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Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2013
Employee Retirement Benefits [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 and benefit obligations of the plans and the plans' funded status are as follows:

 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
 
(millions)
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
$
3,385

 
$
3,122

 
$
26

 
$
28

Actual return on plan assets
455

 
362

 
2

 
1

Employer contributions(a)
1

 
9

 
28

 
29

Participant contributions
—

 
—

 
5

 
6

Benefit payments(a)
(149
)
 
(108
)
 
(35
)
 
(38
)
Fair value of plan assets at December 31
$
3,692

 
$
3,385

 
$
26

 
$
26

Change in benefit obligation:
 

 
 

 
 

 
 

Obligation at January 1
$
2,372

 
$
2,123

 
$
397

 
$
427

Service cost
73

 
65

 
4

 
5

Interest cost
95

 
98

 
14

 
18

Participant contributions
—

 
—

 
5

 
6

Plan amendments(b)
—

 
26

 
—

 
(42
)
Special termination benefits(c)
46

 
—

 
—

 
—

Actuarial losses (gains) - net
(183
)
 
168

 
(31
)
 
21

Benefit payments(a)
(149
)
 
(108
)
 
(35
)
 
(38
)
Obligation at December 31(d)
$
2,254

 
$
2,372

 
$
354

 
$
397

Funded status:
 

 
 

 
 

 
 

Prepaid (accrued) benefit cost at NEE at December 31
$
1,438

 
$
1,013

 
$
(328
)
 
$
(371
)
Prepaid (accrued) benefit cost at FPL at December 31
$
1,139

 
$
1,132

 
$
(249
)
 
$
(261
)
______________________
(a)
Employer contributions and benefit payments include only those amounts contributed directly to, or paid directly from, plan assets.  FPL's portion of contributions related to SERP benefits was less than $1 million and $7 million for 2013 and 2012, respectively.  FPL's portion of contributions related to other benefits was $25 million and $27 million for 2013 and 2012, respectively.
(b)
In 2012, certain active plan participants in the postretirement plan in other benefits elected a pension credit in lieu of retiree life insurance benefits.
(c)
Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative.
(d)
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at December 31, 2013 and 2012 was $2,197 million and $2,305 million, respectively.

NEE's and FPL's prepaid (accrued) benefit cost shown above are included on the consolidated balance sheets as follows:

 
NEE
 
FPL
 
Pension Benefits
 
Other Benefits
 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Prepaid benefit costs
$
1,456

 
$
1,031

 
$
—

 
$
—

 
$
1,142

 
$
1,135

 
$
—

 
$
—

Accrued benefit cost included in other current liabilities
(5
)
 
(2
)
 
(26
)
 
(28
)
 
(2
)
 
(2
)
 
(22
)
 
(23
)
Accrued benefit cost included in other liabilities
(13
)
 
(16
)
 
(302
)
 
(343
)
 
(1
)
 
(1
)
 
(227
)
 
(238
)
Prepaid (accrued) benefit cost at December 31
$
1,438

 
$
1,013

 
$
(328
)
 
$
(371
)
 
$
1,139

 
$
1,132

 
$
(249
)
 
$
(261
)
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 (accrued) benefit cost are as follows:

 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
 
 
 
(millions)
 
 
Components of AOCI:
 
 
 
 
 
 
 
Unrecognized prior service benefit (cost) (net of $4 tax benefit, $5 tax benefit, $2 tax expense and $3 tax expense, respectively)
$
(8
)
 
$
(9
)
 
$
4

 
$
4

Unrecognized gain (loss) (net of $18 tax expense, $39 tax benefit, $3 tax benefit and $6 tax benefit, respectively)
30

 
(63
)
 
(3
)
 
(6
)
Total
$
22

 
$
(72
)
 
$
1

 
$
(2
)
Unrecognized amounts included in regulatory assets (liabilities)
NEE's unrecognized amounts included in regulatory assets (liabilities) yet to be recognized as components of net prepaid (accrued) benefit cost are as follows:

 
Regulatory
Assets (Liabilities)
(Pension)
 
Regulatory
Assets (Liabilities)
(SERP and Other)
 
2013
 
2012
 
2013
 
2012
 
(millions)
Unrecognized prior service cost (benefit)
$
25

 
$
30

 
$
(14
)
 
$
(16
)
Unrecognized losses (gains)
(98
)
 
154

 
29

 
58

Total
$
(73
)
 
$
184

 
$
15

 
$
42
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost
The following table provides the weighted-average assumptions used to determine benefit obligations for the plans.  These rates are used in determining net periodic benefit cost in the following year.

 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2013
 
2012
Discount rate
4.80
%
 
4.00
%
 
4.60
%
 
3.75
%
Salary increase
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
The weighted-average assumptions used to determine net periodic benefit (income) cost for the plans are as follows:

 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Discount rate
4.00
%
 
4.65
%
 
5.00
%
 
3.75
%
 
4.53
%
(a) 
5.25
%
Salary increase
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
 
4.00
%
Expected long-term rate of return(b)
7.75
%
 
7.75
%
 
7.75
%
 
7.75
%
 
8.00
%
 
8.00
%
______________________
(a)
Reflects a mid-year rate change due to cost remeasurement resulting from a plan amendment.
(b)
In developing the expected long-term rate of return on assets assumption for its plans, 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 funds.  NEE also considered its funds' historical compounded returns.
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, 2013(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)
$
1,028

