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(Mark One)
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X
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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For the Quarterly Period Ended September 30, 2015
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OR
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TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ____________ to ____________
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Commission
File Number
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Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
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Commission
File Number
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Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
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1-11299
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ENTERGY CORPORATION
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
72-1229752
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1-35747
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ENTERGY NEW ORLEANS, INC.
(a Louisiana corporation)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3700
72-0273040
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1-10764
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ENTERGY ARKANSAS, INC.
(an Arkansas corporation)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
71-0005900
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1-34360
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ENTERGY TEXAS, INC.
(a Texas corporation)
9425 Pinecroft
The Woodlands, Texas 77380
Telephone (409) 981-2000
61-1435798
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1-32718
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ENTERGY LOUISIANA, LLC
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
47-4469646
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1-09067
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SYSTEM ENERGY RESOURCES, INC.
(an Arkansas corporation)
Echelon One
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
72-0752777
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1-31508
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ENTERGY MISSISSIPPI, INC.
(a Mississippi corporation)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
64-0205830
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Large
accelerated
filer
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Accelerated
filer
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Non-
accelerated
filer
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Smaller
reporting
company
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Entergy Corporation
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ü
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Entergy Arkansas, Inc.
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ü
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Entergy Louisiana, LLC
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ü
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Entergy Mississippi, Inc.
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ü
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Entergy New Orleans, Inc.
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ü
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Entergy Texas, Inc.
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ü
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System Energy Resources, Inc.
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ü
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Common Stock Outstanding
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Outstanding at 10/30/2015
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Entergy Corporation
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($0.01 par value)
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178,386,800
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Page Number
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Entergy Corporation and Subsidiaries
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Entergy Arkansas, Inc. and Subsidiaries
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Entergy Louisiana, LLC and Subsidiaries
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Entergy Mississippi, Inc.
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Entergy New Orleans, Inc. and Subsidiaries
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Consolidated
Income Statements
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Consolidated
Statements of Cash Flows
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Consolidated
Balance Sheets
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Page Number
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Consolidated
Statements of Changes in Common Equity
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Entergy Texas, Inc. and Subsidiaries
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System Energy Resources, Inc.
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•
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resolution of pending and future rate cases and negotiations, including various performance-based rate discussions, Entergy’s utility supply plan, and recovery of fuel and purchased power costs;
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•
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the termination of Entergy Arkansas’s participation in the System Agreement, which occurred in December 2013, the termination of Entergy Mississippi’s participation in the System Agreement in November 2015, and the termination of Entergy Texas’s and Entergy Louisiana’s participation in the System Agreement after expiration of the proposed 60-month notice period or such other period as approved by the FERC pursuant to the settlement filed with the FERC in August 2015, which proposed settlement provides for the termination of the System Agreement, or as otherwise determined by the FERC;
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•
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regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies’ move to MISO, which occurred in December 2013, including the effect of current or projected MISO market rules and system conditions in the MISO markets, the allocation of MISO system transmission upgrade costs, and the effect of planning decisions that MISO makes with respect to future transmission investments by the Utility operating companies;
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•
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changes in utility regulation, including the beginning or end of retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, and the application of more stringent transmission reliability requirements or market power criteria by the FERC;
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•
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changes in the regulation or regulatory oversight of Entergy’s nuclear generating facilities and nuclear materials and fuel, including with respect to the planned or potential shutdown of nuclear generating facilities owned or operated by Entergy Wholesale Commodities, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and nuclear fuel;
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•
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resolution of pending or future applications, and related regulatory proceedings and litigation, for license renewals or modifications or other authorizations required of nuclear generating facilities;
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•
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the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at its nuclear generating facilities;
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•
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Entergy’s ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities;
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•
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prices for power generated by Entergy’s merchant generating facilities and the ability to hedge, meet credit support requirements for hedges, sell power forward or otherwise reduce the market price risk associated with those facilities, including the Entergy Wholesale Commodities nuclear plants;
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•
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the prices and availability of fuel and power Entergy must purchase for its Utility customers, and Entergy’s ability to meet credit support requirements for fuel and power supply contracts;
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•
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volatility and changes in markets for electricity, natural gas, uranium, emissions allowances, and other energy-related commodities, and the effect of those changes on Entergy and its customers;
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•
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changes in law resulting from federal or state energy legislation or legislation subjecting energy derivatives used in hedging and risk management transactions to governmental regulation;
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•
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changes in environmental, tax, and other laws, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, and other regulated air and water emissions, and changes in costs of compliance with environmental and other laws and regulations;
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•
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uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal and the level of spent fuel disposal fees charged by the U.S. government related to such sites;
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•
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variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes, ice storms, or other weather events and the recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance;
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•
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effects of climate change;
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•
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changes in the quality and availability of water supplies and the related regulation of water use and diversion;
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•
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Entergy’s ability to manage its capital projects and operation and maintenance costs;
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•
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Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms;
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•
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the economic climate, and particularly economic conditions in Entergy’s Utility service area and the Northeast United States and events and circumstances that could influence economic conditions in those areas, and the risk that anticipated load growth may not materialize;
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•
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the effects of Entergy’s strategies to reduce tax payments;
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•
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changes in the financial markets, particularly those affecting the availability of capital and Entergy’s ability to refinance existing debt, execute share repurchase programs, and fund investments and acquisitions;
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•
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actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria;
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•
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changes in inflation and interest rates;
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•
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the effect of litigation and government investigations or proceedings;
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•
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changes in technology, including with respect to new, developing, or alternative sources of generation;
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•
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the potential effects of threatened or actual terrorism, cyber attacks or data security breaches, including increased security costs, and war or a catastrophic event such as a nuclear accident or a natural gas pipeline explosion;
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•
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Entergy’s ability to attract and retain talented management and directors;
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•
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changes in accounting standards and corporate governance;
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•
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declines in the market prices of marketable securities and resulting funding requirements for Entergy’s defined benefit pension and other postretirement benefit plans;
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•
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future wage and employee benefit costs, including changes in discount rates and returns on benefit plan assets;
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•
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changes in decommissioning trust fund values or earnings or in the timing of or cost to decommission nuclear plant sites;
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•
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the implementation of the shutdown of Vermont Yankee, Pilgrim, and FitzPatrick and the related decommissioning of those plants;
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•
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the effectiveness of Entergy’s risk management policies and procedures and the ability and willingness of its counterparties to satisfy their financial and performance commitments;
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•
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factors that could lead to impairment of long-lived assets; and
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•
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the ability to successfully complete merger, acquisition, or divestiture plans, regulatory or other limitations imposed as a result of merger, acquisition, or divestiture, and the success of the business following a merger, acquisition, or divestiture.
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Abbreviation or Acronym
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Term
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AFUDC
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Allowance for Funds Used During Construction
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ALJ
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Administrative Law Judge
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ANO 1 and 2
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Units 1 and 2 of Arkansas Nuclear One (nuclear), owned by Entergy Arkansas
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APSC
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Arkansas Public Service Commission
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ASLB
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Atomic Safety and Licensing Board, the board within the NRC that conducts hearings and performs other regulatory functions that the NRC authorizes
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ASU
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Accounting Standards Update issued by the FASB
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Board
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Board of Directors of Entergy Corporation
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Cajun
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Cajun Electric Power Cooperative, Inc.
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capacity factor
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Actual plant output divided by maximum potential plant output for the period
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City Council or Council
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Council of the City of New Orleans, Louisiana
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D.C. Circuit
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U.S. Court of Appeals for the District of Columbia Circuit
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DOE
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United States Department of Energy
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Entergy
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Entergy Corporation and its direct and indirect subsidiaries
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Entergy Corporation
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Entergy Corporation, a Delaware corporation
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Entergy Gulf States, Inc.
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Predecessor company for financial reporting purposes to Entergy Gulf States Louisiana that included the assets and business operations of both Entergy Gulf States Louisiana and Entergy Texas
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Entergy Gulf States Louisiana
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Entergy Gulf States Louisiana, LLC, a company formally created as part of the jurisdictional separation of Entergy Gulf States, Inc. and the successor company to Entergy Gulf States, Inc. for financial reporting purposes. The term is also used to refer to the Louisiana jurisdictional business of Entergy Gulf States, Inc., as the context requires. Effective October 1, 2015, the business of Entergy Gulf States Louisiana was combined with Entergy Louisiana.
