EX-99 2 neeq12019exhibit99.htm EXHIBIT 99 Exhibit


Exhibit 99

nexteraenergy.jpg
 
 
NextEra Energy, Inc.
Media Line: 561-694-4442
April 23, 2019

FOR IMMEDIATE RELEASE

NextEra Energy reports first-quarter 2019 financial results
NextEra Energy delivers strong first-quarter financial and operational results
Florida Power & Light Company's continued investments in the business to further advance its customer value proposition result in approximately 8.3% growth in regulatory capital employed
Gulf Power Company integration continues; base retail operation and maintenance costs down nearly 5% year-over-year
NextEra Energy Resources adds nearly 1,000 megawatts of renewables projects to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2019 first-quarter net income attributable to NextEra Energy on a GAAP basis of $680 million, or $1.41 per share, compared to $4.43 billion, or $9.32 per share, for the first quarter of 2018. On an adjusted basis, NextEra Energy's 2019 first-quarter earnings were $1.06 billion, or $2.20 per share, compared to $929 million, or $1.96 per share, in the first quarter of 2018.

Adjusted earnings for these periods exclude the effects of transitional impacts of tax reform, including the impact on differential membership interests; non-qualifying hedges; NextEra Energy Partners, LP net investment gains; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI); operating results from the Spain solar projects; and acquisition-related expenses.

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release.

"NextEra Energy delivered strong first-quarter results and is well-positioned to meet our overall objectives for the year," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We grew adjusted earnings per share by approximately 12% year-over-year, reflecting excellent performance across our businesses. During the quarter, FPL successfully brought online the Okeechobee Clean Energy Center, which is among the cleanest, most fuel-efficient power plants of its kind in the world, on budget and ahead of schedule, and continued to execute one of the largest-ever solar expansions. The Gulf Power integration continues to advance well, and I am confident in our ability to execute our plan for the benefit of customers and shareholders. NextEra Energy Resources continues to capitalize on the best

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renewables development period in our history with the addition of nearly 1,000 megawatts to its contracted renewables backlog. Combined with the strength of our balance sheet and credit ratings, we continue to believe NextEra Energy is uniquely positioned to drive long-term shareholder value and remain as enthusiastic as ever about our future prospects. I will be disappointed if we are not able to deliver financial results at or near the top end of our 6% to 8% adjusted earnings per share compound annual growth rate range through 2021, off the 2018 base of $7.70 per share, plus the expected deal accretion from the Florida transactions."

Florida Power & Light Company
FPL, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold, reported first-quarter 2019 net income of $588 million, or $1.22 per share, compared to $484 million, or $1.02 per share, for the prior-year quarter.

FPL's growth over the prior-year comparable quarter was primarily driven by continued investment in the business. FPL's capital expenditures were approximately $1.1 billion in the first quarter of 2019, and full-year capital investments are expected to be between $5.7 billion and $6.1 billion. Regulatory capital employed increased by approximately 8.3% year-over-year. During the first quarter of 2019, FPL's average number of customers increased by approximately 100,000 from the prior-year comparable quarter.

The approximately 1,750-megawatt (MW) Okeechobee Clean Energy Center entered service on budget and ahead of schedule at the end of the first quarter. The company also successfully completed construction on budget and on schedule of nearly 300 MW of cost-effective solar projects built under the Solar Base Rate Adjustment, or SoBRA, mechanism of FPL's settlement agreement.

FPL continues to identify smart capital investments in clean, efficient, modernized generation, as well as a stronger and smarter grid, to further enhance its already best-in-class customer value proposition of low bills, high reliability, award-winning customer service and a clean emissions profile. FPL's typical residential electric bill is nearly 30% below the national average and below the level it was in 2006.

During the quarter, FPL announced several opportunities to advance its "30-by-30" plan to install more than 30 million solar panels by 2030 and make the state of Florida a world leader in the production of solar energy. When this plan is completed, FPL expects to be the largest utility owner and operator of solar in America. Earlier this month, FPL filed its Ten Year Site Plan with the Florida Public Service Commission (PSC), which included plans for approximately 7,000 MW of additional cost-effective solar projects across Florida over the coming years. This includes the approximately 300 MW of projects that remain under the SoBRA mechanism of the settlement agreement, as well as the nearly 1,500 MW of SolarTogether community solar projects that, subject to PSC approval, FPL expects to construct over the next two years. Through the voluntary SolarTogether program, which would be the nation's largest community solar program, participating customers will subscribe to a portion of new solar power capacity and, in return, will receive credits that are expected to reduce their monthly bills over time.

