![]() | ![]() |
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 April 21, 2021 FOR IMMEDIATE RELEASE |
As previously announced, NextEra Energy's first-quarter 2021 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the first-quarter 2021 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 March 31, 2021 | FPL Segment | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Operating Revenues | $ | 2,623 | $ | 347 | $ | 781 | $ | (25) | $ | 3,726 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 643 | 130 | 164 | (31) | 906 | |||||||||||||||||||||||||||
Other operations and maintenance | 335 | 50 | 552 | 52 | 989 | |||||||||||||||||||||||||||
Depreciation and amortization | 270 | 69 | 390 | 20 | 749 | |||||||||||||||||||||||||||
Taxes other than income taxes and other – net | 332 | 27 | 66 | 2 | 427 | |||||||||||||||||||||||||||
Total operating expenses – net | 1,580 | 276 | 1,172 | 43 | 3,071 | |||||||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets – net | — | — | 18 | (4) | 14 | |||||||||||||||||||||||||||
Operating Income (Loss) | 1,043 | 71 | (373) | (72) | 669 | |||||||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||||||||
Interest expense | (148) | (7) | 58 | 518 | 421 | |||||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | — | — | 440 | — | 440 | |||||||||||||||||||||||||||
Allowance for equity funds used during construction | 19 | 8 | 2 | — | 29 | |||||||||||||||||||||||||||
Interest income | — | — | 17 | 2 | 19 | |||||||||||||||||||||||||||
Gains on disposal of investments and other property – net | — | — | 29 | — | 29 | |||||||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | — | 58 | — | 58 | |||||||||||||||||||||||||||
Other net periodic benefit income | — | — | — | 64 | 64 | |||||||||||||||||||||||||||
Other – net | — | (1) | 23 | (3) | 19 | |||||||||||||||||||||||||||
Total other income (deductions) – net | (129) | — | 627 | 581 | 1,079 | |||||||||||||||||||||||||||
Income (Loss) before Income Taxes | 914 | 71 | 254 | 509 | 1,748 | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 194 | 14 | (69) | 111 | 250 | |||||||||||||||||||||||||||
Net Income (Loss) | 720 | 57 | 323 | 398 | 1,498 | |||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | — | 168 | — | 168 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 720 | $ | 57 | $ | 491 | $ | 398 | $ | 1,666 | ||||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 720 | $ | 57 | $ | 491 | $ | 398 | $ | 1,666 | ||||||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 94 | (595) | (501) | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | — | (60) | — | (60) | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 30 | — | 30 | |||||||||||||||||||||||||||
NEP investment gains – net | — | — | 67 | — | 67 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (24) | 152 | 128 | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 720 | $ | 57 | $ | 598 | $ | (45) | $ | 1,330 | ||||||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.37 | $ | 0.03 | $ | 0.25 | $ | 0.19 | $ | 0.84 | ||||||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 0.05 | (0.30) | (0.25) | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | — | (0.03) | — | (0.03) | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 0.02 | — | 0.02 | |||||||||||||||||||||||||||
NEP investment gains – net | — | — | 0.03 | — | 0.03 | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (0.02) | 0.08 | 0.06 | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.37 | $ | 0.03 | $ | 0.30 | $ | (0.03) | $ | 0.67 | ||||||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,973 |
———————————— | ||||||||||||||||||||||||||||||||||||||||||||
(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 | $ | 76 | $ | 0.03 | $ | (443) | $ | (0.22) | $ | (367) | $ | (0.19) | ||||||||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | (43) | $ | (0.02) | $ | — | $ | — | $ | (43) | $ | (0.02) | ||||||||||||||||||||||||||||||||
