taxes and other - net | 325 | 27 | 76 | 2 | 430 | |||||||||||||||||||||||||||
Total operating expenses - net | 2,082 | 264 | 1,130 | 52 | 3,528 | |||||||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets - net | (1) | — | 76 | (1) | 74 | |||||||||||||||||||||||||||
Operating Income (Loss) | 759 | 69 | 189 | (76) | 941 | |||||||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||||||||
Interest expense | (150) | (7) | (83) | 129 | (111) | |||||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | — | — | (1,364) | — | (1,364) | |||||||||||||||||||||||||||
Allowance for equity funds used during construction | 17 | 8 | 4 | — | 29 | |||||||||||||||||||||||||||
Interest income | — | — | 6 | 1 | 7 | |||||||||||||||||||||||||||
Gains on disposal of investments and other property - net | — | — | 7 | — | 7 | |||||||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | — | — | 186 | — | 186 | |||||||||||||||||||||||||||
Other net periodic benefit income | — | — | — | 51 | 51 | |||||||||||||||||||||||||||
Other - net | — | 1 | 25 | 3 | 29 | |||||||||||||||||||||||||||
Total other income (deductions) - net | (133) | 2 | (1,219) | 184 | (1,166) | |||||||||||||||||||||||||||
Income (Loss) before Income Taxes | 626 | 71 | (1,030) | 108 | (225) | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 124 | 18 | (200) | 24 | (34) | |||||||||||||||||||||||||||
Net Income (Loss) | 502 | 53 | (830) | 84 | (191) | |||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | — | 186 | — | 186 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 502 | $ | 53 | $ | (644) | $ | 84 | $ | (5) | ||||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 502 | $ | 53 | $ | (644) | $ | 84 | $ | (5) | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | (182) | (261) | (443) | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (188) | — | (188) | |||||||||||||||||||||||||||
Differential membership interests - related | — | — | 28 | — | 28 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | 44 | — | 44 | |||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | — | 1,524 | — | 1,524 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (240) | 65 | (175) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 502 | $ | 53 | $ | 342 | $ | (112) | $ | 785 | ||||||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.25 | $ | 0.03 | $ | (0.33) | $ | 0.05 | $ | — | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | (0.09) | (0.13) | (0.22) | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (0.09) | — | (0.09) | |||||||||||||||||||||||||||
Differential membership interests - related | — | — | 0.01 | — | 0.01 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | 0.02 | — | 0.02 | |||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | — | 0.77 | — | 0.77 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (0.12) | 0.03 | (0.09) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.25 | $ | 0.03 | $ | 0.17 | $ | (0.05) | $ | 0.40 | ||||||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,972 |
———————————— | |||||||||||||||||||||||||||||||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | |||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | (139) | $ | (0.07) | $ | (196) | $ | (0.10) | $ | (335) | $ | (0.17) | |||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | (137) | $ | (0.07) | $ | — | $ | — | $ | (137) | $ | (0.07) | |||||||||||||||||||||||||||||
Differential membership interests - related | $ | 21 | $ | 0.01 | $ | — | $ | — | $ | 21 | $ | 0.01 | |||||||||||||||||||||||||||||
NEP investment gains - net | $ | 33 | $ | 0.02 | $ | — | $ | — | $ | 33 | $ | 0.02 | |||||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | $ | 1,208 | $ | 0.61 | $ | — | $ | — | $ | 1,208 | $ | 0.61 | |||||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, 2019 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Operating Revenues | $ | 2,925 | $ | 353 | $ | 1,338 | $ | (28) | $ | 4,588 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 778 | 127 | 182 | (32) | 1,055 | |||||||||||||||||||||||||||
Other operations and maintenance | 420 | 88 | 481 | 47 | 1,036 | |||||||||||||||||||||||||||
Storm restoration costs | 262 | — | — | — | 262 | |||||||||||||||||||||||||||
Depreciation and amortization | 519 | 67 | 368 | 15 | 969 | |||||||||||||||||||||||||||
Taxes other than income taxes and other - net | 330 | 33 | 54 | (1) | 416 | |||||||||||||||||||||||||||
Total operating expenses - net | 2,309 | 315 | 1,085 | 29 | 3,738 | |||||||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets - net | 1 | — | 28 | (1) | 28 | |||||||||||||||||||||||||||
Operating Income (Loss) | 617 | 38 | 281 | (58) | 878 | |||||||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||||||||
Interest expense | (152) | (15) | (182) | 161 | (188) | |||||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | — | — | 146 | — | 146 | |||||||||||||||||||||||||||
Allowance for equity funds used during construction | 16 | 3 | (3) | — | 16 | |||||||||||||||||||||||||||
