As previously announced, NextEra Energy's second-quarter 2021 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the second-quarter 2021 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/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.
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Preliminary | ||||||||||
Three Months Ended June 30, 2021 | FPL Segment | Gulf Power | NEER |
Corporate and Other(a) | NextEra Energy | |||||
Operating Revenues | $ | 3,219 | $ | 350 | $ | 380 | $ | (22) | $ | 3,927 |
Operating Expenses | ||||||||||
Fuel, purchased power and interchange | 852 | 111 | 171 | (31) | 1,103 | |||||
Other operations and maintenance | 350 | 60 | 399 | 57 | 866 | |||||
Depreciation and amortization | 497 | 74 | 390 | 20 | 981 | |||||
Taxes other than income taxes and other - net | 367 | 28 | 63 | 2 | 460 | |||||
Total operating expenses - net | 2,066 | 273 | 1,023 | 48 | 3,410 | |||||
Gains (losses) on disposal of businesses/assets - net | - | - | (5) | (2) | (7) | |||||
Operating Income (Loss) | 1,153 | 77 | (648) | (72) | 510 | |||||
Other Income (Deductions) | ||||||||||
Interest expense | (147) | (7) | (191) | (412) | (757) | |||||
Equity in earnings (losses) of equity method investees | - | - | (84) | - | (84) | |||||
Allowance for equity funds used during construction | 23 | 9 | 2 | - | 34 | |||||
Interest income | - | - | 5 | 2 | 7 | |||||
Gains on disposal of investments and other property - net | - | - | 22 | - | 22 | |||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | - | - | 105 | - | 105 | |||||
Other net periodic benefit income | - | - | - | 64 | 64 | |||||
Other - net | 3 | - | 26 | 2 | 31 | |||||
Total other income (deductions) - net | (121) | 2 | (115) | (344) | (578) | |||||
Income (Loss) before Income Taxes | 1,032 | 79 | (763) | (416) | (68) | |||||
Income Tax Expense (Benefit) | 213 | 16 | (264) | (105) | (140) | |||||
Net Income (Loss) | 819 | 63 | (499) | (311) | 72 | |||||
Net Loss Attributable to Noncontrolling Interests | - | - | 184 | - | 184 | |||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 819 | $ | 63 | $ | (315) | $ | (311) | $ | 256 |
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 819 | $ | 63 | $ | (315) | $ | (311) | $ | 256 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 1,198 | 333 | 1,531 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear
decommissioning funds and OTTI - net
| - | - | (107) | - | (107) | |||||
Differential membership interests - related | - | - | 30 | - | 30 | |||||
NEP investment gains - net | - | - | 39 | - | 39 | |||||
Less related income tax expense (benefit) | - | - | (271) | (83) | (354) | |||||
Adjusted Earnings (Loss) | $ | 819 | $ | 63 | $ | 574 | $ | (61) | $ | 1,395 |
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.42 | $ | 0.03 | $ | (0.16) | $ | (0.16) | $ | 0.13 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 0.61 | 0.17 | 0.78 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear
decommissioning funds and OTTI - net
| - | - | (0.05) | - | (0.05) | |||||
Differential membership interests - related | - | - | 0.02 | - | 0.02 | |||||
NEP investment gains - net | - | - | 0.02 | - | 0.02 | |||||
Less related income tax expense (benefit) | - | - | (0.15) | (0.04) | (0.19) | |||||
Adjusted Earnings (Loss) Per Share | $ | 0.42 | $ | 0.03 | $ | 0.29 | $ | (0.03) | $ | 0.71 |
Weighted-average shares outstanding (assuming dilution) | 1,970 |
------------ | ||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | |||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | ||||||||
Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | |||||||
Net losses (gains) associated with non-qualifying hedges | $ | 908 | $ | 0.46 | $ | 250 | $ | 0.13 | $ | 1,158 | $ | 0.59 |
Change in unrealized losses (gains) on equity securities held in NEER's nuclear
decommissioning funds and OTTI - net
| $ | (76) | $ | (0.04) | $ | - | $ | - | $ | (76) | $ | (0.04) |
Differential membership interests - related | $ | 23 | $ | 0.01 | $ | - | $ | - | $ | 23 | $ | 0.01 |
