Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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,
	2013			2012			2011			2013		2012			2011
	(millions)
Federal:
Current(a)	$	(145	)	$	(4	)	$	(35	)	$	174	$	(261	)	$	(64	)
Deferred	874			636			572			540		906			622
Total federal	729			632			537			714		645			558
State:
Current(a)	69			14			11			44		26			43
Deferred	3			46			(19		)	77		81			53
Total state	72			60			(8		)	121		107			96
Total income taxes	$	801		$	692		$	529		$	835	$	752		$	654

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,
	2013		2012		2011		2013		2012		2011
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
Increases (reductions) resulting from:
State income taxes - net of federal income tax benefit	1.9		1.5		(0.2	)	3.6		3.5		3.6
PTCs and ITCs - NEER	(8.3	)	(7.8	)	(11.1	)	—		—		—
Convertible ITCs - NEER	(2.4	)	(1.5	)	(0.1	)	—		—		—
Valuation allowance associated with Spain solar projects(a)	5.1		—		—		—		—		—
Other - net	0.5		(0.6	)	(2.0	)	(0.4	)	(0.7	)	(0.6	)
Effective income tax rate	31.8	%	26.6	%	21.6	%	38.2	%	37.8	%	38.0	%

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(a) Reflects a full valuation allowance on deferred tax assets associated with the Spain solar projects. See Note 4 - Nonrecurring Fair Value Measurements.

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,
	2013			2012			2013		2012
	(millions)
Deferred tax liabilities:
Property-related	$	11,247		$	10,206		$	6,948	$	6,193
Pension	567			403			441		438
Storm reserve deficiency	180			212			180		212
Nuclear decommissioning trusts	188			115			—		—
Net unrealized gains on derivatives	260			245			—		—
Other	686			563			219		162
Total deferred tax liabilities	13,128			11,744			7,788		7,005
Deferred tax assets and valuation allowance:
Decommissioning reserves	431			418			361		348
Postretirement benefits	145			162			107		114
Net operating loss carryforwards	1,343			1,216			96		6
Tax credit carryforwards	2,522			2,312			—		—
ARO and accrued asset removal costs	795			832			670		723
Other	959			790			297		197
Valuation allowance(a)	(325		)	(192		)	—		—
Net deferred tax assets	5,870			5,538			1,531		1,388
Net accumulated deferred income taxes	$	7,258		$	6,206		$	6,257	$	5,617

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(a) Amount relates to a valuation allowance related to the Spain solar projects, 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,
	2013			2012				2013				2012
				(millions)
Deferred income taxes - current assets	$	753		$	397		(a)	$	98		(b)	$	—
Noncurrent other assets	139			113				—				—
Other current liabilities	(6		)	(13		)		—				(33		)
Deferred income taxes - noncurrent liabilities	(8,144		)	(6,703		)		(6,355		)		(5,584		)
Net accumulated deferred income taxes	$	(7,258	)	$	(6,206	)		$	(6,257	)		$	(5,617	)

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(a) NEE reclassified approximately $430 million of federal operating loss carryforwards from current deferred income taxes to noncurrent deferred income taxes in the first quarter of 2013 as a result of increased tax depreciation deductions available under the American Taxpayer Relief Act of 2012, which was enacted in January 2013.

(b) Included in other current assets on FPL's consolidated balance sheets.

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, 2013 are as follows:

	Amount		Expiration Dates
	(millions)
Net operating loss carryforwards:
Federal	$	1,066	2026-2032
State	161		2014-2033
Foreign	116		2017-2033
Net operating loss carryforwards	$	1,343
Tax credit carryforwards:
Federal	$	2,218	2022-2033
State	304		2014-2034
Tax credit carryforwards	$	2,522