Interest income | 1 | 1 | 10 | 1 | 13 | |||||||||||||||||||||||||||
Gains on disposal of investments and other property - net | — | — | 17 | — | 17 | |||||||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | — | — | 81 | — | 81 | |||||||||||||||||||||||||||
Other net periodic benefit income | — | — | — | 49 | 49 | |||||||||||||||||||||||||||
Other - net | — | — | 25 | — | 25 | |||||||||||||||||||||||||||
Total other income (deductions) - net | (135) | (11) | 94 | 211 | 159 | |||||||||||||||||||||||||||
Income (Loss) before Income Taxes | 482 | 27 | 375 | 153 | 1,037 | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 82 | 4 | 73 | 34 | 193 | |||||||||||||||||||||||||||
Net Income (Loss) | 400 | 23 | 302 | 119 | 844 | |||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | — | 131 | — | 131 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 400 | $ | 23 | $ | 433 | $ | 119 | $ | 975 | ||||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 400 | $ | 23 | $ | 433 | $ | 119 | $ | 975 | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | (160) | (224) | (384) | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (83) | — | (83) | |||||||||||||||||||||||||||
Differential membership interests - related | — | — | 30 | — | 30 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | 49 | — | 49 | |||||||||||||||||||||||||||
Operating loss (income) of Spain solar projects | — | — | 3 | — | 3 | |||||||||||||||||||||||||||
Acquisition-related | — | 4 | — | 1 | 5 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | (1) | 54 | 58 | 111 | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 400 | $ | 26 | $ | 326 | $ | (46) | $ | 706 | ||||||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.20 | $ | 0.01 | $ | 0.22 | $ | 0.07 | $ | 0.50 | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | (0.08) | (0.12) | (0.20) | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (0.04) | — | (0.04) | |||||||||||||||||||||||||||
Differential membership interests - related | — | — | 0.02 | — | 0.02 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | 0.02 | — | 0.02 | |||||||||||||||||||||||||||
Operating loss (income) of Spain solar projects | — | — | — | — | — | |||||||||||||||||||||||||||
Acquisition-related | — | — | — | — | — | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | 0.03 | 0.03 | 0.06 | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.20 | $ | 0.01 | $ | 0.17 | $ | (0.02) | $ | 0.36 | ||||||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,965 |
———————————— | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | After tax impact by segment is as follows: | Gulf Power | NEER | Corporate and Other | NextEra Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | — | $ | — | $ | (120) | $ | (0.06) | $ | (165) | $ | (0.09) | $ | (285) | $ | (0.15) | |||||||||||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | — | $ | — | $ | (60) | $ | (0.03) | $ | — | $ | — | $ | (60) | $ | (0.03) | |||||||||||||||||||||||||||||||||||||
Differential membership interests - related | $ | — | $ | — | $ | 22 | $ | 0.01 | $ | — | $ | — | $ | 22 | $ | 0.01 | |||||||||||||||||||||||||||||||||||||
NEP investment gains - net | $ | — | $ | — | $ | 37 | $ | 0.02 | $ | — | $ | — | $ | 37 | $ | 0.02 | |||||||||||||||||||||||||||||||||||||
Operating loss (income) of Spain solar projects | $ | — | $ | — | $ | 14 | $ | 0.01 | $ | — | $ | — | $ | 14 | $ | 0.01 | |||||||||||||||||||||||||||||||||||||
Acquisition-related | $ | 3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3 | $ | — | |||||||||||||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2020 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Operating Revenues | $ | 11,662 | $ | 1,398 | $ | 5,046 | $ | (109) | $ | 17,997 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 2,616 | 444 | 600 | (121) | 3,539 | |||||||||||||||||||||||||||
Other operations and maintenance | 1,464 | 245 | 1,824 | 218 | 3,751 | |||||||||||||||||||||||||||
Storm restoration costs | 183 | — | — | — | 183 | |||||||||||||||||||||||||||
Depreciation and amortization | 2,246 | 281 | 1,460 | 65 | 4,052 | |||||||||||||||||||||||||||
Taxes other than income taxes and other - net | 1,353 | 111 | 241 | 4 | 1,709 | |||||||||||||||||||||||||||
Total operating expenses - net | 7,862 | 1,081 | 4,125 | 166 | 13,234 | |||||||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets - net | — | — | 363 | (10) | 353 | |||||||||||||||||||||||||||
Operating Income (Loss) | 3,800 | 317 | 1,284 | (285) | 5,116 | |||||||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||||||||
Interest expense | (600) | (41) | (659) | (650) | (1,950) | |||||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | — | — | (1,351) | — | (1,351) | |||||||||||||||||||||||||||
Allowance for equity funds used during construction | 61 | 26 | 6 | — | 93 | |||||||||||||||||||||||||||
Interest income | 2 | 2 | 28 | 6 | 38 | |||||||||||||||||||||||||||
Gains on disposal of investments and other property - net | — | — | 49 | 1 | 50 | |||||||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | — | — | 163 | — | 163 | |||||||||||||||||||||||||||
