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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, 2021

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 ValueNEENew York Stock Exchange
4.872% Corporate UnitsNEE.PRONew York Stock Exchange
5.279% Corporate UnitsNEE.PRPNew York Stock Exchange
6.219% Corporate UnitsNEE.PRQNew 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, 2021: 1,961,445,060

Number of shares of Florida Power & Light Company common stock, without par value, outstanding at March 31, 2021, 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
AFUDCallowance for funds used during construction
AFUDC - equityequity component of AFUDC
AOCIaccumulated other comprehensive income
Duane ArnoldDuane Arnold Energy Center
FERCU.S. Federal Energy Regulatory Commission
Florida Southeast ConnectionFlorida Southeast Connection, LLC, a wholly owned NextEra Energy Resources subsidiary
FPLthe legal entity, Florida Power & Light Company
FPL segmentFPL, excluding Gulf Power, related purchase accounting adjustments and eliminating entries, and an operating segment of NEE and FPL
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.
Gulf Poweran operating division of FPL and an operating segment of NEE and FPL
ISOindependent system operator
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
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
OTTIother than temporary impairment
PTCproduction tax credit
PVphotovoltaic
Recovery ActAmerican Recovery and Reinvestment Act of 2009, as amended
regulatory ROEreturn on common equity as determined for regulatory purposes
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
SoBRASolar Base Rate Adjustment
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.

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TABLE OF CONTENTS


  Page No.
   
   
  
   
   
  
   
 
 

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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 and economic factors.
FPL's use of derivative instruments could be subject to prudence challenges and, if found imprudent, could result in disallowances of cost recovery for such use by the FPSC.
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 or feed-in tariffs, or the imposition of additional taxes or other assessments on renewable energy, could result in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, NEER abandoning the development of renewable energy projects, a loss of NEER's investments in renewable energy projects and reduced project returns, any of which could have a material adverse effect on NEE'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, regulations, interpretations or ballot or regulatory initiatives.
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.
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, retail gas distribution system in Florida 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 or slower growth 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, including, but not limited to, the impact of severe weather.
Threats of terrorism and catastrophic events that could result from 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 results of operations.
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 results of operations.
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
5


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 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 results of operations and financial condition 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 results of operations and financial condition 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 and 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 liquidity, financial condition and results of operations.
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, including the novel coronavirus (COVID-19), may have material adverse impacts on NEE’s and FPL's business, financial condition, liquidity and results of operations.

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, 2020 (2020 Form 10-K), and investors should refer to that section of the 2020 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,
20212020
OPERATING REVENUES$3,726 $4,613 
OPERATING EXPENSES
Fuel, purchased power and interchange906 821 
Other operations and maintenance989 830 
Depreciation and amortization749 848 
Taxes other than income taxes and other – net427 406 
Total operating expenses - net3,071 2,905 
GAINS ON DISPOSAL OF BUSINESSES/ASSETS - NET14 273 
OPERATING INCOME669 1,981 
OTHER INCOME (DEDUCTIONS)
Interest expense421 (1,311)
Equity in earnings (losses) of equity method investees440 (390)
Allowance for equity funds used during construction29 22 
Interest income19 13 
Gains on disposal of investments and other property – net29 24 
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net58 (328)
Other net periodic benefit income64 52 
Other – net19 10 
Total other income (deductions) - net1,079 (1,908)
INCOME BEFORE INCOME TAXES1,748 73 
INCOME TAX EXPENSE (BENEFIT)250 (235)
NET INCOME1,498 308 
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
168 113 
NET INCOME ATTRIBUTABLE TO NEE$1,666 $421 
Earnings per share attributable to NEE:
Basic$0.85 $0.21 
Assuming dilution$0.84 $0.21 


















This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K.
7


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



Three Months Ended March 31,
 20212020
NET INCOME$1,498 $308 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Reclassification of unrealized losses on cash flow hedges from accumulated other comprehensive income (loss) to net income (net of $1 and $1 tax benefit, respectively)2 2 
Net unrealized gains (losses) on available for sale securities:
Net unrealized losses on securities still held (net of $3 and $4 tax benefit, respectively)(8)(8)
Reclassification from accumulated other comprehensive income (loss) to net income (net of $1 and less than $1 tax expense, respectively)(3)(1)
Defined benefit pension and other benefits plans:
Reclassification from accumulated other comprehensive income (loss) to net income (net of less than $1 and less than $1 tax benefit, respectively)1 3 
Net unrealized gains (losses) on foreign currency translation
6 (35)
Total other comprehensive loss, net of tax(2)(39)
IMPACT OF DISPOSAL OF A BUSINESS (NET OF $19 TAX BENEFIT) 10 
COMPREHENSIVE INCOME
1,496 279 
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
166 119 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NEE$1,662 $398 
































