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NextEra Energy, Inc. Media Line: (561) 694-4442 Jan. 27, 2017 FOR IMMEDIATE RELEASE | |
• | NextEra Energy achieves strong 2016 results; extends outlook through 2020 |
• | Florida Power & Light Company executes on growth and regulatory initiatives, grows regulatory capital by 8.3 percent and continues delivering outstanding customer value |
• | NextEra Energy Resources has record year, delivering approximately 2.5 gigawatts of new contracted renewables in 2016 |
As previously announced, NextEra Energy's 2016 fourth-quarter and full-year earnings conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the 2016 fourth-quarter and full-year 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 December 31, 2016 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Operating Revenues | $ | 2,558 | $ | 1,052 | $ | 89 | $ | 3,699 | ||||||||
Operating Expenses (Income) | ||||||||||||||||
Fuel, purchased power and interchange | 741 | 189 | 6 | 936 | ||||||||||||
Other operations and maintenance | 397 | 482 | 36 | 915 | ||||||||||||
Merger-related | — | — | 5 | 5 | ||||||||||||
Depreciation and amortization | 445 | 360 | 10 | 815 | ||||||||||||
Losses (gains) on disposal of assets - net | (1 | ) | (188 | ) | 1 | (188 | ) | |||||||||
Taxes other than income taxes and other - net | 282 | 1 | 7 | 290 | ||||||||||||
Total operating expenses - net | 1,864 | 844 | 65 | 2,773 | ||||||||||||
Operating Income (Loss) | 694 | 208 | 24 | 926 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (113 | ) | 134 | 366 | 387 | |||||||||||
Benefits associated with differential membership interests - net | — | 90 | — | 90 | ||||||||||||
Equity in earnings of equity method investees | — | 2 | — | 2 | ||||||||||||
Allowance for equity funds used during construction | 19 | 4 | 1 | 24 | ||||||||||||
Interest income | — | 17 | 4 | 21 | ||||||||||||
Gains on disposal of investments and other property - net | — | 4 | — | 4 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | — | (4 | ) | — | (4 | ) | ||||||||||
Revaluation of contingent consideration | — | 71 | — | 71 | ||||||||||||
Other - net | (1 | ) | 16 | (15 | ) | — | ||||||||||
Total other income (deductions) - net | (95 | ) | 334 | 356 | 595 | |||||||||||
Income (Loss) before Income Taxes | 599 | 542 | 380 | 1,521 | ||||||||||||
Income Tax Expense (Benefit) | 228 | 131 | 145 | 504 | ||||||||||||
Net Income (Loss) | 371 | 411 | 235 | 1,017 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 51 | — | 51 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 371 | $ | 360 | $ | 235 | $ | 966 | ||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 371 | $ | 360 | $ | 235 | $ | 966 | ||||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | (79 | ) | (391 | ) | (470 | ) | |||||||||
Loss (income) from other than temporary impairments - net (3) | — | (5 | ) | — | (5 | ) | ||||||||||
Gains on sale of natural gas generation facilities(4) | — | (191 | ) | — | (191 | ) | ||||||||||
Operating loss (income) of Spain solar projects(5) | — | 7 | — | 7 | ||||||||||||
Merger-related expenses(6) | — | — | 5 | 5 | ||||||||||||
Less related income tax expense (benefit) | — | 99 | 155 | 254 | ||||||||||||
Adjusted Earnings (Loss) | $ | 371 | $ | 191 | $ | 4 | $ | 566 | ||||||||
Earnings (Loss) Per Share (assuming dilution) Attributable to NextEra Energy, Inc. | $ | 0.79 | $ | 0.77 | $ | 0.50 | $ | 2.06 | ||||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | (0.17 | ) | (0.83 | ) | (1.00 | ) | |||||||||
Loss (income) from other than temporary impairments - net (3) | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Gains on sale of natural gas generation facilities(4) | — | (0.41 | ) | — | (0.41 | ) | ||||||||||
Operating loss (income) of Spain solar projects(5) | — | 0.02 | — | 0.02 | ||||||||||||
Merger-related expenses(6) | — | — | 0.01 | 0.01 | ||||||||||||
Less related income tax expense (benefit) | — | 0.21 | 0.33 | 0.54 | ||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.79 | $ | 0.41 | $ | 0.01 | $ | 1.21 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 469 | |||||||||||||||
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(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
(2) After tax impact on adjusted earnings by segment is $0, ($61), ($235), ($296), respectively, or $0, ($0.13), ($0.50), ($0.63) per share. | ||||||||||||||||
(3) After tax impact on adjusted earnings is ($3) or ($0.01) per share. | ||||||||||||||||
(4) After tax impact on adjusted earnings is $0, ($112), ($1), ($113) or 0, ($0.24), 0, ($0.24) per share. | ||||||||||||||||
(5) After tax impact on adjusted earnings is $7 or $0.02 per share. | ||||||||||||||||
