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Employee Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Plan assets, benefit obligations, and funded status included in the consolidated balance sheets | Pension Plan Assets, Benefit Obligations and Funded Status – The changes in assets, benefit obligations and the funded status of the pension plan are as follows:
| 2022 |  | 2021
| (millions)
Change in pension plan assets: |  |  |
Fair value of plan assets at January 1 | $ | 5,688 |  |  | $ | 5,314 |
Actual return on plan assets | (820) |  |  | 627 |
Benefit payments | (325) |  |  | (253) |
Fair value of plan assets at December 31 | $ | 4,543 |  |  | $ | 5,688 |
Change in pension benefit obligation: |  |  |
Obligation at January 1 | $ | 3,445 |  |  | $ | 3,607 |
Service cost | 86 |  |  | 90 |
Interest cost | 77 |  |  | 64 |
Special termination benefit(a) | 52 |  |  | — |
Plan amendments | 3 |  |  | — |
Actuarial gains – net | (627) |  |  | (63) |
Benefit payments | (325) |  |  | (253) |
Obligation at December 31(b) | $ | 2,711 |  |  | $ | 3,445 |
Funded status: |  |  |
Prepaid pension benefit costs at NEE at December 31 | $ | 1,832 |  |  | $ | 2,243 |
Prepaid pension benefit costs at FPL at December 31(c) | $ | 1,732 |  |  | $ | 1,657 |
_________________________ (a)Reflects enhanced early retirement benefit. (b)NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2022 and 2021 was approximately $2,650 million and $3,352 million, respectively. (c)Reflects FPL's allocated benefits under NEE's pension plan.
Unrecognized amounts included in accumulated other comprehensive income (loss) | NEE's unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid pension benefit costs are as follows:
| 2022 |  | 2021
| (millions)
Unrecognized prior service benefit (net of $0 tax expense and $1 tax expense, respectively) | $ | 1 |  |  | $ | 2 |
Unrecognized gains (losses) (net of $33 tax benefit and $7 tax expense, respectively) | (91) |  |  | 41 |
Total | $ | (90) |  |  | $ | 43 |
Unrecognized amounts included in regulatory assets (liabilities) | NEE's unrecognized amounts included in regulatory assets (liabilities) yet to be recognized as components of net prepaid pension benefit costs are as follows:
| 2022 |  | 2021
| (millions)
Unrecognized prior service cost (benefit) | $ | 2 |  |  | $ | (1) |
Unrecognized losses (gains) | 277 |  |  | (80) |
Total | $ | 279 |  |  | $ | (81) |
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost | The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic pension income in the following year.
| 2022 |  | 2021
Discount rate | 5.05 | % |  | 2.87 | %
Salary increase | 4.90 | % |  | 4.90 | %
Weighted-average interest crediting rate | 3.82 | % |  | 3.79 | %
The assumptions used to determine net periodic pension income for the pension plan are as follows:
| 2022 |  | 2021 |  | 2020
Discount rate | 2.87 | % |  | 2.53 | % |  | 3.22 | %
Salary increase | 4.90 | % |  | 4.40 | % |  | 4.40 | %
Expected long-term rate of return, net of investment management fees | 7.35 | % |  | 7.35 | % |  | 7.35 | %
Weighted-average interest crediting rate | 3.79 | % |  | 3.82 | % |  | 3.83 | %
Fair value measurements of pension plan assets by hierarchy level | The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows:
| December 31, 2022(a)
| Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (millions)
Equity securities(b) | $ | 1,246 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 1,252 |
Equity commingled vehicles(c) | — |  |  | 731 |  |  | — |  |  | 731 |
U.S. Government and municipal bonds | 85 |  |  | 5 |  |  | — |  |  | 90 |
Corporate debt securities(d) | — |  |  | 272 |  |  | — |  |  | 272 |
Asset-backed securities(e) | — |  |  | 413 |  |  | — |  |  | 413 |
Debt security commingled vehicles | — |  |  | 130 |  |  | — |  |  | 130 |
Convertible securities(f) | 50 |  |  | 367 |  |  | — |  |  | 417 |
Total investments in the fair value hierarchy | $ | 1,381 |  |  | $ | 1,923 |  |  | $ | 1 |  |  | 3,305 |
Total investments measured at net asset value(g) |  |  |  |  |  |  | 1,238 |
Total fair value of plan assets |  |  |  |  |  |  | $ | 4,543 |
_____________________ (a)See Notes 3 and 4 for discussion of fair value measurement techniques and inputs. (b)Includes foreign investments of $526 million. (c)Includes foreign investments of $191 million. (d)Includes foreign investments of $83 million. (e)Includes foreign investments of $129 million. (f)Includes foreign investments of $30 million. (g)Includes foreign investments of $242 million.
