Equity (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Earnings Per Share, Basic and Diluted

The reconciliation of NEE's basic and diluted earnings per share attributable to NEE is as follows:


	Years Ended December 31,
	2022		2021		2020
	(millions, except per share amounts)



Numerator – net income attributable to NEE	$	4,147	$	3,573	$	2,919

Denominator:
Weighted-average number of common shares outstanding – basic	1,972.6		1,962.5		1,959.0
Equity units, stock options, performance share awards and restricted stock(a)	6.0		9.7		9.8
Weighted-average number of common shares outstanding – assuming dilution	1,978.6		1,972.2		1,968.8
Earnings per share attributable to NEE:
Basic	$	2.10	$	1.82	$	1.49
Assuming dilution	$	2.10	$	1.81	$	1.48

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(a)Calculated using the treasury stock method. Performance share awards are included in diluted weighted-average number of common shares outstanding based upon what would be issued if the end of the reporting period was the end of the term of the award.

Nonvested Awards Activity

The activity in restricted stock and performance share awards for the year ended December 31, 2022 was as follows:


	Shares/Units	Weighted- Average Grant Date Fair Value Per Share/Units
Restricted Stock:
Nonvested balance, January 1, 2022	1,817,732	$	68.09
Granted	1,001,259	$	75.13
Vested	(758,006)	$	58.83
Forfeited	(68,940)	$	76.65
Nonvested balance, December 31, 2022	1,992,045	$	77.93
Performance Share Awards:
Nonvested balance, January 1, 2022	1,412,149	$	61.22
Granted	1,597,586	$	58.67
Vested	(1,563,850)	$	56.08
Forfeited	(308,803)	$	74.01
Nonvested balance, December 31, 2022	1,137,082	$	71.17

Assumptions used to estimate fair value of options

The fair value of the options is estimated on the date of the grant using the Black-Scholes option-pricing model and based on the following assumptions:

2022

2021

2020

Expected volatility(a)

17.91 – 19.37%

17.32 – 17.75%

14.63 – 16.31%

Expected dividends

2.32 – 2.50%

2.30 – 2.44%

2.50 – 2.72%

Expected term (years)(b)

6.5

7.0

Risk-free rate

1.91 – 3.85%

0.80 – 1.27%

0.49 – 1.52%

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(a)Based on historical experience.

(b)Based on historical exercise and post-vesting cancellation experience adjusted for outstanding awards.

Stock option activity

Option activity for the year ended December 31, 2022 was as follows:


	Shares Underlying Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Balance, January 1, 2022	10,013,312	$	44.87
Granted	1,304,270	$	75.28
Exercised	(594,220)	$	23.77
Forfeited	(23,952)	$	78.33

Balance, December 31, 2022	10,699,410	$	49.67	5.7	$	363

Exercisable, December 31, 2022	8,152,185	$	41.28	4.8	$	345

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of AOCI, net of tax, are as follows:


	Accumulated Other Comprehensive Income (Loss)
	Net Unrealized Gains (Losses) on Cash Flow Hedges			Net Unrealized Gains (Losses) on Available for Sale Securities			Defined Benefit Pension and Other Benefits Plans			Net Unrealized Gains (Losses) on Foreign Currency Translation			Other Comprehensive Income Related to Equity Method Investees		Total
	(millions)
Balances, December 31, 2019	$	(27)		$	11		$	(114)		$	(42)		$	3	$	(169)
Other comprehensive income before reclassifications	—			12			37			13			1		63
Amounts reclassified from AOCI	12		(a)	(3)		(b)	2		(c)	—			—		11
Net other comprehensive income	12			9			39			13			1		74
Less other comprehensive income attributable to noncontrolling interests	—			—			—			(7)			—		(7)
Impact of disposal of a business	23		(d)	—			—			(13)		(d)	—		10

Balances, December 31, 2020	8			20			(75)			(49)			4		(92)
Other comprehensive income (loss) before reclassifications	—			(11)			95			(1)			1		84
Amounts reclassified from AOCI	6		(a)	(4)		(b)	5		(c)	—			—		7
Net other comprehensive income (loss)	6			(15)			100			(1)			1		91
Less other comprehensive loss attributable to noncontrolling interests	—			—			—			1			—		1


Balances, December 31, 2021	14			5			25			(49)			5		—
Other comprehensive income (loss) before reclassifications	—			(84)			(133)			(44)			1		(260)
Amounts reclassified from AOCI	6		(a)	10		(b)	7		(c)	—			—		23
Net other comprehensive income (loss)	6			(74)			(126)			(44)			1		(237)
Less other comprehensive loss attributable to noncontrolling interests	—			—			—			19			—		19


Balances, December 31, 2022	$	20		$	(69)		$	(101)		$	(74)		$	6	$	(218)
Attributable to noncontrolling interests	$	—		$	—		$	—		$	(14)		$	—	$	(14)

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(a)Reclassified to interest expense in NEE's consolidated statements of income. See Note 3 – Income Statement Impact of Derivative Instruments.

(b)Reclassified to gains on disposal of investments and other property – net in NEE's consolidated statements of income.

(c)Reclassified to other net periodic benefit income in NEE's consolidated statements of income.

(d)Reclassified to gains on disposal of businesses/assets – net and interest expense in NEE's consolidated statements of income. See Note 3 – Income Statement Impact of Derivative Instruments and Note 1 – Disposal of Businesses/Assets and Sale of Noncontrolling Ownership Interests.