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NextEra Energy, Inc. Media Line: (561) 694-4442 July 27, 2016 FOR IMMEDIATE RELEASE | |
• | NextEra Energy delivers strong operational and financial results |
• | Florida Power & Light Company continues to invest in the business to strengthen its customer value proposition |
• | NextEra Energy Resources benefits from contributions from new investments |
As previously announced, NextEra Energy's second-quarter 2016 conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be second-quarter 2016 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above. | |||||
Preliminary | ||||||||||||||||
Three Months Ended June 30, 2016 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | ||||||||||||
Operating Revenues | $ | 2,750 | $ | 970 | $ | 97 | $ | 3,817 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 811 | 142 | 7 | 960 | ||||||||||||
Other operations and maintenance | 410 | 395 | 38 | 843 | ||||||||||||
Merger-related | — | — | 2 | 2 | ||||||||||||
Depreciation and amortization | 400 | 325 | 17 | 742 | ||||||||||||
Taxes other than income taxes and other - net | 301 | (208 | ) | (1) | 8 | 101 | ||||||||||
Total operating expenses | 1,922 | 654 | 72 | 2,648 | ||||||||||||
Operating Income | 828 | 316 | 25 | 1,169 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (117 | ) | (277 | ) | (208 | ) | (602 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 77 | — | 77 | ||||||||||||
Equity in earnings of equity method investees | — | 34 | 10 | 44 | ||||||||||||
Allowance for equity funds used during construction | 14 | 2 | 1 | 17 | ||||||||||||
Interest income | 2 | 6 | 12 | 20 | ||||||||||||
Gains on disposal of assets - net | — | 12 | — | 12 | ||||||||||||
Other - net | 1 | 20 | 5 | 26 | ||||||||||||
Total other deductions - net | (100 | ) | (126 | ) | (180 | ) | (406 | ) | ||||||||
Income (Loss) before Income Taxes | 728 | 190 | (155 | ) | 763 | |||||||||||
Income Tax Expense (Benefit) | 280 | (48 | ) | (13 | ) | 219 | ||||||||||
Net Income (Loss) | 448 | 238 | (142 | ) | 544 | |||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 4 | — | 4 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 448 | $ | 234 | $ | (142 | ) | $ | 540 | |||||||
Reconciliation of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings: | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 448 | $ | 234 | $ | (142 | ) | $ | 540 | |||||||
Adjustments(2): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | 382 | 167 | 549 | ||||||||||||
Loss from other than temporary impairments - net | — | 1 | — | 1 | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | — | — | — | ||||||||||||
Gain on sale of the Texas natural gas generation facilities | — | (254 | ) | — | (254 | ) | ||||||||||
Operating loss (income) of Spain solar projects | — | 1 | — | 1 | ||||||||||||
Merger-related expenses | — | — | 2 | 2 | ||||||||||||
Less related income tax expense (benefit) | — | (51 | ) | (11 | ) | (62 | ) | |||||||||
Adjusted Earnings | $ | 448 | $ | 313 | $ | 16 | $ | 777 | ||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.96 | $ | 0.50 | $ | (0.30 | ) | $ | 1.16 | |||||||
Adjustments(2): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | 0.82 | 0.36 | 1.18 | ||||||||||||
Loss from other than temporary impairments - net | — | — | — | — | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | — | — | — | ||||||||||||
Gain on sale of the Texas natural gas generation facilities | — | (0.55 | ) | — | (0.55 | ) | ||||||||||
Operating loss (income) of Spain solar projects | — | — | — | — | ||||||||||||
Merger-related expenses | — | — | — | — | ||||||||||||
Less related income tax expense (benefit) | — | (0.10 | ) | (0.02 | ) | (0.12 | ) | |||||||||
Adjusted Earnings Per Share | $ | 0.96 | $ | 0.67 | $ | 0.04 | $ | 1.67 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 465 | |||||||||||||||
————————————— | ||||||||||||||||
(1)Includes gain on sale of the Texas natural gas generation facilities. | ||||||||||||||||
(2)Adjustments are presented on a pretax basis to comply with recent Securities and Exchange Commission guidance. For after-tax per share impacts of earnings drivers, see page 15. | ||||||||||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
Preliminary | ||||||||||||||||
Three Months Ended June 30, 2015 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | ||||||||||||
Operating Revenues | $ | 2,996 | $ | 1,267 | $ | 95 | $ | 4,358 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 1,098 | 205 | 13 | 1,316 | ||||||||||||
Other operations and maintenance | 385 | 381 | 34 | 800 | ||||||||||||
Merger-related | — | — | 9 | 9 | ||||||||||||
Depreciation and amortization | 428 | 291 | 18 | 737 | ||||||||||||
Taxes other than income taxes and other - net | 305 | 40 | 5 | 350 | ||||||||||||
Total operating expenses | 2,216 | 917 | 79 | 3,212 | ||||||||||||
Operating Income | 780 | 350 | 16 | 1,146 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (112 | ) | (132 | ) | (36 | ) | (280 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 54 | — | 54 | ||||||||||||