(6) After tax impact on adjusted earnings is $5 or $0.01 per share. | ||||||||||||||||
Preliminary | ||||||||||||||||
Three Months Ended December 31, 2015 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Operating Revenues | $ | 2,839 | $ | 1,129 | $ | 101 | $ | 4,069 | ||||||||
Operating Expenses (Income) | ||||||||||||||||
Fuel, purchased power and interchange | 978 | 184 | 14 | 1,176 | ||||||||||||
Other operations and maintenance | 470 | 413 | 32 | 915 | ||||||||||||
Merger-related | — | — | 6 | 6 | ||||||||||||
Depreciation and amortization | 422 | 309 | 19 | 750 | ||||||||||||
Losses (gains) on disposal of assets - net | (1 | ) | (2 | ) | 4 | 1 | ||||||||||
Taxes other than income taxes and other - net | 296 | 43 | 6 | 345 | ||||||||||||
Total operating expenses - net | 2,165 | 947 | 81 | 3,193 | ||||||||||||
Operating Income (Loss) | 674 | 182 | 20 | 876 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (108 | ) | (154 | ) | (37 | ) | (299 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 65 | — | 65 | ||||||||||||
Equity in earnings of equity method investees | — | 19 | 2 | 21 | ||||||||||||
Allowance for equity funds used during construction | 22 | 1 | — | 23 | ||||||||||||
Interest income | 4 | 4 | 13 | 21 | ||||||||||||
Gains on disposal of investments and other property - net | 1 | 47 | — | 48 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | — | (8 | ) | — | (8 | ) | ||||||||||
Revaluation of contingent consideration | — | — | — | — | ||||||||||||
Other - net | 1 | 11 | (2 | ) | 10 | |||||||||||
Total other income (deductions) - net | (80 | ) | (15 | ) | (24 | ) | (119 | ) | ||||||||
Income (Loss) before Income Taxes | 594 | 167 | (4 | ) | 757 | |||||||||||
Income Tax Expense (Benefit) | 229 | 8 | 10 | 247 | ||||||||||||
Net Income (Loss) | 365 | 159 | (14 | ) | 510 | |||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 3 | — | 3 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 365 | $ | 156 | $ | (14 | ) | $ | 507 | |||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 365 | $ | 156 | $ | (14 | ) | $ | 507 | |||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | 42 | — | 42 | ||||||||||||
Loss (income) from other than temporary impairments - net (3) | — | (1 | ) | — | (1 | ) | ||||||||||
Operating loss (income) of Spain solar projects(4) | — | 1 | — | 1 | ||||||||||||
Merger-related expenses(5) | — | — | 6 | 6 | ||||||||||||
Less related income tax expense (benefit) | — | (13 | ) | (3 | ) | (16 | ) | |||||||||
Adjusted Earnings (Loss) | $ | 365 | $ | 185 | $ | (11 | ) | $ | 539 | |||||||
Earnings (Loss) Per Share (assuming dilution) Attributable to NextEra Energy, Inc. | $ | 0.79 | $ | 0.34 | $ | (0.03 | ) | $ | 1.10 | |||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | 0.09 | — | 0.09 | ||||||||||||
Loss (income) from other than temporary impairments - net (3) | — | — | — | — | ||||||||||||
Operating loss (income) of Spain solar projects(4) | — | — | — | — | ||||||||||||
Merger-related expenses(5) | — | — | 0.01 | 0.01 | ||||||||||||
Less related income tax expense (benefit) | — | (0.03 | ) | — | (0.03 | ) | ||||||||||
Adjusted Earnings (Loss) Per Share | $ | 0.79 | $ | 0.40 | $ | (0.02 | ) | $ | 1.17 | |||||||
Weighted-average shares outstanding (assuming dilution) | 462 | |||||||||||||||
———————————— | ||||||||||||||||
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
(2) After tax impact on adjusted earnings by segment is $0, $28, ($1), ($27), respectively, or $0, $0.06, 0, $0.6 per share. | ||||||||||||||||
(3) After tax impact on adjusted earnings is $0 or $.0 per share. | ||||||||||||||||
(4) After tax impact on adjusted earnings is $1 or $0 per share. | ||||||||||||||||
(5) After tax impact on adjusted earnings is $4 or $.01 per share. | ||||||||||||||||
Preliminary | ||||||||||||||||
Twelve Months Ended December 31, 2016 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Operating Revenues | $ | 10,895 | $ | 4,893 | $ | 367 | $ | 16,155 | ||||||||
Operating Expenses (Income) | ||||||||||||||||
Fuel, purchased power and interchange | 3,297 | 706 | 39 | 4,042 | ||||||||||||
Other operations and maintenance | 1,600 | 1,658 | 131 | 3,389 | ||||||||||||
Merger-related | — | — | 135 | 135 | ||||||||||||
Depreciation and amortization | 1,651 | 1,366 | 60 | 3,077 | ||||||||||||
Losses (gains) on disposal of assets - net | (6 | ) | (444 | ) | 4 | (446 | ) | |||||||||
Taxes other than income taxes and other - net | 1,195 | 133 | 22 | 1,350 | ||||||||||||
Total operating expenses - net | 7,737 | 3,419 | 391 | 11,547 | ||||||||||||
Operating Income (Loss) | 3,158 | 1,474 | (24 | ) | 4,608 | |||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (456 | ) | (732 | ) | 95 | (1,093 | ) | |||||||||
