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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☑ QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly
period ended
March 31, 2020
OR
☐ TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the transition
period from ________ to ________
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Commission
File
Number
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Exact name of registrants as
specified in their
charters, address of principal
executive offices and
registrants' telephone
number
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IRS Employer
Identification
Number
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1-8841
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NEXTERA
ENERGY, INC.
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59-2449419
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2-27612
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FLORIDA POWER
& LIGHT COMPANY
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59-0247775
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700 Universe
Boulevard
Juno
Beach, Florida
33408
(561) 694-4000
State or other
jurisdiction of incorporation or
organization: Florida
Securities
registered pursuant to Section 12(b) of the Act:
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Registrants
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Title of each class
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Trading Symbol(s)
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Name of each
exchange
on which registered
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NextEra Energy,
Inc.
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Common Stock, $0.01 Par
Value
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NEE
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New York Stock
Exchange
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4.872% Corporate
Units
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NEE.PRO
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New York Stock
Exchange
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5.279% Corporate
Units
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NEE.PRP
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New York Stock
Exchange
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Florida Power & Light
Company
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None
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Indicate by check
mark whether the registrants (1) have filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) have been subject to
such filing requirements for the past 90 days.
NextEra Energy,
Inc. Yes ☑ No ☐ Florida
Power & Light
Company Yes ☑ No ☐
Indicate by check
mark whether the registrants have submitted electronically every
Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S‑T during the preceding 12 months.
NextEra Energy,
Inc. Yes ☑ No ☐ Florida
Power & Light
Company Yes ☑ No ☐
Indicate by check
mark whether the registrants are a large accelerated filer, an
accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company.
NextEra Energy,
Inc. Large Accelerated
Filer ☑ Accelerated Filer
☐
Non-Accelerated
Filer ☐ Smaller Reporting
Company ☐ Emerging Growth Company
☐
Florida Power
& Light Company Large Accelerated Filer ☐ Accelerated Filer
☐
Non-Accelerated
Filer ☑ Smaller Reporting
Company ☐ Emerging Growth Company
☐
If an emerging
growth company, indicate by check mark if the registrants have
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Securities Exchange Act of 1934.
☐
Indicate by check
mark whether the registrants are shell companies (as defined in
Rule 12b-2 of the Securities Exchange Act of 1934).
Yes ☐ No ☑
Number of shares of
NextEra Energy, Inc. common stock, $0.01 par value, outstanding at
March 31,
2020: 489,450,050
Number of shares of
Florida Power & Light Company common stock, without par value,
outstanding at March 31,
2020, all of
which were held, beneficially and of record, by NextEra Energy,
Inc.: 1,000
This combined Form
10-Q represents separate filings by NextEra Energy, Inc. and
Florida Power & Light Company. Information contained herein
relating to an individual registrant is filed by that registrant on
its own behalf. Florida Power & Light Company makes no
representations as to the information relating to NextEra Energy,
Inc.'s other operations.
Florida Power &
Light Company meets the conditions set forth in General Instruction
H.(1)(a) and (b) of Form 10-Q and is therefore filing this Form
with the reduced disclosure format.
DEFINITIONS
Acronyms and defined
terms used in the text include the following:
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Term
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Meaning
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AFUDC
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allowance for funds used
during construction
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AFUDC - equity
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equity component of
AFUDC
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AOCI
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accumulated other
comprehensive income
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Duane Arnold
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Duane Arnold Energy
Center
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FERC
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U.S. Federal Energy Regulatory
Commission
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Florida Southeast
Connection
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Florida Southeast Connection,
LLC, a wholly owned NextEra Energy Resources
subsidiary
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FPL
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Florida Power & Light
Company
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FPSC
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Florida Public Service
Commission
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fuel clause
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fuel and purchased power cost
recovery clause, as established by the FPSC
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GAAP
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generally accepted accounting
principles in the U.S.
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Gulf Power
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Gulf Power
Company
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ISO
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independent system
operator
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ITC
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investment tax
credit
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kWh
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kilowatt-hour(s)
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Management's
Discussion
|
Item 2. Management's
Discussion and Analysis of Financial Condition and Results of
Operations
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MMBtu
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One million British thermal
units
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MW
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megawatt(s)
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MWh
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megawatt-hour(s)
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NEE
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NextEra Energy,
Inc.
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NEECH
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NextEra Energy Capital
Holdings, Inc.
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NEER
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a segment comprised of NextEra
Energy Resources and NEET
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NEET
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NextEra Energy Transmission,
LLC
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NEP
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NextEra Energy Partners,
LP
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NEP OpCo
|
NextEra Energy Operating
Partners, LP
|
|
net generating
capacity
|
net ownership interest in
plant(s) capacity
|
|
net generation
|
net ownership interest in
plant(s) generation
|
|
NextEra Energy
Resources
|
NextEra Energy Resources,
LLC
|
|
Note __
|
Note __ to condensed
consolidated financial statements
|
|
NRC
|
U.S. Nuclear Regulatory
Commission
|
|
O&M expenses
|
other operations and
maintenance expenses in the condensed consolidated statements of
income
|
|
OCI
|
other comprehensive
income
|
|
OTC
|
over-the-counter
|
|
OTTI
|
other than temporary
impairment
|
|
PTC
|
production tax
credit
|
|
PV
|
photovoltaic
|
|
Recovery Act
|
American Recovery and
Reinvestment Act of 2009, as amended
|
|
regulatory ROE
|
return on common equity as
determined for regulatory purposes
|
|
Sabal Trail
|
Sabal Trail Transmission, LLC,
an entity in which a NextEra Energy Resources' subsidiary has a
42.5% ownership interest
|
|
Seabrook
|
Seabrook Station
|
|
SEC
|
U.S. Securities and Exchange
Commission
|
|
U.S.
|
United States of
America
|
NEE, FPL, NEECH,
NextEra Energy Resources and NEET each has subsidiaries and
affiliates with names that may include NextEra Energy, FPL, NextEra
Energy Resources, NextEra Energy Transmission, NextEra, FPL Group,
FPL Energy, FPLE, NEP and similar references. For convenience and
simplicity, in this report the terms NEE, FPL, NEECH, NextEra
Energy Resources, NEET and NEER are sometimes used as abbreviated
references to specific subsidiaries, affiliates or groups of
subsidiaries or affiliates. The precise meaning depends on the
context.
TABLE OF
CONTENTS
FORWARD-LOOKING
STATEMENTS
This report includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements that
express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions, strategies, future events or
performance (often, but not always, through the use of words or
phrases such as may result, are expected to, will continue, is
anticipated, believe, will, could, should, would, estimated, may,
plan, potential, future, projection, goals, target, outlook,
predict and intend or words of similar meaning) are not statements
of historical facts and may be forward looking. Forward-looking
statements involve estimates, assumptions and uncertainties.
Accordingly, any such statements are qualified in their entirety by
reference to, and are accompanied by, the following important
factors (in addition to any assumptions and other factors referred
to specifically in connection with such forward-looking statements)
that could have a significant impact on NEE's and/or FPL's
operations and financial results, and could cause NEE's and/or
FPL's actual results to differ materially from those contained or
implied in forward-looking statements made by or on behalf of NEE
and/or FPL in this combined Form 10-Q, in presentations, on their
respective websites, in response to questions or
otherwise.