Differential membership interests-related | $ | 23 | $ | 0.01 | $ | — | $ | — | $ | 23 | $ | 0.01 | ||||||||||||||||||||||||||||||||
NEP investment gains – net | $ | 51 | $ | 0.03 | $ | — | $ | — | $ | 51 | $ | 0.03 | ||||||||||||||||||||||||||||||||
Preliminary | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | FPL Segment | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Operating Revenues | $ | 2,540 | $ | 328 | $ | 1,773 | $ | (28) | $ | 4,613 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||
Fuel, purchased power and interchange | 586 | 111 | 155 | (31) | 821 | |||||||||||||||||||||||||||
Other operations and maintenance | 317 | 63 | 408 | 42 | 830 | |||||||||||||||||||||||||||
Depreciation and amortization | 402 | 68 | 360 | 18 | 848 | |||||||||||||||||||||||||||
Taxes other than income taxes and other – net | 320 | 28 | 57 | 1 | 406 | |||||||||||||||||||||||||||
Total operating expenses – net | 1,625 | 270 | 980 | 30 | 2,905 | |||||||||||||||||||||||||||
Gains (losses) on disposal of businesses/assets – net | — | — | 274 | (1) | 273 | |||||||||||||||||||||||||||
Operating Income (Loss) | 915 | 58 | 1,067 | (59) | 1,981 | |||||||||||||||||||||||||||
Other Income (Deductions) | ||||||||||||||||||||||||||||||||
Interest expense | (152) | (15) | (343) | (801) | (1,311) | |||||||||||||||||||||||||||
Equity in earnings (losses) of equity method investees | — | — | (390) | — | (390) | |||||||||||||||||||||||||||
Allowance for equity funds used during construction | 16 | 5 | 1 | — | 22 | |||||||||||||||||||||||||||
Interest income | 1 | 1 | 8 | 3 | 13 | |||||||||||||||||||||||||||
Gains on disposal of investments and other property – net | — | — | 24 | — | 24 | |||||||||||||||||||||||||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net | — | — | (328) | — | (328) | |||||||||||||||||||||||||||
Other net periodic benefit income | — | — | — | 52 | 52 | |||||||||||||||||||||||||||
Other – net | (1) | 1 | 10 | — | 10 | |||||||||||||||||||||||||||
Total other income (deductions) – net | (136) | (8) | (1,018) | (746) | (1,908) | |||||||||||||||||||||||||||
Income (Loss) before Income Taxes | 779 | 50 | 49 | (805) | 73 | |||||||||||||||||||||||||||
Income Tax Expense (Benefit) | 137 | 10 | (156) | (226) | (235) | |||||||||||||||||||||||||||
Net Income (Loss) | 642 | 40 | 205 | (579) | 308 | |||||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | — | 113 | — | 113 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 642 | $ | 40 | $ | 318 | $ | (579) | $ | 421 | ||||||||||||||||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 642 | $ | 40 | $ | 318 | $ | (579) | $ | 421 | ||||||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 252 | 722 | 974 | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | — | 321 | — | 321 | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 34 | — | 34 | |||||||||||||||||||||||||||
NEP investment gains – net | — | — | 48 | — | 48 | |||||||||||||||||||||||||||
Gain on disposal of a business | — | — | (256) | — | (256) | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (188) | (184) | (372) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) | $ | 642 | $ | 40 | $ | 529 | $ | (41) | $ | 1,170 | ||||||||||||||||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.33 | $ | 0.02 | $ | 0.16 | $ | (0.30) | $ | 0.21 | ||||||||||||||||||||||
Adjustments – pretax:(b) | ||||||||||||||||||||||||||||||||
Net losses (gains) associated with non-qualifying hedges | — | — | 0.13 | 0.37 | 0.50 | |||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | — | — | 0.17 | — | 0.17 | |||||||||||||||||||||||||||
Differential membership interests-related | — | — | 0.02 | — | 0.02 | |||||||||||||||||||||||||||
NEP investment gains – net | — | — | 0.02 | — | 0.02 | |||||||||||||||||||||||||||
Gain on disposal of a business | — | — | (0.13) | — | (0.13) | |||||||||||||||||||||||||||
Less related income tax expense (benefit) | — | — | (0.10) | (0.10) | (0.20) | |||||||||||||||||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.33 | $ | 0.02 | $ | 0.27 | $ | (0.03) | $ | 0.59 | ||||||||||||||||||||||
