NEXTERA ENERGY INC [NEE] Filings

10-Q 1 nee-20240630.htm 10-Q nee-20240630

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________


Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number	IRS Employer Identification Number
1-8841	NEXTERA ENERGY, INC.	59-2449419
2-27612	FLORIDA POWER & LIGHT COMPANY	59-0247775

700 Universe Boulevard

Juno Beach, Florida 33408

(561) 694-4000

State or other jurisdiction of incorporation or organization: Florida

Securities registered pursuant to Section 12(b) of the Act:

Registrants

Title of each class

Trading Symbol(s)

Name of each exchange
on which registered

NextEra Energy, Inc.

Common Stock, $0.01 Par Value

NEE

New York Stock Exchange

6.926% Corporate Units

NEE.PRR

New York Stock Exchange

7.299% Corporate Units

NEE.PRS

New York Stock Exchange

Florida Power & Light Company

None

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) have been subject to such filing requirements for the past 90 days.

NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

NextEra Energy, Inc. Yes ☑ No ☐ Florida Power & Light Company Yes ☑ No ☐

Indicate by check mark whether the registrants are a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.

NextEra Energy, Inc. Large Accelerated Filer ☑ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

Florida Power & Light Company Large Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☑ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☑

Number of shares of NextEra Energy, Inc. common stock, $0.01 par value, outstanding at June 30, 2024: 2,055,353,601

Number of shares of Florida Power & Light Company common stock, without par value, outstanding at June 30, 2024, all of which were held, beneficially and of record, by NextEra Energy, Inc.: 1,000

This combined Form 10-Q represents separate filings by NextEra Energy, Inc. and Florida Power & Light Company. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Florida Power & Light Company makes no representations as to the information relating to NextEra Energy, Inc.'s other operations.

Florida Power & Light Company meets the conditions set forth in General Instruction H.(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.

DEFINITIONS

Acronyms and defined terms used in the text include the following:


Term			Meaning
2021 rate agreement			December 2021 FPSC final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding
AFUDC			allowance for funds used during construction
AFUDC – equity			equity component of AFUDC
AOCI			accumulated other comprehensive income (loss)
CSCS agreement			amended and restated cash sweep and credit support agreement
Duane Arnold			Duane Arnold Energy Center
FERC			U.S. Federal Energy Regulatory Commission
Florida Southeast Connection			Florida Southeast Connection, LLC, a wholly owned NextEra Energy Resources subsidiary
FPL			Florida Power & Light Company
FPSC			Florida Public Service Commission
fuel clause			fuel and purchased power cost recovery clause, as established by the FPSC
GAAP			generally accepted accounting principles in the U.S.

ITC			investment tax credit
kWh			kilowatt-hour(s)
Management's Discussion			Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
MMBtu			One million British thermal units
MW			megawatt(s)
MWh			megawatt-hour(s)
NEE			NextEra Energy, Inc.
NEECH			NextEra Energy Capital Holdings, Inc.
NEER			an operating segment comprised of NextEra Energy Resources and NEET
NEET			NextEra Energy Transmission, LLC
NEP			NextEra Energy Partners, LP
NEP OpCo			NextEra Energy Operating Partners, LP, a subsidiary of NEP
net generation			net ownership interest in plant(s) generation
NextEra Energy Resources			NextEra Energy Resources, LLC
Note __			Note __ to condensed consolidated financial statements
NRC			U.S. Nuclear Regulatory Commission
O&M expenses			other operations and maintenance expenses in the condensed consolidated statements of income
OCI			other comprehensive income
OTC			over-the-counter
OTTI			other than temporary impairment or other than temporarily impaired
PTC			production tax credit
regulatory ROE			return on common equity as determined for regulatory purposes
renewable energy tax credits			production tax credits and investment tax credits collectively
RNG			renewable natural gas
Sabal Trail			Sabal Trail Transmission, LLC, an entity in which a NextEra Energy Resources' subsidiary has a 42.5% ownership interest
Seabrook			Seabrook Station
SEC			U.S. Securities and Exchange Commission