Equity in earnings of equity method investees | — | 28 | (1 | ) | 27 | |||||||||||
Allowance for equity funds used during construction | 16 | — | — | 16 | ||||||||||||
Interest income | 1 | 8 | 13 | 22 | ||||||||||||
Gains on disposal of assets - net | — | 5 | — | 5 | ||||||||||||
Other - net | — | 2 | 2 | 4 | ||||||||||||
Total other deductions - net | (95 | ) | (35 | ) | (22 | ) | (152 | ) | ||||||||
Income (Loss) before Income Taxes | 685 | 315 | (6 | ) | 994 | |||||||||||
Income Tax Expense (Benefit) | 250 | 35 | (11 | ) | 274 | |||||||||||
Net Income (Loss) | 435 | 280 | 5 | 720 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 4 | — | 4 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 435 | $ | 276 | $ | 5 | $ | 716 | ||||||||
Reconciliation of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings: | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 435 | $ | 276 | $ | 5 | $ | 716 | ||||||||
Adjustments: | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | (23 | ) | (2 | ) | (25 | ) | |||||||||
Loss from other than temporary impairments - net | — | 3 | — | 3 | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | — | — | — | ||||||||||||
Gain on sale of the Texas natural gas generation facilities | — | — | — | — | ||||||||||||
Operating loss (income) of Spain solar projects | — | (1 | ) | — | (1 | ) | ||||||||||
Merger-related expenses | — | — | 9 | 9 | ||||||||||||
Less related income tax expense (benefit) | — | (1 | ) | (2 | ) | (3 | ) | |||||||||
Adjusted Earnings | $ | 435 | $ | 254 | $ | 10 | $ | 699 | ||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.97 | $ | 0.61 | $ | 0.01 | $ | 1.59 | ||||||||
Adjustments: | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | (0.05 | ) | — | (0.05 | ) | ||||||||||
Loss from other than temporary impairments - net | — | 0.01 | — | 0.01 | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | — | — | — | ||||||||||||
Gain on sale of the Texas natural gas generation facilities | — | — | — | — | ||||||||||||
Operating loss (income) of Spain solar projects | — | — | — | — | ||||||||||||
Merger-related expenses | — | — | 0.02 | 0.02 | ||||||||||||
Less related income tax expense (benefit) | — | — | (0.01 | ) | (0.01 | ) | ||||||||||
Adjusted Earnings Per Share | $ | 0.97 | $ | 0.57 | $ | 0.02 | $ | 1.56 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 449 | |||||||||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
2015 amounts for NEER and Corporate and Other were adjusted to reflect the fourth quarter 2015 segment change related to natural gas pipeline projects. | ||||||||||||||||
Preliminary | ||||||||||||||||
Six Months Ended June 30, 2016 | Florida Power & Light | NEER | Corporate & Other (1) | NextEra Energy, Inc. | ||||||||||||
Operating Revenues | $ | 5,054 | $ | 2,411 | $ | 186 | $ | 7,651 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 1,511 | 356 | 21 | 1,888 | ||||||||||||
Other operations and maintenance | 800 | 781 | 61 | 1,642 | ||||||||||||
Merger-related | — | — | 6 | 6 | ||||||||||||
Depreciation and amortization | 620 | 625 | 34 | 1,279 | ||||||||||||
Taxes other than income taxes and other - net | 581 | (162 | ) | (2) | 14 | 433 | ||||||||||
Total operating expenses | 3,512 | 1,600 | 136 | 5,248 | ||||||||||||
Operating Income | 1,542 | 811 | 50 | 2,403 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (229 | ) | (646 | ) | (236 | ) | (1,111 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 161 | — | 161 | ||||||||||||
Equity in earnings of equity method investees | — | 56 | 20 | 76 | ||||||||||||
Allowance for equity funds used during construction | 38 | 3 | 1 | 42 | ||||||||||||
Interest income | 3 | 10 | 26 | 39 | ||||||||||||
Gains on disposal of assets - net | — | 27 | — | 27 | ||||||||||||
Other - net | — | 17 | 5 | 22 | ||||||||||||
Total other deductions - net | (188 | ) | (372 | ) | (184 | ) | (744 | ) | ||||||||
Income (Loss) before Income Taxes | 1,354 | 439 | (134 | ) | 1,659 | |||||||||||
Income Tax Expense (Benefit) | 513 | (24 | ) | (28 | ) | 461 | ||||||||||
Net Income (Loss) | 841 | 463 | (106 | ) | 1,198 | |||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 5 | — | 5 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 841 | $ | 458 | $ | (106 | ) | $ | 1,193 | |||||||
Reconciliation of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings: | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 841 | $ | 458 | $ | (106 | ) | $ | 1,193 | |||||||
Adjustments(3): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | 493 | 164 | 657 | ||||||||||||
Loss from other than temporary impairments - net | — | 9 | — | 9 | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | (9 | ) | — | (9 | ) | ||||||||||
Gain on sale of the Texas natural gas generation facilities | — | (254 | ) | — | (254 | ) | ||||||||||
Operating loss (income) of Spain solar projects | — | 4 | — | 4 | ||||||||||||
Merger-related expenses | — | — | 6 | 6 | ||||||||||||
Less related income tax expense (benefit) | — | (80 | ) | (16 | ) | (96 | ) | |||||||||
