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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Components of income taxes | The components of income taxes are as follows:
| NEE |  | FPL
| Years Ended December 31, |  | Years Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
| (millions)
Federal: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 100 |  |  | $ | 72 |  |  | $ | 10 |  |  | $ | 168 |  |  | $ | 72 |  |  | $ | 423 |
Deferred | (1,040 | ) |  | 1,075 |  |  | 1,194 |  |  | 776 |  |  | 830 |  |  | 399 |
Total federal | (940 | ) |  | 1,147 |  |  | 1,204 |  |  | 944 |  |  | 902 |  |  | 822 |
State: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | 88 |  |  | 76 |  |  | 31 |  |  | 29 |  |  | 57 |  |  | 58 |
Deferred | 199 |  |  | 160 |  |  | (7 | ) |  | 133 |  |  | 92 |  |  | 77 |
Total state | 287 |  |  | 236 |  |  | 24 |  |  | 162 |  |  | 149 |  |  | 135 |
Total income tax expense (benefit) | $ | (653 | ) |  | $ | 1,383 |  |  | $ | 1,228 |  |  | $ | 1,106 |  |  | $ | 1,051 |  |  | $ | 957 |
Reconciliation between the effective income tax rates and the applicable statutory rates | A reconciliation between the effective income tax rates and the applicable statutory rate is as follows:
| NEE |  | FPL
| Years Ended December 31, |  | Years Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
Statutory federal income tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | % |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Increases (reductions) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes - net of federal income tax benefit | 2.9 |  |  | 3.5 |  |  | 0.4 |  |  | 3.5 |  |  | 3.5 |  |  | 3.4 |
Tax reform rate change | (41.2 | ) |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | — |
PTCs and ITCs - NEER | (8.4 | ) |  | (3.9 | ) |  | (4.1 | ) |  | — |  |  | — |  |  | — |
Convertible ITCs - NEER | 0.6 |  |  | (1.7 | ) |  | (0.8 | ) |  | — |  |  | — |  |  | — |
Adjustments associated with Canadian assets | — |  |  | (0.7 | ) |  | — |  |  | — |  |  | — |  |  | — |
Other - net | (2.9 | ) |  | (0.7 | ) |  | 0.3 |  |  | (1.0 | ) |  | (0.7 | ) |  | (1.7 | )
Effective income tax rate | (14.0 | )% |  | 31.5 | % |  | 30.8 | % |  | 37.0 | % |  | 37.8 | % |  | 36.7 | %
Schedule of deferred income tax liabilities and assets | The income tax effects of temporary differences giving rise to consolidated deferred income tax liabilities and assets are as follows:
| NEE |  | FPL
| December 31, |  | December 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (millions)
Deferred tax liabilities: |  |  |  |  |  |  |
Property-related | $ | 9,030 |  |  | $ | 13,094 |  |  | $ | 6,045 |  |  | $ | 8,882 |
Pension | 364 |  |  | 454 |  |  | 342 |  |  | 502 |
Nuclear decommissioning trusts | 226 |  |  | 253 |  |  | — |  |  | — |
Net unrealized gains on derivatives | 263 |  |  | 581 |  |  | — |  |  | — |
Investments in partnerships and joint ventures | 442 |  |  | 603 |  |  | — |  |  | — |
Other | 871 |  |  | 1,272 |  |  | 584 |  |  | 796 |
Total deferred tax liabilities | 11,196 |  |  | 16,257 |  |  | 6,971 |  |  | 10,180 |
Deferred tax assets and valuation allowance: |  |  |  |  |  |  |
Decommissioning reserves | 306 |  |  | 454 |  |  | 271 |  |  | 401 |
Postretirement benefits | 74 |  |  | 145 |  |  | 57 |  |  | 93 |
Net operating loss carryforwards | 482 |  |  | 427 |  |  | 3 |  |  | 3 |
Tax credit carryforwards | 3,126 |  |  | 3,059 |  |  | — |  |  | — |
ARO and accrued asset removal costs | 210 |  |  | 777 |  |  | 146 |  |  | 699 |
Regulatory liabilities(a) | 1,267 |  |  | 84 |  |  | 1,273 |  |  | 84 |
Other | 646 |  |  | 940 |  |  | 216 |  |  | 359 |
Valuation allowance(b) | (252 | ) |  | (269 | ) |  | — |  |  | — |
Net deferred tax assets | 5,859 |  |  | 5,617 |  |  | 1,966 |  |  | 1,639 |
Net deferred income taxes | $ | 5,337 |  |  | $ | 10,640 |  |  | $ | 5,005 |  |  | $ | 8,541 |
______________________
(a) | 2017 reflects the tax gross up of regulatory liabilities associated with tax reform.
(b) | Reflects a valuation allowance related to the solar projects in Spain, deferred state tax credits and state operating loss carryforwards.
Deferred tax assets and liabilities are included on the consolidated balance sheets as follows:
| NEE |  | FPL
| December 31, |  | December 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
|  |  | (millions) |  |
Noncurrent other assets | $ | 417 |  |  | $ | 461 |  |  | $ | — |  |  | $ | — |
Deferred income taxes - noncurrent liabilities | (5,754 | ) |  | (11,101 | ) |  | (5,005 | ) |  | (8,541 | )
Net deferred income taxes | $ | (5,337 | ) |  | $ | (10,640 | ) |  | $ | (5,005 | ) |  | $ | (8,541 | )
Components of deferred tax assets relating to net operating loss carryforwards | The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2017 are as follows:
| Amount |  | Expiration Dates
| (millions) |  |
Net operating loss carryforwards: |  |  |
Federal | $ | 158 |  |  | 2026-2037
State | 232 |  |  | 2018-2037
Foreign | 92 |  | (a) | 2018-2036
Net operating loss carryforwards | $ | 482 |  |  |
Tax credit carryforwards: |  |  |
Federal | $ | 2,779 |  |  | 2026-2037
State | 347 |  | (b) | 2018-2044
Tax credit carryforwards | $ | 3,126 |  |  |
______________________
(a) | Includes $64 million of net operating loss carryforwards with an indefinite expiration period.
(b) | Includes $188 million of ITC carryforwards with an indefinite expiration period.

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