Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Cover page. | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2019 |
Document Transition Report | false |
Entity File Number | 1-36518 |
Entity Registrant Name | NEXTERA ENERGY PARTNERS, LP |
Entity Tax Identification Number | 30-0818558 |
Entity Address, Address Line One | 700 Universe Boulevard |
Entity Address, City or Town | Juno Beach |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33408 |
City Area Code | 561 |
Local Phone Number | 694-4000 |
Entity Incorporation, State or Country Code | DE |
Title of 12(b) Security | Common units |
Trading Symbol | NEP |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 56,149,912 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001603145 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Jun. 30, 2019 | Jun. 30, 2018 | [1] | ||
OPERATING REVENUES | |||||||
Renewable energy sales | $ 170 | $ 169 | $ 294 | $ 325 | |||
Texas pipelines service revenues | 49 | 56 | 103 | 112 | |||
Total operating revenues | [2] | 219 | 225 | 397 | 437 | ||
OPERATING EXPENSES (INCOME) | |||||||
Operations and maintenance | [3] | 82 | 63 | 157 | 125 | ||
Depreciation and amortization | 63 | 49 | 124 | 102 | [4] | ||
Gain on disposal of Canadian Holdings | 0 | (153) | 0 | (153) | [4] | ||
Taxes other than income taxes and other | 7 | 5 | 13 | 11 | |||
Total operating expenses (income) - net | 152 | (36) | 294 | 85 | |||
OPERATING INCOME | 67 | 261 | 103 | 352 | |||
OTHER INCOME (DEDUCTIONS) | |||||||
Interest expense | (207) | (21) | (362) | (124) | |||
Equity in earnings of equity method investees | 9 | 13 | 8 | 16 | |||
Equity in earnings (losses) of non-economic ownership interests | (4) | 7 | (11) | 13 | [4] | ||
Other - net | 1 | 11 | 2 | 13 | |||
Total other income (deductions) - net | (201) | 10 | (363) | (82) | |||
INCOME (LOSS) BEFORE INCOME TAXES | (134) | 271 | (260) | 270 | |||
INCOME TAX BENEFIT | (10) | (21) | (16) | (2) | |||
NET INCOME (LOSS) | (124) | 292 | [5] | (244) | 272 | [4] | |
Net income attributable to preferred distributions | (6) | (6) | [6] | (12) | (12) | [6] | |
Less net income (loss) attributable to noncontrolling interest | 102 | (204) | 207 | (103) | |||
NET INCOME (LOSS) ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP | $ (28) | $ 82 | $ (49) | $ 157 | |||
Weighted average number of common units outstanding - basic (in shares) | 56.2 | 54.3 | 56.1 | 54.3 | |||
Weighted average number of common units outstanding - assuming dilution (in shares) | 75.8 | 74 | 75.8 | 74 | |||
Earnings (loss) per common unit attributable to NextEra Energy Partners, LP - basic (in dollars per share) | $ (0.49) | $ 1.51 | $ (0.88) | $ 2.88 | |||
Earnings (loss) per common unit attributable to NextEra Energy Partners, LP - assuming dilution (in dollars per share) | $ (0.49) | $ 1.42 | $ (0.88) | $ 2.67 | |||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | ||||||
[2] | Includes related party revenues of $1 million and $1 million for the three months ended June 30, 2019 and 2018 , respectively, and $2 million and $2 million for the six months ended June 30, 2019 and 2018 , respectively. | ||||||
[3] | Includes O&M expenses related to renewable energy projects of $47 million and $32 million for the three months ended June 30, 2019 and 2018 , respectively, and $85 million and $62 million for the six months ended June 30, 2019 and 2018 , respectively. Includes O&M expenses related to the Texas pipelines of $8 million and $11 million for the three months ended June 30, 2019 and 2018 , respectively, and $21 million and $22 million for the six months ended June 30, 2019 and 2018 , respectively. Total O&M expenses presented include related party amounts of $24 million and $24 million for the three months ended June 30, 2019 and 2018 , respectively, and $48 million and $48 million for the six months ended June 30, 2019 and 2018 , respectively. | ||||||
[4] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | ||||||
[5] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | ||||||
[6] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Related party revenues | $ 1 | $ 1 | $ 2 | $ 2 |
Operations and maintenance related to renewable energy projects | 47 | 32 | 85 | 62 |
Operations and maintenance related to Texas pipelines | 8 | 11 | 21 | 22 |
Operations and maintenance related party | $ 24 | $ 24 | $ 48 | $ 48 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Statement of Comprehensive Income [Abstract] | ||||||
NET INCOME (LOSS) | $ (124) | $ 292 | [1],[2] | $ (244) | $ 272 | [2],[3] |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ||||||
Reclassification from AOCI to net income (net of $0, $0 tax expense, $0 tax benefit and $1 tax expense, respectively) | (6) | |||||
Reclassification from AOCI to net income (net of $0, $0 tax expense, $0 tax benefit and $1 tax expense, respectively) | 0 | 1 | [4] | 2 | [4] | |
Net unrealized losses on foreign currency translation (net of $0, $0 tax benefit, $0 and $1 tax benefit, respectively) | 0 | (2) | [4] | 0 | (6) | [4] |
Other comprehensive income (loss) related to equity method investees (net of $0, $0 tax benefit, $0 tax expense and $0, respectively) | 0 | (4) | [4] | 1 | 0 | [4] |
Total other comprehensive income (loss), net of tax | 0 | (5) | [1],[4] | (5) | (4) | [4] |
Impact of disposal of Canadian Holdings (net of $0, $3 tax expense, $0 and $3 tax expense, respectively) | 0 | 107 | [4] | 0 | 107 | [4] |
COMPREHENSIVE INCOME (LOSS) | (124) | 394 | [4] | (249) | 375 | [4] |
Net income attributable to preferred distributions | (6) | (6) | [2],[4] | (12) | (12) | [2],[4] |
Less comprehensive income (loss) attributable to noncontrolling interest | 102 | (305) | [4] | 210 | (206) | [4] |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NEXTERA ENERGY PARTNERS, LP | $ (28) | $ 83 | [4] | $ (51) | $ 157 | [4] |
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||
[2] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||
[3] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||
[4] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Jun. 30, 2019 | Jun. 30, 2018 | [1] | |
Statement of Comprehensive Income [Abstract] | ||||||
Reclassification from AOCI to net income, tax | $ 0 | |||||
Reclassification from AOCI to net income, tax | $ 0 | $ 0 | $ 1 | |||
Unrealized gains (losses) on foreign currency translation, tax | 0 | 0 | 0 | (1) | ||
Other comprehensive income (loss) related to equity method investee, tax (benefit) expense | 0 | 0 | 0 | 0 | ||
Impact of disposal of Canadian Holdings, tax expense | $ 0 | $ 3 | $ 0 | $ 3 | ||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 163,000,000 | $ 147,000,000 |
Accounts receivable | 101,000,000 | 63,000,000 |
Other receivables | 164,000,000 | 17,000,000 |
Due from related parties | 738,000,000 | 68,000,000 |
Restricted cash | 4,000,000 | 8,000,000 |
Other current assets | 29,000,000 | 37,000,000 |
Total current assets | 1,199,000,000 | 340,000,000 |
Non-current assets: | ||
Property, plant and equipment - net | 7,071,000,000 | 6,770,000,000 |
Deferred income taxes | 123,000,000 | 108,000,000 |
Investments in equity method investees | 319,000,000 | 214,000,000 |
Investments in non-economic ownership interests | 3,000,000 | 20,000,000 |
Goodwill | 598,000,000 | 584,000,000 |
Other non-current assets | 144,000,000 | 108,000,000 |
Total non-current assets | 10,569,000,000 | 9,065,000,000 |
TOTAL ASSETS | 11,768,000,000 | 9,405,000,000 |
Current liabilities: | ||
Accounts payable and accrued expenses | 111,000,000 | 10,000,000 |
Due to related parties | 59,000,000 | 45,000,000 |
Current portion of long-term debt | 599,000,000 | 707,000,000 |
Accrued interest | 31,000,000 | 31,000,000 |
Accrued property taxes | 15,000,000 | 19,000,000 |
Other current liabilities | 57,000,000 | 47,000,000 |
Total current liabilities | 872,000,000 | 859,000,000 |
Non-current liabilities: | ||
Long-term debt | 3,676,000,000 | 2,728,000,000 |
Deferred income taxes | 10,000,000 | 12,000,000 |
Asset retirement obligation | 135,000,000 | 95,000,000 |
Derivatives | 371,000,000 | 104,000,000 |
Non-current due to related party | 57,000,000 | 34,000,000 |
Other non-current liabilities | 147,000,000 | 35,000,000 |
Total non-current liabilities | 4,396,000,000 | 3,008,000,000 |
TOTAL LIABILITIES | 5,268,000,000 | 3,867,000,000 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY | ||
Preferred units (14.0 and 14.0 units issued and outstanding, respectively) | 548,000,000 | 548,000,000 |
Common units (56.2 and 56.1 units issued and outstanding, respectively) | 1,704,000,000 | 1,804,000,000 |
Accumulated other comprehensive loss | (8,000,000) | (6,000,000) |
Noncontrolling interests | 4,256,000,000 | 3,192,000,000 |
TOTAL EQUITY | 6,500,000,000 | 5,538,000,000 |
TOTAL LIABILITIES AND EQUITY | 11,768,000,000 | 9,405,000,000 |
Intangible assets – customer relationships - net | ||
Non-current assets: | ||
Intangible assets | 635,000,000 | 644,000,000 |
Intangible assets – PPAs - net | ||
Non-current assets: | ||
Intangible assets | $ 1,676,000,000 | $ 617,000,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred units issued (in shares) | 14 | 14 |
Preferred units outstanding (in shares) | 14 | 14 |
Common units issued (in shares) | 56.2 | 56.1 |
Common units outstanding (in shares) | 56.2 | 56.1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | [2] | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (244) | $ 272 | [1] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 124 | 102 | [1] |
Intangible amortization - PPA | 21 | 0 | |
Change in value of derivative contracts | 277 | 10 | |
Deferred income taxes | (16) | 7 | |
Equity in earnings of equity method investees, net of distributions received | (8) | 2 | |
Equity in losses (earnings) of non-economic ownership interests | 11 | (13) | [1] |
Gain on disposal of Canadian Holdings | 0 | (153) | [1] |
Other - net | 10 | (4) | |
Changes in operating assets and liabilities: | |||
Other current assets | (20) | (15) | |
Other non-current assets | (3) | 2 | |
Other current liabilities | (20) | (27) | |
Other non-current liabilities | (2) | 0 | |
Net cash provided by operating activities | 130 | 183 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of membership interests in subsidiaries - net | (1,028) | 0 | |
Capital expenditures | (6) | (7) | |
Proceeds from the sale of Canadian Holdings - net | 0 | 517 | |
Payments from (to) related parties under CSCS agreement - net | (671) | (50) | |
Other | 4 | 0 | |
Net cash provided by (used in) investing activities | (1,701) | 460 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of common units - net | 3 | 0 | |
Issuances of long-term debt | 1,150 | 0 | |
Retirements of long-term debt | (310) | (55) | |
Deferred financing costs | (11) | 0 | |
Partner contributions | 2 | 31 | |
Partner distributions | (158) | (134) | |
Preferred unit distributions | (12) | (9) | |
Proceeds from differential membership investors | 31 | 28 | |
Payments to differential membership investors | (16) | (11) | |
Payments to Class B noncontrolling interests investors | (8) | 0 | |
Proceeds on sale of Class B noncontrolling interest - net | 893 | 0 | |
Change in amounts due to related parties | 19 | (1) | |
Net cash provided by (used in) financing activities | 1,583 | (151) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | (2) | |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 12 | 490 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD | 166 | 198 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD | 178 | 688 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Partner noncash distributions | 3 | 17 | |
Partner noncash contributions | 11 | 0 | |
Change in noncash investments in equity method investees - net | 6 | 5 | |
Accrued preferred distributions | $ 6 | $ 6 | |
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | ||
[2] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Preferred Units [Member] | Preferred Partner [Member] | Units [Member] | Limited Partners [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interests [Member] | Common Stock [Member] | ||||
Beginning balance, units at Dec. 31, 2017 | 14 | 54.3 | ||||||||||
Beginning balance at Dec. 31, 2017 | $ 2,224 | [1] | $ 548 | $ 1,641 | [1] | $ 1 | $ 34 | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Related party note receivable | [1] | 29 | 29 | |||||||||
Net income (loss) | (19) | [1] | 6 | 74 | [1] | (99) | [1] | |||||
Other comprehensive income (loss) | [1] | 1 | 1 | |||||||||
Related party distributions | [1] | (64) | (64) | |||||||||
Changes in non-economic ownership interests | [1] | (6) | (6) | |||||||||
Differential membership interests activity | [1] | 23 | 23 | |||||||||
Distributions to unitholders | [2] | (28) | [1] | (6) | (22) | [1] | ||||||
Ending balance, units at Mar. 31, 2018 | 14 | 54.3 | ||||||||||
Ending balance at Mar. 31, 2018 | $ 3,583 | [1] | 548 | 1,702 | [1] | 1 | 1,332 | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions per common unit (usd per share) | $ 0.4050 | |||||||||||
Beginning balance, units at Dec. 31, 2017 | 14 | 54.3 | ||||||||||
Beginning balance at Dec. 31, 2017 | $ 2,224 | [1] | 548 | 1,641 | [1] | 1 | 34 | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | [3],[4] | 272 | ||||||||||
Other comprehensive income (loss) | [5] | (4) | ||||||||||
Ending balance, units at Jun. 30, 2018 | 14 | 54.3 | ||||||||||
Ending balance at Jun. 30, 2018 | 3,904 | [1] | 548 | 1,759 | [1] | 2 | 1,595 | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Accrued preferred distributions | [4] | 6 | ||||||||||