Adjusted Earnings | $ | 841 | $ | 621 | $ | 48 | $ | 1,510 | ||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 1.81 | $ | 0.99 | $ | (0.23 | ) | $ | 2.57 | |||||||
Adjustments(3): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | 1.06 | 0.35 | 1.41 | ||||||||||||
Loss from other than temporary impairments - net | — | 0.02 | — | 0.02 | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | (0.02 | ) | — | (0.02 | ) | ||||||||||
Gain on sale of the Texas natural gas generation facilities | — | (0.55 | ) | — | (0.55 | ) | ||||||||||
Operating loss (income) of Spain solar projects | — | 0.01 | — | 0.01 | ||||||||||||
Merger-related expenses | — | — | 0.01 | 0.01 | ||||||||||||
Less related income tax expense (benefit) | — | (0.16 | ) | (0.03 | ) | (0.19 | ) | |||||||||
Adjusted Earnings Per Share | $ | 1.81 | $ | 1.35 | $ | 0.10 | $ | 3.26 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 464 | |||||||||||||||
————————————— | ||||||||||||||||
(1) Reflects the first-quarter 2016 favorable impact of approximately $17 million, or $0.04 per share, of the adoption in the second quarter of 2016 of an accounting standards update related to stock-based compensation. | ||||||||||||||||
(2)Includes gain on sale of the Texas natural gas generation facilities. | ||||||||||||||||
(3)Adjustments are presented on a pretax basis to comply with recent Securities and Exchange Commission guidance. For after-tax per share impacts of earnings drivers, see page 15. | ||||||||||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
Preliminary | ||||||||||||||||
Six Months Ended June 30, 2015 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | ||||||||||||
Operating Revenues | $ | 5,538 | $ | 2,729 | $ | 196 | $ | 8,463 | ||||||||
Operating Expenses | ||||||||||||||||
Fuel, purchased power and interchange | 2,103 | 544 | 32 | 2,679 | ||||||||||||
Other operations and maintenance | 738 | 740 | 56 | 1,534 | ||||||||||||
Merger-related | — | — | 13 | 13 | ||||||||||||
Depreciation and amortization | 669 | 578 | 37 | 1,284 | ||||||||||||
Taxes other than income taxes and other - net | 581 | 84 | 12 | 677 | ||||||||||||
Total operating expenses | 4,091 | 1,946 | 150 | 6,187 | ||||||||||||
Operating Income | 1,447 | 783 | 46 | 2,276 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (227 | ) | (303 | ) | (71 | ) | (601 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 111 | — | 111 | ||||||||||||
Equity in earnings of equity method investees | — | 36 | — | 36 | ||||||||||||
Allowance for equity funds used during construction | 26 | 1 | — | 27 | ||||||||||||
Interest income | 2 | 15 | 26 | 43 | ||||||||||||
Gains on disposal of assets - net | — | 27 | — | 27 | ||||||||||||
Other - net | — | 9 | 3 | 12 | ||||||||||||
Total other deductions - net | (199 | ) | (104 | ) | (42 | ) | (345 | ) | ||||||||
Income (Loss) before Income Taxes | 1,248 | 679 | 4 | 1,931 | ||||||||||||
Income Tax Expense (Benefit) | 454 | 118 | (12 | ) | 560 | |||||||||||
Net Income (Loss) | 794 | 561 | 16 | 1,371 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 5 | — | 5 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 794 | $ | 556 | $ | 16 | $ | 1,366 | ||||||||
Reconciliation of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings: | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 794 | $ | 556 | $ | 16 | $ | 1,366 | ||||||||
Adjustments: | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | (67 | ) | (2 | ) | (69 | ) | |||||||||
Loss from other than temporary impairments - net | — | 2 | — | 2 | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | — | — | — | ||||||||||||
Gain on sale of the Texas natural gas generation facilities | — | — | — | — | ||||||||||||
Operating loss (income) of Spain solar projects | — | 3 | — | 3 | ||||||||||||
Merger-related expenses | — | — | 13 | 13 | ||||||||||||
Less related income tax expense (benefit) | — | 21 | (8 | ) | 13 | |||||||||||
Adjusted Earnings | $ | 794 | $ | 515 | $ | 19 | $ | 1,328 | ||||||||
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 1.77 | $ | 1.24 | $ | 0.03 | $ | 3.04 | ||||||||
Adjustments: | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges | — | (0.15 | ) | — | (0.15 | ) | ||||||||||
Loss from other than temporary impairments - net | — | — | — | — | ||||||||||||
Resolution of contingencies related to a previous asset sale | — | — | — | — | ||||||||||||
Gain on sale of the Texas natural gas generation facilities | — | — | — | — | ||||||||||||
Operating loss (income) of Spain solar projects | — | 0.01 | — | 0.01 | ||||||||||||
Merger-related expenses | — | — | 0.03 | 0.03 | ||||||||||||
Less related income tax expense (benefit) | — | 0.05 | (0.03 | ) | 0.02 | |||||||||||
Adjusted Earnings Per Share | $ | 1.77 | $ | 1.15 | $ | 0.03 | $ | 2.95 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 449 | |||||||||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
2015 amounts for NEER and Corporate and Other were adjusted to reflect the fourth quarter 2015 segment change related to natural gas pipeline projects. | ||||||||||||||||
Preliminary | ||||||||||||||||
