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Summarized Financial Information of NEECH
 6 Months Ended
Jun. 30, 2018
Summarized Financial Information [Abstract]  
Summarized Financial Information of NEECH
Summarized Financial Information of NEECH

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL. NEECH’s debentures and junior subordinated debentures including those that were registered pursuant to the Securities Act of 1933, as amended, are fully and unconditionally guaranteed by NEE. Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income
 
Three Months Ended June 30,
 
2018
 
2017
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guarantor)(b)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated(b)
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Operating revenues
$
—

 
$
1,195

 
$
2,874

 
$
4,069

 
$
—

 
$
1,327

 
$
3,077

 
$
4,404

Operating expenses - net
(58
)
 
(896
)
 
(1,953
)
 
(2,907
)
 
(13
)
 
(974
)
 
(2,141
)
 
(3,128
)
Interest expense
(10
)
 
(243
)
 
(141
)
 
(394
)
 
(1
)
 
(309
)
 
(120
)
 
(430
)
Equity in earnings of subsidiaries
808

 
—

 
(808
)
 
—

 
787

 
—

 
(787
)
 
—

Other income - net
52

 
91

 
20

 
163

 
9

 
219

 
19

 
247

Income (loss) before income taxes
792

 
147

 
(8
)
 
931

 
782

 
263

 
48

 
1,093

Income tax expense (benefit)
(3
)
 
57

 
176

 
230

 
(11
)
 
(12
)
 
312

 
289

Net income (loss)
795

 
90

 
(184
)
 
701

 
793

 
275

 
(264
)
 
804

Net (income) loss attributable to noncontrolling interests
—

 
94

 
—

 
94

 
—

 
(11
)
 
—

 
(11
)
Net income (loss) attributable to NEE
$
795

 
$
184

 
$
(184
)
 
$
795

 
$
793

 
$
264

 
$
(264
)
 
$
793



 
Six Months Ended June 30,
 
2018
 
2017
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guarantor)(b)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated(b)
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Operating revenues
$
—

 
$
2,472

 
$
5,460

 
$
7,932

 
$
—

 
$
2,789

 
$
5,588

 
$
8,377

Operating expenses - net
(113
)
 
(1,773
)
 
(3,837
)
 
(5,723
)
 
(62
)
 
(823
)
 
(3,854
)
 
(4,739
)
Interest expense
(11
)
 
(334
)
 
(275
)
 
(620
)
 
(1
)
 
(549
)
 
(240
)
 
(790
)
Equity in earnings of subsidiaries
5,169

 
—

 
(5,169
)
 
—

 
2,349

 
—

 
(2,349
)
 
—

Gain on NEP deconsolidation
—

 
3,935

 
—

 
3,935

 
—

 
—

 
—

 
—

Other income - net
102

 
340

 
45

 
487

 
53

 
446

 
12

 
511

Income (loss) before income taxes
5,147

 
4,640

 
(3,776
)
 
6,011

 
2,339

 
1,863

 
(843
)
 
3,359

Income tax expense (benefit)
(76
)
 
1,267

 
288

 
1,479

 
(37
)
 
438

 
563

 
964

Net income (loss)
5,223


3,373


(4,064
)

4,532

 
2,376

 
1,425


(1,406
)

2,395

Net (income) loss attributable to noncontrolling interests
—

 
691

 
—

 
691

 
—

 
(19
)
 
—

 
(19
)
Net income (loss) attributable to NEE
$
5,223


$
4,064

 
$
(4,064
)
 
$
5,223

 
$
2,376

 
$
1,406

 
$
(1,406
)
 
$
2,376

———————————————
(a)
Represents primarily FPL and consolidating adjustments.
(b)
Prior period amounts have been retrospectively adjusted as discussed in Note 3 - Amendments to Presentation of Retirement Benefits.


