Summarized Financial Information of NEECH (Tables)

9 Months Ended

Sep. 30, 2019

Summarized Financial Information [Abstract]

Condensed Consolidating Statements of Income



	Three Months Ended September 30,
	2019												2018^(a)
	NEE (Guarantor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other^(b)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,684		$	3,888		$	5,572		$	—		$	1,052		$	3,364		$	4,416
Operating expenses - net	(55		)	(1,121		)	(2,803		)	(3,979		)	(46		)	(941		)	(2,461		)	(3,448		)
Interest expense	(1		)	(580		)	(165		)	(746		)	(5		)	(27		)	(136		)	(168		)
Equity in earnings of subsidiaries	879			—			(879		)	—			961			—			(961		)	—
Equity in earnings (losses) of equity method investees	—			(90		)	—			(90		)	—			122			—			122
Other income - net	50			33			16			99			37			82			25			144
Income (loss) before income taxes	873			(74		)	57			856			947			288			(169		)	1,066
Income tax expense (benefit)	(6		)	(109		)	173			58			(58		)	51			132			125
Net income (loss)	879			35			(116		)	798			1,005			237			(301		)	941
Net loss attributable to noncontrolling interests	—			81			—			81			—			64			—			64
Net income (loss) attributable to NEE	$	879		$	116		$	(116	)	$	879		$	1,005		$	301		$	(301	)	$	1,005



	Nine Months Ended September 30,
	2019												2018^(a)
	NEE (Guarantor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other^(b)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	4,325		$	10,291		$	14,616		$	—		$	3,512		$	8,825		$	12,337
Operating expenses - net	(153		)	(2,602		)	(7,385		)	(10,140		)	(159		)	(2,705		)	(6,300		)	(9,164		)
Interest expense	(2		)	(1,576		)	(483		)	(2,061		)	(16		)	(363		)	(409		)	(788		)
Equity in earnings of subsidiaries	2,808			—			(2,808		)	—			6,119			—			(6,119		)	—
Equity in earnings (losses) of equity method investees	—			(80		)	—			(80		)	—			371			—			371
Gain on NEP deconsolidation	—			—			—			—			—			3,927			—			3,927
Other income - net	138			275			52			465			138			174			69			381
Income (loss) before income taxes	2,791			342			(333		)	2,800			6,082			4,916			(3,934		)	7,064
Income tax expense (benefit)	(3		)	(135		)	394			256			(134		)	1,316			420			1,602
Net income (loss)	2,794			477			(727		)	2,544			6,216			3,600			(4,354		)	5,462
Net loss attributable to noncontrolling interests	—			250			—			250			—			754			—			754
Net income (loss) attributable to NEE	$	2,794		$	727		$	(727	)	$	2,794		$	6,216		$	4,354		$	(4,354	)	$	6,216

———————————————


(a)	Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b)

Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income



	Three Months Ended September 30,
	2019									2018^(a)
	NEE (Guarantor)		NEECH		Other^(b)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other^(b)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	889	$	127	$	(127	)	$	889	$	1,021	$	318	$	(318	)	$	1,021



	Nine Months Ended September 30,
	2019									2018^(a)
	NEE (Guarantor)		NEECH		Other^(b)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other^(b)			NEE Consoli- dated
								(millions)
Comprehensive income (loss) attributable to NEE	$	2,802	$	790	$	(790	)	$	2,802	$	6,276	$	4,418	$	(4,418	)	$	6,276

———————————————


(a)	Amounts have been retrospectively adjusted for an accounting standards update related to leases.


(b)	Represents primarily FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets



	September 30, 2019												December 31, 2018
	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	$	434		$	39,969		$	63,340		$	103,743		$	220		$	37,145		$	54,718		$	92,083
Accumulated depreciation and amortization	(98		)	(9,346		)	(15,304		)	(24,748		)	(58		)	(8,473		)	(13,218		)	(21,749		)
Total property, plant and equipment - net	336			30,623			48,036			78,995			162			28,672			41,500			70,334
CURRENT ASSETS
Cash and cash equivalents	1			988			142			1,131			(1		)	525			114			638
Receivables	124			1,706			1,500			3,330			292			1,771			906			2,969
Other	7			1,648			1,563			3,218			5			1,425			1,356			2,786
Total current assets	132			4,342			3,205			7,679			296			3,721			2,376			6,393
OTHER ASSETS
Investment in subsidiaries	36,255			—			(36,255		)	—			33,397			—			(33,397		)	—
Investment in equity method investees	—			7,179			1			7,180			—			6,748			—			6,748
Goodwill	1			1,220			2,908			4,129			1			587			303			891
Other	471			6,722			9,046			16,239			937			5,890			12,509			19,336
Total other assets	36,727			15,121			(24,300		)	27,548			34,335			13,225			(20,585		)	26,975
TOTAL ASSETS	$	37,195		$	50,086		$	26,941		$	114,222		$	34,793		$	45,618		$	23,291		$	103,702
CAPITALIZATION
Common shareholders' equity	$	36,592		$	10,845		$	(10,845	)	$	36,592		$	34,144		$	7,917		$	(7,917	)	$	34,144
Noncontrolling interests	—			3,582			—			3,582			—			3,269			—			3,269
Redeemable noncontrolling interests	—			66			—			66			—			468			—			468
Long-term debt	—			20,589			15,555			36,144			—			15,094			11,688			26,782
Total capitalization	36,592			35,082			4,710			76,384			34,144			26,748			3,771			64,663
CURRENT LIABILITIES
Debt due within one year	—			4,841			802			5,643			—			9,579			1,351			10,930
Accounts payable	2			2,067			769			2,838			32			1,730			624			2,386
Other	348			1,923			2,562			4,833			168			2,364			1,715			4,247
Total current liabilities	350			8,831			4,133			13,314			200			13,673			3,690			17,563
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			1,063			2,375			3,438			—			988			2,147			3,135
Deferred income taxes	(432		)	2,756			5,785			8,109			(157		)	2,778			4,746			7,367
Other	685			2,354			9,938			12,977			606			1,431			8,937			10,974
Total other liabilities and deferred credits	253			6,173			18,098			24,524			449			5,197			15,830			21,476
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	37,195		$	50,086		$	26,941		$	114,222		$	34,793		$	45,618		$	23,291		$	103,702

———————————————

(a)

Represents primarily FPL and consolidating adjustments.

Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows



	Nine Months Ended September 30,
	2019												2018^(a)
	NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other^(b)			NEE Consoli- dated
										(millions)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	2,774		$	1,564		$	1,905		$	6,243		$	2,839		$	1,578		$	814		$	5,231
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, acquisitions, independent power and other investments and nuclear fuel purchases	(202		)	(4,725		)	(8,686		)	(13,613		)	(124		)	(5,536		)	(3,597		)	(9,257		)
Capital contributions from NEE	(2,219		)	—			2,219			—			(1,798		)	—			1,798			—
Sale of independent power and other investments of NEER	—			1,003			—			1,003			—			327			—			327
Proceeds from sale or maturity of securities in special use funds and other investments	—			1,014			1,798			2,812			—			955			1,624			2,579
Purchases of securities in special use funds and other investments	—			(1,017		)	(1,884		)	(2,901		)	—			(1,074		)	(1,786		)	(2,860		)
Distributions from equity method investees of independent power investments	—			—			—			—			—			637			—			637
Other - net	—			192			44			236			12			(203		)	204			13
Net cash used in investing activities	(2,421		)	(3,533		)	(6,509		)	(12,463		)	(1,910		)	(4,894		)	(1,757		)	(8,561		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			8,021			2,902			10,923			—			2,434			1,594			4,028
Retirements of long-term debt	—			(3,371		)	(190		)	(3,561		)	—			(1,014		)	(1,579		)	(2,593		)
Net change in commercial paper	—			422			(656		)	(234		)	—			2,255			(1,482		)	773
Proceeds from other short-term debt	—			—			—			—			—			625			—			625
Repayments of other short-term debt	—			(4,725		)	—			(4,725		)	—			(200		)	(250		)	(450		)
Payments from related parties under CSCS agreement - net	—			460			—			460			—			720			—			720
Issuances of common stock - net	1,488			—			—			1,488			714			—			—			714
Dividends on common stock	(1,797		)	—			—			(1,797		)	(1,570		)	—			—			(1,570		)
Contributions from (dividends to) NEE	—			1,840			(1,840		)	—			—			(2,727		)	2,727			—
Other - net	(42		)	51			(40		)	(31		)	(73		)	(69		)	(36		)	(178		)
Net cash provided by (used in) financing activities	(351		)	2,698			176			2,523			(929		)	2,024			974			2,069
Effects of currency translation on cash, cash equivalents and restricted cash	—			2			—			2			—			(1		)	—			(1		)
Net increase (decrease) in cash, cash equivalents and restricted cash	2			731			(4,428		)	(3,695		)	—			(1,293		)	31			(1,262		)
Cash, cash equivalents and restricted cash at beginning of period	(1		)	533			4,721			5,253			1			1,807			175			1,983
Cash, cash equivalents and restricted cash at end of period	$	1		$	1,264		$	293		$	1,558		$	1		$	514		$	206		$	721

———————————————


(a)	Amounts have been retrospectively adjusted for an accounting standards update related to leases.

(b)

Represents primarily FPL and consolidating adjustments.