June 30, 2016 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | ||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Electric plant in service and other property | $ | 43,166 | $ | 30,289 | $ | 1,627 | $ | 75,082 | ||||||||
Nuclear fuel | 1,282 | 792 | (1 | ) | 2,073 | |||||||||||
Construction work in progress | 2,631 | 3,872 | 82 | 6,585 | ||||||||||||
Accumulated depreciation and amortization | (12,167 | ) | (6,944 | ) | (472 | ) | (19,583 | ) | ||||||||
Total property, plant and equipment - net | 34,912 | 28,009 | 1,236 | 64,157 | ||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | 14 | 623 | 93 | 730 | ||||||||||||
Customer receivables, net of allowances | 904 | 849 | 63 | 1,816 | ||||||||||||
Other receivables | 112 | 814 | (69 | ) | 857 | |||||||||||
Materials, supplies and fossil fuel inventory | 836 | 410 | 8 | 1,254 | ||||||||||||
Regulatory assets: | ||||||||||||||||
Derivatives | — | — | — | — | ||||||||||||
Other | 288 | — | 1 | 289 | ||||||||||||
Derivatives | 24 | 529 | 19 | 572 | ||||||||||||
Assets held for sale | — | 525 | — | 525 | ||||||||||||
Other | 121 | 350 | (2 | ) | 469 | |||||||||||
Total current assets | 2,299 | 4,100 | 113 | 6,512 | ||||||||||||
Other Assets | ||||||||||||||||
Special use funds | 3,610 | 1,681 | (1 | ) | 5,290 | |||||||||||
Other investments | 4 | 1,315 | 795 | 2,114 | ||||||||||||
Prepaid benefit costs | 1,272 | — | (70 | ) | 1,202 | |||||||||||
Regulatory assets: | ||||||||||||||||
Purchased power agreement termination | 681 | — | — | 681 | ||||||||||||
Other | 892 | 4 | 253 | 1,149 | ||||||||||||
Derivatives | 24 | 1,176 | 46 | 1,246 | ||||||||||||
Other | 176 | 2,767 | 126 | 3,069 | ||||||||||||
Total other assets | 6,659 | 6,943 | 1,149 | 14,751 | ||||||||||||
Total Assets | $ | 43,870 | $ | 39,052 | $ | 2,498 | $ | 85,420 | ||||||||
Capitalization | ||||||||||||||||
Common stock | $ | 1,373 | $ | — | $ | (1,368 | ) | $ | 5 | |||||||
Additional paid-in capital | 7,733 | 9,903 | (8,933 | ) | 8,703 | |||||||||||
Retained earnings | 6,388 | 8,567 | (407 | ) | 14,548 | |||||||||||
Accumulated other comprehensive loss | — | 10 | (92 | ) | (82 | ) | ||||||||||
Total common shareholders' equity | 15,494 | 18,480 | (10,800 | ) | 23,174 | |||||||||||
Noncontrolling interests | — | 708 | — | 708 | ||||||||||||
Total equity | 15,494 | 19,188 | (10,800 | ) | 23,882 | |||||||||||
Long-term debt | 9,925 | 7,337 | 9,739 | 27,001 | ||||||||||||
Total capitalization | 25,419 | 26,525 | (1,061 | ) | 50,883 | |||||||||||
Current Liabilities | ||||||||||||||||
Commercial paper | 363 | — | 1,019 | 1,382 | ||||||||||||
Notes payable | 600 | — | 200 | 800 | ||||||||||||
Current maturities of long-term debt | 66 | 1,026 | 2,033 | 3,125 | ||||||||||||
Accounts payable | 692 | 1,112 | (30 | ) | 1,774 | |||||||||||
Customer deposits | 467 | 4 | 1 | 472 | ||||||||||||
Accrued interest and taxes | 478 | 185 | 3 | 666 | ||||||||||||
Derivatives | 9 | 427 | 21 | 457 | ||||||||||||
Accrued construction-related expenditures | 203 | 790 | 12 | 1,005 | ||||||||||||
Liabilities associated with assets held for sale | — | 465 | — | 465 | ||||||||||||
Other | 403 | 672 | 115 | 1,190 | ||||||||||||
Total current liabilities | 3,281 | 4,681 | 3,374 | 11,336 | ||||||||||||
Other Liabilities and Deferred Credits | ||||||||||||||||
Asset retirement obligations | 1,867 | 689 | — | 2,556 | ||||||||||||
Deferred income taxes | 8,255 | 2,190 | (324 | ) | 10,121 | |||||||||||
Regulatory liabilities: | ||||||||||||||||
Accrued asset removal costs | 1,759 | — | 10 | 1,769 | ||||||||||||
Asset retirement obligation regulatory expense difference | 2,225 | — | — | 2,225 | ||||||||||||
Other | 535 | — | 3 | 538 | ||||||||||||
Derivatives | — | 674 | 239 | 913 | ||||||||||||
Deferral related to differential membership interests | — | 3,232 | — | 3,232 | ||||||||||||
Other | 529 | 1,061 | 257 | 1,847 | ||||||||||||
Total other liabilities and deferred credits | 15,170 | 7,846 | 185 | 23,201 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Total Capitalization and Liabilities | $ | 43,870 | $ | 39,052 | $ | 2,498 | $ | 85,420 | ||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
Preliminary | ||||||||||||||||
December 31, 2015 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | ||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Electric plant in service and other property | $ | 41,227 | $ | 29,833 | $ | 1,546 | $ | 72,606 | ||||||||
Nuclear fuel | 1,306 | 761 | — | 2,067 | ||||||||||||
Construction work in progress | 2,850 | 2,746 | 61 | 5,657 | ||||||||||||
Accumulated depreciation and amortization | (11,862 | ) | (6,640 | ) | (442 | ) | (18,944 | ) | ||||||||
Total property, plant and equipment - net | 33,521 | 26,700 | 1,165 | 61,386 | ||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | 23 | 490 | 58 | 571 | ||||||||||||
Customer receivables, net of allowances | 849 | 861 | 74 | 1,784 | ||||||||||||
Other receivables | 123 | 485 | (127 | ) | 481 | |||||||||||
Materials, supplies and fossil fuel inventory | 826 | 428 | 5 | 1,259 | ||||||||||||
Regulatory assets: | ||||||||||||||||