NEP investment gains - net | $ | 34 | $ | 0.02 | $ | - | $ | - | $ | 34 | $ | 0.02 |
Preliminary | ||||||||||
Three Months Ended June 30, 2020 | FPL Segment | Gulf Power | NEER |
Corporate and Other(a) | NextEra Energy | |||||
Operating Revenues | $ | 2,825 | $ | 333 | $ | 1,077 | $ | (31) | $ | 4,204 |
Operating Expenses | ||||||||||
Fuel, purchased power and interchange | 511 | 99 | 151 | (30) | 731 | |||||
Other operations and maintenance | 361 | 63 | 442 | 38 | 904 | |||||
Depreciation and amortization | 550 | 71 | 345 | 15 | 981 | |||||
Taxes other than income taxes and other - net | 338 | 26 | 55 | - | 419 | |||||
Total operating expenses - net | 1,760 | 259 | 993 | 23 | 3,035 | |||||
Gains (losses) on disposal of businesses/assets - net | - | - | 18 | (1) | 17 | |||||
Operating Income (Loss) | 1,065 | 74 | 102 | (55) | 1,186 | |||||
Other Income (Deductions) | ||||||||||
Interest expense | (151) | (11) | (130) | (28) | (320) | |||||
Equity in earnings (losses) of equity method investees | - | - | 154 | - | 154 | |||||
Allowance for equity funds used during construction | 14 | 5 | 1 | - | 20 | |||||
Interest income | 1 | - | 8 | 2 | 11 | |||||
Gains on disposal of investments and other property - net | - | - | 2 | - | 2 | |||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | - | - | 218 | - | 218 | |||||
Other net periodic benefit income | - | - | - | 47 | 47 | |||||
Other - net | - | 2 | (12) | 6 | (4) | |||||
Total other income (deductions) - net | (136) | (4) | 241 | 27 | 128 | |||||
Income (Loss) before Income Taxes | 929 | 70 | 343 | (28) | 1,314 | |||||
Income Tax Expense (Benefit) | 180 | 15 | 8 | (18) | 185 | |||||
Net Income (Loss) | 749 | 55 | 335 | (10) | 1,129 | |||||
Net Loss Attributable to Noncontrolling Interests | - | - | 146 | - | 146 | |||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 749 | $ | 55 | $ | 481 | $ | (10) | $ | 1,275 |
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 749 | $ | 55 | $ | 481 | $ | (10) | $ | 1,275 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 219 | (53) | 166 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | - | - | (219) | - | (219) | |||||
Differential membership interests - related | - | - | 28 | - | 28 | |||||
NEP investment gains - net | - | - | 48 | - | 48 | |||||
Gain on disposal of a business | - | - | (16) | - | (16) | |||||
Less related income tax expense (benefit) | - | - | (10) | 14 | 4 | |||||
Adjusted Earnings (Loss) | $ | 749 | $ | 55 | $ | 531 | $ | (49) | $ | 1,286 |
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.38 | $ | 0.03 | $ | 0.24 | $ | - | $ | 0.65 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 0.11 | (0.03) | 0.08 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | - | - | (0.11) | - | (0.11) | |||||
Differential membership interests - related | - | - | 0.01 | - | 0.01 | |||||
NEP investment gains - net | - | - | 0.02 | - | 0.02 | |||||
Gain on disposal of a business | - | - | (0.01) | - | (0.01) | |||||
Less related income tax expense (benefit) | - | - | 0.01 | - | 0.01 | |||||
Adjusted Earnings (Loss) Per Share | $ | 0.38 | $ | 0.03 | $ | 0.27 | $ | (0.03) | $ | 0.65 |
Weighted-average shares outstanding (assuming dilution) | 1,967 |
------------ | ||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | |||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | ||||||||
Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | |||||||
Net losses (gains) associated with non-qualifying hedges | $ | 166 | $ | 0.09 | $ | (39) | $ | (0.03) | $ | 127 | $ | 0.06 |
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | (157) | $ | (0.08) | $ | - | $ | - | $ | (157) | $ | (0.08) |
Differential membership interests - related | $ | 21 | $ | 0.01 | $ | - | $ | - | $ | 21 | $ | 0.01 |
NEP investment gains - net | $ | 36 | $ | 0.02 | $ | - | $ | - | $ | 36 | $ | 0.02 |
Gain on disposal of a business | $ | (16) | $ | (0.01) | $ | - | $ | - | $ | (16) | $ | (0.01) |
Preliminary | ||||||||||
Six Months Ended June 30, 2021 | FPL Segment | Gulf Power | NEER |
Corporate and Other(a) | NextEra Energy | |||||