U.S.			United States of America
VIE			variable interest entity

NEE, FPL, NEECH, NextEra Energy Resources and NEET each has subsidiaries and affiliates with names that may include NextEra Energy, FPL, NextEra Energy Resources, NextEra Energy Transmission, NextEra, FPL Group, FPL Energy, FPLE, NEP and similar references. For convenience and simplicity, in this report the terms NEE, FPL, NEECH, NextEra Energy Resources, NEET and NEER are sometimes used as abbreviated references to specific subsidiaries, affiliates or groups of subsidiaries or affiliates. The precise meaning depends on the context.

TABLE OF CONTENTS


		Page No.

Definitions		2
Forward-Looking Statements		4

	PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54
Item 4.	Controls and Procedures	54

	PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	55
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	55
Item 5.	Other Information	55
Item 6.	Exhibits	56

Signatures		57

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on NEE's and/or FPL's operations and financial results, and could cause NEE's and/or FPL's actual results to differ materially from those contained or implied in forward-looking statements made by or on behalf of NEE and/or FPL in this combined Form 10-Q, in presentations, on their respective websites, in response to questions or otherwise.

Regulatory, Legislative and Legal Risks

•NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected by the extensive regulation of their business.

•NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected if they are unable 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.

•Regulatory decisions that are important to NEE and FPL may be materially adversely affected by political, regulatory, operational and economic factors.

•Any reductions or modifications to, or the elimination of, governmental incentives or policies that support utility scale renewable energy, including, but not limited to, tax laws, policies and incentives, renewable portfolio standards and feed-in-tariffs, or the imposition of additional taxes, tariffs, duties or other assessments on renewable energy or the equipment necessary to generate or deliver it, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, NEE and FPL abandoning the development of renewable energy projects, a loss of investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE and FPL's business, financial condition, results of operations and prospects.

•NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected as a result of new or revised laws or regulations or interpretations of these laws and regulations.

•NEE and FPL are subject to numerous environmental laws, regulations and other standards that may result in capital expenditures, increased operating costs and various liabilities, and may require NEE and FPL to limit or eliminate certain operations.

•NEE's and FPL's business could be negatively affected by federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions.

•Extensive federal regulation of the operations and businesses of NEE and FPL exposes NEE and FPL to significant and increasing compliance costs and may also expose them to substantial monetary penalties and other sanctions for compliance failures.

•Changes in tax laws, guidance or policies, including but not limited to changes in corporate income tax rates, as well as judgments and estimates used in the determination of tax-related asset and liability amounts, could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

•NEE's and FPL's business, financial condition, results of operations and prospects may be materially adversely affected due to adverse results of litigation.

•Allegations of violations of law by FPL or NEE have the potential to result in fines, penalties, or other sanctions or effects, as well as cause reputational damage for FPL and NEE, and could hamper FPL’s and NEE’s effectiveness in interacting with governmental authorities.

Development and Operational Risks

•NEE's and FPL's business, financial condition, results of operations and prospects could suffer if NEE and FPL do not proceed with projects under development or are unable 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.

•NEE and FPL face risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements that may impede their development and operating activities.

•The operation and maintenance of NEE's and FPL's electric generation, transmission and distribution facilities, gas infrastructure facilities and other facilities are subject to many operational risks, the consequences of which could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

•NEE's and FPL's business, financial condition, results of operations and prospects may be negatively affected by a lack of growth, slower growth or a decline in the number of customers or in customer usage.

•NEE's and FPL's business, financial condition, results of operations and prospects can be materially adversely affected by weather conditions and related impacts, including, but not limited to, the impact of severe weather.

•Threats of terrorism and catastrophic events that could result from geopolitical factors, terrorism, cyberattacks, or individuals and/or groups attempting to disrupt NEE's and FPL's business, or the businesses of third parties, may materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects.