Derivatives | 218 | — | — | 218 | ||||||||||||
Other | 284 | — | 1 | 285 | ||||||||||||
Derivatives | 3 | 698 | 11 | 712 | ||||||||||||
Assets held for sale | — | 1,009 | — | 1,009 | ||||||||||||
Other | 181 | 286 | 9 | 476 | ||||||||||||
Total current assets | 2,507 | 4,257 | 31 | 6,795 | ||||||||||||
Other Assets | ||||||||||||||||
Special use funds | 3,504 | 1,634 | — | 5,138 | ||||||||||||
Other investments | 4 | 993 | 789 | 1,786 | ||||||||||||
Prepaid benefit costs | 1,243 | — | (88 | ) | 1,155 | |||||||||||
Regulatory assets: | ||||||||||||||||
Purchased power agreement termination | 726 | — | — | 726 | ||||||||||||
Other | 787 | 2 | 263 | 1,052 | ||||||||||||
Derivatives | 1 | 1,195 | 6 | 1,202 | ||||||||||||
Other | 230 | 2,866 | 143 | 3,239 | ||||||||||||
Total other assets | 6,495 | 6,690 | 1,113 | 14,298 | ||||||||||||
Total Assets | $ | 42,523 | $ | 37,647 | $ | 2,309 | $ | 82,479 | ||||||||
Capitalization | ||||||||||||||||
Common stock | $ | 1,373 | $ | — | $ | (1,368 | ) | $ | 5 | |||||||
Additional paid-in capital | 7,733 | 8,117 | (7,254 | ) | 8,596 | |||||||||||
Retained earnings | 6,447 | 8,109 | (416 | ) | 14,140 | |||||||||||
Accumulated other comprehensive loss | — | (80 | ) | (87 | ) | (167 | ) | |||||||||
Total common shareholders' equity | 15,553 | 16,146 | (9,125 | ) | 22,574 | |||||||||||
Noncontrolling interests | — | 538 | — | 538 | ||||||||||||
Total equity | 15,553 | 16,684 | (9,125 | ) | 23,112 | |||||||||||
Long-term debt | 9,956 | 6,825 | 9,900 | 26,681 | ||||||||||||
Total capitalization | 25,509 | 23,509 | 775 | 49,793 | ||||||||||||
Current Liabilities | ||||||||||||||||
Commercial paper | 56 | — | 318 | 374 | ||||||||||||
Notes payable | 100 | 112 | 200 | 412 | ||||||||||||
Current maturities of long-term debt | 64 | 1,489 | 667 | 2,220 | ||||||||||||
Accounts payable | 664 | 1,889 | (24 | ) | 2,529 | |||||||||||
Customer deposits | 469 | 4 | — | 473 | ||||||||||||
Accrued interest and taxes | 279 | 155 | 15 | 449 | ||||||||||||
Derivatives | 222 | 651 | 9 | 882 | ||||||||||||
Accrued construction-related expenditures | 240 | 670 | 11 | 921 | ||||||||||||
Liabilities associated with assets held for sale | — | 992 | — | 992 | ||||||||||||
Other | 355 | 381 | 119 | 855 | ||||||||||||
Total current liabilities | 2,449 | 6,343 | 1,315 | 10,107 | ||||||||||||
Other Liabilities and Deferred Credits | ||||||||||||||||
Asset retirement obligations | 1,822 | 647 | — | 2,469 | ||||||||||||
Deferred income taxes | 7,730 | 2,263 | (166 | ) | 9,827 | |||||||||||
Regulatory liabilities: | ||||||||||||||||
Accrued asset removal costs | 1,921 | — | 9 | 1,930 | ||||||||||||
Asset retirement obligation regulatory expense difference | 2,182 | — | — | 2,182 | ||||||||||||
Other | 492 | — | 2 | 494 | ||||||||||||
Derivatives | — | 401 | 129 | 530 | ||||||||||||
Deferral related to differential membership interests | — | 3,142 | — | 3,142 | ||||||||||||
Other | 418 | 1,342 | 245 | 2,005 | ||||||||||||
Total other liabilities and deferred credits | 14,565 | 7,795 | 219 | 22,579 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Total Capitalization and Liabilities | $ | 42,523 | $ | 37,647 | $ | 2,309 | $ | 82,479 | ||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
Preliminary | ||||||||||||||||
Six Months Ended June 30, 2016 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | ||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net income | $ | 841 | $ | 463 | $ | (106 | ) | $ | 1,198 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 620 | 625 | 34 | 1,279 | ||||||||||||
Nuclear fuel and other amortization | 112 | 67 | 9 | 188 | ||||||||||||
Unrealized losses (gains) on marked to market derivative contracts - net | — | 381 | 71 | 452 | ||||||||||||
Foreign currency transaction losses (gains) | — | (3 | ) | 93 | 90 | |||||||||||
Deferred income taxes | 493 | 38 | (125 | ) | 406 | |||||||||||
Cost recovery clauses and franchise fees | 137 | — | — | 137 | ||||||||||||
Benefits associated with differential membership interests - net | — | (161 | ) | — | (161 | ) | ||||||||||
Allowance for equity funds used during construction | (38 | ) | (3 | ) | (1 | ) | (42 | ) | ||||||||
Gains on sale and disposal of assets - net | — | (279 | ) | — | (279 | ) | ||||||||||
Other - net | 35 | 13 | 30 | 78 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Customer and other receivables | (56 | ) | 6 | 10 | (40 | ) | ||||||||||
Materials, supplies and fossil fuel inventory | (10 | ) | 10 | (3 | ) | (3 | ) | |||||||||
Other current assets | 42 | (18 | ) | 7 | 31 | |||||||||||
Other assets | 14 | (71 | ) | (17 | ) | (74 | ) | |||||||||
Accounts payable and customer deposits | 28 | (51 | ) | (2 | ) | (25 | ) | |||||||||
Margin cash collateral | — | (73 | ) | — | (73 | ) | ||||||||||
Income taxes | (13 | ) | 110 | (86 | ) | 11 | ||||||||||
Interest and other taxes | 221 | (2 | ) | 20 | 239 | |||||||||||
Other current liabilities | (25 | ) | (75 | ) | (5 | ) | (105 | ) | ||||||||
Other liabilities | (78 | ) | 14 | 27 | (37 | ) | ||||||||||