Other net periodic benefit income | — | — | — | 200 | 200 | |||||||||||||||||||||||||||
Other - net | (3) | 1 | 45 | 11 | 54 | |||||||||||||||||||||||||||
Total other income (deductions) - net | (540) | (12) | (1,719) | (432) | (2,703) | |||||||||||||||||||||||||||
Income (Loss) before Income Taxes | 3,260 | 305 | (435) | (717) | 2,413 | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 610 | 67 | (416) | (217) | 44 | |||||||||||||||||||||||||||
Net Income (Loss) | 2,650 | 238 | (19) | (500) | 2,369 | |||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | — | 550 | — | 550 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,650 | $ | 238 | $ | 531 | $ | (500) | $ | 2,919 | ||||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,650 | $ | 238 | $ | 531 | $ | (500) | $ | 2,919 | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 595 | 282 | 877 | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (180) | — | (180) | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 117 | — | 117 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | 123 | — | 123 | |||||||||||||||||||||||||||
Gain on disposal of a business | — | — | (273) | — | (273) | |||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | — | 1,524 | — | 1,524 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (484) | (71) | (555) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 2,650 | $ | 238 | $ | 1,953 | $ | (289) | $ | 4,552 | ||||||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 1.35 | $ | 0.12 | $ | 0.27 | $ | (0.26) | $ | 1.48 | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 0.30 | 0.15 | 0.45 | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (0.09) | — | (0.09) | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 0.06 | — | 0.06 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | 0.06 | — | 0.06 | |||||||||||||||||||||||||||
Gain on disposal of a business | — | — | (0.14) | — | (0.14) | |||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | — | 0.77 | — | 0.77 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (0.24) | (0.04) | (0.28) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 1.35 | $ | 0.12 | $ | 0.99 | $ | (0.15) | $ | 2.31 | ||||||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,969 |
———————————— | ||||||||||||||||||||||||||||||||||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | |||||||||||||||||||||||||||||||||||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | ||||||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | |||||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | 439 | $ | 0.23 | $ | 211 | $ | 0.11 | $ | 650 | $ | 0.34 | ||||||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | (131) | $ | (0.07) | $ | — | $ | — | $ | (131) | $ | (0.07) | ||||||||||||||||||||||||||||||||
Differential membership interests-related | $ | 87 | $ | 0.04 | $ | — | $ | — | $ | 87 | $ | 0.04 | ||||||||||||||||||||||||||||||||
NEP investment gains - net | $ | 94 | $ | 0.05 | $ | — | $ | — | $ | 94 | $ | 0.05 | ||||||||||||||||||||||||||||||||
Gain on disposal of a business | $ | (274) | $ | (0.14) | $ | — | $ | — | $ | (274) | $ | (0.14) | ||||||||||||||||||||||||||||||||
Operating income of Spain solar projects | $ | (1) | $ | — | $ | — | $ | — | $ | (1) | $ | — | ||||||||||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | $ | 1,208 | $ | 0.61 | $ | — | $ | — | $ | 1,208 | $ | 0.61 |
Preliminary | ||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2019 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Operating Revenues | $ | 12,192 | $ | 1,487 | $ | 5,639 | $ | (114) | $ | 19,204 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 3,256 | 547 | 689 | (129) | 4,363 | |||||||||||||||||||||||||||
Other operations and maintenance | 1,519 | 279 | 1,668 | 174 | 3,640 | |||||||||||||||||||||||||||
Storm restoration costs | 234 | — | — | — | 234 | |||||||||||||||||||||||||||
Depreciation and amortization | 2,524 | 247 | 1,387 | 58 | 4,216 | |||||||||||||||||||||||||||
Taxes other than income taxes and other - net | 1,362 | 143 | 293 | 6 | 1,804 | |||||||||||||||||||||||||||
Total operating expenses - net | 8,895 | 1,216 | 4,037 | 109 | 14,257 | |||||||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets - net | 5 | — | 402 | (1) | 406 | |||||||||||||||||||||||||||
Operating Income (Loss) | 3,302 | 271 | 2,004 | (224) | 5,353 | |||||||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||||||||
Interest expense | (594) | (55) | (873) | (727) | (2,249) | |||||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | — | — | 67 | (1) | 66 | |||||||||||||||||||||||||||
Allowance for equity funds used during construction | 62 | 4 | 1 | — | 67 | |||||||||||||||||||||||||||
Interest income | 5 | 3 | 38 | 8 | 54 | |||||||||||||||||||||||||||
Gains on disposal of investments and other property - net | — | — | 54 | 1 | 55 | |||||||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | — | — | 238 | — | 238 | |||||||||||||||||||||||||||