Benefits associated with differential membership interests - net | — | 309 | — | 309 | ||||||||||||
Equity in earnings of equity method investees | — | 119 | 29 | 148 | ||||||||||||
Allowance for equity funds used during construction | 74 | 11 | 1 | 86 | ||||||||||||
Interest income | 2 | 34 | 46 | 82 | ||||||||||||
Gains on disposal of investments and other property - net | — | 40 | — | 40 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | — | (23 | ) | — | (23 | ) | ||||||||||
Revaluation of contingent consideration | — | 189 | — | 189 | ||||||||||||
Other - net | — | 39 | 3 | 42 | ||||||||||||
Total other income (deductions) - net | (380 | ) | (14 | ) | 174 | (220 | ) | |||||||||
Income (Loss) before Income Taxes | 2,778 | 1,460 | 150 | 4,388 | ||||||||||||
Income Tax Expense (Benefit) | 1,051 | 242 | 90 | 1,383 | ||||||||||||
Net Income (Loss) | 1,727 | 1,218 | 60 | 3,005 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 93 | — | 93 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,727 | $ | 1,125 | $ | 60 | $ | 2,912 | ||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,727 | $ | 1,125 | $ | 60 | $ | 2,912 | ||||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | 336 | (228 | ) | 108 | |||||||||||
Loss (income) from other than temporary impairments - net(3) | — | 5 | — | 5 | ||||||||||||
Resolution of contingencies related to a previous asset sale(4) | — | (9 | ) | — | (9 | ) | ||||||||||
Gains on sale of natural gas generation facilities(5) | — | (445 | ) | — | (445 | ) | ||||||||||
Operating loss (income) of Spain solar projects(6) | — | 12 | — | 12 | ||||||||||||
Merger-related expenses(7) | — | — | 135 | 135 | ||||||||||||
Less related income tax expense (benefit) | — | 66 | 100 | 166 | ||||||||||||
Adjusted Earnings (Loss) | $ | 1,727 | $ | 1,090 | $ | 67 | $ | 2,884 | ||||||||
Earnings (Loss) Per Share (assuming dilution) Attributable to NextEra Energy, Inc. | $ | 3.71 | $ | 2.41 | $ | 0.13 | $ | 6.25 | ||||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | 0.72 | (0.49 | ) | 0.23 | |||||||||||
Loss (income) from other than temporary impairments - net(3) | — | — | — | — | ||||||||||||
Resolution of contingencies related to a previous asset sale(4) | — | (0.02 | ) | — | (0.02 | ) | ||||||||||
Gains on sale of natural gas generation facilities(5) | — | (0.95 | ) | — | (0.95 | ) | ||||||||||
Operating loss (income) of Spain solar projects(6) | — | 0.03 | — | 0.03 | ||||||||||||
Merger-related expenses(7) | — | — | 0.29 | 0.29 | ||||||||||||
Less related income tax expense (benefit) | — | 0.14 | 0.22 | 0.36 | ||||||||||||
Adjusted Earnings (Loss) Per Share | $ | 3.71 | $ | 2.33 | $ | 0.15 | $ | 6.19 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 466 | |||||||||||||||
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(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
(2) After tax impact on adjusted earnings by segment is $0, $233, ($141), $92, respectively, or $0, $0.50, ($0.30), $0.20 per share. | ||||||||||||||||
(3) After tax impact on adjusted earnings is $0, $2, ($1), $1; or $0 per share. | ||||||||||||||||
(4) After tax impact on adjusted earnings is ($5), or ($0.01) per share. | ||||||||||||||||
(5) After tax impact on adjusted earnings is $0, ($276), $57, ($219) or $0, ($0.59), $0.12, ($0.47) per share. | ||||||||||||||||
(6) After tax impact on adjusted earnings is $11, or $0.02 per share. | ||||||||||||||||
(7) After tax impact on adjusted earnings is $92, or $0.20 per share. | ||||||||||||||||
Preliminary | ||||||||||||||||
Twelve Months Ended December 31, 2015 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Operating Revenues | $ | 11,651 | $ | 5,444 | $ | 391 | $ | 17,486 | ||||||||
Operating Expenses (Income) | ||||||||||||||||
Fuel, purchased power and interchange | 4,276 | 988 | 63 | 5,327 | ||||||||||||
Other operations and maintenance | 1,617 | 1,531 | 121 | 3,269 | ||||||||||||
Merger-related | — | — | 26 | 26 | ||||||||||||
Depreciation and amortization | 1,576 | 1,183 | 72 | 2,831 | ||||||||||||
Losses (gains) on disposal of assets - net | (6 | ) | (1 | ) | 11 | 4 | ||||||||||
Taxes other than income taxes and other - net | 1,211 | 164 | 22 | 1,397 | ||||||||||||
Total operating expenses - net | 8,674 | 3,865 | 315 | 12,854 | ||||||||||||
Operating Income (Loss) | 2,977 | 1,579 | 76 | 4,632 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (445 | ) | (625 | ) | (141 | ) | (1,211 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 216 | — | 216 | ||||||||||||
Equity in earnings of equity method investees | — | 103 | 4 | 107 | ||||||||||||
