Years Ended December 31, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
(millions of dollars) | ||||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Net Income | $ | 3,005 | $ | 2,762 | $ | 2,469 | $ | 1,677 | $ | 1,911 | ||||||||||||||
Income taxes | 1,383 | 1,228 | 1,176 | 777 | 692 | |||||||||||||||||||
Fixed charges included in the determination of net income, as below | 1,184 | 1,287 | 1,331 | 1,195 | 1,124 | |||||||||||||||||||
Amortization of capitalized interest | 38 | 40 | 39 | 34 | 25 | |||||||||||||||||||
Distributed income of equity method investees | 102 | 80 | 33 | 33 | 32 | |||||||||||||||||||
Less equity in earnings of equity method investees | 148 | 107 | 93 | 25 | 13 | |||||||||||||||||||
Total earnings, as defined | $ | 5,564 | $ | 5,290 | $ | 4,955 | $ | 3,691 | $ | 3,771 | ||||||||||||||
Fixed charges, as defined: | ||||||||||||||||||||||||
Interest expense | $ | 1,093 | $ | 1,211 | $ | 1,261 | $ | 1,121 | $1,038 | |||||||||||||||
Rental interest factor | 66 | 55 | 55 | 47 | 52 | |||||||||||||||||||
Allowance for borrowed funds used during construction | 25 | 21 | 15 | 27 | 34 | |||||||||||||||||||
Fixed charges included in the determination of net income | 1,184 | 1,287 | 1,331 | 1,195 | 1,124 | |||||||||||||||||||
Capitalized interest | 110 | 100 | 113 | 140 | 155 | |||||||||||||||||||
Total fixed charges, as defined | $ | 1,294 | $ | 1,387 | $ | 1,444 | $ | 1,335 | $ | 1,279 | ||||||||||||||
Ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred stock dividends(a) | 4.30 | 3.81 | 3.43 | 2.76 | 2.95 | |||||||||||||||||||
(a) | NextEra Energy, Inc. has no preference equity securities outstanding; therefore, the ratio of earnings to fixed charges is the same as the ratio of earnings to combined fixed charges and preferred stock dividends. |