Beginning balance, units at Mar. 31, 2018 | 14 | 54.3 | ||||||||||
Beginning balance at Mar. 31, 2018 | 3,583 | [1] | 548 | 1,702 | [1] | 1 | 1,332 | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Related party note receivable | [1] | 2 | 2 | |||||||||
Net income (loss) | 292 | [1],[3] | 6 | 82 | [1] | 204 | [1] | |||||
Other comprehensive income (loss) | [1] | (5) | [5] | (1) | (4) | |||||||
Related party distributions | [1] | (41) | (41) | |||||||||
Changes in non-economic ownership interests | [1] | 1 | 1 | |||||||||
Differential membership interests activity | [1] | (6) | (6) | |||||||||
Distributions to unitholders | [2] | (29) | [1] | (6) | (23) | [1] | ||||||
Disposal of Canadian Holdings | 107 | [1] | 2 | 105 | ||||||||
Ending balance, units at Jun. 30, 2018 | 14 | 54.3 | ||||||||||
Ending balance at Jun. 30, 2018 | $ 3,904 | [1] | 548 | 1,759 | [1] | 2 | 1,595 | [1] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions per common unit (usd per share) | $ 0.4200 | |||||||||||
Beginning balance, units at Dec. 31, 2018 | 56.1 | 14 | 56.1 | |||||||||
Beginning balance at Dec. 31, 2018 | $ 5,538 | 548 | 1,804 | (6) | 3,192 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common units (in units) | 0.1 | |||||||||||
Issuance of common units - net | 1 | 1 | ||||||||||
Net income (loss) | (121) | 6 | (22) | (105) | ||||||||
Other comprehensive income (loss) | (5) | (2) | (3) | |||||||||
Related party contributions | 1 | 1 | ||||||||||
Related party distributions | (51) | (51) | ||||||||||
Changes in non-economic ownership interests | (6) | (6) | ||||||||||
Differential membership interests activity | 24 | 24 | ||||||||||
Payments to Class B noncontrolling interests investors | (5) | (5) | ||||||||||
Distributions to unitholders | [6] | (32) | (6) | (26) | ||||||||
Other | 1 | 1 | ||||||||||
Ending balance, units at Mar. 31, 2019 | 14 | 56.2 | ||||||||||
Ending balance at Mar. 31, 2019 | $ 5,345 | 548 | 1,757 | (8) | 3,048 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions per common unit (usd per share) | $ 0.4650 | |||||||||||
Beginning balance, units at Dec. 31, 2018 | 56.1 | 14 | 56.1 | |||||||||
Beginning balance at Dec. 31, 2018 | $ 5,538 | 548 | 1,804 | (6) | 3,192 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | (244) | |||||||||||
Other comprehensive income (loss) | $ (5) | |||||||||||
Ending balance, units at Jun. 30, 2019 | 56.2 | 14 | 56.2 | |||||||||
Ending balance at Jun. 30, 2019 | $ 6,500 | 548 | 1,704 | (8) | 4,256 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Accrued preferred distributions | 6 | |||||||||||
Beginning balance, units at Mar. 31, 2019 | 14 | 56.2 | ||||||||||
Beginning balance at Mar. 31, 2019 | 5,345 | 548 | 1,757 | (8) | 3,048 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Issuance of common units - net | 1 | 1 | ||||||||||
Changes in non-economic ownership interests | 472 | 472 | ||||||||||
Related party note receivable | [1] | 1 | 1 | |||||||||
Net income (loss) | (124) | 6 | (28) | (102) | ||||||||
Other comprehensive income (loss) | 0 | |||||||||||
Related party contributions | 11 | 11 | ||||||||||
Related party distributions | (56) | (56) | ||||||||||
Differential membership interests activity | (8) | (8) | ||||||||||
Payments to Class B noncontrolling interests investors | (3) | (3) | ||||||||||
Distributions to unitholders | [6] | (33) | (6) | (27) | ||||||||
Sale of Class B noncontrolling interest - net | 893 | 893 | ||||||||||
Other | $ 1 | 1 | ||||||||||
Ending balance, units at Jun. 30, 2019 | 56.2 | 14 | 56.2 | |||||||||
Ending balance at Jun. 30, 2019 | $ 6,500 | $ 548 | $ 1,704 | $ (8) | $ 4,256 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions per common unit (usd per share) | $ 0.4825 | |||||||||||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||||
[2] | Distributions per common unit of $0.4200 and $0.4050 were paid during the three months ended June 30, 2018 and March 31, 2018, respectively. | |||||||||||
[3] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||||
[4] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||||
[5] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||||
[6] | Distributions per common unit of $0.4825 and $0.4650 were paid during the three months ended June 30, 2019 and March 31, 2019, respectively. At June 30, 2019 , $6 million of preferred unit distributions were accrued and are payable in August 2019. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In June 2019, an indirect subsidiary of NEP completed the acquisition from NEER (June 2019 acquisition) of the following: • 100% of the membership interests in Ashtabula Wind II, LLC, a project company that owns a 120 MW wind generation facility located in North Dakota; • 100% of the membership interests in Garden Wind, LLC, a project company that owns a 150 MW wind generation facility (Story County II) located in Iowa; • 100% of the membership interests in White Oak Energy Holdings, LLC, which owns 100% of the membership interests of White Oak Energy LLC, which owns a 150 MW wind generation facility located in Illinois; • 100% of the Class C membership interests in Rosmar Holdings, LLC (Rosmar), which represent a 49.99% noncontrolling ownership interest in two solar generation facilities, Marshall and Roswell, with a total combined generating capacity of approximately 132 MW located in Minnesota and New Mexico, respectively; and • 49.99% of the membership interests, representing a controlling ownership interest, in Silver State South Solar, LLC (Silver State), which indirectly owns a 250 MW solar generation facility located in Nevada. NEER retained ownership interests in Rosmar and Silver State and remains the managing member of Rosmar. Thus, NEP's interest in Rosmar is reflected within investments in equity method investees on the condensed consolidated balance sheets. NEER's remaining interest in Silver State is reflected within noncontrolling interests on the condensed consolidated balance sheets (see Note 10 - Noncontrolling Interests). The purchase price included approximately $1,020 million in cash consideration, plus working capital of $12 million (subject to post-closing working capital and other adjustments). Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed on June 11, 2019 based on their estimated fair value. All fair value measurements of assets acquired and liabilities assumed were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future market prices. The valuation of the acquired net assets is subject to change as NEP obtains additional information for its estimates during the measurement period. The primary areas of the purchase price allocation that are not yet finalized relate to identifiable intangible assets and residual goodwill. The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the June 2019 acquisition: As of June 11, 2019 (millions) Total consideration transferred $ 1,032 Identifiable assets acquired and liabilities assumed Cash $ 4 Accounts receivable, other receivables and prepaid expenses 159 Property, plant and equipment - net 400 Intangible assets – PPAs (a) 1,080 Goodwill 14 Other non-current assets 133 Accounts payable, accrued expenses and other current liabilities (132 ) Other non-current liabilities (154 ) Noncontrolling interest (472 ) Total net identifiable assets, at fair value (b) $ 1,032 ______________________ (a) Intangible assets - PPAs are amortized into operating revenues on a straight-line basis over the remaining contract terms of the related PPAs. At June 30, 2019, amortization of the intangible assets - PPAs is expected to be approximately $38 million in 2019 and $69 million in each of the next four years. (b) Includes a right of use asset of approximately $20 million and operating lease liabilities of approximately $21 million primarily related to a land use agreement that conveys exclusive use of the land for one of the acquired projects, which were calculated based on a discount rate of 4.57% based on the incremental borrowing rate and a remaining lease term of approximately 26 years as of the date of acquisition. At June 30, 2019, NEP expects to make fixed lease payments of approximately $2 million annually over the next five years and $25 million thereafter. The amounts of the revenues, operating income, net income and net income attributable to NEP related to the June 2019 acquisition included in NEP’s consolidated statements of income (loss) for the period from June 11, 2019 through June 30, 2019 were not material. In December 2018, a subsidiary of NEP completed the acquisition from NEER of NEP Renewables, LLC (NEP Renewables), which indirectly owns ten wind and one solar generation facilities with a combined generating capacity of approximately 1,388 MW. Supplemental Unaudited Pro forma Results of Operations NEP’s pro forma results of operations, had the acquisition of NEP Renewables been completed on January 1, 2017, are as follows: Three Months Ended Six Months Ended (millions) Unaudited pro forma results of operations: Pro forma revenues $ 258 $ 500 Pro forma operating income $ 269 $ 367 Pro forma net income $ 298 $ 269 Pro forma net income attributable to NEP $ 88 $ 211 The unaudited pro forma consolidated results of operations include adjustments to: • reflect the historical results of NEP Renewables beginning on January 1, 2017; • reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment - net and the intangible assets - PPAs; • reflect allocations of income to noncontrolling interests related to the financing transaction to fund the acquisition; and • reflect related income tax effects. The unaudited pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been made at the beginning of the periods presented or the future results of the consolidated operations. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue NEP's operating revenues are generated primarily from various non-affiliated parties under PPAs and natural gas transportation agreements. NEP's operating revenues from contracts with customers are partly offset by the amortization of intangible assets - PPAs. Revenue is recognized as energy and any related renewable energy attributes are delivered, based on rates stipulated in the respective PPAs, or natural gas transportation services are performed. NEP believes that the obligation to deliver energy and provide the natural gas transportation services is satisfied over time as the customer simultaneously receives and consumes benefits provided by NEP. In addition, NEP believes that the obligation to deliver renewable energy attributes is satisfied at multiple points in time, with the control of the renewable energy attribute being transferred at the same time the related energy is delivered. Included in NEP’s operating revenues for the three months ended June 30, 2019 is approximately $174 million and $50 million , for the six months ended June 30, 2019 is $300 million and $103 million , for the three months ended June 30, 2018 is $153 million and $56 million , and for the six months ended June 30, 2018 is $297 million and $110 million , of revenue from contracts with customers for renewable energy sales and natural gas transportation services, respectively. NEP's accounts receivable are primarily associated with revenues earned from contracts with customers. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEP'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. NEP recognizes revenues as energy and any related renewable energy attributes are delivered or natural gas transportation services are performed, consistent with the amounts billed to customers based on rates stipulated in the respective PPAs. NEP considers the amount billed to represent the value of energy delivered or services provided to the customer. NEP’s customers typically receive bills monthly with payment due within 30 days. The contracts with customers related to pipeline service revenues contain a fixed price related to firm natural gas transportation capacity with maturity dates ranging from 2020 to 2035. At June 30, 2019 , NEP expects to record approximately $2.2 billion of revenues over the remaining terms of the related contracts as the capacity is provided. Revenues yet to be earned under contracts with customers to deliver energy and any related energy attributes, which have maturity dates ranging from 2030 to 2046, will vary based on the volume of energy delivered. At June 30, 2019, NEP expects to record approximately $218 million of revenues related to the fixed price components of one PPA through 2039 as the energy is delivered. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes are calculated for NEP as a single taxpaying corporation for U.S. federal and state income taxes (based on its election to be taxed as a corporation). NEP recognizes in income its applicable ownership share of U.S. income taxes due to the disregarded tax status of substantially all of the U.S. projects under NEP OpCo. Prior to the sale of Canadian Holdings in June 2018, NEP's former Canadian subsidiaries were all Canadian taxpayers, and therefore NEP recognized in income all of the Canadian taxes. Net income or loss attributable to noncontrolling interests includes minimal U.S. taxes and NEER's applicable ownership share of Canadian taxes. The effective tax rate for the three and six months ended June 30, 2019 was approximately 7% and 6% , respectively, and was primarily affected by taxes attributable to the noncontrolling interests of approximately $21 million and $43 million , respectively. During the three and six months ended June 30, 2018 , the effective tax rate was approximately (8)% and (1)% , respectively. During the three and six months ended June 30, 2018, the disposal of Canadian Holdings (see Note 10 - Disposal of Canadian Holdings) resulted in an overall tax benefit of approximately $47 million . The benefit resulted from the removal of the historical Canadian deferred tax liabilities of approximately $69 million offset by U.S. tax expense of $22 million related to the gain. During the six months ended June 30, 2018 , NEP recorded an income tax charge of approximately $20 million related to the $231 million adjustment to differential membership interests as a result of the change in federal corporate income taxes due to the Tax Cuts and Jobs Act that became effective January 1, 2018 (see Note 10 - Noncontrolling Interests). |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of assets and liabilities are determined using either unadjusted quoted prices in active markets (Level 1) or 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. NEP uses several 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 comparable assets and liabilities for those assets and liabilities that are measured at fair value on a recurring basis. Certain financial instruments may be valued using multiple inputs including discount rates, counterparty credit ratings and credit enhancements. NEP’s assessment of the significance of any particular input to the fair value measurement requires judgment and may affect the placement of those assets and liabilities 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. Transfers between fair value hierarchy levels occur at the beginning of the period in which the transfer occurred. Cash Equivalents and Restricted Cash Equivalents - The fair value of money market funds that are included in cash and cash equivalents, restricted cash and other non-current assets on the condensed consolidated balance sheets is estimated using a market approach based on current observable market prices. Interest Rate Contracts - NEP estimates the fair value of its 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. The primary inputs used in the fair value measurements include the contractual terms of the derivative agreements, current interest rates and credit profiles. The significant inputs for the resulting fair value measurement are market-observable inputs and the measurements are reported as Level 2 in the fair value hierarchy. NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: June 30, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total (millions) Assets: Cash equivalents $ 53 $ — $ 53 $ 71 $ — $ 71 Restricted cash equivalents (a) 10 — 10 12 — 12 Interest rate contracts — 5 5 — 24 24 Total assets $ 63 $ 5 $ 68 $ 83 $ 24 $ 107 Liabilities: Interest rate contracts $ — $ 379 $ 379 $ — $ 116 $ 116 Total liabilities $ — $ 379 $ 379 $ — $ 116 $ 116 ____________________ (a) At June 30, 2019 and December 31, 2018 , approximately $9 million and $9 million , respectively, of restricted cash equivalents are included in other non-current assets on NEP's condensed consolidated balance sheets. Financial Instruments Recorded at Other than Fair Value - The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value (millions) Long-term debt, including current maturities (a) $ 4,275 $ 4,287 $ 3,435 $ 3,301 ____________________ (a) At June 30, 2019 and December 31, 2018 , approximately $3,853 million and $2,826 million , respectively, of the fair value is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activity | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity NEP uses derivative instruments (primarily interest rate swaps) to manage the interest rate cash flow risk associated primarily with outstanding and expected future debt issuances and borrowings. NEP records all derivative instruments that are required to be marked to market as either assets or liabilities on its condensed consolidated balance sheets and measures them at fair value each reporting period. NEP does not utilize hedge accounting for its derivative instruments. All changes in the derivatives' fair value are recognized in interest expense in the condensed consolidated statements of income (loss). In general, the commencement and termination dates of the interest rate swap agreements and the related hedging relationship coincide with the corresponding dates of the underlying variable-rate debt instruments. At June 30, 2019 and December 31, 2018 , the combined notional amounts of the interest rate contracts were approximately $9,040 million and $9,256 million , respectively. During the six months ended June 30, 2019 , NEP reclassified approximately $6 million from AOCI to interest expense primarily because the related future transactions being hedged were no longer going to occur. At June 30, 2019 , NEP's AOCI does not include any amounts related to discontinued cash flow hedges. Cash flows from the interest rate swap contracts are reported in cash flows from operating activities in the condensed consolidated statements of cash flows. Prior to the sale of Canadian Holdings in June 2018, NEP entered into certain foreign currency exchange contracts to economically hedge its cash flows from foreign currency rate fluctuations. During the three and six months ended June 30, 2018 , NEP recorded approximately $11 million and $13 million , respectively, of gains related to the foreign currency contracts in other - net in the condensed consolidated statements of income (loss). Fair Value of Derivative Instruments - The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at June 30, 2019 and December 31, 2018 , as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on the condensed consolidated balance sheets. June 30, 2019 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) Interest rate contracts $ 5 $ 379 $ 2 $ 376 Net fair value by balance sheet line item: Other current assets $ 2 Other non-current assets — Other current liabilities $ 5 Derivatives 371 Total derivatives $ 2 $ 376 December 31, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) Interest rate contracts $ 24 $ 116 $ 13 $ 105 Net fair value by balance sheet line item: Other current assets $ 7 Other non-current assets 6 Other current liabilities $ 1 Derivatives 104 Total derivatives $ 13 $ 105 Financial Statement Impact of Derivative Instruments - Gains (losses) related to NEP's interest rate contracts are recorded in the condensed consolidated financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (millions) Interest rate contracts: Gains (losses) reclassified from AOCI to interest expense $ — $ (1 ) $ 6 $ (3 ) Gains (losses) recognized in interest expense $ (160 ) $ 33 $ (278 ) $ (19 ) Credit-Risk-Related Contingent Features - Certain of NEP's derivative instruments contain credit-related cross-default and material adverse change triggers, none of which contain requirements to maintain certain credit ratings or financial ratios. At June 30, 2019 and December 31, 2018 , the aggregate fair value of NEP's derivative instruments with contingent risk features that were in a liability position was approximately $339 million and $108 million , respectively. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities NEP has identified NEP OpCo, a limited partnership with a general partner and limited partners, as a VIE. NEP has consolidated the results of NEP OpCo and its subsidiaries because of its controlling interest in the general partner of NEP OpCo. At June 30, 2019 , NEP owned an approximately 35.6% limited partner interest in NEP OpCo and NEE Equity owned a noncontrolling 64.4% limited partner interest in NEP OpCo (NEE's noncontrolling interest). The assets and liabilities of NEP OpCo as well as the operations of NEP OpCo represent substantially all of NEP's assets and liabilities and its operations. In addition, at June 30, 2019 , NEP OpCo consolidated 12 VIEs related to certain subsidiaries that have sold differential membership interests in entities which own and operate 20 wind electric generation facilities. These entities are considered VIEs because the holders of the differential membership interests do not have substantive rights over the significant activities of these entities. The assets, primarily property, plant and equipment - net, and liabilities, primarily asset retirement obligation and non-current due to related party, of the VIEs, totaled approximately $4,875 million and $115 million , respectively, at June 30, 2019 and $4,937 million and $132 million , respectively, at December 31, 2018 . At June 30, 2019 , NEP OpCo also consolidated a VIE related to a Class B noncontrolling interest in NEP Renewables. This entity is considered a VIE because the holder of the Class B noncontrolling interest does not have substantive rights over the significant activities of the entity. The assets, primarily property, plant and equipment - net and liabilities, primarily long-term debt and asset retirement obligation, of the VIE totaled approximately $2,300 million and $92 million , respectively, at June 30, 2019 and $2,339 million and $89 million , respectively, at December 31, 2018 . Substantially all of the indirect subsidiaries of NEP Renewables have sold differential membership interests and are also included in the disclosure of the VIEs related to differential membership interests. At June 30, 2019 , NEP OpCo also consolidated a VIE related to the June 2019 sale of a Class B noncontrolling interest in NEP Renewables II. This entity is considered a VIE because the holder of the Class B noncontrolling interest does not have substantive rights over the significant activities of the entity. The assets, primarily intangible assets - PPA and property, plant and equipment - net and liabilities, primarily other long-term liabilities and asset retirement obligation, of the VIE totaled approximately $2,242 million and $320 million , respectively, at June 30, 2019 . NEP Renewables II includes two VIEs related to the Rosmar and Silver State entities. See Note 1 and Note 7 - Equity. NEP has an indirect equity method investment in three NEER solar projects with a total generating capacity of 277 MW. Through a series of transactions, a subsidiary of NEP issued 1,000,000 NEP OpCo Class B Units, Series 1 and 1,000,000 NEP OpCo Class B Units, Series 2, to NEER for approximately 50% of the ownership interests in the three solar projects (non-economic ownership interests). NEER, as holder of the NEP OpCo Class B Units, will retain 100% of the economic rights in the projects to which the respective Class B Units relate, including the right to all distributions paid by the project subsidiaries that own the projects to NEP OpCo. NEER has agreed to indemnify NEP against all risks relating to NEP’s ownership of the projects until NEER offers to sell economic interests to NEP and NEP accepts such offer, if NEP chooses to do so. NEER has also agreed to continue to manage the operation of the projects at its own cost, and to contribute to the projects any capital necessary for the operation of the projects, until NEER offers to sell economic interests to NEP and NEP accepts such offer. At June 30, 2019 and December 31, 2018 , NEP's equity method investment related to the non-economic ownership interests is reflected as investments in non-economic ownership interests on the condensed consolidated balance sheets. All equity in earnings of the non-economic ownership interests is allocated to net income attributable to noncontrolling interests. NEP is not the primary beneficiary and therefore does not consolidate these entities because it does not control any of the ongoing activities of these entities, was not involved in the initial design of these entities and does not have a controlling interest in these entities. |
Capitalization