Weighted-average shares outstanding (assuming dilution) | 1,967 |
———————————— | ||||||||||||||||||||||||||||||||||||||
(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: | 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 | $ | 179 | $ | 0.09 | $ | 538 | $ | 0.27 | $ | 717 | $ | 0.36 | ||||||||||||||||||||||||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net | $ | 229 | $ | 0.12 | $ | — | $ | — | $ | 229 | $ | 0.12 | ||||||||||||||||||||||||||
Differential membership interests-related | $ | 25 | $ | 0.01 | $ | — | $ | — | $ | 25 | $ | 0.01 | ||||||||||||||||||||||||||
NEP investment gains – net | $ | 36 | $ | 0.02 | $ | — | $ | — | $ | 36 | $ | 0.02 | ||||||||||||||||||||||||||
Gain on disposal of a business | $ | (258) | $ | (0.13) | $ | — | $ | — | $ | (258) | $ | (0.13) | ||||||||||||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
(millions) (unaudited) | Preliminary | |||||||||||||||||||||||||||||||
March 31, 2021 | FPL Segment | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 40 | $ | 5 | $ | 840 | $ | 577 | $ | 1,462 | ||||||||||||||||||||||
Customer receivables, net of allowances | 916 | 126 | 1,606 | — | 2,648 | |||||||||||||||||||||||||||
Other receivables | 322 | 49 | 378 | (111) | 638 | |||||||||||||||||||||||||||
Materials, supplies and fossil fuel inventory | 798 | 116 | 690 | — | 1,604 | |||||||||||||||||||||||||||
Regulatory assets | 267 | 133 | 1 | (2) | 399 | |||||||||||||||||||||||||||
Derivatives | 2 | — | 492 | 2 | 496 | |||||||||||||||||||||||||||
Other | 144 | 51 | 808 | (13) | 990 | |||||||||||||||||||||||||||
Total current assets | 2,489 | 480 | 4,815 | 453 | 8,237 | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Property, plant and equipment – net | 49,882 | 5,036 | 39,306 | 80 | 94,304 | |||||||||||||||||||||||||||
Special use funds | 5,517 | — | 2,493 | — | 8,010 | |||||||||||||||||||||||||||
Investment in equity method investees | — | — | 6,049 | — | 6,049 | |||||||||||||||||||||||||||
Prepaid benefit costs | 1,578 | — | 3 | 171 | 1,752 | |||||||||||||||||||||||||||
Regulatory assets | 2,392 | 1,025 | 191 | 168 | 3,776 | |||||||||||||||||||||||||||
Derivatives | — | — | 1,520 | 98 | 1,618 | |||||||||||||||||||||||||||
Goodwill | 301 | — | 1,853 | 2,699 | 4,853 | |||||||||||||||||||||||||||
Other | 549 | 191 | 3,088 | 14 | 3,842 | |||||||||||||||||||||||||||
Total other assets | 60,219 | 6,252 | 54,503 | 3,230 | 124,204 | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | 62,708 | $ | 6,732 | $ | 59,318 | $ | 3,683 | $ | 132,441 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||
Commercial paper | $ | 501 | $ | 117 | $ | — | $ | 1,390 | $ | 2,008 | ||||||||||||||||||||||
Other short-term debt | — | 200 | 58 | 500 | 758 | |||||||||||||||||||||||||||
Current portion of long-term debt | 54 | 300 | 242 | 3,241 | 3,837 | |||||||||||||||||||||||||||
Accounts payable | 886 | 133 | 3,454 | (73) | 4,400 | |||||||||||||||||||||||||||
Customer deposits | 430 | 38 | 13 | — | 481 | |||||||||||||||||||||||||||
Accrued interest and taxes | 449 | 34 | 94 | 149 | 726 | |||||||||||||||||||||||||||
Derivatives | 8 | — | 408 | 21 | 437 | |||||||||||||||||||||||||||
Accrued construction-related expenditures | 432 | 29 | 591 | — | 1,052 | |||||||||||||||||||||||||||
Regulatory liabilities | 212 | 11 | 1 | 8 | 232 | |||||||||||||||||||||||||||
Other | 480 | 190 | 847 | 335 | 1,852 | |||||||||||||||||||||||||||
Total current liabilities | 3,452 | 1,052 | 5,708 | 5,571 | 15,783 | |||||||||||||||||||||||||||
Other liabilities and deferred credits: | ||||||||||||||||||||||||||||||||
Long-term debt | 15,806 | 1,260 | 4,651 | 24,348 | 46,065 | |||||||||||||||||||||||||||
Asset retirement obligations | 1,801 | 93 | 1,008 | — | 2,902 | |||||||||||||||||||||||||||
Deferred income taxes | 5,911 | 740 | 2,934 | (1,329) | 8,256 | |||||||||||||||||||||||||||
Regulatory liabilities | 9,885 | 546 | 138 | — | 10,569 | |||||||||||||||||||||||||||