•The ability of NEE and FPL to obtain insurance and the terms of any available insurance coverage could be materially adversely affected by international, national, state or local events and company-specific events, as well as the financial condition of insurers. NEE's and FPL's insurance coverage does not provide protection against all significant losses.

•NEE invests in gas and oil producing and transmission assets through NEER’s gas infrastructure business. The gas infrastructure business is exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low gas and oil prices could impact NEER’s gas infrastructure business and cause NEER to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired, which could materially adversely affect NEE's business, financial condition, results of operations and prospects.

•If supply costs necessary to provide NEER's full energy and capacity requirement services are not favorable, operating costs could increase and materially adversely affect NEE's business, financial condition, results of operations and prospects.

•Due to the potential for significant volatility in market prices for fuel, electricity and renewable and other energy commodities, NEER's inability or failure to manage properly or hedge effectively the commodity risks within its portfolios could materially adversely affect NEE's business, financial condition, results of operations and prospects.

•Reductions in the liquidity of energy markets may restrict the ability of NEE to manage its operational risks, which, in turn, could negatively affect NEE's business, financial condition, results of operations and prospects.

•NEE's and FPL's hedging and trading procedures and associated risk management tools may not protect against significant losses.

•If price movements significantly or persistently deviate from historical behavior, NEE's and FPL's risk management tools associated with their hedging and trading procedures may not protect against significant losses.

•If power transmission or natural gas, nuclear fuel or other commodity transportation facilities are unavailable or disrupted, the ability for subsidiaries of NEE, including FPL, to sell and deliver power or natural gas may be limited.

•NEE and FPL are subject to credit and performance risk from customers, hedging counterparties and vendors.

•NEE and FPL could recognize financial losses or a reduction in operating cash flows if a counterparty fails to perform or make payments in accordance with the terms of derivative contracts or if NEE or FPL is required to post margin cash collateral under derivative contracts.

•NEE and FPL are highly dependent on sensitive and complex information technology systems, and any failure or breach of those systems could have a material adverse effect on their business, financial condition, results of operations and prospects.

•NEE's and FPL's retail businesses are subject to the risk that sensitive customer data may be compromised, which could result in a material adverse impact to their reputation and/or have a material adverse effect on the business, financial condition, results of operations and prospects of NEE and FPL.

•NEE and FPL could recognize financial losses as a result of volatility in the market values of derivative instruments and limited liquidity in OTC markets.

•NEE and FPL may be materially adversely affected by negative publicity.

•NEE's and FPL's business, financial condition, results of operations and prospects may be adversely affected if FPL is unable to maintain, negotiate or renegotiate franchise agreements on acceptable terms with municipalities and counties in Florida.

•NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected by work strikes or stoppages and increasing personnel costs.

•NEE's ability to successfully identify, complete and integrate acquisitions is subject to significant risks, including, but not limited to, the effect of increased competition for acquisitions resulting from the consolidation of the energy industry.

Nuclear Generation Risks

•The operation and maintenance of NEE's and FPL's nuclear generation facilities involve environmental, health and financial risks that could result in fines or the closure of the facilities and in increased costs and capital expenditures.

•In the event of an incident at any nuclear generation facility in the U.S. or at certain nuclear generation facilities in Europe, NEE and FPL could be assessed significant retrospective assessments and/or retrospective insurance premiums as a result of their participation in a secondary financial protection system and nuclear insurance mutual companies.

•NRC orders or new regulations related to increased security measures and any future safety requirements promulgated by the NRC could require NEE and FPL to incur substantial operating and capital expenditures at their nuclear generation facilities and/or result in reduced revenues.

•The inability to operate any of NEE's or FPL's nuclear generation units through the end of their respective operating licenses or planned license extensions could have a material adverse effect on NEE's and FPL's business, financial condition, results of operations and prospects.