| December 31, 2021(a)
| Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (millions)
Equity securities(b) | $ | 1,977 |  |  | $ | 29 |  |  | $ | 2 |  |  | $ | 2,008 |
Equity commingled vehicles(c) | — |  |  | 889 |  |  | — |  |  | 889 |
U.S. Government and municipal bonds | 131 |  |  | 6 |  |  | — |  |  | 137 |
Corporate debt securities(d) | — |  |  | 351 |  |  | — |  |  | 351 |
Asset-backed securities | — |  |  | 386 |  |  | — |  |  | 386 |
Debt security commingled vehicles(e) | — |  |  | 219 |  |  | — |  |  | 219 |
Convertible securities(f) | 91 |  |  | 489 |  |  | — |  |  | 580 |
Total investments in the fair value hierarchy | $ | 2,199 |  |  | $ | 2,369 |  |  | $ | 2 |  |  | 4,570 |
Total investments measured at net asset value(g) |  |  |  |  |  |  | 1,118 |
Total fair value of plan assets |  |  |  |  |  |  | $ | 5,688 |
______________________ (a)See Notes 3 and 4 for discussion of fair value measurement techniques and inputs. (b)Includes foreign investments of $927 million. (c)Includes foreign investments of $169 million. (d)Includes foreign investments of $109 million. (e)Includes foreign investments of $5 million. (f)Includes foreign investments of $41 million. (g)Includes foreign investments of $220 million.
Expected benefit payments, net of government drug subsidy | Expected Cash Flows – The following table provides information about benefit payments expected to be paid by the pension plan for each of the following calendar years (in millions):
2023 | $ | 198 |
2024 | $ | 199 |
2025 | $ | 201 |
2026 | $ | 204 |
2027 | $ | 203 |
2028 – 2032 | $ | 1,008 |
Net periodic benefit (income) cost | Net Periodic (Income) Cost – The components of net periodic (income) cost for the plans are as follows:
| Pension Benefits |  | Postretirement Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
|  |  | (millions) |  |
Service cost | $ | 86 |  |  | $ | 90 |  |  | $ | 85 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |
Interest cost | 77 |  |  | 64 |  |  | 92 |  |  | 5 |  |  | 4 |  |  | 8 |
Expected return on plan assets | (363) |  |  | (339) |  |  | (321) |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | — |  |  | 24 |  |  | 18 |  |  | 3 |  |  | 5 |  |  | 3 |
Amortization of prior service benefit | (1) |  |  | (1) |  |  | (1) |  |  | (4) |  |  | (15) |  |  | (16) |
Special termination benefit | 52 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |
Benefit plan settlement | 27 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic (income) cost at NEE | $ | (122) |  |  | $ | (162) |  |  | $ | (111) |  |  | $ | 5 |  |  | $ | (4) |  |  | $ | (4) |
Net periodic (income) cost allocated to FPL | $ | (76) |  |  | $ | (108) |  |  | $ | (84) |  |  | $ | 4 |  |  | $ | (4) |  |  | $ | (4) |
Components of net periodic benefit income (cost) recognized in OCI | Other Comprehensive Income – The components of net periodic income (cost) recognized in OCI for the pension plan are as follows:
| 2022 |  | 2021 |  | 2020
| (millions)
Prior service cost (net of $0 tax benefit) | $ | (1) |  |  | $ | — |  |  | $ | — |
Net gains (losses) (net of $43 tax benefit, $29 tax expense and $13 tax expense, respectively) | (139) |  |  | 95 |  |  | 42 |
Amortization of unrecognized losses (net of $2 tax expense, $2 tax expense and $1 tax expense, respectively) | 7 |  |  | 6 |  |  | 5 |
Total | $ | (133) |  |  | $ | 101 |  |  | $ | 47 |
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities) | Regulatory Assets (Liabilities) – The components of net periodic income recognized during the year in regulatory assets (liabilities) for the pension plan are as follows:
| 2022 |  | 2021
| (millions)
Prior service cost (benefit) | $ | 2 |  |  | $ | (1) |
Unrecognized losses (gains) | 375 |  |  | (226) |
Amortization of prior service benefit | 1 |  |  | — |
Amortization of unrecognized losses | (18) |  |  | (16) |
Total | $ | 360 |  |  | $ | (243) |

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