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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 March 31, 2024

OR

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
1-8841NEXTERA ENERGY, INC.59-2449419
2-27612FLORIDA POWER & LIGHT COMPANY59-0247775

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:
RegistrantsTitle of each classTrading Symbol(s)Name of each exchange
on which registered
NextEra Energy, Inc.
Common Stock, $0.01 Par Value
NEENew York Stock Exchange
6.926% Corporate Units
NEE.PRRNew York Stock Exchange
Florida Power & Light CompanyNone

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 March 31, 2024: 2,054,532,552

Number of shares of Florida Power & Light Company common stock, without par value, outstanding at March 31, 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:

TermMeaning
2021 rate agreementDecember 2021 FPSC final order approving a stipulation and settlement between FPL and several intervenors in FPL's base rate proceeding
AFUDCallowance 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 ArnoldDuane Arnold Energy Center
FERCU.S. Federal Energy Regulatory Commission
Florida Southeast ConnectionFlorida Southeast Connection, LLC, a wholly owned NextEra Energy Resources subsidiary
FPLFlorida Power & Light Company
FPSCFlorida Public Service Commission
fuel clausefuel and purchased power cost recovery clause, as established by the FPSC
GAAPgenerally accepted accounting principles in the U.S.
ITCinvestment tax credit
kWhkilowatt-hour(s)
Management's DiscussionItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
MMBtuOne million British thermal units
MWmegawatt(s)
MWhmegawatt-hour(s)
NEENextEra Energy, Inc.
NEECHNextEra Energy Capital Holdings, Inc.
NEERan operating segment comprised of NextEra Energy Resources and NEET
NEETNextEra Energy Transmission, LLC
NEPNextEra Energy Partners, LP
NEP OpCoNextEra Energy Operating Partners, LP, a subsidiary of NEP
net generationnet ownership interest in plant(s) generation
NextEra Energy ResourcesNextEra Energy Resources, LLC
Note __Note __ to condensed consolidated financial statements
NRCU.S. Nuclear Regulatory Commission
O&M expensesother operations and maintenance expenses in the condensed consolidated statements of income
OCIother comprehensive income
OTCover-the-counter
OTTI
other than temporary impairment or other than temporarily impaired
PTCproduction tax credit
regulatory ROEreturn 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 TrailSabal Trail Transmission, LLC, an entity in which a NextEra Energy Resources' subsidiary has a 42.5% ownership interest
SeabrookSeabrook Station
SECU.S. Securities and Exchange Commission
U.S.United States of America

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.

2


TABLE OF CONTENTS



3


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.
4


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.
5


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.

6


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 March 31,
20242023
OPERATING REVENUES$5,731 $6,716 
OPERATING EXPENSES
Fuel, purchased power and interchange1,206 1,367 
Other operations and maintenance1,123 1,067 
Depreciation and amortization898 822 
Taxes other than income taxes and other – net549 516 
Total operating expenses – net3,776 3,772 
GAINS (LOSSES) ON DISPOSAL OF BUSINESSES/ASSETS – NET
58 (2)
OPERATING INCOME 2,013 2,942 
OTHER INCOME (DEDUCTIONS)
Interest expense(323)(1,183)
Equity in earnings of equity method investees203 101 
Allowance for equity funds used during construction56 31 
Gains (losses) on disposal of investments and other property – net15 (4)
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net128 94 
Other net periodic benefit income38 60 
Other – net34 130 
Total other income (deductions) – net151 (771)
INCOME BEFORE INCOME TAXES2,164 2,171 
INCOME TAXES
227 386 
NET INCOME1,937 1,785 
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
331 301 
NET INCOME ATTRIBUTABLE TO NEE$2,268 $2,086 
Earnings per share attributable to NEE:
Basic$1.11 $1.04 
Assuming dilution$1.10 $1.04 




















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.
7


NEXTERA ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(millions)
(unaudited)



Three Months Ended March 31,
 20242023
NET INCOME$1,937 $1,785 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Reclassification of unrealized losses on cash flow hedges from AOCI to net income (net of $0 tax expense and $0 tax benefit, respectively)
 1 
Net unrealized gains (losses) on available for sale securities:
Net unrealized gains (losses) on securities still held (net of $2 tax benefit and $3 tax expense, respectively)
(6)9 
Reclassification from AOCI to net income (net of $0 tax benefit and $1 tax benefit, respectively)
1 5 
Defined benefit pension and other benefits plans:
Reclassification from AOCI to net income (net of $0 tax benefit and $0 tax benefit, respectively)
 1 
Net unrealized gains (losses) on foreign currency translation
(14)3 
Total other comprehensive income (loss), net of tax
(19)19 
COMPREHENSIVE INCOME1,918 1,804 
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
335 300 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE$2,253 $2,104 


