•NEE's and FPL's nuclear units are periodically removed from service to accommodate planned refueling and maintenance outages, and for other purposes. If planned outages last longer than anticipated or if there are unplanned outages, NEE's and FPL's business, financial condition, results of operations and prospects could be materially adversely affected.

Liquidity, Capital Requirements and Common Stock Risks

•Disruptions, uncertainty or volatility in the credit and capital markets, among other factors, may negatively affect NEE's and FPL's ability to fund their liquidity and capital needs and to meet their growth objectives, and can also materially adversely affect the business, financial condition, liquidity, results of operations and prospects of NEE and FPL.

•NEE's, NEECH's and FPL's inability to maintain their current credit ratings may materially adversely affect NEE's and FPL's liquidity and results of operations, limit the ability of NEE and FPL to grow their business, and increase interest costs.

•NEE's and FPL's liquidity may be impaired if their credit providers are unable to fund their credit commitments to the companies or to maintain their current credit ratings.

•Poor market performance and other economic factors could affect NEE's defined benefit pension plan's funded status, which may materially adversely affect NEE's and FPL's business, financial condition, liquidity, results of operations and prospects.

•Poor market performance and other economic factors could adversely affect the asset values of NEE's and FPL's nuclear decommissioning funds, which may materially adversely affect NEE's and FPL's business, financial condition, liquidity, results of operations and prospects.

•Certain of NEE's investments are subject to changes in market value and other risks, which may materially adversely affect NEE's liquidity, financial condition and results of operations.

•NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay upstream dividends or repay funds to NEE.

•NEE may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if NEE is required to perform under guarantees of obligations of its subsidiaries.

•NEP may not be able to access sources of capital on commercially reasonable terms, which would have a material adverse effect on its ability to consummate future acquisitions and on the value of NEE’s limited partner interest in NEP OpCo.

•Disruptions, uncertainty or volatility in the credit and capital markets may exert downward pressure on the market price of NEE's common stock.

•Widespread public health crises and epidemics or pandemics may have material adverse impacts on NEE’s and FPL's business, financial condition, liquidity, results of operations and prospects.

These factors should be read together with the risk factors included in Part I, Item 1A. Risk Factors in NEE's and FPL's Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K), and investors should refer to that section of the 2023 Form 10-K. Any forward-looking statement speaks only as of the date on which such statement is made, and NEE and FPL undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

Website Access to SEC Filings. NEE and FPL make their SEC filings, including the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports, available free of charge on NEE's internet website, www.nexteraenergy.com, as soon as reasonably practicable after those documents are electronically filed with or furnished to the SEC. The information and materials available on NEE's website (or any of its subsidiaries' or affiliates' websites) are not incorporated by reference into this combined Form 10-Q.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
OPERATING REVENUES	$	6,069	$	7,349	$	11,801	$	14,065
OPERATING EXPENSES
Fuel, purchased power and interchange	1,280		1,359		2,486		2,726
Other operations and maintenance	1,171		1,127		2,293		2,194



Depreciation and amortization	1,409		1,494		2,307		2,315
Taxes other than income taxes and other – net	568		576		1,120		1,093
Total operating expenses – net	4,428		4,556		8,206		8,328
GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET	29		6		87		4
OPERATING INCOME	1,670		2,799		3,682		5,741
OTHER INCOME (DEDUCTIONS)
Interest expense	(820)		(135)		(1,143)		(1,318)

Equity in earnings of equity method investees	159		132		362		233
Allowance for equity funds used during construction	41		31		97		62


Gains on disposal of investments and other property – net	116		101		131		97
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net	(89)		(7)		40		88
Other net periodic benefit income	66		62		104		122
Other – net	89		78		123		207
Total other income (deductions) – net	(438)		262		(286)		(509)
INCOME BEFORE INCOME TAXES	1,232		3,061		3,396		5,232
INCOME TAX EXPENSE (BENEFIT)	(64)		497		163		883
NET INCOME	1,296		2,564		3,233		4,349
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	326		231		657		532
NET INCOME ATTRIBUTABLE TO NEE	$	1,622	$	2,795	$	3,890	$	4,881
Earnings per share attributable to NEE:
Basic	$	0.79	$	1.38	$	1.90	$	2.43
Assuming dilution	$	0.79	$	1.38	$	1.89	$	2.42

