v3.25.4
Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
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:

 20252024
 (millions)
Change in pension plan assets:  
Fair value of plan assets as of January 1
$5,121 $4,897 
Actual return on plan assets659 469 
Benefit payments(216)(245)
Fair value of plan assets as of December 31
$5,564 $5,121 
Change in pension benefit obligation:  
Obligation as of January 1
$2,625 2,785 
Service cost69 71 
Interest cost136 131 
Special termination benefit(a)
— 27 
Plan amendments4 (3)
Actuarial losses (gains) – net(b)
79 (141)
Benefit payments(216)(245)
Obligation as of December 31(c)
$2,697 $2,625 
Funded status:  
Prepaid pension benefit costs at NEE as of December 31
$2,868 $2,496 
Prepaid pension benefit costs at FPL as of December 31(d)
$2,072 $1,954 
_________________________
(a)Reflects enhanced early retirement benefit.
(b)Primarily due to the difference in actual versus expected discount rate.
(c)NEE's accumulated pension benefit obligation, which includes no assumption about future salary levels, as of December 31, 2025 and 2024 was approximately $2,616 million and $2,553 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:

20252024
(millions)
Unrecognized prior service benefit (net of $1 tax expense)
$— $1 
Unrecognized gains (losses) (net of $14 tax expense and $3 tax benefit, respectively)
42 (12)
Total$42 $(11)
Schedule Of Unrecognized Amounts, Defined Benefit Plan Regulatory Assets and Liabilities
NEE's unrecognized amounts included in regulatory assets (liabilities) yet to be recognized as components of net prepaid pension benefit costs are as follows:

20252024
(millions)
Unrecognized prior service cost
$3 $— 
Unrecognized (gains) losses
(5)92 
Total$(2)$92 
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 pension income in the following year.

20252024
Discount rate5.43 %5.58 %
Salary increase4.90 %4.90 %
Weighted-average interest crediting rate3.79 %3.88 %
The assumptions used to determine net periodic pension income for the pension plan are as follows:

 202520242023
Discount rate5.58 %4.88 %5.05 %
Salary increase4.90 %4.90 %4.90 %
Expected long-term rate of return, net of investment management fees8.00 %8.00 %8.00 %
Weighted-average interest crediting rate3.88 %3.89 %3.82 %
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, 2025(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)
$1,321 $3 $1 $1,325 
Equity commingled vehicles(c)
— 1,060 — 1,060 
U.S. Government and municipal bonds139 4 — 143 
Corporate debt securities(d)
— 263 — 263 
Asset-backed securities(e)
— 499 — 499 
Debt security commingled vehicles
— 126 — 126 
Convertible securities(f)
32 231 — 263 
Total investments in the fair value hierarchy$1,492 $2,186 $1 $3,679 
Total investments measured at net asset value(g)
1,885 
Total fair value of plan assets$5,564 
_________________________
(a)See Note 3 and Note 4 for discussion of fair value measurement techniques and inputs.
(b)Includes foreign investments of $481 million.
(c)Includes foreign investments of $495 million.
(d)Includes foreign investments of $66 million.
(e)Includes foreign investments of $202 million.
(f)Includes foreign investments of $20 million.
(g)Includes foreign investments of $289 million.
 
December 31, 2024(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)
$1,307 $3 $1 $1,311 
Equity commingled vehicles(c)
— 880 — 880 
U.S. Government and municipal bonds207 4 — 211 
Corporate debt securities(d)
— 248 — 248 
Asset-backed securities(e)
— 453 — 453 
Debt security commingled vehicles
— 129 — 129 
Convertible securities(f)
19 262 — 281 
Total investments in the fair value hierarchy$1,533 $1,979 $1 $3,513 
Total investments measured at net asset value(g)
1,608 
Total fair value of plan assets$5,121 
_________________________

(a)See Note 3 and Note 4 for discussion of fair value measurement techniques and inputs.
(b)Includes foreign investments of $528 million.
(c)Includes foreign investments of $186 million.
(d)Includes foreign investments of $69 million.
(e)Includes foreign investments of $185 million.
(f)Includes foreign investments of $28 million.
(g)Includes foreign investments of $274 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):

2026$228 
2027$222 
2028$220 
2029$214 
2030$214 
2031 – 2035
$1,029 
Net periodic benefit (income) cost
Net Periodic (Income) Cost – The components of net periodic (income) cost for the plans are as follows:

Pension BenefitsPostretirement Benefits
202520242023202520242023
 (millions)
Service cost$69 $71 $64 $1 $1 $1 
Interest cost136 131 132 8 9 9 
Expected return on plan assets(414)(405)(392)— — — 
Amortization of prior service benefit(1)— — — — — 
Special termination benefit— 27 — — — — 
Net periodic (income) cost at NEE$(210)$(176)$(196)$9 $10 $10 
Net periodic (income) cost allocated to FPL$(119)$(103)$(127)$8 $8 $8 
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:

 202520242023
 (millions)
Prior service benefit (cost) (net of $0 tax benefit and $0 tax expense, respectively)
$(2)$— $1 
Net gains (net of $17 tax expense, $19 tax expense and $7 tax expense, respectively)
54 60 23 
Total$52 $60 $24 
Components of net periodic benefit (income) cost recognized in regulatory assets (liabilities)
Regulatory Assets (Liabilities) – The components of net periodic income recognized during the year in regulatory assets (liabilities) for the pension plan are as follows:

 20252024
 (millions)
Prior service cost
$2 $— 
Unrecognized gains
(96)(129)
Total$(94)$(129)