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NextEra Energy, Inc. Media Line: 561-694-4442 April 21, 2017 FOR IMMEDIATE RELEASE | |
• | NextEra Energy delivers solid first-quarter financial and operational results |
• | Florida Power & Light Company continues to invest in the business and deliver excellent customer value |
• | NextEra Energy Resources benefits from contributions from new investments and adds roughly 621 megawatts to its contracted renewables backlog |
As previously announced, NextEra Energy's first-quarter 2017 conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be first-quarter 2017 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 March 31, 2017 | Florida Power & Light | NEER | Corporate & Other(1) | NextEra Energy, Inc. | ||||||||||||
Operating Revenues | $ | 2,527 | $ | 1,424 | $ | 21 | $ | 3,972 | ||||||||
Operating Expenses (Income) | ||||||||||||||||
Fuel, purchased power and interchange | 768 | 145 | (14 | ) | 899 | |||||||||||
Other operations and maintenance | 371 | 412 | 12 | 795 | ||||||||||||
Merger | — | — | 11 | 11 | ||||||||||||
Depreciation and amortization | 273 | 340 | 6 | 619 | ||||||||||||
Gain on sale of the fiber-optic telecommunications business | — | — | (1,096 | ) | (1,096 | ) | ||||||||||
Taxes other than income taxes and other - net | 304 | 34 | 1 | 339 | ||||||||||||
Total operating expenses (income) - net | 1,716 | 931 | (1,080 | ) | 1,567 | |||||||||||
Operating Income | 811 | 493 | 1,101 | 2,405 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (119 | ) | (190 | ) | (51 | ) | (360 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 125 | — | 125 | ||||||||||||
Equity in earnings of equity method investees | — | 26 | 5 | 31 | ||||||||||||
Allowance for equity funds used during construction | 16 | 6 | — | 22 | ||||||||||||
Interest income | — | 18 | 1 | 19 | ||||||||||||
Gains on disposal of investments and other property - net | — | 30 | 15 | 45 | ||||||||||||
Other - net | — | 6 | (27 | ) | (21 | ) | ||||||||||
Total other income (deductions) - net | (103 | ) | 21 | (57 | ) | (139 | ) | |||||||||
Income before Income Taxes | 708 | 514 | 1,044 | 2,266 | ||||||||||||
Income Tax Expense (Benefit) | 263 | 30 | 382 | 675 | ||||||||||||
Net Income | 445 | 484 | 662 | 1,591 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 8 | — | 8 | ||||||||||||
Net Income Attributable to NextEra Energy, Inc. | $ | 445 | $ | 476 | $ | 662 | $ | 1,583 | ||||||||
Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings: | ||||||||||||||||
Net Income Attributable to NextEra Energy, Inc. | $ | 445 | $ | 476 | $ | 662 | $ | 1,583 | ||||||||
Adjustments(2): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(3) | — | (201 | ) | 28 | (173 | ) | ||||||||||
Gain on sale of the fiber-optic telecommunications business(4) | — | — | (1,096 | ) | (1,096 | ) | ||||||||||
Operating loss of Spain solar projects(5) | — | 8 | — | 8 | ||||||||||||
Merger-related expenses(6) | — | — | 34 | 34 | ||||||||||||
Less related income tax expense (benefit) | — | 74 | 390 | 464 | ||||||||||||
Adjusted Earnings | $ | 445 | $ | 357 | $ | 18 | $ | 820 | ||||||||
Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.95 | $ | 1.01 | $ | 1.41 | $ | 3.37 | ||||||||
Adjustments(2): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(3) | — | (0.43 | ) | 0.06 | (0.37 | ) | ||||||||||
Gain on sale of the fiber-optic telecommunications business(4) | — | — | (2.33 | ) | (2.33 | ) | ||||||||||
Operating loss of Spain solar projects(5) | — | 0.02 | — | 0.02 | ||||||||||||
