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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income taxes are as follows:
| NEE |  | FPL
| Years Ended December 31, |  | Years Ended December 31,
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
| (millions)
Federal: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 507 |  |  | $ | 11 |  |  | $ | (26) |  |  | $ | 990 |  |  | $ | 3 |  |  | $ | 85 |
Deferred | 368 |  |  | 497 |  |  | 311 |  |  | (179) |  |  | 684 |  |  | 545 |
Total federal | 875 |  |  | 508 |  |  | 285 |  |  | 811 |  |  | 687 |  |  | 630 |
State: |  |  |  |  |  |  |  |  |  |  |
Current | 161 |  |  | 41 |  |  | (62) |  |  | 294 |  |  | 2 |  |  | 1 |
Deferred | (30) |  |  | 37 |  |  | 125 |  |  | 18 |  |  | 258 |  |  | 207 |
Total state | 131 |  |  | 78 |  |  | 63 |  |  | 312 |  |  | 260 |  |  | 208 |
Total income taxes | $ | 1,006 |  |  | $ | 586 |  |  | $ | 348 |  |  | $ | 1,123 |  |  | $ | 947 |  |  | $ | 838 |
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,
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (reductions) resulting from: |  |  |  |  |  |  |  |  |  |  |
State income taxes – net of federal income tax benefit | 1.4 |  |  | 1.6 |  |  | 1.6 |  |  | 4.3 |  |  | 4.4 |  |  | 4.1 |
Taxes attributable to noncontrolling interests | 3.0 |  |  | 4.9 |  |  | 5.0 |  |  | — |  |  | — |  |  | — |
Renewable energy tax credits | (8.3) |  |  | (6.8) |  |  | (11.3) |  |  | (2.0) |  |  | (1.1) |  |  | (0.7) |
Amortization of deferred regulatory credit | (2.5) |  |  | (4.8) |  |  | (4.4) |  |  | (3.2) |  |  | (4.0) |  |  | (3.5) |
Other – net | (0.8) |  |  | (0.6) |  |  | (0.9) |  |  | (0.3) |  |  | 0.1 |  |  | (0.2) |
Effective income tax rate | 13.8 | % |  | 15.3 | % |  | 11.0 | % |  | 19.8 | % |  | 20.4 | % |  | 20.7 | %
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,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (millions)
Deferred tax liabilities: |  |  |  |  |  |  |
Property-related | $ | 10,910 |  |  | $ | 10,144 |  |  | $ | 8,563 |  |  | $ | 8,177 |
Pension | 609 |  |  | 552 |  |  | 470 |  |  | 439 |
Investments in partnerships and joint ventures | 2,459 |  |  | 3,144 |  |  | 3 |  |  | 3 |
Other | 2,126 |  |  | 2,666 |  |  | 1,431 |  |  | 1,914 |
Total deferred tax liabilities | 16,104 |  |  | 16,506 |  |  | 10,467 |  |  | 10,533 |
Deferred tax assets and valuation allowance: |  |  |  |  |  |  |
Decommissioning reserves | 314 |  |  | 306 |  |  | 314 |  |  | 306 |
Net operating loss carryforwards | 262 |  |  | 346 |  |  | 2 |  |  | 19 |
Tax credit carryforwards | 3,674 |  |  | 4,905 |  |  | — |  |  | 123 |
ARO and accrued asset removal costs | 227 |  |  | 199 |  |  | 111 |  |  | 107 |
Regulatory liabilities | 1,237 |  |  | 1,332 |  |  | 1,212 |  |  | 1,308 |
Other | 714 |  |  | 822 |  |  | 288 |  |  | 295 |
Valuation allowance(a) | (240) |  |  | (257) |  |  | — |  |  | — |
Net deferred tax assets | 6,188 |  |  | 7,653 |  |  | 1,927 |  |  | 2,158 |
Net deferred income taxes | $ | 9,916 |  |  | $ | 8,853 |  |  | $ | 8,540 |  |  | $ | 8,375 |
______________________ (a)Reflects valuation allowances related to 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
|  |  | (millions) |  |
Noncurrent other assets | $ | 226 |  |  | $ | 219 |  |  | $ | 2 |  |  | $ | 1 |
Deferred income taxes – noncurrent liabilities | (10,142) |  |  | (9,072) |  |  | (8,542) |  |  | (8,376) |
Net deferred income taxes | $ | (9,916) |  |  | $ | (8,853) |  |  | $ | (8,540) |  |  | $ | (8,375) |
The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2023 are as follows:
| Amount |  | Expiration Dates
| (millions) |  |
Net operating loss carryforwards: |  |  |
Federal | $ | 1 |  |  | Indefinite
State | 239 |  | (a) | 2024 – 2043
Foreign | 22 |  | (b) | 2028 – 2043
Net operating loss carryforwards | $ | 262 |  |  |
Tax credit carryforwards: |  |  |
Federal | $ | 3,324 |  |  | 2030 – 2045
State | 346 |  | (c) | 2024 – 2044
Foreign | 4 |  |  | 2034 – 2043
Tax credit carryforwards | $ | 3,674 |  |  |
______________________ (a)Includes $106 million of net operating loss carryforwards with an indefinite expiration period. (b)Includes $1 million of net operating loss carryforwards with an indefinite expiration period. (c)Includes $193 million of renewable energy tax credit carryforwards with an indefinite expiration period.

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