Operating Revenues | $ | 5,842 | $ | 697 | $ | 1,162 | $ | (48) | $ | 7,653 |
Operating Expenses | ||||||||||
Fuel, purchased power and interchange | 1,495 | 240 | 335 | (61) | 2,009 | |||||
Other operations and maintenance | 685 | 110 | 951 | 108 | 1,854 | |||||
Depreciation and amortization | 767 | 143 | 780 | 40 | 1,730 | |||||
Taxes other than income taxes and other - net | 699 | 56 | 130 | 3 | 888 | |||||
Total operating expenses - net | 3,646 | 549 | 2,196 | 90 | 6,481 | |||||
Gains (losses) on disposal of businesses/assets - net | - | - | 13 | (6) | 7 | |||||
Operating Income (Loss) | 2,196 | 148 | (1,021) | (144) | 1,179 | |||||
Other Income (Deductions) | ||||||||||
Interest expense | (295) | (14) | (132) | 105 | (336) | |||||
Equity in earnings (losses) of equity method investees | - | - | 356 | - | 356 | |||||
Allowance for equity funds used during construction | 42 | 16 | 5 | - | 63 | |||||
Interest income | - | - | 22 | 3 | 25 | |||||
Gains on disposal of investments and other property - net | - | - | 52 | - | 52 | |||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | - | - | 162 | - | 162 | |||||
Other net periodic benefit income | - | - | - | 128 | 128 | |||||
Other - net | 3 | - | 47 | 2 | 52 | |||||
Total other income (deductions) - net | (250) | 2 | 512 | 238 | 502 | |||||
Income (Loss) before Income Taxes | 1,946 | 150 | (509) | 94 | 1,681 | |||||
Income Tax Expense (Benefit) | 407 | 30 | (333) | 7 | 111 | |||||
Net Income (Loss) | 1,539 | 120 | (176) | 87 | 1,570 | |||||
Net Loss Attributable to Noncontrolling Interests | - | - | 352 | - | 352 | |||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,539 | $ | 120 | $ | 176 | $ | 87 | $ | 1,922 |
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,539 | $ | 120 | $ | 176 | $ | 87 | $ | 1,922 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 1,292 | (262) | 1,030 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | - | - | (166) | - | (166) | |||||
Differential membership interests-related | - | - | 61 | - | 61 | |||||
NEP investment gains - net | - | - | 107 | - | 107 | |||||
Less related income tax expense (benefit) | - | - | (298) | 68 | (230) | |||||
Adjusted Earnings (Loss) | $ | 1,539 | $ | 120 | $ | 1,172 | $ | (107) | $ | 2,724 |
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.78 | $ | 0.06 | $ | 0.09 | $ | 0.05 | $ | 0.98 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 0.66 | (0.14) | 0.52 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | - | - | (0.08) | - | (0.08) | |||||
Differential membership interests-related | - | - | 0.03 | - | 0.03 | |||||
NEP investment gains - net | - | - | 0.05 | - | 0.05 | |||||
Less related income tax expense (benefit) | - | - | (0.16) | 0.04 | (0.12) | |||||
Adjusted Earnings (Loss) Per Share | $ | 0.78 | $ | 0.06 | $ | 0.59 | $ | (0.05) | $ | 1.38 |
Weighted-average shares outstanding (assuming dilution) | 1,971 |
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(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. | |||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | ||||||||
Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | |||||||
Net losses (gains) associated with non-qualifying hedges | $ | 984 | $ | 0.50 | $ | (194) | $ | (0.10) | $ | 790 | $ | 0.40 |
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | (119) | $ | (0.06) | $ | - | $ | - | $ | (119) | $ | (0.06) |
Differential membership interests-related | $ | 46 | $ | 0.02 | $ | - | $ | - | $ | 46 | $ | 0.02 |
NEP investment gains - net | $ | 85 | $ | 0.04 | $ | - | $ | - | $ | 85 | $ | 0.04 |
Preliminary | ||||||||||
Six Months Ended June 30, 2020 | FPL Segment | Gulf Power | NEER |
Corporate and Other(a) | NextEra Energy | |||||
Operating Revenues | $ | 5,365 | $ | 660 | $ | 2,849 | $ | (57) | $ | 8,817 |
Operating Expenses | ||||||||||
Fuel, purchased power and interchange | 1,096 | 210 | 306 | (60) | 1,552 | |||||
Other operations and maintenance | 677 | 127 | 850 | 80 | 1,734 | |||||
Depreciation and amortization | 952 | 139 | 705 | 33 | 1,829 | |||||