FPL also announced its modernization plan to replace two existing natural gas steam units, totaling approximately 1,650 MW, with clean and renewable energy, including the world's largest solar-powered battery system. The 409-MW, 900-megawatt-hour Manatee Energy Storage Center is expected to increase the predictability of the existing co-located solar project, enabling FPL to more efficiently dispatch other power plants. The project is expected to enter service in 2021 and save customers more than $100 million, while eliminating more than 1 million tons of carbon dioxide emissions.

Gulf Power Company
Gulf Power, NextEra Energy's recently acquired rate-regulated electric utility subsidiary that serves more than 460,000 customers in eight counties throughout northwest Florida, reported first-quarter 2019 net income of $37 million, or $0.08 per share.

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The Gulf Power integration continues to progress well, and the team is focused on successfully executing key systems and capital initiatives. Gulf Power has already begun to see significant benefits from a focus on operational cost effectiveness, with base retail operation and maintenance costs down nearly 5% year-over-year. Gulf Power's capital expenditures were approximately $100 million in the first quarter of 2019, and full-year capital investments are expected to be approximately $700 million. During the first quarter of 2019, Gulf Power's average number of customers was roughly flat to the comparable prior-year quarter as a result of continued impacts from Hurricane Michael in 2018.

During the quarter, Gulf Power filed a cost recovery petition for approximately $350 million in Hurricane Michael restoration costs. Subject to a review and prudence determination of final storm costs by the PSC, Gulf Power is proposing a surcharge equivalent to $8.00 per month on a 1,000-kilowatt-hour residential bill until the storm costs are fully recovered, which is expected to occur after approximately 60 months. Gulf Power believes that the proposed surcharge strikes an appropriate balance between ensuring timely cost recovery and mitigating customer bill impacts.

NextEra Energy Resources
NextEra Energy Resources, the competitive energy business of NextEra Energy, reported a first-quarter 2019 contribution to net income attributable to NextEra Energy on a GAAP basis of $301 million, or $0.63 per share, compared to $3.93 billion, or $8.26 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the first quarter of 2019 were $448 million, or $0.93 per share, compared to $395 million, or $0.83 per share, for the first quarter of 2018.

The NextEra Energy Resources team delivered another strong quarter of wind and solar origination, adding 953 MW to its backlog. Included in the backlog additions is the company's first co-located combined wind, solar and battery storage project, as NextEra Energy Resources further advances the next phase of renewables deployment that pairs low-cost wind and solar energy with a low-cost battery storage solution to provide a product that can be dispatched with enough certainty to meet customer needs for a nearly firm generation resource. In addition, the team added an approximately 110-MW solar-plus-storage build-own-transfer project not included in the backlog.

During the quarter, Seabrook Nuclear Power Plant received a 20-year license extension, allowing the plant to continue to offer the New England states attractively priced, carbon-free energy until at least 2050.

Corporate and Other
In the first quarter of 2019 on a GAAP basis, Corporate and Other earnings decreased $0.56 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other earnings for the first quarter of 2019 decreased $0.14 per share, compared to the prior-year quarter.

During the quarter, NextEra Energy Transmission received Federal Energy Regulatory Commission approval to acquire Trans Bay Cable, a 53-mile, high-voltage, direct current underwater transmission cable system, which provides approximately 40% of San Francisco's daily electrical power needs. The acquisition is expected to close later this year, subject to customary closing conditions and the receipt of required approval from the California Public Utilities Commission.

Outlook
In 2019, NextEra Energy continues to expect adjusted earnings per share to be at or near the top of our previously disclosed compound annual growth rate of 6% to 8%, off the 2018 base of $7.70 per share. NextEra Energy also continues to expect 2020 adjusted earnings per share to be in a range of $8.70 to $9.20 and 2021 adjusted earnings per share to be in a range of $9.40 to $9.95. These ranges reflect the company's expected compound annual growth rate in adjusted earnings per share of 6% to 8%, off the 2018 base of $7.70 per share, plus accretion of $0.15 in 2020 and $0.20 in 2021 from the Florida acquisitions.

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NextEra Energy's adjusted earnings expectations exclude the cumulative effect of adopting new accounting standards; the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and OTTI, none of which can be determined at this time. Adjusted earnings expectations also exclude the effects of transitional impacts of tax reform, including the impact on differential membership interests; NextEra Energy Partners, LP net investment gains; the operating results from the Spain solar projects; and acquisition-related expenses. In addition, adjusted earnings expectations assume, among other things, normal weather and operating conditions; continued recovery of the national and the Florida economy; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no divestitures other than to NextEra Energy Partners, LP or acquisitions; no adverse litigation decisions; and no changes to governmental tax policy or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

 
As previously announced, NextEra Energy's first-quarter 2019 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the first-quarter 2019 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.
 
 
 
 
 

This news release should be read in conjunction with the attached unaudited financial information.

NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than 5 million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites:
www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.

###

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results

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of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources’ gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of

5



NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.