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Entergy Louisiana
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Entergy Louisiana, LLC, a Texas limited liability company. For periods commencing on the October 1, 2015 completion of the combination of the businesses of Entergy Gulf States Louisiana and the company known as Entergy Louisiana, LLC prior thereto (Old Entergy Louisiana), Entergy Louisiana refers to Entergy Louisiana, LLC, the company resulting from such business combination and the successor for financial reporting purposes to Old Entergy Louisiana. For periods prior to the completion of the business combination, Entergy Louisiana refers to Old Entergy Louisiana.
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Entergy Texas
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Entergy Texas, Inc., a company formally created as part of the jurisdictional separation of Entergy Gulf States, Inc. The term is also used to refer to the Texas jurisdictional business of Entergy Gulf States, Inc., as the context requires.
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Entergy Wholesale
Commodities
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Entergy’s non-utility business segment primarily comprised of the ownership, operation, and decommissioning of nuclear power plants, the ownership of interests in non-nuclear power plants, and the sale of the electric power produced by its operating power plants to wholesale customers
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EPA
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United States Environmental Protection Agency
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FASB
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Financial Accounting Standards Board
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FERC
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Federal Energy Regulatory Commission
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FitzPatrick
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James A. FitzPatrick Nuclear Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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Form 10-K
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Annual Report on Form 10-K for the calendar year ended December 31, 2014 filed with the SEC by Entergy Corporation and its Registrant Subsidiaries
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FTR
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Financial transmission right
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Grand Gulf
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Unit No. 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by System Energy
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Abbreviation or Acronym
|
Term
|
|
GWh
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Gigawatt-hour(s), which equals one million kilowatt-hours
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Independence
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Independence Steam Electric Station (coal), owned 16% by Entergy Arkansas, 25% by Entergy Mississippi, and 7% by Entergy Power, LLC
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Indian Point 2
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Unit 2 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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Indian Point 3
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Unit 3 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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IRS
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Internal Revenue Service
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ISO
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Independent System Operator
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kW
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Kilowatt, which equals one thousand watts
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kWh
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Kilowatt-hour(s)
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LPSC
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Louisiana Public Service Commission
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MISO
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Midcontinent Independent System Operator, Inc., a regional transmission organization
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MMBtu
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One million British Thermal Units
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MPSC
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Mississippi Public Service Commission
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MW
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Megawatt(s), which equals one thousand kilowatts
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MWh
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Megawatt-hour(s)
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Net debt to net capital ratio
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Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents
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Net MW in operation
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Installed capacity owned and operated
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NRC
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Nuclear Regulatory Commission
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NYPA
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New York Power Authority
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Palisades
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Palisades Power Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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Pilgrim
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Pilgrim Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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PPA
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Purchased power agreement or power purchase agreement
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PUCT
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Public Utility Commission of Texas
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Registrant Subsidiaries
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Entergy Arkansas, Inc., Entergy Louisiana, LLC, Entergy Mississippi, Inc., Entergy New Orleans, Inc., Entergy Texas, Inc., and System Energy Resources, Inc.
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River Bend
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River Bend Station (nuclear), owned by Entergy Gulf States Louisiana through September 30, 2015, and thereafter by Entergy Louisiana
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RTO
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Regional transmission organization
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SEC
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Securities and Exchange Commission
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System Agreement
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Agreement, effective January 1, 1983, as modified, among the Utility operating companies relating to the sharing of generating capacity and other power resources. Entergy Arkansas terminated its participation in the System Agreement effective December 18, 2013.
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System Energy
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System Energy Resources, Inc.
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TWh
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Terawatt-hour(s), which equals one billion kilowatt-hours
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Unit Power Sales Agreement
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Agreement, dated as of June 10, 1982, as amended and approved by FERC, among Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy, relating to the sale of capacity and energy from System Energy’s share of Grand Gulf
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Utility
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Entergy’s business segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution
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Abbreviation or Acronym
|
Term
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|
Utility operating companies
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Entergy Arkansas, Entergy Gulf States Louisiana (prior to the completion of the business combination with Entergy Louisiana), Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas
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Vermont Yankee
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Vermont Yankee Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment, which ceased power production in December 2014
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Waterford 3
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Unit No. 3 (nuclear) of the Waterford Steam Electric Station, 100% owned or leased by Entergy Louisiana
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weather-adjusted usage
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Electric usage excluding the effects of deviations from normal weather
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White Bluff
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White Bluff Steam Electric Generating Station, 57% owned by Entergy Arkansas
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•
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The
Utility
business segment includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business.
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•
|
The
Entergy Wholesale Commodities
business segment includes the ownership, operation, and decommissioning of nuclear power plants located in the northern United States and the sale of the electric power produced by its operating plants to wholesale customers. Entergy Wholesale Commodities also provides services to other nuclear power plant owners and owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers.
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Utility
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Entergy
Wholesale
Commodities
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Parent &
Other (a)
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Entergy
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||||||||
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(In Thousands)
|
||||||||||||||
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3rd Quarter 2014 Consolidated Net Income (Loss)
|
|
|
$315,263
|
|
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|
($32,678
|
)
|
|
|
($47,669
|
)
|
|
|
$234,916
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|
|
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|
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|
||||||||
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Net revenue (operating revenue less fuel expense, purchased power, and other regulatory charges/credits)
|
|
104,500
|
|
|
(74,775
|
)
|
|
(180
|
)
|
|
29,545
|
|
||||
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Other operation and maintenance
|
|
46,707
|
|
|
(37,314
|
)
|
|
1,053
|
|
|
10,446
|
|
||||
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Asset write-offs, impairments, and related charges
|
|
(60,857
|
)
|
|
1,539,226
|
|
|
—
|
|
|
1,478,369
|
|
||||
|
Taxes other than income taxes
|
|
8,081
|
|
|
(9,689
|
)
|
|
7
|
|
|
(1,601
|
)
|
||||
|
Depreciation and amortization
|
|
14,347
|
|
|
(11,208
|
)
|
|
(377
|
)
|
|
2,762
|
|
||||
|
Other income
|
|
(15,752
|
)
|
|
(1,049
|
)
|
|
339
|
|
|
(16,462
|
)
|
||||
|
Interest expense
|
|
2,532
|
|
|
3,444
|
|
|
2,266
|
|
|
8,242
|
|
||||
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Other expenses
|
|
2,179
|
|
|
(4,735
|
)
|
|
—
|
|
|
(2,556
|
)
|
||||
|
Income taxes
|
|
26,757
|
|
|
(556,816
|
)
|
|
629
|
|
|
(529,430
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
3rd Quarter 2015 Consolidated Net Income (Loss)
|
|
|
$364,265
|
|
|
|
($1,031,410
|
)
|
|
|
($51,088
|
)
|
|
|
($718,233
|
)
|
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$1,646
|
|
|
Volume/weather
|
76
|
|
|
|
Retail electric price
|
47
|
|
|
|
MISO deferral
|
(14
|
)
|
|
|
Other
|
(5
|
)
|
|
|
2015 net revenue
|
|
$1,750
|
|
|
•
|
formula rate plan increases at Entergy Louisiana and Entergy Gulf States Louisiana, as approved by the LPSC, effective December 2014 and January 2015;
|
|
•
|
an increase in energy efficiency rider revenue primarily due to an increase in the energy efficiency rider at Entergy Arkansas, as approved by the APSC, effective July 2015, and new energy efficiency riders at Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy Mississippi that began in the fourth quarter 2014. Energy efficiency revenues are largely offset by costs included in other operation and maintenance expenses and have a minimal effect on net income; and
|
|
•
|
an annual net rate increase at Entergy Mississippi of $16 million, effective February 2015, as a result of the MPSC order in the June 2014 rate case.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$484
|
|
|
Vermont Yankee shutdown in December 2014
|
(45
|
)
|
|
|
Nuclear realized price changes
|
(40
|
)
|
|
|
Nuclear volume, excluding Vermont Yankee
|
8
|
|
|
|
Other
|
2
|
|
|
|
2015 net revenue
|
|
$409
|
|
|
|
2015
|
|
2014
|
|
Owned capacity (MW) (a)
|
5,463
|
|
6,068
|
|
GWh billed
|
10,748
|
|
11,328
|
|
Average revenue per MWh
|
$48.54
|
|
$53.11
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
|
|
|
|
|
Capacity factor
|
92%
|
|
90%
|
|
GWh billed
|
9,125
|
|
9,950
|
|
Average revenue per MWh
|
$50.41
|
|
$53.24
|
|
Refueling Outage Days:
|
|
|
|
|
FitzPatrick
|
—
|
|
37
|
|
Palisades
|
13
|
|
—
|
|
(a)
|
The reduction in owned capacity is due to the retirement of the 605 MW Vermont Yankee plant in December 2014.