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.
8


NEXTERA ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions, except par value)
(unaudited)
 March 31,
2024
December 31,
2023
ASSETS  
Current assets:  
Cash and cash equivalents$1,642 $2,690 
Customer receivables, net of allowances of $63 and $52, respectively
3,119 3,609 
Other receivables1,004 944 
Materials, supplies and fuel inventory2,131 2,106 
Regulatory assets1,032 1,460 
Derivatives1,461 1,730 
Contract assets1,072 1,487 
Other1,219 1,335 
Total current assets12,680 15,361 
Other assets:  
Property, plant and equipment net ($24,751 and $26,900 related to VIEs, respectively)
129,193 125,776 
Special use funds9,173 8,698 
Investment in equity method investees6,533 6,156 
Prepaid benefit costs2,135 2,112 
Regulatory assets5,361 4,801 
Derivatives1,666 1,790 
Goodwill5,085 5,091 
Other8,124 7,704 
Total other assets167,270 162,128 
TOTAL ASSETS$179,950 $177,489 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:  
Commercial paper$4,342 $4,650 
Other short-term debt3,508 255 
Current portion of long-term debt ($68 and $66 related to VIEs, respectively)
6,219 6,901 
Accounts payable ($142 and $1,718 related to VIEs, respectively)
4,285 8,504 
Customer deposits663 638 
Accrued interest and taxes1,160 970 
Derivatives720 845 
Accrued construction-related expenditures1,462 1,861 
Regulatory liabilities302 340 
Other2,142 2,999 
Total current liabilities24,803 27,963 
Other liabilities and deferred credits:  
Long-term debt ($1,258 and $1,374 related to VIEs, respectively)
65,868 61,405 
Asset retirement obligations3,463 3,403 
Deferred income taxes10,641 10,142 
Regulatory liabilities10,290 10,049 
Derivatives2,409 2,741 
Other3,087 2,762 
Total other liabilities and deferred credits95,758 90,502 
TOTAL LIABILITIES120,561 118,465 
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS VIE
453 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 capital17,342 17,365 
Retained earnings31,445 30,235 
Accumulated other comprehensive loss(167)(153)
Total common shareholders' equity48,641 47,468 
Noncontrolling interests ($10,168 and $10,180 related to VIEs, respectively)
10,295 10,300 
TOTAL EQUITY58,936 57,768 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$179,950 $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.
9




NEXTERA ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
Three Months Ended March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,937 $1,785 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization898 822 
Nuclear fuel and other amortization90 71 
Unrealized gains on marked to market derivative contracts – net(351)(610)
Foreign currency transaction gains(26)(2)
Deferred income taxes398 349 
Cost recovery clauses and franchise fees308 263 
Equity in earnings of equity method investees(203)(101)
Distributions of earnings from equity method investees170 217 
Losses (gains) on disposal of businesses, assets and investments – net(73)6 
Recoverable storm-related costs(31)(188)
Other – net(62)(222)
Changes in operating assets and liabilities:
Current assets330 1,167 
Noncurrent assets(2)(90)
Current liabilities(353)(1,742)
Noncurrent liabilities47 (52)
Net cash provided by operating activities3,077 1,673 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL(2,237)(2,241)
Independent power and other investments of NEER(7,243)(4,951)
Nuclear fuel purchases(140)(47)
Other capital expenditures(91)(6)
Sale of independent power and other investments of NEER565 305 
Proceeds from sale or maturity of securities in special use funds and other investments951 760 
Purchases of securities in special use funds and other investments(1,078)(1,613)
Other – net(48)(24)
Net cash used in investing activities(9,321)(7,817)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, including premiums and discounts7,811 6,655 
Retirements of long-term debt(3,994)(2,601)
Net change in commercial paper(308)1,135 
Proceeds from other short-term debt3,408 700 
Repayments of other short-term debt(155)(200)
Payments to related parties under a cash sweep and credit support agreement – net(68)(277)
Issuances of common stock/equity units – net6 2,502 
Dividends on common stock(1,058)(930)
Other – net(604)(94)
Net cash provided by financing activities5,038 6,890 
Effects of currency translation on cash, cash equivalents and restricted cash(1)2 
Net increase (decrease) in cash, cash equivalents and restricted cash(1,207)748 
Cash, cash equivalents and restricted cash at beginning of period3,420 3,441 
Cash, cash equivalents and restricted cash at end of period$2,213 $4,189 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (net of amount capitalized)$519 $549 
Cash paid (received) for income taxes – net$(195)$2 
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions$2,702 $5,522 
    





