EX-99 2 neeq42019exhibit99.htm EXHIBIT 99 Exhibit


Exhibit 99

nexteraenergy.jpg
 
 
NextEra Energy, Inc.
Media Line: 561-694-4442
Jan. 24, 2020

FOR IMMEDIATE RELEASE

NextEra Energy reports fourth-quarter and full-year 2019 financial results
NextEra Energy delivers strong full-year financial and operational results
Florida Power & Light Company's continued investments in the business to further advance its customer value proposition result in residential bills nearly 30% below the national average and best-ever service reliability
Gulf Power Company generates significant value creation for customers and shareholders in first year of ownership
NextEra Energy Resources adds more than 5,800 megawatts to its backlog and commissions approximately 2,700 megawatts of renewables projects in 2019

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2019 fourth-quarter net income attributable to NextEra Energy on a GAAP basis of $975 million, or $1.99 per share, compared to $422 million, or $0.88 per share, for the fourth quarter of 2018. On an adjusted basis, NextEra Energy's 2019 fourth-quarter earnings were $706 million, or $1.44 per share, compared to $718 million, or $1.49 per share, in the fourth quarter of 2018.

For the full year 2019, NextEra Energy reported net income attributable to NextEra Energy on a GAAP basis of $3.769 billion, or $7.76 per share, compared to $6.638 billion, or $13.88 per share, in 2018. On an adjusted basis, NextEra Energy's full-year 2019 earnings were $4.062 billion, or $8.37 per share, compared to $3.673 billion, or $7.70 per share, in 2018, which represents year-over-year growth in adjusted earnings per share of approximately 8.7%.

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.

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"NextEra Energy's performance in 2019 was strong both financially and operationally with outstanding execution on all of our initiatives," said Jim Robo, chairman and chief executive officer of NextEra Energy. "We achieved approximately 8.7% growth in adjusted earnings per share for the year and delivered a total shareholder return of approximately 43%, significantly outperforming both the S&P 500 and the S&P 500 Utilities Index. During 2019, FPL successfully executed smart capital investments to improve its already best-in-class customer value proposition. As a result, FPL's typical residential electric bill remains nearly 30% below the national average, and FPL was recognized for the fourth time in five years as being the most reliable electric utility in the nation. At Gulf Power Company, we had terrific execution throughout the first year of ownership and delivered significant value to customers and shareholders. The NextEra Energy Resources team continues to capitalize on what we believe is the best renewables development environment in our history, adding more than 5,800 megawatts to its contracted renewables backlog and commissioning another approximately 2,700 megawatts of wind and solar projects, including repowering. I continue to remain as enthusiastic as ever about NextEra Energy's long-term growth prospects and will be disappointed if we are not able to deliver financial results at or near the top end of our adjusted earnings per share expectations ranges in 2020, 2021 and 2022, while at the same time maintaining our strong credit ratings."

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 fourth-quarter 2019 net income of $400 million, or $0.81 per share, compared to $407 million, or $0.85 per share, for the prior-year quarter. For the full year 2019, FPL reported net income on a GAAP basis of $2.334 billion, or $4.81 per share, compared to $2.171 billion, or $4.55 per share, in 2018.

FPL's full-year growth was primarily driven by continued investment in the business. FPL's capital expenditures were approximately $2.0 billion in the fourth quarter of 2019, bringing its full-year capital investments to a total of roughly $5.8 billion. Regulatory capital employed increased by approximately 8.3% for 2019. During the fourth quarter of 2019, FPL's average number of customers increased by approximately 100,000 from the prior-year comparable quarter.

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 remains nearly 30% below the national average and among the lowest of all 54 electric providers in the state of Florida. Earlier this month, the typical FPL residential customer monthly bill decreased nearly $4, or approximately 4%. FPL had continued success with its cost-saving initiatives, reducing its already best-in-class dollar per retail-megawatt-hour non-fuel O&M costs by more than 5% year-over-year. These ongoing cost savings, combined with the flexibility afforded by FPL's current settlement agreement, enabled FPL to avoid a customer surcharge for the roughly $260 million of storm restoration costs related to Hurricane Dorian. In addition to low bills, FPL delivered its best-ever service reliability performance in 2019 and was named the winner of the 2019 ReliabilityOneTM National Reliability Excellence Award, presented by PA Consulting, for the fourth time in five years.

