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Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Equity | Equity Earnings Per Share – The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (millions, except per share amounts)
Numerator – net income attributable to NEE | $ | 7,310 |  |  | $ | 4,147 |  |  | $ | 3,573 |
Denominator: |  |  |  |  |
Weighted-average number of common shares outstanding – basic | 2,026.1 |  |  | 1,972.6 |  |  | 1,962.5 |
Equity units, stock options, performance share awards and restricted stock(a) | 4.7 |  |  | 6.0 |  |  | 9.7 |
Weighted-average number of common shares outstanding – assuming dilution | 2,030.8 |  |  | 1,978.6 |  |  | 1,972.2 |
Earnings per share attributable to NEE: |  |  |  |  |
Basic | $ | 3.61 |  |  | $ | 2.10 |  |  | $ | 1.82 |
Assuming dilution | $ | 3.60 |  |  | $ | 2.10 |  |  | $ | 1.81 |
______________________ (a)Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award. Common shares issuable pursuant to equity units, stock options and/or performance share awards, as well as restricted stock which were not included in the denominator above due to their antidilutive effect were approximately 39.1 million, 38.1 million and 30.5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Potentially Dilutive Securities at NEP – NEP senior unsecured convertible notes, when outstanding, are potentially dilutive securities to NEE. In December 2022, June 2021 and December 2020, NEP issued $500 million, $500 million and $600 million respectively, principal amount of new senior unsecured convertible notes. Holders of these notes may convert all or a portion of the notes in accordance with the related indenture. Upon conversion, NEP will pay cash up to the principal amount of the notes to be converted and pay or deliver, as the case may be, cash, NEP common units or a combination of cash and common units, at NEP's election, in respect of the remainder, if any, of NEP's conversion obligation in excess of the principal amount of the notes being converted. Common Stock Dividend Restrictions – NEE's charter does not limit the dividends that may be paid on its common stock. FPL's mortgage securing FPL's first mortgage bonds contains provisions which, under certain conditions, restrict the payment of dividends and other distributions to NEE. These restrictions do not currently limit FPL's ability to pay dividends to NEE. Stock-Based Compensation – Net income for the years ended December 31, 2023, 2022 and 2021 includes approximately $139 million, $142 million and $119 million, respectively, of compensation costs and $26 million, $20 million and $19 million, respectively, of income tax benefits related to stock-based compensation arrangements. Compensation cost capitalized for the years ended December 31, 2023, 2022 and 2021 was not material. At December 31, 2023, there were approximately $198 million of unrecognized compensation costs related to nonvested/nonexercisable stock-based compensation arrangements. These costs are expected to be recognized over a weighted-average period of 2.2 years. At December 31, 2023, approximately 74 million shares of common stock were authorized for awards to officers, employees and non-employee directors of NEE and its subsidiaries under NEE's: (a) 2021 Long Term Incentive Plan, (b) 2017 Non-Employee Directors Stock Plan and (c) earlier equity compensation plans under which shares are reserved for issuance under existing grants, but no additional shares are available for grant under the earlier plans. NEE satisfies restricted stock and performance share awards by issuing new shares of its common stock or by purchasing shares of its common stock in the open market. NEE satisfies stock option exercises by issuing new shares of its common stock. NEE generally grants most of its stock-based compensation awards in the first quarter of each year. Restricted Stock and Performance Share Awards – Restricted stock typically vests within three years after the date of grant and is subject to, among other things, restrictions on transferability prior to vesting. The fair value of restricted stock is measured based upon the closing market price of NEE common stock as of the date of grant. Performance share awards are typically payable at the end of a three-year performance period if the specified performance criteria are met. The fair value for the majority of performance share awards is estimated based upon the closing market price of NEE common stock as of the date of grant less the present value of expected dividends, multiplied by an estimated performance multiple which is subsequently trued up based on actual performance. The activity in restricted stock and performance share awards for the year ended December 31, 2023 was as follows:
| Shares/Units |  | Weighted- Average Grant Date Fair Value Per Share/Units
Restricted Stock: |  |  |
Nonvested balance, January 1, 2023 | 1,992,045 |  |  | $ | 77.93 |
Granted | 1,520,616 |  |  | $ | 72.24 |
Vested | (693,058) |  |  | $ | 75.01 |
Forfeited | (158,366) |  |  | $ | 79.29 |
Nonvested balance, December 31, 2023 | 2,661,237 |  |  | $ | 75.93 |
Performance Share Awards: |  |  |
Nonvested balance, January 1, 2023 | 1,137,082 |  |  | $ | 71.17 |
Granted | 1,102,159 |  |  | $ | 71.79 |
Vested | (730,720) |  |  | $ | 67.08 |
Forfeited | (121,268) |  |  | $ | 75.10 |
Nonvested balance, December 31, 2023 | 1,387,253 |  |  | $ | 71.27 |