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(millions)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
NET INCOME	$	1,296	$	2,564	$	3,233	$	4,349
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Reclassification of unrealized losses on cash flow hedges from AOCI to net income (net of $0 tax benefit, $0 tax benefit, $0 tax expense and $0 tax benefit, respectively)	—		—		—		1
Net unrealized gains (losses) on available for sale securities:
Net unrealized losses on securities still held (net of $1 tax benefit, $3 tax benefit, $3 tax benefit and $0 tax expense, respectively)	(3)		(11)		(9)		(2)
Reclassification from AOCI to net income (net of $1 tax benefit, $1 tax benefit, $1 tax benefit and $2 tax benefit, respectively)	4		3		5		8
Defined benefit pension and other benefits plans:

Reclassification from AOCI to net income (net of $0 tax benefit, $0 tax expense, $0 tax expense and $0 tax benefit, respectively)	—		—		—		1
Net unrealized gains (losses) on foreign currency translation	(7)		9		(21)		12

Total other comprehensive income (loss), net of tax	(6)		1		(25)		20
COMPREHENSIVE INCOME	1,290		2,565		3,208		4,369

COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	328		230		663		530
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE	$	1,618	$	2,795	$	3,871	$	4,899

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except par value)

(unaudited)


	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,551	$	2,690
Customer receivables, net of allowances of $52 and $52, respectively	3,601		3,609
Other receivables	1,063		944
Materials, supplies and fuel inventory	2,155		2,106
Regulatory assets	705		1,460
Derivatives	1,218		1,730
Contract assets	1,122		1,487
Other	1,388		1,335
Total current assets	12,803		15,361
Other assets:
Property, plant and equipment – net ($24,271 and $26,900 related to VIEs, respectively)	133,113		125,776
Special use funds	9,306		8,698
Investment in equity method investees	6,657		6,156
Prepaid benefit costs	2,186		2,112
Regulatory assets	5,322		4,801
Derivatives	1,598		1,790
Goodwill	5,087		5,091
Other	8,652		7,704
Total other assets	171,921		162,128
TOTAL ASSETS	$	184,724	$	177,489
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Commercial paper	$	4,178	$	4,650
Other short-term debt	2,658		255
Current portion of long-term debt ($28 and $66 related to VIEs, respectively)	7,303		6,901
Accounts payable ($28 and $1,718 related to VIEs, respectively)	4,390		8,504
Customer deposits	671		638
Accrued interest and taxes	1,510		970
Derivatives	904		845
Accrued construction-related expenditures	1,776		1,861
Regulatory liabilities	336		340
Other	2,505		2,999
Total current liabilities	26,231		27,963
Other liabilities and deferred credits:
Long-term debt ($770 and $1,374 related to VIEs, respectively)	68,494		61,405
Asset retirement obligations	3,542		3,403
Deferred income taxes	10,934		10,142
Regulatory liabilities	10,346		10,049
Derivatives	2,482		2,741
Other	3,259		2,762
Total other liabilities and deferred credits	99,057		90,502
TOTAL LIABILITIES	125,288		118,465
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS – VIEs	—		1,256
EQUITY
Common stock ($0.01 par value, authorized shares – 3,200; outstanding shares – 2,055 and 2,052, respectively)	21		21
Additional paid-in capital	17,282		17,365
Retained earnings	32,008		30,235
Accumulated other comprehensive loss	(171)		(153)
Total common shareholders' equity	49,140		47,468
Noncontrolling interests ($10,165 and $10,180 related to VIEs, respectively)	10,296		10,300
TOTAL EQUITY	59,436		57,768
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$	184,724	$	177,489

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)


	Six Months Ended June 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	3,233	$	4,349
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,307		2,315
Nuclear fuel and other amortization	152		129