Net cash provided by (used in) operating activities | 2,323 | 991 | (44 | ) | 3,270 | |||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures of FPL | (2,129 | ) | — | — | (2,129 | ) | ||||||||||
Independent power and other investments of NEER | — | (3,719 | ) | — | (3,719 | ) | ||||||||||
Nuclear fuel purchases | (70 | ) | (45 | ) | — | (115 | ) | |||||||||
Other capital expenditures and other investments | — | — | (103 | ) | (103 | ) | ||||||||||
Sale of independent power and other investments of NEER | — | 396 | — | 396 | ||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 1,079 | 347 | 183 | 1,609 | ||||||||||||
Purchases of securities in special use funds and other investments | (1,120 | ) | (365 | ) | (169 | ) | (1,654 | ) | ||||||||
Proceeds from sale of a noncontrolling interest in subsidiaries | — | 303 | — | 303 | ||||||||||||
Other - net | 28 | (56 | ) | 3 | (25 | ) | ||||||||||
Net cash used in investing activities | (2,212 | ) | (3,139 | ) | (86 | ) | (5,437 | ) | ||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuances of long-term debt | — | 1,313 | 1,196 | 2,509 | ||||||||||||
Retirements of long-term debt | (33 | ) | (905 | ) | (58 | ) | (996 | ) | ||||||||
Proceeds from differential membership investors | — | 219 | — | 219 | ||||||||||||
Payments to differential membership investors | — | (63 | ) | — | (63 | ) | ||||||||||
Proceeds from notes payable | 500 | — | — | 500 | ||||||||||||
Repayments of notes payable | — | (12 | ) | — | (12 | ) | ||||||||||
Net change in commercial paper | 307 | — | 701 | 1,008 | ||||||||||||
Issuances of common stock - net | — | — | 43 | 43 | ||||||||||||
Dividends on common stock | — | — | (803 | ) | (803 | ) | ||||||||||
Dividends & capital distributions from (to) parent - net | (900 | ) | 1,760 | (860 | ) | — | ||||||||||
Other - net | 6 | (31 | ) | (54 | ) | (79 | ) | |||||||||
Net cash provided by (used in) financing activities | (120 | ) | 2,281 | 165 | 2,326 | |||||||||||
Net increase (decrease) in cash and cash equivalents | (9 | ) | 133 | 35 | 159 | |||||||||||
Cash and cash equivalents at beginning of period | 23 | 490 | 58 | 571 | ||||||||||||
Cash and cash equivalents at end of period | $ | 14 | $ | 623 | $ | 93 | $ | 730 | ||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||||||||
Preliminary | |||||||||||||||||
Six Months Ended June 30, 2015 | Florida Power & Light | NEER | Corporate & Other | NextEra Energy, Inc. | |||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net income | $ | 794 | $ | 561 | $ | 16 | $ | 1,371 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||
Depreciation and amortization | 669 | 578 | 37 | 1,284 | |||||||||||||
Nuclear fuel and other amortization | 105 | 63 | 10 | 178 | |||||||||||||
Unrealized losses (gains) on marked to market derivative contracts - net | — | (127 | ) | (2 | ) | (129 | ) | ||||||||||
Foreign currency transaction losses (gains) | — | — | — | — | |||||||||||||
Deferred income taxes | 84 | 462 | (29 | ) | 517 | ||||||||||||
Cost recovery clauses and franchise fees | 58 | — | — | 58 | |||||||||||||
Benefits associated with differential membership interests - net | — | (111 | ) | — | (111 | ) | |||||||||||
Allowance for equity funds used during construction | (26 | ) | (1 | ) | — | (27 | ) | ||||||||||
Gains on sale and disposal of assets - net | — | (25 | ) | — | (25 | ) | |||||||||||
Other - net | 22 | 7 | 24 | 53 | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Customer and other receivables | (151 | ) | 162 | (19 | ) | (8 | ) | ||||||||||
Materials, supplies and fossil fuel inventory | (25 | ) | 39 | — | 14 | ||||||||||||
Other current assets | (55 | ) | (12 | ) | 6 | (61 | ) | ||||||||||
Other assets | (29 | ) | 29 | (12 | ) | (12 | ) | ||||||||||
Accounts payable and customer deposits | 54 | (104 | ) | (5 | ) | (55 | ) | ||||||||||
Margin cash collateral | — | (300 | ) | — | (300 | ) | |||||||||||
Income taxes | 349 | (374 | ) | 46 | 21 | ||||||||||||
Interest and other taxes | 224 | 17 | 8 | 249 | |||||||||||||
Other current liabilities | (16 | ) | (53 | ) | 34 | (35 | ) | ||||||||||
Other liabilities | (25 | ) | (17 | ) | (6 | ) | (48 | ) | |||||||||
Net cash provided by (used in) operating activities | 2,032 | 794 | 108 | 2,934 | |||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures of FPL | (1,549 | ) | — | — | (1,549 | ) | |||||||||||
Independent power and other investments of NEER | — | (2,042 | ) | — | (2,042 | ) | |||||||||||
Nuclear fuel purchases | (79 | ) | (106 | ) | — | (185 | ) | ||||||||||
Other capital expenditures and other investments | — | — | (33 | ) | (33 | ) | |||||||||||
Sale of independent power and other investments of NEER | — | 34 | — | 34 | |||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 2,538 | 392 | 74 | 3,004 | |||||||||||||
Purchases of securities in special use funds and other investments | (2,570 | ) | (408 | ) | (112 | ) | (3,090 | ) | |||||||||
Proceeds from sale of a noncontrolling interest in subsidiaries | — | 106 | — | 106 | |||||||||||||
Other - net | (8 | ) | 9 | — | 1 | ||||||||||||
