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Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
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
 
2014
 
2013
 
2014
 
2013
 
(millions)
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
$
3,692

 
$
3,385

 
$
26

 
$
26

Actual return on plan assets
203

 
455

 
2

 
2

Employer contributions(a)
3

 
1

 
28

 
28

Participant contributions
—

 
—

 
6

 
5

Benefit payments(a)
(200
)
 
(149
)
 
(39
)
 
(35
)
Fair value of plan assets at December 31
$
3,698

 
$
3,692

 
$
23

 
$
26

Change in benefit obligation:
 

 
 

 
 

 
 

Obligation at January 1
$
2,254

 
$
2,372

 
$
354

 
$
397

Service cost
63

 
73

 
3

 
4

Interest cost
102

 
95

 
16

 
14

Participant contributions
—

 
—

 
6

 
5

Plan amendments
(11
)
 
—

 
—

 
—

Special termination benefits(b)
—

 
46

 
—

 
—

Actuarial losses (gains) - net
264

 
(183
)
 
20

 
(31
)
Benefit payments(a)
(200
)
 
(149
)
 
(39
)
 
(35
)
Obligation at December 31(c)
$
2,472

 
$
2,254

 
$
360

 
$
354

Funded status:
 

 
 

 
 

 
 

Prepaid (accrued) benefit cost at NEE at December 31
$
1,226

 
$
1,438

 
$
(337
)
 
$
(328
)
Prepaid (accrued) benefit cost at FPL at December 31
$
1,186

 
$
1,139

 
$
(234
)
 
$
(249
)
______________________
(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 for 2014 and 2013, respectively. FPL's portion of contributions related to other benefits was $27 million and $25 million for 2014 and 2013, respectively.
(b)
Reflects an enhanced early retirement program offered in 2013 as part of an enterprise-wide cost savings initiative.
(c)
NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, for its pension plans at December 31, 2014 and 2013 was $2,417 million and $2,197 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
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
 
 
 
 
 
 
(millions)
 
 
 
 
 
 
Prepaid benefit costs
$
1,244

 
$
1,456

 
$
—

 
$
—

 
$
1,189

 
$
1,142

 
$
—

 
$
—

Accrued benefit cost included in other current liabilities
(4
)
 
(5
)
 
(23
)
 
(26
)
 
(2
)
 
(2
)
 
(19
)
 
(22
)
Accrued benefit cost included in other liabilities
(14
)
 
(13
)
 
(314
)
 
(302
)
 
(1
)
 
(1
)
 
(215
)
 
(227
)
Prepaid (accrued) benefit cost at December 31
$
1,226

 
$
1,438

 
$
(337
)
 
$
(328
)
 
$
1,186

 
$
1,139

 
$
(234
)
 
$
(249
)
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
 
2014
 
2013
 
2014
 
2013
 
 
 
(millions)
 
 
Components of AOCI:
 
 
 
 
 
 
 
Unrecognized prior service benefit (cost) (net of $1 and $4 tax benefit and $2 and $2 tax expense, respectively)
$
(2
)
 
$
(8
)
 
$
3

 
$
4

Unrecognized gain (loss) (net of $10 tax benefit, $18 tax expense and $5 and $3 tax benefit, respectively)
(16
)
 
30

 
(5
)
 
(3
)
Total
$
(18
)
 
$
22

 
$
(2
)
 
$
1
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)
 
2014
 
2013
 
2014
 
2013
 
(millions)
Unrecognized prior service cost (benefit)
$
10

 
$
25

 
$
(13
)
 
$
(14
)
Unrecognized losses (gains)
128

 
(98
)
 
46

 
29

Total
$
138

 
$
(73
)
 
$
33

 
$
15
Significant assumptions used to determine benefit obligations and net periodic benefit (income) cost
The weighted-average assumptions used to determine net periodic benefit (income) cost for the plans are as follows:

 
Pension Benefits
 
Other Benefits
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
Discount rate
4.80
%
 
4.00
%
 
4.65
%
 
4.60
%
 
3.75
%
 
4.53
%
(a) 
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
%
 
7.25
%
 
7.75
%
 
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.

