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Summary of Significant Accounting and Reporting Policies | 3 Months Ended
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Mar. 31, 2022
Accounting Policies [Abstract] |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Restricted Cash – At March 31, 2022 and December 31, 2021, NEE had approximately $1,261 million ($45 million for FPL) and $677 million ($53 million for FPL), respectively, of restricted cash, which is included in current other assets on NEE's and FPL's condensed consolidated balance sheets. Restricted cash is primarily related to debt service payments and margin cash collateral requirements at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $402 million is netted against derivative assets and $985 million is netted against derivative liabilities at March 31, 2022 and $121 million is netted against derivative assets and $172 million is netted against derivative liabilities at December 31, 2021. See Note 2. Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests – In December 2021, subsidiaries of NextEra Energy Resources sold their 100% ownership interest, comprised of a 50% controlling ownership interest to a NEP subsidiary and a 50% noncontrolling ownership interest to a third party, in a portfolio of seven wind generation facilities and six solar generation facilities representing a total generating capacity of 2,520 MW and 115 MW of battery storage capacity, three of which facilities were under construction. In connection with the three facilities that were under construction, approximately $668 million of cash received, which was subject to post-closing adjustments, was recorded as contract liabilities, which was included in current other liabilities on NEE’s condensed consolidated balance sheet at December 31, 2021. During the three months ended March 31, 2022, upon the three facilities achieving commercial operations, approximately $551 million of contract liabilities were reversed and the sale was recognized for accounting purposes. The remaining contract liability balance primarily relates to differential membership interests proceeds and is contingent on the enactment of a solar PTC by October 31, 2022 and is included in current other liabilities on NEE’s condensed consolidated balance sheet at March 31, 2022. If there is an enactment of a solar PTC by October 31, 2022, the contract liability will be reversed and the additional sales proceeds recognized for accounting purposes. Otherwise, NextEra Energy Resources may be required to return proceeds related to differential membership interests of approximately $117 million to NEP. In addition, NextEra Energy Resources is responsible to pay for all construction costs related to the portfolio. At March 31, 2022 and December 31, 2021, approximately $545 million and $970 million, respectively, is included in accounts payable on NEE's condensed consolidated balance sheets and represents amounts owed by NextEra Energy Resources to NEP to reimburse NEP for construction costs. Credit Losses – NEE's credit department monitors current and forward credit exposure to counterparties and their affiliates. Prospective and existing customers are reviewed for creditworthiness based on established standards and credit quality indicators. Credit quality indicators and standards that are closely monitored include credit ratings, certain financial ratios and delinquency trends which are based off the latest available information. Customers not meeting minimum standards provide various credit enhancements or secured payment terms, such as letters of credit, the posting of margin cash collateral or use of master netting arrangements. For the three months ended March 31, 2022 and 2021, NEE recorded approximately $37 million and $152 million of bad debt expense, including credit losses, respectively, which are included in O&M expenses in NEE’s condensed consolidated statements of income (loss). The amounts primarily relate to credit losses at NEER driven by the operational and energy market impacts of the February 2021 weather event. The estimate for credit losses related to the impacts of the February 2021 weather event was developed based on NEE’s assessment of the ultimate collectability of these receivables under potential workout scenarios. At March 31, 2022 and December 31, 2021, approximately $159 million and $127 million of allowances, respectively, are included in noncurrent other assets on NEE's condensed consolidated balance sheets related to the February 2021 weather event. Property Plant and Equipment – Property, plant and equipment consists of the following:
|  | NEE |  | FPL
|  | March 31, 2022 |  | December 31, 2021 |  | March 31, 2022 |  | December 31, 2021
|  | (millions)
Electric plant in service and other property |  | $ | 115,172 |  |  | $ | 112,500 |  |  | $ | 69,119 |  |  | $ | 67,771 |
Nuclear fuel |  | 1,561 |  |  | 1,606 |  |  | 1,124 |  |  | 1,170 |
Construction work in progress |  | 14,721 |  |  | 14,141 |  |  | 6,543 |  |  | 6,326 |
Property, plant and equipment, gross |  | 131,454 |  |  | 128,247 |  |  | 76,786 |  |  | 75,267 |
Accumulated depreciation and amortization |  | (29,519) |  |  | (28,899) |  |  | (17,238) |  |  | (17,040) |
Property, plant and equipment – net |  | $ | 101,935 |  |  | $ | 99,348 |  |  | $ | 59,548 |  |  | $ | 58,227 |

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123372394&loc=d3e18726-107790 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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