Taxes other than income taxes and other - net | 660 | 51 | 113 | 1 | 825 | |||||
Total operating expenses - net | 3,385 | 527 | 1,974 | 54 | 5,940 | |||||
Gains (losses) on disposal of businesses/assets - net | - | - | 293 | (3) | 290 | |||||
Operating Income (Loss) | 1,980 | 133 | 1,168 | (114) | 3,167 | |||||
Other Income (Deductions) | ||||||||||
Interest expense | (304) | (26) | (474) | (826) | (1,630) | |||||
Equity in earnings (losses) of equity method investees | - | - | (236) | - | (236) | |||||
Allowance for equity funds used during construction | 30 | 10 | 2 | - | 42 | |||||
Interest income | 1 | 2 | 16 | 4 | 23 | |||||
Gains on disposal of investments and other property - net | - | - | 26 | - | 26 | |||||
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net | - | - | (110) | - | (110) | |||||
Other net periodic benefit income | - | - | - | 99 | 99 | |||||
Other - net | 1 | - | - | 3 | 4 | |||||
Total other income (deductions) - net | (272) | (14) | (776) | (720) | (1,782) | |||||
Income (Loss) before Income Taxes | 1,708 | 119 | 392 | (834) | 1,385 | |||||
Income Tax Expense (Benefit) | 317 | 25 | (148) | (245) | (51) | |||||
Net Income (Loss) | 1,391 | 94 | 540 | (589) | 1,436 | |||||
Net Loss Attributable to Noncontrolling Interests | - | - | 259 | - | 259 | |||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,391 | $ | 94 | $ | 799 | $ | (589) | $ | 1,695 |
Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss): | ||||||||||
Net Income (Loss) Attributable to NextEra Energy, Inc. | $ | 1,391 | $ | 94 | $ | 799 | $ | (589) | $ | 1,695 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 471 | 669 | 1,140 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | - | - | 102 | - | 102 | |||||
Differential membership interests-related | - | - | 62 | - | 62 | |||||
NEP investment gains - net | - | - | 96 | - | 96 | |||||
Gain on disposal of a business | - | - | (272) | - | (272) | |||||
Less related income tax expense (benefit) | - | - | (198) | (169) | (367) | |||||
Adjusted Earnings (Loss) | $ | 1,391 | $ | 94 | $ | 1,060 | $ | (89) | $ | 2,456 |
Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution) | $ | 0.71 | $ | 0.05 | $ | 0.41 | $ | (0.31) | $ | 0.86 |
Adjustments - pretax:(b) | ||||||||||
Net losses (gains) associated with non-qualifying hedges | - | - | 0.24 | 0.34 | 0.58 | |||||
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | - | - | 0.06 | - | 0.06 | |||||
Differential membership interests-related | - | - | 0.03 | - | 0.03 | |||||
NEP investment gains - net | - | - | 0.05 | - | 0.05 | |||||
Gain on disposal of a business | - | - | (0.14) | - | (0.14) | |||||
Less related income tax expense (benefit) | - | - | (0.11) | (0.08) | (0.19) | |||||
Adjusted Earnings (Loss) Per Share | $ | 0.71 | $ | 0.05 | $ | 0.54 | $ | (0.05) | $ | 1.25 |
Weighted-average shares outstanding (assuming dilution) | 1,967 |
------------ | ||||||||||||
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | |||||||||||
(b) | After tax impact by segment is as follows: | NEER | Corporate and Other | NextEra Energy | ||||||||
Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | Adjusted Earnings |
Adjusted EPS | |||||||
Net losses (gains) associated with non-qualifying hedges | $ | 345 | $ | 0.17 | $ | 500 | $ | 0.26 | $ | 845 | $ | 0.43 |
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net | $ | 72 | $ | 0.04 | $ | - | $ | - | $ | 72 | $ | 0.04 |
Differential membership interests-related | $ | 46 | $ | 0.02 | $ | - | $ | - | $ | 46 | $ | 0.02 |
NEP investment gains - net | $ | 72 | $ | 0.04 | $ | - | $ | - | $ | 72 | $ | 0.04 |
Gain on disposal of a business | $ | (274) | $ | (0.14) | $ | - | $ | - | $ | (274) | $ | (0.14) |
NextEra Energy, Inc. | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(millions) (unaudited) | Preliminary | |||||||||
June 30, 2021 | FPL Segment | Gulf Power | NEER |
Corporate and Other(a) | NextEra Energy | |||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 35 | $ | 7 | $ | 671 | $ | 171 | $ | 884 |