Unrealized losses (gains) on marked to market derivative contracts – net	172		(2,203)

Foreign currency transaction losses (gains)	(32)		81
Deferred income taxes	622		630
Cost recovery clauses and franchise fees	606		671


Equity in earnings of equity method investees	(362)		(233)
Distributions of earnings from equity method investees	322		358
Gains on disposal of businesses, assets and investments – net	(218)		(101)
Recoverable storm-related costs	(55)		(353)
Other – net	12		(76)
Changes in operating assets and liabilities:
Current assets	(380)		579
Noncurrent assets	(56)		(190)
Current liabilities	584		(1,207)
Noncurrent liabilities	103		10
Net cash provided by operating activities	7,010		4,759
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL	(4,260)		(4,664)
Independent power and other investments of NEER	(10,023)		(8,249)
Nuclear fuel purchases	(245)		(111)
Other capital expenditures	(106)		(23)

Sale of independent power and other investments of NEER	951		1,001
Proceeds from sale or maturity of securities in special use funds and other investments	2,186		2,029
Purchases of securities in special use funds and other investments	(2,549)		(2,929)

Other – net	(80)		132
Net cash used in investing activities	(14,126)		(12,814)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, including premiums and discounts	14,111		9,978
Retirements of long-term debt	(6,499)		(4,959)


Net change in commercial paper	(472)		577
Proceeds from other short-term debt	3,258		1,925
Repayments of other short-term debt	(855)		(238)
Payments to related parties under a cash sweep and credit support agreement – net	(830)		(255)
Issuances of common stock/equity units – net	(34)		2,503
Dividends on common stock	(2,115)		(1,876)
Other – net	(764)		(287)
Net cash provided by financing activities	5,800		7,368
Effects of currency translation on cash, cash equivalents and restricted cash	(2)		—
Net decrease in cash, cash equivalents and restricted cash	(1,318)		(687)
Cash, cash equivalents and restricted cash at beginning of period	3,420		3,441
Cash, cash equivalents and restricted cash at end of period	$	2,102	$	2,754
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (net of amount capitalized)	$	1,006	$	1,151
Cash paid (received) for income taxes – net	$	(387)	$	138
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	3,497	$	6,019
Right-of-use asset in exchange for finance lease liability	$	313	$	57

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity		Redeemable Non-controlling Interests
Three Months Ended June 30, 2024	Shares	Aggregate Par Value
Balances, March 31, 2024	2,055	$	21	$	17,342	$	(167)	$	31,445	$	48,641	$	10,295	$	58,936	$	453
Net income (loss)	—	—		—		—		1,622		1,622		(329)				3
Issuances of common stock/equity units – net	—	—		(40)		—				(40)		—				—
Share-based payment activity		—		73		—		—		73		—				—
Dividends on common stock(a)	—	—		—		—		(1,059)		(1,059)		—				—
Other comprehensive loss	—	—		—		(4)		—		(4)		(2)				—
Premium on equity units	—	—		(117)		—		—		(117)		—				—
Other differential membership interests activity	—	—		22		—		—		22		342				(456)

Other – net	—	—		2		—		—		2		(10)				—
Balances, June 30, 2024	2,055	$	21	$	17,282	$	(171)	$	32,008	$	49,140	$	10,296	$	59,436	$	—

———————————————

(a)Dividends per share were $0.515 for the three months ended June 30, 2024.