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.
10




NEXTERA ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(millions, except per share amounts)
(unaudited)

Common StockAdditional
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 March 31, 2024SharesAggregate
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)    2,268 2,268 (345)14 
Share-based payment activity3  38   38   
Dividends on common stock(a)
    (1,058)(1,058)  
Other comprehensive loss
   (15) (15)(4) 
Other differential membership interests
activity
  (9)  (9)362 (817)
Other – net
  (52)1  (51)(18) 
Balances, March 31, 20242,055 $21 $17,342 $(167)$31,445 $48,641 $10,295 $58,936 $453 
———————————————
(a)Dividends per share were $0.515 for the three months ended March 31, 2024.

Common StockAdditional
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 March 31, 2023SharesAggregate
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)— — — — 2,086 2,086 (318)17 
Share-based payment activity3 — (16)— — (16)— — 
Dividends on common stock(a)
— — — — (930)(930)— — 
Other comprehensive income
— — — 18 — 18 1 — 
Issuances of common stock/equity units – net
33 — 2,513 — — 2,513 — — 
Other differential membership interests activity— — (3)— — (3)346 (271)
Other – net
— —  — (1)(1)101  
Balances, March 31, 2023
2,023 $20 $15,214 $(200)$27,862 $42,896 $9,227 $52,123 $856 
_______________________
(a)Dividends per share were $0.4675 for the three months ended March 31, 2023.




















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.
11




FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(millions)
(unaudited)

 Three Months Ended March 31,
 20242023
OPERATING REVENUES$3,834 $3,919 
OPERATING EXPENSES
Fuel, purchased power and interchange1,034 1,214 
Other operations and maintenance361 380 
Depreciation and amortization303 335 
Taxes other than income taxes and other – net460 444 
Total operating expenses – net2,158 2,373 
OPERATING INCOME1,676 1,546 
OTHER INCOME (DEDUCTIONS)
Interest expense(279)(249)
Allowance for equity funds used during construction53 30 
Other – net1 5 
Total other deductions – net(225)(214)
INCOME BEFORE INCOME TAXES1,451 1,332 
INCOME TAXES279 262 
NET INCOME(a)
$1,172 $1,070 
_______________________
(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.
12




FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions, except share amount)
(unaudited)


March 31,
2024
December 31,
2023
ASSETS  
Current assets:  
Cash and cash equivalents$22 $57 
Customer receivables, net of allowances of $7 and $8, respectively
1,517 1,706 
Other receivables328 319 
Materials, supplies and fuel inventory1,335 1,339 
Regulatory assets1,000 1,431 
Other135 144 
Total current assets4,337 4,996 
Other assets:
Electric utility plant and other property – net72,031 70,608 
Special use funds6,370 6,050 
Prepaid benefit costs1,861 1,853 
Regulatory assets4,913 4,343 
Goodwill2,965 2,965 
Other640 654 
Total other assets88,780 86,473 
TOTAL ASSETS$93,117 $91,469 
LIABILITIES AND EQUITY
Current liabilities:  
Commercial paper$350 $2,374 
Other short-term debt200 255 
Current portion of long-term debt666 1,665 
Accounts payable781 977 
Customer deposits632 610 
Accrued interest and taxes914 661 
Accrued construction-related expenditures444 486 
Regulatory liabilities297 335 
Other562 713 
Total current liabilities4,846 8,076 
Other liabilities and deferred credits:
Long-term debt23,393 23,609 
Asset retirement obligations2,164 2,143 
Deferred income taxes8,796 8,542 
Regulatory liabilities10,136 9,893 
Other376 371 
Total other liabilities and deferred credits44,865 44,558 
TOTAL LIABILITIES49,711 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 capital26,868 23,470 
Retained earnings15,165 13,992 
TOTAL EQUITY43,406 38,835 
TOTAL LIABILITIES AND EQUITY$93,117 $91,469 






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.
13



FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)

