false--12-31--12-31Q1202000007533080000037634FloridaNEXTERA ENERGY INCFLORIDA POWER & LIGHT COfalse019000000100000007400000076000000P1Y190000003000000190000005000000000.010.01800000000100080000000010001000100048900000010004890000001000270000002700000049800000049000000043500000004467000000160000000100000010000003000000100000010000001000000300000040000001189300000011916000000 0000753308 2020-01-01 2020-03-31 0000753308 us-gaap:NondesignatedMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember 2020-01-01 2020-03-31 0000753308 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000753308 nee:CorporateUnits5.279Member 2020-01-01 2020-03-31 0000753308 nee:CorporateUnitsMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember 2020-03-31 0000753308 2020-03-31 0000753308 2019-01-01 2019-03-31 0000753308 2019-12-31 0000753308 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-12-31 0000753308 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2020-03-31 0000753308 2019-03-31 0000753308 2018-12-31 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000753308 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 0000753308 us-gaap:RetainedEarningsMember 2020-03-31 0000753308 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000753308 us-gaap:ParentMember 2020-01-01 2020-03-31 0000753308 us-gaap:CommonStockMember 2020-03-31 0000753308 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000753308 us-gaap:NoncontrollingInterestMember 2020-03-31 0000753308 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 0000753308 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000753308 us-gaap:ParentMember 2019-12-31 0000753308 us-gaap:RetainedEarningsMember 2020-01-01 0000753308 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000753308 us-gaap:NoncontrollingInterestMember 2019-12-31 0000753308 us-gaap:RetainedEarningsMember 2019-12-31 0000753308 us-gaap:CommonStockMember 2019-12-31 0000753308 us-gaap:ParentMember 2020-01-01 0000753308 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000753308 us-gaap:ParentMember 2020-03-31 0000753308 us-gaap:NoncontrollingInterestMember 2020-01-01 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000753308 us-gaap:CommonStockMember 2019-03-31 0000753308 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000753308 us-gaap:ParentMember 2019-01-01 2019-03-31 0000753308 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000753308 us-gaap:CommonStockMember 2018-12-31 0000753308 us-gaap:RetainedEarningsMember 2019-03-31 0000753308 us-gaap:ParentMember 2019-03-31 0000753308 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000753308 us-gaap:NoncontrollingInterestMember 2018-12-31 0000753308 us-gaap:RetainedEarningsMember 2018-12-31 0000753308 us-gaap:NoncontrollingInterestMember 2019-03-31 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000753308 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000753308 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000753308 us-gaap:ParentMember 2018-12-31 0000753308 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000753308 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember 2018-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommonStockMember 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommonStockMember 2018-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:RetainedEarningsMember 2018-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:RetainedEarningsMember 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommonStockMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommonStockMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:RetainedEarningsMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:RetainedEarningsMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:SalesRevenueNetMember 2020-01-01 2020-03-31 0000753308 nee:FplMember 2020-03-31 0000753308 nee:CashSweepAndCreditSupportAgreementMember srt:SubsidiariesMember 2020-01-01 2020-03-31 0000753308 nee:CashSweepAndCreditSupportAgreementMember srt:SubsidiariesMember 2020-03-31 0000753308 nee:CashSweepAndCreditSupportAgreementMember srt:SubsidiariesMember 2019-01-01 2019-03-31 0000753308 nee:CashSweepAndCreditSupportAgreementMember srt:SubsidiariesMember 2019-12-31 0000753308 nee:NextEraEnergyPartnersMember nee:CashSweepAndCreditSupportAgreementMember srt:SubsidiariesMember 2019-12-31 0000753308 nee:NextEraEnergyPartnersMember nee:CashSweepAndCreditSupportAgreementMember srt:SubsidiariesMember 2020-03-31 0000753308 nee:NextEraEnergyPartnersMember 2020-01-01 2020-03-31 0000753308 nee:NextEraEnergyPartnersMember 2019-01-01 2019-03-31 0000753308 us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000753308 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000753308 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:PensionPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000753308 us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:PensionPlansDefinedBenefitMember 2020-01-01 2020-03-31 0000753308 nee:CurrentDerivativeAssetsMember 2019-12-31 0000753308 nee:NoncurrentDerivativeLiabilitiesMember 2019-12-31 0000753308 