Regulatory,
Legislative and Legal Risks
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
may be materially adversely affected by the extensive regulation of
their business.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
could be materially adversely affected if they are unable to
recover in a timely manner any significant amount of costs, a
return on certain assets or a reasonable return on invested capital
through base rates, cost recovery clauses, other regulatory
mechanisms or otherwise.
|
|
|
|
•
|
Regulatory decisions
that are important to NEE and FPL may be materially adversely
affected by political, regulatory and economic
factors.
|
|
|
|
•
|
FPL's use of
derivative instruments could be subject to prudence challenges and,
if found imprudent, could result in disallowances of cost recovery
for such use by the FPSC.
|
|
|
|
•
|
Any reductions or
modifications to, or the elimination of, governmental incentives or
policies that support utility scale renewable energy, including,
but not limited to, tax laws, policies and incentives, renewable
portfolio standards or feed-in tariffs, or the imposition of
additional taxes or other assessments on renewable energy, could
result in, among other items, the lack of a satisfactory market for
the development and/or financing of new renewable energy projects,
NEER abandoning the development of renewable energy projects, a
loss of NEER's investments in renewable energy projects and reduced
project returns, any of which could have a material adverse effect
on NEE's business, financial condition, results of operations and
prospects.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
could be materially adversely affected as a result of new or
revised laws, regulations, interpretations or ballot or regulatory
initiatives.
|
|
|
|
•
|
NEE and FPL are
subject to numerous environmental laws, regulations and other
standards that may result in capital expenditures, increased
operating costs and various liabilities, and may require NEE and
FPL to limit or eliminate certain operations.
|
|
|
|
•
|
NEE's and FPL's
business could be negatively affected by federal or state laws or
regulations mandating new or additional limits on the production of
greenhouse gas emissions.
|
|
|
|
•
|
Extensive federal
regulation of the operations and businesses of NEE and FPL exposes
NEE and FPL to significant and increasing compliance costs and may
also expose them to substantial monetary penalties and other
sanctions for compliance failures.
|
|
|
|
•
|
Changes in tax laws,
guidance or policies, including but not limited to changes in
corporate income tax rates, as well as judgments and estimates used
in the determination of tax-related asset and liability amounts,
could materially adversely affect NEE's and FPL's business,
financial condition, results of operations and
prospects.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
may be materially adversely affected due to adverse results of
litigation.
|
Development
and Operational Risks
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
could suffer if NEE and FPL do not proceed with projects under
development or are unable to complete the construction of, or
capital improvements to, electric generation, transmission and
distribution facilities, gas infrastructure facilities or other
facilities on schedule or within budget.
|
|
|
|
•
|
NEE and FPL face
risks related to project siting, financing, construction,
permitting, governmental approvals and the negotiation of project
development agreements that may impede their development and
operating activities.
|
|
|
|
•
|
The operation and
maintenance of NEE's and FPL's electric generation, transmission
and distribution facilities, gas infrastructure facilities, retail
gas distribution system in Florida and other facilities are subject
to many operational risks, the consequences of which could have a
material adverse effect on NEE's and FPL's business, financial
condition, results of operations and prospects.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
may be negatively affected by a lack of growth or slower growth in
the number of customers or in customer usage.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
can be materially adversely affected by weather conditions,
including, but not limited to, the impact of severe
weather.
|
|
|
|
•
|
Threats of terrorism
and catastrophic events that could result from terrorism,
cyberattacks, or individuals and/or groups attempting to disrupt
NEE's and FPL's business, or the businesses of third parties, may
materially adversely affect NEE's and FPL's business, financial
condition, results of operations and prospects.
|
|
|
|
•
|
The ability of NEE
and FPL to obtain insurance and the terms of any available
insurance coverage could be materially adversely affected by
international, national, state or local events and company-specific
events, as well as the financial condition of insurers. NEE's and
FPL's insurance coverage does not provide protection against all
significant losses.
|
|
|
|
•
|
NEE invests in gas
and oil producing and transmission assets through NEER’s gas
infrastructure business. The gas infrastructure business is exposed
to fluctuating market prices of natural gas, natural gas liquids,
oil and other energy commodities. A prolonged period of low gas and
oil prices could impact NEER’s gas infrastructure business and
cause NEER to delay or cancel certain gas infrastructure projects
and could result in certain projects becoming impaired, which could
materially adversely affect NEE's results of
operations.
|
|
|
|
•
|
If supply costs
necessary to provide NEER's full energy and capacity requirement
services are not favorable, operating costs could increase and
materially adversely affect NEE's business, financial condition,
results of operations and prospects.
|
|
|
|
•
|
Due to the potential
for significant volatility in market prices for fuel, electricity
and renewable and other energy commodities, NEER's inability or
failure to manage properly or hedge effectively the commodity risks
within its portfolios could materially adversely affect NEE's
business, financial condition, results of operations and
prospects.
|
|
|
|
•
|
Reductions in the
liquidity of energy markets may restrict the ability of NEE to
manage its operational risks, which, in turn, could negatively
affect NEE's results of operations.
|
|
|
|
•
|
NEE's and FPL's
hedging and trading procedures and associated risk management tools
may not protect against significant losses.
|
|
|
|
•
|
If price movements
significantly or persistently deviate from historical behavior,
NEE's and FPL's risk management tools associated with their hedging
and trading procedures may not protect against significant
losses.
|
|
|
|
•
|
If power
transmission or natural gas, nuclear fuel or other commodity
transportation facilities are unavailable or disrupted, the ability
for subsidiaries of NEE, including FPL, to sell and deliver power
or natural gas may be limited.
|
|
|
|
•
|
NEE and FPL are
subject to credit and performance risk from customers, hedging
counterparties and vendors.
|
|
|
|
•
|
NEE and FPL could
recognize financial losses or a reduction in operating cash flows
if a counterparty fails to perform or make payments in accordance
with the terms of derivative contracts or if NEE or FPL is required
to post margin cash collateral under derivative
contracts.
|
|
|
|
•
|
NEE and FPL are
highly dependent on sensitive and complex information technology
systems, and any failure or breach of those systems could have a
material adverse effect on their business, financial condition,
results of operations and prospects.
|
|
|
|
•
|
NEE's and FPL's
retail businesses are subject to the risk that sensitive customer
data may be compromised, which could result in a material adverse
impact to their reputation and/or have a material adverse effect on
the business, financial condition, results of operations and
prospects of NEE and FPL.
|
|
|
|
•
|
NEE and FPL could
recognize financial losses as a result of volatility in the market
values of derivative instruments and limited liquidity in OTC
markets.
|
|
|
|
•
|
NEE and FPL may be
materially adversely affected by negative publicity.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
may be adversely affected if they are unable to maintain, negotiate
or renegotiate franchise agreements on acceptable terms with
municipalities and counties in Florida.
|
|
|
|
•
|
NEE's and FPL's
business, financial condition, results of operations and prospects
could be materially adversely affected by work strikes or stoppages
and increasing personnel costs.
|
|
|
|
•
|
NEE's ability to
successfully identify, complete and integrate acquisitions is
subject to significant risks, including, but not limited to, the
effect of increased competition for acquisitions resulting from the
consolidation of the energy industry.
|
Nuclear
Generation Risks
|
|
|
•
|
The operation and
maintenance of NEE's and FPL's nuclear generation facilities
involve environmental, health and financial risks that could result
in fines or the closure of the facilities and in increased costs
and capital expenditures.
|
|
|
|
•
|
In the event of an
incident at any nuclear generation facility in the U.S. or at
certain nuclear generation facilities in Europe, NEE and FPL could
be assessed significant retrospective assessments and/or
retrospective insurance premiums as a result of their participation
in a secondary financial protection system and nuclear insurance
mutual companies.
|
|
|
|
•
|
NRC orders or new
regulations related to increased security measures and any future
safety requirements promulgated by the NRC could require NEE and
FPL to incur substantial operating and capital expenditures at
their nuclear generation facilities and/or result in reduced
revenues.
|
|
|
|
•
|
The inability to
operate any of NEE's or FPL's nuclear generation units through the
end of their respective operating licenses, or in the case of Duane
Arnold through expected shutdown, could have a material adverse
effect on NEE's and FPL's business, financial condition, results of
operations and prospects.
|
|
|
|
•
|
NEE's and FPL's
nuclear units are periodically removed from service to accommodate
planned refueling and maintenance outages, and for other purposes.