Merger-related expenses(6) | — | — | 0.07 | 0.07 | ||||||||||||
Less related income tax expense (benefit) | — | 0.16 | 0.83 | 0.99 | ||||||||||||
Adjusted Earnings Per Share | $ | 0.95 | $ | 0.76 | $ | 0.04 | $ | 1.75 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 470 | |||||||||||||||
————————————— | ||||||||||||||||
(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 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) Adjustments are presented on a pretax basis. | ||||||||||||||||
(3) After tax impact on adjusted earnings by segment is $0, ($127), $18, ($109), respectively, or $0, ($0.27), $0.04, ($0.23) per share. | ||||||||||||||||
(4) After tax impact on adjusted earnings is ($685) or ($1.46) per share. | ||||||||||||||||
(5) After tax impact on adjusted earnings is $8 or $0.02 per share. | ||||||||||||||||
(6) After tax impact on adjusted earnings is $23 or $0.05 per share. | ||||||||||||||||
Preliminary | ||||||||||||||||
Three Months Ended March 31, 2016 | Florida Power & Light | NEER | Corporate & Other(1)(2) | NextEra Energy, Inc. | ||||||||||||
Operating Revenues | $ | 2,303 | $ | 1,441 | $ | 91 | $ | 3,835 | ||||||||
Operating Expenses (Income) | ||||||||||||||||
Fuel, purchased power and interchange | 700 | 214 | 14 | 928 | ||||||||||||
Other operations and maintenance | 390 | 387 | 22 | 799 | ||||||||||||
Merger | — | — | 4 | 4 | ||||||||||||
Depreciation and amortization | 219 | 300 | 18 | 537 | ||||||||||||
Taxes other than income taxes and other - net | 280 | 45 | 8 | 333 | ||||||||||||
Total operating expenses (income) - net | 1,589 | 946 | 66 | 2,601 | ||||||||||||
Operating Income | 714 | 495 | 25 | 1,234 | ||||||||||||
Other Income (Deductions) | ||||||||||||||||
Interest expense | (112 | ) | (369 | ) | (28 | ) | (509 | ) | ||||||||
Benefits associated with differential membership interests - net | — | 84 | — | 84 | ||||||||||||
Equity in earnings of equity method investees | — | 22 | 10 | 32 | ||||||||||||
Allowance for equity funds used during construction | 24 | 1 | — | 25 | ||||||||||||
Interest income | 1 | 5 | 12 | 18 | ||||||||||||
Gains on disposal of investments and other property - net | — | 15 | — | 15 | ||||||||||||
Other - net | — | (4 | ) | 1 | (3 | ) | ||||||||||
Total other income (deductions) - net | (87 | ) | (246 | ) | (5 | ) | (338 | ) | ||||||||
Income before Income Taxes | 627 | 249 | 20 | 896 | ||||||||||||
Income Tax Expense (Benefit) | 234 | 24 | (16 | ) | 242 | |||||||||||
Net Income | 393 | 225 | 36 | 654 | ||||||||||||
Less Net Income Attributable to Noncontrolling Interests | — | 1 | — | 1 | ||||||||||||
Net Income Attributable to NextEra Energy, Inc. | $ | 393 | $ | 224 | $ | 36 | $ | 653 | ||||||||
Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings: | ||||||||||||||||
Net Income Attributable to NextEra Energy, Inc. | $ | 393 | $ | 224 | $ | 36 | $ | 653 | ||||||||
Adjustments(3): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(4) | — | 111 | (3 | ) | 108 | |||||||||||
Loss from other than temporary impairments - net(5) | — | 8 | — | 8 | ||||||||||||
Resolution of contingencies related to a previous asset sale(6) | — | (9 | ) | — | (9 | ) | ||||||||||
Operating loss of Spain solar projects(7) | — | 3 | — | 3 | ||||||||||||
Merger-related expenses(8) | — | — | 4 | 4 | ||||||||||||
Less related income tax expense (benefit) | — | (31 | ) | (4 | ) | (35 | ) | |||||||||
Adjusted Earnings | $ | 393 | $ | 306 | $ | 33 | $ | 732 | ||||||||