This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K.
8


NEXTERA ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(millions, except par value)
(unaudited)
 March 31,
2021
December 31,
2020
ASSETS  
Current assets:  
Cash and cash equivalents$1,462 $1,105 
Customer receivables, net of allowances of $180 and $67, respectively2,648 2,263 
Other receivables638 711 
Materials, supplies and fossil fuel inventory1,604 1,552 
Regulatory assets 399 377 
Derivatives496 570 
Other990 804 
Total current assets8,237 7,382 
Other assets:  
Property, plant and equipment - net ($18,224 and $18,084 related to VIEs, respectively)94,304 91,803 
Special use funds8,010 7,779 
Investment in equity method investees6,049 5,728 
Prepaid benefit costs1,752 1,707 
Regulatory assets3,776 3,712 
Derivatives1,618 1,647 
Goodwill4,853 4,254 
Other 3,842 3,672 
Total other assets124,204 120,302 
TOTAL ASSETS$132,441 $127,684 
LIABILITIES AND EQUITY
Current liabilities:  
Commercial paper$2,008 $1,551 
Other short-term debt758 458 
Current portion of long-term debt ($28 and $27 related to VIEs, respectively)3,837 4,138 
Accounts payable ($1,078 and $1,433 related to VIEs, respectively)4,400 4,615 
Customer deposits481 474 
Accrued interest and taxes726 519 
Derivatives437 311 
Accrued construction-related expenditures1,052 991 
Regulatory liabilities232 245 
Other1,852 2,256 
Total current liabilities15,783 15,558 
Other liabilities and deferred credits:  
Long-term debt ($544 and $493 related to VIEs, respectively)46,065 41,944 
Asset retirement obligations2,902 3,057 
Deferred income taxes8,256 8,020 
Regulatory liabilities10,569 10,735 
Derivatives595 1,199 
Other2,541 2,242 
Total other liabilities and deferred credits70,928 67,197 
TOTAL LIABILITIES86,711 82,755 
COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock ($0.01 par value, authorized shares - 3,200; outstanding shares - 1,961 and 1,960, respectively)20 20 
Additional paid-in capital11,183 11,222 
Retained earnings26,273 25,363 
Accumulated other comprehensive loss(98)(92)
Total common shareholders' equity37,378 36,513 
Noncontrolling interests ($8,348 and $8,413 related to VIEs, respectively)8,352 8,416 
TOTAL EQUITY45,730 44,929 
TOTAL LIABILITIES AND EQUITY$132,441 $127,684 
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K.
9



NEXTERA ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
(unaudited)
Three Months Ended March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,498 $308 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization749 848 
Nuclear fuel and other amortization74 74 
Unrealized losses (gains) on marked to market derivative contracts – net(320)563 
Foreign currency transaction gains(51)(39)
Deferred income taxes297 (180)
Cost recovery clauses and franchise fees(86)(10)
Equity in losses (earnings) of equity method investees(440)390 
Distributions of earnings from equity method investees121 100 
Gains on disposal of businesses, assets and investments – net(43)(297)
Other – net(239)311 
Changes in operating assets and liabilities:
Current assets(445)142 
Noncurrent assets(128)(56)
Current liabilities247 (245)
Noncurrent liabilities58 (15)
Net cash provided by operating activities1,292 1,894 
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures of FPL Segment(1,350)(1,394)
Capital expenditures of Gulf Power(170)(340)
Independent power and other investments of NEER(2,999)(1,492)
Nuclear fuel purchases(57)(57)
Other capital expenditures and other investments1 (1)
Proceeds from sale or maturity of securities in special use funds and other investments1,377 1,081 
Purchases of securities in special use funds and other investments(1,460)(1,084)
Other – net238 152 
Net cash used in investing activities(4,420)(3,135)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, including premiums and discounts4,616 4,353 
Retirements of long-term debt(432)(312)
Net change in commercial paper458 (940)
Proceeds from other short-term debt 1,625 
Repayments of other short-term debt(200) 
Payments from related parties under a cash sweep and credit support agreement – net74 48 
Issuances of common stock/equity units – net4 (57)
Dividends on common stock(755)(685)
Other – net(22)(71)
Net cash provided by financing activities3,743 3,961 
Effects of currency translation on cash, cash equivalents and restricted cash4 6 
Net increase in cash, cash equivalents and restricted cash619 2,726 
Cash, cash equivalents and restricted cash at beginning of period1,546 1,108 
Cash, cash equivalents and restricted cash at end of period$2,165 $3,834 
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions$3,825 $3,194 
Increase in property, plant and equipment related to an acquisition $ $353 
Decrease in joint venture investments related to an acquisition $ $145 