Capitalization | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Capitalization | Capitalization Debt - Significant long-term debt issuances and borrowings by subsidiaries of NEP during the six months ended June 30, 2019 were as follows: Date Issued/Borrowed Debt Issuances/Borrowings Interest Rate Principal Amount Maturity Date (millions) May 2019 - June 2019 NEP OpCo senior secured revolving credit facility Variable (a) $ 450 (b)(c) 2024 June 2019 NEP OpCo senior unsecured notes 4.25% $ 700 (c) 2024 ———————————— (a) Variable rate is based on an underlying index plus a margin. (b) Approximately $214 million of the funds drawn on the revolving credit facility was used to repay in full the outstanding indebtedness of certain projects under their respective limited-recourse financing agreements. During the three and six months ended June 30, 2019 , approximately $6 million of debt issuance costs were amortized related to the repayment of the project debt. (c) In July 2019, the $450 million outstanding balance under the revolving credit facility was repaid with proceeds from the issuance of the senior unsecured notes. See additional discussion below. On May 3, 2019, NEP OpCo and its direct subsidiary (loan parties) entered into an amendment of their existing revolving credit facility. The amendments to the revolving credit facility include, among other things, the following: • an increase in the revolving credit facility size from $750 million to $1,250 million , • an extension of the maturity from October 2022 to February 2024, and • a reduction, at certain levels, of the applicable margin payable over the applicable interest rate. On June 27, 2019, NEP OpCo issued $700 million in aggregate principal amount of 4.25% senior unsecured notes due July 2024 (the notes). The notes are unsecured obligations of NEP OpCo and are absolutely and unconditionally guaranteed, on a senior unsecured basis, by NEP and a subsidiary of NEP OpCo. At any time prior to April 15, 2024, NEP OpCo may redeem some or all of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus a make-whole premium and accrued and unpaid interest. On or after April 15, 2024, NEP OpCo may redeem some or all of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. See Note 11 - PG&E Bankruptcy for a discussion of the purchase of Genesis HoldCo notes in June 2019 and July 2019. NEP OpCo and its subsidiaries' secured long-term debt agreements are secured by liens on certain assets and contain provisions which, under certain conditions, could restrict the payment of distributions or related party fee payments. At June 30, 2019 , NEP and its subsidiaries were in compliance with all financial debt covenants under their financings except as discussed in Note 11 - PG&E Bankruptcy. Equity - On July 23, 2019 , the board of directors of NEP authorized a distribution of $ 0.5025 per common unit payable on August 14, 2019 to its common unitholders of record on August 6, 2019 . On July 19, 2019, NEP converted approximately 4.67 million Series A convertible preferred units into NEP common units on a one -for-one basis. On June 11, 2019, NEP issued and sold 100% of the noncontrolling Class B membership interest in NEP Renewables II, LLC (NEP Renewables II) for approximately $900 million , under a membership interest purchase agreement dated as of March 4, 2019 between NEP, two of its indirect subsidiaries, NEP Renewables Holdings II, LLC (NEP Renewables Holdings II) and NEP Renewables II, and a third-party investor (NEP Renewables II investor). NEP Renewables Holdings II retained 100% of the Class A membership interest in NEP Renewables II, which includes the ownership interests acquired in the June 2019 acquisition described in Note 1 as well as 100% of the membership interests in entities that own: (1) Perrin Ranch Wind Energy Center, an approximately 99 MW wind generation facility located in Arizona; (2) Tuscola Bay Wind Energy Center, a 120 MW wind generation facility located in Michigan; (3) Ashtabula Wind III Energy Center, an approximately 62 MW wind generation facility located in North Dakota; and (4) Stateline Wind Energy Center, a 300 MW wind generation facility located in Oregon and Washington. NEP Renewables Holdings II retained a controlling interest in NEP Renewables II and therefore NEP presents the Class B interest as noncontrolling interests (see Note 10 - Noncontrolling Interests). Noncontrolling interests represents the portion of net assets in consolidated entities that are not owned by NEP and are reported as a component of equity in NEP’s consolidated balance sheet. NEP has determined the allocation of economics between NEP Renewables Holdings II and the NEP Renewables II investor should not follow the ownership percentages for NEP Renewables II but rather the HLBV method based on the governing provisions in the related limited liability company agreement. Under the HLBV method, the amounts of income and loss attributable to the noncontrolling interests reflects changes in the amount the owners would receive at each balance sheet date under the liquidation provisions, assuming the net assets of these entities were liquidated at the recorded amounts, after taking into account any capital transactions, such as contributions and distributions, between the entity and the owners. Under the amended and restated limited liability company agreement for NEP Renewables II (the LLC agreement), NEP, through its indirect ownership of NEP Renewables Holdings II, will receive approximately 95% of NEP Renewables II’s cash distributions for the first six years after closing, and the NEP Renewables II investor will receive 5% . From the third and one-half to the sixth anniversary of the closing, NEP has the option (the buyout right), subject to certain limitations and extensions, to periodically purchase the NEP Renewables II investor’s Class B membership interest in NEP Renewables II at a buyout price that implies a fixed pre-tax annual return of approximately 8.3% to the NEP Renewables II investor (inclusive of all prior distributions). If exercised, NEP has the right to pay at least 70% of the buyout price in NEP non-voting common units, issued at the then-current market price of NEP common units, with the balance paid in cash, subject to limitations as described in the LLC agreement. After June 11, 2025, if NEP has not exercised its entire buyout right, or after December 11, 2023, if certain minimum buyouts have not occurred, the NEP Renewables II investor’s allocation of distributable cash flow from the portfolio for the portion of the Class B membership interest that the NEP Renewables II investor still owns would increase to 99% . The NEP Renewables II investor has certain rights, beginning January 1, 2025, to require NEP, under certain circumstances, to initiate underwritten offerings for the units that may be issuable if NEP exercises the buyout right. Following any exercise of the buyout right, the NEP non-voting common units will have, among other terms, the right to receive pro rata quarterly cash distributions and the right to convert, subject to certain limitations, the NEP non-voting common units into NEP common units on a one-for-one basis. Earnings Per Unit - Diluted earnings per unit are based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of the convertible notes and preferred units. The dilutive effect of the convertible notes and preferred units is computed using the if-converted method. The reconciliation of NEP's basic and diluted earnings per unit is as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (millions, except per unit amounts) Numerator: Net income attributable to NEP – basic $ 82 $ 157 Adjustments for convertible notes and preferred units 23 41 Net income attributable to NEP – assuming dilution $ 105 $ 198 Denominator: Weighted-average number of common units outstanding – basic 54.3 54.3 Convertible notes and preferred units 19.7 19.7 Weighted-average number of common units outstanding – assuming dilution 74.0 74.0 Earnings per unit attributable to NEP: Basic $ 1.51 $ 2.88 Assuming dilution $ 1.42 $ 2.67 The weighted-average number of common units issuable pursuant to the convertible notes and preferred units that were not included in the calculation of diluted earnings per unit due to their antidilutive effect totaled approximately 19.7 million for both the three and six months ended June 30, 2019 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Income) Loss | Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Net Unrealized Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Balances, December 31, 2018 $ 6 $ (24 ) $ (18 ) Amounts reclassified from AOCI to interest expense (6 ) — (6 ) Other comprehensive income related to equity method investees — 1 1 Net other comprehensive income (loss) (6 ) 1 (5 ) Balances, March 31, 2019 — (23 ) (23 ) Net other comprehensive income (loss) — — — Balances, June 30, 2019 $ — $ (23 ) $ (23 ) AOCI attributable to noncontrolling interest $ — $ (15 ) $ (15 ) AOCI attributable to NEP $ — $ (8 ) $ (8 ) Accumulated Other Comprehensive Income (Loss) Net Unrealized Net Unrealized Other Comprehensive Income (Loss) Related to Equity Method Investee Total (millions) Balances, December 31, 2017 $ 1 $ (98 ) $ (30 ) $ (127 ) Amounts reclassified from AOCI to interest expense 1 — — 1 Net unrealized losses on foreign currency translation — (4 ) — (4 ) Other comprehensive income related to equity method investee — — 4 4 Net other comprehensive income (loss) 1 (4 ) 4 1 Balances, March 31, 2018 2 (102 ) (26 ) (126 ) Amounts reclassified from AOCI to interest expense 1 — — 1 Net unrealized losses on foreign currency translation — (2 ) — (2 ) Other comprehensive income related to equity method investee — — (4 ) (4 ) Net other comprehensive income (loss) 1 (2 ) (4 ) (5 ) Impact of disposal of Canadian Holdings $ 3 $ 104 $ — $ 107 Balances, June 30, 2018 $ 6 $ — $ (30 ) $ (24 ) AOCI attributable to noncontrolling interest $ 6 $ — $ (32 ) $ (26 ) AOCI attributable to NEP $ — $ — $ 2 $ 2 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Each project entered into O&M agreements and ASAs with subsidiaries of NEER whereby the projects pay a certain annual fee plus actual costs incurred in connection with certain O&M and administrative services performed under these agreements. These services are reflected as operations and maintenance in the condensed consolidated statements of income (loss). Additionally, a NEP subsidiary pays an affiliate for transmission services which are reflected as operations and maintenance in the condensed consolidated statements of income (loss). Certain projects have also entered into various types of agreements including those related to shared facilities and transmission lines, transmission line easements, technical support and construction coordination with subsidiaries of NEER whereby certain fees or cost reimbursements are paid to, or received by, certain subsidiaries of NEER. Management Services Agreement - Under the MSA, an indirect wholly owned subsidiary of NEE provides operational, management and administrative services to NEP, including managing NEP’s day-to-day affairs and providing individuals to act as NEP’s executive officers and directors, in addition to those services that are provided under the existing O&M agreements and ASAs described above between NEER subsidiaries and NEP subsidiaries. NEP OpCo pays NEE an annual management fee equal to the greater of 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the most recently ended fiscal year and $4 million (as adjusted for inflation beginning in 2016), which is paid in quarterly installments with an additional payment each January to the extent 1% of the sum of NEP OpCo’s net income plus interest expense, income tax expense and depreciation and amortization expense less certain non-cash, non-recurring items for the preceding fiscal year exceeds $4 million (as adjusted for inflation beginning in 2016). NEP OpCo also makes certain payments to NEE based on the achievement by NEP OpCo of certain target quarterly distribution levels to its unitholders. NEP’s O&M expenses for the three and six months ended June 30, 2019 include approximately $23 million and $44 million , respectively, and for the three and six months ended June 30, 2018 include $19 million and $37 million , respectively, related to the MSA. Cash Sweep and Credit Support Agreement - NEP OpCo is a party to the CSCS agreement with NEER under which NEER and certain of its affiliates provide credit support in the form of letters of credit and guarantees to satisfy NEP’s subsidiaries’ contractual obligations. NEP OpCo pays NEER an annual credit support fee based on the level and cost of the credit support provided, payable in quarterly installments. NEP’s O&M expenses for the three and six months ended June 30, 2019 include approximately $1 million and $3 million , respectively, and for the three and six months ended June 30, 2018 include $1 million and $2 million , respectively, related to the CSCS agreement. NEER and certain of its affiliates may withdraw funds (Project Sweeps) received by NEP OpCo under the CSCS agreement, or its subsidiaries in connection with certain long-term debt agreements, and hold those funds in accounts belonging to NEER or its affiliates to the extent the funds are not required to pay project costs or otherwise required to be maintained by NEP's subsidiaries. NEER and its affiliates may keep the funds until the financing agreements permit distributions to be made, or, in the case of NEP OpCo, until such funds are required to make distributions or to pay expenses or other operating costs or NEP OpCo otherwise demands the return of such funds. If NEER or its affiliates fail to return withdrawn funds when required by NEP's subsidiaries’ financing agreements, the lenders will be entitled to draw on any credit support provided by NEER or its affiliates in the amount of such withdrawn funds. If NEER or one of its affiliates realizes any earnings on the withdrawn funds prior to the return of such funds, it will be permitted to retain those earnings. At June 30, 2019 and December 31, 2018 , the cash sweep amounts held in accounts belonging to NEER or its affiliates were approximately $737 million and $66 million , respectively, and are included in due from related parties on the condensed consolidated balance sheets. Guarantees and Letters of Credit Entered into by Related Parties - Certain PPAs include requirements of the project entities to meet certain performance obligations. NEECH or NEER has provided letters of credit or guarantees for certain of these performance obligations and payment of any obligations from the transactions contemplated by the PPAs . In addition, certain financing agreements require cash and cash equivalents to be reserved for various purposes . In accordance with the terms of these financing agreements, guarantees from NEECH have been substituted in place of these cash and cash equivalents reserve requirements. Also, under certain financing agreements, indemnifications have been provided by NEECH. In addition, certain interconnection agreements and site certificates require letters of credit or a surety bond to secure certain payment or restoration obligations related to those agreements. NEECH also guarantees the Project Sweep amounts held in accounts