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Income Taxes | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| (millions)
Federal: |  |  |  |  |  |  |  |  |  |  |
Current | $ | 208 |  |  | $ | 507 |  |  | $ | 11 |  |  | $ | 252 |  |  | $ | 990 |  |  | $ | 3 |
Deferred | (150) |  |  | 368 |  |  | 497 |  |  | 422 |  |  | (179) |  |  | 684 |
Total federal | 58 |  |  | 875 |  |  | 508 |  |  | 674 |  |  | 811 |  |  | 687 |
State: |  |  |  |  |  |  |  |  |  |  |
Current | 126 |  |  | 161 |  |  | 41 |  |  | 116 |  |  | 294 |  |  | 2 |
Deferred | 155 |  |  | (30) |  |  | 37 |  |  | 180 |  |  | 18 |  |  | 258 |
Total state | 281 |  |  | 131 |  |  | 78 |  |  | 296 |  |  | 312 |  |  | 260 |
Total income taxes | $ | 339 |  |  | $ | 1,006 |  |  | $ | 586 |  |  | $ | 970 |  |  | $ | 1,123 |  |  | $ | 947 |
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,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
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 | 3.7 |  |  | 1.4 |  |  | 1.6 |  |  | 4.3 |  |  | 4.3 |  |  | 4.4 |
Taxes attributable to noncontrolling interests | 4.3 |  |  | 3.0 |  |  | 4.9 |  |  | — |  |  | — |  |  | — |
Renewable energy tax credits | (19.9) |  |  | (8.3) |  |  | (6.8) |  |  | (4.3) |  |  | (2.0) |  |  | (1.1) |
Amortization of deferred regulatory credit | (2.7) |  |  | (2.5) |  |  | (4.8) |  |  | (3.0) |  |  | (3.2) |  |  | (4.0) |
Other – net | (0.8) |  |  | (0.8) |  |  | (0.6) |  |  | (0.4) |  |  | (0.3) |  |  | 0.1 |
Effective income tax rate | 5.6 | % |  | 13.8 | % |  | 15.3 | % |  | 17.6 | % |  | 19.8 | % |  | 20.4 | %
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (millions)
Deferred tax liabilities: |  |  |  |  |  |  |
Property-related | $ | 11,558 |  |  | $ | 10,910 |  |  | $ | 9,272 |  |  | $ | 8,563 |
Pension | 637 |  |  | 609 |  |  | 495 |  |  | 470 |
Investments in partnerships and joint ventures | 2,534 |  |  | 2,459 |  |  | 3 |  |  | 3 |
Other | 2,168 |  |  | 2,126 |  |  | 1,463 |  |  | 1,431 |
Total deferred tax liabilities | 16,897 |  |  | 16,104 |  |  | 11,233 |  |  | 10,467 |
Deferred tax assets and valuation allowance: |  |  |  |  |  |  |
Decommissioning reserves | 307 |  |  | 314 |  |  | 331 |  |  | 314 |
Net operating loss carryforwards | 233 |  |  | 262 |  |  | — |  |  | 2 |
Tax credit carryforwards | 3,057 |  |  | 3,674 |  |  | — |  |  | — |
ARO and accrued asset removal costs | 233 |  |  | 227 |  |  | 116 |  |  | 111 |
Regulatory liabilities | 1,153 |  |  | 1,237 |  |  | 1,129 |  |  | 1,212 |
Other | 652 |  |  | 714 |  |  | 219 |  |  | 288 |
Valuation allowance(a) | (266) |  |  | (240) |  |  | — |  |  | — |
Net deferred tax assets | 5,369 |  |  | 6,188 |  |  | 1,795 |  |  | 1,927 |
Net deferred income taxes | $ | 11,528 |  |  | $ | 9,916 |  |  | $ | 9,438 |  |  | $ | 8,540 |
______________________ (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,
| 2024 |  | 2023 |  | 2024 |  | 2023
|  |  | (millions) |  |
Noncurrent other assets | $ | 221 |  |  | $ | 226 |  |  | $ | — |  |  | $ | 2 |
Deferred income taxes – noncurrent liabilities | (11,749) |  |  | (10,142) |  |  | (9,438) |  |  | (8,542) |
Net deferred income taxes | $ | (11,528) |  |  | $ | (9,916) |  |  | $ | (9,438) |  |  | $ | (8,540) |
The components of NEE's deferred tax assets relating to net operating loss carryforwards and tax credit carryforwards at December 31, 2024 are as follows:
| Amount |  | Expiration Dates
| (millions) |  |
Net operating loss carryforwards: |  |  |
Federal | $ | 1 |  |  | Indefinite
State | 214 |  | (a) | 2025 – 2044
Foreign | 18 |  | (b) | 2028 – 2044
Net operating loss carryforwards | $ | 233 |  |  |
Tax credit carryforwards: |  |  |
Federal | $ | 2,680 |  |  | 2036 – 2046
State | 371 |  | (c) | 2025 – 2044
Foreign | 6 |  |  | 2034 – 2044
Tax credit carryforwards | $ | 3,057 |  |  |
______________________ (a)Includes $78 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 $192 million of renewable energy tax credit carryforwards with an indefinite expiration period.

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