Allowance for equity funds used during construction | 68 | 2 | — | 70 | ||||||||||||
Interest income | 7 | 28 | 51 | 86 | ||||||||||||
Gains on disposal of investments and other property - net | 1 | 89 | — | 90 | ||||||||||||
Other than temporary impairment losses on securities held in nuclear decommissioning funds | — | (40 | ) | — | (40 | ) | ||||||||||
Revaluation of contingent consideration | — | — | — | — | ||||||||||||
Other - net | (3 | ) | 39 | 4 | 40 | |||||||||||
Total other income (deductions) - net | (372 | ) | (188 | ) | (82 | ) | (642 | ) | ||||||||
Income (Loss) before Income Taxes | 2,605 | 1,391 | (6 | ) | 3,990 | |||||||||||
Income Tax Expense (Benefit) | 957 | 289 | (18 | ) | 1,228 | |||||||||||
Net Income (Loss) | 1,648 | 1,102 | 12 | 2,762 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 10 | — | 10 | ||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,648 | $ | 1,092 | $ | 12 | $ | 2,752 | ||||||||
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,648 | $ | 1,092 | $ | 12 | $ | 2,752 | ||||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | (290 | ) | — | (290 | ) | ||||||||||
Loss (income) from other than temporary impairments - net (3) | — | 21 | — | 21 | ||||||||||||
Operating loss (income) of Spain solar projects(4) | — | (5 | ) | — | (5 | ) | ||||||||||
Merger-related expenses(5) | — | — | 26 | 26 | ||||||||||||
Less related income tax expense (benefit) | — | 108 | (13 | ) | 95 | |||||||||||
Adjusted Earnings (Loss) | $ | 1,648 | $ | 926 | $ | 25 | $ | 2,599 | ||||||||
Earnings (Loss) Per Share (assuming dilution) Attributable to NextEra Energy, Inc. | $ | 3.63 | $ | 2.41 | $ | 0.02 | $ | 6.06 | ||||||||
Adjustments - pretax | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(2) | — | (0.64 | ) | — | (0.64 | ) | ||||||||||
Loss (income) from other than temporary impairments - net (3) | — | 0.05 | — | 0.05 | ||||||||||||
Operating loss (income) of Spain solar projects(4) | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Merger-related expenses(5) | — | — | 0.06 | 0.06 | ||||||||||||
Less related income tax expense (benefit) | — | 0.23 | (0.04 | ) | 0.19 | |||||||||||
Adjusted Earnings (Loss) Per Share | $ | 3.63 | $ | 2.04 | $ | 0.04 | $ | 5.71 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 454 | |||||||||||||||
———————————— | ||||||||||||||||
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
(2) After tax impact on adjusted earnings by segment is $0, ($175), ($8), ($183), respectively, or $0, ($0.39), ($.02), ($0.41) per share. | ||||||||||||||||
(3) After tax impact on adjusted earnings is $0, $14, $1, $15 or $0, $0.03, 0, $.03 per share. | ||||||||||||||||
(4) After tax impact on adjusted earnings is ($5), or ($0.01) per share. | ||||||||||||||||
(5) After tax impact on adjusted earnings is $20, or $0.04 per share. | ||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||
(millions) (unaudited) | Preliminary | |||||||||||||||
December 31, 2016 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Electric plant in service and other property | $ | 44,966 | $ | 34,158 | $ | 1,026 | $ | 80,150 | ||||||||
Nuclear fuel | 1,308 | 823 | — | 2,131 | ||||||||||||
Construction work in progress | 2,039 | 2,663 | 30 | 4,732 | ||||||||||||
Accumulated depreciation and amortization | (12,304 | ) | (7,655 | ) | (142 | ) | (20,101 | ) | ||||||||
Total property, plant and equipment - net | 36,009 | 29,989 | 914 | 66,912 | ||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | 33 | 603 | 656 | 1,292 | ||||||||||||
Customer receivables, net of allowances | 768 | 986 | 30 | 1,784 | ||||||||||||
Other receivables | 148 | 572 | (65 | ) | 655 | |||||||||||
Materials, supplies and fossil fuel inventory | 851 | 438 | — | 1,289 | ||||||||||||
Regulatory assets | 524 | — | — | 524 | ||||||||||||
Derivatives | 209 | 505 | 171 | 885 | ||||||||||||
Assets held for sale | — | — | 452 | 452 | ||||||||||||
Other | 213 | 312 | 3 | 528 | ||||||||||||
Total current assets | 2,746 | 3,416 | 1,247 | 7,409 | ||||||||||||
Other Assets | ||||||||||||||||
Special use funds | 3,665 | 1,769 | — | 5,434 | ||||||||||||
Other investments | 4 | 2,158 | 320 | 2,482 | ||||||||||||
Prepaid benefit costs | 1,301 | — | (124 | ) | 1,177 | |||||||||||
Regulatory assets | 1,573 | 9 | 312 | 1,894 | ||||||||||||
Derivatives | — | 1,287 | 63 | 1,350 | ||||||||||||
Other | 203 | 3,115 | 17 | 3,335 | ||||||||||||
Total other assets | 6,746 | 8,338 | 588 | 15,672 | ||||||||||||
Total Assets | $ | 45,501 | $ | 41,743 | $ | 2,749 | $ | 89,993 | ||||||||
Capitalization | ||||||||||||||||
Common stock | $ | 1,373 | $ | — | $ | (1,368 | ) | $ | 5 | |||||||
Additional paid-in capital | 8,332 | 7,725 | (7,109 | ) | 8,948 | |||||||||||
