| Condensed Consolidating Statements of Income |
Condensed Consolidating Statements of Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | 2017 | | 2016 | | NEE (Guarantor) | | NEECH | | Other(a) | | NEE Consoli- dated | | NEE (Guarantor) | | NEECH | | Other(a) | | NEE Consoli- dated | | | | | | | | (millions) | | | | | | | Operating revenues | $ | — |
| | $ | 1,327 |
| | $ | 3,077 |
| | $ | 4,404 |
| | $ | — |
| | $ | 1,070 |
| | $ | 2,747 |
| | $ | 3,817 |
| Operating expenses - net | (4 | ) | | (974 | ) | | (2,141 | ) | | (3,119 | ) | | (5 | ) | | (720 | ) | | (1,923 | ) | | (2,648 | ) | Interest expense | (1 | ) | | (309 | ) | | (120 | ) | | (430 | ) | | — |
| | (485 | ) | | (117 | ) | | (602 | ) | Equity in earnings of subsidiaries | 787 |
| | — |
| | (787 | ) | | — |
| | 586 |
| | — |
| | (586 | ) | | — |
| Other income - net | — |
| | 219 |
| | 19 |
| | 238 |
| | — |
| | 180 |
| | 16 |
| | 196 |
| Income before income taxes | 782 |
| | 263 |
| | 48 |
| | 1,093 |
| | 581 |
| | 45 |
| | 137 |
| | 763 |
| Income tax expense (benefit) | (11 | ) | | (12 | ) | | 312 |
| | 289 |
| | 41 |
| | (100 | ) | | 278 |
| | 219 |
| Net income (loss) | 793 |
| | 275 |
| | (264 | ) | | 804 |
| | 540 |
| | 145 |
| | (141 | ) | | 544 |
| Less net income attributable to noncontrolling interests | — |
| | 11 |
| | — |
| | 11 |
| | — |
| | 4 |
| | — |
| | 4 |
| Net income (loss) attributable to NEE | $ | 793 |
| | $ | 264 |
| | $ | (264 | ) | | $ | 793 |
| | $ | 540 |
| | $ | 141 |
| | $ | (141 | ) | | $ | 540 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2017 | | 2016 | | NEE (Guarantor) | | NEECH | | Other(a) | | NEE Consoli- dated | | NEE (Guarantor) | | NEECH | | Other(a) | | NEE Consoli- dated | | | | | | | | (millions) | | | | | | | Operating revenues | $ | — |
| | $ | 2,789 |
| | $ | 5,588 |
| | $ | 8,377 |
| | $ | — |
| | $ | 2,605 |
| | $ | 5,046 |
| | $ | 7,651 |
| Operating expenses - net | (10 | ) | | (823 | ) | | (3,854 | ) | | (4,687 | ) | | (10 | ) | | (1,725 | ) | | (3,513 | ) | | (5,248 | ) | Interest expense | (1 | ) | | (549 | ) | | (240 | ) | | (790 | ) | | (1 | ) | | (882 | ) | | (228 | ) | | (1,111 | ) | Equity in earnings of subsidiaries | 2,349 |
| | — |
| | (2,349 | ) | | — |
| | 1,224 |
| | — |
| | (1,224 | ) | | — |
| Other income - net | 1 |
| | 446 |
| | 12 |
| | 459 |
| | 1 |
| | 327 |
| | 39 |
| | 367 |
| Income (loss) before income taxes | 2,339 |
| | 1,863 |
| | (843 | ) | | 3,359 |
| | 1,214 |
| | 325 |
| | 120 |
| | 1,659 |
| Income tax expense (benefit) | (37 | ) | | 438 |
| | 563 |
| | 964 |
| | 21 |
| | (70 | ) | | 510 |
| | 461 |
| Net income (loss) | 2,376 |
| | 1,425 |
|
| (1,406 | ) |
| 2,395 |
|
| 1,193 |
| | 395 |
|
| (390 | ) |
| 1,198 |
| Less net income attributable to noncontrolling interests | — |
| | 19 |
| | — |
| | 19 |
| | — |
| | 5 |
| | — |
| | 5 |
| Net income (loss) attributable to NEE | $ | 2,376 |
| | $ | 1,406 |
| | $ | (1,406 | ) | | $ | 2,376 |
| | $ | 1,193 |
| | $ | 390 |
| | $ | (390 | ) | | $ | 1,193 |
|
——————————————— | | (a) | Represents primarily FPL and consolidating adjustments. |
|
| Condensed Consolidating Balance Sheets |
Condensed Consolidating Balance Sheets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2017 | | December 31, 2016 | | NEE (Guaran- tor) | | NEECH | | Other(a) | | NEE Consoli- dated | | NEE (Guaran- tor) | | NEECH | | Other(a) | | NEE Consoli- dated | | | | | | | | (millions) | | | | | | | PROPERTY, PLANT AND EQUIPMENT | | | | | | | | | | | | | | | | Electric plant in service and other property | $ | 28 |
