NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 60: 
Table of Contents



NEXTERA ENERGY, INC.


CONSOLIDATED STATEMENTS OF INCOME

(millions, except per share amounts)
|    |                                                                                                             |      |                          |        |        |    |        |         |    |        |
|---:|:------------------------------------------------------------------------------------------------------------|:-----|:-------------------------|:-------|:-------|:---|:-------|:--------|:---|:-------|
|  1 |                                                                                                             |      | Years Ended December 31, |        |        |    |        |         |    |        |
|  2 |                                                                                                             | 2023 |                          | 2022   | 2021   |    |        |         |    |        |
|  3 | OPERATING REVENUES                                                                                          |      | $                        | 28,114 |        | $  | 20,956 |         | $  | 17,069 |
|  4 | OPERATING EXPENSES                                                                                          |      |                          |        |        |    |        |         |    |        |
|  5 | Fuel, purchased power and interchange                                                                       |      | 5,457                    |        | 6,389  |    |        | 4,527   |    |        |
|  6 | Other operations and maintenance                                                                            |      | 4,681                    |        | 4,428  |    |        | 3,981   |    |        |
| 10 | Depreciation and amortization                                                                               |      | 5,879                    |        | 4,503  |    |        | 3,924   |    |        |
| 11 | Taxes other than income taxes and other – net                                                               |      | 2,265                    |        | 2,077  |    |        | 1,801   |    |        |
| 12 | Total operating expenses – net                                                                              |      | 18,282                   |        | 17,397 |    |        | 14,233  |    |        |
| 13 | GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET                                                                |      | 405                      |        | 522    |    |        | 77      |    |        |
| 14 | OPERATING INCOME                                                                                            |      | 10,237                   |        | 4,081  |    |        | 2,913   |    |        |
| 15 | OTHER INCOME (DEDUCTIONS)                                                                                   |      |                          |        |        |    |        |         |    |        |
| 16 | Interest expense                                                                                            |      | (3,324)                  |        | (585)  |    |        | (1,270) |    |        |
| 18 | Equity in earnings (losses) of equity method investees                                                      |      | (648)                    |        | 203    |    |        | 666     |    |        |
| 19 | Allowance for equity funds used during construction                                                         |      | 161                      |        | 112    |    |        | 142     |    |        |
| 21 | Gains on disposal of investments and other property – net                                                   |      | 125                      |        | 80     |    |        | 70      |    |        |
| 22 | Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net |      | 159                      |        | (461)  |    |        | 267     |    |        |
| 23 | Other net periodic benefit income                                                                           |      | 245                      |        | 202    |    |        | 257     |    |        |
| 24 | Other – net                                                                                                 |      | 333                      |        | 200    |    |        | 130     |    |        |
| 25 | Total other income (deductions) – net                                                                       |      | (2,949)                  |        | (249)  |    |        | 262     |    |        |
| 26 | INCOME BEFORE INCOME TAXES                                                                                  |      | 7,288                    |        | 3,832  |    |        | 3,175   |    |        |
| 27 | INCOME TAXES                                                                                                |      | 1,006                    |        | 586    |    |        | 348     |    |        |
| 28 | NET INCOME                                                                                                  |      | 6,282                    |        | 3,246  |    |        | 2,827   |    |        |
| 29 | NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS                                                           |      | 1,028                    |        | 901    |    |        | 746     |    |        |
| 30 | NET INCOME ATTRIBUTABLE TO NEE                                                                              |      | $                        | 7,310  |        | $  | 4,147  |         | $  | 3,573  |
| 31 | Earnings per share attributable to NEE:                                                                     |      |                          |        |        |    |        |         |    |        |
| 32 | Basic                                                                                                       |      | $                        | 3.61   |        | $  | 2.10   |         | $  | 1.82   |
| 33 | Assuming dilution                                                                                           |      | $                        | 3.60   |        | $  | 2.10   |         | $  | 1.81   |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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, NEXTERA ENERGY INC 10-K form for the fiscal year ended 2023-12-31, page 62: 
Table of Contents



NEXTERA ENERGY, INC.