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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
 
Three Months Ended March 31, 2019
 
FPL
 
Gulf Power
 
NEER
 
Corporate and
Other(1)
 
NextEra Energy
Operating Revenues
 
$
2,618

 
$
328

 
$
1,135

 
$
(6
)
 
$
4,075

Operating Expenses (Income)
 
 
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
729

 
123

 
149

 
(34
)
 
967

Other operations and maintenance
 
340

 
69

 
357

 
49

 
815

Acquisition-related
 

 

 

 
16

 
16

Depreciation and amortization
 
375

 
50

 
326

 
21

 
772

Losses (gains) on disposal of a business/assets - net
 
(1
)
 

 
(27
)
 
2

 
(26
)
Taxes other than income taxes and other - net
 
318

 
29

 
59

 
(10
)
 
396

Total operating expenses - net
 
1,761

 
271

 
864

 
44

 
2,940

Operating Income (Loss)
 
857

 
57

 
271

 
(50
)
 
1,135

Other Income (Deductions)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(139
)
 
(13
)
 
(234
)
 
(328
)
 
(714
)
Equity in earnings of equity method investees
 

 

 
16

 

 
16

Allowance for equity funds used during construction
 
24

 

 

 
2

 
26

Interest income
 
1

 

 
9

 
2

 
12

Gains on disposal of investments and other property - net
 

 

 
23

 

 
23

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net
 

 

 
117

 

 
117

Other net periodic benefit income
 

 

 

 
51

 
51

Other - net
 
1

 

 
9

 
4

 
14

Total other income (deductions) - net
 
(113
)
 
(13
)
 
(60
)
 
(269
)
 
(455
)
Income (Loss) before Income Taxes
 
744

 
44

 
211

 
(319
)
 
680

Income Tax Expense (Benefit)
 
156

 
7

 
(16
)
 
(73
)
 
74

Net Income (Loss)
 
588

 
37

 
227

 
(246
)
 
606

Net Loss Attributable to Noncontrolling Interests
 

 

 
74

 

 
74

Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
588

 
$
37

 
$
301

 
$
(246
)
 
$
680

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
588

 
$
37

 
$
301

 
$
(246
)
 
$
680

Adjustments - pretax:(2)
 
 
 
 
 
 
 
 
 
 
Net losses (gains) associated with non-qualifying hedges
 

 

 
224

 
259

 
483

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
 

 

 
(120
)
 

 
(120
)
Impact of income tax rate change on differential membership interests
 

 

 
30

 

 
30

NEP investment gains - net
 

 

 
48

 

 
48

Operating loss (income) of Spain solar projects
 

 

 
(1
)
 

 
(1
)
Acquisition-related
 

 

 

 
16

 
16

Less related income tax expense (benefit)
 

 

 
(34
)
 
(42
)
 
(76
)
Adjusted Earnings (Loss)
 
$
588

 
$
37

 
$
448

 
$
(13
)
 
$
1,060

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
1.22

 
$
0.08

 
$
0.63

 
$
(0.52
)
 
$
1.41

Adjustments - pretax:(2)
 
 
 
 
 
 
 
 
 
 
Net losses (gains) associated with non-qualifying hedges
 

 

 
0.46

 
0.54

 
1.00

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
 

 

 
(0.25
)
 

 
(0.25
)
Impact of income tax rate change on differential membership interests
 

 

 
0.06

 

 
0.06

NEP investment gains - net
 

 

 
0.10

 

 
0.10

Operating loss (income) of Spain solar projects
 

 

 

 

 

Acquisition-related
 

 

 

 
0.03

 
0.03

Less related income tax expense (benefit)
 

 

 
(0.07
)
 
(0.08
)
 
(0.15
)
Adjusted Earnings (Loss) Per Share
 
$
1.22

 
$
0.08

 
$
0.93

 
$
(0.03
)
 
$
2.20

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
 
 
482

————————————

 
 
 
 
 
 
 
 
 
 
 
 
(1) Corporate & Other represents other business activities 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.
(2) 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
$
174

 
$
0.34

 
$
192

 
$
0.40

 
$
366

 
$
0.74

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
$
(84
)
 
$
(0.17
)
 
$

 
$

 
$
(84
)
 
$
(0.17
)
Impact of income tax rate change on differential membership interests
$
22

 
$
0.05

 
$

 
$

 
$
22

 
$
0.05

NEP investment gains - net
$
36

 
$
0.08

 
$

 
$

 
$
36

 
$
0.08

Operating loss (income) of Spain solar projects
$
(1
)
 
$

 
$

 
$

 
$
(1
)
 
$

Acquisition-related
$

 
$

 
$
41

 
$
0.09

 
$
41

 
$
0.09


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NextEra Energy, Inc.
Condensed Consolidated Statements of Income(1) 
(millions, except per share amounts)
(unaudited)
Preliminary
 