Other net periodic benefit income | — | — | — | 185 | 185 | |||||||||||||||||||||||||||
Other - net | — | (1) | 59 | 9 | 67 | |||||||||||||||||||||||||||
Total other income (deductions) - net | (527) | (49) | (416) | (525) | (1,517) | |||||||||||||||||||||||||||
Income (Loss) before Income Taxes | 2,775 | 222 | 1,588 | (749) | 3,836 | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 441 | 42 | 162 | (197) | 448 | |||||||||||||||||||||||||||
Net Income (Loss) | 2,334 | 180 | 1,426 | (552) | 3,388 | |||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | — | 381 | — | 381 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,334 | $ | 180 | $ | 1,807 | $ | (552) | $ | 3,769 | ||||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 2,334 | $ | 180 | $ | 1,807 | $ | (552) | $ | 3,769 | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 89 | 457 | 546 | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (249) | — | (249) | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 120 | — | 120 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | (124) | — | (124) | |||||||||||||||||||||||||||
Operating loss (income) of Spain solar projects | — | — | (8) | — | (8) | |||||||||||||||||||||||||||
Acquisition-related | — | 27 | 8 | 19 | 54 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | (7) | 52 | (91) | (46) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 2,334 | $ | 200 | $ | 1,695 | $ | (167) | $ | 4,062 | ||||||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 1.20 | $ | 0.09 | $ | 0.93 | $ | (0.28) | $ | 1.94 | ||||||||||||||||||||||
Adjustments - pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 0.05 | 0.23 | 0.28 | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | — | — | (0.13) | — | (0.13) | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 0.06 | — | 0.06 | |||||||||||||||||||||||||||
NEP investment gains - net | — | — | (0.06) | — | (0.06) | |||||||||||||||||||||||||||
Operating loss (income) of Spain solar projects | — | — | — | — | — | |||||||||||||||||||||||||||
Acquisition-related | — | 0.01 | — | 0.02 | 0.03 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | 0.02 | (0.05) | (0.03) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 1.20 | $ | 0.10 | $ | 0.87 | $ | (0.08) | $ | 2.09 | ||||||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,942 |
———————————— | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | After tax impact by segment is as follows: | Gulf Power | NEER | Corporate and Other | NextEra Energy | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Earnings | Adjusted EPS | Adjusted Earnings | Adjusted EPS | Adjusted EPS | Adjusted EPS | Adjusted Earnings | Adjusted EPS | ||||||||||||||||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | $ | — | $ | — | $ | 63 | $ | 0.03 | $ | 341 | $ | 0.17 | $ | 404 | $ | 0.20 | |||||||||||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | — | $ | — | $ | (176) | $ | (0.09) | $ | — | $ | — | $ | (176) | $ | (0.09) | |||||||||||||||||||||||||||||||||||||
Differential membership interests-related | $ | — | $ | — | $ | 89 | $ | 0.05 | $ | — | $ | — | $ | 89 | $ | 0.05 | |||||||||||||||||||||||||||||||||||||
NEP investment gains - net | $ | — | $ | — | $ | (96) | $ | (0.05) | $ | — | $ | — | $ | (96) | $ | (0.05) | |||||||||||||||||||||||||||||||||||||
Operating loss (income) of Spain solar projects | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | — | $ | 2 | $ | — | |||||||||||||||||||||||||||||||||||||
Acquisition-related | $ | 20 | $ | 0.01 | $ | 6 | $ | — | $ | 44 | $ | 0.03 | $ | 70 | $ | 0.04 | |||||||||||||||||||||||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
(millions) (unaudited) | Preliminary | |||||||||||||||||||||||||||||||
December 31, 2020 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 20 | $ | 5 | $ | 567 | $ | 513 | $ | 1,105 | ||||||||||||||||||||||
Customer receivables, net of allowances | 991 | 150 | 1,122 | — | 2,263 | |||||||||||||||||||||||||||
Other receivables | 362 | 61 | 418 | (130) | 711 | |||||||||||||||||||||||||||
Materials, supplies and fossil fuel inventory | 777 | 122 | 653 | — | 1,552 | |||||||||||||||||||||||||||
Regulatory assets | 235 | 144 | 1 | (3) | 377 | |||||||||||||||||||||||||||
Derivatives | 3 | — | 565 | 2 | 570 | |||||||||||||||||||||||||||
Other | 126 | 53 | 627 | (2) | 804 | |||||||||||||||||||||||||||
Total current assets | 2,514 | 535 | 3,953 | 380 | 7,382 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Property, plant and equipment - net | 48,933 | 4,946 | 37,842 | 82 | 91,803 | |||||||||||||||||||||||||||
Special use funds | 5,347 | — | 2,432 | — | 7,779 | |||||||||||||||||||||||||||
Investment in equity method investees | — | — | 5,713 | 15 | 5,728 | |||||||||||||||||||||||||||
Prepaid benefit costs | 1,554 | — | 2 | 151 | 1,707 | |||||||||||||||||||||||||||
Regulatory assets | 2,396 | 1,030 | 120 | 166 | 3,712 | |||||||||||||||||||||||||||
Derivatives | — | — | 1,593 | 54 | 1,647 | |||||||||||||||||||||||||||
Goodwill | 301 | — | 1,254 | 2,699 | 4,254 | |||||||||||||||||||||||||||