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity		Redeemable Non-controlling Interests
Six Months Ended June 30, 2024	Shares	Aggregate Par Value
Balances, December 31, 2023	2,052	$	21	$	17,365	$	(153)	$	30,235	$	47,468	$	10,300	$	57,768	$	1,256
Net income (loss)	—	—		—		—		3,890		3,890		(674)				17
Issuances of common stock/equity units – net	—	—		(40)		—		—		(40)		—				—
Share-based payment activity	3	—		111		—		—		111		—				—
Dividends on common stock(a)	—	—		—		—		(2,117)		(2,117)		—				—
Other comprehensive loss	—	—		—		(19)		—		(19)		(6)				—
Premium on equity units	—	—		(117)		—		—		(117)		—				—
Other differential membership interests activity	—	—		13		—		—		13		704				(1,273)

Other – net	—	—		(50)		1		—		(49)		(28)				—
Balances, June 30, 2024	2,055	$	21	$	17,282	$	(171)	$	32,008	$	49,140	$	10,296	$	59,436	$	—

———————————————

(a)Dividends per share were $0.515 for each of the three months ended June 30, 2024 and March 31, 2024.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity		Redeemable Non-controlling Interests
Three Months Ended June 30, 2023	Shares	Aggregate Par Value
Balances, March 31, 2023	2,023	$	20	$	15,214	$	(200)	$	27,862	$	42,896	$	9,227	$	52,123	$	856
Net income (loss)	—	—		—		—		2,795		2,795		(240)				9

Share-based payment activity	1	—		51		—		—		51		—				—
Dividends on common stock(a)	—	—		—		—		(946)		(946)		—				—
Other comprehensive income	—	—		—		—		—		—		1				—

Other differential membership interests activity	—	—		(2)		—		—		(2)		133				(53)
Disposal of subsidiaries with noncontrolling interests(b)	—	—		—		—		—		—		(165)				—
Other – net	—	—		(1)		—		—		(1)		(185)				—
Balances, June 30, 2023	2,024	$	20	$	15,262	$	(200)	$	29,711	$	44,793	$	8,771	$	53,564	$	812

———————————————

(a)Dividends per share were $0.4675 for the three months ended June 30, 2023.

(b)See Note 11 - Disposal of Businesses.


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Common Shareholders' Equity		Non- controlling Interests		Total Equity		Redeemable Non-controlling Interests
Six Months Ended June 30, 2023	Shares	Aggregate Par Value
Balances, December 31, 2022	1,987	$	20	$	12,720	$	(218)	$	26,707	$	39,229	$	9,097	$	48,326	$	1,110
Net income (loss)	—	—		—		—		4,881		4,881		(558)				26
Share-based payment activity	4	—		35		—		—		35		—				—
Dividends on common stock(a)	—	—		—		—		(1,876)		(1,876)		—				—
Other comprehensive income	—	—		—		18		—		18		2				—
Issuances of common stock/equity units – net	33	—		2,513		—		—		2,513		—				—

Other differential membership interests activity	—	—		(5)		—		—		(5)		479				(324)
Disposal of subsidiaries with noncontrolling interests(b)	—	—		—		—		—		—		(165)				—
Other – net	—	—		(1)		—		(1)		(2)		(84)				—
Balances, June 30, 2023	2,024	$	20	$	15,262	$	(200)	$	29,711	$	44,793	$	8,771	$	53,564	$	812

_______________________

(a)Dividends per share were $0.4675 for each of the three months ended June 30, 2023 and March 31, 2023.

(b)See Note 11 - Disposal of Businesses.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
OPERATING REVENUES	$	4,389	$	4,774	$	8,224	$	8,693
OPERATING EXPENSES
Fuel, purchased power and interchange	1,081		1,212		2,115		2,426
Other operations and maintenance	393		427		754		807

Depreciation and amortization	694		984		997		1,319
Taxes other than income taxes and other – net	481		500		943		944
Total operating expenses – net	2,649		3,123		4,809		5,496
OPERATING INCOME	1,740		1,651		3,415		3,197
OTHER INCOME (DEDUCTIONS)
Interest expense	(290)		(272)		(569)		(521)
Allowance for equity funds used during construction	37		30		90		60
Other – net	2		20		4		26
Total other deductions – net	(251)		(222)		(475)		(435)
INCOME BEFORE INCOME TAXES	1,489		1,429		2,940		2,762
INCOME TAXES	257		277		536		539
NET INCOME(a)	$	1,232	$	1,152	$	2,404	$	2,223