Net cash used in investing activities | (1,668 | ) | (2,015 | ) | (71 | ) | (3,754 | ) | |||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuances of long-term debt | 85 | 1,171 | 450 | 1,706 | |||||||||||||
Retirements of long-term debt | (31 | ) | (864 | ) | (508 | ) | (1,403 | ) | |||||||||
Proceeds from differential membership investors | — | 41 | — | 41 | |||||||||||||
Payments to differential membership investors | — | (47 | ) | — | (47 | ) | |||||||||||
Proceeds from notes payable | — | 325 | 625 | 950 | |||||||||||||
Repayments of notes payable | — | — | — | — | |||||||||||||
Net change in commercial paper | (948 | ) | — | 627 | (321 | ) | |||||||||||
Issuances of common stock - net | — | — | 630 | 630 | |||||||||||||
Dividends on common stock | — | — | (683 | ) | (683 | ) | |||||||||||
Dividends & capital distributions from (to) parent - net | 550 | 552 | (1,102 | ) | — | ||||||||||||
Other - net | 4 | (39 | ) | (44 | ) | (79 | ) | ||||||||||
Net cash provided by (used in) financing activities | (340 | ) | 1,139 | (5 | ) | 794 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 24 | (82 | ) | 32 | (26 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 14 | 536 | 27 | 577 | |||||||||||||
Cash and cash equivalents at end of period | $ | 38 | $ | 454 | $ | 59 | $ | 551 | |||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | |||||||||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | |||||||||||||||||
2015 amounts for NEER and Corporate and Other were adjusted to reflect the segment change related to natural gas pipeline projects. | |||||||||||||||||
Preliminary | ||||||||||||
First Quarter | Second Quarter | Year-To-Date | ||||||||||
2015 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.45 | $ | 1.59 | $ | 3.04 | ||||||
Florida Power & Light - 2015 Earnings Per Share | $ | 0.80 | $ | 0.97 | $ | 1.77 | ||||||
New investment growth | 0.04 | 0.08 | 0.12 | |||||||||
Cost recovery clause results | 0.02 | 0.01 | 0.03 | |||||||||
Allowance for funds used during construction | 0.03 | (0.01 | ) | 0.02 | ||||||||
Woodford revenue refund | — | (0.03 | ) | (0.03 | ) | |||||||
Wholesale operations | 0.01 | — | 0.01 | |||||||||
Other and share dilution | (0.05 | ) | (0.06 | ) | (0.11 | ) | ||||||
Florida Power & Light - 2016 Earnings Per Share | $ | 0.85 | $ | 0.96 | $ | 1.81 | ||||||
NEER - 2015 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.62 | $ | 0.61 | $ | 1.24 | ||||||
New investments | 0.14 | 0.19 | 0.35 | |||||||||
Existing assets | 0.04 | (0.04 | ) | (0.02 | ) | |||||||
Gas infrastructure | — | (0.02 | ) | (0.01 | ) | |||||||
Customer supply and proprietary power & gas trading | (0.04 | ) | (0.01 | ) | (0.04 | ) | ||||||
Non-qualifying hedges impact | (0.22 | ) | (0.57 | ) | (0.80 | ) | ||||||
Resolution of contingencies related to a previous asset sale | 0.01 | — | 0.01 | |||||||||
Gain on sale of the Texas natural gas generation facilities (see related tax effects in Corporate and Other below) | — | 0.35 | 0.35 | |||||||||
Change in other than temporary impairment losses - net | (0.01 | ) | 0.01 | (0.01 | ) | |||||||
Interest and corporate general and administrative expenses | (0.05 | ) | (0.02 | ) | (0.07 | ) | ||||||
Other, including income taxes and share dilution | (0.01 | ) | — | (0.01 | ) | |||||||
NEER - 2016 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.48 | $ | 0.50 | $ | 0.99 | ||||||
Corporate and Other - 2015 Earnings Per Share | $ | 0.03 | $ | 0.01 | $ | 0.03 | ||||||
Non-qualifying hedges impact | — | (0.21 | ) | (0.21 | ) | |||||||
Gain on sale of the Texas natural gas generation facilities | — | (0.13 | ) | (0.13 | ) | |||||||
Merger-related expenses | — | 0.01 | 0.01 | |||||||||
Other, including interest expense, interest income and consolidating income tax benefits or expenses and share dilution (1) | 0.05 | 0.02 | 0.07 | |||||||||
Corporate and Other - 2016 Earnings (Loss) Per Share | $ | 0.08 | $ | (0.30 | ) | $ | (0.23 | ) | ||||
2016 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.41 | $ | 1.16 | $ | 2.57 | ||||||
(1) Reflects the first-quarter 2016 favorable impact of approximately $0.04 per share of the adoption in the second quarter of 2016 of an accounting standards update related to stock-based compensation. | ||||||||||
Corporate & Other allocates a portion of corporate interest expense and shared service costs to NEER. Interest expense is allocated based on a deemed capital structure of 70% debt and, for purposes of allocating corporate interest expense, the deferred credit associated with differential membership interests sold by NEER subsidiaries is included with debt. Residual corporate interest expense is included in Corporate & Other. | ||||||||||
Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. | ||||||||||
2015 EPS amounts and 2016 EPS contributions for NEER and Corporate and Other reflect the fourth quarter 2015 segment change related to natural gas pipeline projects. | ||||||||||
The sum of the quarterly amounts may not equal the year-to-date total due to rounding. | ||||||||||
Preliminary | |||||||||
June 30, 2016 | Per Books | Adjusted (1) | |||||||