belonging to NEER, as described above. At June 30, 2019 , NEECH or NEER guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $694 million related to these obligations. Agreements related to the sale of differential membership interests require NEER to guarantee payments due by the VIEs and the indemnifications to the VIEs' respective investors. At June 30, 2019 , NEER guaranteed a total of approximately $69 million related to these obligations. Due to Related Party - Non-current amounts due to related party on the condensed consolidated balance sheets primarily represent amounts owed by certain of NEP's wind projects to NEER to refund NEER for certain transmission costs paid on behalf of the wind projects. Amounts will be paid to NEER as the wind projects receive payments from third parties for related notes receivable recorded in other non-current assets on the condensed consolidated balance sheets. During the six months ended June 30, 2019 , a subsidiary of NEECH provided, pursuant to a debt service reserve guarantee (see discussion above), approximately $20 million to fund the debt payment of Genesis HoldCo which is reflected as non-current due to related party at June 30, 2019 . Transportation and Fuel Management Agreements - A subsidiary of NEP assigned to a subsidiary of NEER certain gas commodity agreements in exchange for entering into transportation agreements and a fuel management agreement whereby the benefits of the gas commodity agreements (net of transportation paid to the NEP subsidiary) are passed back to the NEP subsidiary. During the three and six months ended June 30, 2019 , NEP recognized approximately $2 million and $3 million , respectively, and during the three and six months ended June 30, 2018 NEP recognized less than $1 million and approximately $1 million , respectively, in revenues related to the transportation and fuel management agreements. |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Restricted Cash - Current restricted cash on NEP's condensed consolidated balance sheets and approximately $11 million and $11 million of other non-current assets on NEP's condensed consolidated balance sheets at June 30, 2019 and December 31, 2018 , respectively, are held by certain subsidiaries to pay for certain capital or operating expenditures, as well as to fund required equity contributions pursuant to restrictions contained in the subsidiaries' debt agreements. Restricted cash reported as current assets are recorded as such based on the anticipated use of these funds. Disposal of Canadian Holdings - In June 2018, a subsidiary of NEP completed the sale of Canadian Holdings for cash proceeds of approximately CAD $740 million (USD $563 million at June 29, 2018), subject to post-closing working capital adjustments of approximately $1 million . In addition, the purchaser assumed approximately $676 million of existing debt. Canadian Holdings owned four wind generation facilities and two solar generation facilities located in Ontario, Canada with a generating capacity totaling approximately 396 MW. NEP recognized a gain of approximately $153 million ( $201 million after tax) which is reflected as gain on disposal of Canadian Holdings in NEP's condensed consolidated statements of income. Income before income taxes associated with Canadian Holdings was approximately $19 million and $47 million for the three and six months ended June 30, 2018 , respectively. Noncontrolling Interests - At June 30, 2019 , NEE's approximately 64.4% noncontrolling limited partner interest in NEP OpCo, a non-affiliated party's 10% interest in one of the Texas pipelines, NEER's approximately 50% noncontrolling ownership interest in Silver State, the interests related to differential membership interests and the Class B noncontrolling ownership interests (the Class B noncontrolling interests in NEP Renewables sold in 2018 and NEP Renewables II sold in 2019) are reflected as noncontrolling interests on the condensed consolidated balance sheets. Details of the activity in noncontrolling interests are below: Class B Noncontrolling Ownership Interests Differential Membership Interests Noncontrolling Ownership Interests in NEP OpCo, Silver State and Texas pipeline Total Noncontrolling Six months ended June 30, 2019 (millions) Balances, December 31, 2018 $ 751 $ 2,019 $ 422 $ 3,192 Net income (loss) attributable to NCI 12 (a) (60 ) (b) (57 ) (105 ) Other comprehensive loss — — (3 ) (3 ) Related party contributions — — 1 1 Related party distributions — — (51 ) (51 ) Changes in non-economic ownership interests — — (6 ) (6 ) Differential membership interests contributions, net of distributions — 24 — 24 Payments to Class B noncontrolling interest investors (5 ) — — (5 ) Other — — 1 1 Balances, March 31, 2019 758 1,983 307 — 3,048 Sale of Class B noncontrolling interest - net 893 — — 893 Acquisition of subsidiaries with noncontrolling ownership interest — — 472 472 Related party note receivable — — 1 1 Net income (loss) attributable to NCI 25 (a) (63 ) (b) (64 ) (102 ) Related party contributions — — 11 11 Related party distributions — — (56 ) (56 ) Differential membership interests contributions, net of distributions — (8 ) — (8 ) Payments to Class B noncontrolling interest investors (3 ) — — (3 ) Balances, June 30, 2019 $ 1,673 $ 1,912 $ 671 — $ 4,256 ____________________ (a) For the three months ended March 31, 2019 and June 30, 2019, approximately $8 million and $16 million , respectively, of the income attributable to the Class B noncontrolling interest investors relates to NEE's noncontrolling interest and $4 million and $9 million , respectively, is reflected as net income attributable to NEP. (b) Represents the benefits associated with differential membership interests recognized as third-party investors received their portion of the economic attributes of the related facilities. For the three months ended March 31, 2019 and June 30, 2019, approximately $39 million and $41 million , respectively, of the loss attributable to differential membership interests benefits NEE's noncontrolling interest and $21 million and $22 million , respectively, is reflected as net income attributable to NEP. Class B Noncontrolling Ownership Interests Differential Membership Interests Noncontrolling Ownership Interests in NEP OpCo and Texas pipeline Total Noncontrolling Six months ended June 30, 2018 (millions) Balances, December 31, 2017 $ — $ — $ 34 $ 34 Related party note receivable — — 29 29 Net income (loss) attributable to NCI — (269 ) (a) 170 (99 ) Other comprehensive income — — 1 1 Related party distributions — — (64 ) (64 ) Changes in non-economic ownership interests — — (6 ) (6 ) Differential membership interests contributions, net of distributions — 23 — 23 Adoption of accounting standards update — 1,413 1 1,414 Balances, March 31, 2018 — 1,167 165 — 1,332 Related party note receivable — — 2 2 Net income (loss) attributable to NCI — (39 ) (a) 243 204 Other comprehensive income — — (4 ) (4 ) Related party distributions — — (41 ) (41 ) Changes in non-economic ownership interests — — 1 1 Differential membership investment contributions, net of distributions — (6 ) — (6 ) Disposal of Canadian Holdings — — 105 105 Adoption of accounting standards update — — 2 2 Balances, June 30, 2018 $ — $ 1,122 $ 473 — $ 1,595 ____________________ (a) Represents the benefits associated with differential membership interests recognized as third-party investors received their portion of the economic attributes of the related facilities. For the three months ended March 31, 2018 and June 30, 2018, approximately $175 million and $26 million , respectively, of the loss attributable to differential membership interests benefits NEE's noncontrolling interest and $94 million and $13 million , respectively, is reflected as net income attributable to NEP. For the three months ended March 31, 2018, includes approximately $231 million (after-tax $211 million |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Letter of Credit Facilities - Two of NEP’s projects have letter of credit (LOC) facilities under which the LOC lenders may issue standby letters of credit not to exceed approximately $65 million in the aggregate. These LOC facilities have maturity dates of June 2022 and July 2022. At June 30, 2019 , approximately $51 million of LOCs was outstanding primarily related to debt service reserves and as security for certain of the projects' agreements, including a PPA. PG&E Bankruptcy - During the six months ended June 30, 2019 , approximately $11 million of net income attributable to NEP relates to PPAs that the Genesis, Desert Sunlight and Shafter solar projects have with PG&E. On January 29, 2019, PG&E filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Genesis and Shafter solar projects are financed with various forms of indebtedness. PG&E’s Chapter 11 filing, or related events, have caused events of default under the financings for the Genesis and Shafter projects, blocking the distribution of cash generated by those projects. In April 2019, a waiver of the PG&E-related event of default was obtained related to the Shafter solar project indebtedness which, subject to certain conditions, waived the lenders’ ability to accelerate the repayment of borrowings thereunder and therefore the debt outstanding related to Shafter was reclassified to long-term debt. At June 30, 2019, the debt outstanding under the Genesis and Shafter financings totaled approximately $612 million , of which $586 million related to Genesis with scheduled final maturity dates in 2038 was classified as current debt on the condensed consolidated balance sheets. Lenders under the Genesis financings could accelerate the repayment of borrowings thereunder or foreclose upon the projects’ equity or assets as a result of events of defaults caused by PG&E’s bankruptcy, which could have a material adverse impact on NEP. In addition, PG&E could seek to reject some or all of the PPAs. PG&E’s bankruptcy petition stated that PG&E has not yet made any decisions regarding whether to assume or reject any PPAs in its Chapter 11 case. In June 2019, an indirect wholly owned subsidiary of NEP (the offeror) commenced a cash tender offer to purchase the approximately $240 million of outstanding principal of Genesis HoldCo 5.600% senior secured notes due 2038 (Genesis HoldCo notes). Genesis HoldCo is the indirect owner of the Genesis solar project. The offeror accepted for purchase approximately $115 million in aggregate principal of the Genesis HoldCo notes at a purchase price of $950 per $1,000 principal amount, which was settled in July 2019. In addition, the offeror purchased approximately $56 million from one holder in June 2019 under the same pricing terms as the tender offer. Based on the estimated future cash flows related to the Genesis, Shafter and Desert Sunlight solar projects, no impairment adjustment was recorded at June 30, 2019. NEP will continue to monitor its investments in these projects. At June 30, 2019, cumulative cash distributions of approximately $45 million from these projects were not distributed as a result of the events of default under the financings that arose due to PG&E’s bankruptcy filing. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the June 2019 acquisition: As of June 11, 2019 (millions) Total consideration transferred $ 1,032 Identifiable assets acquired and liabilities assumed Cash $ 4 Accounts receivable, other receivables and prepaid expenses 159 Property, plant and equipment - net 400 Intangible assets – PPAs (a) 1,080 Goodwill 14 Other non-current assets 133 Accounts payable, accrued expenses and other current liabilities (132 ) Other non-current liabilities (154 ) Noncontrolling interest (472 ) Total net identifiable assets, at fair value (b) $ 1,032 ______________________ (a) Intangible assets - PPAs are amortized into operating revenues on a straight-line basis over the remaining contract terms of the related PPAs. At June 30, 2019, amortization of the intangible assets - PPAs is expected to be approximately $38 million in 2019 and $69 million in each of the next four years. (b) Includes a right of use asset of approximately $20 million and operating lease liabilities of approximately $21 million primarily related to a land use agreement that conveys exclusive use of the land for one of the acquired projects, which were calculated based on a discount rate of 4.57% based on the incremental borrowing rate and a remaining lease term of approximately 26 years as of the date of acquisition. At June 30, 2019, NEP expects to make fixed lease payments of approximately $2 million annually over the next five years and $25 million thereafter. |
Supplemental Unaudited Pro forma Results of Operations | NEP’s pro forma results of operations, had the acquisition of NEP Renewables been completed on January 1, 2017, are as follows: Three Months Ended Six Months Ended (millions) Unaudited pro forma results of operations: Pro forma revenues $ 258 $ 500 Pro forma operating income $ 269 $ 367 Pro forma net income $ 298 $ 269 Pro forma net income attributable to NEP $ 88 $ 211 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities and other fair value measurements on a recurring basis | NEP’s financial assets and liabilities and other fair value measurements made on a recurring basis by fair value hierarchy level are as follows: June 30, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total (millions) Assets: Cash equivalents $ 53 $ — $ 53 $ 71 $ — $ 71 Restricted cash equivalents (a) 10 — 10 12 — 12 Interest rate contracts — 5 5 — 24 24 Total assets $ 63 $ 5 $ 68 $ 83 $ 24 $ 107 Liabilities: Interest rate contracts $ — $ 379 $ 379 $ — $ 116 $ 116 Total liabilities $ — $ 379 $ 379 $ — $ 116 $ 116 ____________________ (a) At June 30, 2019 and December 31, 2018 , approximately $9 million and $9 million |