If planned outages last longer than anticipated or if there are
unplanned outages, NEE's and FPL's results of operations and
financial condition could be materially adversely
affected.
|
Liquidity,
Capital Requirements and Common Stock Risks
|
|
|
•
|
Disruptions,
uncertainty or volatility in the credit and capital markets, among
other factors, may negatively affect NEE's and FPL's ability to
fund their liquidity and capital needs and to meet their growth
objectives, and can also materially adversely affect the results of
operations and financial condition of NEE and FPL.
|
|
|
|
•
|
NEE's, NEECH's and
FPL's inability to maintain their current credit ratings may
materially adversely affect NEE's and FPL's liquidity and results
of operations, limit the ability of NEE and FPL to grow their
business, and increase interest costs.
|
|
|
|
•
|
NEE's and FPL's
liquidity may be impaired if their credit providers are unable to
fund their credit commitments to the companies or to maintain their
current credit ratings.
|
|
|
|
•
|
Poor market
performance and other economic factors could affect NEE's defined
benefit pension plan's funded status, which may materially
adversely affect NEE's and FPL's business, financial condition,
liquidity and results of operations and prospects.
|
|
|
|
•
|
Poor market
performance and other economic factors could adversely affect the
asset values of NEE's and FPL's nuclear decommissioning funds,
which may materially adversely affect NEE's and FPL's liquidity,
financial condition and results of operations.
|
|
|
|
•
|
Certain of NEE's
investments are subject to changes in market value and other risks,
which may materially adversely affect NEE's liquidity, financial
condition and results of operations.
|
|
|
|
•
|
NEE may be unable to
meet its ongoing and future financial obligations and to pay
dividends on its common stock if its subsidiaries are unable to pay
upstream dividends or repay funds to NEE.
|
|
|
|
•
|
NEE may be unable to
meet its ongoing and future financial obligations and to pay
dividends on its common stock if NEE is required to perform under
guarantees of obligations of its subsidiaries.
|
|
|
|
•
|
NEP may not be able
to access sources of capital on commercially reasonable terms,
which would have a material adverse effect on its ability to
consummate future acquisitions and on the value of NEE’s limited
partner interest in NEP OpCo.
|
|
|
|
•
|
Disruptions,
uncertainty or volatility in the credit and capital markets may
exert downward pressure on the market price of NEE's common
stock.
|
Coronavirus
Pandemic Risks
|
|
|
•
|
The coronavirus
pandemic may have a material adverse impact on NEE’s and FPL's
business, financial condition, liquidity and results of
operations.
|
These factors should
be read together with the risk factors included in Part I, Item 1A.
Risk Factors in NEE's and FPL's Annual Report on Form 10-K for the
year ended December 31, 2019
(2019 Form 10-K) and Part II, Item 1A.
Risk Factors in this Form 10-Q, and investors should refer to those
sections of the 2019 Form 10-K and this Form 10-Q.
Any forward-looking statement speaks only as of the date on which
such statement is made, and NEE and FPL undertake no obligation to
update any forward-looking statement to reflect events or
circumstances, including, but not limited to, unanticipated events,
after the date on which such statement is made, unless otherwise
required by law. New factors emerge from time to time and it is not
possible for management to predict all of such factors, nor can it
assess the impact of each such factor on the business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained or implied in any
forward-looking statement.
Website Access
to SEC Filings. NEE and FPL make their SEC
filings, including the annual report on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K, and any
amendments to those reports, available free of charge on NEE's
internet website, www.nexteraenergy.com, as soon as reasonably
practicable after those documents are electronically filed with or
furnished to the SEC. The information and materials available on
NEE's website (or any of its subsidiaries' or affiliates' websites)
are not incorporated by reference into this combined Form
10-Q.
PART I -
FINANCIAL INFORMATION
Item
1. Financial Statements
NEXTERA
ENERGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(millions,
except per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
|
2020
|
|
2019
|
|
OPERATING
REVENUES
|
|
$
|
4,613
|
|
|
$
|
4,075
|
|
|
OPERATING EXPENSES
(INCOME)
|
|
|
|
|
|
Fuel, purchased power and
interchange
|
|
821
|
|
|
967
|
|
|
Other operations and
maintenance
|
|
830
|
|
|
815
|
|
|
Depreciation and
amortization
|
|
848
|
|
|
772
|
|
|
Gains on disposal of
businesses/assets - net
|
|
(273
|
)
|
|
(26
|
)
|
|
Taxes other than income taxes
and other - net
|
|
406
|
|
|
412
|
|
|
Total operating expenses -
net
|
|
2,632
|
|
|
2,940
|
|
|
OPERATING INCOME
|
|
1,981
|
|
|
1,135
|
|
|
OTHER INCOME
(DEDUCTIONS)
|
|
|
|
|
|
Interest expense
|
|
(1,311
|
)
|
|
(714
|
)
|
|
Equity in earnings (losses) of
equity method investees
|
|
(390
|
)
|
|
16
|
|
|
Allowance for equity funds
used during construction
|
|
22
|
|
|
26
|
|
|
Interest income
|
|
13
|
|
|
12
|
|
|
Gains on disposal of
investments and other property - net
|
|
24
|
|
|
23
|
|
|
Change in
unrealized gains (losses) on equity securities held in NEER's
nuclear decommissioning funds - net
|
|
(328
|
)
|
|
117
|
|
|
Other net periodic benefit
income
|
|
52
|
|
|
51
|
|
|
Other - net
|
|
10
|
|
|
14
|
|
|
Total other income
(deductions) - net
|
|
(1,908
|
)
|
|
(455
|
)
|
|
INCOME BEFORE INCOME
TAXES
|
|
73
|
|
|
680
|
|
|
INCOME TAX EXPENSE
(BENEFIT)
|
|
(235
|
)
|
|
74
|
|
|
NET INCOME
|
|
308
|
|
|
606
|
|
|
NET LOSS
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
113
|
|
|
74
|
|
|
NET INCOME ATTRIBUTABLE TO
NEE
|
|
$
|
421
|
|
|
$
|
680
|
|
|
Earnings per share
attributable to NEE:
|
|
|
|
|
|
Basic
|
|
$
|
0.86
|
|
|
$
|
1.42
|
|
|
Assuming dilution
|
|
$
|
0.86
|
|
|
$
|
1.41
|
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
NEXTERA
ENERGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
2020
|
|
2019
|
|
NET INCOME
|
$
|
308
|
|
|
$
|
606
|
|
|
OTHER COMPREHENSIVE INCOME
(LOSS), NET OF TAX
|
|
|
|
|
Reclassification
of unrealized losses on cash flow hedges from accumulated other
comprehensive income (loss) to net income (net of $1 tax benefit
and $3 tax expense, respectively)
|
2
|
|
|
10
|
|
|
Net unrealized
gains (losses) on available for sale securities:
|
|
|
|
|
Net unrealized
gains (losses) on securities still held (net of $4 tax benefit and
$3 tax expense, respectively)
|
(8
|
)
|
|
8
|
|
|
Reclassification
from accumulated other comprehensive income (loss) to net income
(net of less than $1 and $1 tax expense, respectively)
|
(1
|
)
|
|
2
|
|
|
Defined benefit
pension and other benefits plans:
|
|
|
|
|
Net unrealized
gain (loss) and unrecognized prior service benefit (cost) (net of
$16 tax benefit)
|
—
|
|
|
(52
|
)
|
|
Reclassification
from accumulated other comprehensive income (loss) to net income
(net of less than $1 and less than $1 tax benefit,
respectively)
|
3
|
|
|
(1
|
)
|
|
Net unrealized
gains (losses) on foreign currency translation
|
(35
|
)
|
|
10
|
|
|
Other
comprehensive income (loss) related to equity method investees (net
of less than $1 tax benefit)
|
—
|
|
|
(1
|
)
|
|
Total other
comprehensive loss, net of tax
|
(39
|
)
|
|
(24
|
)
|
|
IMPACT OF DISPOSAL OF A
BUSINESS (NET OF $19 TAX BENEFIT)
|
10
|
|
|
—
|
|
|
COMPREHENSIVE
INCOME
|
279
|
|
|
582
|
|
|
COMPREHENSIVE LOSS
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
119
|
|
|
74
|
|
|
COMPREHENSIVE INCOME
ATTRIBUTABLE TO NEE
|
$
|
398
|
|
|
$
|
656
|
|
This report should be read in
conjunction with the Notes herein and the Notes to Consolidated
Financial Statements appearing in the 2019 Form 10-K.