Derivatives | — | — | 388 | 207 | 595 | |||||||||||||||||||||||||||
Other | 393 | 149 | 1,649 | 350 | 2,541 | |||||||||||||||||||||||||||
Total other liabilities and deferred credits | 33,796 | 2,788 | 10,768 | 23,576 | 70,928 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 37,248 | 3,840 | 16,476 | 29,147 | 86,711 | |||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||||||
EQUITY | ||||||||||||||||||||||||||||||||
Common stock | 1,373 | — | — | (1,353) | 20 | |||||||||||||||||||||||||||
Additional paid-in capital | 13,753 | 2,572 | 14,353 | (19,495) | 11,183 | |||||||||||||||||||||||||||
Retained earnings | 10,334 | 320 | 20,164 | (4,545) | 26,273 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | — | — | (27) | (71) | (98) | |||||||||||||||||||||||||||
Total common shareholders' equity | 25,460 | 2,892 | 34,490 | (25,464) | 37,378 | |||||||||||||||||||||||||||
Noncontrolling interests | — | — | 8,352 | — | 8,352 | |||||||||||||||||||||||||||
TOTAL EQUITY | 25,460 | 2,892 | 42,842 | (25,464) | 45,730 | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 62,708 | $ | 6,732 | $ | 59,318 | $ | 3,683 | $ | 132,441 |
———————————— | |||||
(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, 2020 | FPL Segment | 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. |
Preliminary | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | FPL Segment | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 720 | $ | 57 | $ | 323 | $ | 398 | $ | 1,498 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 270 | 69 | 390 | 20 | 749 | |||||||||||||||||||||||||||
Nuclear fuel and other amortization | 43 | 1 | 24 | 6 | 74 | |||||||||||||||||||||||||||
Unrealized losses (gains) on marked to market derivative contracts – net | — | — | 219 | (539) | (320) | |||||||||||||||||||||||||||
Foreign currency transaction gains | — | — | (2) | (49) | (51) | |||||||||||||||||||||||||||
Deferred income taxes | 168 | 6 | (43) | 166 | 297 | |||||||||||||||||||||||||||
Cost recovery clauses and franchise fees | (78) | (8) | — | — | (86) | |||||||||||||||||||||||||||
Equity in losses (earnings) of equity method investees | — | — | (440) | — | (440) | |||||||||||||||||||||||||||
Distributions of earnings from equity method investees | — | — | 121 | — | 121 | |||||||||||||||||||||||||||
Losses (gains) on disposal of businesses, assets and investments – net | — | — | (47) | 4 | (43) | |||||||||||||||||||||||||||
Other – net | 13 | (114) | (116) | (22) | (239) | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Current assets | 80 | 41 | (540) | (26) | (445) | |||||||||||||||||||||||||||
Noncurrent assets | (15) | 6 | (98) | (21) | (128) | |||||||||||||||||||||||||||
Current liabilities | 56 | (29) | 220 | — | 247 | |||||||||||||||||||||||||||
Noncurrent liabilities | (10) | (2) | 18 | 52 | 58 | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 1,247 | 27 | 29 | (11) | 1,292 | |||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
Capital expenditures of FPL Segment | (1,350) | — | — | — | (1,350) | |||||||||||||||||||||||||||
Capital expenditures of Gulf Power | — | (170) | — | — | (170) | |||||||||||||||||||||||||||
Independent power and other investments of NEER | — | — | (2,999) | — | (2,999) | |||||||||||||||||||||||||||
Nuclear fuel purchases | (25) | — | (32) | — | (57) | |||||||||||||||||||||||||||
Other capital expenditures and other investments | — | — | — | 1 | 1 | |||||||||||||||||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 1,001 | — | 348 | 28 | 1,377 | |||||||||||||||||||||||||||
Purchases of securities in special use funds and other investments | (1,032) | — | (370) | (58) | (1,460) | |||||||||||||||||||||||||||
Other – net | 1 | — | 235 | 2 | 238 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (1,405) | (170) | (2,818) | (27) | (4,420) | |||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
Issuances of long-term debt, including premiums and discounts | 184 | — | 81 | 4,351 | 4,616 | |||||||||||||||||||||||||||