Long-term debt, including current maturities, and short-term debt | |||||||||
Junior Subordinated Debentures | $ | 3,498 | $ | 1,749 | |||||
Debentures, related to NextEra Energy's equity units | 1,200 | ||||||||
Project Debt: | |||||||||
Natural gas-fired assets | 36 | ||||||||
Wind assets | 3,979 | 1,521 | |||||||
Solar | 3,391 | 1,411 | |||||||
Other | 1,758 | 640 | |||||||
Storm Securitization Debt | 240 | ||||||||
Other(2) | 1,274 | ||||||||
Other long-term debt, including current maturities, and short-term debt(3) | 18,534 | 18,534 | |||||||
Unamortized debt issuance costs | (328 | ) | |||||||
Total debt per Balance Sheet | 32,308 | 25,129 | |||||||
Junior Subordinated Debentures | 1,749 | ||||||||
Debentures, related to NextEra Energy's equity units | 1,200 | ||||||||
Total Equity | 23,882 | 23,882 | |||||||
Total capitalization, including debt due within one year | $ | 56,190 | $ | 51,960 | |||||
Debt ratio | 57 | % | 48 | % | |||||
December 31, 2015 | Per Books | Adjusted (1) | |||||||
Long-term debt, including current maturities, and short-term debt | |||||||||
Junior Subordinated Debentures | $ | 2,978 | $ | 1,489 | |||||
Debentures, related to NextEra Energy's equity units | 1,200 | ||||||||
Project Debt: | |||||||||
Natural gas-fired assets | 497 | ||||||||
Wind assets | 4,009 | 1,728 | |||||||
Solar | 2,954 | 1,192 | |||||||
Other | 1,657 | 610 | |||||||
Storm Securitization Debt | 273 | ||||||||
Other(2) | 1,249 | ||||||||
Other long-term debt, including current maturities, and short-term debt(3) | 16,421 | 16,421 | |||||||
Unamortized debt issuance costs | (302 | ) | |||||||
Total debt per Balance Sheet | 29,687 | 22,689 | |||||||
Junior Subordinated Debentures | 1,489 | ||||||||
Debentures, related to NextEra Energy's equity units | 1,200 | ||||||||
Total Equity | 23,112 | 23,112 | |||||||
Total capitalization, including debt due within one year | $ | 52,799 | $ | 48,490 | |||||
Debt ratio | 56 | % | 47 | % | |||||
(1) | Adjusted debt calculation is based on NextEra Energy's interpretation of S&P's credit metric methodology which can be found in their Corporate Ratings Criteria on S&P's website. | ||||
(2) | Other includes imputed debt of purchase power agreements, a portion of the deferral related to differential membership interests and certain accrued interest. | ||||
(3) | Includes premium and discount on all debt issuances. | ||||
Preliminary | ||||||||||||||||||
Quarter | Year-to-Date | |||||||||||||||||
Periods Ended June 30, | 2016 | 2015 | % change | 2016 | 2015 | % change | ||||||||||||
Energy sales (million kWh) | ||||||||||||||||||
Residential | 14,491 | 15,057 | (3.8 | )% | 26,468 | 26,695 | (0.9 | )% | ||||||||||
Commercial | 11,821 | 12,035 | (1.8 | )% | 22,353 | 22,360 | — | % | ||||||||||
Industrial | 768 | 782 | (1.8 | )% | 1,497 | 1,501 | (0.3 | )% | ||||||||||
Public authorities | 140 | 143 | (2.1 | )% | 280 | 282 | (0.7 | )% | ||||||||||
Increase (decrease) in unbilled sales | 1,174 | 1,111 | 5.7 | % | 715 | 1,114 | (35.8 | )% | ||||||||||
Total retail | 28,394 | 29,128 | (2.5 | )% | 51,313 | 51,952 | (1.2 | )% | ||||||||||
Electric utilities | 1,754 | 1,783 | (1.6 | )% | 3,236 | 3,224 | 0.4 | % | ||||||||||
Interchange power sales | 741 | 292 | 153.8 | % | 1,987 | 2,131 | (6.8 | )% | ||||||||||
Total | 30,889 | 31,203 | (1.0 | )% | 56,536 | 57,307 | (1.3 | )% | ||||||||||
Average price (cents/kWh)(1) | ||||||||||||||||||
Residential | 10.16 | 10.77 | (5.7 | )% | 10.23 | 10.84 | (5.6 | )% | ||||||||||
Commercial | 8.16 | 8.75 | (6.7 | )% | 8.34 | 8.93 | (6.6 | )% | ||||||||||
Industrial | 6.06 | 6.67 | (9.1 | )% | 6.20 | 6.78 | (8.6 | )% | ||||||||||
Total | 8.99 | 9.60 | (6.4 | )% | 9.10 | 9.72 | (6.4 | )% | ||||||||||
Average customer accounts (000s) | ||||||||||||||||||
Residential | 4,278 | 4,222 | 1.3 | % | 4,272 | 4,215 | 1.4 | % | ||||||||||
Commercial | 539 | 532 | 1.3 | % | 538 | 531 | 1.3 | % | ||||||||||
Industrial | 12 | 11 | 9.1 | % | 12 | 11 | 9.1 | % | ||||||||||
Other | 5 | 4 | 25.0 | % | 4 | 4 | — | % | ||||||||||
Total | 4,834 | 4,769 | 1.4 | % | 4,826 | 4,761 | 1.4 | % | ||||||||||
June 30, | ||||||||||||||||||
2016 | 2015 | % change | ||||||||||||||||
End of period customer accounts (000s) | ||||||||||||||||||
Residential | 4,282 | 4,225 | 1.3 | % | ||||||||||||||
Commercial | 540 | 533 | 1.3 | % | ||||||||||||||
Industrial | 12 | 11 | 9.1 | % | ||||||||||||||
Other | 4 | 3 | 33.3 | % | ||||||||||||||
Total | 4,838 | 4,772 | 1.4 | % | ||||||||||||||
2016 | Normal | 2015 | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||
Cooling degree-days(2) | 622 | 597 | 726 | |||||||||||||||
Heating degree-days(2) | 4 | 12 | — | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||
Cooling degree-days(2) | 755 | 727 | 890 | |||||||||||||||
Heating degree-days(2) | 240 | 262 | 186 | |||||||||||||||
(1) | Excludes interchange power sales, net change in unbilled revenues and deferrals under cost recovery clauses. |
(2) | Cooling degree days use a 72 degree base temperature and heating degree days use a 66 degree base temperature. |