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



	Year Ended December 31, 2018												Year Ended December 31, 2017^(a)												Year Ended December 31, 2016^(a)
	NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated
	(millions)
Operating revenues	$	—		$	5,007		$	11,720		$	16,727		$	—		$	5,301		$	11,872		$	17,173		$	—		$	5,266		$	10,872		$	16,138
Operating expenses - net	(196		)	(3,652		)	(8,599		)	(12,447		)	(175		)	(3,273		)	(8,552		)	(12,000		)	(163		)	(3,655		)	(7,861		)	(11,679		)
Interest expense	(17		)	(940		)	(541		)	(1,498		)	(3		)	(1,074		)	(481		)	(1,558		)	(1		)	(637		)	(460		)	(1,098		)
Equity in earnings of subsidiaries	6,548			—			(6,548		)	—			5,393			—			(5,393		)	—			2,950			—			(2,950		)	—
Equity in earnings of equity method investees	—			358			—			358			—			141			—			141			—			148			—			148
Gain on NEP deconsolidation	—			3,927			—			3,927			—			—			—			—			—			—			—			—
Other income - net	169			21			95			285			151			702			54			907			148			645			76			869
Income (loss) before income taxes	6,504			4,721			(3,873		)	7,352			5,366			1,797			(2,500		)	4,663			2,934			1,767			(323		)	4,378
Income tax expense (benefit)	(134		)	1,195			515			1,576			(14		)	(1,719		)	1,073			(660		)	28			350			1,001			1,379
Net income (loss)	6,638			3,526			(4,388		)	5,776			5,380			3,516			(3,573		)	5,323			2,906			1,417			(1,324		)	2,999
Net (income) loss attributable to noncontrolling interests	—			862			—			862			—			57			—			57			—			(93		)	—			(93		)
Net income (loss) attributable to NEE	$	6,638		$	4,388		$	(4,388	)	$	6,638		$	5,380		$	3,573		$	(3,573	)	$	5,380		$	2,906		$	1,324		$	(1,324	)	$	2,906

______________________


(a)	Amounts have been retrospectively adjusted as discussed in Note 14 and Note 3 - Amendments to Presentation of Retirement Benefits.


(b)	Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income



	Year Ended December 31, 2018									Year Ended December 31, 2017^(a)									Year Ended December 31, 2016^(a)
	NEE (Guaran- tor)		NEECH		Other^(b)			NEE Consoli- dated		NEE (Guaran- tor)		NEECH		Other^(b)			NEE Consoli- dated		NEE (Guaran- tor)		NEECH		Other^(b)			NEE Consoli- dated
	(millions)
Comprehensive income (loss) attributable to NEE	$	6,667	$	4,434	$	(4,434	)	$	6,667	$	5,561	$	3,710	$	(3,710	)	$	5,561	$	3,003	$	1,442	$	(1,442	)	$	3,003

______________________


(a)	Amounts have been retrospectively adjusted as discussed in Note 14.


(b)	Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets



	December 31, 2018												December 31, 2017^(a)
	NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated
	(millions)
PROPERTY, PLANT AND EQUIPMENT
Electric plant in service and other property	$	220		$	37,145		$	54,718		$	92,083		$	20		$	41,630		$	51,915		$	93,565
Accumulated depreciation and amortization	(58		)	(8,473		)	(13,218		)	(21,749		)	(15		)	(8,470		)	(12,791		)	(21,276		)
Total property, plant and equipment - net	162			28,672			41,500			70,334			5			33,160			39,124			72,289
CURRENT ASSETS
Cash and cash equivalents	(1		)	525			114			638			1			1,679			34			1,714
Receivables	292			1,771			906			2,969			442			1,633			662			2,737
Other	5			1,425			1,356			2,786			5			1,307			1,418			2,730
Total current assets	296			3,721			2,376			6,393			448			4,619			2,114			7,181
OTHER ASSETS
Investment in subsidiaries	33,397			—			(33,397		)	—			27,853			—			(27,853		)	—
Investment in equity method investees	—			6,748			—			6,748			—			2,321			—			2,321
Other	938			6,477			12,812			20,227			595			7,789			7,788			16,172
Total other assets	34,335			13,225			(20,585		)	26,975			28,448			10,110			(20,065		)	18,493
TOTAL ASSETS	$	34,793		$	45,618		$	23,291		$	103,702		$	28,901		$	47,889		$	21,173		$	97,963
CAPITALIZATION
Common shareholders' equity	$	34,144		$	7,917		$	(7,917	)	$	34,144		$	28,236		$	10,773		$	(10,773	)	$	28,236
Noncontrolling interests	—			3,269			—			3,269			—			1,295			—			1,295
Redeemable noncontrolling interests	—			468			—			468			—			—			—			—
Long-term debt	—			15,094			11,688			26,782			—			20,224			11,186			31,410
Total capitalization	34,144			26,748			3,771			64,663			28,236			32,292			413			60,941
CURRENT LIABILITIES
Debt due within one year	—			9,579			1,351			10,930			—			1,213			2,402			3,615
Accounts payable	32			1,730			624			2,386			3			2,427			805			3,235
Other	168			2,364			1,715			4,247			325			2,081			1,987			4,393
Total current liabilities	200			13,673			3,690			17,563			328			5,721			5,194			11,243
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			988			2,147			3,135			—			984			2,047			3,031
Deferred income taxes	(157		)	2,778			4,746			7,367			(82		)	1,257			4,589			5,764
Other	606			1,431			8,937			10,974			419			7,635			8,930			16,984
Total other liabilities and deferred credits	449			5,197			15,830			21,476			337			9,876			15,566			25,779
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	34,793		$	45,618		$	23,291		$	103,702		$	28,901		$	47,889		$	21,173		$	97,963

______________________


(a)	Amounts have been retrospectively adjusted as discussed in Note 14.