Three Months Ended March 31, 2018
 
FPL
 
NEER
 
Corporate and
Other(2)
 
NextEra Energy
Operating Revenues
 
$
2,620

 
$
1,241

 
$
(4
)
 
$
3,857

Operating Expenses (Income)
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
712

 
138

 
(31
)
 
819

Other operations and maintenance
 
347

 
375

 
49

 
771

Depreciation and amortization
 
546

 
292

 
18

 
856

Losses (gains) on disposal of a business/assets - net
 
(1
)
 
(16
)
 
3

 
(14
)
Taxes other than income taxes and other - net
 
309

 
54

 
3

 
366

Total operating expenses - net
 
1,913

 
843

 
42

 
2,798

Operating Income (Loss)
 
707

 
398

 
(46
)
 
1,059

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(133
)
 
(86
)
 
(7
)
 
(226
)
Equity in earnings of equity method investees
 

 
176

 
21

 
197

Allowance for equity funds used during construction
 
21

 

 
1

 
22

Interest income
 
1

 
16

 
1

 
18

Gain on NEP deconsolidation
 

 
3,927

 

 
3,927

Gains on disposal of investments and other property - net
 

 
50

 

 
50

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds - net
 

 
(20
)
 

 
(20
)
Other net periodic benefit income
 

 

 
51

 
51

Other - net
 

 
8

 
(2
)
 
6

Total other income (deductions) - net
 
(111
)
 
4,071

 
65

 
4,025

Income (Loss) before Income Taxes
 
596

 
4,469

 
19

 
5,084

Income Tax Expense (Benefit)
 
112

 
1,137

 
1

 
1,250

Net Income (Loss)
 
484

 
3,332

 
18

 
3,834

Net Loss Attributable to Noncontrolling Interests
 

 
597

 

 
597

Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
484

 
$
3,929

 
$
18

 
$
4,431

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
484

 
$
3,929

 
$
18

 
$
4,431

Adjustments - pretax:(3)
 
 
 
 
 
 
 
 
Net losses (gains) associated with non-qualifying hedges
 

 
(125
)
 
1

 
(124
)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
 

 
18

 

 
18

Tax reform-related
 

 
(624
)
 
5

 
(619
)
NEP investment gains - net
 

 
(3,893
)
 

 
(3,893
)
Operating loss (income) of Spain solar projects
 

 
6

 

 
6

Less related income tax expense (benefit)
 

 
1,084

 
26

 
1,110

Adjusted Earnings (Loss)
 
$
484

 
$
395

 
$
50

 
$
929

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)(4)
 
$
1.02

 
$
8.26

 
$
0.04

 
$
9.32

Adjustments - pretax:(3)
 
 
 
 
 
 
 
 
Net losses (gains) associated with non-qualifying hedges
 

 
(0.26
)
 

 
(0.26
)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
 

 
0.04

 

 
0.04

Tax reform-related
 

 
(1.30
)
 
0.01

 
(1.29
)
NEP investment gains - net
 

 
(8.21
)
 

 
(8.21
)
Operating loss (income) of Spain solar projects
 

 
0.01

 

 
0.01

Less related income tax expense (benefit)
 

 
2.29

 
0.06

 
2.35

Adjusted Earnings (Loss) Per Share
 
$
1.02

 
$
0.83

 
$
0.11

 
$
1.96

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
474

————————————

 
 
 
 
 
 
 
 
 
 
 
 
(1) Amounts have been retrospectively adjusted for an accounting standards update related to leases.
(2) Corporate & Other represents other business activities 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.
(3) 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
$
(93
)
 
$
(0.21
)
 
$
5

 
$
0.01

 
$
(88
)
 
$
(0.20
)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
$
13

 
$
0.03

 
$
(2
)
 
$

 
$
11

 
$
0.03

Tax reform-related
$
(467
)
 
$
(0.96
)
 
$
2

 
$

 
$
(465
)
 
$
(0.96
)
NEP investment gains - net
$
(2,993
)
 
$
(6.30
)
 
$
27

 
$
0.06

 
$
(2,966
)
 
$
(6.24
)
Operating loss (income) of Spain solar projects
$
6

 
$
0.01

 
$

 
$

 
$
6

 
$
0.01

 
 
 
 
 
 
 
 
 
 
 
 
 
(4) Adjusted for the impact of dilutive securities at NEP.
 