nee:NonCurrentDerivativeAssetsMemberMember 2020-03-31 0000753308 us-gaap:InterestRateSwapMember 2020-03-31 0000753308 nee:NonCurrentDerivativeAssetsMemberMember 2019-12-31 0000753308 us-gaap:InterestRateSwapMember 2019-12-31 0000753308 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000753308 us-gaap:CurrencySwapMember 2020-03-31 0000753308 us-gaap:CurrencySwapMember 2019-12-31 0000753308 nee:NoncurrentDerivativeLiabilitiesMember 2020-03-31 0000753308 nee:CurrentDerivativeAssetsMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:CommodityContractOilMember us-gaap:ShortMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:CommodityContractNaturalGasMember us-gaap:LongMember 2019-01-01 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember nee:CommodityContractPowerMember us-gaap:LongMember 2019-12-31 0000753308 nee:CommodityContractPowerMember us-gaap:ShortMember 2019-12-31 0000753308 nee:CommodityContractOilMember us-gaap:ShortMember 2019-01-01 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember nee:CommodityContractOilMember us-gaap:ShortMember 2019-01-01 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember nee:CommodityContractPowerMember us-gaap:LongMember 2020-03-31 0000753308 nee:CommodityContractNaturalGasMember us-gaap:ShortMember 2019-01-01 2019-12-31 0000753308 nee:CommodityContractOilMember us-gaap:ShortMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:CommodityContractNaturalGasMember us-gaap:LongMember 2020-01-01 2020-03-31 0000753308 nee:CommodityContractPowerMember us-gaap:ShortMember 2020-03-31 0000753308 nee:CommodityContractNaturalGasMember us-gaap:ShortMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2019-12-31 0000753308 us-gaap:NondesignatedMember 2019-12-31 0000753308 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2019-12-31 0000753308 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherNoncurrentLiabilitiesMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherCurrentAssetsMember 2019-12-31 0000753308 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-12-31 0000753308 us-gaap:OtherCurrentLiabilitiesMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherCurrentLiabilitiesMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherCurrentAssetsMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2020-03-31 0000753308 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2020-03-31 0000753308 us-gaap:NondesignatedMember 2020-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2020-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherCurrentLiabilitiesMember 2020-03-31 0000753308 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember 2020-01-01 2020-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000753308 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:NondesignatedMember nee:GainsLossesIncludedInOperatingRevenuesMember 2019-01-01 2019-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:NondesignatedMember nee:GainsLossesIncludedInOperatingRevenuesMember 2020-01-01 2020-03-31 0000753308 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000753308 us-gaap:NondesignatedMember 2019-01-01 2019-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember 2019-01-01 2019-03-31 0000753308 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember 2019-01-01 2019-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember nee:GainLossIncludedInInterestExpenseMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsCongestionMember nee:ForwardPriceMember srt:WeightedAverageMember nee:ForwardcontractsCongestionMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardContractsPowerMember nee:ForwardPriceMember srt:MinimumMember nee:ForwardContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsOtherMember nee:ForwardcontractsOtherMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2020-03-31 0000753308 nee:ForwardContractsPowerMember nee:ForwardPriceMember srt:MaximumMember nee:ForwardContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsGasMember nee:ForwardPriceMember srt:WeightedAverageMember nee:ForwardcontractsGasMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsGasMember nee:ForwardPriceMember srt:MinimumMember nee:ForwardcontractsGasMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardContractsPowerMember nee:ForwardContractsPowerMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:ForwardcontractsOtherMember nee:ForwardcontractsOtherMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000753308 nee:ForwardcontractsGasMember nee:ForwardcontractsGasMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:CustomerMigrationRateMember srt:MaximumMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:ForwardPriceMember srt:WeightedAverageMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:ImpliedVolatilitiesMember srt:MaximumMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:ImpliedCorrelationsMember srt:MinimumMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsGasMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember nee:OptionsModelsValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsGasMember nee:ImpliedCorrelationsMember