In 2019, FPL successfully executed on its ongoing capital plan, including bringing online the highly efficient Okeechobee Clean Energy Center and an additional 300 megawatts (MW) of cost-effective solar on time and on budget. Construction on an additional 10 solar sites, totaling nearly 750 MW of combined capacity, remain on track and on budget to begin providing cost-effective energy to FPL customers in early 2020. These projects are part of FPL's groundbreaking "30-by-30" plan, which is one of the world's largest solar expansions and will result in approximately 10,000 MW of incremental solar capacity on FPL's system. This solar expansion combined with low-cost battery storage solutions, such as the Manatee Energy Storage Center that was announced during the year, represent the next phase of FPL's generation modernization efforts and are expected to further reduce FPL's CO2 emissions rate, which is already among the lowest in the nation and has declined more than 30% since 2005.


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Beyond solar, construction on the highly efficient, roughly 1,200-MW Dania Beach Clean Energy Center remains on schedule and on budget as it continues to advance toward its projected commercial operation date in 2022.

In addition, after an extensive and thorough 18-month review, the Nuclear Regulatory Commission granted Turkey Point units 3 and 4 their second 20-year license extensions. These units are the first nuclear power units in the U.S. to achieve this milestone, and this decision supports the continued production of clean, zero-emission, reliable and affordable nuclear power in Florida for many years to come.

Gulf Power Company
Gulf Power, a rate-regulated electric utility that serves approximately 470,000 customers in eight counties throughout northwest Florida, reported fourth-quarter 2019 net income on a GAAP basis of $23 million, or $0.05 per share. On an adjusted basis, Gulf Power's earnings for the fourth quarter of 2019 were $26 million, or $0.05 per share. For the full year 2019, Gulf Power reported net income on a GAAP basis of $180 million, or $0.37 per share. On an adjusted basis, Gulf Power's earnings for the full year 2019 were $200 million, or $0.41 per share.

The Gulf Power integration continues to progress well, and the team remains focused on improving the customer value proposition by reducing costs and making smart capital investments for the benefit of customers. In the first year of ownership, Gulf Power reduced its O&M costs by approximately 20%, while investing approximately $730 million to support regulatory capital employed growth of 11% year-over-year. Gulf Power customers are already beginning to benefit as the company achieved its best-ever service reliability year, which was approximately 20% better than 2018.

The approximately 75-MW Blue Indigo Solar Energy Center, Gulf Power's first solar development project, is expected to go into service later this quarter and generate significant customer savings over its lifetime. All of the other major capital investments, including the North Florida Resiliency Connection and the Plant Crist coal-to-natural gas conversion, continue to remain on track.

During the fourth quarter of 2019, Gulf Power's average number of customers increased slightly from the prior-year comparable quarter.

NextEra Energy Resources
NextEra Energy Resources, the competitive energy and rate-regulated transmission businesses of NextEra Energy, reported a fourth-quarter 2019 contribution to net income attributable to NextEra Energy on a GAAP basis of $433 million, or $0.88 per share, compared to $264 million, or $0.55 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the fourth quarter of 2019 were $326 million, or $0.66 per share, compared to $323 million, or $0.67 per share, for the fourth quarter of 2018. For the full year 2019, NextEra Energy Resources reported net income attributable to NextEra Energy on a GAAP basis of $1.807 billion, or $3.72 per share, compared to $4.704 billion, or $9.82 per share, in 2018. On an adjusted basis, NextEra Energy Resources' earnings for the full year 2019 were $1.695 billion, or $3.49 per share, compared to $1.498 billion, or $3.14 per share, for the full year 2018.