 
 
 
 
 
 
 
 
 
 
 


8



NextEra Energy, Inc.
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
(millions)
(unaudited)
 
 
 
 
 
Preliminary
 
March 31, 2019
 
FPL
 
Gulf Power
 
NEER
 
Corporate and
Other(1)
 
NextEra Energy
Property, Plant and Equipment
 
 
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
51,536

 
$
5,436

 
$
31,045

 
$
1,089

 
$
89,106

Nuclear fuel
 
1,262

 

 
592

 

 
1,854

Construction work in progress
 
2,543

 
276

 
4,028

 
351

 
7,198

Accumulated depreciation and amortization
 
(13,135
)
 
(1,588
)
 
(8,455
)
 
(186
)
 
(23,364
)
Total property, plant and equipment - net
 
42,206

 
4,124

 
27,210

 
1,254

 
74,794

Current Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
77

 
50

 
308

 
537

 
972

Customer receivables, net of allowances
 
993

 
139

 
1,038

 
21

 
2,191

Other receivables
 
326

 
18

 
529

 
(90
)
 
783

Materials, supplies and fossil fuel inventory
 
690

 
160

 
560

 

 
1,410

Regulatory assets
 
399

 
69

 

 
(18
)
 
450

Derivatives
 
5

 

 
469

 

 
474

Assets held for sale
 

 

 
1,334

 

 
1,334

Other
 
161

 
37

 
409

 
1

 
608

Total current assets
 
2,651

 
473

 
4,647

 
451

 
8,222

Other Assets
 
 
 
 
 
 
 
 
 
 
Special use funds
 
4,367

 

 
1,993

 

 
6,360

Investment in equity method investees
 

 

 
6,735

 

 
6,735

Prepaid benefit costs
 
1,425

 
2

 

 
(132
)
 
1,295

Regulatory assets
 
2,827

 
594

 
9

 
330

 
3,760

Derivatives
 

 

 
1,316

 
23

 
1,339

Goodwill
 
302

 

 
589

 
2,597

 
3,488

Other
 
546

 
185

 
2,027

 
278

 
3,036

Total other assets
 
9,467

 
781

 
12,669

 
3,096

 
26,013

Total Assets
 
$
54,324

 
$
5,378

 
$
44,526

 
$
4,801

 
$
109,029

Capitalization
 
 
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$
678

 
$

 
$
(2,046
)
 
$
5

Additional paid-in capital
 
10,852

 
917

 
11,186

 
(12,440
)
 
10,515

Retained earnings
 
9,628

 
302

 
17,511

 
(3,522
)
 
23,919

Accumulated other comprehensive loss
 

 
(1
)
 
(84
)
 
(128
)
 
(213
)
Total common shareholders' equity
 
21,853

 
1,896

 
28,613

 
(18,136
)
 
34,226

Noncontrolling interests
 

 

 
3,583

 
31

 
3,614

Total equity
 
21,853

 
1,896

 
32,196

 
(18,105
)
 
37,840

Redeemable noncontrolling interests
 

 

 
71

 

 
71

Long-term debt
 
12,323

 
1,361

 
3,189

 
13,010

 
29,883

Total capitalization
 
34,176

 
3,257

 
35,456

 
(5,095
)
 
67,794

Current Liabilities
 
 
 
 
 
 
 
 
 
 
Commercial paper
 
396

 

 

 
1,905

 
2,301

Other short-term debt
 

 

 

 
5,415

 
5,415

Current portion of long-term debt
 
56

 

 
538

 
2,020

 
2,614

Accounts payable
 
698

 
214

 
1,547

 
(61
)
 
2,398

Customer deposits
 
446

 
34

 
4

 

 
484

Accrued interest and taxes
 
467

 
34

 
103

 
15

 
619

Derivatives
 
12

 
5

 
264

 
393

 
674

Accrued construction-related expenditures
 
338

 
32

 
332

 
7

 
709

Regulatory liabilities
 
293

 
30

 
2

 
12

 
337

Liabilities associated with assets held for sale
 

 

 
1,180

 

 
1,180

Other
 
418

 
178

 
433

 
166

 
1,195

Total current liabilities
 
3,124

 
527

 
4,403

 
9,872

 
17,926

Other Liabilities and Deferred Credits
 
 
 
 
 
 
 
 
 
 
Asset retirement obligations
 
2,223

 
121

 
1,006

 

 
3,350

Deferred income taxes
 
5,298

 
625

 
2,650

 
(523
)
 
8,050

Regulatory liabilities
 
9,026

 
585

 

 
123

 
9,734

Derivatives
 
7

 

 
409

 
200

 
616

Other
 
470

 
263

 
602

 
224

 
1,559

Total other liabilities and deferred credits
 
17,024

 
1,594

 
4,667

 
24

 
23,309

Commitments and Contingencies
 
 
 
 
 
 
 
 
 
 
Total Capitalization and Liabilities
 
$
54,324

 
$
5,378

 
$
44,526

 
$
4,801

 
$
109,029

————————————

(1) Corporate & Other represents other business activities 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.