srt:MaximumMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:ImpliedVolatilitiesMember srt:MinimumMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsCongestionMember nee:ForwardcontractsCongestionMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsGasMember nee:ImpliedVolatilitiesMember srt:WeightedAverageMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardContractsPowerMember nee:ForwardPriceMember srt:WeightedAverageMember nee:ForwardContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsGasMember nee:ImpliedVolatilitiesMember srt:MinimumMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:ImpliedVolatilitiesMember srt:WeightedAverageMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:ForwardPriceMember srt:MinimumMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:ForwardContractsPowerMember nee:ForwardContractsPowerMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:OptionContractsPowerMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:ForwardPriceMember srt:MaximumMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsCongestionMember nee:ForwardPriceMember srt:MaximumMember nee:ForwardcontractsCongestionMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsCongestionMember nee:ForwardPriceMember srt:MinimumMember nee:ForwardcontractsCongestionMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember nee:OptionsModelsValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:ImpliedCorrelationsMember srt:WeightedAverageMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsGasMember nee:ImpliedCorrelationsMember srt:WeightedAverageMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:CustomerMigrationRateMember srt:MinimumMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:FullRequirementsAndUnitContingentContractsMember nee:CustomerMigrationRateMember srt:WeightedAverageMember nee:FullRequirementsAndUnitContingentContractsMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsGasMember nee:OptionContractsPrimarilyGasMember us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-03-31 0000753308 nee:ForwardcontractsCongestionMember nee:ForwardcontractsCongestionMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsPowerMember nee:ImpliedCorrelationsMember srt:MaximumMember nee:OptionContractsPowerMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsGasMember nee:ForwardcontractsGasMember us-gaap:FairValueInputsLevel3Member us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember nee:DiscountedCashFlowValuationTechniqueMember 2020-03-31 0000753308 nee:OptionContractsGasMember nee:ImpliedVolatilitiesMember srt:MaximumMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:ForwardcontractsGasMember nee:ForwardPriceMember srt:MaximumMember nee:ForwardcontractsGasMember us-gaap:FairValueInputsLevel3Member nee:DiscountedCashFlowValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 nee:OptionContractsGasMember nee:ImpliedCorrelationsMember srt:MinimumMember nee:OptionContractsPrimarilyGasMember us-gaap:FairValueInputsLevel3Member nee:OptionsModelsValuationTechniqueMember 2020-01-01 2020-03-31 0000753308 us-gaap:DerivativeFinancialInstrumentsAssetsMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000753308 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000753308 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0000753308 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-03-31 0000753308 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:DebtSecuritiesMember 2020-01-01 2020-03-31 0000753308 us-gaap:DebtSecuritiesMember 2020-01-01 2020-03-31 0000753308 us-gaap:DebtSecuritiesMember 2019-01-01 2019-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:DebtSecuritiesMember 2019-01-01 2019-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember nee:DerivativeFinancialInstrumentsNetMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:DerivativeFinancialInstrumentsNetMember 2019-01-01 2019-03-31 0000753308 nee:DerivativeFinancialInstrumentsNetMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:DerivativeFinancialInstrumentsNetMember 2019-12-31 0000753308 nee:DerivativeFinancialInstrumentsNetMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember nee:DerivativeFinancialInstrumentsNetMember 2018-12-31 0000753308 nee:DerivativeFinancialInstrumentsNetMember 2019-01-01 2019-03-31 0000753308 nee:DerivativeFinancialInstrumentsNetMember 2018-12-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CurrencySwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:InterestRateContractMember us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:CommodityContractMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherCurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:EquitySecuritiesMember 2020-01-01 2020-03-31 0000753308 us-gaap:EquitySecuritiesMember 2019-01-01 2019-03-31 0000753308 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:OtherCurrentAssetsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0000753308 us-gaap:OtherCurrentLiabilitiesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember us-gaap:EquitySecuritiesMember 2019-01-01 2019-03-31 0000753308 