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Employee Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022
| (millions)
Change in pension plan assets: |  |  |
Fair value of plan assets at January 1 | $ | 4,543 |  |  | $ | 5,688 |
Actual return on plan assets | 591 |  |  | (820) |
Benefit payments | (237) |  |  | (325) |
Fair value of plan assets at December 31 | $ | 4,897 |  |  | $ | 4,543 |
Change in pension benefit obligation: |  |  |
Obligation at January 1 | $ | 2,711 |  |  | $ | 3,445 |
Service cost | 64 |  |  | 86 |
Interest cost | 132 |  |  | 77 |
Special termination benefit(a) | — |  |  | 52 |
Plan amendments | — |  |  | 3 |
Actuarial losses (gains) – net(b) | 115 |  |  | (627) |
Benefit payments | (237) |  |  | (325) |
Obligation at December 31(c) | $ | 2,785 |  |  | $ | 2,711 |
Funded status: |  |  |
Prepaid pension benefit costs at NEE at December 31 | $ | 2,112 |  |  | $ | 1,832 |
Prepaid pension benefit costs at FPL at December 31(d) | $ | 1,853 |  |  | $ | 1,732 |
_________________________ (a)Reflects enhanced early retirement benefit. (b)Primarily due to the difference in actual versus expected discount rate. (c)NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2023 and 2022 was approximately $2,719 million and $2,650 million, respectively. (d)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:
| 2023 |  | 2022
| (millions)
Unrecognized prior service benefit (net of $1 tax expense and $0 tax expense, respectively) | $ | 2 |  |  | $ | 1 |
Unrecognized losses (net of $22 tax benefit and $33 tax benefit, respectively) | (73) |  |  | (91) |
Total | $ | (71) |  |  | $ | (90) |
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:
| 2023 |  | 2022
| (millions)
Unrecognized prior service cost | $ | — |  |  | $ | 2 |
Unrecognized losses | 221 |  |  | 277 |
Total | $ | 221 |  |  | $ | 279 |
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.
| 2023 |  | 2022
Discount rate | 4.88 | % |  | 5.05 | %
Salary increase | 4.90 | % |  | 4.90 | %
Weighted-average interest crediting rate | 3.89 | % |  | 3.82 | %
The assumptions used to determine net periodic pension income for the pension plan are as follows:
| 2023 |  | 2022 |  | 2021
Discount rate | 5.05 | % |  | 2.87 | % |  | 2.53 | %
Salary increase | 4.90 | % |  | 4.90 | % |  | 4.40 | %
Expected long-term rate of return, net of investment management fees | 8.00 | % |  | 7.35 | % |  | 7.35 | %
Weighted-average interest crediting rate | 3.82 | % |  | 3.79 | % |  | 3.82 | %
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, 2023(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) | $ | 1,444 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 1,450 |
Equity commingled vehicles(c) | — |  |  | 754 |  |  | — |  |  | 754 |
U.S. Government and municipal bonds | 96 |  |  | 5 |  |  | — |  |  | 101 |
Corporate debt securities(d) | — |  |  | 252 |  |  | — |  |  | 252 |
Asset-backed securities(e) | — |  |  | 500 |  |  | — |  |  | 500 |
Debt security commingled vehicles(f) | — |  |  | 184 |  |  | — |  |  | 184 |
Convertible securities(g) | 8 |  |  | 247 |  |  | — |  |  | 255 |
Other(h) | 6 |  |  | 2 |  |  | — |  |  | 8 |
Total investments in the fair value hierarchy | $ | 1,554 |  |  | $ | 1,949 |  |  | $ | 1 |  |  | 3,504 |
Total investments measured at net asset value(i) |  |  |  |  |  |  | 1,393 |
Total fair value of plan assets |  |  |  |  |  |  | $ | 4,897 |
_____________________ (a)See Note 3 and Note 4 for discussion of fair value measurement techniques and inputs. (b)Includes foreign investments of $591 million. (c)Includes foreign investments of $222 million. (d)Includes foreign investments of $72 million. (e)Includes foreign investments of $157 million. (f)Includes foreign investments of $2 million. (g)Includes foreign investments of $21 million. (h)Includes foreign investments of $2 million. (i)Includes foreign investments of $240 million.
| 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 Note 3 and Note 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.
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):
2024 | $ | 207 |
2025 | $ | 210 |
2026 | $ | 215 |
2027 | $ | 209 |
2028 | $ | 208 |
2029 – 2033 | $ | 1,007 |
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
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  |  | (millions) |  |
Service cost | $ | 64 |  |  | $ | 86 |  |  | $ | 90 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost | 132 |  |  | 77 |  |  | 64 |  |  | 9 |  |  | 5 |  |  | 4 |
Expected return on plan assets | (392) |  |  | (363) |  |  | (339) |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss | — |  |  | — |  |  | 24 |  |  | — |  |  | 3 |  |  | 5 |
Amortization of prior service benefit | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (4) |  |  | (15) |
Special termination benefit | — |  |  | 52 |  |  | — |  |  | — |  |  | — |  |  | — |
Benefit plan settlement | — |  |  | 27 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic (income) cost at NEE | $ | (196) |  |  | $ | (122) |  |  | $ | (162) |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | (4) |
Net periodic (income) cost allocated to FPL | $ | (127) |  |  | $ | (76) |  |  | $ | (108) |  |  | $ | 8 |  |  | $ | 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:
| 2023 |  | 2022 |  | 2021
| (millions)
Prior service benefit (cost) (net of $0 tax expense and $0 tax benefit, respectively) | $ | 1 |  |  | $ | (1) |  |  | $ | — |
Net gains (losses) (net of $7 tax expense, $43 tax benefit and $29 tax expense, respectively) | 23 |  |  | (139) |  |  | 95 |
Amortization of unrecognized losses (net of $2 tax expense and $2 tax expense, respectively) | — |  |  | 7 |  |  | 6 |
Total | $ | 24 |  |  | $ | (133) |  |  | $ | 101 |
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:
| 2023 |  | 2022
| (millions)
Prior service cost (benefit) | $ | (2) |  |  | $ | 2 |
Unrecognized losses (gains) | (56) |  |  | 375 |
Amortization of prior service benefit | — |  |  | 1 |
Amortization of unrecognized losses | — |  |  | (18) |
Total | $ | (58) |  |  | $ | 360 |

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- Definition Table detailing net periodic benefit (income) cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain or loss, prior service cost or credit, transition asset or obligation, and gain or loss due to settlements or curtailments. + References No definition available. + Details
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