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Employee Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

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:

			2024						2023
			(millions)
Change in pension plan assets:
Fair value of plan assets at January 1			$	4,897					$	4,543
Actual return on plan assets			469						591
Benefit payments			(245)						(237)
Fair value of plan assets at December 31			$	5,121					$	4,897
Change in pension benefit obligation:
Obligation at January 1			$	2,785					$	2,711
Service cost			71						64
Interest cost			131						132
Special termination benefit(a)			27						—
Plan amendments			(3)						—
Actuarial losses (gains) – net(b)			(141)						115
Benefit payments			(245)						(237)
Obligation at December 31(c)			$	2,625					$	2,785
Funded status:
Prepaid pension benefit costs at NEE at December 31			$	2,496					$	2,112
Prepaid pension benefit costs at FPL at December 31(d)			$	1,954					$	1,853

_________________________

(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, 2024 and 2023 was approximately $2,553 million and $2,719 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:

			2024						2023
			(millions)
Unrecognized prior service benefit (net of $1 tax expense and $1 tax expense, respectively)			$	1					$	2
Unrecognized losses (net of $3 tax benefit and $22 tax benefit, respectively)			(12)						(73)
Total			$	(11)					$	(71)

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.

			2024						2023
Discount rate			5.58		%				4.88		%
Salary increase			4.90		%				4.90		%
Weighted-average interest crediting rate			3.88		%				3.89		%

The assumptions used to determine net periodic pension income for the pension plan are as follows:

			2024						2023						2022
Discount rate			4.88		%				5.05		%				2.87		%
Salary increase			4.90		%				4.90		%				4.90		%
Expected long-term rate of return, net of investment management fees			8.00		%				8.00		%				7.35		%
Weighted-average interest crediting rate			3.89		%				3.82		%				3.79		%

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, 2024(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)			$	1,307					$	3					$	1					$	1,311
Equity commingled vehicles(c)			—						880						—						880
U.S. Government and municipal bonds			207						4						—						211
Corporate debt securities(d)			—						248						—						248
Asset-backed securities(e)			—						453						—						453
Debt security commingled vehicles			—						129						—						129
Convertible securities(f)			19						262						—						281
Total investments in the fair value hierarchy			$	1,533					$	1,979					$	1					3,513
Total investments measured at net asset value(g)																					1,608
Total fair value of plan assets																					$	5,121
_____________________

(a)See Note 3 and Note 4 for discussion of fair value measurement techniques and inputs.

(b)Includes foreign investments of $528 million.

(c)Includes foreign investments of $186 million.

(d)Includes foreign investments of $69 million.

(e)Includes foreign investments of $185 million.

(f)Includes foreign investments of $28 million.

(g)Includes foreign investments of $274 million.

			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.

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):

2025			$	221
2026			$	226
2027			$	217
2028			$	216
2029			$	210
2030 – 2034			$	1,019

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
			2024						2023						2022						2024						2023						2022
									(millions)
Service cost			$	71					$	64					$	86					$	1					$	1					$	1
Interest cost			131						132						77						9						9						5
Expected return on plan assets			(405)						(392)						(363)						—						—						—
Amortization of actuarial loss			—						—						—						—						—						3
Amortization of prior service benefit			—						—						(1)						—						—						(4)
Special termination benefit			27						—						52						—						—						—
Benefit plan settlement			—						—						27						—						—						—
Net periodic (income) cost at NEE			$	(176)					$	(196)					$	(122)					$	10					$	10					$	5
Net periodic (income) cost allocated to FPL			$	(103)					$	(127)					$	(76)					$	8					$	8					$	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:

			2024						2023						2022
			(millions)
Prior service benefit (cost) (net of $0 tax expense and $0 tax benefit, respectively)			$	—					$	1					$	(1)
Net gains (losses) (net of $19 tax expense, $7 tax expense and $43 tax benefit, respectively)			60						23						(139)
Amortization of unrecognized losses (net of $2 tax expense)			—						—						7
Total			$	60					$	24					$	(133)

Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities)

Regulatory Assets – The components of net periodic income recognized during the year in regulatory assets for the pension plan are as follows:

			2024						2023
			(millions)
Prior service benefit			$	—					$	(2)
Unrecognized gains			(129)						(56)
Total			$	(129)					$	(58)

X

- Definition

Disclosure of the components of net periodic benefit income (cost) recognized in other comprehensive income for defined benefit plans during the period.

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Disclosure of the components of net periodic benefit income (cost) recognized in regulatory assets (liabilities) for defined benefit plans during the period.

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- Definition

Disclosure of benefit payments expected to be paid by the defined benefit plans, net of government drug subsidy, for each of the five following calendar years, and the subsequent five years thereafter.

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Disclosure of the fair value measurements of pension plan assets by fair value hierarchy level.

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Disclosure of the significant assumptions used to determine benefit obligations and net periodic benefit (income) cost for defined benefit pension plans and other postretirement benefit plans.

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Disclosure of the unrecognized amounts included in accumulated other comprehensive income (loss) yet to be recognized as components of prepaid (accrued) benefit cost.

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Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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