Summarized Financial Information of Capital Holdings

6 Months Ended

Jun. 30, 2012

Summarized Financial Information [Abstract]

Summarized Financial Information of Capital Holdings

11.  Summarized Financial Information of NEECH

NEECH, a 100% owned subsidiary of NEE, provides funding for, and holds ownership interests in, NEE's operating subsidiaries other than FPL.  Most of NEECH's debt, including its debentures, and payment guarantees are fully and unconditionally guaranteed by NEE.  Condensed consolidating financial information is as follows:

Condensed Consolidating Statements of Income

	Three Months Ended June 30,
	2012												2011
	NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	1,090		$	2,577		$	3,667		$	—		$	1,163		$	2,798		$	3,961
Operating expenses	(5		)	(726		)	(1,914		)	(2,645		)	(4		)	(824		)	(2,226		)	(3,054		)
Interest expense	(3		)	(163		)	(104		)	(270		)	(3		)	(159		)	(94		)	(256		)
Equity in earnings of subsidiaries	607			—			(607		)	—			529			—			(529		)	—
Other income (deductions) - net	2			87			9			98			(3		)	72			7			76
Income (loss) before income taxes	601			288			(39		)	850			519			252			(44		)	727
Income tax expense (benefit)	(6		)	34			215			243			(61		)	24			184			147
Net income (loss)	$	607		$	254		$	(254	)	$	607		$	580		$	228		$	(228	)	$	580

	Six Months Ended June 30,
	2012												2011
	NEE(Guarantor)			NEECH			Other(a)			NEE Consoli- dated			NEE(Guarantor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
Operating revenues	$	—		$	2,241		$	4,797		$	7,038		$	—		$	2,053		$	5,041		$	7,094
Operating expenses	(9		)	(1,509		)	(3,654		)	(5,172		)	(7		)	(1,689		)	(4,063		)	(5,759		)
Interest expense	(6		)	(324		)	(206		)	(536		)	(7		)	(322		)	(181		)	(510		)
Equity in earnings of subsidiaries	1,065			—			(1,065		)	—			798			—			(798		)	—
Other income (deductions) - net	2			118			17			137			(1		)	125			14			138
Income (loss) before income taxes	1,052			526			(111		)	1,467			783			167			13			963
Income tax expense (benefit)	(16		)	53			362			399			(65		)	(125		)	305			115
Net income (loss)	$	1,068		$	473		$	(473	)	$	1,068		$	848		$	292		$	(292	)	$	848

————————————

(a)  Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Comprehensive Income

	Three Months Ended June 30,
	2012									2011
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	511	$	151	$	(151	)	$	511	$	493	$	140	$	(140	)	$	493

	Six Months Ended June 30,
	2012									2011
	NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated		NEE (Guarantor)		NEECH		Other(a)			NEE Consoli- dated
								(millions)
Comprehensive income (loss)	$	1,032	$	442	$	(442	)	$	1,032	$	797	$	235	$	(235	)	$	797

