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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income taxes are as follows:
NEEFPL
Years Ended December 31,Years Ended December 31,
202420232022202420232022
(millions)
Federal:
Current
$208 $507 $11 $252 $990 $3 
Deferred
(150)368 497 422 (179)684 
Total federal58 875 508 674 811 687 
State:      
Current126 161 41 116 294 2 
Deferred
155 (30)37 180 18 258 
Total state281 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:
 NEEFPL
 Years Ended December 31,Years Ended December 31,
 202420232022202420232022
Statutory federal income tax rate21.0 %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 rate5.6 %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:
NEEFPL
December 31,December 31,
2024202320242023
(millions)
Deferred tax liabilities:
Property-related$11,558 $10,910 $9,272 $8,563 
Pension637 609 495 470 
Investments in partnerships and joint ventures2,534 2,459 3 3 
Other2,168 2,126 1,463 1,431 
Total deferred tax liabilities16,897 16,104 11,233 10,467 
Deferred tax assets and valuation allowance:
Decommissioning reserves307 314 331 314 
Net operating loss carryforwards233 262 — 2 
Tax credit carryforwards3,057 3,674 — — 
ARO and accrued asset removal costs233 227 116 111 
Regulatory liabilities1,153 1,237 1,129 1,212 
Other652 714 219 288 
Valuation allowance(a)
(266)(240)— — 
Net deferred tax assets5,369 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:
NEEFPL
December 31,December 31,
2024202320242023
(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:
AmountExpiration
Dates
(millions)
Net operating loss carryforwards:
Federal$1 Indefinite
State214 
(a)
2025 – 2044
Foreign18 
(b)
2028 – 2044
Net operating loss carryforwards$233 
Tax credit carryforwards: 
Federal$2,680 2036 – 2046
State371 
(c)
2025 – 2044
Foreign6 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.