|
|
•
|
an increase of $21 million in nuclear generation expenses primarily due to an increase in regulatory compliance costs and higher labor costs. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities in third quarter 2015 as a result of the NRC’s March 2015 decision to move ANO into the “multiple/repetitive degraded cornerstone column” of the NRC’s reactor oversight process action matrix. See “
ANO Damage, Outage, and NRC Reviews
” below and in the Form 10-K for a discussion of the ANO stator incident and subsequent NRC reviews;
|
|
•
|
an increase of $15 million in distribution expenses primarily due to vegetation maintenance;
|
|
•
|
an increase of $6 million in compensation and benefits costs primarily due to an increase in net periodic pension and other postretirement benefit costs as a result of lower discount rates and changes in retirement and mortality assumptions, partially offset by a decrease in the accrual for incentive-based compensation. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
– Qualified Pension and Other Postretirement Benefits
” in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs;
|
|
•
|
an increase of $5 million in transmission expenses primarily due to an increase in the amount of transmission costs allocated by MISO. The net income effect is partially offset due to the method of recovery of these costs in certain jurisdictions. See Note 2 to the financial statements in the Form 10-K for further information on the recovery of these costs;
|
|
•
|
the write-off in third quarter 2015 of $4 million of previously deferred rate case expenses and acquisition costs related to the proposed Union Power Station acquisition upon Entergy Texas’s withdrawal of its 2015 rate case and dismissal of its Certificate of Convenience and Necessity filing. See Note 2 to the financial statements herein for a discussion of these proceedings;
|
|
•
|
an increase of $4 million primarily resulting from losses of $1 million on the sale of surplus diesel inventory in third quarter 2015 compared to gains of $3 million on the sale of surplus oil and diesel inventory in third quarter 2014;
|
|
•
|
an increase of $4 million in energy efficiency costs. These costs are recovered through energy efficiency riders and have a minimal effect on net income; and
|
|
•
|
an increase of $3 million due to the amortization of costs related to the transition and implementation of joining the MISO RTO.
|
|
•
|
a decrease of $13 million related to the Entergy Louisiana and Entergy Gulf States Louisiana business combination, including the deferral recorded in the third quarter 2015, as approved by the LPSC, of $13 million of certain external costs incurred. See “
Entergy Louisiana and Entergy Gulf States Louisiana Business Combination
” in Note 2 to the financial statements herein and in the Form 10-K for discussion of the business combination; and
|
|
•
|
a decrease of $8 million in storm damage accruals primarily at Entergy Mississippi. See Note 2 to the financial statements in the Form 10-K for a discussion of storm cost recovery.
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities
|
|
Parent &
Other (a)
|
|
Entergy
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
2014 Consolidated Net Income (Loss)
|
|
|
$732,838
|
|
|
|
$236,255
|
|
|
|
($133,843
|
)
|
|
|
$835,250
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net revenue (operating revenue less fuel expense, purchased power, and other regulatory charges/credits)
|
|
247,620
|
|
|
(416,834
|
)
|
|
(1,841
|
)
|
|
(171,055
|
)
|
||||
|
Other operation and maintenance
|
|
160,340
|
|
|
(104,799
|
)
|
|
2,237
|
|
|
57,778
|
|
||||
|
Asset write-offs, impairments, and related charges
|
|
(60,857
|
)
|
|
1,535,289
|
|
|
—
|
|
|
1,474,432
|
|
||||
|
Taxes other than income taxes
|
|
20,510
|
|
|
(15,633
|
)
|
|
219
|
|
|
5,096
|
|
||||
|
Depreciation and amortization
|
|
42,250
|
|
|
(26,191
|
)
|
|
(1,422
|
)
|
|
14,637
|
|
||||
|
Other income
|
|
1,473
|
|
|
34,747
|
|
|
(8,923
|
)
|
|
27,297
|
|
||||
|
Interest expense
|
|
15,265
|
|
|
6,858
|
|
|
(5,187
|
)
|
|
16,936
|
|
||||
|
Other expenses
|
|
10,514
|
|
|
(1,432
|
)
|
|
—
|
|
|
9,082
|
|
||||
|
Income taxes
|
|
(2,142
|
)
|
|
(628,399
|
)
|
|
5,655
|
|
|
(624,886
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
2015 Consolidated Net Income (Loss)
|
|
|
$796,051
|
|
|
|
($911,525
|
)
|
|
|
($146,109
|
)
|
|
|
($261,583
|
)
|
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$4,401
|
|
|
Retail electric price
|
162
|
|
|
|
Volume/weather
|
116
|
|
|
|
MISO deferral
|
(32
|
)
|
|
|
Other
|
1
|
|
|
|
2015 net revenue
|
|
$4,648
|
|
|
•
|
formula rate plan increases at Entergy Gulf States Louisiana and Entergy Louisiana, as approved by the LPSC, effective December 2014 and January 2015;
|
|
•
|
an annual net rate increase at Entergy Mississippi of $16 million, effective February 2015, as a result of the MPSC order in the June 2014 rate case; and
|
|
•
|
an increase in energy efficiency rider revenue primarily due to an increase in the energy efficiency rider at Entergy Arkansas, as approved by the APSC, effective July 2015 and July 2014 and new energy efficiency riders at Entergy Gulf States Louisiana, Entergy Louisiana, and Entergy Mississippi that began in the fourth quarter 2014. Energy efficiency revenues are largely offset by costs included in other operation and maintenance expenses and have a minimal effect on net income.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$1,703
|
|
|
Vermont Yankee shutdown in December 2014
|
(254
|
)
|
|
|
Nuclear realized price changes
|
(187
|
)
|
|
|
Mark-to-market, excluding Vermont Yankee
|
(51
|
)
|
|
|
Nuclear volume, excluding Vermont Yankee
|
50
|
|
|
|
Other
|
25
|
|
|
|
2015 net revenue
|
|
$1,286
|
|
|
•
|
a decrease in net revenue as a result of Vermont Yankee ceasing power production in December 2014;
|
|
•
|
lower realized wholesale energy prices, primarily due to significantly higher Northeast market power prices in 2014, and lower capacity prices; and
|
|
•
|
mark-to-market activity, which was negative for the nine months ended September 30, 2015. In the fourth quarter 2014, Entergy Wholesale Commodities entered into electricity derivative instruments that were not designated as hedges, including additional financial power sales to lock in margins on some in-the-money purchased call options. When these positions settled, the turnaround of the positive year-end 2014 mark contributed to the negative mark-to-market variance for the nine months ended September 30, 2015. In the fourth quarter 2013, Entergy Wholesale Commodities also entered into similar transactions. The effect of increases in forward prices resulted in negative mark-to-market activity in fourth quarter 2013. The turnaround of the negative year-end 2013 mark resulted in a positive mark in the nine months ended September 30, 2014, which also contributed to the negative mark-to-market variance for the nine months ended September 30, 2015. See Note 16 to the financial statements in the Form 10-K and Note 8 to the financial statements herein for discussion of derivative instruments.