NEXTERA ENERGY,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(millions,
except par value)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
PROPERTY, PLANT AND
EQUIPMENT
|
|
|
|
|
|
Electric plant in service and
other property
|
|
$
|
97,717
|
|
|
$
|
96,093
|
|
|
Nuclear fuel
|
|
1,839
|
|
|
1,755
|
|
|
Construction work in
progress
|
|
10,201
|
|
|
9,330
|
|
|
Accumulated depreciation and
amortization
|
|
(25,884
|
)
|
|
(25,168
|
)
|
|
Total property, plant and
equipment - net ($11,916 and $11,893 related to VIEs,
respectively)
|
|
83,873
|
|
|
82,010
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
3,335
|
|
|
600
|
|
|
Customer receivables, net of
allowances of $19 and $19, respectively
|
|
2,068
|
|
|
2,282
|
|
|
Other receivables
|
|
553
|
|
|
525
|
|
|
Materials, supplies and fossil
fuel inventory
|
|
1,371
|
|
|
1,328
|
|
|
Regulatory assets
|
|
349
|
|
|
335
|
|
|
Derivatives
|
|
994
|
|
|
762
|
|
|
Other
|
|
1,055
|
|
|
1,576
|
|
|
Total current
assets
|
|
9,725
|
|
|
7,408
|
|
|
OTHER ASSETS
|
|
|
|
|
|
|
|
Special use funds
|
|
6,113
|
|
|
6,954
|
|
|
Investment in equity method
investees
|
|
6,862
|
|
|
7,453
|
|
|
Prepaid benefit
costs
|
|
1,471
|
|
|
1,437
|
|
|
Regulatory assets
|
|
3,246
|
|
|
3,287
|
|
|
Derivatives
|
|
1,936
|
|
|
1,624
|
|
|
Goodwill
|
|
4,201
|
|
|
4,204
|
|
|
Other
|
|
3,210
|
|
|
3,314
|
|
|
Total other assets
|
|
27,039
|
|
|
28,273
|
|
|
TOTAL ASSETS
|
|
$
|
120,637
|
|
|
$
|
117,691
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|
Common stock ($0.01 par value,
authorized shares - 800; outstanding shares - 489 and 489,
respectively)
|
|
$
|
5
|
|
|
$
|
5
|
|
|
Additional paid-in
capital
|
|
11,668
|
|
|
11,970
|
|
|
Retained earnings
|
|
24,922
|
|
|
25,199
|
|
|
Accumulated other comprehensive
loss
|
|
(192
|
)
|
|
(169
|
)
|
|
Total common shareholders'
equity
|
|
36,403
|
|
|
37,005
|
|
|
Noncontrolling interests ($4,467
and $4,350 related to VIEs, respectively)
|
|
4,472
|
|
|
4,355
|
|
|
Total equity
|
|
40,875
|
|
|
41,360
|
|
|
Redeemable noncontrolling
interests
|
|
238
|
|
|
487
|
|
|
Long-term debt ($490 and $498
related to VIEs, respectively)
|
|
41,116
|
|
|
37,543
|
|
|
Total
capitalization
|
|
82,229
|
|
|
79,390
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Commercial paper
|
|
1,576
|
|
|
2,516
|
|
|
Other short-term
debt
|
|
2,025
|
|
|
400
|
|
|
Current portion of long-term
debt ($27 and $27 related to VIEs, respectively)
|
|
2,489
|
|
|
2,124
|
|
|
Accounts payable
|
|
3,350
|
|
|
3,631
|
|
|
Customer deposits
|
|
502
|
|
|
499
|
|
|
Accrued interest and
taxes
|
|
711
|
|
|
558
|
|
|
Derivatives
|
|
448
|
|
|
344
|
|
|
Accrued construction-related
expenditures
|
|
887
|
|
|
1,152
|
|
|
Regulatory
liabilities
|
|
312
|
|
|
320
|
|
|
Other
|
|
1,422
|
|
|
2,309
|
|
|
Total current
liabilities
|
|
13,722
|
|
|
13,853
|
|
|
OTHER LIABILITIES AND DEFERRED
CREDITS
|
|
|
|
|
|
|
|
Asset retirement
obligations
|
|
3,479
|
|
|
3,457
|
|
|
Deferred income
taxes
|
|
8,082
|
|
|
8,361
|
|
|
Regulatory
liabilities
|
|
9,282
|
|
|
9,936
|
|
|
Derivatives
|
|
1,856
|
|
|
863
|
|
|
Other
|
|
1,987
|
|
|
1,831
|
|
|
Total other liabilities and
deferred credits
|
|
24,686
|
|
|
24,448
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
TOTAL CAPITALIZATION AND
LIABILITIES
|
|
$
|
120,637
|
|
|
$
|
117,691
|
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
NEXTERA
ENERGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
|
2020
|
|
2019
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
Net income
|
|
$
|
308
|
|
|
$
|
606
|
|
|
Adjustments to reconcile net
income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
848
|
|
|
772
|
|
|
Nuclear fuel and other
amortization
|
|
74
|
|
|
90
|
|
|
Unrealized losses on marked to
market derivative contracts – net
|
|
563
|
|
|
386
|
|
|
Foreign currency transaction
gains
|
|
(39
|
)
|
|
(5
|
)
|
|
Deferred income
taxes
|
|
(180
|
)
|
|
220
|
|
|
Cost recovery clauses and
franchise fees
|
|
(10
|
)
|
|
(41
|
)
|
|
Equity in losses (earnings) of
equity method investees
|
|
390
|
|
|
(16
|
)
|
|
Distributions of earnings from
equity method investees
|
|
100
|
|
|
84
|
|
|
Gains on disposal of businesses,
assets and investments – net
|
|
(297
|
)
|
|
(49
|
)
|
|
Other - net
|
|
311
|
|
|
(112
|
)
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
Current assets
|
|
142
|
|
|
283
|
|
|
Noncurrent assets
|
|
(56
|
)
|
|
(123
|
)
|
|
Current liabilities
|
|
(245
|
)
|
|
(514
|
)
|
|
Noncurrent
liabilities
|
|
(15
|
)
|
|
16
|
|
|
Net cash provided by
operating activities
|
|
1,894
|
|
|
1,597
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
Capital expenditures of
FPL
|
|
(1,394
|
)
|
|
(1,104
|
)
|
|
Acquisition and capital
expenditures of Gulf Power
|
|
(340
|
)
|
|
(4,551
|
)
|
|
Independent power and other
investments of NEER
|
|
(1,492
|
)
|
|
(1,162
|
)
|
|
Nuclear fuel
purchases
|
|
(57
|
)
|
|
(97
|
)
|
|
Other capital expenditures,
acquisitions and other investments
|
|
(1
|
)
|
|
(115
|
)
|
|
Proceeds from sale or maturity
of securities in special use funds and other
investments
|
|
1,081
|
|
|
966
|
|
|
Purchases of securities in
special use funds and other investments
|
|
(1,084
|
)
|
|
(1,019
|
)
|
|
Other - net
|
|
152
|
|
|
137
|
|
|
Net cash used in investing
activities
|
|
(3,135
|
)
|
|
(6,945
|
)
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
Issuances of long-term
debt
|
|
4,354
|
|
|
2,768
|
|
|
Retirements of long-term
debt
|
|
(312
|
)
|
|
(166
|
)
|
|
Net change in commercial
paper
|
|
(940
|
)
|
|
(448
|
)
|
|
Proceeds from other short-term
debt
|
|
1,625
|
|
|
—
|
|
|
Repayments of other short-term
debt
|
|
—
|
|
|
(50
|
)
|
|
Payments from (to) related
parties under a cash sweep and credit support agreement –
net
|
|
48
|
|
|
(24
|
)
|
|
Issuances of common stock/equity
units - net
|
|
(57
|
)
|
|
20
|
|
|
Dividends on common
stock
|
|
(685
|
)
|
|
(598
|
)
|
|
Other - net
|
|
(72
|
)
|
|
(75
|
)
|
|
Net cash provided by financing
activities
|
|
3,961
|
|
|
1,427
|
|
|
Effects of
currency translation on cash, cash equivalents and restricted
cash
|
|
6
|
|
|
9
|
|
|
Net increase (decrease) in cash,
cash equivalents and restricted cash
|
|
2,726
|
|
|
(3,912
|
)
|
|
Cash, cash equivalents and
restricted cash at beginning of period
|
|
1,108
|
|
|
5,253
|
|
|
Cash, cash equivalents and
restricted cash at end of period
|
|
$
|
3,834
|
|
|
$
|
1,341
|
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
Accrued property
additions
|
|
$
|
3,194
|
|
|
$
|
1,874
|
|
|
Increase in property, plant and
equipment related to an acquisition
|
|
$
|
353
|
|
|
$
|
—
|
|
|
Decrease in joint
venture investments related to an acquisition
|
|
$
|
145
|
|
|
$
|
—
|
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
NEXTERA
ENERGY, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF EQUITY
(millions,
except per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|
|
Shares
|
|
Aggregate
Par Value
|
|
|
Balances, December 31,
2019
|
489
|
|
|
$
|
5
|
|
|
$
|
11,970
|
|
|
$
|
(169
|
)
|
|
$
|
25,199
|
|
|
$
|
37,005
|
|
|
$
|
4,355
|
|
|
$
|
41,360
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
421
|
|
|
421
|
|
|
(112
|
)
|
|
|
|
Premium on equity
units
|
—
|
|
|
—
|
|
|
(253
|
)
|
|
—
|
|
|
—
|
|
|
(253
|
)
|
|
—
|
|
|
|
|
Share-based payment
activity
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
|
|
Dividends on common
stock(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(685
|
)
|
|
(685
|
)
|
|
—
|
|
|
|
|
Other comprehensive
loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
|
(6
|
)
|
|
|
|
Issuances of common
stock/equity units - net
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
|
|
Impact of disposal
of a business(b)
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
|
|
Adoption of
accounting standards update(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|
|
|
Other differential
membership interests activity
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
219
|
|
|
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
16
|
|
|
|
|
Balances, March 31,
2020
|
489
|
|
|
$
|
5
|
|
|
$
|
11,668
|
|
|
$
|
(192
|
)
|
|
$
|
24,922
|
|
|
$
|
36,403
|
|
|
$
|
4,472
|
|
|
$
|
40,875
|
|
———————————————
|
|
|
(a)
|
Dividends per
share were $1.40
for the
three months ended
March 31, 2020.