Customer receivables, net of allowances | 1,229 | 154 | 1,343 | 1 | 2,727 | |||||
Other receivables | 355 | 51 | 389 | (120) | 675 | |||||
Materials, supplies and fossil fuel inventory | 793 | 112 | 691 | - | 1,596 | |||||
Regulatory assets | 314 | 145 | 5 | (3) | 461 | |||||
Derivatives | 9 | - | 762 | - | 771 | |||||
Other | 122 | 44 | 773 | 8 | 947 | |||||
Total current assets | 2,857 | 513 | 4,634 | 57 | 8,061 | |||||
Other assets: | ||||||||||
Property, plant and equipment - net | 50,769 | 5,134 | 40,828 | 80 | 96,811 | |||||
Special use funds | 5,836 | - | 2,633 | - | 8,469 | |||||
Investment in equity method investees | - | - | 5,907 | - | 5,907 | |||||
Prepaid benefit costs | 1,603 | - | 3 | 193 | 1,799 | |||||
Regulatory assets | 2,298 | 1,000 | 222 | 172 | 3,692 | |||||
Derivatives | - | - | 1,314 | 58 | 1,372 | |||||
Goodwill | 301 | - | 1,846 | 2,699 | 4,846 | |||||
Other | 614 | 171 | 3,306 | (35) | 4,056 | |||||
Total other assets | 61,421 | 6,305 | 56,059 | 3,167 | 126,952 | |||||
TOTAL ASSETS | $ | 64,278 | $ | 6,818 | $ | 60,693 | $ | 3,224 | $ | 135,013 |
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Commercial paper | $ | 14 | $ | 270 | $ | - | $ | 275 | $ | 559 |
Other short-term debt | - | 200 | - | 500 | 700 | |||||
Current portion of long-term debt | - | 400 | 263 | 3,841 | 4,504 | |||||
Accounts payable | 858 | 145 | 4,568 | (65) | 5,506 | |||||
Customer deposits | 434 | 39 | 13 | - | 486 | |||||
Accrued interest and taxes | 675 | 37 | 106 | 34 | 852 | |||||
Derivatives | 3 | - | 1,163 | 32 | 1,198 | |||||
Accrued construction-related expenditures | 410 | 20 | 707 | - | 1,137 | |||||
Regulatory liabilities | 257 | 11 | 3 | 9 | 280 | |||||
Other | 411 | 147 | 686 | 352 | 1,596 | |||||
Total current liabilities | 3,062 | 1,269 | 7,509 | 4,978 | 16,818 | |||||
Other liabilities and deferred credits: | ||||||||||
Long-term debt | 17,000 | 1,168 | 4,558 | 24,833 | 47,559 | |||||
Asset retirement obligations | 1,828 | 97 | 1,010 | - | 2,935 | |||||
Deferred income taxes | 5,951 | 753 | 2,899 | (1,484) | 8,119 | |||||
Regulatory liabilities | 10,090 | 540 | 140 | - | 10,770 | |||||
Derivatives | - | - | 683 | 507 | 1,190 | |||||
Other | 408 | 130 | 1,671 | 299 | 2,508 | |||||
Total other liabilities and deferred credits | 35,277 | 2,688 | 10,961 | 24,155 | 73,081 | |||||
TOTAL LIABILITIES | 38,339 | 3,957 | 18,470 | 29,133 | 89,899 | |||||
COMMITMENTS AND CONTINGENCIES | ||||||||||
EQUITY | ||||||||||
Common stock | 1,373 | - | - | (1,353) | 20 | |||||
Additional paid-in capital | 13,753 | 2,573 | 14,209 | (19,311) | 11,224 | |||||
Retained earnings | 10,813 | 288 | 19,849 | (5,177) | 25,773 | |||||
Accumulated other comprehensive loss | - | - | (17) | (68) | (85) | |||||
Total common shareholders' equity | 25,939 | 2,861 | 34,041 | (25,909) | 36,932 | |||||
Noncontrolling interests | - | - | 8,182 | - | 8,182 | |||||
TOTAL EQUITY | 25,939 | 2,861 | 42,223 | (25,909) | 45,114 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 64,278 | $ | 6,818 | $ | 60,693 | $ | 3,224 | $ | 135,013 |
------------ | |
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
NextEra Energy, Inc. | ||||||||||
Condensed Consolidated Balance Sheets | Preliminary | |||||||||
(millions) | ||||||||||
(unaudited) | ||||||||||
December 31, 2020 | FPL Segment | Gulf Power | NEER | Corporate and Other(a) | NextEra Energy | |||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 20 | $ | 5 | $ | 567 | $ | 513 | $ | 1,105 |
Customer receivables, net of allowances | 991 | 150 | 1,122 | - | 2,263 | |||||
Other receivables | 362 | 61 | 418 | (130) | 711 | |||||
Materials, supplies and fossil fuel inventory | 777 | 122 | 653 | - | 1,552 | |||||
Regulatory assets | 235 | 144 | 1 | (3) | 377 | |||||
Derivatives | 3 | - | 565 | 2 | 570 | |||||
Other | 126 | 53 | 627 | (2) | 804 | |||||
Total current assets | 2,514 | 535 | 3,953 | 380 | 7,382 | |||||
Other assets: | ||||||||||
Property, plant and equipment - net | 48,933 | 4,946 | 37,842 | 82 | 91,803 | |||||
Special use funds | 5,347 | - | 2,432 | - | 7,779 | |||||
