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Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Plan assets, benefit obligations, and funded status included in the consolidated balance sheets
Pension Plan Assets, Benefit Obligations and Funded Status - The changes in assets, benefit obligations and the funded status of the pension plan are as follows:
 
2018
 
2017
 
(millions)
Change in pension plan assets:
 
 
 
Fair value of plan assets at January 1
$
4,020

 
$
3,651

Actual return on plan assets
(69
)
 
574

Benefit payments
(160
)
 
(205
)
Acquisitions(a)
15

 
—

Fair value of plan assets at December 31
$
3,806

 
$
4,020

Change in pension benefit obligation:
 

 
 

Obligation at January 1
$
2,593

 
$
2,474

Service cost
70

 
66

Interest cost
82

 
83

Acquisitions(a)
15

 
—

Special termination benefits(b)
35

 
38

Plan amendments
—

 
12

Actuarial losses (gains) - net
(113
)
 
125

Benefit payments
(160
)
 
(205
)
Obligation at December 31(c)
$
2,522

 
$
2,593

Funded status:
 

 
 

Prepaid pension benefit costs at NEE at December 31
$
1,284

 
$
1,427

Prepaid pension benefit costs at FPL at December 31(d)
$
1,407

 
$
1,351

_________________________
(a)
Relates to fully funded pension obligations acquired in 2018, see Note 8.
(b)
Reflects enhanced early retirement programs.
(c)
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2018 and 2017 was approximately $2,479 million and $2,548 million, respectively.
(d)
Reflects FPL's allocated benefits under NEE's pension plan.
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 benefit costs are as follows:
 
2018
 
2017
 
(millions)
Unrecognized prior service benefit (net of $2 and $2 tax expense, respectively)
$
2

 
$
2

Unrecognized losses (net of $27 and $32 tax benefit, respectively)
(71
)
 
(49
)
Total
$
(69
)
 
$
(47
)
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 benefit costs are as follows:
 
2018
 
2017
 
(millions)
Unrecognized prior service benefit
$
(3
)
 
$
(4
)
Unrecognized losses
376

 
160

Total
$
373

 
$
156
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost
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.
 
2018
 
2017
Discount rate(a)
4.26
%
 
3.59
%
Salary increase
4.40
%
 
4.10
%

_________________________
(a)
The method of estimating the interest cost component of net periodic benefit costs uses a full yield curve approach by applying a specific spot rate along the yield curve.
The assumptions used to determine net periodic income for the pension plan are as follows:
 
2018
 
2017
 
2016
Discount rate
3.59
%
 
4.09
%
 
4.35
%
Salary increase
4.10
%
 
4.10
%
 
4.10
%
Expected long-term rate of return, net of investment management fees(a)
7.35
%
 
7.35
%
 
7.35
%
______________________
(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.
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, 2018(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)
$
1,030

 
$
11

 
$
2

 
$
1,043

Equity commingled vehicles(c)
—

 
638

 
—

 
638

U.S. Government and municipal bonds
84

 
11

 
—

 
95

Corporate debt securities(d)
—

 
252

 
—

 
252

Asset-backed securities
—

 
253

 
—

 
253

Debt security commingled vehicles
—

 
133

 
—

 
133

Convertible securities(e)
17

 
303

 
—

 
320

Total investments in the fair value hierarchy
$
1,131

 
$
1,601

 
$
2

 
2,734

Total investments measured at net asset value(f)
 
 
 
 
 
 
1,072

Total fair value of plan assets
 
 
 
 
 
 
$
3,806

_____________________
(a)
See Note 5 for discussion of fair value measurement techniques and inputs.
(b)
Includes foreign investments of $459 million.
(c)
Includes foreign investments of $193 million.
(d)
Includes foreign investments of $77 million.
(e)
Includes foreign investments of $30 million.
(f)
Includes foreign investments of $214 million.
 
December 31, 2017(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)
$
1,077

 
$
16

 
$
2

 
$
1,095

Equity commingled vehicles(c)
—

 
853

 
—

 
853

U.S. Government and municipal bonds
118

 
13

 
—

 
131

Corporate debt securities(d)
3

 
238

 
10

 
251

Asset-backed securities
—

 
170

 
—

 
170

Debt security commingled vehicles(e)
—

 
155

 
—

 
155

Convertible securities(f)
19

 
307

 
—

 
326

Total investments in the fair value hierarchy
$
1,217

 
$
1,752

 
$
12

 
2,981

Total investments measured at net asset value(g)
 
 
 
 
 
 
1,039

Total fair value of plan assets
 
 
 
 
 
 
$
4,020


______________________
(a)
See Note 5 for discussion of fair value measurement techniques and inputs.
(b)
Includes foreign investments of $480 million.
(c)
Includes foreign investments of $287 million.
(d)
Includes foreign investments of $73 million.
(e)
Includes foreign investments of $2 million.
(f)
Includes foreign investments of $35 million.
(g)
Includes foreign investments of $233 million
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):
2019
$
226

2020
$
160

2021
$
167

2022
$
167

2023
$
172

2024 - 2028
$
877
Net periodic benefit (income) cost
Net Periodic (Income) Cost - The components of net periodic (income) cost for the plans are as follows:
 
Pension Benefits
 
Postretirement Benefits
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
 
 
(millions)
 
 
Service cost
$
70

 
$
66

 
$
62

 
$
1

 
$
1

 
$
2

Interest cost
82

 
83

 
105

 
7

 
8

 
13

Expected return on plan assets
(276
)
 
(270
)
 
(260
)
 
—

 
—

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

 
(15
)
 
(10
)
 
(2
)
Special termination benefits
35

 
38

 
—

 
—

 
—

 
—

Postretirement benefits settlement
—

 
—

 
—

 
—

 
1

 
—

Net periodic (income) cost at NEE
$
(90
)
 
$
(84
)
 
$
(92
)
 
$
(7
)
 
$
—

 
$
12

Net periodic (income) cost allocated to FPL
$
(57
)
 
$
(51
)
 
$
(58
)
 
$
(6
)
 
$
—

 
$
9
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 are as follows:
 
2018
 
2017
 
2016
 
(millions)
Prior service benefit (net of $3 tax expense)
$
—

 
$
—

 
$
4

Net gains (losses) (net of $4 tax benefit, $23 tax expense and $16 tax benefit, respectively)
(13
)
 
37

 
(26
)
Total
$
(13
)
 
$
37

 
$
(22
)
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 are as follows:
 
2018
 
2017
 
(millions)
Unrecognized losses (gains)
$
216

 
$
(120
)
Amortization of prior service cost
1

 
1

Total
$
217

 
$
(119
)