In 2019, NextEra Energy Resources continued to advance its position as the leading developer and operator of wind, solar and battery storage projects, commissioning approximately 2,700 MW of renewables projects in the U.S., including repowering. The team extended its long track record of renewables origination success, adding more than 5,800 MW to the backlog over the past year. Since the third-quarter financial results call in late October, the team added 1,609 MW of renewables projects to the backlog, including approximately 500 MW of combined wind and repowering, 770 MW of solar and 340 MW of battery storage, all of which will be paired with new solar projects.


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Corporate and Other
In the fourth quarter of 2019 on a GAAP basis, Corporate and Other earnings increased $0.77 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other earnings for the fourth quarter of 2019 declined $0.05 compared to the prior-year quarter. For the full year 2019, Corporate and Other earnings decreased $0.65 per share on a GAAP basis, compared to 2018. On an adjusted basis, Corporate and Other earnings for the full year 2019 decreased $0.35 per share, compared to 2018.

Outlook
NextEra Energy's financial expectations, which were extended last year through 2022, remain unchanged. NextEra Energy continues to expect its adjusted earnings per share compound annual growth rate to be in a range of 6% to 8% through 2021, off the 2018 adjusted earnings per share of $7.70, plus accretion of $0.15 and $0.20 in 2020 and 2021, respectively, from the Florida acquisitions. For 2020, NextEra Energy continues to expect its adjusted earnings per share to be in the range of $8.70 to $9.20. For 2022, NextEra Energy expects to grow 6% to 8%, off 2021 adjusted earnings per share, translating to a range of $10.00 to $10.75 per share.

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 financial 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 fourth-quarter and full-year 2019 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the fourth-quarter and full-year 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 approximately 470,000 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.

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NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2020 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 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 or 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

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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 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 December 31, 2019
 
FPL
 
Gulf Power
 
NEER
 
Corporate and
Other(a)
 
NextEra Energy
Operating Revenues
 
$
2,925

 
$
353

 
$
1,338

 
$
(28
)
 
$
4,588

Operating Expenses (Income)
 
 
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
778

 
127

 
182

 
(32
)
 
1,055

Other operations and maintenance
 
420

 
88

 
481

 
47

 
1,036

Storm restoration costs
 
262

 

 

 

 
262

Impairment charges
 

 

 
(1
)
 

 
(1
)
Acquisition-related
 

 
4

 

 
(1
)
 
3

Depreciation and amortization
 
519

 
67

 
368

 
15

 
969

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

 
(28
)
 
1

 
(28
)
Taxes other than income taxes and other - net
 
330

 
29

 
55

 

 
414

Total operating expenses - net
 
2,308

 
315

 
1,057

 
30

 
3,710

Operating Income (Loss)
 
617

 
38

 
281

 
(58
)
 
878

Other Income (Deductions)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(152
)
 
(15
)
 
(182
)
 
161

 
(188
)
Equity in earnings (losses) of equity method investees
 

 

 
146

 

 
146

Allowance for equity funds used during construction
 
16

 
3

 
(3
)
 

 
16

Interest income
 
1

 
1

 
10

 
1

 
13

Gains on disposal of investments and other property - net
 

 

 
17

 

 
17

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

 

 
81

 

 
81

Other net periodic benefit income
 

 

 

 
49

 
49

Other - net
 

 

 
25

 

 
25

Total other income (deductions) - net
 
(135
)
 
(11
)
 
94

 
211

 
159

Income (Loss) before Income Taxes
 
482

 
27

 
375

 
153

 
1,037

Income Tax Expense (Benefit)
 
82

 
4

 
73

 
34

 
193

Net Income (Loss)
 
400

 
23

 
302

 
119

 
844

Net Loss Attributable to Noncontrolling Interests
 

 

 
131

 

 
131

Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
400

 
$
23

 
$
433

 
$
119

 
$
975

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
400

 
$
23

 
$
433

 
$
119

 
$
975

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

 

 
(160
)
 
(224
)
 
(384
)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
 

 

