Investments in Partnerships and Joint Ventures

12 Months Ended

Dec. 31, 2020

Investments in Partnerships and Joint Ventures [Abstract]

Investments in Partnerships and Joint Ventures

Certain subsidiaries of NEE have noncontrolling interests in various partnerships and joint ventures, essentially all of which own or are in the process of developing natural gas pipelines or own electric generation facilities. At December 31, 2020 and 2019, NEE's investments in partnerships and joint ventures totaled approximately $5,728 million and $7,453 million, respectively, which are included in investment in equity method investees on NEE's consolidated balance sheets. NEE's interest in these partnerships and joint ventures primarily range from approximately 31% to 57%. At December 31, 2020 and 2019, the principal entities included in NEE's investments in partnerships and joint ventures were NEP OpCo, Sabal Trail Transmission, LLC (Sabal Trail), Mountain Valley Pipeline, LLC, and Silver State South Solar, LLC.

Summarized combined information for these principal entities is as follows:


	2020		2019
	(millions)
Net income	$	516	$	128
Total assets	$	22,717	$	20,659
Total liabilities	$	6,612	$	6,956
Partners'/members' equity(a)	$	16,105	$	13,703

NEE's share of underlying equity in the principal entities	$	3,927	$	3,723
Difference between investment carrying amount and underlying equity in net assets(b)	1,312		3,153
NEE's investment carrying amount for the principal entities	$	5,239	$	6,876

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(a)Reflects NEE's interest, as well as third-party interests, in NEP OpCo.

(b)Approximately $2.8 billion in 2020 and $3.0 billion in 2019 is associated with NEP OpCo; of which approximately 70% relates to goodwill and is not being amortized; the remaining balance is being amortized primarily over a period of 20 to 28 years. The 2020 difference is net of an approximately $1.5 billion impairment charge related to NextEra Energy Resources' investment in Mountain Valley Pipeline.

NextEra Energy Resources provides management, administrative and transportation and fuel management services to NEP and its subsidiaries under various agreements (service agreements). NextEra Energy Resources is also party to a cash sweep and credit support (CSCS) agreement with a subsidiary of NEP. At December 31, 2020 and 2019, the cash sweep amounts (due to NEP and its subsidiaries) held in accounts belonging to NextEra Energy Resources or its subsidiaries were approximately $10 million and $12 million, respectively, and are included in accounts payable. Fee income related to the CSCS agreement and the service agreements totaled approximately $120 million, $101 million and $94 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in operating revenues in NEE's consolidated statements of income. Amounts due from NEP of approximately $68 million and $53 million are included in other receivables and $32 million and $33 million are included in noncurrent other assets at December 31, 2020 and 2019, respectively. Under the CSCS agreement, NEECH or NextEra Energy Resources guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $640 million at December 31, 2020 primarily related to obligations on behalf of NEP's subsidiaries with maturity dates ranging from

2021 to 2059 and included certain project performance obligations, obligations under financing and interconnection agreements and obligations related to the sale of differential membership interests. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s consolidated balance sheets at fair value. At December 31, 2020, approximately $31 million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's consolidated balance sheet.