Retained earnings | 6,875 | 9,281 | (698 | ) | 15,458 | |||||||||||
Accumulated other comprehensive income (loss) | — | 27 | (97 | ) | (70 | ) | ||||||||||
Total common shareholders' equity | 16,580 | 17,033 | (9,272 | ) | 24,341 | |||||||||||
Noncontrolling interests | — | 990 | — | 990 | ||||||||||||
Total equity | 16,580 | 18,023 | (9,272 | ) | 25,331 | |||||||||||
Long-term debt | 9,705 | 8,631 | 9,482 | 27,818 | ||||||||||||
Total capitalization | 26,285 | 26,654 | 210 | 53,149 | ||||||||||||
Current Liabilities | ||||||||||||||||
Commercial paper | 268 | — | — | 268 | ||||||||||||
Other short-term debt | 150 | — | — | 150 | ||||||||||||
Current maturities of long-term debt | 367 | 513 | 1,724 | 2,604 | ||||||||||||
Accounts payable | 837 | 2,645 | (35 | ) | 3,447 | |||||||||||
Customer deposits | 466 | 4 | — | 470 | ||||||||||||
Accrued interest and taxes | 240 | 309 | (69 | ) | 480 | |||||||||||
Derivatives | 1 | 329 | 74 | 404 | ||||||||||||
Accrued construction-related expenditures | 262 | 855 | 3 | 1,120 | ||||||||||||
Regulatory liabilities | 294 | — | 5 | 299 | ||||||||||||
Liabilities associated with assets held for sale | — | — | 451 | 451 | ||||||||||||
Other | 496 | 615 | 115 | 1,226 | ||||||||||||
Total current liabilities | 3,381 | 5,270 | 2,268 | 10,919 | ||||||||||||
Other Liabilities and Deferred Credits | ||||||||||||||||
Asset retirement obligations | 1,920 | 816 | — | 2,736 | ||||||||||||
Deferred income taxes | 8,541 | 2,685 | (125 | ) | 11,101 | |||||||||||
Regulatory liabilities | 4,893 | — | 13 | 4,906 | ||||||||||||
Derivatives | — | 436 | 41 | 477 | ||||||||||||
Deferral related to differential membership interests | — | 4,656 | — | 4,656 | ||||||||||||
Other | 481 | 1,226 | 342 | 2,049 | ||||||||||||
Total other liabilities and deferred credits | 15,835 | 9,819 | 271 | 25,925 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Total Capitalization and Liabilities | $ | 45,501 | $ | 41,743 | $ | 2,749 | $ | 89,993 | ||||||||
———————————— | ||||||||||||||||
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
NextEra Energy, Inc. | ||||||||||||||||
Condensed Consolidated Balance Sheets | Preliminary | |||||||||||||||
(millions) | ||||||||||||||||
(unaudited) | ||||||||||||||||
December 31, 2015 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
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 | 502 | — | 1 | 503 | ||||||||||||
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 | 1,513 | 2 | 263 | 1,778 | ||||||||||||
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 income (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 | ||||||||||||
Other short-term debt | 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 | ||||||||||||
Regulatory liabilities | 12 | — | 2 | 14 | ||||||||||||
Liabilities associated with assets held for sale | — | 992 | — | 992 | ||||||||||||
Other | 343 | 381 | 117 | 841 | ||||||||||||
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 | 4,595 | — | 11 | 4,606 | ||||||||||||
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 | ||||||||
———————————— | ||||||||||||||||
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
Preliminary | ||||||||||||||||
Twelve Months Ended December 31, 2016 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net income | $ | 1,727 | $ | 1,218 | $ | 60 | $ | 3,005 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 1,651 | 1,366 | 60 | 3,077 | ||||||||||||
Nuclear fuel and other amortization | 218 | 63 | 19 | 300 | ||||||||||||
Unrealized losses (gains) on marked to market derivative contracts - net | — | 201 | (245 | ) | (44 | ) | ||||||||||
Foreign currency transaction losses (gains) | — | (3 | ) | 16 | 13 | |||||||||||
Deferred income taxes | 932 | 149 | 149 | 1,230 | ||||||||||||
Purchased power agreement termination | — | — | — | — | ||||||||||||
Benefits associated with differential membership interests - net | — | (309 | ) | — | (309 | ) | ||||||||||
Losses (gains) on disposal of assets - net | — | (492 | ) | 2 | (490 | ) | ||||||||||
Recoverable storm-related costs | (223 | ) | — | — | (223 | ) | ||||||||||
Other - net | 136 | (212 | ) | 76 | — | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Current assets | 26 | (178 | ) | 32 | (120 | ) | ||||||||||
Noncurrent assets | (31 | ) | (8 | ) | (28 | ) | (67 | ) | ||||||||
Current liabilities | 16 | 135 | (175 | ) | (24 | ) | ||||||||||
Noncurrent liabilities | (86 | ) | 37 | 37 | (12 | ) | ||||||||||
Net cash provided by operating activities | 4,366 | 1,967 | 3 | 6,336 | ||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures of FPL | (3,776 | ) | — | — | (3,776 | ) | ||||||||||
Independent power and other investments of NEER | — | (5,396 | ) | — | (5,396 | ) | ||||||||||