 
(83
)
 

 
(83
)
Impact of income tax rate change on differential membership interests
 

 

 
30

 

 
30

NEP investment gains - net
 

 

 
49

 

 
49

Operating loss (income) of Spain solar projects
 

 

 
3

 

 
3

Acquisition-related
 

 
4

 

 
1

 
5

Less related income tax expense (benefit)
 

 
(1
)
 
54

 
58

 
111

Adjusted Earnings (Loss)
 
$
400

 
$
26

 
$
326

 
$
(46
)
 
$
706

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
0.81

 
$
0.05

 
$
0.88

 
$
0.25

 
$
1.99

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

 

 
(0.33
)
 
(0.46
)
 
(0.79
)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
 

 

 
(0.17
)
 

 
(0.17
)
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
 

 

 
0.01

 

 
0.01

Acquisition-related
 

 
0.01

 

 

 
0.01

Less related income tax expense (benefit)
 

 
(0.01
)
 
0.11

 
0.13

 
0.23

Adjusted Earnings (Loss) Per Share
 
$
0.81

 
$
0.05

 
$
0.66

 
$
(0.08
)
 
$
1.44

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
 
 
491

————————————

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 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 and Other.
(b) After tax impact by segment is as follows:
 
Gulf Power
NEER
 
Corporate and Other
 
NextEra Energy
 
 
Adjusted Earnings
 
Adjusted
EPS
Adjusted Earnings
 
Adjusted
EPS
 
Adjusted Earnings
 
Adjusted
EPS
 
Adjusted Earnings
 
Adjusted
EPS
Net losses (gains) associated with non-qualifying hedges
$

 
$

$
(120
)
 
$
(0.25
)
 
$
(165
)
 
$
(0.33
)
 
$
(285
)
 
$
(0.58
)
Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
$

 
$

$
(60
)
 
$
(0.12
)
 
$

 
$

 
$
(60
)
 
$
(0.12
)
Impact of income tax rate change on differential membership interests
$

 
$

$
22

 
$
0.04

 
$

 
$

 
$
22

 
$
0.04

NEP investment gains - net
$

 
$

$
37

 
$
0.08

 
$

 
$

 
$
37

 
$
0.08

Operating loss (income) of Spain solar projects
$

 
$

$
14

 
$
0.03

 
$

 
$

 
$
14

 
$
0.03

Acquisition-related
$
3

 
$

$

 
$

 
$

 
$

 
$
3

 
$


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NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
 
Three Months Ended December 31, 2018
 
FPL
 
NEER(a)
 
Corporate and
Other(a)(b)
 
NextEra Energy
Operating Revenues
 
$
2,935

 
$
1,489

 
$
(34
)
 
$
4,390

Operating Expenses (Income)
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
831

 
141

 
(36
)
 
936

Other operations and maintenance
 
398

 
453

 
31

 
882

Storm restoration costs
 
2

 

 

 
2

Impairment charges
 

 
11

 

 
11

Acquisition-related
 

 
6

 
13

 
19

Depreciation and amortization
 
768

 
311

 
12

 
1,091

Losses (gains) on disposal of businesses/assets - net
 
(2
)
 
(32
)
 
2

 
(32
)
Taxes other than income taxes and other - net
 
329

 
48

 
(3
)
 
374

Total operating expenses - net
 
2,326

 
938

 
19

 
3,283

Operating Income (Loss)
 
609

 
551

 
(53
)
 
1,107

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(131
)
 
(260
)
 
(318
)
 
(709
)
Equity in earnings (losses) of equity method investees
 

 
(24
)
 
11

 
(13
)
Allowance for equity funds used during construction
 
26

 
1

 

 
27

Interest income
 
1

 
9

 
2

 
12

Gains on disposal of investments and other property - net
 

 
28

 

 
28

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

 
(212
)
 

 
(212
)
Other net periodic benefit income
 

 

 
29

 
29

Other - net
 
1

 
19

 

 
20

Total other income (deductions) - net
 
(103
)
 