Condensed Consolidating Statements of Comprehensive Income
 
Three Months Ended June 30,
 
2018
 
2017
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Comprehensive income (loss) attributable to NEE
$
800

 
$
190

 
$
(190
)
 
$
800

 
$
836

 
$
297

 
$
(297
)
 
$
836


 
Six Months Ended June 30,
 
2018
 
2017
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guarantor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Comprehensive income (loss) attributable to NEE
$
5,267

 
$
4,111

 
$
(4,111
)
 
$
5,267

 
$
2,449

 
$
1,472

 
$
(1,472
)
 
$
2,449

———————————————
(a)
Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets
 
June 30, 2018
 
December 31, 2017
 
NEE
(Guaran-
tor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
NEE
(Guaran-
tor)
 
NEECH
 
Other(a)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Electric plant in service and other property
$
112

 
$
36,332

 
$
53,307

 
$
89,751

 
$
20

 
$
41,782

 
$
51,981

 
$
93,783

Accumulated depreciation and amortization
(37
)
 
(8,169
)
 
(12,886
)
 
(21,092
)
 
(15
)
 
(8,551
)
 
(12,801
)
 
(21,367
)
Total property, plant and equipment - net
75

 
28,163

 
40,421

 
68,659

 
5

 
33,231

 
39,180

 
72,416

CURRENT ASSETS
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
1

 
437

 
40

 
478

 
1

 
1,679

 
34

 
1,714

Receivables
619

 
1,608

 
664

 
2,891

 
442

 
1,633

 
662

 
2,737

Other
5

 
1,214

 
1,297

 
2,516

 
5

 
1,283

 
1,418

 
2,706

Total current assets
625

 
3,259

 
2,001

 
5,885

 
448

 
4,595

 
2,114

 
7,157

OTHER ASSETS
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Investment in subsidiaries
32,078

 
—

 
(32,078
)
 
—

 
27,825

 
—

 
(27,825
)
 
—

Investment in equity method investees
—

 
6,217

 
—

 
6,217

 
—

 
2,321

 
—

 
2,321

Other
654

 
6,206

 
7,869

 
14,729

 
591

 
7,620

 
7,722

 
15,933

Total other assets
32,732

 
12,423

 
(24,209
)
 
20,946

 
28,416

 
9,941

 
(20,103
)
 
18,254

TOTAL ASSETS
$
33,432

 
$
43,845

 
$
18,213

 
$
95,490

 
$
28,869

 
$
47,767

 
$
21,191

 
$
97,827

CAPITALIZATION
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Common shareholders' equity
$
33,090

 
$
12,984

 
$
(13,053
)
 
$
33,021

 
$
28,208

 
$
10,745

 
$
(10,745
)
 
$
28,208

Noncontrolling interests
—

 
3,151

 
—

 
3,151

 
—

 
1,290

 
—

 
1,290

Long-term debt
—

 
15,977

 
12,379

 
28,356

 
—

 
20,227

 
11,236

 
31,463

Total capitalization
33,090

 
32,112

 
(674
)
 
64,528

 
28,208

 
32,262

 
491

 
60,961

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Debt due within one year
—

 
3,131

 
1,079

 
4,210

 
—

 
1,215

 
2,403

 
3,618

Accounts payable
2

 
1,675

 
621

 
2,298

 
3

 
2,427

 
805

 
3,235

Other
200

 
2,089

 
1,387

 
3,676

 
325

 
2,073

 
1,981

 
4,379

Total current liabilities
202

 
6,895

 
3,087

 
10,184

 
328

 
5,715

 
5,189

 
11,232

OTHER LIABILITIES AND DEFERRED CREDITS
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Asset retirement obligations
—

 
951

 
2,097

 
3,048

 
—

 
984

 
2,047

 
3,031

Deferred income taxes
(239
)
 
2,646

 
4,755

 
7,162

 
(82
)
 
1,247

 
4,589

 
5,754

Other
379

 
1,241

 
8,948

 
10,568

 
415

 
7,559

 
8,875

 
16,849

Total other liabilities and deferred credits
140

 
4,838

 
15,800

 
20,778

 
333

 
9,790

 
15,511

 
25,634

COMMITMENTS AND CONTINGENCIES


 


 


 


 


 


 


 