(b)	Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2018												Year Ended December 31, 2017^(a)												Year Ended December 31, 2016^(a)
	NEE (Guar- antor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guar- antor)			NEECH			Other^(b)			NEE Consoli- dated
	(millions)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	3,401		$	2,094		$	1,098		$	6,593		$	1,968		$	2,749		$	1,741		$	6,458		$	1,897		$	2,155		$	2,317		$	6,369
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	(132		)	(7,735		)	(5,137		)	(13,004		)	—			(5,449		)	(5,291		)	(10,740		)	(1		)	(5,701		)	(3,934		)	(9,636		)
Capital contributions from NEE	(6,270		)	—			6,270			—			(92		)	—			92			—			(745		)	—			745			—
Cash grants under the Recovery Act	—			3			—			3			—			78			—			78			—			335			—			335
Proceeds from sale of the fiber-optic telecommunications business	—			—			—			—			—			1,454			—			1,454			—			—			—			—
Sale of independent power and other investments of NEER	—			1,617			—			1,617			—			178			—			178			—			658			—			658
Proceeds from sale or maturity of securities in special use funds and other investments	—			1,178			2,232			3,410			9			1,221			1,977			3,207			—			1,281			2,495			3,776
Purchases of securities in special use funds and other investments	—			(1,330		)	(2,403		)	(3,733		)	—			(1,163		)	(2,081		)	(3,244		)	—			(1,323		)	(2,506		)	(3,829		)
Proceeds from sales of noncontrolling interests in NEP	—			—			—			—			—			—			—			—			—			645			—			645
Distributions from subsidiaries and equity method investees	4,466			637			(4,466		)	637			—			7			—			7			—			—			—			—
Other - net	12			(133		)	241			120			7			117			18			142			—			(19		)	24			5
Net cash used in investing activities	(1,924		)	(5,763		)	(3,263		)	(10,950		)	(76		)	(3,557		)	(5,285		)	(8,918		)	(746		)	(4,124		)	(3,176		)	(8,046		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			2,651			1,748			4,399			—			6,393			1,961			8,354			—			5,349			308			5,657
Retirements of long-term debt	—			(1,512		)	(1,590		)	(3,102		)	—			(5,907		)	(873		)	(6,780		)	—			(3,048		)	(262		)	(3,310		)
Proceeds from differential membership investors	—			1,841			—			1,841			—			1,414			—			1,414			—			1,859			—			1,859
Net change in commercial paper	—			1,493			(431		)	1,062			—			—			1,419			1,419			—			(318		)	212			(106		)
Proceeds from other short-term debt	—			5,665			—			5,665			—			—			450			450			—			—			500			500
Repayments of other short-term debt	—			(205		)	(250		)	(455		)	—			—			(2		)	(2		)	—			(212		)	(450		)	(662		)
Payments from related parties under CSCS agreement – net	—			(21		)	—			(21		)	—			—			—			—			—			—			—			—
Issuances of common stock - net	718			—			—			718			55			—			—			55			537			—			—			537
Proceeds from issuance of NEP convertible preferred units - net	—			—			—			—			—			548			—			548			—			—			—			—
Dividends on common stock	(2,101		)	—			—			(2,101		)	(1,845		)	—			—			(1,845		)	(1,612		)	—			—			(1,612		)
Contributions from (dividends to) NEE	—			(7,272		)	7,272			—			—			(633		)	633			—			—			(650		)	650			—
Other - net	(96		)	(238		)	(38		)	(372		)	(102		)	(601		)	(22		)	(725		)	(75		)	(318		)	(46		)	(439		)
Net cash provided by (used in) financing activities	(1,479		)	2,402			6,711			7,634			(1,892		)	1,214			3,566			2,888			(1,150		)	2,662			912			2,424
Effects of currency translation on cash, cash equivalents and restricted cash	—			(7		)	—			(7		)	—			26			—			26			—			10			—			10
Net increase (decrease) in cash, cash equivalents and restricted cash	(2		)	(1,274		)	4,546			3,270			—			432			22			454			1			703			53			757
Cash, cash equivalents and restricted cash at beginning of year	1			1,807			175			1,983			1			1,375			153			1,529			—			672			100			772
Cash, cash equivalents and restricted cash at end of year	$	(1	)	$	533		$	4,721		$	5,253		$	1		$	1,807		$	175		$	1,983		$	1		$	1,375		$	153		$	1,529

______________________


(a)	Amounts have been retrospectively adjusted as discussed in Note 14.


(b)	Represents primarily FPL and consolidating adjustments.