Three Months Ended March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$1,172 $1,070 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization303 335 
Nuclear fuel and other amortization44 40 
Deferred income taxes175 220 
Cost recovery clauses and franchise fees308 263 
Recoverable storm-related costs(31)(188)
Other – net(18)5 
Changes in operating assets and liabilities:
Current assets183 172 
Noncurrent assets(20)(54)
Current liabilities145 (200)
Noncurrent liabilities4 16 
Net cash provided by operating activities2,265 1,679 
CASH FLOWS FROM INVESTING ACTIVITIES  
Capital expenditures(2,237)(2,241)
Nuclear fuel purchases(108)(33)
Proceeds from sale or maturity of securities in special use funds690 486 
Purchases of securities in special use funds(729)(523)
Other – net(9)(16)
Net cash used in investing activities(2,393)(2,327)
CASH FLOWS FROM FINANCING ACTIVITIES  
Issuances of long-term debt, including premiums and discounts 2,494 
Retirements of long-term debt(1,220)(15)
Net change in commercial paper(2,024)(1,709)
Repayments of other short-term debt(55) 
Capital contributions from NEE3,400  
Other – net(8)(39)
Net cash provided by financing activities93 731 
Net increase (decrease) in cash, cash equivalents and restricted cash(35)83 
Cash, cash equivalents and restricted cash at beginning of period72 58 
Cash, cash equivalents and restricted cash at end of period$37 $141 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (net of amount capitalized)$192 $191 
Cash paid for income taxes – net$65 $45 
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES   
Accrued property additions$705 $804 










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.
14



FLORIDA POWER & LIGHT COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY
(millions)
(unaudited)


Three Months Ended March 31, 2024Common
Stock
Additional
Paid-In Capital
Retained
Earnings
Common
Shareholder's
Equity
Balances, December 31, 2023
$1,373 $23,470 $13,992 $38,835 
Net income  1,172 
Capital contributions from NEE 3,400  
Other (2)1 
Balances, March 31, 2024$1,373 $26,868 $15,165 $43,406 


Three Months Ended March 31, 2023Common
Stock
Additional
Paid-In Capital
Retained
Earnings
Common
Shareholder's
Equity
Balances, December 31, 2022
$1,373 $23,561 $13,986 $38,920 
Net income— — 1,070
Distribution of a subsidiary to NEE
— (90)— 
Balances, March 31, 2023
$1,373 $23,471 $15,056 $39,900 
































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.
15



NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

The accompanying condensed consolidated financial statements should be read in conjunction with the 2023 Form 10-K. In the opinion of NEE and FPL management, all adjustments considered necessary for fair financial statement presentation have been made. All adjustments are normal and recurring unless otherwise noted. The results of operations for an interim period generally will not give a true indication of results for the year.

1.  Revenue from Contracts with Customers

FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative (see Note 2) and lease transactions at NEER. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. NEE’s revenue from contracts with customers was approximately $5.4 billion ($3.8 billion at FPL) and $5.7 billion ($3.9 billion at FPL) for the three months ended March 31, 2024 and 2023, respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

FPL – FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s operating revenues, the majority of which are to residential customers. FPL's retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At March 31, 2024 and December 31, 2023, FPL's unbilled revenues amounted to approximately $621 million and $633 million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. Certain contracts with customers contain a fixed price which primarily relate to certain power purchase agreements with maturity dates through 2041. As of March 31, 2024, FPL expects to record approximately $375 million of revenues related to the fixed capacity price components of such contracts over the remaining terms of the related contracts as the capacity is provided. These contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts.
NEER – NEER’s revenue from contracts with customers is derived primarily from the sale of energy commodities, electric capacity and electric transmission. For these types of sales, NEER recognizes revenue as energy commodities are delivered and as electric capacity and electric transmission are made available, consistent with the amounts billed to customers based on rates stipulated in the respective contracts as well as an accrual for amounts earned but not yet billed. The amounts billed and accrued represent the value of energy or transmission delivered and/or the capacity of energy or transmission available to the customer. Revenues yet to be earned under these contracts, which have maturity dates ranging from 2024 to 2053, will vary based on the volume of energy or transmission delivered and/or available. NEER’s customers typically receive bills monthly with payment due within 30 days. Certain contracts with customers contain a fixed price which primarily relate to electric capacity sales through 2038, certain power purchase agreements with maturity dates through 2034, and capacity sales associated with natural gas transportation through 2062. At March 31, 2024, NEER expects to record approximately $1.2 billion of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided. The power purchase agreements also contain a variable price component for energy usage which NEER recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts.