Earnings Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.85 | $ | 0.48 | $ | 0.08 | $ | 1.41 | ||||||||
Adjustments(3): | ||||||||||||||||
Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges(4) | — | 0.24 | (0.01 | ) | 0.23 | |||||||||||
Loss from other than temporary impairments - net(5) | — | 0.02 | — | 0.02 | ||||||||||||
Resolution of contingencies related to a previous asset sale(6) | — | (0.02 | ) | — | (0.02 | ) | ||||||||||
Operating loss of Spain solar projects(7) | — | 0.01 | — | 0.01 | ||||||||||||
Merger-related expenses(8) | — | — | 0.01 | 0.01 | ||||||||||||
Less related income tax expense (benefit) | — | (0.07 | ) | — | (0.07 | ) | ||||||||||
Adjusted Earnings Per Share | $ | 0.85 | $ | 0.66 | $ | 0.08 | $ | 1.59 | ||||||||
Weighted-average shares outstanding (assuming dilution) | 463 | |||||||||||||||
————————————— | ||||||||||||||||
(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 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) 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. | ||||||||||||||||
(3) Adjustments are presented on a pretax basis. | ||||||||||||||||
(4) After tax impact on adjusted earnings by segment is $0, $80, ($6), $74, respectively, or $0, $0.17, ($0.01), $0.16 per share. | ||||||||||||||||
(5) After tax impact on adjusted earnings is $4 or $0.01 per share. | ||||||||||||||||
(6) After tax impact on adjusted earnings is ($5) or ($0.01) per share. | ||||||||||||||||
(7) After tax impact on adjusted earnings is $3 or $0.01 per share. | ||||||||||||||||
(8) After tax impact on adjusted earnings is $3 or $0.01 per share. | ||||||||||||||||
Preliminary | ||||||||||||||||
March 31, 2017 | Florida Power & Light | NEER | Corporate & Other(1) | NextEra Energy, Inc. | ||||||||||||
Property, Plant and Equipment | ||||||||||||||||
Electric plant in service and other property | $ | 45,612 | $ | 34,980 | $ | 962 | $ | 81,554 | ||||||||
Nuclear fuel | 1,386 | 840 | — | 2,226 | ||||||||||||
Construction work in progress | 2,740 | 2,611 | 37 | 5,388 | ||||||||||||
Accumulated depreciation and amortization | (12,645 | ) | (8,016 | ) | (107 | ) | (20,768 | ) | ||||||||
Total property, plant and equipment - net | 37,093 | 30,415 | 892 | 68,400 | ||||||||||||
Current Assets | ||||||||||||||||
Cash and cash equivalents | 27 | 509 | 64 | 600 | ||||||||||||
Customer receivables, net of allowances | 687 | 929 | 19 | 1,635 | ||||||||||||
Other receivables | 147 | 643 | (265 | ) | 525 | |||||||||||
Materials, supplies and fossil fuel inventory | 876 | 427 | — | 1,303 | ||||||||||||
Regulatory assets | 527 | — | 1 | 528 | ||||||||||||
Derivatives | 82 | 442 | 154 | 678 | ||||||||||||
Other | 193 | 369 | (4 | ) | 558 | |||||||||||
Total current assets | 2,539 | 3,319 | (31 | ) | 5,827 | |||||||||||
Other Assets | ||||||||||||||||
Special use funds | 3,780 | 1,845 | — | 5,625 | ||||||||||||
Other investments | 4 | 2,431 | 324 | 2,759 | ||||||||||||
Prepaid benefit costs | 1,319 | — | (113 | ) | 1,206 | |||||||||||
Regulatory assets | 1,973 | 13 | 308 | 2,294 | ||||||||||||
Derivatives | — | 1,407 | 55 | 1,462 | ||||||||||||
Other | 342 | 3,272 | 18 | 3,632 | ||||||||||||
Total other assets | 7,418 | 8,968 | 592 | 16,978 | ||||||||||||
Total Assets | $ | 47,050 | $ | 42,702 | $ | 1,453 | $ | 91,205 | ||||||||
Capitalization | ||||||||||||||||
Common stock | $ | 1,373 | $ | — | $ | (1,368 | ) | $ | 5 | |||||||
Additional paid-in capital | 8,291 | 10,375 | (9,715 | ) | 8,951 | |||||||||||
Retained earnings | 6,990 | 9,757 | (166 | ) | 16,581 | |||||||||||