|
|
|
|
(b)
|
See Note 11 -
Disposal of a Business.
|
|
|
|
(c)
|
See Note 11 -
Measurement of Credit Losses on Financial Instruments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Retained
Earnings
|
|
Total
Common
Shareholders'
Equity
|
|
Non-
controlling
Interests
|
|
Total
Equity
|
|
|
Shares
|
|
Aggregate
Par Value
|
|
|
Balances, December 31,
2018
|
478
|
|
|
$
|
5
|
|
|
$
|
10,490
|
|
|
$
|
(188
|
)
|
|
$
|
23,837
|
|
|
$
|
34,144
|
|
|
$
|
3,269
|
|
|
$
|
37,413
|
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
680
|
|
|
680
|
|
|
(74
|
)
|
|
|
|
Share-based payment
activity
|
1
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
|
|
Dividends on common
stock(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(598
|
)
|
|
(598
|
)
|
|
—
|
|
|
|
|
Other comprehensive
loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
|
|
Other differential
membership interests activity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
389
|
|
|
|
|
Other
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
|
30
|
|
|
|
|
Balances, March 31,
2019
|
479
|
|
|
$
|
5
|
|
|
$
|
10,515
|
|
|
$
|
(213
|
)
|
|
$
|
23,919
|
|
|
$
|
34,226
|
|
|
$
|
3,614
|
|
|
$
|
37,840
|
|
———————————————
|
|
|
(a)
|
Dividends per
share were $1.25
for the
three months ended
March 31, 2019.
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
FLORIDA POWER
& LIGHT COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
|
2020
|
|
2019
|
|
OPERATING REVENUES
|
|
$
|
2,540
|
|
|
$
|
2,618
|
|
|
OPERATING EXPENSES
(INCOME)
|
|
|
|
|
|
|
Fuel, purchased power and
interchange
|
|
586
|
|
|
729
|
|
|
Other operations and
maintenance
|
|
317
|
|
|
340
|
|
|
Depreciation and
amortization
|
|
402
|
|
|
375
|
|
|
Taxes other than income taxes
and other - net
|
|
320
|
|
|
317
|
|
|
Total operating expenses -
net
|
|
1,625
|
|
|
1,761
|
|
|
OPERATING INCOME
|
|
915
|
|
|
857
|
|
|
OTHER INCOME
(DEDUCTIONS)
|
|
|
|
|
|
|
Interest expense
|
|
(152
|
)
|
|
(139
|
)
|
|
Allowance for equity funds used
during construction
|
|
16
|
|
|
24
|
|
|
Other - net
|
|
—
|
|
|
2
|
|
|
Total other deductions -
net
|
|
(136
|
)
|
|
(113
|
)
|
|
INCOME BEFORE INCOME
TAXES
|
|
779
|
|
|
744
|
|
|
INCOME TAXES
|
|
137
|
|
|
156
|
|
|
NET INCOME(a)
|
|
$
|
642
|
|
|
$
|
588
|
|
_______________________
|
|
|
(a)
|
FPL's comprehensive
income is the same as reported net income.
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
FLORIDA POWER
& LIGHT COMPANY
CONDENSED
CONSOLIDATED BALANCE SHEETS
(millions,
except share amount)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
ELECTRIC UTILITY PLANT AND OTHER
PROPERTY
|
|
|
|
|
|
Plant in service and other
property
|
|
$
|
55,481
|
|
|
$
|
54,523
|
|
|
Nuclear fuel
|
|
1,221
|
|
|
1,153
|
|
|
Construction work in
progress
|
|
3,326
|
|
|
3,351
|
|
|
Accumulated depreciation and
amortization
|
|
(14,232
|
)
|
|
(13,953
|
)
|
|
Total electric utility plant and
other property - net
|
|
45,796
|
|
|
45,074
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,001
|
|
|
77
|
|
|
Customer receivables, net of
allowances of $5 and $3, respectively
|
|
963
|
|
|
1,024
|
|
|
Other receivables
|
|
359
|
|
|
333
|
|
|
Materials, supplies and fossil
fuel inventory
|
|
754
|
|
|
722
|
|
|
Regulatory assets
|
|
237
|
|
|
227
|
|
|
Other
|
|
180
|
|
|
136
|
|
|
Total current
assets
|
|
3,494
|
|
|
2,519
|
|
|
OTHER ASSETS
|
|
|
|
|
|
|
|
Special use funds
|
|
4,236
|
|
|
4,771
|
|
|
Prepaid benefit
costs
|
|
1,496
|
|
|
1,477
|
|
|
Regulatory assets
|
|
2,506
|
|
|
2,549
|
|
|
Goodwill
|
|
300
|
|
|
300
|
|
|
Other
|
|
489
|
|
|
498
|
|
|
Total other assets
|
|
9,027
|
|
|
9,595
|
|
|
TOTAL ASSETS
|
|
$
|
58,317
|
|
|
$
|
57,188
|
|
|
CAPITALIZATION
|
|
|
|
|
|
|
|
Common stock (no par value,
1,000 shares authorized, issued and outstanding)
|
|
$
|
1,373
|
|
|
$
|
1,373
|
|
|
Additional paid-in
capital
|
|
12,051
|
|
|
10,851
|
|
|
Retained earnings
|
|
9,816
|
|
|
9,174
|
|
|
Total common shareholder's
equity
|
|
23,240
|
|
|
21,398
|
|
|
Long-term debt
|
|
15,401
|
|
|
14,131
|
|
|
Total
capitalization
|
|
38,641
|
|
|
35,529
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
Commercial paper
|
|
210
|
|
|
1,482
|
|
|
Current portion of long-term
debt
|
|
21
|
|
|
30
|
|
|
Accounts payable
|
|
722
|
|
|
768
|
|
|
Customer deposits
|
|
461
|
|
|
459
|
|
|
Accrued interest and
taxes
|
|
415
|
|
|
266
|
|
|
Accrued construction-related
expenditures
|
|
288
|
|
|
426
|
|
|
Regulatory
liabilities
|
|
283
|
|
|
284
|
|
|
Other
|
|
422
|
|
|
510
|
|
|
Total current
liabilities
|
|
2,822
|
|
|
4,225
|
|
|
OTHER LIABILITIES AND DEFERRED
CREDITS
|
|
|
|
|
|
|
|
Asset retirement
obligations
|
|
2,293
|
|
|
2,268
|
|
|
Deferred income
taxes
|
|
5,534
|
|
|
5,415
|
|
|
Regulatory
liabilities
|
|
8,622
|
|
|
9,296
|
|
|
Other
|
|
405
|
|
|
455
|
|
|
Total other liabilities and
deferred credits
|
|
16,854
|
|
|
17,434
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
TOTAL CAPITALIZATION AND
LIABILITIES
|
|
$
|
58,317
|
|
|
$
|
57,188
|
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
FLORIDA POWER
& LIGHT COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
|
2020
|
|
2019
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
Net income
|
|
$
|
642
|
|
|
$
|
588
|
|
|
Adjustments to reconcile net
income to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
402
|
|
|
375
|
|
|
Nuclear fuel and other
amortization
|
|
42
|
|
|
45
|
|
|
Deferred income
taxes
|
|
212
|
|
|
203
|
|
|
Cost recovery clauses and
franchise fees
|
|
—
|
|
|
(27
|
)
|
|
Other - net
|
|
(16
|
)
|
|
10
|
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
Current assets
|
|
36
|
|
|
(35
|
)
|
|
Noncurrent assets
|
|
(23
|
)
|
|
(19
|
)
|
|
Current liabilities
|
|
(53
|
)
|
|
31
|
|
|
Noncurrent
liabilities
|
|
(31
|
)
|
|
(35
|
)
|
|
Net cash provided by
operating activities
|
|
1,211
|
|
|
1,136
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
(1,394
|
)
|
|
(1,104
|
)
|
|
Nuclear fuel
purchases
|
|
(42
|
)
|
|
(36
|
)
|
|
Proceeds from sale or maturity
of securities in special use funds
|
|
657
|
|
|
562
|
|
|
Purchases of securities in
special use funds
|
|
(666
|
)
|
|
(596
|
)
|
|
Other - net
|
|
(13
|
)
|
|
1
|
|
|
Net cash used in investing
