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Employee Retirement Benefits
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Employee Retirement Benefits Employee Retirement Benefits Employee Pension Plan and Other Benefits Plans - NEE sponsors a qualified noncontributory defined benefit pension plan for substantially all employees of NEE and its subsidiaries. NEE also has a supplemental executive retirement plan (SERP), which includes a non-qualified supplemental defined benefit pension component that provides benefits to a select group of management and highly compensated employees, and sponsors a contributory postretirement plan for other benefits for retirees of NEE and its subsidiaries meeting certain eligibility requirements. The total accrued benefit cost of the SERP and postretirement plans is approximately $323 million ($155 million for FPL) and $313 million ($167 million for FPL) at December 31, 2020 and 2019, respectively.
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:
 20202019
 (millions)
Change in pension plan assets:  
Fair value of plan assets at January 1$4,800 $3,806 
Actual return on plan assets723 736 
Benefit payments
(209)(235)
Acquisitions(a)
— 493 
Fair value of plan assets at December 31$5,314 $4,800 
Change in pension benefit obligation:  
Obligation at January 1$3,363 $2,522 
Service cost
85 80 
Interest cost
92 114 
Acquisitions(a)
— 503 
Special termination benefits(b)
16 19 
Plan amendments
1 3 
Actuarial losses - net(c)
259 357 
Benefit payments(209)(235)
Obligation at December 31(d)
$3,607 $3,363 
Funded status:  
Prepaid pension benefit costs at NEE at December 31$1,707 $1,437 
Prepaid pension benefit costs at FPL at December 31(e)
$1,554 $1,477 
_________________________
(a)Relates to substantially funded pension obligations in connection with the acquisition of Gulf Power, see Note 6 - Gulf Power Company.
(b)Reflects enhanced early retirement programs.
(c)Primarily driven by decrease in discount rates.
(d)NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, at December 31, 2020 and 2019 was approximately $3,521 million and $3,281 million, respectively.
(e)Reflects FPL's allocated benefits under NEE's pension plan.

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:
2020 2019
(millions)
Unrecognized prior service benefit (net of $1 and $2 tax expense, respectively)$2 $2 
Unrecognized losses (net of $24 and $37 tax benefit, respectively)(60)(108)
Total$(58)$(106)

NEE's unrecognized amounts included in regulatory assets yet to be recognized as components of net prepaid pension benefit costs are as follows:
20202019
(millions)
Unrecognized prior service benefit$(1)$(2)
Unrecognized losses 163 263 
Total$162 $261 

The following table provides the assumptions used to determine the benefit obligation for the pension plan. These rates are used in determining net periodic pension income in the following year.
20202019
Discount rate(a)
2.53 %3.22 %
Salary increase4.40 %4.40 %
Weighted-average interest crediting rate3.82 %3.83 %
_________________________
(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.
NEE's investment policy for the pension plan recognizes the benefit of protecting the plan's funded status, thereby avoiding the necessity of future employer contributions. Its broad objectives are to achieve a high rate of total return with a prudent level of risk taking while maintaining sufficient liquidity and diversification to avoid large losses and preserve capital over the long term.

The NEE pension plan fund's current target asset allocation, which is expected to be reached over time, is 45% equity investments, 32% fixed income investments, 13% alternative investments and 10% convertible securities. The pension fund's investment strategy emphasizes traditional investments, broadly diversified across the global equity and fixed income markets, using a combination of different investment styles and vehicles. The pension fund's equity and fixed income holdings consist of both directly held securities as well as commingled investment arrangements such as common and collective trusts, pooled separate accounts, registered investment companies and limited partnerships. The pension fund's convertible security assets are principally direct holdings of convertible securities and include a convertible security oriented limited partnership. The pension fund's alternative investments consist primarily of private equity and real estate oriented investments in limited partnerships as well as absolute return oriented limited partnerships that use a broad range of investment strategies on a global basis.