us-gaap:EquitySecuritiesMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:AvailableForSaleSecuritiesSpecialUseFundsDebtSecuritiesMember 2020-03-31 0000753308 nee:AvailableForSaleSecuritiesSpecialUseFundsDebtSecuritiesMember 2019-12-31 0000753308 nee:AvailableForSaleSecuritiesSpecialUseFundsDebtSecuritiesMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:AvailableForSaleSecuritiesSpecialUseFundsDebtSecuritiesMember 2019-12-31 0000753308 nee:GulfPowerMember 2019-01-01 2019-01-01 0000753308 nee:GulfPowerMember 2019-01-01 0000753308 nee:NextEraEnergyTransmissionLLCSubsidiaryMember nee:TransBayCableLLCMember 2019-07-16 2019-07-16 0000753308 nee:GulfPowerMember nee:GulfPowerMember 2019-01-01 0000753308 nee:NextEraEnergyCapitalHoldingsInc.ConsolidatedMember us-gaap:LoansPayableMember 2018-12-01 2018-12-31 0000753308 nee:TransBayCableLLCMember 2019-07-16 0000753308 nee:TransBayCableLLCMember 2019-07-16 0000753308 nee:GulfPowerMember nee:GulfPowerMember 2019-01-01 2019-01-01 0000753308 nee:NextEraEnergyTransmissionLLCSubsidiaryMember nee:TransBayCableLLCMember 2019-07-16 0000753308 nee:TransBayCableLLCMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:VariableInterestEntitiesWindandSolarPrimaryBeneficiaryMemberMember 2020-01-01 2020-03-31 0000753308 nee:IndirectSubsidiaryofNextEraEnergyResourcesMember nee:PhotovoltaicSolarFacilityMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:VariableInterestEntitiesWindandSolarPrimaryBeneficiaryMemberMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:VariableInterestEntitiesGasAndOilPrimaryBeneficiaryMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:VariableInterestEntityOtherMember 2019-12-31 0000753308 nee:VariableInterestEntityOtherMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:VariableInterestEntitiesGasAndOilPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000753308 nee:SubsidiariesofNEEMember us-gaap:OtherInvestmentsMember 2020-03-31 0000753308 nee:IndirectSubsidiaryofNextEraEnergyResourcesMember nee:PhotovoltaicSolarFacilityMember 2019-12-31 0000753308 nee:IndirectSubsidiaryofNextEraEnergyResourcesMember nee:PhotovoltaicSolarFacilityMember 2020-01-01 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:VariableInterestEntitiesGasAndOilPrimaryBeneficiaryMember 2019-12-31 0000753308 nee:SubsidiariesofNEEMember us-gaap:OtherInvestmentsMember 2019-12-31 0000753308 nee:VariableInterestEntityOtherMember 2019-12-31 0000753308 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-03-31 0000753308 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2020-01-01 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:VariableInterestEntitiesWindandSolarPrimaryBeneficiaryMemberMember 2019-12-31 0000753308 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-12-31 0000753308 nee:FloridaPowerLightCompanyMember nee:VariableInterestEntityOtherMember 2020-03-31 0000753308 nee:AccumulatedIncomeLossRelatedToEquityMethodInvesteeMember 2019-01-01 2019-03-31 0000753308 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2018-12-31 0000753308 nee:AccumulatedIncomeLossRelatedToEquityMethodInvesteeMember 2019-03-31 0000753308 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-12-31 0000753308 us-gaap:AccumulatedTranslationAdjustmentMember 2019-01-01 2019-03-31 0000753308 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-03-31 0000753308 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-03-31 0000753308 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-01-01 2019-03-31 0000753308 us-gaap:AccumulatedTranslationAdjustmentMember 2019-03-31 0000753308 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-31 0000753308 nee:AccumulatedIncomeLossRelatedToEquityMethodInvesteeMember 2018-12-31 0000753308 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-03-31 0000753308 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-01-01 2019-03-31 0000753308 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-31 0000753308 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-03-31 0000753308 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2019-12-31 0000753308 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-03-31 0000753308 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000753308 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-03-31 0000753308 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2020-03-31 0000753308 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-01-01 2020-03-31 0000753308 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-01-01 2020-03-31 0000753308 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2020-01-01 2020-03-31 0000753308 nee:AccumulatedIncomeLossRelatedToEquityMethodInvesteeMember 2020-03-31 0000753308 nee:AccumulatedIncomeLossRelatedToEquityMethodInvesteeMember 2020-01-01 2020-03-31 0000753308 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-31 0000753308 nee:AccumulatedIncomeLossRelatedToEquityMethodInvesteeMember 2019-12-31 0000753308 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-03-31 0000753308 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-31 0000753308 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-31 0000753308 