16


NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
2.  Derivative Instruments

NEE and FPL use derivative instruments (primarily swaps, options, futures and forwards) to manage the physical and financial risks inherent in the purchase and sale of fuel and electricity, as well as interest rate and foreign currency exchange rate risk associated primarily with outstanding and expected future debt issuances and borrowings, and to optimize the value of NEER's power generation and gas infrastructure assets. NEE and FPL do not utilize hedge accounting for their cash flow and fair value hedges.

With respect to commodities related to NEE's competitive energy business, NEER employs risk management procedures to conduct its activities related to optimizing the value of its power generation and gas infrastructure assets, providing full energy and capacity requirements services primarily to distribution utilities, and engaging in power and fuel marketing and trading activities to take advantage of expected future favorable price movements and changes in the expected volatility of prices in the energy markets. These risk management activities involve the use of derivative instruments executed within prescribed limits to manage the risk associated with fluctuating commodity prices. Transactions in derivative instruments are executed on recognized exchanges or via the OTC markets, depending on the most favorable credit terms and market execution factors. For NEER's power generation and gas infrastructure assets, derivative instruments are used to hedge all or a portion of the expected output of these assets. These hedges are designed to reduce the effect of adverse changes in the wholesale forward commodity markets associated with NEER's power generation and gas infrastructure assets. With regard to full energy and capacity requirements services, NEER is required to vary the quantity of energy and related services based on the load demands of the customers served. For this type of transaction, derivative instruments are used to hedge the anticipated electricity quantities required to serve these customers and reduce the effect of unfavorable changes in the forward energy markets. Additionally, NEER takes positions in energy markets based on differences between actual forward market levels and management's view of fundamental market conditions, including supply/demand imbalances, changes in traditional flows of energy, changes in short- and long-term weather patterns and anticipated regulatory and legislative outcomes. NEER uses derivative instruments to realize value from these market dislocations, subject to strict risk management limits around market, operational and credit exposure.

Derivative instruments, when required to be marked to market, are recorded on NEE's and FPL's condensed consolidated balance sheets as either an asset or liability measured at fair value. At FPL, substantially all changes in the derivatives' fair value are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. For NEE's non-rate regulated operations, predominantly NEER, essentially all changes in the derivatives' fair value for power purchases and sales, fuel sales and trading activities are recognized on a net basis in operating revenues and the equity method investees' related activity is recognized in equity in earnings (losses) of equity method investees in NEE's condensed consolidated statements of income. Settlement gains and losses are included within the line items in the condensed consolidated statements of income to which they relate. Transactions for which physical delivery is deemed not to have occurred are presented on a net basis in the condensed consolidated statements of income. For commodity derivatives, NEE believes that, where offsetting positions exist at the same location for the same time, the transactions are considered to have been netted and therefore physical delivery has been deemed not to have occurred for financial reporting purposes. Settlements related to derivative instruments are substantially all recognized in net cash provided by operating activities in NEE's and FPL's condensed consolidated statements of cash flows.

For interest rate and foreign currency derivative instruments, all changes in the derivatives' fair value, as well as the transaction gain or loss on foreign denominated debt, are recognized in interest expense and the equity method investees' related activity is recognized in equity in earnings (losses) of equity method investees in NEE's condensed consolidated statements of income. At March 31, 2024, NEE's AOCI included immaterial amounts related to discontinued interest rate cash flow hedges with expiration dates through March 2035 and foreign currency cash flow hedges with expiration dates through September 2030.

Fair Value Measurements of Derivative Instruments – The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or other pricing inputs that are observable (Level 2) whenever that information is available and using unobservable inputs (Level 3) to estimate fair value only when relevant observable inputs are not available. NEE and FPL use different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or similar assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. NEE's and FPL's assessment of the significance of any particular input to the fair value measurement requires judgment and may affect placement within the fair value hierarchy levels. Non-performance risk, including the consideration of a credit valuation adjustment, is also considered in the determination of fair value for all assets and liabilities measured at fair value.

NEE and FPL measure the fair value of commodity contracts using a combination of market and income approaches utilizing prices observed on commodities exchanges and in the non-exchange traded markets, or through the use of industry-standard valuation techniques, such as option modeling or discounted cash flows techniques, incorporating both observable and unobservable valuation inputs. The resulting measurements are the best estimate of fair value as represented by the transfer of the asset or liability through an orderly transaction in the marketplace at the measurement date.

17


NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
Exchange-traded derivative assets and liabilities are valued using observable settlement prices from the exchanges and are classified as Level 1 or Level 2, depending on whether positions are in active or inactive markets.