The weighted-average grant date fair value per share of restricted stock granted for the years ended December 31, 2022 and 2021 was $75.13 and $82.69, respectively. The weighted-average grant date fair value per share of performance share awards granted for the years ended December 31, 2022 and 2021 was $58.67 and $54.82, respectively. The total fair value of restricted stock and performance share awards vested was $106 million, $175 million and $186 million for the years ended December 31, 2023, 2022 and 2021, respectively. Options – Options typically vest within three years after the date of grant and have a maximum term of ten years. The exercise price of each option granted equals the closing market price of NEE common stock on the date of grant. The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions:
| 2023 |  | 2022 |  | 2021
Expected volatility(a) | 19.72 – 20.57% |  | 17.91 – 19.37% |  | 17.32 – 17.75%
Expected dividends | 2.45 – 2.86% |  | 2.32 – 2.50% |  | 2.30 – 2.44%
Expected term (years)(b) | 6.6 |  | 6.5 |  | 7.0
Risk-free rate | 3.50 – 4.50% |  | 1.91 – 3.85% |  | 0.80 – 1.27%
______________________ (a)Based on historical experience. (b)Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards. Option activity for the year ended December 31, 2023 was as follows:
| Shares Underlying Options |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (millions)
Balance, January 1, 2023 | 10,699,410 |  |  | $ | 49.67 |  |  |  |  |
Granted | 909,200 |  |  | $ | 75.20 |  |  |  |  |
Exercised | (549,452) |  |  | $ | 26.11 |  |  |  |  |
Forfeited | (74,347) |  |  | $ | 76.67 |  |  |  |  |
Expired | (1,679) |  |  | $ | 80.68 |  |  |  |  |
Balance, December 31, 2023 | 10,983,132 |  |  | $ | 52.78 |  |  | 5.2 |  | $ | 156 |
Exercisable, December 31, 2023 | 8,894,724 |  |  | $ | 47.16 |  |  | 4.5 |  | $ | 156 |
The weighted-average grant date fair value of options granted was $14.46, $10.49 and $9.82 per share for the years ended December 31, 2023, 2022 and 2021, respectively. The total intrinsic value of stock options exercised was approximately $22 million, $37 million and $49 million for the years ended December 31, 2023, 2022 and 2021, respectively. Cash received from option exercises was approximately $14 million, $14 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively. The tax benefits realized from options exercised were approximately $5 million, $9 million and $11 million for the years ended December 31, 2023, 2022 and 2021, respectively. Preferred Stock – NEE's charter authorizes the issuance of 100 million shares of serial preferred stock, $0.01 par value, none of which are outstanding. FPL's charter authorizes the issuance of 10,414,100 shares of preferred stock, $100 par value, 5 million shares of subordinated preferred stock, no par value, and 5 million shares of preferred stock, no par value, none of which are outstanding. Accumulated Other Comprehensive Income (Loss) – The components of AOCI, net of tax, are as follows:
| Accumulated Other Comprehensive Income (Loss)
| Net Unrealized Gains (Losses) on Cash Flow Hedges |  | Net Unrealized Gains (Losses) on Available for Sale Securities |  | Defined Benefit Pension and Other Benefits Plans |  | Net Unrealized Gains (Losses) on Foreign Currency Translation |  | Other Comprehensive Income Related to Equity Method Investees |  | Total
| (millions)
Balances, December 31, 2020 | $ | 8 |  |  | $ | 20 |  |  | $ | (75) |  |  | $ | (49) |  |  | $ | 4 |  |  | $ | (92) |
Other comprehensive income (loss) before reclassifications | — |  |  | (11) |  |  | 95 |  |  | (1) |  |  | 1 |  |  | 84 |
Amounts reclassified from AOCI | 6 |  | (a) | (4) |  | (b) | 5 |  | (c) | — |  |  | — |  |  | 7 |
Net other comprehensive income (loss) | 6 |  |  | (15) |  |  | 100 |  |  | (1) |  |  | 1 |  |  | 91 |
Less other comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Balances, December 31, 2021 | 14 |  |  | 5 |  |  | 25 |  |  | (49) |  |  | 5 |  |  | — |
Other comprehensive income (loss) before reclassifications | — |  |  | (84) |  |  | (133) |  |  | (44) |  |  | 1 |  |  | (260) |
Amounts reclassified from AOCI | 6 |  | (a) | 10 |  | (b) | 7 |  | (c) | — |  |  | — |  |  | 23 |
Net other comprehensive income (loss) | 6 |  |  | (74) |  |  | (126) |  |  | (44) |  |  | 1 |  |  | (237) |
Less other comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Balances, December 31, 2022 | 20 |  |  | (69) |  |  | (101) |  |  | (74) |  |  | 6 |  |  | (218) |
Other comprehensive income before reclassifications | — |  |  | 17 |  |  | 21 |  |  | 13 |  |  | 1 |  |  | 52 |
Amounts reclassified from AOCI | 2 |  | (a) | 13 |  | (b) | 1 |  | (c) | — |  |  | — |  |  | 16 |
Net other comprehensive income | 2 |  |  | 30 |  |  | 22 |  |  | 13 |  |  | 1 |  |  | 68 |
Less other comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (3) |
Balances, December 31, 2023 | $ | 22 |  |  | $ | (39) |  |  | $ | (79) |  |  | $ | (64) |  |  | $ | 7 |  |  | $ | (153) |
Attributable to noncontrolling interests | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10) |  |  | $ | — |  |  | $ | (10) |
______________________ (a)Reclassified to interest expense in NEE's consolidated statements of income. See Note 3 – Income Statement Impact of Derivative Instruments. (b)Reclassified to gains on disposal of investments and other property – net in NEE's consolidated statements of income. (c)Reclassified to other net periodic benefit income in NEE's consolidated statements of income.

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