|
|
|
2015
|
|
2014
|
|
Owned capacity (MW) (a)
|
5,463
|
|
6,068
|
|
GWh billed
|
29,918
|
|
32,874
|
|
Average revenue per MWh
|
$53.60
|
|
$63.37
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
|
|
|
|
|
Capacity factor
|
90%
|
|
89%
|
|
GWh billed
|
26,298
|
|
29,618
|
|
Average revenue per MWh
|
$53.96
|
|
$62.93
|
|
Refueling Outage Days:
|
|
|
|
|
FitzPatrick
|
—
|
|
37
|
|
Indian Point 2
|
—
|
|
24
|
|
Indian Point 3
|
23
|
|
—
|
|
Palisades
|
13
|
|
56
|
|
Pilgrim
|
34
|
|
—
|
|
(a)
|
The reduction in owned capacity is due to the retirement of the 605 MW Vermont Yankee plant in December 2014.
|
|
•
|
an increase of $61 million in nuclear generation expenses primarily due to an increase in regulatory compliance costs, an overall higher scope of work done in 2015 as compared to the same period in 2014, and higher labor costs, including contract labor. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities in 2015 as a result of the NRC’s March 2015 decision to move ANO into the “multiple/repetitive degraded cornerstone column” of the NRC’s reactor oversight process action matrix. See “
ANO Damage, Outage, and NRC Reviews
” below and in the Form 10-K for a discussion of the ANO stator incident and subsequent NRC reviews;
|
|
•
|
an increase of $33 million in fossil-fueled generation expenses primarily due to an overall higher scope of work done in 2015 as compared to the same period in 2014;
|
|
•
|
an increase of $27 million in distribution expenses primarily due to vegetation maintenance;
|
|
•
|
an increase of $21 million in transmission expenses primarily due to an increase in the amount of transmission costs allocated by MISO. The net income effect is partially offset due to the method of recovery of these costs in certain jurisdictions. See Note 2 to the financial statements in the Form 10-K for further information on the recovery of these costs;
|
|
•
|
an increase of $19 million in energy efficiency costs, including the effects of true-ups to energy efficiency filings for fixed costs to be collected from customers. These costs are recovered through energy efficiency riders and have a minimal effect on net income;
|
|
•
|
an increase of $11 million primarily resulting from losses of $3 million on disposition of plant components and $2 million on the sale of surplus diesel inventory in 2015 compared to gains of $7 million on the sale of surplus oil and diesel inventory in 2014; and
|
|
•
|
an increase of $10 million due to the amortization of costs related to the transition and implementation of joining the MISO RTO.
|
|
•
|
a decrease of $16 million in storm damage accruals primarily at Entergy Mississippi. See Note 2 to the financial statements in the Form 10-K for a discussion of storm cost recovery;
|
|
•
|
a decrease of $8 million related to Baxter Wilson (Unit 1) repairs, including an offset for expected insurance proceeds, and amortization in 2015 of the repair costs that were deferred in 2014, as approved by the MPSC. See “
Baxter Wilson Plant Event
” in Note 1 to the financial statements herein and Note 8 to the financial statements in the Form 10-K for further discussion; and
|
|
•
|
a decrease of $8 million related to the Entergy Louisiana and Entergy Gulf States Louisiana business combination, including the deferral recorded in the third quarter 2015, as approved by the LPSC, of $13 million of certain external costs incurred. See “
Entergy Louisiana and Entergy Gulf States Louisiana Business Combination
” in Note 2 to the financial statements herein and in the Form 10-K for discussion of the business combination.
|
|
|
September 30, 2015
|
|
December 31,
2014
|
||
|
Debt to capital
|
60.2
|
%
|
|
57.6
|
%
|
|
Effect of excluding the securitization bonds
|
(1.5
|
%)
|
|
(1.4
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
58.7
|
%
|
|
56.2
|
%
|
|
Effect of subtracting cash
|
(2.0
|
%)
|
|
(2.8
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
56.7
|
%
|
|
53.4
|
%
|
|
(a)
|
Calculation excludes the Arkansas, Louisiana, New Orleans, and Texas securitization bonds, which are non-recourse to Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas, respectively.
|
|
Capacity
|
|
Borrowings
|
|
Letters
of Credit
|
|
Capacity
Available
|
||||||||
|
(In Millions)
|
||||||||||||||
|
|
$3,500
|
|
|
|
$525
|
|
|
|
$9
|
|
|
|
$2,966
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$1,422
|
|
|
|
$739
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
2,350
|
|
|
2,892
|
|
||
|
Investing activities
|
(2,186
|
)
|
|
(2,168
|
)
|
||
|
Financing activities
|
(545
|
)
|
|
(394
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(381
|
)
|
|
330
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$1,041
|
|
|
|
$1,069
|
|
|
•
|
lower Entergy Wholesale Commodities net revenues in 2015 as compared to the same period in 2014, as discussed previously;
|
|
•
|
proceeds of $310 million received from the Louisiana Utilities Restoration Corporation in August 2014 as a result of the Louisiana Act 55 storm cost financing. See Note 2 to the financial statements in the Form 10-K and “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
Liquidity and Capital Resources
-
Sources of Capital
-
Hurricane Isaac
” in the Form 10-K for a discussion of the Act 55 storm cost financing;
|
|
•
|
an increase of $56 million in pension contributions in 2015. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
–
Qualified Pension and Other Postretirement Benefits
” in the Form 10-K and Note 6 to the financial statements herein for a discussion of qualified pension and other postretirement benefits funding;
|
|
•
|
an increase in spending of $50 million in 2015 related to Vermont Yankee, including the severance and retention payments accrued in 2014 and defueling activities that took place after the plant ceased power production in December 2014;
|
|
•
|
an increase in income tax payments of $48 million primarily due to payments made in 2015 for the final settlement of amounts outstanding associated with the 2006-2007 IRS audit. See Note 10 to the financial statements for a discussion of the finalized tax and interest computations for the 2006-2007 IRS audit; and
|
|
•
|
an increase of $47 million in interest paid in 2015 as compared to the same period in 2014 primarily due to an increase in interest paid on the Grand Gulf sale-leaseback obligation. See Note 10 to the financial statements in the Form 10-K for details of the Grand Gulf sale-leaseback obligation.
|
|
•
|
higher Utility net revenues in 2015 as compared to the same period in 2014, as discussed above;
|
|
•
|
increased recovery of fuel costs in 2015 as compared to the same period in 2014;
|
|
•
|
a decrease of $42 million in storm restoration spending in 2015 as compared to the same period in 2014; and
|
|
•
|
a decrease of $33 million in spending on nuclear refueling outages in 2015 as compared to the same period in 2014.
|
|
•
|
an increase in construction expenditures primarily due to an overall higher scope of work on various projects in 2015 as compared to the same period in 2014 and compliance with NRC post-Fukushima requirements, partially offset by a decrease in storm restoration spending and a decrease in spending on the Ninemile Unit 6 self-build project;
|
|
•
|
a change in collateral deposit activity, reflected in the “Decrease (increase) in other investments” line on the Consolidated Statements of Cash Flows, as Entergy returned net deposits of $15 million in 2015 and received net deposits of $37 million in 2014. Entergy Wholesale Commodities’ forward sales contracts are discussed in the “
Market and Credit Risk Sensitive Instruments
” section below;
|
|
•
|
a decrease of $21 million in insurance proceeds primarily due to $13 million received in 2015 related to the Baxter Wilson plant event and $29 million received in 2014 for property damages related to the generator stator incident at ANO. See Note 1 to the financial statements herein and Note 8 to the financial statements in the Form 10-K for a discussion of the Baxter Wilson plant event and the ANO stator incident; and
|
|
•
|
proceeds from the sale of aircraft in first quarter 2014.
|
|
•
|
the deposit of a total of $64 million into Entergy New Orleans’s storm escrow accounts in 2015 compared to the deposit of a total of $268 million into Entergy Louisiana’s and Entergy Gulf States Louisiana’s storm escrow accounts in 2014;
|
|
•
|
disbursements from the Vermont Yankee decommissioning trust funds; and
|
|
•
|
a decrease in nuclear fuel purchases due to variations from year to year in the timing and pricing of fuel reload requirements, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle.