NEE, through its subsidiaries, including FPL, also enters into non-exchange traded commodity derivatives. The majority of the valuation inputs are observable using exchange-quoted prices.

NEE, through NEER, also enters into full requirements contracts, which, in most cases, meet the definition of derivatives and are measured at fair value. These contracts typically have one or more inputs that are not observable and are significant to the valuation of the contract. In addition, certain non-exchange traded derivative options at NEE have one or more significant inputs that are not observable, and are valued using industry-standard option models.

In all cases where NEE and FPL use significant unobservable inputs for the valuation of a commodity contract, consideration is given to the assumptions that market participants would use in valuing the asset or liability. The primary input to the valuation models for commodity contracts is the forward commodity curve for the respective instruments. Other inputs include, but are not limited to, assumptions about market liquidity, volatility, correlation and contract duration as more fully described below in Significant Unobservable Inputs Used in Recurring Fair Value Measurements. In instances where the reference markets are deemed to be inactive or do not have transactions for a similar contract, the derivative assets and liabilities may be valued using significant other observable inputs and potentially significant unobservable inputs. In such instances, the valuation for these contracts is established using techniques including extrapolation from or interpolation between actively traded contracts, or estimated basis adjustments from liquid trading points. NEE and FPL regularly evaluate and validate the inputs used to determine fair value by a number of methods, consisting of various market price verification procedures, including the use of pricing services and broker quotes to support the market price of the various commodities. Where there are assumptions and models used to generate inputs for valuing derivative assets and liabilities, the review and verification of the assumptions and models are undertaken by individuals in an independent control function.

NEE uses interest rate contracts and foreign currency contracts to mitigate and adjust interest rate and foreign currency exchange exposure related primarily to certain outstanding and expected future debt issuances and borrowings when deemed appropriate based on market conditions or when required by financing agreements. NEE estimates the fair value of these derivatives using an income approach based on a discounted cash flows valuation technique utilizing the net amount of estimated future cash inflows and outflows related to the agreements.

18


NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
The tables below present NEE's and FPL's gross derivative positions at March 31, 2024 and December 31, 2023, as required by disclosure rules. However, the majority of the underlying contracts are subject to master netting agreements and generally would not be contractually settled on a gross basis. Therefore, the tables below also present the derivative positions on a net basis, which reflect the offsetting of positions of certain transactions within the portfolio, the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral, as well as the location of the net derivative position on the condensed consolidated balance sheets.
March 31, 2024
Level 1Level 2Level 3
Netting(a)
Total
(millions)
Assets:
NEE:
Commodity contracts$2,476 $4,412 $1,598 $(5,737)$2,749 
Interest rate contracts$ $320 $ $58 378 
Foreign currency contracts$ $ $ $  
Total derivative assets$3,127 
FPL – commodity contracts
$ $ $19 $(5)$14 
Liabilities:
NEE:
Commodity contracts$3,374 $4,282 $931 $(5,883)$2,704 
Interest rate contracts$ $303 $ $58 361 
Foreign currency contracts$ $64 $ $ 64 
Total derivative liabilities$3,129 
FPL – commodity contracts
$ $11 $17 $(5)$23 
Net fair value by NEE balance sheet line item:
Current derivative assets(b)
$1,461 
Noncurrent derivative assets(c)
1,666 
Total derivative assets$3,127 
Current derivative liabilities(d)
$720 
Noncurrent derivative liabilities
2,409 
Total derivative liabilities$3,129 
Net fair value by FPL balance sheet line item:
Current other assets$2 
Noncurrent other assets12 
Total derivative assets$14 
Current other liabilities$16 
Noncurrent other liabilities7 
Total derivative liabilities$23 
———————————————
(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.
(b)Reflects the netting of approximately $90 million in margin cash collateral received from counterparties.
(c)Reflects the netting of approximately $380 million in margin cash collateral received from counterparties.
(d)Reflects the netting of approximately $616 million in margin cash collateral paid to counterparties.

19


NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
December 31, 2023
Level 1Level 2Level 3
Netting(a)
Total
(millions)
Assets:
NEE:
Commodity contracts$2,640 $4,741 $1,925 $(6,171)$3,135 
Interest rate contracts$ $304 $ $81 385 
Foreign currency contracts$ $ $ $  
Total derivative assets$3,520 
FPL – commodity contracts
$ $1 $29 $(3)$27 
Liabilities:
NEE:
Commodity contracts$3,796 $4,664 $974 $(6,531)$2,903 
Interest rate contracts$ $553 $ $81