Accumulated other comprehensive income (loss) | — | 59 | (99 | ) | (40 | ) | ||||||||||
Total common shareholders' equity | 16,654 | 20,191 | (11,348 | ) | 25,497 | |||||||||||
Noncontrolling interests | — | 972 | — | 972 | ||||||||||||
Total equity | 16,654 | 21,163 | (11,348 | ) | 26,469 | |||||||||||
Long-term debt | 10,172 | 8,887 | 9,480 | 28,539 | ||||||||||||
Total capitalization | 26,826 | 30,050 | (1,868 | ) | 55,008 | |||||||||||
Current Liabilities | ||||||||||||||||
Commercial paper | 1,224 | — | 1,085 | 2,309 | ||||||||||||
Other short-term debt | 250 | — | — | 250 | ||||||||||||
Current maturities of long-term debt | 384 | 636 | 1,746 | 2,766 | ||||||||||||
Accounts payable | 644 | 634 | (41 | ) | 1,237 | |||||||||||
Customer deposits | 460 | 4 | — | 464 | ||||||||||||
Accrued interest and taxes | 368 | 238 | 100 | 706 | ||||||||||||
Derivatives | 4 | 274 | 52 | 330 | ||||||||||||
Accrued construction-related expenditures | 244 | 386 | 1 | 631 | ||||||||||||
Regulatory liabilities | 160 | — | 4 | 164 | ||||||||||||
Other | 428 | 373 | 103 | 904 | ||||||||||||
Total current liabilities | 4,166 | 2,545 | 3,050 | 9,761 | ||||||||||||
Other Liabilities and Deferred Credits | ||||||||||||||||
Asset retirement obligations | 1,953 | 859 | — | 2,812 | ||||||||||||
Deferred income taxes | 8,836 | 2,993 | (102 | ) | 11,727 | |||||||||||
Regulatory liabilities | 4,732 | — | 14 | 4,746 | ||||||||||||
Derivatives | 1 | 436 | 36 | 473 | ||||||||||||
Deferral related to differential membership interests | — | 4,537 | — | 4,537 | ||||||||||||
Other | 536 | 1,282 | 323 | 2,141 | ||||||||||||
Total other liabilities and deferred credits | 16,058 | 10,107 | 271 | 26,436 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Total Capitalization and Liabilities | $ | 47,050 | $ | 42,702 | $ | 1,453 | $ | 91,205 | ||||||||
————————————— | ||||||||||||||||
(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 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 | ||||||||||||||||
December 31, 2016 | Florida Power & Light | NEER | Corporate & Other(1) | NextEra Energy, Inc. | ||||||||||||
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 | 1,919 | 817 | — | 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 | 482 | 1,225 | 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 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 | ||||||||||||||||
Three Months Ended March 31, 2017 | Florida Power & Light | NEER | Corporate & Other(1) | NextEra Energy, Inc. | ||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||
Net income | $ | 445 | $ | 484 | $ | 662 | $ | 1,591 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 273 | 340 | 6 | 619 | ||||||||||||
Nuclear fuel and other amortization | 49 | 19 | 4 | 72 | ||||||||||||
Unrealized losses (gains) on marked to market derivative contracts - net | — | (170 | ) | 1 | (169 | ) | ||||||||||
Foreign currency transaction losses | — | — | 28 | 28 | ||||||||||||
Deferred income taxes | 275 | 277 | 13 | 565 | ||||||||||||
Cost recovery clauses and franchise fees | 16 | — | — | 16 | ||||||||||||
Acquisition of purchased power agreement | (259 | ) | — | — | (259 | ) | ||||||||||
Gains on disposal of a business/assets - net | (1 | ) | (31 | ) | (1,113 | ) | (1,145 | ) | ||||||||
Recoverable storm-related costs | (90 | ) | — | — | (90 | ) | ||||||||||
Other - net | 138 | (122 | ) | 53 | 69 | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Current assets | 95 | (144 | ) | 191 | 142 | |||||||||||
Noncurrent assets | (145 | ) | (15 | ) | (10 | ) | (170 | ) | ||||||||