9



NextEra Energy, Inc.
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
Preliminary
 
(millions)
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
December 31, 2018
 
FPL
 
NEER
 
Corporate and Other(1)
 
NextEra Energy
Property, Plant and Equipment
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
49,640

 
$
31,273

 
$
1,073

 
$
81,986

Nuclear fuel
 
1,189

 
551

 

 
1,740

Construction work in progress
 
3,888

 
4,239

 
230

 
8,357

Accumulated depreciation and amortization
 
(13,218
)
 
(8,364
)
 
(167
)
 
(21,749
)
Total property, plant and equipment - net
 
41,499

 
27,699

 
1,136

 
70,334

Current Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
112

 
332

 
194

 
638

Customer receivables, net of allowances
 
1,026

 
1,259

 
17

 
2,302

Other receivables
 
284

 
454

 
(71
)
 
667

Materials, supplies and fossil fuel inventory
 
670

 
553

 

 
1,223

Regulatory assets
 
447

 

 
1

 
448

Derivatives
 

 
563

 
1

 
564

Other
 
239

 
307

 
5

 
551

Total current assets
 
2,778

 
3,468

 
147

 
6,393

Other Assets
 
 
 
 
 
 
 
 
Special use funds
 
4,056

 
1,830

 

 
5,886

Investment in equity method investees
 

 
6,494

 
254

 
6,748

Prepaid benefit costs
 
1,407

 

 
(123
)
 
1,284

Regulatory assets
 
2,843

 
9

 
438

 
3,290

Derivatives
 

 
1,326

 
29

 
1,355

Goodwill
 
302

 
587

 
2

 
891

Other
 
599

 
2,117

 
4,805

 
7,521

Total other assets
 
9,207

 
12,363

 
5,405

 
26,975

Total Assets
 
$
53,484

 
$
43,530

 
$
6,688

 
$
103,702

Capitalization
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$

 
$
(1,368
)
 
$
5

Additional paid-in capital
 
10,601

 
9,598

 
(9,709
)
 
10,490

Retained earnings
 
9,040

 
17,212

 
(2,415
)
 
23,837

Accumulated other comprehensive loss
 

 
(113
)
 
(75
)
 
(188
)
Total common shareholders' equity
 
21,014

 
26,697

 
(13,567
)
 
34,144

Noncontrolling interests
 

 
3,269

 

 
3,269

Total equity
 
21,014

 
29,966

 
(13,567
)
 
37,413

Redeemable noncontrolling interests
 

 
468

 

 
468

Long-term debt
 
11,688

 
4,100

 
10,994

 
26,782

Total capitalization
 
32,702

 
34,534

 
(2,573
)
 
64,663

Current Liabilities
 
 
 
 
 
 
 
 
Commercial paper
 
1,256

 

 
1,493

 
2,749

Other short-term debt
 

 

 
5,465

 
5,465

Current portion of long-term debt
 
95

 
602

 
2,019

 
2,716

Accounts payable
 
731

 
1,675

 
(20
)
 
2,386

Customer deposits
 
442

 
3

 

 
445

Accrued interest and taxes
 
376

 
212

 
(111
)
 
477

Derivatives
 
32

 
391

 
252

 
675

Accrued construction-related expenditures
 
323

 
865

 
7

 
1,195

Regulatory liabilities
 
310

 
3

 
12

 
325

Other
 
511

 
536

 
83

 
1,130

Total current liabilities
 
4,076

 
4,287

 
9,200

 
17,563

Other Liabilities and Deferred Credits
 
 
 
 
 
 
 
 
Asset retirement obligations
 
2,147

 
988

 

 
3,135

Deferred income taxes
 
5,165

 
2,590

 
(388
)
 
7,367

Regulatory liabilities
 
8,886

 

 
123

 
9,009

Derivatives
 
9

 
416

 
91

 
516

Other
 
499

 
715

 
235

 
1,449

Total other liabilities and deferred credits
 
16,706

 
4,709

 
61

 
21,476

Commitments and Contingencies
 
 
 
 
 
 
 
 
Total Capitalization and Liabilities
 
$
53,484

 
$
43,530

 
$
6,688

 
$
103,702

————————————

 
 
 
 
 
 
 
 
(1) Corporate & Other represents other business activities 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.