(439
)
 
(276
)
 
(818
)
Income (Loss) before Income Taxes
 
506

 
112

 
(329
)
 
289

Income Tax Expense (Benefit)
 
99

 
(44
)
 
(80
)
 
(25
)
Net Income (Loss)
 
407

 
156

 
(249
)
 
314

Net Loss Attributable to Noncontrolling Interests
 

 
108

 

 
108

Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
407

 
$
264

 
$
(249
)
 
$
422

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
407

 
$
264

 
$
(249
)
 
$
422

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

 
(103
)
 
295

 
192

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

 
210

 

 
210

Tax reform-related
 

 
(3
)
 
1

 
(2
)
NEP investment gains - net
 

 
(1
)
 

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

 
4

 

 
4

Acquisition-related
 

 
6

 
13

 
19

Less related income tax expense (benefit)
 

 
(54
)
 
(72
)
 
(126
)
Adjusted Earnings (Loss)
 
$
407

 
$
323

 
$
(12
)
 
$
718

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
0.85

 
$
0.55

 
$
(0.52
)
 
$
0.88

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

 
(0.21
)
 
0.61

 
0.40

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

 
0.44

 

 
0.44

Tax reform-related
 

 

 

 

NEP investment gains - net
 

 

 

 

Operating loss (income) of Spain solar projects
 

 
0.01

 

 
0.01

Acquisition-related
 

 
0.01

 
0.03

 
0.04

Less related income tax expense (benefit)
 

 
(0.13
)
 
(0.15
)
 
(0.28
)
Adjusted Earnings (Loss) Per Share
 
$
0.85

 
$
0.67

 
$
(0.03
)
 
$
1.49

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
481

————————————

 
 
 
 
 
 
 
 
 
 
 
 
(a) During the fourth quarter of 2019, NEET, which was previously reported in Corporate and Other, was moved to the NEER segment. Amounts for NEER and Corporate and Other were adjusted to reflect the segment change.
(b) 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 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 and Other.
(c) 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
$
(86
)
 
$
(0.20
)
 
$
225

 
$
0.47

 
$
139

 
$
0.27

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
$
147

 
$
0.31

 
$

 
$

 
$
147

 
$
0.31

Tax reform-related
$
(9
)
 
$
(0.01
)
 
$
1

 
$

 
$
(8
)
 
$
(0.01
)
NEP investment gains - net
$
(2
)
 
$

 
$
(2
)
 
$
(0.01
)
 
$
(4
)
 
$
(0.01
)
Operating loss (income) of Spain solar projects
$
4

 
$
0.01

 
$

 
$

 
$
4

 
$
0.01

Acquisition-related
$
5

 
$
0.01

 
$
13

 
$
0.03

 
$
18

 
$
0.04

 
 
 
 
 
 
 
 
 
 
 
 
 

8



NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
 
Twelve Months Ended December 31, 2019
 
FPL
 
Gulf Power
 
NEER
 
Corporate and
Other(a)
 
NextEra Energy
Operating Revenues
 
$
12,192

 
$
1,487

 
$
5,639

 
$
(114
)
 
$
19,204

Operating Expenses (Income)
 
 
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
3,256

 
547

 
689

 
(129
)
 
4,363

Other operations and maintenance
 
1,519

 
279

 
1,668

 
174

 
3,640

Storm restoration costs
 
234

 

 

 

 
234

Impairment charges
 

 

 
72

 

 
72

Acquisition-related
 

 
27

 
8

 

 
35

Depreciation and amortization
 
2,524

 
247

 
1,387

 
58

 
4,216

Losses (gains) on disposal of businesses/assets - net
 
(5
)
 

 
(402
)
 
1

 
(406
)
Taxes other than income taxes and other - net
 
1,362

 
116

 
213

 
6

 
1,697

Total operating expenses - net
 
8,890

 
1,216

 
3,635

 
110

 
13,851

Operating Income (Loss)
 
3,302

 
271

 
2,004

 
(224
)
 
