v3.20.2
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Reconciliation Between the Effective Income Tax Rates and the Applicable Statutory Rate reconciliation between the effective income tax rates and the applicable statutory rate is as follows:
 
NEE
 
FPL
 
NEE
 
FPL
 
Three Months Ended September 30,
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Statutory federal income tax rate
21.0
 %
 
21.0
 %
 
21.0
 %
 
21.0
 %
 
21.0
 %
 
21.0
 %
 
21.0
 %
 
21.0
 %
Increases (reductions) resulting from:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
State income taxes - net of federal income tax benefit(a)
1.9

 
4.3

 
3.7

 
3.9

 
1.3

 
3.4

 
4.0

 
3.3

Taxes attributable to noncontrolling interests
1.8

 
2.0

 
—

 
—

 
2.9

 
1.9

 
—

 
—

PTCs and ITCs - NEER
(7.4
)
 
(11.5
)
 
—

 
—

 
(8.7
)
 
(7.9
)
 
—

 
—

Amortization of deferred regulatory credit(b)
(4.4
)
 
(5.6
)
 
(5.6
)
 
(5.2
)
 
(5.4
)
 
(7.0
)
 
(5.2
)
 
(8.0
)
Foreign operations(c)
—

 
—

 
—

 
—

 
(2.2
)
 
—

 
—

 
—

Other - net
(2.6
)
 
(3.4
)
 
(0.9
)
 
(1.6
)
 
(5.9
)
 
(2.3
)
 
(1.3
)
 
(0.7
)
Effective income tax rate
10.3
 %
 
6.8
 %
 
18.2
 %
 
18.1
 %
 
3.0
 %
 
9.1
 %
 
18.5
 %
 
15.6
 %

———————————————
(a)
The three and nine months ended September 30, 2019 reflect a valuation allowance of approximately $48 million related to deferred state tax credits.
(b)
The nine months ended September 30, 2019 reflects a second quarter 2019 adjustment of approximately $83 million recorded by FPL to reduce income tax expense for the cumulative amortization of excess deferred income taxes from January 1, 2018 as a result of the FPSC's order in connection with its review of impacts associated with tax reform. One of the provisions of the order requires FPL to amortize approximately $870 million of its excess deferred income taxes over a period not to exceed ten years.
(c)
The gain on sale of the Spain solar projects was not taxable for federal and state income tax purposes (see Note 11 - Disposal of Businesses).