nee:NextEraEnergyCapitalHoldingsInc.Member nee:DebenturesSeriesdueMay12025Member us-gaap:SubsequentEventMember 2020-04-23 0000753308 nee:NEEEquityUnits2020Member srt:MinimumMember 2020-03-31 0000753308 nee:NEEEquityUnits2020Member 2020-03-31 0000753308 us-gaap:SubsequentEventMember 2020-04-23 0000753308 nee:NEEEquityUnits2020Member 2020-02-01 2020-02-29 0000753308 nee:NEEEquityUnits2020Member srt:MaximumMember 2020-03-31 0000753308 nee:NextEraEnergyCapitalHoldingsInc.Member nee:DebenturesRelatedToNexteraEnergysEquityUnitsMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:SeniorUnsecuredNotesMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:FirstMortgageBondsMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:SeniorUnsecuredNotesMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember nee:TwosolargenerationfacilitieslocatedinSpainMember 2020-02-11 2020-02-11 0000753308 nee:NexteraEnergyResourcesMember us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember nee:TwosolargenerationfacilitieslocatedinSpainMember 2020-02-11 0000753308 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember nee:TwosolargenerationfacilitieslocatedinSpainMember 2019-12-31 0000753308 us-gaap:AccountingStandardsUpdate201613Member 2020-01-01 0000753308 us-gaap:OtherCurrentAssetsMember 2019-12-31 0000753308 us-gaap:OtherCurrentAssetsMember 2020-03-31 0000753308 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember nee:TwosolargenerationfacilitieslocatedinSpainMember 2020-01-01 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:TransmissionAndDistributionExpendituresMember 2020-03-31 0000753308 nee:DuaneArnoldEnergyCenterInsuranceMember 2020-03-31 0000753308 nee:SeabrookStationInsuranceMember 2020-03-31 0000753308 nee:DuaneArnoldEnergyCenterInsuranceMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:GenerationExpendituresMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:MountainValleyPipelineMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:SabalTrailandFloridaSoutheastConnectionMember nee:NaturalGasIncludingTransportationAndStorageContractMinimumPaymentsMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:ContractGroup1Member 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember srt:ConsolidationEliminationsMember 2019-01-01 2019-03-31 0000753308 nee:StLucieUnitNo2InsuranceMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember srt:ConsolidationEliminationsMember 2020-01-01 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:SolarExpendituresMember 2020-01-01 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:WindExpendituresMember 2020-01-01 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:OtherExpendituresMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember us-gaap:PipelinesMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:SolarExpendituresMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:RateRegulatedTransmissionMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:GeneralAndOtherExpendituresMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:NuclearExpendituresMember 2020-03-31 0000753308 nee:GulfPowerMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:NuclearFuelExpendituresMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:ExistingGenerationExpendituresMember 2020-03-31 0000753308 nee:FloridaPowerLightCompanyMember nee:NewGenerationExpendituresMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:WindExpendituresMember 2020-03-31 0000753308 nee:NexteraEnergyResourcesMember nee:BatteryStorageExpendituresMember 2020-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:GulfPowerSegmentMember 2019-01-01 2019-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:NexteraEnergyResourcesMember 2020-01-01 2020-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:FloridaPowerLightCompanyMember 2019-01-01 2019-03-31 0000753308 nee:CorporateAndEliminationsMember 2020-01-01 2020-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:FloridaPowerLightCompanyMember 2020-01-01 2020-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:GulfPowerSegmentMember 2020-01-01 2020-03-31 0000753308 nee:CorporateAndEliminationsMember 2019-01-01 2019-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:NexteraEnergyResourcesMember 2019-01-01 2019-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:FloridaPowerLightCompanyMember 2019-12-31 0000753308 us-gaap:OperatingSegmentsMember nee:NexteraEnergyResourcesMember 2020-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:NexteraEnergyResourcesMember 2019-12-31 0000753308 nee:CorporateAndEliminationsMember 2019-12-31 0000753308 us-gaap:OperatingSegmentsMember nee:GulfPowerSegmentMember 2019-12-31 0000753308 us-gaap:OperatingSegmentsMember nee:FloridaPowerLightCompanyMember 2020-03-31 0000753308 us-gaap:OperatingSegmentsMember nee:GulfPowerSegmentMember 2020-03-31 0000753308 nee:CorporateAndEliminationsMember 2020-03-31 iso4217:USD xbrli:shares utreg:MWh utreg:MMBTU utreg:bbl xbrli:shares xbrli:pure iso4217:USD utreg:mi nee:variable_interest_entity nee:entity utreg:MW nee:solar_generation_facility nee:county nee:customer iso4217:EUR
NEXTERAENERGY.JPG
 
