Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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,
	2014			2013			2012			2014		2013		2012
	(millions)
Federal:
Current(a)	$	—		$	(145	)	$	(4	)	$	240	$	174	$	(261	)
Deferred	1,077			853			636			542		540		906
Total federal	1,077			708			632			782		714		645
State:
Current(a)	(29		)	69			14			68		44		26
Deferred	128			—			46			60		77		81
Total state	99			69			60			128		121		107
Total income taxes	$	1,176		$	777		$	692		$	910	$	835	$	752

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(a) Includes provision for unrecognized tax benefits.

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,
	2014		2013		2012		2014		2013		2012
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	1.8		1.8		1.5		3.4		3.6		3.5
PTCs and ITCs - NEER	(5.1	)	(8.5	)	(7.8	)	—		—		—
Convertible ITCs - NEER	(1.4	)	(2.5	)	(1.5	)	—		—		—
Valuation allowance associated with Spain solar projects(a)	0.7		5.2		—		—		—		—
Charges associated with Canadian assets	1.3		—		—		—		—		—
Other - net	—		0.7		(0.6	)	(0.9	)	(0.4	)	(0.7	)
Effective income tax rate	32.3	%	31.7	%	26.6	%	37.5	%	38.2	%	37.8	%

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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,
	2014			2013			2014		2013
	(millions)
Deferred tax liabilities:
Property-related	$	11,700		$	11,247		$	7,457	$	6,948
Pension	489			567			459		441
Nuclear decommissioning trusts	258			188			—		—
Net unrealized gains on derivatives	390			260			—		—
Investments in partnerships and joint ventures	291			166			—		—
Other	769			700			435		399
Total deferred tax liabilities	13,897			13,128			8,351		7,788
Deferred tax assets and valuation allowance:
Decommissioning reserves	427			431			374		361
Postretirement benefits	154			145			99		107
Net operating loss carryforwards	1,070			1,343			—		96
Tax credit carryforwards	2,742			2,522			—		—
ARO and accrued asset removal costs	737			795			686		670
Other	820			959			318		297
Valuation allowance(a)	(323		)	(325		)	—		—
Net deferred tax assets	5,627			5,870			1,477		1,531
Net accumulated deferred income taxes	$	8,270		$	7,258		$	6,874	$	6,257

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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,
	2014			2013			2014			2013
				(millions)
Deferred income taxes - current assets	$	739		$	753		$	—		$	98		(a)
Noncurrent other assets	264			139			—			—
Other current liabilities	(12		)	(6		)	(39		)	—
Deferred income taxes - noncurrent liabilities	(9,261		)	(8,144		)	(6,835		)	(6,355		)
Net accumulated deferred income taxes	$	(8,270	)	$	(7,258	)	$	(6,874	)	$	(6,257	)

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(a) 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, 2014 are as follows:

	Amount			Expiration Dates
	(millions)
Net operating loss carryforwards:
Federal	$	752		2026-2034
State	169			2015-2034
Foreign	149		(a)	2017-2033
Net operating loss carryforwards	$	1,070
Tax credit carryforwards:
Federal	$	2,409		2022-2034
State	333		(b)	2015-2036
Tax credit carryforwards	$	2,742

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(a) Includes $119 million of net operating loss carryforwards with an indefinite expiration period.

(b) Includes $149 million of ITC carryforwards with an indefinite expiration period.