Cash grants under the American Recovery and Reinvestment Act of 2009 | — | 335 | — | 335 | ||||||||||||
Nuclear fuel purchases | (158 | ) | (125 | ) | — | (283 | ) | |||||||||
Other capital expenditures and other investments | — | — | (181 | ) | (181 | ) | ||||||||||
Sale of independent power and other investments of NEER | — | 658 | — | 658 | ||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 2,495 | 996 | 285 | 3,776 | ||||||||||||
Purchases of securities in special use funds and other investments | (2,506 | ) | (1,034 | ) | (289 | ) | (3,829 | ) | ||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | — | 645 | — | 645 | ||||||||||||
Other - net | (15 | ) | (50 | ) | 6 | (59 | ) | |||||||||
Net cash used in investing activities | (3,960 | ) | (3,971 | ) | (179 | ) | (8,110 | ) | ||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuances of long-term debt | 309 | 2,505 | 2,843 | 5,657 | ||||||||||||
Retirements of long-term debt | (262 | ) | (1,715 | ) | (1,333 | ) | (3,310 | ) | ||||||||
Proceeds from differential membership investors | — | 1,859 | — | 1,859 | ||||||||||||
Payments to differential membership investors | — | (122 | ) | — | (122 | ) | ||||||||||
Proceeds from other short-term debt | 500 | — | — | 500 | ||||||||||||
Repayments of other short-term debt | (450 | ) | (12 | ) | (200 | ) | (662 | ) | ||||||||
Net change in commercial paper | 212 | — | (318 | ) | (106 | ) | ||||||||||
Issuances of common stock - net | — | — | 537 | 537 | ||||||||||||
Dividends on common stock | — | — | (1,612 | ) | (1,612 | ) | ||||||||||
Dividends & capital distributions from (to) parent - net | (700 | ) | (261 | ) | 961 | — | ||||||||||
Other - net | (5 | ) | (137 | ) | (104 | ) | (246 | ) | ||||||||
Net cash provided by (used in) financing activities | (396 | ) | 2,117 | 774 | 2,495 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 10 | 113 | 598 | 721 | ||||||||||||
Cash and cash equivalents at beginning of year | 23 | 490 | 58 | 571 | ||||||||||||
Cash and cash equivalents at end of year | $ | 33 | $ | 603 | $ | 656 | $ | 1,292 | ||||||||
———————————— | ||||||||||||||||
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
Preliminary | ||||||||||||||||
Twelve Months Ended December 31, 2015 | FPL | NEER | Corporate and Other(1) | NextEra Energy | ||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net income | $ | 1,648 | $ | 1,102 | $ | 12 | $ | 2,762 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 1,576 | 1,183 | 72 | 2,831 | ||||||||||||
Nuclear fuel and other amortization | 209 | 145 | 18 | 372 | ||||||||||||
Unrealized losses (gains) on marked to market derivative contracts - net | — | (337 | ) | — | (337 | ) | ||||||||||
Foreign currency transaction losses (gains) | — | — | — | — | ||||||||||||
Deferred income taxes | 504 | 671 | (13 | ) | 1,162 | |||||||||||
Purchased power agreement termination | (521 | ) | — | — | (521 | ) | ||||||||||
Benefits associated with differential membership interests - net | — | (216 | ) | — | (216 | ) | ||||||||||
Losses (gains) on disposal of assets - net | — | (90 | ) | 1 | (89 | ) | ||||||||||
Recoverable storm-related costs | — | — | — | — | ||||||||||||
Other - net | 120 | 43 | 81 | 244 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Current assets | (89 | ) | 199 | (36 | ) | 74 | ||||||||||
Noncurrent assets | (53 | ) | (26 | ) | (27 | ) | (106 | ) | ||||||||
Current liabilities | 40 | (245 | ) | 268 | 63 | |||||||||||
Noncurrent liabilities | (41 | ) | (83 | ) | 1 | (123 | ) | |||||||||
Net cash provided by operating activities | 3,393 | 2,346 | 377 | 6,116 | ||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures of FPL | (3,428 | ) | — | — | (3,428 | ) | ||||||||||
Independent power and other investments of NEER | — | (4,505 | ) | — | (4,505 | ) | ||||||||||
Cash grants under the American Recovery and Reinvestment Act of 2009 | — | 8 | — | 8 | ||||||||||||
Nuclear fuel purchases | (205 | ) | (156 | ) | — | (361 | ) | |||||||||
Other capital expenditures and other investments | — | — | (83 | ) | (83 | ) | ||||||||||
Sale of independent power and other investments of NEER | — | 52 | — | 52 | ||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 3,731 | 918 | 202 | 4,851 | ||||||||||||
Purchases of securities in special use funds and other investments | (3,792 | ) | (951 | ) | (239 | ) | (4,982 | ) | ||||||||
Proceeds from the sale of a noncontrolling interest in subsidiaries | — | 345 | — | 345 | ||||||||||||
Other - net | 19 | 73 | 6 | 98 | ||||||||||||
Net cash used in investing activities | (3,675 | ) | (4,216 | ) | (114 | ) | (8,005 | ) | ||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuances of long-term debt | 1,084 | 2,714 | 1,974 | 5,772 | ||||||||||||