Other | 565 | 214 | 2,724 | 169 | 3,672 | |||||||||||||||||||||||||||
Total other assets | 59,096 | 6,190 | 51,680 | 3,336 | 120,302 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 61,610 | $ | 6,725 | $ | 55,633 | $ | 3,716 | $ | 127,684 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Commercial paper | $ | 1,526 | $ | 25 | $ | — | $ | — | $ | 1,551 | ||||||||||||||||||||||
Other short-term debt | — | 200 | 58 | 200 | 458 | |||||||||||||||||||||||||||
Current portion of long-term debt | 54 | 300 | 239 | 3,545 | 4,138 | |||||||||||||||||||||||||||
Accounts payable | 730 | 162 | 3,791 | (68) | 4,615 | |||||||||||||||||||||||||||
Customer deposits | 430 | 37 | 7 | — | 474 | |||||||||||||||||||||||||||
Accrued interest and taxes | 279 | 21 | 127 | 92 | 519 | |||||||||||||||||||||||||||
Derivatives | 2 | — | 290 | 19 | 311 | |||||||||||||||||||||||||||
Accrued construction-related expenditures | 385 | 38 | 568 | — | 991 | |||||||||||||||||||||||||||
Regulatory liabilities | 206 | 18 | 14 | 7 | 245 | |||||||||||||||||||||||||||
Other | 612 | 335 | 897 | 412 | 2,256 | |||||||||||||||||||||||||||
Total current liabilities | 4,224 | 1,136 | 5,991 | 4,207 | 15,558 | |||||||||||||||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||||||||||||||
Long-term debt | 15,622 | 1,260 | 4,408 | 20,654 | 41,944 | |||||||||||||||||||||||||||
Asset retirement obligations | 1,783 | 87 | 1,186 | 1 | 3,057 | |||||||||||||||||||||||||||
Deferred income taxes | 5,790 | 729 | 2,819 | (1,318) | 8,020 | |||||||||||||||||||||||||||
Regulatory liabilities | 10,052 | 548 | 135 | — | 10,735 | |||||||||||||||||||||||||||
Derivatives | 1 | — | 494 | 704 | 1,199 | |||||||||||||||||||||||||||
Other | 398 | 165 | 1,321 | 358 | 2,242 | |||||||||||||||||||||||||||
Total other liabilities and deferred credits | 33,646 | 2,789 | 10,363 | 20,399 | 67,197 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 37,870 | 3,925 | 16,354 | 24,606 | 82,755 | |||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||||||
Common stock | 1,373 | 678 | — | (2,031) | 20 | |||||||||||||||||||||||||||
Additional paid-in capital | 12,753 | 1,860 | 11,209 | (14,600) | 11,222 | |||||||||||||||||||||||||||
Retained earnings | 9,614 | 263 | 19,673 | (4,187) | 25,363 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | — | (1) | (19) | (72) | (92) | |||||||||||||||||||||||||||
Total common shareholders' equity | 23,740 | 2,800 | 30,863 | (20,890) | 36,513 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 8,416 | — | 8,416 | |||||||||||||||||||||||||||
TOTAL EQUITY | 23,740 | 2,800 | 39,279 | (20,890) | 44,929 | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 61,610 | $ | 6,725 | $ | 55,633 | $ | 3,716 | $ | 127,684 |
———————————— | |||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
NextEra Energy, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | Preliminary | |||||||||||||||||||||||||||||||
(millions) | ||||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||||
December 31, 2019 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 77 | $ | 6 | $ | 352 | $ | 165 | $ | 600 | ||||||||||||||||||||||
Customer receivables, net of allowances | 1,024 | 143 | 1,113 | 2 | 2,282 | |||||||||||||||||||||||||||
Other receivables | 333 | 7 | 404 | (219) | 525 | |||||||||||||||||||||||||||
Materials, supplies and fossil fuel inventory | 722 | 127 | 479 | — | 1,328 | |||||||||||||||||||||||||||
Regulatory assets | 227 | 117 | 1 | (10) | 335 | |||||||||||||||||||||||||||
Derivatives | 3 | — | 740 | 19 | 762 | |||||||||||||||||||||||||||
Other | 133 | 45 | 1,398 | — | 1,576 | |||||||||||||||||||||||||||
Total current assets | 2,519 | 445 | 4,487 | (43) | 7,408 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Property, plant and equipment - net | 45,074 | 4,763 | 32,042 | 131 | 82,010 | |||||||||||||||||||||||||||
Special use funds | 4,771 | — | 2,183 | — | 6,954 | |||||||||||||||||||||||||||
Investment in equity method investees | — | — | 7,453 | — | 7,453 | |||||||||||||||||||||||||||
Prepaid benefit costs | 1,477 | — | 2 | (42) | 1,437 | |||||||||||||||||||||||||||
Regulatory assets | 2,549 | 418 | 104 | 216 | 3,287 | |||||||||||||||||||||||||||
Derivatives | — | — | 1,613 | 11 | 1,624 | |||||||||||||||||||||||||||
Goodwill | 300 | — | 1,217 | 2,687 | 4,204 | |||||||||||||||||||||||||||
Other | 498 | 229 | 2,415 | 172 | 3,314 | |||||||||||||||||||||||||||
Total other assets | 54,669 | 5,410 | 47,029 | 3,175 | 110,283 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 57,188 | $ | 5,855 | $ | 51,516 | $ | 3,132 | $ | 117,691 | ||||||||||||||||||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Commercial paper | $ | 1,482 | $ | 192 | $ | — | $ | 842 | $ | 2,516 | ||||||||||||||||||||||
Other short-term debt | — | 200 | — | 200 | 400 | |||||||||||||||||||||||||||
Current portion of long-term debt | 30 | 175 | 215 | 1,704 | 2,124 | |||||||||||||||||||||||||||
Accounts payable | 768 | 301 | 2,652 | (90) | 3,631 | |||||||||||||||||||||||||||
Customer deposits | 459 | 34 | 6 | — | 499 | |||||||||||||||||||||||||||