|
|
•
|
long-term debt activity using approximately $89 million of cash in 2015 compared to providing $132 million of cash in 2014. Included in the long-term debt activity is $170 million in 2015 and $10 million in 2014 for the repayment of borrowings on the Entergy Corporation long-term credit facility;
|
|
•
|
a net decrease of $108 million in 2015 in short-term borrowings by the nuclear fuel company variable interest entities;
|
|
•
|
the repurchase or redemption of $94 million of preferred membership interests in September 2015. Entergy Louisiana redeemed its $100 million 6.95% Series preferred membership interests, of which $16 million was owned by Entergy Louisiana Holdings, an Entergy subsidiary, and Entergy Gulf States Louisiana repurchased its $10 million Series A 8.25% preferred membership interests as part of a multi-step process to effectuate the Entergy Louisiana and Entergy Gulf States Louisiana business combination. See Note 2 to the financial statements herein for a discussion of the business combination;
|
|
•
|
an increase of $82 million for the repurchase of common stock; and
|
|
•
|
a decrease of $64 million in treasury stock issuances in 2015 primarily due to a larger amount of previously repurchased Entergy Corporation stock issued in 2014 to satisfy stock option exercises.
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Energy
|
|
|
|
|
|
|
|
|
|
|
|
Percent of planned generation under contract (a):
|
|
|
|
|
|
|
|
|
|
|
|
Unit-contingent (b)
|
|
47%
|
|
34%
|
|
20%
|
|
17%
|
|
22%
|
|
Unit-contingent with availability guarantees (c)
|
|
15%
|
|
17%
|
|
18%
|
|
4%
|
|
4%
|
|
Firm LD (d)
|
|
43%
|
|
38%
|
|
9%
|
|
—%
|
|
—%
|
|
Offsetting positions (e)
|
|
(19%)
|
|
(8%)
|
|
—%
|
|
—%
|
|
—%
|
|
Total
|
|
86%
|
|
81%
|
|
47%
|
|
21%
|
|
26%
|
|
Planned generation (TWh) (f) (g)
|
|
9
|
|
36
|
|
28
|
|
29
|
|
26
|
|
Average revenue per MWh on contracted volumes:
|
|
|
|
|
|
|
|
|
|
|
|
Minimum
|
|
$42
|
|
$45
|
|
$48
|
|
$56
|
|
$57
|
|
Expected based on market prices as of September 30, 2015
|
|
$43
|
|
$47
|
|
$49
|
|
$56
|
|
$57
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$42-$45
|
|
$46-$49
|
|
$49-$52
|
|
$56
|
|
$57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity
|
|
|
|
|
|
|
|
|
|
|
|
Percent of capacity sold forward (h):
|
|
|
|
|
|
|
|
|
|
|
|
Bundled capacity and energy contracts (i)
|
|
17%
|
|
17%
|
|
21%
|
|
22%
|
|
25%
|
|
Capacity contracts (j)
|
|
38%
|
|
16%
|
|
19%
|
|
20%
|
|
9%
|
|
Total
|
|
55%
|
|
33%
|
|
40%
|
|
42%
|
|
34%
|
|
Planned net MW in operation (g)
|
|
4,406
|
|
4,406
|
|
3,638
|
|
3,568
|
|
3,167
|
|
Average revenue under contract per kW per month
(applies to capacity contracts only)
|
|
$5.3
|
|
$3.4
|
|
$5.6
|
|
$9.4
|
|
$11.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nuclear Energy and Capacity Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Expected sold and market total revenue per MWh
|
|
$47
|
|
$48
|
|
$50
|
|
$49
|
|
$50
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$46-$50
|
|
$46-$52
|
|
$45-$56
|
|
$41-$57
|
|
$43-$57
|
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Energy
|
|
|
|
|
|
|
|
|
|
|
|
Percent of planned generation under contract (a):
|
|
|
|
|
|
|
|
|
|
|
|
Cost-based contracts (k)
|
|
45%
|
|
60%
|
|
59%
|
|
60%
|
|
61%
|
|
Firm LD (d)
|
|
34%
|
|
11%
|
|
12%
|
|
12%
|
|
12%
|
|
Total
|
|
79%
|
|
71%
|
|
71%
|
|
72%
|
|
73%
|
|
Planned generation (TWh) (f) (l)
|
|
1
|
|
3
|
|
3
|
|
3
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity
|
|
|
|
|
|
|
|
|
|
|
|
Percent of capacity sold forward (h):
|
|
|
|
|
|
|
|
|
|
|
|
Cost-based contracts (k)
|
|
24%
|
|
53%
|
|
63%
|
|
63%
|
|
63%
|
|
Bundled capacity and energy contracts (i)
|
|
8%
|
|
17%
|
|
20%
|
|
20%
|
|
20%
|
|
Capacity contracts (j)
|
|
52%
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Total
|
|
84%
|
|
70%
|
|
83%
|
|
83%
|
|
83%
|
|
Planned net MW in operation (l)
|
|
1,052
|
|
469
|
|
394
|
|
394
|
|
394
|
|
(a)
|
Percent of planned generation output sold or purchased forward under contracts, forward physical contracts, forward financial contracts, or options that mitigate price uncertainty that may require regulatory approval or approval of transmission rights. Positions that are not classified as hedges are netted in the planned generation under contract.
|
|
(b)
|
Transaction under which power is supplied from a specific generation asset; if the asset is not operating, the seller is generally not liable to buyer for any damages.
|
|
(c)
|
A sale of power on a unit-contingent basis coupled with a guarantee of availability provides for the payment to the power purchaser of contract damages, if incurred, in the event the seller fails to deliver power as a result of the failure of the specified generation unit to generate power at or above a specified availability threshold. All of Entergy’s outstanding guarantees of availability provide for dollar limits on Entergy’s maximum liability under such guarantees.
|
|
(d)
|
Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, defaulting party must compensate the other party as specified in the contract, a portion of which may be capped through the use of risk management products. This also includes option transactions that may expire without being exercised.
|
|
(e)
|
Transactions for the purchase of energy, generally to offset a Firm LD transaction.
|
|
(f)
|
Amount of output expected to be generated by Entergy Wholesale Commodities resources considering plant operating characteristics, outage schedules, and expected market conditions that affect dispatch.
|
|
(g)
|
Assumes NRC license renewals for plants with NRC license renewal applications in process. Assumes shutdown of FitzPatrick at the end of January 2017, shutdown of Pilgrim June 1, 2019, and uninterrupted normal operation at remaining plants. NRC license renewal applications are in process for two units, as follows (with current license expirations in parentheses): Indian Point 2 (September 2013 and now operating under its period of extended operations while its application is pending) and Indian Point 3 (December 2015). For a discussion regarding the shutdown of the FitzPatrick and Pilgrim plants, see Note 11 to the financial statements. For a discussion regarding the license renewals for Indian Point 2 and Indian Point 3, see “
Entergy Wholesale Commodities Authorizations to Operate Its Nuclear Power Plants
” above and in the Form10-K.
|
|
(h)
|
Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions.
|
|
(i)
|
A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold.
|
|
(j)
|
A contract for the sale of an installed capacity product in a regional market.
|
|
(k)
|
Contracts priced in accordance with cost-based rates, a ratemaking concept used for the design and development of rate schedules to ensure that the filed rate schedules recover only the cost of providing the service; these
|
|
(l)
|
Non-nuclear planned generation and net MW in operation include purchases from affiliated and non-affiliated counterparties under long-term contracts and exclude energy and capacity from Entergy Wholesale Commodities’ wind investment. The decrease in planned net MW in operation beginning in 2016 is due to the sale of Rhode Island State Energy Center. The decrease in planned net MW in operation beginning in 2017 is due to the expiration of a non-affiliated 75 MW contract.
