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Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Plan assets, benefit obligations, and funded status included in the consolidated balance sheets
Plan Assets, Benefit Obligations and Funded Status - The changes in assets, benefit obligations and the funded status of the pension plan are as follows:
 
2015
 
2014
 
(millions)
Change in plan assets:
 
 
 
Fair value of plan assets at January 1
$
3,698

 
$
3,692

Actual return on plan assets
(8
)
 
203

Benefit payments
(127
)
 
(197
)
Fair value of plan assets at December 31
$
3,563

 
$
3,698

Change in benefit obligation:
 

 
 

Obligation at January 1
$
2,454

 
$
2,236

Service cost
70

 
61

Interest cost
97

 
101

Plan amendments
—

 
(9
)
Actuarial losses (gains) - net
(86
)
 
262

Benefit payments
(127
)
 
(197
)
Obligation at December 31(a)
$
2,408

 
$
2,454

Funded status:
 

 
 

Prepaid benefit costs at NEE at December 31
$
1,155

 
$
1,244

Prepaid benefit costs at FPL at December 31
$
1,243

 
$
1,189

______________________
(a)
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2015 and 2014 was approximately $2,366 million and $2,400 million, respectively.
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 cost are as follows:
 
2015
 
2014
 
(millions)
Components of AOCI:
 
 
 
Unrecognized prior service cost (net of $1 and $1 tax benefit, respectively)
$
(2
)
 
$
(2
)
Unrecognized losses (net of $38 and $10 tax benefit, respectively)
(60
)
 
(16
)
Total
$
(62
)
 
$
(18
)
Unrecognized amounts included in regulatory assets (liabilities)
NEE's unrecognized amounts included in regulatory assets yet to be recognized as components of net prepaid pension cost are as follows:
 
2015
 
2014
 
(millions)
Unrecognized prior service cost
$
9

 
$
10

Unrecognized losses
232

 
128

Total
$
241

 
$
138
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost
The assumptions used to determine net periodic income for the pension plan are as follows:
 
2015
 
2014
 
2013
Discount rate
3.95
%
 
4.80
%
 
4.00
%
Salary increase
4.10
%
 
4.00
%
 
4.00
%
Expected long-term rate of return(a)(b)
7.35
%
 
7.75
%
 
7.75
%
______________________
(a)
In developing the expected long-term rate of return on assets assumption for its pension plan, NEE evaluated input, including other qualitative and quantitative factors, from its actuaries and consultants, as well as information available in the marketplace. NEE considered different models, capital market return assumptions and historical returns for a portfolio with an equity/bond asset mix similar to its pension fund. NEE also considered its pension fund's historical compounded returns.
(b)
In 2015, an expected long-term rate of return of 7.75% is presented net of investment management fees.
The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic income in the following year.
 
2015
 
2014
Discount rate
4.35
%
 
3.95
%
Salary increase
4.10
%
 
4.10
%
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, 2015(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)
$
910

 
$
21

 
$
1

 
$
932

Equity commingled vehicles(c)
—

 
792

 
—

 
792

U.S. Government and municipal bonds
110

 
13

 
—

 
123

Corporate debt securities(d)
2

 
277

 
1

 
280

Asset-backed securities
—

 
167

 
—

 
167

Debt security commingled vehicles
—

 
21

 
—

 
21

Convertible securities(e)
16

 
258

 
—

 
274

Total investments in the fair value hierarchy
$
1,038

 
$
1,549

 
$
2

 
2,589

Total investments measured at net asset value(f)
 
 
 
 
 
 
974

Total fair value of plan assets
 
 
 
 
 
 
$
3,563

______________________
(a)
See Note 4 for discussion of fair value measurement techniques and inputs.
(b)
Includes foreign investments of $384 million.
(c)
Includes foreign investments of $249 million.
(d)
Includes foreign investments of $68 million.
(e)
Includes foreign investments of $23 million.
(f)
Includes foreign investments of $283 million. Reflects the adoption of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy.
 
December 31, 2014(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)
$
984

 
$
31

 
$
—

 
$
1,015

Equity commingled vehicles(c)
—

 
767

 
—

 
767

U.S. Government and municipal bonds
144

 
20

 
—

 
164

Corporate debt securities(d)
—

 
355

 
—

 
355

Asset-backed securities
—

 
223

 
—

 
223

Debt security commingled vehicles
—

 
21

 
—

 
21

Convertible securities
45

 
229

 
—

 
274

Total investments in the fair value hierarchy
$
1,173

 
$
1,646

 
$
—

 
2,819

Total investments measured at net asset value(e)
 
 
 
 
 
 
879

Total fair value of plan assets
 
 
 
 
 
 
$
3,698


______________________
(a)
See Note 4 for discussion of fair value measurement techniques and inputs.
(b)
Includes foreign investments of $321 million.
(c)
Includes foreign investments of $306 million.
(d)
Includes foreign investments of $88 million.
(e)
Includes foreign investments of $200 million. Reflects the retrospective application of an accounting standard update in 2015 whereby certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are excluded from the fair value hierarchy.
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):
2016
$
144

2017
$
150

2018
$
155

2019
$
160

2020
$
163

2021 - 2025
$
865
Net periodic benefit (income) cost
Net Periodic (Income) Cost - The components of net periodic (income) cost for the plans is as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
 
 
(millions)
 
 
Service cost
$
70

 
$
61

 
$
72

 
$
3

 
$
3

 
$
4

Interest cost
97

 
101

 
94

 
13

 
16

 
14

Expected return on plan assets
(253
)
 
(241
)
 
(238
)
 
(1
)
 
(1
)
 
(1
)
Amortization of prior service cost (benefit)
1

 
5

 
7

 
(3
)
 
(3
)
 
(2
)
Amortization of losses
—

 
—

 
2

 
2

 
—

 
2

Special termination benefits
—

 
—

 
46

 
—

 
—

 
—

Net periodic (income) cost at NEE
$
(85
)
 
$
(74
)
 
$
(17
)
 
$
14

 
$
15

 
$
17

Net periodic (income) cost at FPL
$
(55
)
 
$
(47
)
 
$
(7
)
 
$
11

 
$
11

 
$
13
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 is as follows:
 
2015
 
2014
 
2013
 
(millions)
Prior service benefit (net of $3 tax expense)
$
—

 
$
4

 
$
—

Net gains (losses) (net of $27 and $29 tax benefit and $58 tax expense, respectively)
(44
)
 
(45
)
 
91

Amortization of prior service benefit
—

 
1

 
2

Total
$
(44
)
 
$
(40
)
 
$
93
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities)
Regulatory Assets (Liabilities) - The components of net periodic (income) cost recognized during the year in regulatory assets (liabilities) for the pension plan is as follows:
 
2015
 
2014
 
(millions)
Prior service benefit
$
—

 
$
(12
)
Unrecognized losses
104

 
226

Amortization of prior service benefit
(1
)
 
(3
)
Total
$
103

 
$
211