Accrued interest and taxes | 266 | 29 | 178 | 85 | 558 | |||||||||||||||||||||||||||
Derivatives | 12 | 1 | 326 | 5 | 344 | |||||||||||||||||||||||||||
Accrued construction-related expenditures | 426 | 25 | 701 | — | 1,152 | |||||||||||||||||||||||||||
Regulatory liabilities | 284 | 25 | — | 11 | 320 | |||||||||||||||||||||||||||
Other | 498 | 140 | 1,494 | 177 | 2,309 | |||||||||||||||||||||||||||
Total current liabilities | 4,225 | 1,122 | 5,572 | 2,934 | 13,853 | |||||||||||||||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||||||||||||||
Long-term debt | 14,131 | 1,510 | 4,407 | 17,495 | 37,543 | |||||||||||||||||||||||||||
Asset retirement obligations | 2,268 | 117 | 1,072 | — | 3,457 | |||||||||||||||||||||||||||
Deferred income taxes | 5,415 | 626 | 3,061 | (741) | 8,361 | |||||||||||||||||||||||||||
Regulatory liabilities | 9,296 | 527 | 129 | (16) | 9,936 | |||||||||||||||||||||||||||
Derivatives | 1 | — | 435 | 427 | 863 | |||||||||||||||||||||||||||
Other | 454 | 237 | 904 | 236 | 1,831 | |||||||||||||||||||||||||||
Total other liabilities and deferred credits | 31,565 | 3,017 | 10,008 | 17,401 | 61,991 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 35,790 | 4,139 | 15,580 | 20,335 | 75,844 | |||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||
REDEEMABLE NONCONTROLLING INTERESTS | — | — | 487 | — | 487 | |||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||||||
Common stock | 1,373 | 678 | — | (2,031) | 20 | |||||||||||||||||||||||||||
Additional paid-in capital | 10,851 | 1,013 | 11,991 | (11,900) | 11,955 | |||||||||||||||||||||||||||
Retained earnings | 9,174 | 26 | 19,154 | (3,155) | 25,199 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | — | (1) | (51) | (117) | (169) | |||||||||||||||||||||||||||
Total common shareholders' equity | 21,398 | 1,716 | 31,094 | (17,203) | 37,005 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 4,355 | — | 4,355 | |||||||||||||||||||||||||||
TOTAL EQUITY | 21,398 | 1,716 | 35,449 | (17,203) | 41,360 | |||||||||||||||||||||||||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ | 57,188 | $ | 5,855 | $ | 51,516 | $ | 3,132 | $ | 117,691 |
———————————— | |||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2020 | FPL | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,650 | $ | 238 | $ | (19) | $ | (500) | $ | 2,369 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,246 | 281 | 1,460 | 65 | 4,052 | |||||||||||||||||||||||||||
Nuclear fuel and other amortization | 164 | 3 | 46 | 50 | 263 | |||||||||||||||||||||||||||
Unrealized losses on marked to market derivative contracts - net | — | — | 263 | 270 | 533 | |||||||||||||||||||||||||||
Foreign currency transaction losses | — | — | — | 45 | 45 | |||||||||||||||||||||||||||
Deferred income taxes | 513 | 116 | (252) | (455) | (78) | |||||||||||||||||||||||||||
Cost recovery clauses and franchise fees | (112) | (9) | — | — | (121) | |||||||||||||||||||||||||||
Equity in losses (earnings) of equity method investees | — | — | 1,351 | — | 1,351 | |||||||||||||||||||||||||||
Distributions of earnings from equity method investees | — | — | 456 | — | 456 | |||||||||||||||||||||||||||
Losses (gains) on disposal of businesses, assets and investments – net | — | — | (412) | 9 | (403) | |||||||||||||||||||||||||||
Recoverable storm-related costs | — | (69) | — | — | (69) | |||||||||||||||||||||||||||
Other - net | 54 | (24) | 31 | 128 | 189 | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Current assets | (99) | (56) | (220) | 11 | (364) | |||||||||||||||||||||||||||
Noncurrent assets | (94) | 27 | (131) | (36) | (234) | |||||||||||||||||||||||||||
Current liabilities | 90 | (53) | (87) | 44 | (6) | |||||||||||||||||||||||||||
Noncurrent liabilities | (31) | (7) | 63 | (25) | — | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 5,381 | 447 | 2,549 | (394) | 7,983 | |||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
Capital expenditures of FPL | (6,477) | — | — | — | (6,477) | |||||||||||||||||||||||||||
Acquisition and capital expenditures of Gulf Power | — | (1,012) | — | — | (1,012) | |||||||||||||||||||||||||||
Independent power and other investments of NEER | — | — | (6,851) | — | (6,851) | |||||||||||||||||||||||||||
Nuclear fuel purchases | (203) | — | (42) | — | (245) | |||||||||||||||||||||||||||
Other capital expenditures, acquisitions and other investments | — | — | — | (25) | (25) | |||||||||||||||||||||||||||
Sale of independent power and other investments of NEER | — | — | 1,012 | — | 1,012 | |||||||||||||||||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 2,445 | 4 | 1,182 | 246 | 3,877 | |||||||||||||||||||||||||||
Purchases of securities in special use funds and other investments | (2,526) | (2) | (1,222) | (311) | (4,061) | |||||||||||||||||||||||||||
Other - net | 64 | 2 | 83 | (66) | 83 | |||||||||||||||||||||||||||
Net cash used in investing activities | (6,697) | (1,008) | (5,838) | (156) | (13,699) | |||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