Investment in equity method investees | - | - | 5,713 | 15 | 5,728 | |||||
Prepaid benefit costs | 1,554 | - | 2 | 151 | 1,707 | |||||
Regulatory assets | 2,396 | 1,030 | 120 | 166 | 3,712 | |||||
Derivatives | - | - | 1,593 | 54 | 1,647 | |||||
Goodwill | 301 | - | 1,254 | 2,699 | 4,254 | |||||
Other | 565 | 214 | 2,724 | 169 | 3,672 | |||||
Total other assets | 59,096 | 6,190 | 51,680 | 3,336 | 120,302 | |||||
TOTAL ASSETS | $ | 61,610 | $ | 6,725 | $ | 55,633 | $ | 3,716 | $ | 127,684 |
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Commercial paper | $ | 1,526 | $ | 25 | $ | - | $ | - | $ | 1,551 |
Other short-term debt | - | 200 | 58 | 200 | 458 | |||||
Current portion of long-term debt | 54 | 300 | 239 | 3,545 | 4,138 | |||||
Accounts payable | 730 | 162 | 3,791 | (68) | 4,615 | |||||
Customer deposits | 430 | 37 | 7 | - | 474 | |||||
Accrued interest and taxes | 279 | 21 | 127 | 92 | 519 | |||||
Derivatives | 2 | - | 290 | 19 | 311 | |||||
Accrued construction-related expenditures | 385 | 38 | 568 | - | 991 | |||||
Regulatory liabilities | 206 | 18 | 14 | 7 | 245 | |||||
Other | 612 | 335 | 897 | 412 | 2,256 | |||||
Total current liabilities | 4,224 | 1,136 | 5,991 | 4,207 | 15,558 | |||||
Other liabilities and deferred credits: | ||||||||||
Long-term debt | 15,622 | 1,260 | 4,408 | 20,654 | 41,944 | |||||
Asset retirement obligations | 1,783 | 87 | 1,186 | 1 | 3,057 | |||||
Deferred income taxes | 5,790 | 729 | 2,819 | (1,318) | 8,020 | |||||
Regulatory liabilities | 10,052 | 548 | 135 | - | 10,735 | |||||
Derivatives | 1 | - | 494 | 704 | 1,199 | |||||
Other | 398 | 165 | 1,321 | 358 | 2,242 | |||||
Total other liabilities and deferred credits | 33,646 | 2,789 | 10,363 | 20,399 | 67,197 | |||||
TOTAL LIABILITIES | 37,870 | 3,925 | 16,354 | 24,606 | 82,755 | |||||
COMMITMENTS AND CONTINGENCIES | ||||||||||
EQUITY | ||||||||||
Common stock | 1,373 | 678 | - | (2,031) | 20 | |||||
Additional paid-in capital | 12,753 | 1,860 | 11,209 | (14,600) | 11,222 | |||||
Retained earnings | 9,614 | 263 | 19,673 | (4,187) | 25,363 | |||||
Accumulated other comprehensive loss | - | (1) | (19) | (72) | (92) | |||||
Total common shareholders' equity | 23,740 | 2,800 | 30,863 | (20,890) | 36,513 | |||||
Noncontrolling interests | - | - | 8,416 | - | 8,416 | |||||
TOTAL EQUITY | 23,740 | 2,800 | 39,279 | (20,890) | 44,929 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 61,610 | $ | 6,725 | $ | 55,633 | $ | 3,716 | $ | 127,684 |
------------ | |
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||
Six Months Ended June 30, 2021 | FPL Segment | Gulf Power | NEER |
Corporate and Other(a) | NextEra Energy | |||||
Cash Flows From Operating Activities | ||||||||||
Net income (loss) | $ | 1,539 | $ | 120 | $ | (176) | $ | 87 | $ | 1,570 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||
Depreciation and amortization | 767 | 143 | 780 | 40 | 1,730 | |||||
Nuclear fuel and other amortization | 83 | 1 | 37 | 13 | 134 | |||||
Unrealized losses (gains) on marked to market derivative contracts - net | - | - | 1,209 | (186) | 1,023 | |||||
Foreign currency transaction gains | - | - | 2 | (57) | (55) | |||||
Deferred income taxes | 271 | 14 | (117) | 26 | 194 | |||||
Cost recovery clauses and franchise fees | (69) | (19) | - | - | (88) | |||||
Equity in losses (earnings) of equity method investees | - | - | (356) | - | (356) | |||||
Distributions of earnings from equity method investees | - | - | 248 | - | 248 | |||||
Losses (gains) on disposal of businesses, assets and investments - net | - | - | (65) | 6 | (59) | |||||
Other - net | 13 | (151) | (249) | 3 | (384) | |||||
Changes in operating assets and liabilities: | ||||||||||
Current assets | (181) | 19 | (329) | (52) | (543) | |||||
Noncurrent assets | (57) | 17 | (190) | (43) | (273) | |||||
Current liabilities | 256 | (32) | 146 | (86) | 284 | |||||
Noncurrent liabilities | (3) | (4) | 15 | 62 | 70 | |||||
Net cash provided by (used in) operating activities | 2,619 | 108 | 955 | (187) | 3,495 | |||||