The fair value measurements of NEE's pension plan assets by fair value hierarchy level are as follows:
December 31, 2020(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)
$2,017 $10 $3 $2,030 
Equity commingled vehicles(c)
— 668 — 668 
U.S. Government and municipal bonds169 8 — 177 
Corporate debt securities(d)
— 340 — 340 
Asset-backed securities— 375 — 375 
Debt security commingled vehicles(e)
— 201 — 201 
Convertible securities(f)
64 453 — 517 
Total investments in the fair value hierarchy$2,250 $2,055 $3 4,308 
Total investments measured at net asset value(g)
1,006 
Total fair value of plan assets$5,314 
_____________________
(a)See Notes 3 and 4 for discussion of fair value measurement techniques and inputs.
(b)Includes foreign investments of $881 million.
(c)Includes foreign investments of $156 million.
(d)Includes foreign investments of $93 million.
(e)Includes foreign investments of $5 million.
(f)Includes foreign investments of $35 million.
(g)Includes foreign investments of $153 million.
 
December 31, 2019(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)
$1,593 $9 $3 $1,605 
Equity commingled vehicles(c)
— 706 — 706 
U.S. Government and municipal bonds95 7 — 102 
Corporate debt securities(d)
— 247 — 247 
Asset-backed securities— 416 — 416 
Debt security commingled vehicles(e)
47 143 — 190 
Convertible securities(f)
32 372 — 404 
Total investments in the fair value hierarchy$1,767 $1,900 $3 3,670 
Total investments measured at net asset value(g)
1,130 
Total fair value of plan assets$4,800 
______________________
(a)See Notes 3 and 4 for discussion of fair value measurement techniques and inputs.
(b)Includes foreign investments of $741 million.
(c)Includes foreign investments of $141 million.
(d)Includes foreign investments of $76 million.
(e)Includes foreign investments of $5 million.
(f)Includes foreign investments of $20 million.
(g)Includes foreign investments of $190 million.

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):
2021$228 
2022$200 
2023$202 
2024$204 
2025$206 
2026 - 2030$1,024 

Net Periodic Income - The components of net periodic income for the plans are as follows:
Pension BenefitsPostretirement Benefits
202020192018202020192018
 (millions)
Service cost$85 $80 $70 $1 $1 $1 
Interest cost92 114 82 8 9 7 
Expected return on plan assets(321)(312)(276)— — — 
Amortization of actuarial loss18 — — 3 — — 
Amortization of prior service benefit(1)(1)(1)(16)(15)(15)
Special termination benefits16 19 35 — — — 
Net periodic income at NEE$(111)$(100)$(90)$(4)$(5)$(7)
Net periodic income allocated to FPL$(77)$(71)$(57)$(3)$(4)$(6)
Other Comprehensive Income - The components of net periodic income recognized in OCI for the pension plan are as follows:
 202020192018
 (millions)
Net gains (losses) (net of $13 tax expense, $10 tax benefit and $4 tax benefit, respectively)$42 $(36)$(13)
Amortization of unrecognized losses (net of $1 tax expense)5 — — 
Total$47 $(36)$(13)

Regulatory Assets (Liabilities) - The components of net periodic income recognized during the year in regulatory assets (liabilities) for the pension plan are as follows:
 20202019
 (millions)
Prior service cost$1 $— 
Unrecognized gains(89)(113)
Amortization of prior service cost1 $1 
Amortization of unrecognized losses(12)— 
Total$(99)$(112)

The assumptions used to determine net periodic pension income for the pension plan are as follows:
 202020192018
Discount rate3.22 %4.26 %3.59 %
Salary increase4.40 %4.40 %4.10 %
Expected long-term rate of return, net of investment management fees(a)
7.35 %7.35 %7.35 %
Weighted-average interest crediting rate3.83 %3.88 %3.94 %
______________________
(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.
Employee Contribution Plan - NEE offers an employee retirement savings plan which allows eligible participants to contribute a percentage of qualified compensation through payroll deductions. NEE makes matching contributions to participants' accounts. Defined contribution expense pursuant to this plan was approximately $64 million, $58 million and $54 million for NEE ($37 million, $36 million and $34 million for FPL) for the years ended December 31, 2020, 2019 and 2018, respectively.