10



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(millions)
(unaudited)
Preliminary
 
Three Months Ended March 31, 2019
 
FPL
 
Gulf Power
 
NEER
 
Corporate and
Other(1)
 
NextEra Energy
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
588

 
$
37

 
$
227

 
$
(246
)
 
$
606

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
375

 
50

 
326

 
21

 
772

Nuclear fuel and other amortization
 
45

 
14

 
26

 
5

 
90

Unrealized losses (gains) on marked to market derivative contracts - net
 

 

 
127

 
259

 
386

Foreign currency transaction losses (gains)
 

 

 

 
(5
)
 
(5
)
Deferred income taxes
 
203

 
16

 
166

 
(165
)
 
220

Cost recovery clauses and franchise fees
 
(27
)
 
(14
)
 

 

 
(41
)
Equity in earnings of equity method investees
 

 

 
(16
)
 

 
(16
)
Distributions of earnings from equity method investees
 

 

 
84

 

 
84

Losses (gains) on disposal of a business, assets and investments - net
 
(1
)
 

 
(50
)
 
2

 
(49
)
Other - net
 
11

 
(6
)
 
(126
)
 
9

 
(112
)
Changes in operating assets and liabilities:
 
 
 

 
 
 
 
 
 
Current assets
 
(35
)
 
(50
)
 
184

 
184

 
283

Noncurrent assets
 
(19
)
 
(22
)
 
(48
)
 
(34
)
 
(123
)
Current liabilities
 
31

 
19

 
(520
)
 
(44
)
 
(514
)
Noncurrent liabilities
 
(35
)
 
21

 
15

 
15

 
16

Net cash provided by operating activities
 
1,136

 
65

 
395

 
1

 
1,597

Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
 
 
Capital expenditures of FPL
 
(1,104
)
 

 

 

 
(1,104
)
Acquisition and capital expenditures of Gulf Power
 

 
(95
)
 

 
(4,456
)
 
(4,551
)
Independent power and other investments of NEER
 

 

 
(1,143
)
 

 
(1,143
)
Nuclear fuel purchases
 
(36
)
 

 
(61
)
 

 
(97
)
Other capital expenditures and other investments
 

 

 

 
(134
)
 
(134
)
Proceeds from sale or maturity of securities in special use funds and other investments
 
562

 

 
351

 
53

 
966

Purchases of securities in special use funds and other investments
 
(596
)
 

 
(359
)
 
(64
)
 
(1,019
)
Other - net
 
1

 

 
104

 
32

 
137

Net cash used in investing activities
 
(1,173
)
 
(95
)
 
(1,108
)
 
(4,569
)
 
(6,945
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
 
 
Issuances of long-term debt
 
643

 
75

 
6

 
2,044

 
2,768

Retirements of long-term debt
 
(39
)
 

 
(124
)
 
(3
)
 
(166
)
Net change in commercial paper
 
(860
)
 

 

 
412

 
(448
)
Repayments of other short-term debt
 

 

 

 
(50
)
 
(50
)
Payments to related parties under a cash sweep and credit support agreement – net
 

 

 
(24
)
 

 
(24
)
Issuances of common stock - net
 

 

 

 
20

 
20

Dividends on common stock
 

 

 

 
(598
)
 
(598
)
Dividends & capital distributions from (to) parent - net
 
250

 
9

 
1,068

 
(1,327
)
 

Other - net
 
(12
)
 

 
(12
)
 
(51
)
 
(75
)
Net cash provided by (used in) financing activities
 
(18
)
 
84

 
914

 
447

 
1,427

Effects of currency translation on cash, cash equivalents and restricted cash
 

 

 
9

 

 
9

Net increase (decrease) in cash, cash equivalents and restricted cash
 
(55
)
 
54

 
210

 
(4,121
)
 
(3,912
)
Cash, cash equivalents and restricted cash at beginning of period
 
254

 

 
341

 
4,658

 
5,253

Cash, cash equivalents and restricted cash at end of period
 
$
199

 
$
54

 
$
551

 
$
537

 
$
1,341

————————————

(1) Corporate & Other represents other business activities 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.

11



NextEra Energy, Inc.
Condensed Consolidated Statements of Cash Flows(1)  
(millions)
(unaudited)
Preliminary
 
Three Months Ended March 31, 2018
 
FPL
 
NEER
 
Corporate and
Other(1)
 
NextEra Energy
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
Net income
 
$
484

 
$
3,332

 
$
18

 
$
3,834

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
 
 
 
Depreciation and amortization
 
546

 
292

 
18

 
856

Nuclear fuel and other amortization
 
41

 
25

 
3

 
69

Unrealized losses (gains) on marked to market derivative contracts - net
 

 
(157
)
 
(36
)
 
(193
)
Foreign currency transaction losses (gains)
 

 

 
38

 
38

Deferred income taxes
 
265

 
1,192

 
(187
)
 
1,270

Cost recovery clauses and franchise fees
 
(47
)
 

 

 
(47
)
Equity in earnings of equity method investees
 

 
(176
)
 
(21
)
 
(197
)
Distributions of earnings from equity method investees
 

 
71

 
13

 
84

Losses (gains) on disposal of a business, assets and investments - net
 
(1
)
 
(66
)
 
3

 
(64
)
Gain on NEP deconsolidation
 

 
(3,927
)
 

 
(3,927
)
Other - net
 
(58
)
 