Cash Flows From Investing Activities | ||||||||||
Capital expenditures of FPL Segment | (2,946) | - | - | - | (2,946) | |||||
Capital expenditures of Gulf Power | - | (323) | - | - | (323) | |||||
Independent power and other investments of NEER | - | - | (4,873) | - | (4,873) | |||||
Nuclear fuel purchases | (88) | - | (85) | - | (173) | |||||
Proceeds from sale or maturity of securities in special use funds and other investments | 1,813 | 1 | 659 | 50 | 2,523 | |||||
Purchases of securities in special use funds and other investments | (1,870) | (1) | (670) | (76) | (2,617) | |||||
Other - net | (4) | 1 | 237 | 14 | 248 | |||||
Net cash used in investing activities | (3,095) | (322) | (4,732) | (12) | (8,161) | |||||
Cash Flows From Financing Activities | ||||||||||
Issuances of long-term debt, including premiums and discounts | 1,381 | 7 | 121 | 5,850 | 7,359 | |||||
Retirements of long-term debt | (54) | - | (164) | (805) | (1,023) | |||||
Net change in commercial paper | (1,512) | 245 | - | 275 | (992) | |||||
Repayments of other short-term debt | - | - | (58) | (200) | (258) | |||||
Payments from related parties under a cash sweep and credit support agreement - net | - | - | 1,085 | - | 1,085 | |||||
Issuances of common stock/equity units - net | - | - | - | 5 | 5 | |||||
Dividends on common stock | - | - | - | (1,511) | (1,511) | |||||
Dividends & capital distributions from (to) parent - net | 660 | (60) | 3,022 | (3,622) | - | |||||
Other - net | (15) | (1) | 64 | (164) | (116) | |||||
Net cash provided by (used in) financing activities | 460 | 191 | 4,070 | (172) | 4,549 | |||||
Effects of currency translation on cash, cash equivalents and restricted cash | - | - | 4 | - | 4 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (16) | (23) | 297 | (371) | (113) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 96 | 64 | 842 | 544 | 1,546 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 80 | $ | 41 | $ | 1,139 | $ | 173 | $ | 1,433 |
------------ | |
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||||||
Six Months Ended June 30, 2020 | FPL Segment | Gulf Power | NEER(a) |
Corporate and Other(a) | NextEra Energy | |||||
Cash Flows From Operating Activities | ||||||||||
Net income (loss) | $ | 1,391 | $ | 94 | $ | 540 | $ | (589) | $ | 1,436 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||
Depreciation and amortization | 952 | 139 | 705 | 33 | 1,829 | |||||
Nuclear fuel and other amortization | 80 | 1 | 33 | 11 | 125 | |||||
Unrealized losses on marked to market derivative contracts - net | - | - | 23 | 707 | 730 | |||||
Foreign currency transaction gains | - | - | - | (22) | (22) | |||||
Deferred income taxes | 311 | 37 | (34) | (447) | (133) | |||||
Cost recovery clauses and franchise fees | (135) | (36) | - | - | (171) | |||||
Equity in losses (earnings) of equity method investees | - | - | 236 | - | 236 | |||||
Distributions of earnings from equity method investees | - | - | 209 | - | 209 | |||||
Losses (gains) on disposal of businesses, assets and investments - net | - | - | (319) | 3 | (316) | |||||
Other - net | 39 | (20) | 166 | 22 | 207 | |||||
Changes in operating assets and liabilities: | ||||||||||
Current assets | (202) | (31) | 9 | 18 | (206) | |||||
Noncurrent assets | (59) | 26 | (106) | (14) | (153) | |||||
Current liabilities | 158 | (55) | (193) | 116 | 26 | |||||
Noncurrent liabilities | (38) | (4) | 32 | 5 | (5) | |||||
Net cash provided by (used in) operating activities | 2,497 | 151 | 1,301 | (157) | 3,792 | |||||
Cash Flows From Investing Activities | ||||||||||
Capital expenditures of FPL Segment | (3,098) | - | - | - | (3,098) | |||||
Capital expenditures of Gulf Power | - | (508) | - | - | (508) | |||||
Independent power and other investments of NEER | - | - | (2,532) | - | (2,532) | |||||
Nuclear fuel purchases | (111) | - | (20) | - | (131) | |||||
Other capital expenditures and other investments | - | - | - | (9) | (9) | |||||
Proceeds from sale or maturity of securities in special use funds and other investments | 1,409 | - | 533 | 165 | 2,107 | |||||