Issuances of long-term debt, including premiums and discounts | 2,952 | 51 | 655 | 8,746 | 12,404 | |||||||||||||||||||||||||||
Retirements of long-term debt | (1,427) | (176) | (679) | (3,821) | (6,103) | |||||||||||||||||||||||||||
Proceeds from differential membership investors | — | — | 3,522 | — | 3,522 | |||||||||||||||||||||||||||
Net change in commercial paper | 44 | (167) | — | (842) | (965) | |||||||||||||||||||||||||||
Proceeds from other short-term debt | — | — | 58 | 2,100 | 2,158 | |||||||||||||||||||||||||||
Repayments of other short-term debt | — | — | — | (2,100) | (2,100) | |||||||||||||||||||||||||||
Payments to related parties under a cash sweep and credit support agreement – net | — | — | (2) | — | (2) | |||||||||||||||||||||||||||
Issuances of common stock/equity units - net | — | — | — | (92) | (92) | |||||||||||||||||||||||||||
Proceeds from sale of noncontrolling interests | — | — | 501 | — | 501 | |||||||||||||||||||||||||||
Dividends on common stock | — | — | — | (2,743) | (2,743) | |||||||||||||||||||||||||||
Dividends & capital distributions from (to) parent - net | (310) | 850 | (594) | 54 | — | |||||||||||||||||||||||||||
Other - net | (42) | (2) | 11 | (373) | (406) | |||||||||||||||||||||||||||
Net cash provided by financing activities | 1,217 | 556 | 3,472 | 929 | 6,174 | |||||||||||||||||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash | — | — | (20) | — | (20) | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (99) | (5) | 163 | 379 | 438 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 195 | 69 | 679 | 165 | 1,108 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of year | $ | 96 | $ | 64 | $ | 842 | $ | 544 | $ | 1,546 |
———————————— | |||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||||||||||||||||||||||||
Twelve Months Ended December 31, 2019 | FPL | Gulf Power | NEER(a) | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 2,334 | $ | 180 | $ | 1,426 | $ | (552) | $ | 3,388 | ||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 2,524 | 247 | 1,387 | 58 | 4,216 | |||||||||||||||||||||||||||
Nuclear fuel and other amortization | 175 | 3 | 65 | 19 | 262 | |||||||||||||||||||||||||||
Unrealized losses (gains) on marked to market derivative contracts – net | — | — | (204) | 96 | (108) | |||||||||||||||||||||||||||
Foreign currency transaction losses | — | — | — | 17 | 17 | |||||||||||||||||||||||||||
Deferred income taxes | 44 | — | 439 | (225) | 258 | |||||||||||||||||||||||||||
Cost recovery clauses and franchise fees | 177 | (23) | — | 1 | 155 | |||||||||||||||||||||||||||
Equity in losses of equity method investees | — | — | (67) | 1 | (66) | |||||||||||||||||||||||||||
Distributions of earnings from equity method investees | — | — | 438 | — | 438 | |||||||||||||||||||||||||||
Losses (gains) on disposal of businesses, assets and investments – net | (5) | — | (456) | — | (461) | |||||||||||||||||||||||||||
Recoverable storm-related costs | — | (180) | — | — | (180) | |||||||||||||||||||||||||||
Other - net | 11 | (7) | (236) | 91 | (141) | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Current assets | (48) | (16) | 136 | 51 | 123 | |||||||||||||||||||||||||||
Noncurrent assets | (67) | 78 | (61) | (43) | (93) | |||||||||||||||||||||||||||
Current liabilities | 32 | 41 | (46) | 89 | 116 | |||||||||||||||||||||||||||
Noncurrent liabilities | 4 | (5) | 239 | (7) | 231 | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 5,181 | 318 | 3,060 | (404) | 8,155 | |||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
Capital expenditures of FPL | (5,560) | — | — | — | (5,560) | |||||||||||||||||||||||||||
Acquisition and capital expenditures of Gulf Power | — | (729) | — | (4,436) | (5,165) | |||||||||||||||||||||||||||
Independent power and other investments of NEER | — | — | (6,385) | — | (6,385) | |||||||||||||||||||||||||||
Nuclear fuel purchases | (195) | — | (120) | — | (315) | |||||||||||||||||||||||||||
Other capital expenditures, acquisitions and other investments | — | — | — | (37) | (37) | |||||||||||||||||||||||||||
Sale of independent power and other investments of NEER | — | — | 1,316 | — | 1,316 | |||||||||||||||||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 2,729 | — | 1,040 | 239 | 4,008 | |||||||||||||||||||||||||||
Purchases of securities in special use funds and other investments | (2,854) | — | (1,042) | (264) | (4,160) | |||||||||||||||||||||||||||
Other - net | 10 | — | (86) | 197 | 121 | |||||||||||||||||||||||||||
Net cash used in investing activities | (5,870) | (729) | (5,277) | (4,301) | (16,177) | |||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
Issuances of long-term debt, including premiums and discounts | 2,493 | 505 | 1,187 | 9,720 | 13,905 | |||||||||||||||||||||||||||
Retirements of long-term debt | (95) | (105) | (1,607) | (3,685) | (5,492) | |||||||||||||||||||||||||||
Proceeds from differential membership investors | — | — | 1,604 | — | 1,604 | |||||||||||||||||||||||||||
Net change in commercial paper | 226 | 192 | — | (652) | (234) | |||||||||||||||||||||||||||