This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2020 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
Income (Loss)
Retained
Earnings
Total
Common
Shareholders'
Equity
Non-
controlling
Interests
Total
Equity
SharesAggregate
Par Value
Balances, December 31, 20201,960 $20 $11,222 $(92)$25,363 $36,513 $8,416 $44,929 
Net income (loss)    1,666 1,666 (168) 
Share-based payment activity2  (24)  (24)  
Dividends on common stock(a)
    (755)(755)  
Other comprehensive loss   (5) (5)2  
Other differential membership
interests activity
      65 
Other(1) (15)(1)(1)(17)37 
Balances, March 31, 20211,961 $20 $11,183 $(98)$26,273 $37,378 $8,352 $45,730 
———————————————
(a)Dividends per share were $0.385 for the three months ended March 31, 2021.


Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Common
Shareholders'
Equity
Non-
controlling
Interests
Total
Equity
Redeemable Non-controlling Interests
SharesAggregate
Par Value
Balances, December 31, 20191,956 $20 $11,955 $(169)$25,199 $37,005 $4,355 $41,360 $487 
Net income (loss)— — — — 421 421 (112) (1)
Premium on equity units— — (253)— — (253)— — 
Share-based payment activity2 — 4 — — 4 —  — 
Dividends on common stock(a)
— — — — (685)(685)—  — 
Other comprehensive loss— — — (33)— (33)(6) — 
Issuances cost of common stock/ equity units - net— — (51)— — (51)— — 
Impact of disposal of a business(b)
— — — 10 — 10 — — 
Adoption of accounting standards(c)
updates
— — — — (11)(11)— — 
Other differential membership
interests activity
— — (2)— — (2)219 (248)
Other— —   (2)(2)16  
Balances, March 31, 20201,958 $20 $11,653 $(192)$24,922 $36,403 $4,472 $40,875 $238 
———————————————
(a)Dividends per share were $0.35 for the three months ended March 31, 2020.
(b)See Note 11 - Disposal of a Business.
(c)See Note 11 - Measurement of Credit Losses on Financial Instruments.


















This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2020 Form 10-K.
11



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

 Three Months Ended March 31,
 2021
2020(a)
OPERATING REVENUES$2,970 $2,868 
OPERATING EXPENSES 
Fuel, purchased power and interchange772 697 
Other operations and maintenance385 380 
Depreciation and amortization339 470 
Taxes other than income taxes and other – net360 347 
Total operating expenses - net1,856 1,894 
OPERATING INCOME1,114 974 
OTHER INCOME (DEDUCTIONS)
Interest expense(155)(167)
Allowance for equity funds used during construction27 22 
Other – net 1 
Total other deductions - net(128)(144)
INCOME BEFORE INCOME TAXES986 830 
INCOME TAXES209 148 
NET INCOME(b)
$777 $682 
_______________________
(a)Amounts have been retrospectively adjusted to reflect the merger of FPL and Gulf Power Company, see Note 5 - Merger of FPL and Gulf Power Company.
(b)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 2020 Form 10-K.
12



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


March 31,
2021
December 31, 2020(a)
ASSETS  
Current assets:  
Cash and cash equivalents$44 $25 
Customer receivables, net of allowances of $23 and $44, respectively1,042 1,141 
Other receivables343 405 
Materials, supplies and fossil fuel inventory914 899 
Regulatory assets382 360 
Other198 182 
Total current assets2,923 3,012 
Other assets:
Electric utility plant and other property - net54,918 53,879 
Special use funds5,517 5,347 
Prepaid benefit costs1,576 1,550 
Regulatory assets3,395 3,399 
Goodwill2,989 2,989 
Other779 825 
Total other assets69,174 67,989 
TOTAL ASSETS$72,097 $71,001 
LIABILITIES AND EQUITY
Current liabilities:  
Commercial paper$618 $1,551 
Other short-term debt200 200 
Current portion of long-term debt