|
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
(In Thousands, Except Share Data)
|
||||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
$2,825,143
|
|
|
|
$2,824,055
|
|
|
|
$7,289,280
|
|
|
|
$7,424,360
|
|
|
Natural gas
|
24,517
|
|
|
28,039
|
|
|
111,805
|
|
|
141,727
|
|
||||
|
Competitive businesses
|
521,746
|
|
|
606,016
|
|
|
1,603,643
|
|
|
2,097,516
|
|
||||
|
TOTAL
|
3,371,406
|
|
|
3,458,110
|
|
|
9,004,728
|
|
|
9,663,603
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
739,449
|
|
|
858,901
|
|
|
1,919,605
|
|
|
2,006,811
|
|
||||
|
Purchased power
|
449,784
|
|
|
465,106
|
|
|
1,114,736
|
|
|
1,557,631
|
|
||||
|
Nuclear refueling outage expenses
|
68,577
|
|
|
71,651
|
|
|
200,575
|
|
|
197,692
|
|
||||
|
Other operation and maintenance
|
852,385
|
|
|
841,939
|
|
|
2,450,368
|
|
|
2,392,590
|
|
||||
|
Asset write-offs, impairments, and related charges
|
1,642,204
|
|
|
163,835
|
|
|
1,642,204
|
|
|
167,772
|
|
||||
|
Decommissioning
|
68,888
|
|
|
68,370
|
|
|
207,617
|
|
|
201,418
|
|
||||
|
Taxes other than income taxes
|
158,134
|
|
|
159,735
|
|
|
472,035
|
|
|
466,939
|
|
||||
|
Depreciation and amortization
|
334,841
|
|
|
332,079
|
|
|
1,007,181
|
|
|
992,544
|
|
||||
|
Other regulatory charges (credits)
|
22,160
|
|
|
3,635
|
|
|
35,271
|
|
|
(7,010
|
)
|
||||
|
TOTAL
|
4,336,422
|
|
|
2,965,251
|
|
|
9,049,592
|
|
|
7,976,387
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME (LOSS)
|
(965,016
|
)
|
|
492,859
|
|
|
(44,864
|
)
|
|
1,687,216
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
14,129
|
|
|
16,737
|
|
|
37,841
|
|
|
46,654
|
|
||||
|
Interest and investment income
|
39,054
|
|
|
49,547
|
|
|
146,893
|
|
|
109,040
|
|
||||
|
Miscellaneous - net
|
(10,005
|
)
|
|
(6,644
|
)
|
|
(34,769
|
)
|
|
(33,026
|
)
|
||||
|
TOTAL
|
43,178
|
|
|
59,640
|
|
|
149,965
|
|
|
122,668
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
171,349
|
|
|
164,482
|
|
|
503,546
|
|
|
491,359
|
|
||||
|
Allowance for borrowed funds used during construction
|
(7,289
|
)
|
|
(8,664
|
)
|
|
(19,450
|
)
|
|
(24,199
|
)
|
||||
|
TOTAL
|
164,060
|
|
|
155,818
|
|
|
484,096
|
|
|
467,160
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME (LOSS) BEFORE INCOME TAXES
|
(1,085,898
|
)
|
|
396,681
|
|
|
(378,995
|
)
|
|
1,342,724
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
(367,665
|
)
|
|
161,765
|
|
|
(117,412
|
)
|
|
507,474
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
CONSOLIDATED NET INCOME (LOSS)
|
(718,233
|
)
|
|
234,916
|
|
|
(261,583
|
)
|
|
835,250
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements of subsidiaries
|
4,794
|
|
|
4,879
|
|
|
14,552
|
|
|
14,656
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION
|
|
($723,027
|
)
|
|
|
$230,037
|
|
|
|
($276,135
|
)
|
|
|
$820,594
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings (loss) per average common share:
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
|
($4.04
|
)
|
|
|
$1.28
|
|
|
|
($1.54
|
)
|
|
|
$4.58
|
|
|
Diluted
|
|
($4.04
|
)
|
|
|
$1.27
|
|
|
|
($1.54
|
)
|
|
|
$4.56
|
|
|
Dividends declared per common share
|
|
$0.83
|
|
|
|
$0.83
|
|
|
|
$2.49
|
|
|
|
$2.49
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic average number of common shares outstanding
|
179,151,832
|
|
|
179,610,067
|
|
|
179,442,172
|
|
|
179,256,975
|
|
||||
|
Diluted average number of common shares outstanding
|
179,151,832
|
|
|
180,527,116
|
|
|
179,442,172
|
|
|
179,867,018
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income (Loss)
|
|
($718,233
|
)
|
|
|
$234,916
|
|
|
|
($261,583
|
)
|
|
|
$835,250
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense (benefit) of ($13,010), ($1,540), ($8,202), and $1,913)
|
(23,984
|
)
|
|
(2,488
|
)
|
|
(14,618
|
)
|
|
4,522
|
|
||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense of $4,166, $1,345, $11,506, and $20,928)
|
7,437
|
|
|
2,956
|
|
|
23,323
|
|
|
(6,281
|
)
|
||||
|
Net unrealized investment gains (losses)
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense (benefit) of ($51,295), ($3,501), ($77,921), and $31,827)
|
(53,966
|
)
|
|
(10,490
|
)
|
|
(83,843
|
)
|
|
51,734
|
|
||||
|
Foreign currency translation
|
|
|
|
|
|
|
|
||||||||
|
(net of tax benefit of ($253), ($356), ($190), and ($144))
|
(469
|
)
|
|
(662
|
)
|
|
(353
|
)
|
|
(267
|
)
|
||||
|
Other comprehensive income (loss)
|
(70,982
|
)
|
|
(10,684
|
)
|
|
(75,491
|
)
|
|
49,708
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Comprehensive Income (Loss)
|
(789,215
|
)
|
|
224,232
|
|
|
(337,074
|
)
|
|
884,958
|
|
||||
|
Preferred dividend requirements of subsidiaries
|
4,794
|
|
|
4,879
|
|
|
14,552
|
|
|
14,656
|
|
||||
|
Comprehensive Income (Loss) Attributable to Entergy Corporation
|
|
($794,009
|
)
|
|
|
$219,353
|
|
|
|
($351,626
|
)
|
|
|
$870,302
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Consolidated net income (loss)
|
|
|
($261,583
|
)
|
|
|
$835,250
|
|
|
Adjustments to reconcile consolidated net income (loss) to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
1,612,690
|
|
|
1,585,547
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(267,984
|
)
|
|
480,382
|
|
||
|
Asset write-offs, impairments, and related charges
|
|
1,642,204
|
|
|
106,915
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
(222,311
|
)
|
|
(119,108
|
)
|
||
|
Fuel inventory
|
|
(7,578
|
)
|
|
29,863
|
|
||
|
Accounts payable
|
|
(90,309
|
)
|
|
(40,167
|
)
|
||
|
Taxes accrued
|
|
108,229
|
|
|
19,745
|
|
||
|
Interest accrued
|
|
(34,368
|
)
|
|
(3,931
|
)
|
||
|
Deferred fuel costs
|
|
165,384
|
|
|
(124,475
|
)
|
||
|
Other working capital accounts
|
|
(133,142
|
)
|
|
(4,095
|
)
|
||
|
Changes in provisions for estimated losses
|
|
55,177
|
|
|
287,513
|
|
||
|
Changes in other regulatory assets
|
|
155,244
|
|
|
147,055
|
|
||
|
Changes in other regulatory liabilities
|
|
(95,327
|
)
|
|
41,594
|
|
||
|
Changes in pensions and other postretirement liabilities
|
|
(307,638
|
)
|
|
(291,454
|
)
|
||
|
Other
|
|
30,957
|
|
|
(59,145
|
)
|
||
|
Net cash flow provided by operating activities
|
|
2,349,645
|
|
|
2,891,489
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction/capital expenditures
|
|
(1,701,758
|
)
|
|
(1,506,611
|
)
|
||
|
Allowance for equity funds used during construction
|
|
39,428
|
|
|
49,137
|
|
||
|
Nuclear fuel purchases
|
|
(340,262
|
)
|
|
(353,472
|
)
|
||
|
Proceeds from sale of assets
|
|
—
|
|
|
10,100
|
|
||
|