Retirements of long-term debt | — | — | (28) | (404) | (432) | |||||||||||||||||||||||||||
Net change in commercial paper | (1,024) | 92 | — | 1,390 | 458 | |||||||||||||||||||||||||||
Repayments of other short-term debt | — | — | — | (200) | (200) | |||||||||||||||||||||||||||
Payments from related parties under a cash sweep and credit support agreement – net | — | — | 74 | — | 74 | |||||||||||||||||||||||||||
Issuances of common stock/equity units – net | — | — | — | 4 | 4 | |||||||||||||||||||||||||||
Dividends on common stock | — | — | — | (755) | (755) | |||||||||||||||||||||||||||
Dividends & capital distributions from (to) parent – net | 1,000 | 35 | 3,159 | (4,194) | — | |||||||||||||||||||||||||||
Other – net | (7) | (1) | 80 | (94) | (22) | |||||||||||||||||||||||||||
Net cash provided by financing activities | 153 | 126 | 3,366 | 98 | 3,743 | |||||||||||||||||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash | — | — | 4 | — | 4 | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (5) | (17) | 581 | 60 | 619 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 96 | 64 | 842 | 544 | 1,546 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 91 | $ | 47 | $ | 1,423 | $ | 604 | $ | 2,165 |
———————————— | |||||
(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 | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | FPL Segment | Gulf Power | NEER(a) | Corporate and Other(a) | NextEra Energy | |||||||||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 642 | $ | 40 | $ | 205 | $ | (579) | $ | 308 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 402 | 68 | 360 | 18 | 848 | |||||||||||||||||||||||||||
Nuclear fuel and other amortization | 42 | 1 | 26 | 5 | 74 | |||||||||||||||||||||||||||
Unrealized losses (gains) on marked to market derivative contracts – net | — | — | (204) | 767 | 563 | |||||||||||||||||||||||||||
Foreign currency transaction gains | — | — | — | (39) | (39) | |||||||||||||||||||||||||||
Deferred income taxes | 212 | 5 | (81) | (316) | (180) | |||||||||||||||||||||||||||
Cost recovery clauses and franchise fees | — | (10) | — | — | (10) | |||||||||||||||||||||||||||
Equity in losses (earnings) of equity method investees | — | — | 390 | — | 390 | |||||||||||||||||||||||||||
Distributions of earnings from equity method investees | — | — | 100 | — | 100 | |||||||||||||||||||||||||||
Losses (gains) on disposal of businesses, assets and investments – net | — | — | (298) | 1 | (297) | |||||||||||||||||||||||||||
Other – net | (16) | (7) | 350 | (16) | 311 | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Current assets | 36 | (4) | 116 | (6) | 142 | |||||||||||||||||||||||||||
Noncurrent assets | (23) | 13 | (36) | (10) | (56) | |||||||||||||||||||||||||||
Current liabilities | (53) | (29) | (181) | 18 | (245) | |||||||||||||||||||||||||||
Noncurrent liabilities | (31) | (2) | 3 | 15 | (15) | |||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 1,211 | 75 | 750 | (142) | 1,894 | |||||||||||||||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||
Capital expenditures of FPL Segment | (1,394) | — | — | — | (1,394) | |||||||||||||||||||||||||||
Capital expenditures of Gulf Power | — | (340) | — | — | (340) | |||||||||||||||||||||||||||
Independent power and other investments of NEER | — | — | (1,492) | — | (1,492) | |||||||||||||||||||||||||||
Nuclear fuel purchases | (42) | — | (15) | — | (57) | |||||||||||||||||||||||||||
Other capital expenditures and other investments | — | — | — | (1) | (1) | |||||||||||||||||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 657 | — | 337 | 87 | 1,081 | |||||||||||||||||||||||||||
Purchases of securities in special use funds and other investments | (666) | — | (339) | (79) | (1,084) | |||||||||||||||||||||||||||
Other – net | (13) | — | 124 | 41 | 152 | |||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (1,458) | (340) | (1,385) | 48 | (3,135) | |||||||||||||||||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||