Current liabilities | 81 | (186 | ) | 366 | 261 | |||||||||||
Noncurrent liabilities | (42 | ) | 57 | (181 | ) | (166 | ) | |||||||||
Net cash provided by (used in) operating activities | 835 | 509 | 20 | 1,364 | ||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||
Capital expenditures of FPL | (1,687 | ) | — | — | (1,687 | ) | ||||||||||
Independent power and other investments of NEER | — | (3,337 | ) | — | (3,337 | ) | ||||||||||
Nuclear fuel purchases | (79 | ) | (50 | ) | — | (129 | ) | |||||||||
Other capital expenditures and other investments | — | — | (26 | ) | (26 | ) | ||||||||||
Proceeds from sale of the fiber-optic telecommunications business | — | — | 1,484 | 1,484 | ||||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 493 | 191 | 51 | 735 | ||||||||||||
Purchases of securities in special use funds and other investments | (519 | ) | (200 | ) | (85 | ) | (804 | ) | ||||||||
Other - net | 22 | 7 | 1 | 30 | ||||||||||||
Net cash provided by (used in) investing activities | (1,770 | ) | (3,389 | ) | 1,425 | (3,734 | ) | |||||||||
Cash Flows From Financing Activities | ||||||||||||||||
Issuances of long-term debt | 200 | 489 | — | 689 | ||||||||||||
Retirements of long-term debt | (35 | ) | (132 | ) | (381 | ) | (548 | ) | ||||||||
Proceeds from other short-term debt | 200 | — | — | 200 | ||||||||||||
Net change in commercial paper | 956 | — | 1,085 | 2,041 | ||||||||||||
Issuances of common stock - net | — | — | 7 | 7 | ||||||||||||
Dividends on common stock | — | — | (460 | ) | (460 | ) | ||||||||||
Dividends & capital distributions from (to) parent - net | (400 | ) | 2,651 | (2,251 | ) | — | ||||||||||
Other - net | 8 | (222 | ) | (37 | ) | (251 | ) | |||||||||
Net cash provided by (used in) financing activities | 929 | 2,786 | (2,037 | ) | 1,678 | |||||||||||
Net increase (decrease) in cash and cash equivalents | (6 | ) | (94 | ) | (592 | ) | (692 | ) | ||||||||
Cash and cash equivalents at beginning of period | 33 | 603 | 656 | 1,292 | ||||||||||||
Cash and cash equivalents at end of period | $ | 27 | $ | 509 | $ | 64 | $ | 600 | ||||||||
————————————— | ||||||||||||||||
(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 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 | |||||||||||||||||
Three Months Ended March 31, 2016 | Florida Power & Light | NEER | Corporate & Other(1)(2) | NextEra Energy, Inc. | |||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||
Net income | $ | 393 | $ | 225 | $ | 36 | $ | 654 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||
Depreciation and amortization | 219 | 300 | 18 | 537 | |||||||||||||
Nuclear fuel and other amortization | 58 | 55 | 1 | 114 | |||||||||||||
Unrealized losses (gains) on marked to market derivative contracts - net | — | (5 | ) | (43 | ) | (48 | ) | ||||||||||
Foreign currency transaction losses | — | — | 40 | 40 | |||||||||||||
Deferred income taxes | 304 | 53 | (157 | ) | 200 | ||||||||||||
Cost recovery clauses and franchise fees | 124 | — | — | 124 | |||||||||||||
Gains on disposal of a business/assets - net | (1 | ) | (14 | ) | — | (15 | ) | ||||||||||
Recoverable storm-related costs | (3 | ) | — | — | (3 | ) | |||||||||||
Other - net | (14 | ) | (84 | ) | 12 | (86 | ) | ||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Current assets | 132 | 21 | 16 | 169 | |||||||||||||
Noncurrent assets | (14 | ) | (60 | ) | (11 | ) | (85 | ) | |||||||||
Current liabilities | (77 | ) | 73 | (53 | ) | (57 | ) | ||||||||||
Noncurrent liabilities | (8 | ) | 18 | (9 | ) | 1 | |||||||||||