5,353

Other Income (Deductions)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
(594
)
 
(55
)
 
(873
)
 
(727
)
 
(2,249
)
Equity in earnings (losses) of equity method investees
 

 

 
67

 
(1
)
 
66

Allowance for equity funds used during construction
 
62

 
4

 
1

 

 
67

Interest income
 
5

 
3

 
38

 
8

 
54

Gains on disposal of investments and other property - net
 

 

 
54

 
1

 
55

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

 

 
238

 

 
238

Other net periodic benefit income
 

 

 

 
185

 
185

Other - net
 

 
(1
)
 
59

 
9

 
67

Total other income (deductions) - net
 
(527
)
 
(49
)
 
(416
)
 
(525
)
 
(1,517
)
Income (Loss) before Income Taxes
 
2,775

 
222

 
1,588

 
(749
)
 
3,836

Income Tax Expense (Benefit)
 
441

 
42

 
162

 
(197
)
 
448

Net Income (Loss)
 
2,334

 
180

 
1,426

 
(552
)
 
3,388

Net Loss Attributable to Noncontrolling Interests
 

 

 
381

 

 
381

Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
2,334

 
$
180

 
$
1,807

 
$
(552
)
 
$
3,769

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
2,334

 
$
180

 
$
1,807

 
$
(552
)
 
$
3,769

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

 

 
89

 
457

 
546

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

 

 
(249
)
 

 
(249
)
Impact of income tax rate change on differential membership interests
 

 

 
120

 

 
120

NEP investment gains - net
 

 

 
(124
)
 

 
(124
)
Operating loss (income) of Spain solar projects
 

 

 
(8
)
 

 
(8
)
Acquisition-related
 

 
27

 
8

 
19

 
54

Less related income tax expense (benefit)
 

 
(7
)
 
52

 
(91
)
 
(46
)
Adjusted Earnings (Loss)
 
$
2,334

 
$
200

 
$
1,695

 
$
(167
)
 
$
4,062

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
4.81

 
$
0.37

 
$
3.72

 
$
(1.14
)
 
$
7.76

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

 

 
0.18

 
0.94

 
1.12

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

 

 
(0.51
)
 

 
(0.51
)
Impact of income tax rate change on differential membership interests
 

 

 
0.25

 

 
0.25

NEP investment gains - net
 

 

 
(0.26
)
 

 
(0.26
)
Operating loss (income) of Spain solar projects
 

 

 
(0.02
)
 

 
(0.02
)
Acquisition-related
 

 
0.05

 
0.02

 
0.04

 
0.11

Less related income tax expense (benefit)
 

 
(0.01
)
 
0.11

 
(0.18
)
 
(0.08
)
Adjusted Earnings (Loss) Per Share
 
$
4.81

 
$
0.41

 
$
3.49

 
$
(0.34
)
 
$
8.37

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
 
 
485

————————————

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 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 and Other.
(b) After tax impact by segment is as follows:
 
Gulf Power
 
NEER
 
Corporate and Other
 
NextEra Energy
 
 
Adjusted Earnings
 
Adjusted
EPS
 
Adjusted Earnings
 
Adjusted
EPS
 
Adjusted Earnings
 
Adjusted
EPS
 
Adjusted Earnings
 
Adjusted
EPS
Net losses (gains) associated with non-qualifying hedges
$

 
$

 
$
63

 
$
0.15

 
$
341

 
$
0.71

 
$
404

 
$
0.86

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

 
$

 
$
(176
)
 
$
(0.37
)
 
$

 
$

 
$
(176
)
 
$
(0.37
)
Impact of income tax rate change on differential membership interests
$

 
$

 
$
89

 
$
0.18

 
$

 
$

 
$
89

 
$
0.18

NEP investment gains - net
$

 
$

 
$
(96
)
 
$
(0.20
)
 
$

 
$

 
$
(96
)
 