Insurance proceeds received for property damages
|
|
12,745
|
|
|
33,350
|
|
||
|
Changes in securitization account
|
|
(8,756
|
)
|
|
(4,908
|
)
|
||
|
NYPA value sharing payment
|
|
(70,790
|
)
|
|
(72,000
|
)
|
||
|
Payments to storm reserve escrow account
|
|
(68,956
|
)
|
|
(274,170
|
)
|
||
|
Decrease (increase) in other investments
|
|
(15,323
|
)
|
|
37,090
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
1,487,759
|
|
|
1,446,817
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(1,520,461
|
)
|
|
(1,533,774
|
)
|
||
|
Net cash flow used in investing activities
|
|
(2,186,374
|
)
|
|
(2,168,441
|
)
|
||
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of:
|
|
|
|
|
||||
|
Long-term debt
|
|
2,205,884
|
|
|
1,667,616
|
|
||
|
Treasury stock
|
|
24,218
|
|
|
88,068
|
|
||
|
Retirement of long-term debt
|
|
(2,295,118
|
)
|
|
(1,535,695
|
)
|
||
|
Repurchase of common stock
|
|
(99,807
|
)
|
|
(18,259
|
)
|
||
|
Repurchase/redemption of preferred stock
|
|
(94,285
|
)
|
|
—
|
|
||
|
Changes in credit borrowings and commercial paper - net
|
|
183,627
|
|
|
(155,437
|
)
|
||
|
Other
|
|
(7,102
|
)
|
|
20,982
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(447,268
|
)
|
|
(446,308
|
)
|
||
|
Preferred stock
|
|
(14,848
|
)
|
|
(14,632
|
)
|
||
|
Net cash flow used in financing activities
|
|
(544,699
|
)
|
|
(393,665
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
(381,428
|
)
|
|
329,383
|
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at beginning of period
|
|
1,422,026
|
|
|
739,126
|
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
|
$1,040,598
|
|
|
|
$1,068,509
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$523,489
|
|
|
|
$476,100
|
|
|
Income taxes
|
|
|
$95,779
|
|
|
|
$47,860
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$79,637
|
|
|
|
$131,327
|
|
|
Temporary cash investments
|
|
960,961
|
|
|
1,290,699
|
|
||
|
Total cash and cash equivalents
|
|
1,040,598
|
|
|
1,422,026
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
805,964
|
|
|
596,917
|
|
||
|
Allowance for doubtful accounts
|
|
(39,581
|
)
|
|
(35,663
|
)
|
||
|
Other
|
|
190,984
|
|
|
220,342
|
|
||
|
Accrued unbilled revenues
|
|
375,772
|
|
|
321,659
|
|
||
|
Total accounts receivable
|
|
1,333,139
|
|
|
1,103,255
|
|
||
|
Deferred fuel costs
|
|
54,431
|
|
|
155,140
|
|
||
|
Accumulated deferred income taxes
|
|
2,951
|
|
|
27,783
|
|
||
|
Fuel inventory - at average cost
|
|
213,012
|
|
|
205,434
|
|
||
|
Materials and supplies - at average cost
|
|
881,508
|
|
|
918,584
|
|
||
|
Deferred nuclear refueling outage costs
|
|
191,594
|
|
|
214,188
|
|
||
|
Prepayments and other
|
|
400,113
|
|
|
343,223
|
|
||
|
TOTAL
|
|
4,117,346
|
|
|
4,389,633
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliates - at equity
|
|
36,684
|
|
|
36,234
|
|
||
|
Decommissioning trust funds
|
|
5,191,092
|
|
|
5,370,932
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
217,756
|
|
|
213,791
|
|
||
|
Other
|
|
474,190
|
|
|
405,169
|
|
||
|
TOTAL
|
|
5,919,722
|
|
|
6,026,126
|
|
||
|
|
|
|
|
|
||||
|
PROPERTY, PLANT, AND EQUIPMENT
|
|
|
|
|
||||
|
Electric
|
|
44,744,086
|
|
|
44,881,419
|
|
||
|
Property under capital lease
|
|
944,774
|
|
|
945,784
|
|
||
|
Natural gas
|
|
389,175
|
|
|
377,565
|
|
||
|
Construction work in progress
|
|
1,424,863
|
|
|
1,425,981
|
|
||
|
Nuclear fuel
|
|
1,359,226
|
|
|
1,542,055
|
|
||
|
TOTAL PROPERTY, PLANT, AND EQUIPMENT
|
|
48,862,124
|
|
|
49,172,804
|
|
||
|
Less - accumulated depreciation and amortization
|
|
20,875,573
|
|
|
20,449,858
|
|
||
|
PROPERTY, PLANT, AND EQUIPMENT - NET
|
|
27,986,551
|
|
|
28,722,946
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
785,753
|
|
|
836,064
|
|
||
|
Other regulatory assets (includes securitization property of $738,009 as of September 30, 2015 and $724,839 as of December 31, 2014)
|
|
4,825,115
|
|
|
4,968,553
|
|
||
|
Deferred fuel costs
|
|
238,837
|
|
|
238,102
|
|
||
|
Goodwill
|
|
377,172
|
|
|
377,172
|
|
||
|
Accumulated deferred income taxes
|
|
52,596
|
|
|
48,351
|
|
||
|
Other
|
|
738,513
|
|
|
920,907
|
|
||
|
TOTAL
|
|
7,017,986
|
|
|
7,389,149
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$45,041,605
|
|
|
|
$46,527,854
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$278,714
|
|
|
|
$899,375
|
|
|
Notes payable and commercial paper
|
|
782,022
|
|
|
598,407
|
|
||
|
Accounts payable
|
|
1,042,173
|
|
|
1,166,431
|
|
||
|
Customer deposits
|
|
419,963
|
|
|
412,166
|
|
||
|
Taxes accrued
|
|
236,337
|
|
|
128,108
|
|
||
|
Accumulated deferred income taxes
|
|
93,558
|
|
|
38,039
|
|
||
|
Interest accrued
|
|
171,642
|
|
|
206,010
|
|
||
|
Deferred fuel costs
|
|
157,011
|
|
|
91,602
|
|
||
|
Obligations under capital leases
|
|
2,657
|
|
|
2,508
|
|
||
|
Pension and other postretirement liabilities
|
|
54,587
|
|
|
57,994
|
|
||
|
Other
|
|
215,162
|
|
|
248,251
|
|
||
|
TOTAL
|
|
3,453,826
|
|
|
3,848,891
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
8,693,338
|
|
|
9,133,161
|
|
||
|
Accumulated deferred investment tax credits
|
|
247,001
|
|
|
247,521
|
|
||
|
Obligations under capital leases
|
|
27,697
|
|
|
29,710
|
|
||
|
Other regulatory liabilities
|
|
1,258,329
|
|
|
1,383,609
|
|
||
|
Decommissioning and asset retirement cost liabilities
|
|
4,668,821
|
|
|
4,458,296
|
|
||
|
Accumulated provisions
|
|
473,330
|
|
|
418,128
|
|
||
|
Pension and other postretirement liabilities
|
|
3,334,064
|
|
|
3,638,295
|
|
||
|
Long-term debt (includes securitization bonds of $814,156 as of September 30, 2015 and $784,862 as of December 31, 2014)
|
|
13,052,547
|
|
|
12,500,109
|
|
||
|
Other
|
|
464,767
|
|
|
557,649
|
|
||
|
TOTAL
|
|
32,219,894
|
|
|
32,366,478
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Subsidiaries' preferred stock without sinking fund
|
|
210,760
|
|
|
210,760
|
|
||
|
|
|
|
|
|
||||
|
EQUITY
|
|
|
|
|
||||
|
Common Shareholders' Equity:
|
|
|
|
|
||||
|
Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2015 and in 2014
|
|
2,548
|
|
|
2,548
|
|
||
|
Paid-in capital
|
|
5,378,947
|
|
|
5,375,353
|
|
||
|
Retained earnings
|
|
9,445,969
|
|
|
10,169,657
|
|
||
|
Accumulated other comprehensive loss
|
|
(117,798
|
)
|
|
(42,307
|
)
|
||
|
Less - treasury stock, at cost (76,365,988 shares in 2015 and 75,512,079 shares in 2014)
|
|
5,552,541
|
|
|
5,497,526
|
|
||
|
Total common shareholders' equity
|
|
9,157,125
|
|
|
10,007,725
|
|
||
|