 
$
—

 
$
—

 
$
1,028

Equity commingled vehicles(c)
—

 
656

 
—

 
656

U.S. Government and municipal bonds
115

 
35

 
—

 
150

Corporate debt securities(d)
—

 
348

 
—

 
348

Asset-backed securities
—

 
249

 
—

 
249

Debt security commingled vehicles(e)
—

 
526

 
—

 
526

Convertible securities
46

 
236

 
—

 
282

Limited partnerships(f)
—

 
226

 
227

 
453

Total
$
1,189

 
$
2,276

 
$
227

 
$
3,692

______________________
(a)
See Note 4 for discussion of fair value measurement techniques and inputs.
(b)
Includes foreign investments of $337 million.
(c)
Includes foreign investments of $234 million.
(d)
Includes foreign investments of $67 million.
(e)
Includes foreign investments of $54 million and $145 million of short-term commingled vehicles.
(f)
Includes foreign investments of $104 million. Also includes fixed income oriented commingled investment arrangements of $244 million, convertible security oriented limited partnerships of $80 million and alternative investments of $129 million.  Fair values have been estimated using net asset value (NAV) per share of the investments.  Those investments subject to certain restrictions have been classified as Level 3.

 
December 31, 2012(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)
$
833

 
$
—

 
$
—

 
$
833

Equity commingled vehicles(c)
—

 
590

 
—

 
590

U.S. Government and municipal bonds
166

 
50

 
—

 
216

Corporate debt securities(d)
—

 
349

 
—

 
349

Asset-backed securities
—

 
273

 
—

 
273

Debt security commingled vehicles(e)
—

 
589

 
—

 
589

Convertible securities
—

 
261

 
—

 
261

Limited partnerships(f)
—

 
134

 
140

 
274

Total
$
999

 
$
2,246

 
$
140

 
$
3,385

______________________
(a)
See Note 4 for discussion of fair value measurement techniques and inputs.
(b)
Includes foreign investments of $308 million.
(c)
Includes foreign investments of $204 million.
(d)
Includes foreign investments of $66 million.
(e)
Includes foreign investments of $60 million and $135 million of short-term commingled vehicles.
(f)
Includes foreign investments of $39 million. Also, includes fixed income oriented commingled investment arrangements of $90 million, convertible security oriented limited partnerships of $77 million and alternative investments of $107 million.  Fair values have been estimated using NAV per share of the investments.  Those investments subject to certain restrictions have been classified as Level 3.
Expected benefit payments, net of government drug subsidy
The following table provides information about benefit payments expected to be paid by the plans, net of government drug subsidy, for each of the following calendar years:

 
Pension
Benefits
 
Other
Benefits
 
(millions)
2014
$
275

 
$
34

2015
$
139

 
$
31

2016
$
146

 
$
29

2017
$
150

 
$
30

2018
$
155

 
$
29

2019 - 2023
$
817

 
$
132
Net periodic benefit (income) cost
Net Periodic Cost - The components of net periodic benefit (income) cost for the plans are as follows:

 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
 
 
 
(millions)
 
 
 
 
Service cost
$
73

 
$
65

 
$
64

 
$
4

 
$
5

 
$
6

Interest cost
95

 
98

 
98

 
14

 
18

 
21

Expected return on plan assets
(237
)
 
(238
)
 
(238
)
 
(1
)
 
(2
)
 
(2
)
Amortization of transition obligation
—

 
—

 
—

 
—

 
1

 
3

Amortization of prior service cost (benefit)
7

 
5

 
(3
)
 
(2
)
 
(1
)
 
—

Amortization of losses
2

 
—

 
—

 
2

 
—

 
—

SERP settlements
—

 
3

 
—

 
—

 
—

 
—

Special termination benefits
46

 
—

 
—

 
—

 
—

 
—

Net periodic benefit (income) cost at NEE
$
(14
)
 
$
(67
)
 
$
(79
)
 
$
17

 
$
21

 
$
28

Net periodic benefit (income) cost at FPL
$
(5
)
 
$
(43
)
 
$
(51
)
 
$
13

 
$
16

 
$
21
Components of net periodic benefit income (cost) recognized in OCI
Other Comprehensive Income - The components of net periodic benefit income (cost) recognized in OCI for the plans are as follows:

 
Pension Benefits
 
Other Benefits
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
 
 
 
 
 
(millions)
 
 
 
 
Prior service benefit (cost) (net of $3 tax benefit, $4 tax expense and $2 tax benefit, respectively)
$
—

 
$
(6
)
 
$
—

 
$
—

 
$
7

 
$
(3
)
Net gains (losses) (net of $58 tax expense, $16 tax benefit, $32 tax benefit, $3 tax expense, $3 tax benefit, and $2 tax expense, respectively)
91

 
(25
)
 
(45
)
 
4

 
(5
)
 
3

Amortization of prior service benefit (cost)
2

 
1

 
(1
)
 
—

 
—

 
—

Amortization of transition obligation
—

 
—

 
—

 
—

 
—

 
1

Total
$
93

 
$
(30
)
 
$
(46
)
 
$
4

 
$
2

 
$
1
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities)
Regulatory Assets (Liabilities) - The components of net periodic benefit (income) cost recognized during the year in regulatory assets (liabilities) for the plans are as follows:

 
Regulatory
Assets (Liabilities)
(Pension)
 
Regulatory
Assets (Liabilities)
(SERP and Other)
 
2013
 
2012
 
2013
 
2012
 
(millions)
Prior service cost (benefit)
$
—

 
$
17

 
$
—

 
$
(29
)
Unrecognized losses (gains)
(252
)
 
1

 
(26
)
 
16

Amortization of prior service cost (benefit)
(4
)
 
(3
)
 
1

 
—

Amortization of transition obligation
—

 
—

 
—

 
(1
)
Amortization of unrecognized losses
(1
)
 
—

 
(2
)
 
(3
)
Total
$
(257
)
 
$
15

 
$
(27
)
 
$
(17
)