$
(0.20
)
Operating loss (income) of Spain solar projects
$

 
$

 
$
2

 
$

 
$

 
$

 
$
2

 
$

Acquisition-related
$
20

 
$
0.04

 
$
6

 
$
0.01

 
$
44

 
$
0.09

 
$
70

 
$
0.14


9



NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)
Preliminary
 
Twelve Months Ended December 31, 2018
 
FPL
 
NEER(a)
 
Corporate and
Other(a)(b)
 
NextEra Energy
Operating Revenues
 
$
11,862

 
$
4,984

 
$
(119
)
 
$
16,727

Operating Expenses (Income)
 
 
 
 
 
 
 
 
Fuel, purchased power and interchange
 
3,250

 
609

 
(127
)
 
3,732

Other operations and maintenance
 
1,514

 
1,649

 
167

 
3,330

Storm restoration costs
 
3

 

 

 
3

Impairment charges
 

 
11

 

 
11

Acquisition-related
 

 
6

 
26

 
32

Depreciation and amortization
 
2,633

 
1,230

 
48

 
3,911

Losses (gains) on disposal of businesses/assets - net
 
(6
)
 
(82
)
 
8

 
(80
)
Taxes other than income taxes and other - net
 
1,314

 
193

 
1

 
1,508

Total operating expenses - net
 
8,708

 
3,616

 
123

 
12,447

Operating Income (Loss)
 
3,154

 
1,368

 
(242
)
 
4,280

Other Income (Deductions)
 
 
 
 
 
 
 
 
Interest expense
 
(541
)
 
(595
)
 
(362
)
 
(1,498
)
Equity in earnings (losses) of equity method investees
 

 
321

 
37

 
358

Allowance for equity funds used during construction
 
90

 
6

 

 
96

Interest income
 
4

 
40

 
7

 
51

Gain on NEP deconsolidation
 

 
3,927

 

 
3,927

Gains on disposal of investments and other property - net
 

 
111

 

 
111

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

 
(189
)
 

 
(189
)
Other net periodic benefit income
 

 

 
168

 
168

Other - net
 
3

 
49

 
(4
)
 
48

Total other income (deductions) - net
 
(444
)
 
3,670

 
(154
)
 
3,072

Income (Loss) before Income Taxes
 
2,710

 
5,038

 
(396
)
 
7,352

Income Tax Expense (Benefit)
 
539

 
1,196

 
(159
)
 
1,576

Net Income (Loss)
 
2,171

 
3,842

 
(237
)
 
5,776

Net Loss Attributable to Noncontrolling Interests
 

 
862

 

 
862

Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
2,171

 
$
4,704

 
$
(237
)
 
$
6,638

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to NextEra Energy, Inc.
 
$
2,171

 
$
4,704

 
$
(237
)
 
$
6,638

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

 
(45
)
 
293

 
248

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

 
180

 

 
180

Tax reform-related
 

 
(560
)
 
(12
)
 
(572
)
NEP investment gains - net
 

 
(3,786
)
 

 
(3,786
)
Operating loss (income) of Spain solar projects
 

 
1

 

 
1

Acquisition-related
 

 
6

 
26

 
32

Less related income tax expense (benefit)
 

 
998

 
(66
)
 
932

Adjusted Earnings (Loss)
 
$
2,171

 
$
1,498

 
$
4

 
$
3,673

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)
 
$
4.55

 
$
9.82

 
$
(0.49
)
 
$
13.88

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

 
(0.11
)
 
0.61

 
0.50

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

 
0.38

 

 
0.38

Tax reform-related
 

 
(1.14
)
 
(0.03
)
 
(1.17
)
NEP investment gains - net
 

 
(7.91
)
 

 
(7.91
)
Operating loss (income) of Spain solar projects
 

 

 

 

Acquisition-related
 

 
0.01

 
0.06

 
0.07

Less related income tax expense (benefit)
 

 
2.09

 
(0.14
)
 
1.95

Adjusted Earnings (Loss) Per Share
 
$
4.55

 
$
3.14

 
$
0.01

 
$
7.70

Weighted-average shares outstanding (assuming dilution)
 