FPL.JPG
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 ________
Commission
File
Number
 
Exact name of registrants as specified in their
charters, address of principal executive offices and
registrants' telephone number
 
IRS Employer
Identification
Number
1-8841
 
NEXTERA ENERGY, INC.
 
59-2449419
2-27612
 
FLORIDA POWER & LIGHT COMPANY
 
59-0247775

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:
Registrants
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
NextEra Energy, Inc.
 
Common Stock, $0.01 Par Value
 
NEE
 
New York Stock Exchange
 
 
4.872% Corporate Units
 
NEE.PRO
 
New York Stock Exchange
 
 
5.279% Corporate Units
 
NEE.PRP
 
New York Stock Exchange
 
 
 
 
 
 
 
Florida Power & Light Company
 
None
 
 
 
 

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, 2020489,450,050

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:

Term
Meaning
AFUDC
allowance for funds used during construction
AFUDC - equity
equity component of AFUDC
AOCI
accumulated other comprehensive income
Duane Arnold
Duane Arnold Energy Center
FERC
U.S. Federal Energy Regulatory Commission
Florida Southeast Connection
Florida Southeast Connection, LLC, a wholly owned NextEra Energy Resources subsidiary
FPL
Florida Power & Light Company
FPSC
Florida Public Service Commission
fuel clause
fuel and purchased power cost recovery clause, as established by the FPSC
GAAP
generally accepted accounting principles in the U.S.
Gulf Power
Gulf Power Company
ISO
independent system operator
ITC
investment tax credit
kWh
kilowatt-hour(s)
Management's Discussion
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
MMBtu
One million British thermal units
MW
megawatt(s)
MWh
megawatt-hour(s)
NEE
NextEra Energy, Inc.
NEECH
NextEra Energy Capital Holdings, Inc.
NEER
a segment comprised of NextEra Energy Resources and NEET
NEET
NextEra Energy Transmission, LLC
NEP
NextEra Energy Partners, LP
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.

2


TABLE OF CONTENTS



3


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.

4


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.

5


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.

6


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.

7




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.

8


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.

9




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.

10




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.

11




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.

12




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.

13


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.

14


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.

15


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.


16


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.





17


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.


18


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.

19


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.

20


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.

If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts accor