Schedule of other financial instrument, carrying amounts and estimated fair values | The carrying amounts and estimated fair values of other financial instruments recorded at other than fair value are as follows: June 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value (millions) Long-term debt, including current maturities (a) $ 4,275 $ 4,287 $ 3,435 $ 3,301 ____________________ (a) At June 30, 2019 and December 31, 2018 , approximately $3,853 million and $2,826 million , respectively, of the fair value is estimated using a market approach based on quoted market prices for the same or similar issues (Level 2); the balance is estimated using an income approach utilizing a discounted cash flow valuation technique, considering the current credit profile of the debtor (Level 3). |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the fair values of derivative instruments designated as cash flow hedging instruments included in balance sheets | The tables below present NEP's gross derivative positions, based on the total fair value of each derivative instrument, at June 30, 2019 and December 31, 2018 , as required by disclosure rules, as well as the location of the net derivative positions, based on the expected timing of future payments, on the condensed consolidated balance sheets. June 30, 2019 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) Interest rate contracts $ 5 $ 379 $ 2 $ 376 Net fair value by balance sheet line item: Other current assets $ 2 Other non-current assets — Other current liabilities $ 5 Derivatives 371 Total derivatives $ 2 $ 376 December 31, 2018 Gross Basis Net Basis Assets Liabilities Assets Liabilities (millions) Interest rate contracts $ 24 $ 116 $ 13 $ 105 Net fair value by balance sheet line item: Other current assets $ 7 Other non-current assets 6 Other current liabilities $ 1 Derivatives 104 Total derivatives $ 13 $ 105 |
Schedule of gains (losses) related to interest rate contracts | Gains (losses) related to NEP's interest rate contracts are recorded in the condensed consolidated financial statements as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (millions) Interest rate contracts: Gains (losses) reclassified from AOCI to interest expense $ — $ (1 ) $ 6 $ (3 ) Gains (losses) recognized in interest expense $ (160 ) $ 33 $ (278 ) $ (19 ) |
Capitalization (Tables)
Capitalization (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Debt | Significant long-term debt issuances and borrowings by subsidiaries of NEP during the six months ended June 30, 2019 were as follows: Date Issued/Borrowed Debt Issuances/Borrowings Interest Rate Principal Amount Maturity Date (millions) May 2019 - June 2019 NEP OpCo senior secured revolving credit facility Variable (a) $ 450 (b)(c) 2024 June 2019 NEP OpCo senior unsecured notes 4.25% $ 700 (c) 2024 ———————————— (a) Variable rate is based on an underlying index plus a margin. (b) Approximately $214 million of the funds drawn on the revolving credit facility was used to repay in full the outstanding indebtedness of certain projects under their respective limited-recourse financing agreements. During the three and six months ended June 30, 2019 , approximately $6 million of debt issuance costs were amortized related to the repayment of the project debt. (c) In July 2019, the $450 million outstanding balance under the revolving credit facility was repaid with proceeds from the issuance of the senior unsecured notes. See additional discussion below. |
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of NEP's basic and diluted earnings per unit is as follows: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 (millions, except per unit amounts) Numerator: Net income attributable to NEP – basic $ 82 $ 157 Adjustments for convertible notes and preferred units 23 41 Net income attributable to NEP – assuming dilution $ 105 $ 198 Denominator: Weighted-average number of common units outstanding – basic 54.3 54.3 Convertible notes and preferred units 19.7 19.7 Weighted-average number of common units outstanding – assuming dilution 74.0 74.0 Earnings per unit attributable to NEP: Basic $ 1.51 $ 2.88 Assuming dilution $ 1.42 $ 2.67 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) Net Unrealized Other Comprehensive Income (Loss) Related to Equity Method Investees Total (millions) Balances, December 31, 2018 $ 6 $ (24 ) $ (18 ) Amounts reclassified from AOCI to interest expense (6 ) — (6 ) Other comprehensive income related to equity method investees — 1 1 Net other comprehensive income (loss) (6 ) 1 (5 ) Balances, March 31, 2019 — (23 ) (23 ) Net other comprehensive income (loss) — — — Balances, June 30, 2019 $ — $ (23 ) $ (23 ) AOCI attributable to noncontrolling interest $ — $ (15 ) $ (15 ) AOCI attributable to NEP $ — $ (8 ) $ (8 ) Accumulated Other Comprehensive Income (Loss) Net Unrealized Net Unrealized Other Comprehensive Income (Loss) Related to Equity Method Investee Total (millions) Balances, December 31, 2017 $ 1 $ (98 ) $ (30 ) $ (127 ) Amounts reclassified from AOCI to interest expense 1 — — 1 Net unrealized losses on foreign currency translation — (4 ) — (4 ) Other comprehensive income related to equity method investee — — 4 4 Net other comprehensive income (loss) 1 (4 ) 4 1 Balances, March 31, 2018 2 (102 ) (26 ) (126 ) Amounts reclassified from AOCI to interest expense 1 — — 1 Net unrealized losses on foreign currency translation — (2 ) — (2 ) Other comprehensive income related to equity method investee — — (4 ) (4 ) Net other comprehensive income (loss) 1 (2 ) (4 ) (5 ) Impact of disposal of Canadian Holdings $ 3 $ 104 $ — $ 107 Balances, June 30, 2018 $ 6 $ — $ (30 ) $ (24 ) AOCI attributable to noncontrolling interest $ 6 $ — $ (32 ) $ (26 ) AOCI attributable to NEP $ — $ — $ 2 $ 2 |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Non-controlling Interests [Member] | |
Noncontrolling Interest [Line Items] | |
Schedule of Noncontrolling Interest | Details of the activity in noncontrolling interests are below: Class B Noncontrolling Ownership Interests Differential Membership Interests Noncontrolling Ownership Interests in NEP OpCo, Silver State and Texas pipeline Total Noncontrolling Six months ended June 30, 2019 (millions) Balances, December 31, 2018 $ 751 $ 2,019 $ 422 $ 3,192 Net income (loss) attributable to NCI 12 (a) (60 ) (b) (57 ) (105 ) Other comprehensive loss — — (3 ) (3 ) Related party contributions — — 1 1 Related party distributions — — (51 ) (51 ) Changes in non-economic ownership interests — — (6 ) (6 ) Differential membership interests contributions, net of distributions — 24 — 24 Payments to Class B noncontrolling interest investors (5 ) — — (5 ) Other — — 1 1 Balances, March 31, 2019 758 1,983 307 — 3,048 Sale of Class B noncontrolling interest - net 893 — — 893 Acquisition of subsidiaries with noncontrolling ownership interest — — 472 472 Related party note receivable — — 1 1 Net income (loss) attributable to NCI 25 (a) (63 ) (b) (64 ) (102 ) Related party contributions — — 11 11 Related party distributions — — (56 ) (56 ) Differential membership interests contributions, net of distributions — (8 ) — (8 ) Payments to Class B noncontrolling interest investors (3 ) — — (3 ) Balances, June 30, 2019 $ 1,673 $ 1,912 $ 671 — $ 4,256 ____________________ (a) For the three months ended March 31, 2019 and June 30, 2019, approximately $8 million and $16 million , respectively, of the income attributable to the Class B noncontrolling interest investors relates to NEE's noncontrolling interest and $4 million and $9 million , respectively, is reflected as net income attributable to NEP. (b) Represents the benefits associated with differential membership interests recognized as third-party investors received their portion of the economic attributes of the related facilities. For the three months ended March 31, 2019 and June 30, 2019, approximately $39 million and $41 million , respectively, of the loss attributable to differential membership interests benefits NEE's noncontrolling interest and $21 million and $22 million , respectively, is reflected as net income attributable to NEP. Class B Noncontrolling Ownership Interests Differential Membership Interests Noncontrolling Ownership Interests in NEP OpCo and Texas pipeline Total Noncontrolling Six months ended June 30, 2018 (millions) Balances, December 31, 2017 $ — $ — $ 34 $ 34 Related party note receivable — — 29 29 Net income (loss) attributable to NCI — (269 ) (a) 170 (99 ) Other comprehensive income — — 1 1 Related party distributions — — (64 ) (64 ) Changes in non-economic ownership interests — — (6 ) (6 ) Differential membership interests contributions, net of distributions — 23 — 23 Adoption of accounting standards update — 1,413 1 1,414 Balances, March 31, 2018 — 1,167 165 — 1,332 Related party note receivable — — 2 2 Net income (loss) attributable to NCI — (39 ) (a) 243 204 Other comprehensive income — — (4 ) (4 ) Related party distributions — — (41 ) (41 ) Changes in non-economic ownership interests — — 1 1 Differential membership investment contributions, net of distributions — (6 ) — (6 ) Disposal of Canadian Holdings — — 105 105 Adoption of accounting standards update — — 2 2 Balances, June 30, 2018 $ — $ 1,122 $ 473 — $ 1,595 ____________________ (a) Represents the benefits associated with differential membership interests recognized as third-party investors received their portion of the economic attributes of the related facilities. For the three months ended March 31, 2018 and June 30, 2018, approximately $175 million and $26 million , respectively, of the loss attributable to differential membership interests benefits NEE's noncontrolling interest and $94 million and $13 million , respectively, is reflected as net income attributable to NEP. For the three months ended March 31, 2018, includes approximately $231 million (after-tax $211 million ) related to the reduction of differential membership interests as a result of the change in federal corporate income tax rates effective January 1, 2018. |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Millions | Jun. 11, 2019USD ($)solar_generation_facilityMW | Dec. 31, 2018solar_generation_facilitywind_generation_facilityMW |
NEP Renewables, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Generation facility capacity (mw) | 1,388 | |
Number of solar generation facilities | solar_generation_facility | 1 | |
Number of wind generation facilities | wind_generation_facility | 10 | |
June 2019 Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Cash consideration | $ | $ 1,020 | |
Working capital | $ | $ 12 | |
Ashtabula Wind II, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Membership interests acquired | 100.00% | |
Generation facility capacity (mw) | 120 | |
Garden Wind, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Membership interests acquired | 100.00% | |
Generation facility capacity (mw) | 150 | |
White Oak Energy Holdings, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Membership interests acquired | 100.00% | |
White Oak Energy LLC [Member] | ||
Business Acquisition [Line Items] | ||
Membership interests acquired | 100.00% | |
Generation facility capacity (mw) | 150 | |
Rosmar Holdings, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Membership interests acquired | 100.00% | |
Generation facility capacity (mw) | 132 | |
Rosmar Holdings, LLC [Member] | Marshall And Roswell [Member] | ||
Business Acquisition [Line Items] | ||
Noncontrolling ownership interest | 49.99% | |
Number of solar generation facilities | solar_generation_facility | 2 | |
Silver State South Solar, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Membership interests acquired | 49.99% | |
Generation facility capacity (mw) | 250 |
Acquisitions - Schedule of Iden
Acquisitions - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 11, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Identifiable assets acquired and liabilities assumed | |||
Goodwill | $ 598 | $ 584 | |
June 2019 Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Total consideration transferred | $ 1,032 | ||
Identifiable assets acquired and liabilities assumed | |||
Cash | 4 | ||
Accounts receivable, other receivables and prepaid expenses | 159 | ||
Property, plant and equipment - net | 400 | ||
Intangible assets – PPAs | 1,080 | ||
Goodwill | 14 | ||
Other non-current assets | 133 | ||
Accounts payable, accrued expenses and other current liabilities | (132) | ||
Other non-current liabilities | (154) | ||
Noncontrolling interest | (472) | ||
Total net identifiable assets, at fair value | 1,032 | ||
Amortization of the intangible assets - PPAs expected in 2019 | 38 | ||
Amortization of the intangible assets - PPAs expected in 2020 | 69 | ||
Amortization of the intangible assets - PPAs expected in 2021 | 69 | ||
Amortization of the intangible assets - PPAs expected in 2022 | 69 | ||
Amortization of the intangible assets - PPAs expected in 2023 | 69 | ||
Right of use asset | 20 | ||
Operating lease liabilities | $ 21 | ||
Discount rate | 4.57% | ||
Remaining lease term | 26 years | ||
Fixed lease payments expected in 2019 | 2 | ||
Fixed lease payments expected in 2020 | 2 | ||
Fixed lease payments expected in 2021 | 2 | ||
Fixed lease payments expected in 2022 | 2 | ||
Fixed lease payments expected in 2023 | 2 | ||