Purchases of securities in special use funds and other investments | (1,448) | - | (553) | (214) | (2,215) | |||||
Other - net | (25) | 1 | 200 | 25 | 201 | |||||
Net cash used in investing activities | (3,273) | (507) | (2,372) | (33) | (6,185) | |||||
Cash Flows From Financing Activities | ||||||||||
Issuances of long-term debt, including premiums and discounts | 1,557 | 51 | 116 | 6,746 | 8,470 | |||||
Retirements of long-term debt | (1,291) | (176) | (128) | (737) | (2,332) | |||||
Net change in commercial paper | (1,393) | (180) | - | (842) | (2,415) | |||||
Proceeds from other short-term debt | - | - | 58 | 2,100 | 2,158 | |||||
Repayments of other short-term debt | - | - | - | (1,850) | (1,850) | |||||
Payments from related parties under a cash sweep and credit support agreement - net | - | - | 46 | - | 46 | |||||
Issuances of common stock/equity units - net | - | - | - | (51) | (51) | |||||
Dividends on common stock | - | - | - | (1,371) | (1,371) | |||||
Dividends & capital distributions from (to) parent - net | 1,900 | 700 | 685 | (3,285) | - | |||||
Other - net | (24) | (1) | 375 | (282) | 68 | |||||
Net cash provided by financing activities | 749 | 394 | 1,152 | 428 | 2,723 | |||||
Effects of currency translation on cash, cash equivalents and restricted cash | - | - | (2) | - | (2) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (27) | 38 | 79 | 238 | 328 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 195 | 69 | 679 | 165 | 1,108 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 168 | $ | 107 | $ | 758 | $ | 403 | $ | 1,436 |
------------ | |
(a) | Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other. |
Preliminary | ||||||
First Quarter |
Second Quarter | Year-To-Date | ||||
2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.21 | $ | 0.65 | $ | 0.86 |
FPL Segment - 2020 Earnings Per Share | $ | 0.33 | $ | 0.38 | $ | 0.71 |
New investment growth | 0.03 | 0.03 | 0.06 | |||
Allowance for funds used during construction | - | - | 0.01 | |||
Other and share dilution | 0.01 | 0.01 | - | |||
FPL Segment - 2021 Earnings Per Share | $ | 0.37 | $ | 0.42 | $ | 0.78 |
Gulf Power - 2020 Earnings Per Share | $ | 0.02 | $ | 0.03 | $ | 0.05 |
Operations and maintenance reductions | 0.005 | 0.002 | 0.007 | |||
Allowance for funds used during construction | 0.002 | 0.003 | 0.004 | |||
Other | 0.003 | (0.001) | 0.002 | |||
Gulf Power - 2021 Earnings Per Share | $ | 0.03 | $ | 0.03 | $ | 0.06 |
NEER - 2020 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.16 | $ | 0.24 | $ | 0.41 |
New investments | 0.04 | 0.04 | 0.08 | |||
Existing generation and storage assets | (0.04) | 0.01 | (0.03) | |||
Gas infrastructure | 0.02 | - | 0.02 | |||
NextEra Energy Transmission | - | 0.01 | 0.01 | |||
Customer supply and proprietary power & gas trading | (0.02) | (0.03) | (0.04) | |||
Non-qualifying hedges impact | 0.06 | (0.37) | (0.33) | |||
NEP investment gains - net | (0.01) | - | - | |||
Gains on disposal of a business/assets | (0.13) | (0.01) | (0.14) | |||
Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI - net | 0.14 | (0.04) | 0.10 | |||
Other, including other investment income, income taxes and share dilution | 0.03 | (0.01) | 0.01 | |||
NEER - 2021 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.25 | $ | (0.16) | $ | 0.09 |
Corporate and Other - 2020 Earnings (Loss) Per Share | $ | (0.30) | $ | - | $ | (0.31) |
Non-qualifying hedges impact | 0.49 | (0.16) | 0.36 | |||
Other, including interest expense and share dilution | - | - | - | |||
Corporate and Other - 2021 Earnings (Loss) Per Share | $ | 0.19 | $ | (0.16) | $ | 0.05 |
2021 Earnings Per Share Attributable to NextEra Energy, Inc. | $ | 0.84 | $ | 0.13 | $ | 0.98 |
Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other. | ||||||
The sum of the quarterly amounts may not equal the total for the year due to rounding. |
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NextEra Energy Inc. published this content on 23 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2021 11:47:03 UTC.