Proceeds from other short-term debt | — | 200 | — | — | 200 | |||||||||||||||||||||||||||
Repayments of other short-term debt | — | — | (40) | (4,725) | (4,765) | |||||||||||||||||||||||||||
Payments to related parties under a cash sweep and credit support agreement – net | — | — | (54) | — | (54) | |||||||||||||||||||||||||||
Issuances of common stock/equity units - net | — | — | — | 1,494 | 1,494 | |||||||||||||||||||||||||||
Proceeds from sale of noncontrolling interests | — | — | 99 | — | 99 | |||||||||||||||||||||||||||
Dividends on common stock | — | — | — | (2,408) | (2,408) | |||||||||||||||||||||||||||
Dividends & capital distributions from (to) parent - net | (1,950) | (311) | 1,653 | 608 | — | |||||||||||||||||||||||||||
Other - net | (44) | (1) | (294) | (137) | (476) | |||||||||||||||||||||||||||
Net cash provided by financing activities | 630 | 480 | 2,548 | 215 | 3,873 | |||||||||||||||||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash | — | — | 4 | — | 4 | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (59) | 69 | 335 | (4,490) | (4,145) | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 254 | — | 344 | 4,655 | 5,253 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of year | $ | 195 | $ | 69 | $ | 679 | $ | 165 | $ | 1,108 |
———————————— | |||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | |||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year-To-Date | |||||||||||||||||||||||||
2019 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.35 | $ | 0.64 | $ | 0.45 | $ | 0.50 | $ | 1.94 | |||||||||||||||||||
FPL - 2019 Earnings Per Share | $ | 0.31 | $ | 0.34 | $ | 0.35 | $ | 0.20 | $ | 1.20 | |||||||||||||||||||
New investment growth | 0.03 | 0.03 | 0.03 | 0.03 | 0.11 | ||||||||||||||||||||||||
Allowance for funds used during construction | (0.01) | — | — | — | — | ||||||||||||||||||||||||
Other and share dilution | — | 0.01 | — | 0.02 | 0.04 | ||||||||||||||||||||||||
FPL - 2020 Earnings Per Share | $ | 0.33 | $ | 0.38 | $ | 0.38 | $ | 0.25 | $ | 1.35 | |||||||||||||||||||
Gulf Power - 2019 Earnings Per Share | $ | 0.02 | $ | 0.02 | $ | 0.04 | $ | 0.01 | $ | 0.09 | |||||||||||||||||||
Acquisition-related | — | 0.01 | — | — | 0.01 | ||||||||||||||||||||||||
Operations and maintenance reductions | — | — | — | 0.01 | 0.01 | ||||||||||||||||||||||||
Other | — | — | 0.01 | 0.01 | 0.01 | ||||||||||||||||||||||||
Gulf Power - 2020 Earnings Per Share | $ | 0.02 | $ | 0.03 | $ | 0.05 | $ | 0.03 | $ | 0.12 | |||||||||||||||||||
NEER - 2019 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.17 | $ | 0.35 | $ | 0.20 | $ | 0.22 | $ | 0.93 | |||||||||||||||||||
New investments | 0.02 | 0.02 | 0.02 | 0.02 | 0.07 | ||||||||||||||||||||||||
Existing generation assets | 0.02 | 0.01 | — | — | 0.03 | ||||||||||||||||||||||||
Gas infrastructure | 0.01 | — | — | (0.01) | — | ||||||||||||||||||||||||
NextEra Energy Transmission | 0.01 | 0.01 | — | — | 0.02 | ||||||||||||||||||||||||
Customer supply and proprietary power & gas trading | (0.01) | (0.01) | — | 0.01 | — | ||||||||||||||||||||||||
Asset sales/abandonment | (0.01) | — | 0.03 | — | 0.02 | ||||||||||||||||||||||||
Non-qualifying hedges impact | (0.01) | (0.08) | (0.13) | 0.01 | (0.20) | ||||||||||||||||||||||||
NEP investment gains - net | — | (0.13) | 0.03 | — | (0.10) | ||||||||||||||||||||||||
Gains on disposal of a business/assets | 0.13 | 0.01 | — | — | 0.14 | ||||||||||||||||||||||||
Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI - net | (0.16) | 0.06 | 0.04 | 0.04 | (0.02) | ||||||||||||||||||||||||
Impairment charge related to investment in Mountain Valley Pipeline | — | — | — | (0.61) | (0.61) | ||||||||||||||||||||||||
Interest and corporate general and administrative expenses | (0.02) | — | — | — | (0.02) | ||||||||||||||||||||||||
Other, including other investment income, income taxes and share dilution | 0.01 | — | — | (0.01) | 0.01 | ||||||||||||||||||||||||
NEER - 2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.16 | $ | 0.24 | $ | 0.19 | $ | (0.33) | $ | 0.27 | |||||||||||||||||||
Corporate and Other - 2019 Earnings (Loss) Per Share | $ | (0.15) | $ | (0.07) | $ | (0.14) | $ | 0.07 | $ | (0.28) | |||||||||||||||||||
Non-qualifying hedges impact | (0.17) | 0.07 | 0.16 | 0.01 | 0.06 | ||||||||||||||||||||||||
Acquisition-related | 0.02 | — | — | — | 0.03 | ||||||||||||||||||||||||
Other, including interest expense and share dilution | — | — | (0.02) | (0.03) | (0.07) | ||||||||||||||||||||||||
Corporate and Other - 2020 Earnings (Loss) Per Share | $ | (0.30) | $ | — | $ | — | $ | 0.05 | $ | (0.26) | |||||||||||||||||||
2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.21 | $ | 0.65 | $ | 0.62 | $ | — | $ | 1.48 | |||||||||||||||||||
Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | |||||||||||||||||||||||||||||
The sum of the quarterly amounts may not equal the total for the year due to rounding. | |||||||||||||||||||||||||||||
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