 
 
 
 
 
 
477

————————————

 
 
 
 
 
 
 
 
 
 
 
 
(a) During the fourth quarter of 2019, NEET, which was previously reported in Corporate and Other, was moved to the NEER segment. Amounts for NEER and Corporate and Other were adjusted to reflect the segment change.
(b) 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 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 and Other.
(c) 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
$
(41
)
 
$
(0.10
)
 
$
227

 
$
0.47

 
$
186

 
$
0.37

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net
$
127

 
$
0.27

 
$
(2
)
 
$

 
$
125

 
$
0.27

Tax reform-related
$
(421
)
 
$
(0.86
)
 
$
(15
)
 
$
(0.04
)
 
$
(436
)
 
$
(0.90
)
NEP investment gains - net
$
(2,885
)
 
$
(6.02
)
 
$
22

 
$
0.05

 
$
(2,863
)
 
$
(5.97
)
Operating loss (income) of Spain solar projects
$
9

 
$
0.02

 
$

 
$

 
$
9

 
$
0.02

Acquisition-related
 
$
5

 
$
0.01

 
$
9

 
$
0.02

 
$
14

 
$
0.03

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

10



NextEra Energy, Inc.
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
(millions)
(unaudited)
 
 
 
 
 
Preliminary
 
December 31, 2019
 
FPL
 
Gulf Power
 
NEER
 
Corporate and
Other(a)
 
NextEra Energy
Property, Plant and Equipment
 
 
 
 
 
 
 
 
 
 
Electric plant in service and other property
 
$
54,523

 
$
5,628

 
$
35,746

 
$
196

 
$
96,093

Nuclear fuel
 
1,153

 

 
602

 

 
1,755

Construction work in progress
 
3,351

 
765

 
5,151

 
63

 
9,330

Accumulated depreciation and amortization
 
(13,953
)
 
(1,630
)
 
(9,457
)
 
(128
)
 
(25,168
)
Total property, plant and equipment - net
 
45,074

 
4,763

 
32,042

 
131

 
82,010

Current Assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
77

 
6

 
352

 
165

 
600

Customer receivables, net of allowances
 
1,024

 
143

 
1,113

 
2

 
2,282

Other receivables
 
333

 
7

 
404

 
(219
)
 
525

Materials, supplies and fossil fuel inventory
 
722

 
127

 
479

 

 
1,328

Regulatory assets
 
227

 
117

 
1

 
(10
)
 
335

Derivatives
 
3

 

 
740

 
19

 
762

Other
 
133

 
45

 
1,398

 

 
1,576

Total current assets
 
2,519

 
445

 
4,487

 
(43
)
 
7,408

Other Assets
 
 
 
 
 
 
 
 
 
 
Special use funds
 
4,771

 

 
2,183

 

 
6,954

Investment in equity method investees
 

 

 
7,453

 

 
7,453

Prepaid benefit costs
 
1,477

 

 
2

 
(42
)
 
1,437

Regulatory assets
 
2,549

 
418

 
104

 
216

 
3,287

Derivatives
 

 

 
1,613

 
11

 
1,624

Goodwill
 
300

 

 
1,217

 
2,687

 
4,204

Other
 
498

 
229

 
2,415

 
172

 
3,314

Total other assets
 
9,595

 
647

 
14,987

 
3,044

 
28,273

Total Assets
 
$
57,188

 
$
5,855

 
$
51,516

 
$
3,132

 
$
117,691

Capitalization
 
 
 
 
 
 
 
 
 
 
Common stock
 
$
1,373

 
$
678

 
$

 
$
(2,046
)
 
$
5

Additional paid-in capital
 
10,851

 
1,013

 
11,991

 
(11,885
)
 
11,970

Retained earnings
 
9,174

 
26

 
19,154

 
(3,155
)
 
25,199

Accumulated other comprehensive loss
 

 
(1
)
 
(51
)
 
(117
)
 
(169
)
Total common shareholders' equity
 
21,398

 
1,716