Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of 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

Reconciliation between the effective income tax rates and the applicable statutory rates

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	%

Schedule of deferred income tax liabilities and assets

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)

Components of deferred tax assets relating to net operating loss carryforwards

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.