_______________________

(a)FPL's comprehensive income is the same as reported net income.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions, except share amount)

(unaudited)


	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	58	$	57
Customer receivables, net of allowances of $8 and $8, respectively	1,794		1,706
Other receivables	373		319
Materials, supplies and fuel inventory	1,358		1,339
Regulatory assets	676		1,431

Other	278		144
Total current assets	4,537		4,996
Other assets:
Electric utility plant and other property – net	73,609		70,608
Special use funds	6,506		6,050
Prepaid benefit costs	1,892		1,853
Regulatory assets	4,870		4,343
Goodwill	2,965		2,965
Other	676		654
Total other assets	90,518		86,473
TOTAL ASSETS	$	95,055	$	91,469
LIABILITIES AND EQUITY
Current liabilities:
Commercial paper	$	1,929	$	2,374
Other short-term debt	200		255
Current portion of long-term debt	1,187		1,665
Accounts payable	990		977
Customer deposits	645		610
Accrued interest and taxes	968		661

Accrued construction-related expenditures	558		486
Regulatory liabilities	327		335
Other	619		713
Total current liabilities	7,423		8,076
Other liabilities and deferred credits:
Long-term debt	25,037		23,609
Asset retirement obligations	2,195		2,143
Deferred income taxes	8,905		8,542
Regulatory liabilities	10,193		9,893

Other	364		371
Total other liabilities and deferred credits	46,694		44,558
TOTAL LIABILITIES	54,117		52,634
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock (no par value, 1,000 shares authorized, issued and outstanding)	1,373		1,373
Additional paid-in capital	26,868		23,470
Retained earnings

NEXTERA ENERGY INC [NEE] Filings
NEXTERA ENERGY INC [NEE-PS] Filings
NEXTERA ENERGY INC [NEE-PN] Filings
NEXTERA ENERGY INC [NEE-PR] Filings
10-Q	[2024-07-24]
10-Q	[2024-04-23]
10-K	[2024-02-16]
10-Q	[2023-11-07]
10-Q	[2023-07-26]
10-Q	[2023-04-26]
10-K	[2023-02-17]
10-Q	[2022-11-03]
10-Q	[2022-07-27]
10-Q	[2022-04-22]
10-K	[2022-02-18]
10-Q	[2021-10-25]
10-Q	[2021-07-26]
10-Q	[2021-04-23]
10-K	[2021-02-12]
10-Q	[2020-10-23]
10-Q	[2020-07-24]
10-Q	[2020-04-23]
10-K	[2020-02-14]
10-Q	[2019-10-23]
10-Q	[2019-07-24]
10-Q	[2019-04-23]
10-K	[2019-02-15]
10-Q	[2018-10-23]
10-Q	[2018-07-25]
10-Q	[2018-04-24]
10-K	[2018-02-16]
10-Q	[2017-10-26]
10-Q	[2017-07-26]
10-Q	[2017-04-21]
10-K	[2017-02-23]
10-Q	[2016-11-01]
10-Q	[2016-07-28]
10-Q	[2016-04-29]
10-K	[2016-02-22]
10-Q	[2015-10-30]
10-Q	[2015-08-03]
10-Q	[2015-05-01]
10-K	[2015-02-20]
10-Q	[2014-11-07]
10-Q	[2014-07-31]
10-Q	[2014-05-02]
10-K	[2014-02-24]
10-Q	[2013-11-01]
10-Q	[2013-07-31]
10-Q	[2013-05-02]
10-K	[2013-02-28]
10-Q	[2012-10-26]
10-Q	[2012-07-27]
10-Q	[2012-04-27]
10-K	[2012-02-28]

NEXTERA ENERGY INC [NEE] Filings

NEXTERA ENERGY INC [NEE-PS] Filings

NEXTERA ENERGY INC [NEE-PN] Filings

NEXTERA ENERGY INC [NEE-PR] Filings