Net cash provided by (used in) operating activities | 1,113 | 582 | (150 | ) | 1,545 | ||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||
Capital expenditures of FPL | (1,133 | ) | — | — | (1,133 | ) | |||||||||||
Independent power and other investments of NEER | — | (2,614 | ) | — | (2,614 | ) | |||||||||||
Nuclear fuel purchases | (62 | ) | (27 | ) | — | (89 | ) | ||||||||||
Other capital expenditures and other investments | — | — | (43 | ) | (43 | ) | |||||||||||
Proceeds from sale or maturity of securities in special use funds and other investments | 530 | 171 | 122 | 823 | |||||||||||||
Purchases of securities in special use funds and other investments | (544 | ) | (180 | ) | (114 | ) | (838 | ) | |||||||||
Proceeds from sale of a noncontrolling interest in subsidiaries | — | 292 | — | 292 | |||||||||||||
Other - net | 20 | (99 | ) | — | (79 | ) | |||||||||||
Net cash provided by (used in) investing activities | (1,189 | ) | (2,457 | ) | (35 | ) | (3,681 | ) | |||||||||
Cash Flows From Financing Activities | |||||||||||||||||
Issuances of long-term debt | — | 641 | 609 | 1,250 | |||||||||||||
Retirements of long-term debt | (33 | ) | (328 | ) | (6 | ) | (367 | ) | |||||||||
Proceeds from other short-term debt | 500 | — | — | 500 | |||||||||||||
Net change in commercial paper | 494 | — | 692 | 1,186 | |||||||||||||
Issuances of common stock - net | — | — | 17 | 17 | |||||||||||||
Dividends on common stock | — | — | (401 | ) | (401 | ) | |||||||||||
Dividends & capital distributions from (to) parent - net | (900 | ) | 1,570 | (670 | ) | — | |||||||||||
Other - net | 23 | 7 | (22 | ) | 8 | ||||||||||||
Net cash provided by (used in) financing activities | 84 | 1,890 | 219 | 2,193 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 8 | 15 | 34 | 57 | |||||||||||||
Cash and cash equivalents at beginning of period | 23 | 490 | 58 | 571 | |||||||||||||
Cash and cash equivalents at end of period | $ | 31 | $ | 505 | $ | 92 | $ | 628 | |||||||||
————————————— | |||||||||||||||||
(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 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) Reflects the first-quarter 2016 favorable impact of approximately $17 million of the adoption in the second quarter of 2016 of an accounting standards update related to stock-based compensation. | |||||||||||||||||
Preliminary | |||||
First Quarter | |||||
2016 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.41 | (1) | ||
Florida Power & Light - 2016 Earnings Per Share | $ | 0.85 | |||
New investment growth | 0.11 | ||||
Allowance for funds used during construction | (0.02 | ) | |||
Other and share dilution | 0.01 | ||||
Florida Power & Light - 2017 Earnings Per Share | $ | 0.95 | |||
NEER - 2016 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.48 | |||
New investments | 0.35 | ||||
Existing assets | (0.01 | ) | |||
Gas infrastructure | (0.11 | ) | |||
Customer supply and proprietary power & gas trading | (0.04 | ) | |||
Non-qualifying hedges impact | 0.44 | ||||
Resolution of contingencies related to a previous asset sale | (0.01 | ) | |||
Spain operating results | (0.01 | ) | |||
Change in other than temporary impairment losses - net | 0.01 | ||||
Interest and corporate general and administrative expenses | (0.09 | ) | |||
NEER - 2017 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 1.01 | |||
Corporate and Other - 2016 Earnings Per Share | $ | 0.08 | (1) | ||
Non-qualifying hedges impact | (0.05 | ) | |||