activities
|
|
(1,458
|
)
|
|
(1,173
|
)
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Issuances of long-term
debt
|
|
1,558
|
|
|
643
|
|
|
Retirements of long-term
debt
|
|
(284
|
)
|
|
(39
|
)
|
|
Net change in commercial
paper
|
|
(1,271
|
)
|
|
(860
|
)
|
|
Capital contributions from
NEE
|
|
1,200
|
|
|
250
|
|
|
Other - net
|
|
(18
|
)
|
|
(12
|
)
|
|
Net cash provided by (used in)
financing activities
|
|
1,185
|
|
|
(18
|
)
|
|
Net increase (decrease) in cash,
cash equivalents and restricted cash
|
|
938
|
|
|
(55
|
)
|
|
Cash, cash equivalents and
restricted cash at beginning of period
|
|
195
|
|
|
254
|
|
|
Cash, cash equivalents and
restricted cash at end of period
|
|
$
|
1,133
|
|
|
$
|
199
|
|
|
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Accrued property
additions
|
|
$
|
552
|
|
|
$
|
585
|
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
FLORIDA POWER
& LIGHT COMPANY
CONDENSED
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY
(millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
|
Balances, December 31,
2019
|
$
|
1,373
|
|
|
$
|
10,851
|
|
|
$
|
9,174
|
|
|
$
|
21,398
|
|
|
Net income
|
—
|
|
|
—
|
|
|
642
|
|
|
|
|
Capital contributions from
NEE
|
—
|
|
|
1,200
|
|
|
—
|
|
|
|
|
Balances, March 31,
2020
|
$
|
1,373
|
|
|
$
|
12,051
|
|
|
$
|
9,816
|
|
|
$
|
23,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Common
Shareholder's
Equity
|
|
Balances, December 31,
2018
|
$
|
1,373
|
|
|
$
|
10,601
|
|
|
$
|
9,040
|
|
|
$
|
21,014
|
|
|
Net income
|
—
|
|
|
—
|
|
|
588
|
|
|
|
|
Capital contributions from
NEE
|
—
|
|
|
250
|
|
|
—
|
|
|
|
|
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
|
|
Balances, March 31,
2019
|
$
|
1,373
|
|
|
$
|
10,852
|
|
|
$
|
9,628
|
|
|
$
|
21,853
|
|
This report should
be read in conjunction with the Notes herein and the Notes to
Consolidated Financial Statements appearing in the
2019
Form
10-K.
NEXTERA
ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
The accompanying
condensed consolidated financial statements should be read in
conjunction with the 2019 Form 10-K. In the opinion of NEE
and FPL management, all adjustments (consisting of normal recurring
accruals) considered necessary for fair financial statement
presentation have been made. Certain amounts included in the prior
year's condensed consolidated financial statements have been
reclassified to conform to the current year's presentation. The
results of operations for an interim period generally will not give
a true indication of results for the year.
1. Revenue from Contracts with Customers
FPL and NEER
generate substantially all of NEE’s operating revenues, which
primarily include revenues from contracts with customers, as well
as derivative and lease transactions at NEER. For the vast majority
of contracts with customers, NEE believes that the obligation to
deliver energy, capacity or transmission is satisfied over time as
the customer simultaneously receives and consumes benefits as NEE
performs. NEE’s revenue from contracts with customers was
approximately $3.9 billion
($2.5 billion
at FPL) and
$3.8
billion ($2.6 billion
at FPL) for
the three
months ended March 31, 2020 and 2019, respectively. NEE's and FPL's
receivables are primarily associated with revenues earned from
contracts with customers, as well as derivative and lease
transactions at NEER, and consist of both billed and unbilled
amounts, which are recorded in customer receivables and other
receivables on NEE's and FPL's condensed consolidated balance
sheets. Receivables represent unconditional rights to consideration
and reflect the differences in timing of revenue recognition and
cash collections. For substantially all of NEE's and FPL's
receivables, regardless of the type of revenue transaction from
which the receivable originated, customer and counterparty credit
risk is managed in the same manner and the terms and conditions of
payment are similar.
FPL
- FPL’s revenues are
derived primarily from tariff-based sales that result from
providing electricity to retail customers in Florida with no
defined contractual term. Electricity sales to retail customers
account for approximately 90%
of FPL’s operating
revenues, the majority of which are to residential customers. FPL’s
retail customers receive a bill monthly based on the amount of
monthly kWh usage with payment due monthly. For these types of
sales, FPL recognizes revenue as electricity is delivered and
billed to customers, as well as an estimate for electricity
delivered and not yet billed. The billed and unbilled amounts
represent the value of electricity delivered to the customer.
At March 31, 2020
and
December 31,
2019, FPL's
unbilled revenues amounted to approximately $434 million
and
$389
million, respectively, and are included
in customer receivables on NEE's and FPL's condensed consolidated
balance sheets.
NEER
- NEER’s revenue
from contracts with customers is derived primarily from the sale of
energy commodities, electric capacity and electric transmission.
For these types of sales, NEER recognizes revenue as energy
commodities are delivered and as electric capacity and electric
transmission are made available, consistent with the amounts billed
to customers based on rates stipulated in the respective contracts
as well as an accrual for amounts earned but not yet billed. The
amounts billed and accrued represent the value of energy or
transmission delivered and/or the capacity of energy or
transmission available to the customer. Revenues yet to be earned
under these contracts, which have maturity dates ranging
from 2020 to 2053, will vary based on the volume
of energy or transmission delivered and/or available. NEER’s
customers typically receive bills monthly with payment due within
30 days. Certain contracts with customers contain a fixed price
which primarily relate to electric capacity sales associated with
ISO annual auctions through 2024 and certain power purchase
agreements with maturity dates through 2034. At March 31,
2020, NEER
expects to record approximately $965 million
of revenues related
to the fixed price components of such contracts over the remaining
terms of the related contracts as the capacity is
provided.