Retirements of long-term debt | (551 | ) | (1,562 | ) | (1,859 | ) | (3,972 | ) | ||||||||
Proceeds from differential membership investors | — | 761 | — | 761 | ||||||||||||
Payments to differential membership investors | — | (92 | ) | — | (92 | ) | ||||||||||
Proceeds from other short-term debt | 100 | 425 | 700 | 1,225 | ||||||||||||
Repayments of other short-term debt | — | (313 | ) | (500 | ) | (813 | ) | |||||||||
Net change in commercial paper | (1,086 | ) | — | 318 | (768 | ) | ||||||||||
Issuances of common stock - net | — | — | 1,298 | 1,298 | ||||||||||||
Dividends on common stock | — | — | (1,385 | ) | (1,385 | ) | ||||||||||
Dividends & capital distributions from (to) parent - net | 754 | (46 | ) | (708 | ) | — | ||||||||||
Other - net | (10 | ) | (63 | ) | (70 | ) | (143 | ) | ||||||||
Net cash provided by (used in) financing activities | 291 | 1,824 | (232 | ) | 1,883 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 9 | (46 | ) | 31 | (6 | ) | ||||||||||
Cash and cash equivalents at beginning of year | 14 | 536 | 27 | 577 | ||||||||||||
Cash and cash equivalents at end of year | $ | 23 | $ | 490 | $ | 58 | $ | 571 | ||||||||
———————————— | ||||||||||||||||
(1) Corporate & Other represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||
Preliminary | ||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year-To-Date | ||||||||||||||||
2015 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.45 | $ | 1.59 | $ | 1.93 | $ | 1.10 | $ | 6.06 | ||||||||||
FPL - 2015 Earnings Per Share | $ | 0.80 | $ | 0.97 | $ | 1.07 | $ | 0.79 | $ | 3.63 | ||||||||||
New investment growth | 0.04 | 0.08 | 0.07 | 0.09 | 0.28 | |||||||||||||||
Cost recovery clause results | 0.02 | 0.01 | 0.01 | (0.01 | ) | 0.02 | ||||||||||||||
Allowance for funds used during construction | 0.03 | (0.01 | ) | (0.01 | ) | (0.01 | ) | 0.01 | ||||||||||||
Woodford revenue refund | — | (0.03 | ) | — | — | (0.03 | ) | |||||||||||||
Wholesale operations | 0.01 | — | — | — | 0.01 | |||||||||||||||
Other and share dilution | (0.05 | ) | (0.06 | ) | (0.03 | ) | (0.07 | ) | (0.21 | ) | ||||||||||
FPL - 2016 Earnings Per Share | $ | 0.85 | $ | 0.96 | $ | 1.11 | $ | 0.79 | $ | 3.71 | ||||||||||
NEER - 2015 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.62 | $ | 0.61 | $ | 0.83 | $ | 0.34 | $ | 2.41 | ||||||||||
New investments | 0.14 | 0.19 | 0.16 | 0.14 | 0.63 | |||||||||||||||
Existing assets | 0.04 | (0.02 | ) | (0.02 | ) | (0.09 | ) | (0.12 | ) | |||||||||||
Gas infrastructure | — | (0.02 | ) | (0.09 | ) | (0.06 | ) | (0.16 | ) | |||||||||||
Customer supply and proprietary power & gas trading | (0.04 | ) | (0.01 | ) | — | 0.01 | (0.03 | ) | ||||||||||||
Revaluation of contingent consideration | — | — | 0.11 | 0.06 | 0.17 | |||||||||||||||
Non-qualifying hedges impact | (0.22 | ) | (0.57 | ) | (0.29 | ) | 0.19 | (0.89 | ) | |||||||||||
Resolution of contingencies related to a previous asset sale | 0.01 | — | — | — | 0.01 | |||||||||||||||
Gains on sales of natural gas generation facilities (see related additional tax effects in Corporate and Other below) | — | 0.35 | — | 0.24 | 0.59 | |||||||||||||||
Spain operating results | — | — | (0.02 | ) | (0.02 | ) | (0.03 | ) | ||||||||||||
Change in other than temporary impairment losses - net | (0.01 | ) | 0.01 | 0.03 | 0.01 | 0.03 | ||||||||||||||
Interest and corporate general and administrative expenses | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.09 | ) | (0.22 | ) | ||||||||||
Other, including income taxes and share dilution | (0.01 | ) | — | (0.01 | ) | 0.04 | 0.02 | |||||||||||||
NEER - 2016 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.48 | $ | 0.50 | $ | 0.66 | $ | 0.77 | $ | 2.41 | ||||||||||
Corporate and Other - 2015 Earnings (Loss) Per Share | $ | 0.03 | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.02 | |||||||||
Non-qualifying hedges impact | — | (0.21 | ) | — | 0.50 | 0.28 | ||||||||||||||
Gains on sales of natural gas generation facilities | — | (0.13 | ) | — | — | (0.12 | ) | |||||||||||||
Merger-related expenses | — | 0.01 | (0.17 | ) | — | (0.16 | ) | |||||||||||||
Other, including interest expense, interest income and consolidating income tax benefits or expenses and share dilution | 0.05 | (1) | 0.02 | (0.01 | ) | 0.03 | 0.11 | |||||||||||||
Corporate and Other - 2016 Earnings (Loss) Per Share | $ | 0.08 | $ | (0.30 | ) | $ | (0.15 | ) | $ | 0.50 | $ | 0.13 | ||||||||
2016 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.41 | $ | 1.16 | $ | 1.62 | $ | 2.06 | $ | 6.25 | ||||||||||