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
 
2014
 
2013
 
2014
 
2013
Discount rate
3.95
%
 
4.80
%
 
3.85
%
 
4.60
%
Salary increase
4.10
%
 
4.00
%
 
4.10
%
 
4.00
%
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, 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(e)
—

 
209

 
—

 
209

Convertible securities
45

 
229

 
—

 
274

Limited partnerships(f)
—

 
293

 
398

 
691

Total
$
1,173

 
$
2,127

 
$
398

 
$
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. Fair values have been estimated using net asset value (NAV) per share of the investments.
(d)
Includes foreign investments of $88 million.
(e)
Includes foreign investments of $15 million and $148 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments.
(f)
Includes foreign investments of $185 million. Also includes fixed income oriented commingled investment arrangements of $426 million, convertible security oriented limited partnerships of $77 million and alternative investments of $188 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.

 
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. Fair values have been estimated using NAV per share of the investments.
(d)
Includes foreign investments of $67 million.
(e)
Includes foreign investments of $54 million and $145 million of short-term commingled vehicles. Fair values have been estimated using NAV per share of the investments.
(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 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)
2015
$
154

 
$
28

2016
$
157

 
$
27

2017
$
162

 
$
29

2018
$
167

 
$
28

2019
$
169

 
$
27

2020 - 2024
$
880

 
$
123
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
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
 
 
 
 
(millions)
 
 
 
 
Service cost
$
63

 
$
73

 
$
65

 
$
3

 
$
4

 
$
5

Interest cost
102

 
95

 
98

 
16

 
14

 
18

Expected return on plan assets
(241
)
 
(237
)
 
(238
)
 
(1
)
 
(1
)
 
(2
)
Amortization of transition obligation
—

 
—

 
—

 
—

 
—

 
1

Amortization of prior service cost (benefit)
5

 
7

 
5

 
(3
)
 
(2
)
 
(1
)
Amortization of losses
—

 
2

 
—

 
—

 
2

 
—

SERP settlements
—

 
—

 
3

 
—

 
—

 
—

Special termination benefits
—

 
46

 
—

 
—

 
—

 
—

Net periodic benefit (income) cost at NEE
$
(71
)
 
$
(14
)
 
$
(67
)
 
$
15

 
$
17

 
$
21

Net periodic benefit (income) cost at FPL
$
(46
)
 
$
(5
)
 
$
(43
)
 
$
11

 
$
13

 
$
16
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
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
 
 
 
 
(millions)
 
 
 
 
Prior service benefit (cost) (net of $3 tax expense, $3 tax benefit and $4 tax expense, respectively)
$
4

 
$
—

 
$
(6
)
 
$
—

 
$
—

 
$
7

Net gains (losses) (net of $29 tax benefit, $58 tax expense, $16 tax benefit, $1 tax benefit, $3 tax expense and $3 tax benefit, respectively)
(45
)
 
91

 
(25
)
 
(3
)
 
4

 
(5
)
Amortization of prior service benefit
1

 
2

 
1

 
—

 
—

 
—

Total
$
(40
)
 
$
93

 
$
(30
)
 
$
(3
)
 
$
4

 
$
2
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)
 
2014
 
2013
 
2014
 
2013
 
(millions)
Prior service benefit
$
(12
)
 
$
—

 
$
(1
)
 
$
—

Unrecognized losses (gains)
226

 
(252
)
 
17

 
(26
)
Amortization of prior service cost (benefit)
(3
)
 
(4
)
 
2

 
1

Amortization of unrecognized losses
—

 
(1
)
 
—

 
(2
)
Total
$
211

 
$
(257
)
 
$
18

 
$
(27
)