Fixed lease payments expected thereafter | $ 25 |
Acquisitions - Supplemental Una
Acquisitions - Supplemental Unaudited Pro forma Results of Operations (Details) - NEP Renewables, LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Unaudited pro forma results of operations: | ||
Pro forma revenues | $ 258 | $ 500 |
Pro forma operating income | 269 | 367 |
Pro forma net income | 298 | 269 |
Pro forma net income attributable to NEP | $ 88 | $ 211 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Renewable Energy Sales [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customer | $ 174 | $ 153 | $ 300 | $ 297 |
Revenues over the remaining terms of the related contacts | 218 | 218 | ||
Natural Gas Transportation Services [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Revenue from contract with customer | 50 | $ 56 | 103 | $ 110 |
Revenues over the remaining terms of the related contacts | $ 2,200 | $ 2,200 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Income Tax Contingency [Line Items] | |||||||
Effective tax rate (as a percent) | 7.00% | (8.00%) | 6.00% | (1.00%) | |||
Tax benefit from Disposal of Canadian Holdings | $ 47 | $ 47 | |||||
Removal of deferred tax liabilities | $ 16 | (7) | [1] | ||||
INCOME TAX BENEFIT | $ (10) | (21) | [2] | (16) | (2) | [2] | |
Taxes attributable to the noncontrolling interests | $ 21 | $ 43 | |||||
Tax Cuts and Jobs Act of 2017, income tax expense (benefit) | 20 | ||||||
Income (loss) attributable to noncontrolling interest, before tax | $ 231 | ||||||
Accounting Standards Update 2017-05 [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Income (loss) attributable to noncontrolling interest, before tax | 231 | ||||||
Canada Revenue Agency [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Removal of deferred tax liabilities | 69 | 69 | |||||
Domestic Tax Authority [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
INCOME TAX BENEFIT | $ 22 | $ 22 | |||||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | ||||||
[2] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Liabilities: | ||
Restricted cash equivalents | $ 9 | $ 9 |
Recurring Basis [Member] | ||
Assets: | ||
Cash equivalents | 53 | 71 |
Restricted cash equivalents | 10 | 12 |
Interest rate contracts | 5 | 24 |
Total assets | 68 | 107 |
Liabilities: | ||
Interest rate contracts | 379 | 116 |
Total liabilities | 379 | 116 |
Recurring Basis [Member] | Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 53 | 71 |
Restricted cash equivalents | 10 | 12 |
Interest rate contracts | 0 | 0 |
Total assets | 63 | 83 |
Liabilities: | ||
Interest rate contracts | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring Basis [Member] | Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Restricted cash equivalents | 0 | 0 |
Interest rate contracts | 5 | 24 |
Total assets | 5 | 24 |
Liabilities: | ||
Interest rate contracts | 379 | 116 |
Total liabilities | $ 379 | $ 116 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $ 4,275 | $ 3,435 |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | 4,287 | 3,301 |
Level 2 [Member] | Valuation, Market Approach [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, including current maturities | $ 3,853 | $ 2,826 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activity - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 9,040 | $ 9,040 | $ 9,256 | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Gains (losses) reclassified from AOCI to interest expense | 0 | $ (1) | 6 | $ (3) | |
Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Gains related to foreign currency contract | $ 11 | $ 13 | |||
Credit Risk Related Contingent Contracts [Member] | |||||
Derivative [Line Items] | |||||
Liabilities | $ 339 | $ 339 | $ 108 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activity - Fair Value of Derivative Instruments Included in Balance Sheets (Details) - Cash Flow Hedges [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 2 | $ 13 |
Liabilities | 376 | 105 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 2 | 7 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 6 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 5 | 1 |
Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 371 | 104 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 2 | 13 |
Liabilities | 376 | 105 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 5 | 24 |
Liabilities | $ 379 | $ 116 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activity - Gains (Losses) Related to Cash Flow Hedges (Details) - Interest Rate Contract [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from AOCI to interest expense | $ 0 | $ (1) | $ 6 | $ (3) |
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in interest expense | $ (160) | $ 33 | $ (278) | $ (19) |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)variable_interest_entityelectric_generation_facilityequity_investmentMWshares | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | ||
Number of entities consolidated | variable_interest_entity | 12 | |
Number of wind electric generation facilities owned and operated | electric_generation_facility | 20 | |
Subsidiaries [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of investments | equity_investment | 3 | |
Generation facility capacity (mw) | MW | 277 | |
Economic rights percentage | 100.00% | |
NEP OpCo [Member] | ||
Variable Interest Entity [Line Items] | ||
Ownership interests percentage | 50.00% | |
Class B Units, Series 1 [Member] | NextEra Energy Partners, LP [Member] | NEP OpCo [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of units issued (in units) | shares | 1,000,000 | |
Class B Units, Series 2 [Member] | NextEra Energy Partners, LP [Member] | NEP OpCo [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of units issued (in units) | shares | 1,000,000 | |
VIEs Wind And Solar [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 4,875 | $ 4,937 |
Liabilities | 115 | 132 |
NEP Renewables, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 2,300 | 2,339 |
Liabilities | $ 92 | $ 89 |
NEP Renewables II, LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of entities consolidated | variable_interest_entity | 2 | |
Assets | $ 2,242 | |
Liabilities | $ 320 | |
NEP OpCo [Member] | ||
Variable Interest Entity [Line Items] | ||
Limited partner interest percentage | 35.60% | |
Noncontrolling limited partner interest percentage | 64.40% |
Capitalization - Schedule of De
Capitalization - Schedule of Debt (Details) - NEP OpCo [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jul. 24, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 27, 2019 | |
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 6,000,000 | $ 6,000,000 | ||
Secured Debt [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
NEP OpCo senior secured revolving credit facility | $ 450,000,000 | $ 450,000,000 | ||
Secured Debt [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of revolving credit facility | $ 450,000,000 | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.25% | 4.25% | 4.25% | |
NEP OpCo senior unsecured notes | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |
Limited Recourse Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of outstanding indebtedness | $ 214,000,000 |
Capitalization - Narrative (Det
Capitalization - Narrative (Details) $ / shares in Units, shares in Thousands | Jul. 23, 2019$ / shares | Jul. 19, 2019shares | Jun. 27, 2019USD ($) | Jun. 11, 2019USD ($)MW | Jun. 30, 2019USD ($)shares | Jun. 30, 2019USD ($)shares | May 03, 2019USD ($) | Mar. 31, 2019USD ($) |
Class of Stock [Line Items] | ||||||||
Antidilutive shares (in shares) | shares | 19,700 | 19,700 | ||||||
LLC Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Period of cash distributions | 6 years | |||||||
LLC Agreement [Member] | First Six Years After Closing [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Percentage of cash distributions | 95.00% | |||||||
Common Units [Member] | LLC Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Right to pay | 70.00% | |||||||
NEP Renewables II, LLC [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Purchaser's commitment to pay | $ | $ 900,000,000 | |||||||
NEP Renewables II, LLC [Member] | Class B Member Units [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Membership interests acquired | 100.00% | |||||||
Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Distribution made to limited partner, distributions declared, per unit (in dollars per share) | $ / shares | $ 0.5025 | |||||||
Subsequent Event [Member] | Series A Convertible Preferred Units [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of stock, shares converted (in shares) | shares | 4,670 | |||||||
Conversion ratio | 1 | |||||||
NEP OpCo [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Membership interests acquired | 50.00% | 50.00% | ||||||
NEP OpCo [Member] | Unsecured Debt [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate principal amount | $ | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |||||
Interest rate | 4.25% | 4.25% | 4.25% | |||||
NEP OpCo [Member] | Unsecured Debt [Member] | Prior to April 15, 2024 [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Redemption price, percentage | 100.00% | |||||||
NEP OpCo [Member] | Unsecured Debt [Member] | On or after April 15, 2024 [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Redemption price, percentage | 100.00% | |||||||
NEP OpCo [Member] | Revolving Credit Facility [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | $ | $ 1,250,000,000 | $ 750,000,000 | ||||||
NEP Renewables II Investor [Member] | LLC Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Pre-tax return | 8.30% | |||||||
NEP Renewables II Investor [Member] | LLC Agreement [Member] | First Six Years After Closing [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Percentage of cash distributions | 5.00% | |||||||
NEP Renewables II Investor [Member] | Class B Member Units [Member] | NEP Renewables II, LLC [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership percentage upon non-exercise of buyout | 99.00% | 99.00% | ||||||
NEP Renewables Holdings II, LLC [Member] | NEP Renewables II, LLC [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Noncontrolling interest, ownership percentage by parent | 100.00% | |||||||
NEP Renewables II, LLC [Member] | Perrin Ranch Wind Energy Center [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Membership interests acquired | 100.00% | |||||||
Generation facility capacity (mw) | 99 | |||||||
NEP Renewables II, LLC [Member] | Tuscola Bay Wind Energy Center [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Membership interests acquired | 100.00% | |||||||
Generation facility capacity (mw) | 120 | |||||||
NEP Renewables II, LLC [Member] | Ashtabula Wind III Energy Center [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Membership interests acquired | 100.00% | |||||||
Generation facility capacity (mw) | 62 | |||||||
NEP Renewables II, LLC [Member] | Stateline Wind Energy Center [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Membership interests acquired | 100.00% | |||||||
Generation facility capacity (mw) | 300 |
Capitalization - Schedule of Ea
Capitalization - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Numerator: | ||||||
Net income attributable to NEP – basic | $ (28) | $ 82 | [1] | $ (49) | $ 157 | [1] |
Adjustments for convertible notes and preferred units | 23 | 41 | ||||
Net income attributable to NEP – assuming dilution | $ 105 | $ 198 | ||||
Denominator: | ||||||
Weighted average number of common units outstanding - basic (in shares) | 56.2 | 54.3 | [1] | 56.1 | 54.3 | [1] |
Convertible notes and preferred units (in shares) | 19.7 | 19.7 | ||||
Weighted-average number of common units outstanding – assuming dilution (in shares) | 75.8 | 74 | [1] | 75.8 | 74 | [1] |
Earnings per unit attributable to NEP: | ||||||
Basic (in shares) | $ (0.49) | $ 1.51 | [1] | $ (0.88) | $ 2.88 | [1] |
Assuming dilution (in shares) | $ (0.49) | $ 1.42 | [1] | $ (0.88) | $ 2.67 | [1] |
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | $ 5,345 | $ 5,538 | $ 3,583 | [1] | $ 2,224 | [1] | $ 5,538 | $ 2,224 | [1] | |
Total other comprehensive income (loss), net of tax | 0 | (5) | (5) | [1],[2] | 1 | [1] | (5) | (4) | [2] | |
Impact of disposal of Canadian Holdings | [1] | 107 | ||||||||
Ending balance | 6,500 | 5,345 | 3,904 | [1] | 3,583 | [1] | 6,500 | 3,904 | [1] | |
Total | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (23) | (18) | (126) | (127) | (18) | (127) | ||||
Ending balance | (23) | (23) | (24) | (126) | (23) | (24) | ||||
Net Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | 0 | 6 | 2 | 1 | 6 | 1 | ||||
Amounts reclassified from AOCI to interest expense | (6) | 1 | 1 | |||||||
Total other comprehensive income (loss), net of tax | 0 | (6) | 1 | 1 | ||||||
Impact of disposal of Canadian Holdings | [1] | 3 | ||||||||
Ending balance | 0 | 0 | 6 | 2 | 0 | 6 | ||||
Net Unrealized Gains (Losses) on Foreign Currency Translation [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (102) | (98) | (98) | |||||||
Other comprehensive income (loss) | (2) | (4) | ||||||||
Total other comprehensive income (loss), net of tax | (2) | (4) | ||||||||
Impact of disposal of Canadian Holdings | [1] | 104 | ||||||||
Ending balance | 0 | (102) | 0 | |||||||
Other Comprehensive Income (Loss) Related to Equity Method Investee [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (23) | (24) | (26) | (30) | (24) | (30) | ||||
Other comprehensive income (loss) | 1 | (4) | 4 | |||||||