17

 
5

 
(36
)
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
 
Current assets
 
(51
)
 
90

 
204

 
243

Noncurrent assets
 
(20
)
 
9

 
(11
)
 
(22
)
Current liabilities
 
(513
)
 
(264
)
 
182

 
(595
)
Noncurrent liabilities
 
(56
)
 
26

 
8

 
(22
)
Net cash provided by operating activities
 
590

 
464

 
237

 
1,291

Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
Capital expenditures of FPL
 
(1,166
)
 

 

 
(1,166
)
Independent power and other investments of NEER
 

 
(2,300
)
 

 
(2,300
)
Nuclear fuel purchases
 
(37
)
 
(72
)
 
(1
)
 
(110
)
Other capital expenditures and other investments
 

 

 
(12
)
 
(12
)
Proceeds from sale or maturity of securities in special use funds and other investments
 
430

 
448

 
41

 
919

Purchases of securities in special use funds and other investments
 
(534
)
 
(457
)
 
(48
)
 
(1,039
)
Other - net
 
19

 
10

 
12

 
41

Net cash used in investing activities
 
(1,288
)
 
(2,371
)
 
(8
)
 
(3,667
)
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
Issuances of long-term debt
 
1,000

 

 
804

 
1,804

Retirements of long-term debt
 
(787
)
 
(150
)
 
(5
)
 
(942
)
Net change in commercial paper
 
(126
)
 

 
1,403

 
1,277

Repayments of other short-term debt
 
(250
)
 

 

 
(250
)
Issuances of common stock - net
 

 

 
7

 
7

Dividends on common stock
 

 

 
(523
)
 
(523
)
Dividends & capital distributions from (to) parent - net
 
850

 
1,768

 
(2,618
)
 

Other - net
 
(21
)
 
(6
)
 
(36
)
 
(63
)
Net cash provided by (used in) financing activities
 
666

 
1,612

 
(968
)
 
1,310

Effects of currency translation on cash, cash equivalents and restricted cash
 

 
(9
)
 

 
(9
)
Net increase (decrease) in cash, cash equivalents and restricted cash
 
(32
)
 
(304
)
 
(739
)
 
(1,075
)
Cash, cash equivalents and restricted cash at beginning of period
 
174

 
871

 
938

 
1,983

Cash, cash equivalents and restricted cash at end of period
 
$
142

 
$
567

 
$
199

 
$
908

————————————

(1) Amounts have been retrospectively adjusted for an accounting standard update related to leases.
(2) Corporate & Other represents other business activities 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.

12



NextEra Energy, Inc.
Earnings Per Share Contributions
(assuming dilution)
(unaudited)
Preliminary
 
 
 
First
Quarter
2018 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
9.32

 
 
 
FPL - 2018 Earnings Per Share
 
$
1.02

New investment growth
 
0.09

Deferred tax impact
 
0.02

Allowance for funds used during construction
 
0.01

Regulated gas
 
0.01

Other and share dilution
 
0.07

FPL - 2019 Earnings Per Share
 
$
1.22

 
 
 
Gulf Power - 2018 Earnings Per Share
 
$

Post acquisition contribution
 
0.08

Gulf Power - 2019 Earnings Per Share
 
$
0.08

 
 
 
NEER - 2018 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
8.26

New investments
 
0.08

Existing assets
 
(0.10
)
Gas infrastructure
 
0.03

Customer supply and proprietary power & gas trading
 
0.06

Asset sales
 
(0.06
)
Non-qualifying hedges impact
 
(0.55
)
Tax reform-related, including the impact of income tax rate change on differential membership interests
 
(1.01
)
NEP investment gains - net (see related tax effects in Corporate and Other below)
 
(6.39
)
Spain operating results
 
0.01

Change in unrealized gains (losses) on securities held in NEER's nuclear decommissioning funds and OTTI - net
 
0.20

Interest and corporate general and administrative expenses
 
0.01

Other, including income taxes and share dilution
 
0.09

NEER - 2019 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
0.63

 
 
 
Corporate and Other - 2018 Earnings (Loss) Per Share
 
$
0.04

Non-qualifying hedges impact
 
(0.39
)
NEP investment gains - net
 
0.06

Acquisition-related
 
(0.09
)
Other, primarily interest expense and share dilution
 
(0.14
)
Corporate and Other - 2019 Earnings (Loss) Per Share
 
$
(0.52
)
 
 
 
2019 Earnings Per Share Attributable to NextEra Energy, Inc.
 
$
1.41

 
 
 
Amounts have been retrospectively adjusted for an accounting standards update related to leases.
 
 
 
 
 
Corporate & Other represents other business activities, 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 differential membership interests sold by NEER’s subsidiaries. Residual corporate interest expense is included in Corporate & Other.
 
 
 
 
 

13