2. NEP
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 March 31, 2020
and
December 31,
2019, the
cash sweep amounts (due to NEP and its subsidiaries) held in
accounts belonging to NextEra Energy Resources or its subsidiaries
were approximately $60 million
and
$12
million, respectively, and are included
in accounts payable. Fee income totaling approximately
$28
million and $24 million
for the
three months ended
March 31, 2020 and 2019, respectively, related to the
CSCS agreement and the service agreements and is included in
operating revenues in NEE's condensed consolidated statements of
income. Amounts due from NEP of approximately $71 million
and
$53
million are included in other
receivables and $32 million
and
$33
million are included in noncurrent other
assets at March 31, 2020
and
December 31,
2019,
respectively. Under the CSCS agreement, NEECH or NextEra Energy
Resources guaranteed or provided indemnifications, letters of
credit or surety bonds totaling approximately $656 million
at
March 31,
2020 primarily related to obligations
on behalf of NEP's subsidiaries with maturity dates ranging from
2020 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 condensed consolidated
balance sheets at fair value. At March 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 condensed
consolidated balance sheet.
NEXTERA
ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
(unaudited)
Summarized financial
information of NEP is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
2020
|
|
2019
|
|
|
(millions)
|
|
Operating revenues
|
$
|
212
|
|
|
$
|
177
|
|
|
Operating income
|
$
|
49
|
|
|
$
|
34
|
|
|
Net loss
|
$
|
(720
|
)
|
|
$
|
(121
|
)
|
|
Net loss attributable to
NEP
|
$
|
(222
|
)
|
|
$
|
(22
|
)
|
3. Employee Retirement Benefits
NEE sponsors a
qualified noncontributory defined benefit pension plan for
substantially all employees of NEE and its subsidiaries and
sponsors a contributory postretirement plan for other benefits for
retirees of NEE and its subsidiaries meeting certain eligibility
requirements.
The components of net periodic income for the plans are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Postretirement
Benefits
|
|
|
Three Months Ended March
31,
|
|
Three Months Ended March
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(millions)
|
|
Service cost
|
$
|
21
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest cost
|
23
|
|
|
29
|
|
|
2
|
|
|
3
|
|
|
Expected return on
plan assets
|
(80
|
)
|
|
(79
|
)
|
|
—
|
|
|
—
|
|
|
Amortization of
prior service benefit
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
Amortization of
actuarial loss
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
Special termination
benefits(a)
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net periodic income
at NEE
|
$
|
(30
|
)
|
|
$
|
(30
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
Net periodic income
allocated to FPL
|
$
|
(19
|
)
|
|
$
|
(18
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
_________________________
|
|
|
(a)
|
Reflects enhanced
early retirement benefits.
|
NEXTERA
ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
(unaudited)
4. Derivative
Instruments
NEE and FPL use
derivative instruments (primarily swaps, options, futures and
forwards) to manage the physical and financial risks inherent in
the purchase and sale of fuel and electricity, as well as interest
rate and foreign currency exchange rate risk associated primarily
with outstanding and expected future debt issuances and borrowings,
and to optimize the value of NEER's power generation and gas
infrastructure assets. NEE and FPL do not utilize hedge accounting
for their cash flow and fair value hedges.
With respect to
commodities related to NEE's competitive energy business, NEER
employs risk management procedures to conduct its activities
related to optimizing the value of its power generation and gas
infrastructure assets, providing full energy and capacity
requirements services primarily to distribution utilities, and
engaging in power and gas marketing and trading activities to take
advantage of expected future favorable price movements and changes
in the expected volatility of prices in the energy markets. These
risk management activities involve the use of derivative
instruments executed within prescribed limits to manage the risk
associated with fluctuating commodity prices. Transactions in
derivative instruments are executed on recognized exchanges or via
the OTC markets, depending on the most favorable credit terms and
market execution factors. For NEER's power generation and gas
infrastructure assets, derivative instruments are used to hedge all
or a portion of the expected output of these assets. These hedges
are designed to reduce the effect of adverse changes in the
wholesale forward commodity markets associated with NEER's power
generation and gas infrastructure assets. With regard to full
energy and capacity requirements services, NEER is required to vary
the quantity of energy and related services based on the load
demands of the customers served. For this type of transaction,
derivative instruments are used to hedge the anticipated
electricity quantities required to serve these customers and reduce
the effect of unfavorable changes in the forward energy markets.
Additionally, NEER takes positions in energy markets based on
differences between actual forward market levels and management's
view of fundamental market conditions, including supply/demand
imbalances, changes in traditional flows of energy, changes in
short- and long-term weather patterns and anticipated regulatory
and legislative outcomes. NEER uses derivative instruments to
realize value from these market dislocations, subject to strict
risk management limits around market, operational and credit
exposure.
Derivative
instruments, when required to be marked to market, are recorded on
NEE's and FPL's condensed consolidated balance sheets as either an
asset or liability measured at fair value. At FPL, substantially
all changes in the derivatives' fair value are deferred as a
regulatory asset or liability until the contracts are settled, and,
upon settlement, any gains or losses are passed through the fuel
clause. For NEE's non-rate regulated operations, predominantly
NEER, essentially all changes in the derivatives' fair value for
power purchases and sales, fuel sales and trading activities are
recognized on a net basis in operating revenues and the equity
method investees' related activity is recognized in equity in
earnings of equity method investees in NEE's condensed consolidated
statements of income. Settlement gains and losses are included
within the line items in the condensed consolidated statements of
income to which they relate. Transactions for which physical
delivery is deemed not to have occurred are presented on a net
basis in the condensed consolidated statements of income. For
commodity derivatives, NEE believes that, where offsetting
positions exist at the same location for the same time, the
transactions are considered to have been netted and therefore
physical delivery has been deemed not to have occurred for
financial reporting purposes. Settlements related to derivative
instruments are primarily recognized in net cash provided by
operating activities in NEE's and FPL's condensed consolidated
statements of cash flows.
For interest rate
and foreign currency derivative instruments, all changes in the
derivatives' fair value, as well as the transaction gain or loss on
foreign denominated debt, are recognized in interest expense and
the equity method investees' related activity is recognized in
equity in earnings of equity method investees in NEE's condensed
consolidated statements of income. In addition, for the
three months ended
March 31, 2020 and March 31,
2019, NEE
reclassified from AOCI approximately $23 million
($3 million
after tax) to gains
on disposal of businesses/assets - net (see Note 11 - Disposal of a
Business) and $6 million
($5 million
after tax) to
interest expense, respectively, because it became probable that
related future transactions being hedged would not occur. At
March 31,
2020, NEE's
AOCI included amounts related to discontinued interest rate cash
flow hedges with expiration dates through March 2035 and foreign currency cash flow
hedges with expiration dates through September
2030.
Approximately $8 million
of net losses
included in AOCI at March 31, 2020
are expected to be
reclassified into earnings within the next 12 months as the
principal and/or interest payments are made. Such amounts assume no
change in scheduled principal payments.
NEXTERA
ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
(unaudited)
Fair Value of
Derivative Instruments - The tables below present NEE's
and FPL's gross derivative positions at March 31, 2020
and
December 31,
2019, as
required by disclosure rules. However, the majority of the
underlying contracts are subject to master netting agreements and
generally would not be contractually settled on a gross basis.