Issuances of long-term debt, including premiums and discounts | 1,557 | 1 | 94 | 2,701 | 4,353 | |||||||||||||||||||||||||||
Retirements of long-term debt | (284) | (1) | (28) | 1 | (312) | |||||||||||||||||||||||||||
Net change in commercial paper | (1,271) | 171 | — | 160 | (940) | |||||||||||||||||||||||||||
Proceeds from other short-term debt | — | — | — | 1,625 | 1,625 | |||||||||||||||||||||||||||
Payments from related parties under a cash sweep and credit support agreement – net | — | — | 48 | — | 48 | |||||||||||||||||||||||||||
Issuances of common stock/equity units – net | — | — | — | (57) | (57) | |||||||||||||||||||||||||||
Dividends on common stock | — | — | — | (685) | (685) | |||||||||||||||||||||||||||
Dividends & capital distributions from (to) parent – net | 1,200 | 400 | 335 | (1,935) | — | |||||||||||||||||||||||||||
Other – net | (17) | (1) | 127 | (180) | (71) | |||||||||||||||||||||||||||
Net cash provided by financing activities | 1,185 | 570 | 576 | 1,630 | 3,961 | |||||||||||||||||||||||||||
Effects of currency translation on cash, cash equivalents and restricted cash | — | — | 6 | — | 6 | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 938 | 305 | (53) | 1,536 | 2,726 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 195 | 69 | 679 | 165 | 1,108 | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,133 | $ | 374 | $ | 626 | $ | 1,701 | $ | 3,834 |
———————————— | |||||
(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 | |||||
First Quarter | |||||
2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.21 | |||
FPL Segment – 2020 Earnings Per Share | $ | 0.33 | |||
New investment growth | 0.03 | ||||
Other and share dilution | 0.01 | ||||
FPL Segment – 2021 Earnings Per Share | $ | 0.37 | |||
Gulf Power – 2020 Earnings Per Share | $ | 0.02 | |||
Operations and maintenance reductions | 0.005 | ||||
Allowance for funds used during construction | 0.002 | ||||
Other | 0.003 | ||||
Gulf Power – 2021 Earnings Per Share | $ | 0.03 | |||
NEER – 2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.16 | |||
New investments | 0.04 | ||||
Existing generation and storage assets | (0.04) | ||||
Gas infrastructure | 0.02 | ||||
Customer supply and proprietary power & gas trading | (0.02) | ||||
Non-qualifying hedges impact | 0.06 | ||||
NEP investment gains – net | (0.01) | ||||
Gains on disposal of a business/assets | (0.13) | ||||
Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI – net | 0.14 | ||||
Other, including other investment income, income taxes and share dilution | 0.03 | ||||
NEER – 2021 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.25 | |||
Corporate and Other – 2020 Earnings (Loss) Per Share | $ | (0.30) | |||
Non-qualifying hedges impact | 0.49 | ||||
Other, including interest expense and share dilution | — | ||||
Corporate and Other – 2021 Earnings (Loss) Per Share | $ | 0.19 | |||
2021 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.84 | |||
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. | |||||
79U 2LX;V$Y
M)B-X03MF9EAT5W-0 3ET,U9&0U)127EQ>7%O;V]%6F]W1E!B
M3F)J,6U02V)%9U-F;3ER:7I9)B-X03LU0V]%2G!L-V4W1EA9<3=&6%EQ-T98
M67$W1EA9<3=&5VYK4TY#.&I"15566FU.04(W:S1#44YY9VUM3#9V*UI8;%14
M=5-I-4XU35 Y)B-X03LQ,F\Y5"]H-FA0.$%H S3I5U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=([L3_F7^^O_ SMS_\
MNDKO9+S)_P J[?\ _/%/_P!6FZ1;E_R3KC_FB_\ QT]:D7OC[UB'T9/X??\
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M)@"X0?(46510N@![FC0$< [AW1E5C\D>%VQA8F%5ELE*+:K:8*=#Y:B2&%7D46\FDDX5C-!
$I1,4)J52]:2&
%DO<6M!,%I.5&IH.55G>'4K+TXW>7A!4W1T2&-88F1M5D%I2#98
M26(O:&,Q*U1T>D-0<$)K-&,K)B-X03LQ8U$U5U=0,VXU,&%G>% Q3%1966@R
M37IT2BM#*VYM1&LW9FXO1$5$,S5E:<6XU>6%T3E9.3G,T6E"
M.$A):FEJ2&M!)B-X03M%6&QR3C)+=7A6,DMU>%8R2W5X5C)+=7A6,DMT37%S
M<%9G0W R24\T3TI#;T,U.'4V0F16*W-A8F)3:R]T3D-H4#,P)^^ONN_S3\G>STTEGR^"4EW$52YN?(BUK1K>
M$\?%H+B3&GP5#"2AR:::HFEJ*B62>HGD>:>>9VEFFFE8O+++*Y9Y))'8EF))
M)-S[S"5510B ! * # ' >0'7.]W>5S)(2TC$DDFI).223DDG))X]8O=NJ]
M>]^Z]U[W[KW7O?NO=?1&V=_QZ.U?_#