CONSOLIDATED BALANCE SHEETS

(millions, except par value)
|    |                                                                                                               |              |         |      |         |    |         |
|---:|:--------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:--------|:---|:--------|
|  1 |                                                                                                               | December 31, |         |      |         |    |         |
|  2 |                                                                                                               | 2023         |         | 2022 |         |    |         |
|  3 | ASSETS                                                                                                        |              |         |      |         |    |         |
|  4 | Current assets:                                                                                               |              |         |      |         |    |         |
|  5 | Cash and cash equivalents                                                                                     | $            | 2,690   |      |         | $  | 1,601   |
|  6 | Customer receivables, net of allowances of $52 and $54, respectively                                          | 3,609        |         |      | 4,349   |    |         |
|  7 | Other receivables                                                                                             | 944          |         |      | 744     |    |         |
|  8 | Materials, supplies and fuel inventory                                                                        | 2,106        |         |      | 1,934   |    |         |
|  9 | Regulatory assets                                                                                             | 1,460        |         |      | 2,165   |    |         |
| 10 | Derivatives                                                                                                   | 1,730        |         |      | 1,590   |    |         |
| 12 | Contract assets                                                                                               | 1,487        |         |      | 318     |    |         |
| 13 | Other                                                                                                         | 1,335        |         |      | 789     |    |         |
| 14 | Total current assets                                                                                          | 15,361       |         |      | 13,490  |    |         |
| 15 | Other assets:                                                                                                 |              |         |      |         |    |         |
| 16 | Property, plant and equipment – net ($26,900 and $22,927 related to VIEs, respectively)                       | 125,776      |         |      | 111,059 |    |         |
| 17 | Special use funds                                                                                             | 8,698        |         |      | 7,496   |    |         |
| 18 | Investment in equity method investees                                                                         | 6,156        |         |      | 6,582   |    |         |
| 19 | Prepaid benefit costs                                                                                         | 2,112        |         |      | 1,832   |    |         |
| 20 | Regulatory assets                                                                                             | 4,801        |         |      | 5,992   |    |         |
| 21 | Derivatives                                                                                                   | 1,790        |         |      | 1,935   |    |         |
| 22 | Goodwill                                                                                                      | 5,091        |         |      | 4,854   |    |         |
| 23 | Other                                                                                                         | 7,704        |         |      | 5,695   |    |         |
| 24 | Total other assets                                                                                            | 162,128      |         |      | 145,445 |    |         |
| 25 | TOTAL ASSETS                                                                                                  | $            | 177,489 |      |         | $  | 158,935 |
| 26 | LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY                                                   |              |         |      |         |    |         |
| 27 | Current liabilities:                                                                                          |              |         |      |         |    |         |
| 28 | Commercial paper                                                                                              | $            | 4,650   |      |         | $  | 1,709   |
| 29 | Other short-term debt                                                                                         | 255          |         |      | 1,368   |    |         |
| 30 | Current portion of long-term debt ($66 and $61 related to VIEs, respectively)                                 | 6,901        |         |      | 6,633   |    |         |
| 31 | Accounts payable ($1,718 and $1,250 related to VIEs, respectively)                                            | 8,504        |         |      | 8,312   |    |         |
| 32 | Customer deposits                                                                                             | 638          |         |      | 560     |    |         |
| 33 | Accrued interest and taxes                                                                                    | 970          |         |      | 719     |    |         |
| 34 | Derivatives                                                                                                   | 845          |         |      | 2,102   |    |         |
| 35 | Accrued construction-related expenditures                                                                     | 1,861        |         |      | 1,760   |    |         |
| 36 | Regulatory liabilities                                                                                        | 340          |         |      | 350     |    |         |
| 38 | Other                                                                                                         | 2,999        |         |      | 3,182   |    |         |
| 39 | Total current liabilities                                                                                     | 27,963       |         |      | 26,695  |    |         |
| 40 | Other liabilities and deferred credits:                                                                       |              |         |      |         |    |         |
| 41 | Long-term debt ($1,374 and $1,108 related to VIEs, respectively)                                              | 61,405       |         |      | 55,256  |    |         |
| 42 | Asset retirement obligations                                                                                  | 3,403        |         |      | 3,245   |    |         |
| 43 | Deferred income taxes                                                                                         | 10,142       |         |      | 9,072   |    |         |
| 44 | Regulatory liabilities                                                                                        | 10,049       |         |      | 9,626   |    |         |
| 45 | Derivatives                                                                                                   | 2,741        |         |      | 2,909   |    |         |
| 47 | Other                                                                                                         | 2,762        |         |      | 2,696   |    |         |
| 48 | Total other liabilities and deferred credits                                                                  | 90,502       |         |      | 82,804  |    |         |
| 49 | TOTAL LIABILITIES                                                                                             | 118,465      |         |      | 109,499 |    |         |
| 50 | COMMITMENTS AND CONTINGENCIES                                                                                 |              |         |      |         |    |         |
| 51 | REDEEMABLE NONCONTROLLING INTERESTS – VIEs                                                                    | 1,256        |         |      | 1,110   |    |         |
| 52 | EQUITY                                                                                                        |              |         |      |         |    |         |
| 53 | Common stock ($0.01 par value, authorized shares – 3,200; outstanding shares – 2,052 and 1,987, respectively) | 21           |         |      | 20      |    |         |
| 54 | Additional paid-in capital                                                                                    | 17,365       |         |      | 12,720  |    |         |
| 55 | Retained earnings                                                                                             | 30,235       |         |      | 26,707  |    |         |
| 56 | Accumulated other comprehensive loss                                                                          | (153)        |         |      | (218)   |    |         |
| 57 | Total common shareholders' equity                                                                             | 47,468       |         |      | 39,229  |    |         |
| 58 | Noncontrolling interests ($10,180 and $9,092 related to VIEs, respectively)                                   | 10,300       |         |      | 9,097   |    |         |
| 59 | TOTAL EQUITY                                                                                                  | 57,768       |         |      | 48,326  |    |         |
| 60 | TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY                                             | $            | 177,489 |      |         | $  | 158,935 |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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Question: What was the asset turnover ratio for Nextera Energy Inc. in 2023?
Answer: The asset turnover ratio is calculated by dividing net sales by average total assets. For NEE in 2023, the net sales (operating revenues) were $28,114 million. The average total assets can be calculated by taking the average of total assets at the beginning and end of the year. The total assets at the end of 2023 were $177,489 million, and at the end of 2022, they were $158,935 million. Therefore, the average total assets for 2023 are:

Average Total Assets = (Total Assets at Beginning of Year + Total Assets at End of Year) / 2 = ($158,935 million + $177,489 million) / 2 = $168,212 million
The asset turnover ratio for NEE in 2023 is:
Asset Turnover Ratio = Net Sales / Average Total Assets = $28,114 million / $168,212 million ≈ 0.17