Therefore, the tables below also present the derivative positions
on a net basis, which reflect the offsetting of positions of
certain transactions within the portfolio, the contractual ability
to settle contracts under master netting arrangements and the
netting of margin cash collateral (see Note 5 - Recurring Fair
Value Measurements for netting information), as well as the
location of the net derivative position on the condensed
consolidated balance sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
|
|
Gross
Basis
|
|
Net
Basis
|
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
|
(millions)
|
|
NEE:
|
|
|
|
|
|
|
|
|
Commodity
contracts
|
$
|
6,367
|
|
|
$
|
4,103
|
|
|
$
|
2,900
|
|
|
$
|
710
|
|
|
Interest rate
contracts
|
39
|
|
|
1,517
|
|
|
9
|
|
|
1,487
|
|
|
Foreign currency
contracts
|
21
|
|
|
107
|
|
|
21
|
|
|
107
|
|
|
Total fair
values
|
$
|
6,427
|
|
|
$
|
5,727
|
|
|
$
|
2,930
|
|
|
$
|
2,304
|
|
|
|
|
|
|
|
|
|
|
|
FPL:
|
|
|
|
|
|
|
|
|
Commodity
contracts
|
$
|
5
|
|
|
$
|
17
|
|
|
$
|
3
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
|
Net fair value by NEE balance
sheet line item:
|
|
|
|
|
|
|
|
|
Current derivative
assets(a)
|
|
|
|
|
$
|
994
|
|
|
|
|
Noncurrent derivative
assets(b)
|
|
|
|
|
1,936
|
|
|
|
|
Current derivative
liabilities(c)
|
|
|
|
|
|
|
$
|
448
|
|
|
Noncurrent
derivative liabilities
|
|
|
|
|
|
|
1,856
|
|
|
Total
derivatives
|
|
|
|
|
$
|
2,930
|
|
|
$
|
2,304
|
|
|
|
|
|
|
|
|
|
|
|
Net fair value by FPL balance
sheet line item:
|
|
|
|
|
|
|
|
|
Current other
assets
|
|
|
|
|
$
|
3
|
|
|
|
|
Current other
liabilities
|
|
|
|
|
|
|
$
|
15
|
|
|
Total
derivatives
|
|
|
|
|
$
|
3
|
|
|
$
|
15
|
|
———————————————
|
|
|
(a)
|
Reflects the netting
of approximately $27 million
in margin cash
collateral received from counterparties.
|
|
|
|
(b)
|
Reflects the netting
of approximately $160
million in margin cash collateral
received from counterparties.
|
|
|
|
(c)
|
Reflects the netting
of approximately $113 million
in margin cash
collateral paid to counterparties.
|
NEXTERA
ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2019
|
|
|
Gross Basis
|
|
Net Basis
|
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
|
(millions)
|
|
NEE:
|
|
|
|
|
|
|
|
|
Commodity
contracts
|
$
|
5,050
|
|
|
$
|
3,201
|
|
|
$
|
2,350
|
|
|
$
|
576
|
|
|
Interest rate
contracts
|
26
|
|
|
742
|
|
|
9
|
|
|
725
|
|
|
Foreign currency
contracts
|
26
|
|
|
38
|
|
|
27
|
|
|
39
|
|
|
Total fair
values
|
$
|
5,102
|
|
|
$
|
3,981
|
|
|
$
|
2,386
|
|
|
$
|
1,340
|
|
|
|
|
|
|
|
|
|
|
|
FPL:
|
|
|
|
|
|
|
|
|
Commodity
contracts
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
3
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
Net fair value by NEE balance
sheet line item:
|
|
|
|
|
|
|
|
|
Current derivative
assets(a)
|
|
|
|
|
$
|
762
|
|
|
|
|
Noncurrent derivative
assets(b)
|
|
|
|
|
1,624
|
|
|
|
|
Current derivative
liabilities(c)
|
|
|
|
|
|
|
$
|
344
|
|
|
Current other
liabilities(d)
|
|
|
|
|
|
|
133
|
|
|
Noncurrent
derivative liabilities
|
|
|
|
|
|
|
863
|
|
|
Total
derivatives
|
|
|
|
|
$
|
2,386
|
|
|
$
|
1,340
|
|
|
|
|
|
|
|
|
|
|
|
Net fair value by FPL balance
sheet line item:
|
|
|
|
|
|
|
|
|
Current other
assets
|
|
|
|
|
$
|
3
|
|
|
|
|
Current other
liabilities
|
|
|
|
|
|
|
$
|
12
|
|
|
Noncurrent other
liabilities
|
|
|
|
|
|
|
1
|
|
|
Total
derivatives
|
|
|
|
|
$
|
3
|
|
|
$
|
13
|
|
———————————————
|
|
|
(a)
|
Reflects the netting
of approximately $2 million
in margin cash
collateral received from counterparties.
|
|
|
|
(b)
|
Reflects the netting
of approximately $139 million
in margin cash
collateral received from counterparties.
|
|
|
|
(c)
|
Reflects the netting
of approximately $66 million
in margin cash
collateral paid to counterparties.
|
|
|
|
(d)
|
See Note 11 -
Disposal of a Business.
|
At
March 31,
2020 and December 31,
2019, NEE had
approximately $37 million
and
$10
million (none at FPL), respectively, in
margin cash collateral received from counterparties that was not
offset against derivative assets in the above presentation. These
amounts are included in current other liabilities on NEE's
condensed consolidated balance sheets. Additionally, at
March 31,
2020 and December 31,
2019, NEE had
approximately $330 million
and
$360
million (none at FPL), respectively, in
margin cash collateral paid to counterparties that was not offset
against derivative assets or liabilities in the above presentation.
These amounts are included in current other assets on NEE's
condensed consolidated balance sheets.
Income
Statement Impact of Derivative Instruments - Gains (losses) related to
NEE's derivatives are recorded in NEE's condensed consolidated
statements of income as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31,
|
|
|
2020
|
|
2019
|
|
|
(millions)
|
|
Commodity
contracts(a) -
operating revenues
|
$
|
625
|
|
|
$
|
(4
|
)
|
|
Foreign currency contracts -
interest expense
|
(79
|
)
|
|
(19
|
)
|
|
Interest rate contracts -
interest expense
|
(905
|
)
|
|
(326
|
)
|
|
Losses reclassified from
AOCI:
|
|
|
|
|
Interest rate
contracts(b)
|
(25
|
)
|
|
(12
|
)
|
|
Foreign currency contracts -
interest expense
|
(1
|
)
|
|
(1
|
)
|
|
Total
|
$
|
(385
|
)
|
|
$
|
(362
|
)
|
———————————————
|
|
|
(a)
|
For the
three months ended
March 31, 2020 and 2019, FPL recorded losses of
approximately $3 million
and gains of
$2
million, respectively, related to
commodity contracts as regulatory assets and regulatory
liabilities, respectively, on its condensed consolidated balance
sheets.
|
|
|
|
(b)
|
For the
three months ended
March 31, 2020, approximately
$23
million was reclassified to gains on
disposal of businesses/assets - net (see Note 11 - Disposal of a
Business); remaining balances were reclassified to interest expense
on NEE's condensed consolidated statements of income.
|
NEXTERA
ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
(unaudited)
Notional
Volumes of Derivative Instruments - The following table represents
net notional volumes associated with derivative instruments that
are required to be reported at fair value in NEE's and FPL's
condensed consolidated financial statements. The table includes
significant volumes of transactions that have minimal exposure to
commodity price changes because they are variably priced
agreements. These volumes are only an indication of the commodity
exposure that is managed through the use of derivatives. They do
not represent net physical asset positions or non-derivative
positions and their hedges, nor do they represent NEE’s and FPL’s
net economic exposure, but only the net notional derivative
positions that fully or partially hedge the related asset
positions. NEE and FPL had derivative commodity contracts for the
following net notional volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
Commodity Type
|
|
NEE
|
|
FPL
|
|
NEE
|
|
FPL
|
|
|
|
(millions)
|
|
Power
|
|
(76
|
)
|
|
MWh
|
|
1
|
|
|
MWh
|
|
(81
|
)
|
|
MWh
|
|
1
|
|
|
MWh
|
|
Natural gas
|
|
(158
|
)
|
|
MMBtu
|
|
283
|
|
|
MMBtu
|
|
(1,723
|
)
|
|
MMBtu
|
|
161
|
|
|
MMBtu
|
|
Oil
|
|
(10
|
)
|
|
barrels
|
|
—
|
|
|
|
|
(13
|
)
|
|
barrels
|
|
—
|
|
|
|
At
March 31,
2020 and December 31,
2019, NEE had
interest rate contracts with a net notional amount of
approximately $8.3 billion
and
$8.9
billion, respectively, and foreign
currency contracts with a net notional amount of
approximately $1.0 billion
and
$1.0
billion, respectively.
Credit-Risk-Related
Contingent Features
- Certain derivative
instruments contain credit-risk-related contingent features
including, among other things, the requirement to maintain an
investment grade credit rating from specified credit rating
agencies and certain financial ratios, as well as credit-related
cross-default and material adverse change triggers. At
March 31,
2020 and December 31,
2019, the
aggregate fair value of NEE's derivative instruments with
credit-risk-related contingent features that were in a liability
position was approximately $2.7 billion
($12 million
for FPL) and
$1.7
billion ($12 million
for FPL),
respectively.