————————————

(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Balance Sheets

	June 30, 2012												December 31, 2011
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
PROPERTY, PLANT AND EQUIPMENT
Electric utility plant in service and other property	$	31		$	24,039		$	36,878		$	60,948		$	31		$	22,351		$	35,170		$	57,552
Less accumulated depreciation and amortization	(5		)	(4,594		)	(10,854		)	(15,453		)	(3		)	(4,143		)	(10,916		)	(15,062		)
Total property, plant and equipment - net	26			19,445			26,024			45,495			28			18,208			24,254			42,490
CURRENT ASSETS
Cash and cash equivalents	1			269			25			295			1			339			37			377
Receivables	124			1,139			745			2,008			84			1,026			692			1,802
Other	5			1,131			1,415			2,551			5			1,075			1,613			2,693
Total current assets	130			2,539			2,185			4,854			90			2,440			2,342			4,872
OTHER ASSETS
Investment in subsidiaries	15,710			—			(15,710		)	—			14,879			—			(14,879		)	—
Other	813			5,030			4,198			10,041			513			4,849			4,464			9,826
Total other assets	16,523			5,030			(11,512		)	10,041			15,392			4,849			(10,415		)	9,826
TOTAL ASSETS	$	16,679		$	27,014		$	16,697		$	60,390		$	15,510		$	25,497		$	16,181		$	57,188
CAPITALIZATION
Common shareholders' equity	$	15,788		$	4,064		$	(4,064	)	$	15,788		$	14,943		$	4,030		$	(4,030	)	$	14,943
Long-term debt	—			13,924			7,656			21,580			—			13,327			7,483			20,810
Total capitalization	15,788			17,988			3,592			37,368			14,943			17,357			3,453			35,753
CURRENT LIABILITIES
Debt due within one year	—			2,281			989			3,270			—			1,778			379			2,157
Accounts payable	1			505			628			1,134			—			512			679			1,191
Other	385			1,497			1,357			3,239			250			1,520			1,601			3,371
Total current liabilities	386			4,283			2,974			7,643			250			3,810			2,659			6,719
OTHER LIABILITIES AND DEFERRED CREDITS
Asset retirement obligations	—			484			1,175			1,659			—			466			1,145			1,611
Accumulated deferred income taxes	74			1,389			4,524			5,987			68			1,376			4,237			5,681
Other	431			2,870			4,432			7,733			249			2,488			4,687			7,424
Total other liabilities and deferred credits	505			4,743			10,131			15,379			317			4,330			10,069			14,716
COMMITMENTS AND CONTINGENCIES
TOTAL CAPITALIZATION AND LIABILITIES	$	16,679		$	27,014		$	16,697		$	60,390		$	15,510		$	25,497		$	16,181		$	57,188

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(a) Represents FPL and consolidating adjustments.

Condensed Consolidating Statements of Cash Flows

	Six Months Ended June 30,
	2012												2011
	NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated			NEE (Guaran- tor)			NEECH			Other(a)			NEE Consoli- dated
										(millions)
NET CASH PROVIDED BY OPERATING ACTIVITIES	$	403		$	667		$	858		$	1,928		$	437		$	627		$	927		$	1,991
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures, independent power and other investments and nuclear fuel purchases	—			(1,767		)	(2,263		)	(4,030		)	(16		)	(1,262		)	(1,582		)	(2,860		)
Capital contribution to FPL	(240		)	—			240			—			—			—			—			—
Cash grants under the Recovery Act	—			3			—			3			—			301			185			486
Other - net	—			47			(41		)	6			16			4			(5		)	15
Net cash used in investing activities	(240		)	(1,717		)	(2,064		)	(4,021		)	—			(957		)	(1,402		)	(2,359		)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt	—			1,736			594			2,330			—			1,205			248			1,453
Retirements of long-term debt	—			(621		)	(25		)	(646		)	—			(967		)	(24		)	(991		)
Proceeds from sale of differential membership interests	—			337			—			337			—			210			—			210
Net change in short-term debt	—			(38		)	208			170			—			(393		)	553			160
Issuances of common stock	372			—			—			372			33			—			—			33
Dividends on common stock	(500		)	—			—			(500		)	(459		)	—			—			(459		)
Dividends to NEE	—			(407		)	407			—			—			—			—			—
Other - net	(35		)	(27		)	10			(52		)	(11		)	239			(281		)	(53		)
Net cash provided by (used in) financing activities	(163		)	980			1,194			2,011			(437		)	294			496			353
Net increase (decrease) in cash and cash equivalents	—			(70		)	(12		)	(82		)	—			(36		)	21			(15		)
Cash and cash equivalents at beginning of period	1			339			37			377			—			282			20			302
Cash and cash equivalents at end of period	$	1		$	269		$	25		$	295		$	—		$	246		$	41		$	287

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(a) Represents FPL and consolidating adjustments.