TOTAL CAPITALIZATION AND LIABILITIES
$
33,432

 
$
43,845

 
$
18,213

 
$
95,490

 
$
28,869

 
$
47,767

 
$
21,191

 
$
97,827

———————————————
(a)
Represents primarily FPL and consolidating adjustments.
Condensed Consolidating Statements of Cash Flows
 
Six Months Ended June 30,
 
2018
 
2017(a)
 
NEE
(Guaran-
tor)
 

NEECH
 
Other(b)
 
NEE
Consoli-
dated
 
NEE
(Guaran-
tor)
 

NEECH
 
Other(b)
 
NEE
Consoli-
dated
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
$
2,005

 
$
1,459

 
$
(531
)
 
$
2,933

 
$
992

 
$
1,260

 
$
999

 
$
3,251

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures, independent power and other investments and nuclear fuel purchases
(71
)
 
(3,348
)
 
(2,504
)
 
(5,923
)
 
—

 
(4,195
)
 
(2,742
)
 
(6,937
)
Proceeds from sale of the fiber-optic telecommunications business
—

 
—

 
—

 
—

 
—

 
1,482

 
—

 
1,482

Capital contributions from NEE
(854
)
 
—

 
854

 
—

 
(45
)
 
—

 
45

 
—

Proceeds from sale or maturity of securities in special use funds and other investments
—

 
687

 
1,101

 
1,788

 
—

 
518

 
901

 
1,419

Purchases of securities in special use funds and other investments
—

 
(764
)
 
(1,228
)
 
(1,992
)
 
—

 
(582
)
 
(949
)
 
(1,531
)
Distributions from equity method investees
—

 
633

 
—

 
633

 
—

 
7

 
—

 
7

Other - net
12

 
105

 
22

 
139

 
4

 
43

 
(1
)
 
46

Net cash used in investing activities
(913
)
 
(2,687
)
 
(1,755
)
 
(5,355
)
 
(41
)
 
(2,727
)
 
(2,746
)

(5,514
)
CASH FLOWS FROM FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Issuances of long-term debt
—

 
1,281

 
1,594

 
2,875

 
—

 
2,572

 
199

 
2,771

Retirements of long-term debt
—

 
(415
)
 
(799
)
 
(1,214
)
 
—

 
(1,850
)
 
(35
)
 
(1,885
)
Net change in commercial paper
—

 
1,405

 
(700
)
 
705

 
—

 
1,115

 
732

 
1,847

Proceeds from other short-term debt
—

 
200

 
—

 
200

 
—

 
—

 
200

 
200

Repayments of other short-term debt
—

 
—

 
(250
)
 
(250
)
 
—

 
—

 
—

 
—

Issuances of common stock - net
11

 
—

 
—

 
11

 
25

 
—

 
—

 
25

Dividends on common stock
(1,047
)
 
—

 
—

 
(1,047
)
 
(920
)
 
—

 
—

 
(920
)
Contributions from (dividends to) NEE
—

 
(2,408
)
 
2,408

 
—

 
—

 
(637
)
 
637

 
—

Other - net
(56
)
 
(6
)
 
(28
)
 
(90
)
 
(56
)
 
(304
)
 
(1
)
 
(361
)
Net cash provided by (used in) financing activities
(1,092
)
 
57

 
2,225

 
1,190

 
(951
)
 
896

 
1,732


1,677

Effects of currency translation on cash, cash equivalents and restricted cash
—

 
(15
)
 
—

 
(15
)
 
—

 
—

 
—

 
—

Net decrease in cash, cash equivalents and restricted cash
—

 
(1,186
)
 
(61
)
 
(1,247
)
 
—

 
(571
)
 
(15
)
 
(586
)
Cash, cash equivalents and restricted cash at beginning of period
1

 
1,807

 
175

 
1,983

 
1

 
1,375

 
153

 
1,529

Cash, cash equivalents and restricted cash at end of period
$
1

 
$
621

 
$
114

 
$
736

 
$
1

 
$
804

 
$
138


$
943

———————————————
(a)
Prior period amounts have been retrospectively adjusted as discussed in Note 11 - Restricted Cash.
(b)
Represents primarily FPL and consolidating adjustments.