| | $ | 40,257 |
| | $ | 50,419 |
| | $ | 90,704 |
| | $ | 28 |
| | $ | 38,671 |
| | $ | 48,314 |
| | $ | 87,013 |
| Accumulated depreciation and amortization | (19 | ) | | (8,342 | ) | | (12,687 | ) | | (21,048 | ) | | (18 | ) | | (7,778 | ) | | (12,305 | ) | | (20,101 | ) | Total property, plant and equipment - net | 9 |
| | 31,915 |
| | 37,732 |
| | 69,656 |
| | 10 |
| | 30,893 |
| | 36,009 |
| | 66,912 |
| CURRENT ASSETS | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Cash and cash equivalents | 1 |
| | 607 |
| | 34 |
| | 642 |
| | 1 |
| | 1,258 |
| | 33 |
| | 1,292 |
| Receivables | 281 |
| | 1,476 |
| | 723 |
| | 2,480 |
| | 88 |
| | 1,615 |
| | 736 |
| | 2,439 |
| Other | 3 |
| | 1,323 |
| | 1,499 |
| | 2,825 |
| | 2 |
| | 1,877 |
| | 1,799 |
| | 3,678 |
| Total current assets | 285 |
| | 3,406 |
| | 2,256 |
| | 5,947 |
| | 91 |
| | 4,750 |
| | 2,568 |
| | 7,409 |
| OTHER ASSETS | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Investment in subsidiaries | 25,747 |
| | — |
| | (25,747 | ) | | — |
| | 24,323 |
| | — |
| | (24,323 | ) | | — |
| Other | 834 |
| | 9,869 |
| | 6,584 |
| | 17,287 |
| | 867 |
| | 8,992 |
| | 5,813 |
| | 15,672 |
| Total other assets | 26,581 |
| | 9,869 |
| | (19,163 | ) | | 17,287 |
| | 25,190 |
| | 8,992 |
| | (18,510 | ) | | 15,672 |
| TOTAL ASSETS | $ | 26,875 |
| | $ | 45,190 |
| | $ | 20,825 |
| | $ | 92,890 |
| | $ | 25,291 |
| | $ | 44,635 |
| | $ | 20,067 |
| | $ | 89,993 |
| CAPITALIZATION | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Common shareholders' equity | $ | 25,926 |
| | $ | 8,505 |
| | $ | (8,505 | ) | | $ | 25,926 |
| | $ | 24,341 |
| | $ | 7,699 |
| | $ | (7,699 | ) | | $ | 24,341 |
| Noncontrolling interests | — |
| | 950 |
| | — |
| | 950 |
| | — |
| | 990 |
| | — |
| | 990 |
| Long-term debt | — |
| | 20,304 |
| | 10,088 |
| | 30,392 |
| | — |
| | 18,112 |
| | 9,706 |
| | 27,818 |
| Total capitalization | 25,926 |
| | 29,759 |
| | 1,583 |
| | 57,268 |
| | 24,341 |
| | 26,801 |
| | 2,007 |
| | 53,149 |
| CURRENT LIABILITIES | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Debt due within one year | — |
| | 2,420 |
| | 1,712 |
| | 4,132 |
| | — |
| | 2,237 |
| | 785 |
| | 3,022 |
| Accounts payable | 1 |
| | 1,100 |
| | 713 |
| | 1,814 |
| | 1 |
| | 2,668 |
| | 778 |
| | 3,447 |
| Other | 306 |
| | 1,214 |
| | 1,484 |
| | 3,004 |
| | 231 |
| | 2,624 |
| | 1,595 |
| | 4,450 |
| Total current liabilities | 307 |
| | 4,734 |
| | 3,909 |
| | 8,950 |
| | 232 |
| | 7,529 |
| | 3,158 |
| | 10,919 |
| OTHER LIABILITIES AND DEFERRED CREDITS | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Asset retirement obligations | — |
| | 868 |
| | 1,977 |
| | 2,845 |
| | — |
| | 816 |
| | 1,920 |
| | 2,736 |
| Deferred income taxes | 16 |
| | 3,538 |
| | 8,548 |
| | 12,102 |
| | 82 |
| | 3,002 |
| | 8,017 |
| | 11,101 |
| Other | 626 |
| | 6,291 |
| | 4,808 |
| | 11,725 |
| | 636 |
| | 6,487 |
| | 4,965 |
| | 12,088 |
| Total other liabilities and deferred credits | 642 |
| | 10,697 |
| | 15,333 |
| | 26,672 |
| | 718 |
| | 10,305 |
| | 14,902 |
| | 25,925 |
| COMMITMENTS AND CONTINGENCIES |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| TOTAL CAPITALIZATION AND LIABILITIES | $ | 26,875 |
| | $ | 45,190 |
| | $ | 20,825 |
| | $ | 92,890 |
| | $ | 25,291 |
| | $ | 44,635 |
| | $ | 20,067 |
| | $ | 89,993 |
|