Gain on sale of the fiber-optic telecommunications business | 1.46 | ||||
Merger-related expenses | (0.04 | ) | |||
Other, including interest expense, interest income and consolidating income tax benefits or expenses and share dilution | (0.04 | ) | |||
Corporate and Other - 2017 Earnings (Loss) Per Share | $ | 1.41 | |||
2017 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 3.37 | |||
(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 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 | |||||||||
March 31, 2017 | 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 | 30 | ||||||||
Wind assets | 4,143 | 1,517 | |||||||
Solar | 3,237 | 1,095 | |||||||
Other | 1,516 | 690 | |||||||
Storm Securitization Debt | 176 | ||||||||
Other(2) | 1,127 | ||||||||
Other long-term debt, including current maturities, and short-term debt(3) | 19,445 | 19,445 | |||||||
Unamortized debt issuance costs | (343 | ) | |||||||
Total debt per Balance Sheet | 33,864 | 25,604 | |||||||
Junior Subordinated Debentures | 2,072 | ||||||||
Debentures, related to NextEra Energy's equity units | 2,200 | ||||||||
Total Equity | 26,469 | 26,469 | |||||||
Total capitalization, including debt due within one year | $ | 60,333 | $ | 56,345 | |||||
Debt ratio | 56 | % | 45 | % | |||||
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 | 1,542 | |||||||
Solar | 2,975 | 1,040 | |||||||
Other | 1,520 | 690 | |||||||
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 | 22,077 | |||||||
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 | $ | 51,338 | |||||
Debt ratio | 55 | % | 43 | % | |||||
(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 offset by surplus cash. | ||||
(3) | Includes premium and discount on all debt issuances. | ||||
Preliminary | |||||||||
Quarter | |||||||||
Periods Ended March 31, | 2017 | 2016 | % change | ||||||
Energy sales (million kWh) | |||||||||
Residential | 11,521 | 11,977 | (3.8 | )% | |||||
Commercial | 10,601 | 10,532 | 0.7 | % | |||||
Industrial | 726 | 729 | (0.4 | )% | |||||
Public authorities | 81 | 139 | (41.7 | )% | |||||
Increase (decrease) in unbilled sales | (275 | ) | (459 | ) | (40.1 | )% | |||
Total retail | 22,654 | 22,918 | (1.2 | )% | |||||
Electric utilities | 1,275 | 1,482 | (14.0 | )% | |||||
Interchange power sales | 1,349 | 1,247 | 8.2 | % | |||||
Total | 25,278 | 25,647 | (1.4 | )% | |||||
Average price (cents/kWh)(1) | |||||||||
Residential | 11.01 | 10.31 | 6.8 | % | |||||
Commercial | 8.90 | 8.54 | 4.2 | % | |||||
Industrial | 6.68 | 6.35 | 5.2 | % | |||||
Total | 9.72 | 9.22 | 5.4 | % | |||||
Average customer accounts (000s) | |||||||||
Residential | 4,321 | 4,265 | 1.3 | % | |||||
Commercial | 545 | 537 | 1.5 | % | |||||
Industrial | 12 | 12 | — | % | |||||
Other | 5 | 4 | 25.0 | % | |||||
Total | 4,883 | 4,818 | 1.3 | % | |||||
March 31, | |||||||||
2017 | 2016 | % change | |||||||
End of period customer accounts (000s) | |||||||||
Residential | 4,327 | 4,271 | 1.3 | % | |||||
Commercial | 546 | 538 | 1.5 | % | |||||
Industrial | 12 | 12 | — | % | |||||
Other | 5 | 4 | 25.0 | % | |||||
Total | 4,890 | 4,825 | 1.3 | % | |||||
2017 | Normal | 2016 | |||||||
Three Months Ended March 31, | |||||||||
Cooling degree-days(2) | 182 | 128 | 133 | ||||||
Heating degree-days(2) | 119 | 250 | 236 | ||||||
(1) | Excludes interchange power sales, net change in unbilled revenues and deferrals under cost recovery clauses. | ||||||
(2) | Cooling degree equivalent days use a 72 degree base temperature and heating degree equivalent days use a 66 degree base temperature. | ||||||