(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 represents other business activities, consolidating income tax adjustments and eliminating entries, and may include the net effect of rounding. 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. | ||||||||||||||||||||
The sum of the quarterly amounts may not equal the total for the year due to rounding. | ||||||||||||||||||||
Reconciliation of GAAP CAGR to Adjusted CAGR: | ||||||||||||||||||||
2005 | 2016 | CAGR | ||||||||||||||||||
Earnings Per Share (assuming dilution) Attributable to NextEra Energy, Inc. | $2.34 | $6.25 | 9.34% | |||||||||||||||||
Net unrealized mark-to-market losses associated with non-qualifying hedges | 0.47 | see p.10 for | ||||||||||||||||||
Less related income tax benefit | (0.18) | adjustments | ||||||||||||||||||
Adjusted Earnings Per Share | $2.63 | $6.19 | 8.09% | |||||||||||||||||
Preliminary | |||||||||
December 31, 2016 | Per Books | Adjusted(1) | |||||||
Long-term debt, including current maturities, and short-term debt | |||||||||
Junior Subordinated Debentures | $ | 3,460 | $ | 1,730 | |||||
Debentures, related to NextEra Energy's equity units | 2,200 | ||||||||
Project debt: | |||||||||
Natural gas-fired assets | 36 | ||||||||
Wind assets | 4,228 | 1,607 | |||||||
Solar | 2,975 | 1,202 | |||||||
Other | 1,520 | 743 | |||||||
Storm Securitization Debt | 210 | ||||||||
Other(2) | 519 | ||||||||
Other long-term debt, including current maturities, and short-term debt(3) | 16,556 | 16,556 | |||||||
Unamortized debt issuance costs | (345 | ) | |||||||
Total debt per Balance Sheet | 30,840 | 22,357 | |||||||
Junior Subordinated Debentures | 1,730 | ||||||||
Debentures, related to NextEra Energy's equity units | 2,200 | ||||||||
Total equity | 25,331 | 25,331 | |||||||
Total capitalization, including debt due within one year | $ | 56,171 | $ | 51,618 | |||||
Debt ratio | 55 | % | 43 | % | |||||
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'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 offset by surplus cash. | ||||
(3) | Includes premium and discount on all debt issuances. | ||||
Preliminary | |||||||||||||||||||
Quarter | Year-to-Date | ||||||||||||||||||
Periods ending December 31 | 2016 | 2015 | % change | 2016 | 2015 | % change | |||||||||||||
Energy sales (million kWh) | |||||||||||||||||||
Residential | 13,218 | 14,232 | (7.1 | )% | 58,687 | 58,846 | (0.3 | )% | |||||||||||
Commercial | 11,417 | 11,952 | (4.5 | )% | 47,355 | 47,369 | — | % | |||||||||||
Industrial | 762 | 763 | (0.1 | )% | 3,059 | 3,042 | 0.6 | % | |||||||||||
Public authorities | 139 | 145 | (4.1 | )% | 562 | 563 | (0.2 | )% | |||||||||||
Increase (decrease) in unbilled sales | (169 | ) | (237 | ) | 28.7 | % | (214 | ) | 507 | (142.2 | )% | ||||||||
Total retail | 25,367 | 26,855 | (5.5 | )% | 109,449 | 110,327 | (0.8 | )% | |||||||||||
Electric utilities | 1,349 | 1,613 | (16.4 | )% | 6,549 | 6,730 | (2.7 | )% | |||||||||||
Interchange power sales | 677 | 518 | 30.7 | % | 2,994 | 2,975 | 0.6 | % | |||||||||||
Total | 27,393 | 28,986 | (5.5 | )% | 118,992 | 120,032 | (0.9 | )% | |||||||||||
Average price (cents/kWh)(1) | |||||||||||||||||||
Residential | 10.15 | 10.66 | (4.8 | )% | 10.22 | 10.77 | (5.1 | )% | |||||||||||
Commercial | 8.20 | 8.65 | (5.2 | )% | 8.19 | 8.75 | (6.4 | )% | |||||||||||
Industrial | 6.05 | 6.61 | (8.5 | )% | 6.11 | 6.69 | (8.7 | )% | |||||||||||
Total | 9.02 | 9.48 | (4.9 | )% | 9.06 | 9.61 | (5.7 | )% | |||||||||||
Average customer accounts (000s) | |||||||||||||||||||
Residential | 4,303 | 4,247 | 1.3 | % | 4,284 | 4,227 | 1.3 | % | |||||||||||
Commercial | 543 | 535 | 1.5 | % | 540 | 533 | 1.3 | % | |||||||||||
Industrial | 12 | 12 | — | % | 12 | 11 | 9.1 | % | |||||||||||
Other | 4 | 4 | — | % | 4 | 4 | — | % | |||||||||||
Total | 4,862 | 4,798 | 1.3 | % | 4,840 | 4,775 | 1.4 | % | |||||||||||
December | ||||||||||
2016 | 2015 | % change | ||||||||
End of period customer accounts (000s) | ||||||||||
Residential | 4,309 | 4,255 | 1.3 | % | ||||||
Commercial | 544 | 536 | 1.5 | % | ||||||
Industrial | 12 | 12 | — | % | ||||||
Other | 4 | 3 | 33.3 | % | ||||||
Total | 4,869 | 4,806 | 1.3 | % | ||||||
2016 | Normal | 2015 | ||||||||
Three Months Ended December 31, | ||||||||||
Cooling degree-days(2) | 383 | 324 | 473 | |||||||
Heating degree-days(2) | 32 | 106 | 4 | |||||||
Twelve Months Ended December 31, | ||||||||||
Cooling degree-days(2) | 2,158 | 1,982 | 2,312 | |||||||
Heating degree-days(2) | 272 | 368 | 190 | |||||||
(1) | Excludes interchange power sales, net change in unbilled revenues, deferrals under cost recovery clauses. | |||||
(2) | Cooling degree days above use a 72 degree base temperature and heating degree days use a 66 degree base temperature. | |||||