| | (a) | Represents primarily FPL and consolidating adjustments. |
|
| Condensed Consolidating Statements of Cash Flows |
Condensed Consolidating Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2017 | | 2016 | | NEE (Guaran- tor) | |
NEECH | | Other(a) | | NEE Consoli- dated | | NEE (Guaran- tor) | |
NEECH | | Other(a) | | NEE Consoli- dated | | | | | | | | (millions) | | | | | | | NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 992 |
| | $ | 1,200 |
| | $ | 973 |
| | $ | 3,165 |
| | $ | 809 |
| | $ | 1,084 |
| | $ | 1,377 |
| | $ | 3,270 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
|
| Capital expenditures, independent power and other investments and nuclear fuel purchases | — |
| | (4,195 | ) | | (2,742 | ) | | (6,937 | ) | | — |
| | (3,866 | ) | | (2,200 | ) | | (6,066 | ) | Proceeds from sale of the fiber-optic telecommunications business | — |
| | 1,482 |
| | — |
| | 1,482 |
| | — |
| | — |
| | — |
| | — |
| Capital contributions from NEE | (45 | ) | | — |
| | 45 |
| | — |
| | (13 | ) | | — |
| | 13 |
| | — |
| Sale of independent power and other investments of NEER | — |
| | 42 |
| | — |
| | 42 |
| | — |
| | 396 |
| | — |
| | 396 |
| Proceeds from sale or maturity of securities in special use funds and other investments | — |
| | 518 |
| | 901 |
| | 1,419 |
| | — |
| | 530 |
| | 1,079 |
| | 1,609 |
| Purchases of securities in special use funds and other investments | — |
| | (582 | ) | | (949 | ) | | (1,531 | ) | | — |
| | (534 | ) | | (1,120 | ) | | (1,654 | ) | Proceeds from sales of noncontrolling interests in NEP | — |
| | — |
| | — |
| | — |
| | — |
| | 303 |
| | — |
| | 303 |
| Other - net | 4 |
| | (14 | ) | | 26 |
| | 16 |
| | — |
| | (50 | ) | | 25 |
| | (25 | ) | Net cash used in investing activities | (41 | ) | | (2,749 | ) | | (2,719 | ) | | (5,509 | ) | | (13 | ) | | (3,221 | ) | | (2,203 | ) | | (5,437 | ) | CASH FLOWS FROM FINANCING ACTIVITIES | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Issuances of long-term debt | — |
| | 2,572 |
| | 199 |
| | 2,771 |
| | — |
| | 2,509 |
| | — |
| | 2,509 |
| Retirements of long-term debt | — |
| | (1,850 | ) | | (35 | ) | | (1,885 | ) | | — |
| | (963 | ) | | (33 | ) | | (996 | ) | Net change in commercial paper | — |
| | 1,115 |
| | 732 |
| | 1,847 |
| | — |
| | 701 |
| | 307 |
| | 1,008 |
| Proceeds from other short-term debt | — |
| | — |
| | 200 |
| | 200 |
| | — |
| | — |
| | 500 |
| | 500 |
| Issuances of common stock - net | 25 |
| | — |
| | — |
| | 25 |
| | 43 |
| | — |
| | — |
| | 43 |
| Dividends on common stock | (920 | ) | | — |
| | — |
| | (920 | ) | | (803 | ) | | — |
| | — |
| | (803 | ) | Contributions from (dividends to) NEE | — |
| | (637 | ) | | 637 |
| | — |
| | — |
| | (33 | ) | | 33 |
| | — |
| Other - net | (56 | ) | | (302 | ) | | 14 |
| | (344 | ) | | (36 | ) | | 91 |
| | 10 |
| | 65 |
| Net cash provided by (used in) financing activities | (951 | ) | | 898 |
| | 1,747 |
| | 1,694 |
| | (796 | ) | | 2,305 |
| | 817 |
| | 2,326 |
| Net increase (decrease) in cash and cash equivalents | — |
| | (651 | ) | | 1 |
| | (650 | ) | | — |
| | 168 |
| | (9 | ) | | 159 |
| Cash and cash equivalents at beginning of period | 1 |
| | 1,258 |
| | 33 |
| | 1,292 |
| | — |
| | 546 |
| | 25 |
| | 571 |
| Cash and cash equivalents at end of period | $ | 1 |
| | $ | 607 |
| | $ | 34 |
| | $ | 642 |
| | $ | — |
| | $ | 714 |
| | $ | 16 |
| | $ | 730 |
|
——————————————— | | (a) | Represents primarily FPL and consolidating adjustments. |
|