Total other comprehensive income (loss), net of tax | 0 | 1 | (4) | 4 | ||||||
Impact of disposal of Canadian Holdings | [1] | 0 | ||||||||
Ending balance | (23) | $ (23) | (30) | $ (26) | (23) | (30) | ||||
Total Attributable to Noncontrolling Interest [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | (15) | (26) | (15) | (26) | ||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | 0 | 6 | 0 | 6 | ||||||
Net Unrealized Gains (Losses) on Foreign Currency Translation Attributable to Noncontrolling Interest [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | 0 | 0 | ||||||||
Other Comprehensive Income (Loss) Related to Equity Method Investee Attributable to Noncontrolling Interest [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | (15) | (32) | (15) | (32) | ||||||
Total Attributable to Parent [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | (8) | 2 | (8) | 2 | ||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges Attributable to Parent [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | 0 | 0 | 0 | 0 | ||||||
Net Unrealized Gains (Losses) on Foreign Currency Translation Attributable to Parent [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | 0 | 0 | ||||||||
Other Comprehensive Income (Loss) Related to Equity Method Investee Attributable to Parent [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Ending balance | $ (8) | $ 2 | $ (8) | $ 2 | ||||||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||
[2] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 738 | $ 738 | $ 68 | |||
Funding of debt payment | 310 | $ 55 | [1] | |||
Revenue from related parties (less than for the three months ended June 30, 2018) | 1 | $ 1 | 2 | 2 | ||
Transportation and Fuel Management Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties (less than for the three months ended June 30, 2018) | 2 | 1 | 3 | 1 | ||
NextEra Energy, Inc. [Member] | Management Services Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | 23 | 19 | 44 | 37 | ||
NEER [Member] | Cash Sweep and Credit Support Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense | 1 | $ 1 | 3 | $ 2 | ||
Due from related parties | 737 | $ 737 | $ 66 | |||
NEP OpCo [Member] | NextEra Energy, Inc. [Member] | Management Services Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee, percent of EBITDA | 1.00% | |||||
Annual management fee | $ 4 | |||||
NEER [Member] | Guarantees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party obligations | 69 | 69 | ||||
NextEra Energy Capital Holdings [Member] | Guarantees and Letters of Credit [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Total amount of letters of credit | $ 694 | 694 | ||||
NextEra Energy Capital Holdings [Member] | Genesis Solar Funding, LLC [Member] | Genesis Solar Funding, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Funding of debt payment | $ 20 | |||||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies - Narrative (Details) $ in Millions, $ in Millions | Jun. 29, 2018USD ($) | Jun. 30, 2018USD ($)solar_generation_facilitywind_generation_facilityMW | Jun. 30, 2018CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)solar_generation_facilitywind_generation_facilityMW | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)solar_generation_facilitywind_generation_facilityMW | Dec. 31, 2018USD ($) | ||
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted cash, noncurrent | $ 11 | $ 11 | $ 11 | |||||||
Proceeds from the sale of Canadian Holdings - net | 0 | $ 517 | [1] | |||||||
Gain on disposal of Canadian Holdings | 0 | $ 153 | [2] | 0 | 153 | [1],[2] | ||||
Income before income taxes | $ (134) | 271 | [2] | $ (260) | 270 | [2] | ||||
Canadian Holdings [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Income before income taxes | 19 | 47 | ||||||||
Non Affiliated Party [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Noncontrolling ownership interest | 10.00% | 10.00% | ||||||||
NEP OpCo [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Noncontrolling ownership interest | 64.40% | 64.40% | ||||||||
Silver State [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Noncontrolling ownership interest | 50.00% | 50.00% | ||||||||
Canadian Holdings [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from the sale of Canadian Holdings - net | $ 563 | $ 740 | ||||||||
Post-closing working capital adjustments | $ 1 | |||||||||
Assumption of existing debt | $ 676 | $ 676 | $ 676 | |||||||
Number of wind generation facilities | wind_generation_facility | 4 | 4 | 4 | |||||||
Number of solar generation facilities | solar_generation_facility | 2 | 2 | 2 | |||||||
Generation facility capacity (mw) | MW | 396 | 396 | 396 | |||||||
Gain on disposal of Canadian Holdings | $ 153 | |||||||||
Gain on disposal of Canadian Holdings, after tax | $ 201 | |||||||||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||
[2] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies - Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 01, 2018 | Jan. 01, 2018 | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Balances, beginning of period | $ 3,192,000,000 | $ 3,192,000,000 | ||||||||||
Sale of Class B noncontrolling interest - net | $ 893,000,000 | |||||||||||
Acquisition of subsidiaries with noncontrolling ownership interest | 472,000,000 | |||||||||||
Related party note receivable | [1] | 1,000,000 | $ 2,000,000 | $ 29,000,000 | ||||||||
Net income (loss) attributable to NCI | (102,000,000) | 204,000,000 | [2] | (207,000,000) | $ 103,000,000 | [2] | ||||||
Related party contributions | 11,000,000 | 1,000,000 | ||||||||||
Related party distributions | (56,000,000) | (51,000,000) | (41,000,000) | [1] | (64,000,000) | [1] | ||||||
Changes in non-economic ownership interests | (6,000,000) | 1,000,000 | [1] | (6,000,000) | [1] | |||||||
Differential membership interests contributions, net of distributions | (8,000,000) | 24,000,000 | (6,000,000) | [1] | 23,000,000 | [1] | ||||||
Payments to Class B noncontrolling interests investors | (3,000,000) | (5,000,000) | ||||||||||
Adoption of accounting standards update | [1] | $ 0 | $ 1,423,000,000 | |||||||||
Other | 1,000,000 | 1,000,000 | ||||||||||
Balances, end of period | 4,256,000,000 | 0 | 4,256,000,000 | 0 | ||||||||
Net income (loss) attributable to NCI | (102,000,000) | 204,000,000 | [2] | (207,000,000) | 103,000,000 | [2] | ||||||
Net loss attributable to NEP – basic | 28,000,000 | (82,000,000) | [2] | 49,000,000 | (157,000,000) | [2] | ||||||
Income (loss) attributable to noncontrolling interest, before tax | 231,000,000 | |||||||||||
Accounting Standards Update 2017-05 [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Net income (loss) attributable to NCI | 211,000,000 | |||||||||||
Net income (loss) attributable to NCI | 211,000,000 | |||||||||||
Income (loss) attributable to noncontrolling interest, before tax | 231,000,000 | |||||||||||
Noncontrolling Ownership Interests In NEP OpCo Subsidiary [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Balances, beginning of period | 758,000,000 | 751,000,000 | 751,000,000 | |||||||||
Sale of Class B noncontrolling interest - net | 893,000,000 | |||||||||||
Net income (loss) attributable to NCI | 25,000,000 | 12,000,000 | ||||||||||
Payments to Class B noncontrolling interests investors | (3,000,000) | (5,000,000) | ||||||||||
Balances, end of period | 1,673,000,000 | 758,000,000 | 1,673,000,000 | |||||||||
Net income (loss) attributable to NCI | 25,000,000 | 12,000,000 | ||||||||||
Noncontrolling Ownership Interests In NEP OpCo Subsidiary [Member] | NextEra Energy, Inc. [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Net income (loss) attributable to NCI | 16,000,000 | 8,000,000 | ||||||||||
Net income (loss) attributable to NCI | 16,000,000 | 8,000,000 | ||||||||||
Noncontrolling Ownership Interests In NEP OpCo Subsidiary [Member] | NextEra Energy Partners, LP [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Net income (loss) attributable to NCI | 9,000,000 | 4,000,000 | ||||||||||
Net income (loss) attributable to NCI | 9,000,000 | 4,000,000 | ||||||||||
Differential Membership Interests [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Balances, beginning of period | 1,983,000,000 | 2,019,000,000 | 1,167,000,000 | 0 | 2,019,000,000 | 0 | ||||||
Net income (loss) attributable to NCI | (63,000,000) | (60,000,000) | (39,000,000) | (269,000,000) | ||||||||
Differential membership interests contributions, net of distributions | (8,000,000) | 24,000,000 | (6,000,000) | 23,000,000 | ||||||||
Adoption of accounting standards update | 1,413,000,000 | |||||||||||
Balances, end of period | 1,912,000,000 | 1,983,000,000 | 1,122,000,000 | 1,167,000,000 | 1,912,000,000 | 1,122,000,000 | ||||||
Net income (loss) attributable to NCI | (63,000,000) | (60,000,000) | (39,000,000) | (269,000,000) | ||||||||
Net loss attributable to NEP – basic | 22,000,000 | 21,000,000 | 13,000,000 | 94,000,000 | ||||||||
Differential Membership Interests [Member] | NextEra Energy, Inc. [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Net income (loss) attributable to NCI | (41,000,000) | (39,000,000) | (26,000,000) | (175,000,000) | ||||||||
Net income (loss) attributable to NCI | (41,000,000) | (39,000,000) | (26,000,000) | (175,000,000) | ||||||||
Noncontrolling Ownership Interests in NEP OpCo and Texas Pipeline [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Balances, beginning of period | 307,000,000 | 422,000,000 | 165,000,000 | 34,000,000 | 422,000,000 | 34,000,000 | ||||||
Sale of Class B noncontrolling interest - net | 105,000,000 | |||||||||||
Acquisition of subsidiaries with noncontrolling ownership interest | 472,000,000 | |||||||||||
Related party note receivable | 1,000,000 | 2,000,000 | 29,000,000 | |||||||||
Net income (loss) attributable to NCI | (64,000,000) | (57,000,000) | 243,000,000 | 170,000,000 | ||||||||
Other comprehensive income (loss) | (3,000,000) | (4,000,000) | 1,000,000 | |||||||||
Related party contributions | 11,000,000 | 1,000,000 | ||||||||||
Related party distributions | (56,000,000) | (51,000,000) | (41,000,000) | (64,000,000) | ||||||||
Changes in non-economic ownership interests | (6,000,000) | 1,000,000 | (6,000,000) | |||||||||
Adoption of accounting standards update | 2,000,000 | 1,000,000 | ||||||||||
Other | 1,000,000 | |||||||||||
Balances, end of period | 671,000,000 | 307,000,000 | 473,000,000 | 165,000,000 | 671,000,000 | 473,000,000 | ||||||
Net income (loss) attributable to NCI | (64,000,000) | (57,000,000) | 243,000,000 | 170,000,000 | ||||||||
Non-controlling Interests [Member] | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||||||||
Balances, beginning of period | 3,048,000,000 | 3,192,000,000 | 1,332,000,000 | 34,000,000 | 3,192,000,000 | 34,000,000 | ||||||
Sale of Class B noncontrolling interest - net | 893,000,000 | 105,000,000 | ||||||||||
Acquisition of subsidiaries with noncontrolling ownership interest | 472,000,000 | |||||||||||
Related party note receivable | 1,000,000 | 2,000,000 | 29,000,000 | |||||||||
Net income (loss) attributable to NCI | (102,000,000) | (105,000,000) | 204,000,000 | (99,000,000) | ||||||||
Other comprehensive income (loss) | (3,000,000) | (4,000,000) | 1,000,000 | |||||||||
Related party contributions | 11,000,000 | 1,000,000 | ||||||||||
Related party distributions | (56,000,000) | (51,000,000) | (41,000,000) | (64,000,000) | ||||||||
Changes in non-economic ownership interests | (6,000,000) | 1,000,000 | (6,000,000) | |||||||||
Differential membership interests contributions, net of distributions | (8,000,000) | 24,000,000 | (6,000,000) | 23,000,000 | ||||||||
Payments to Class B noncontrolling interests investors | (3,000,000) | (5,000,000) | ||||||||||
Adoption of accounting standards update | $ 2,000,000 | $ 1,414,000,000 | ||||||||||
Other | 1,000,000 | |||||||||||
Balances, end of period | 4,256,000,000 | 3,048,000,000 | 1,595,000,000 | 1,332,000,000 | $ 4,256,000,000 | $ 1,595,000,000 | ||||||
Net income (loss) attributable to NCI | $ (102,000,000) | $ (105,000,000) | $ 204,000,000 | $ (99,000,000) | ||||||||
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. | |||||||||||
[2] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)letter_of_credit | Jun. 29, 2019USD ($) | |
Loss Contingencies [Line Items] | ||
Number of letters of credit | letter_of_credit | 2 | |
Net income attributable to NEP from PPAs | $ 11,000,000 | |
Debt defaulted | 612,000,000 | |
Impairment adjustment | 0 | |
Cash distributions not made | 45,000,000 | |
Current Debt [Member] | ||
Loss Contingencies [Line Items] | ||
Debt defaulted | 586,000,000 | |
Standby Letters of Credit [Member] | Letters of Credit Due June and July 2022 [Member] | ||
Loss Contingencies [Line Items] | ||
Credit facility, maximum borrowing capacity | 65,000,000 | |
Credit facility, amount outstanding | 51,000,000 | |
Secured Debt [Member] | Genesis HoldCo [Member] | Senior Secured Notes 5.600% Due 2038 [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding principal | $ 240,000,000 | |
Interest Rate | 5.60% | |
Repurchase amount | $ 115,000,000 | $ 56,000,000 |
Repurchase ratio | 0.95 |
Uncategorized Items - nep10q2q2
Label | Element | Value | [1] |
Limited Partner [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (2,000,000) | |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 9,000,000 | |
Noncontrolling Interest [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,414,000,000 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,000,000 | |
[1] | Prior-period financial information has been retrospectively adjusted to include the adoption of an accounting standards update related to leases. |