Subsidiaries' preferred stock without sinking fund
|
|
—
|
|
|
94,000
|
|
||
|
TOTAL
|
|
9,157,125
|
|
|
10,101,725
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$45,041,605
|
|
|
|
$46,527,854
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||||||||||||||
|
(Unaudited)
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
Common Shareholders’ Equity
|
|
|
||||||||||||||||||||||
|
|
Subsidiaries’ Preferred Stock
|
|
Common
Stock
|
|
Treasury
Stock
|
|
Paid-in
Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
||||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at December 31, 2013
|
|
$94,000
|
|
|
|
$2,548
|
|
|
|
($5,533,942
|
)
|
|
|
$5,368,131
|
|
|
|
$9,825,053
|
|
|
|
($29,324
|
)
|
|
|
$9,726,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
14,656
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
820,594
|
|
|
—
|
|
|
835,250
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,708
|
|
|
49,708
|
|
|||||||
|
Common stock repurchases
|
—
|
|
|
—
|
|
|
(18,259
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,259
|
)
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
111,198
|
|
|
(363
|
)
|
|
—
|
|
|
—
|
|
|
110,835
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(446,309
|
)
|
|
—
|
|
|
(446,309
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(14,656
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,656
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at September 30, 2014
|
|
$94,000
|
|
|
|
$2,548
|
|
|
|
($5,441,003
|
)
|
|
|
$5,367,768
|
|
|
|
$10,199,338
|
|
|
|
$20,384
|
|
|
|
$10,243,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at December 31, 2014
|
|
$94,000
|
|
|
|
$2,548
|
|
|
|
($5,497,526
|
)
|
|
|
$5,375,353
|
|
|
|
$10,169,657
|
|
|
|
($42,307
|
)
|
|
|
$10,101,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (loss) (a)
|
14,552
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(276,135
|
)
|
|
—
|
|
|
(261,583
|
)
|
|||||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75,491
|
)
|
|
(75,491
|
)
|
|||||||
|
Common stock repurchases
|
—
|
|
|
—
|
|
|
(99,807
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99,807
|
)
|
|||||||
|
Preferred stock repurchases / redemptions
|
(94,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(285
|
)
|
|
—
|
|
|
(94,285
|
)
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
44,792
|
|
|
3,594
|
|
|
—
|
|
|
—
|
|
|
48,386
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(447,268
|
)
|
|
—
|
|
|
(447,268
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(14,552
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,552
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at September 30, 2015
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,552,541
|
)
|
|
|
$5,378,947
|
|
|
|
$9,445,969
|
|
|
|
($117,798
|
)
|
|
|
$9,157,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||
|
(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2015 and 2014 include $9.6 million and $9.7 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity.
|
|||||||||||||||||||||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$1,188
|
|
|
|
$1,132
|
|
|
|
$56
|
|
|
5
|
|
|
Commercial
|
|
748
|
|
|
745
|
|
|
3
|
|
|
—
|
|
|||
|
Industrial
|
|
692
|
|
|
740
|
|
|
(48
|
)
|
|
(6
|
)
|
|||
|
Governmental
|
|
62
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
2,690
|
|
|
2,679
|
|
|
11
|
|
|
—
|
|
|||
|
Sales for resale
|
|
67
|
|
|
66
|
|
|
1
|
|
|
2
|
|
|||
|
Other
|
|
68
|
|
|
79
|
|
|
(11
|
)
|
|
(14
|
)
|
|||
|
Total
|
|
|
$2,825
|
|
|
|
$2,824
|
|
|
|
$1
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
11,887
|
|
|
10,869
|
|
|
1,018
|
|
|
9
|
|
|||
|
Commercial
|
|
8,744
|
|
|
8,281
|
|
|
463
|
|
|
6
|
|
|||
|
Industrial
|
|
12,087
|
|
|
11,620
|
|
|
467
|
|
|
4
|
|
|||
|
Governmental
|
|
692
|
|
|
659
|
|
|
33
|
|
|
5
|
|
|||
|
Total retail
|
|
33,410
|
|
|
31,429
|
|
|
1,981
|
|
|
6
|
|
|||
|
Sales for resale
|
|
2,586
|
|
|
2,075
|
|
|
511
|
|
|
25
|
|
|||
|
Total
|
|
35,996
|
|
|
33,504
|
|
|
2,492
|
|
|
7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Revenues
|
|
|
$522
|
|
|
|
$606
|
|
|
|
($84
|
)
|
|
(14
|
)
|
|
Billed Electric Energy Sales (GWh)
|
|
10,748
|
|
|
11,328
|
|
|
(580
|
)
|
|
(5
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$2,803
|
|
|
|
$2,801
|
|
|
|
$2
|
|
|
—
|
|
|
Commercial
|
|
1,928
|
|
|
1,949
|
|
|
(21
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
1,859
|
|
|
2,003
|
|
|
(144
|
)
|
|
(7
|
)
|
|||
|
Governmental
|
|
169
|
|
|
172
|
|
|
(3
|
)
|
|
(2
|
)
|
|||
|
Total retail
|
|
6,759
|
|
|
6,925
|
|
|
(166
|
)
|
|
(2
|
)
|
|||
|
Sales for resale
|
|
213
|
|
|
238
|
|
|
(25
|
)
|
|
(11
|
)
|
|||
|
Other
|
|
317
|
|
|
261
|
|
|
56
|
|
|
21
|
|
|||
|
Total
|
|
|
$7,289
|
|
|
|
$7,424
|
|
|
|
($135
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
28,683
|
|
|
28,162
|
|
|
521
|
|
|
2
|
|
|||
|
Commercial
|
|
22,370
|
|
|
21,844
|
|
|
526
|
|
|
2
|
|
|||
|
Industrial
|
|
33,230
|
|
|
32,635
|
|
|
595
|
|
|
2
|
|
|||
|
Governmental
|
|
1,886
|
|
|
1,829
|
|
|
57
|
|
|
3
|
|
|||
|
Total retail
|
|
86,169
|
|
|
84,470
|
|
|
1,699
|
|
|
2
|
|
|||
|
Sales for resale
|
|
7,535
|
|
|
6,357
|
|
|
1,178
|
|
|
19
|
|
|||
|
Total
|
|
93,704
|
|
|
90,827
|
|
|
2,877
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Revenues
|
|
|
$1,604
|
|
|
|
$2,096
|
|
|
|
($492
|
)
|
|
(23
|
)
|
|
Billed Electric Energy Sales (GWh)
|
|
29,918
|
|
|
32,874
|
|
|
(2,956
|
)
|
|
(9
|
)
|
|||
|
|
For the Three Months Ended September 30,
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings (loss) per share
|
Loss
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income (loss) attributable to Entergy Corporation
|
|
($723.0
|
)
|
|
179.2
|
|
|
|
($4.04
|
)
|
|
|
$230.0
|
|
|
179.6
|
|
|
|
$1.28
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
—
|
|
|
—
|
|
|
|
|
0.3
|
|
|
—
|
|
||||||
|
Other equity plans
|
|
|
—
|
|
|
—
|
|
|
|
|
0.6
|
|
|
(0.01
|
)
|
||||||
|
Diluted earnings (loss) per share
|
|
($723.0
|
)
|
|
179.2
|
|
|
|
($4.04
|
)
|
|
|
$230.0
|
|
|
180.5
|
|
|
|
$1.27
|
|
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings (loss) per share
|
Loss
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income (loss) attributable to Entergy Corporation
|
|
($276.1
|
)
|
|
179.4
|
|
|
|
($1.54
|
)
|
|
|
$820.6
|
|
|
179.3
|
|
|
|
$4.58
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
—
|
|
|
—
|
|
|
|
|
0.2
|
|
|
(0.01
|
)
|
||||||
|
Other equity plans
|
|
|
—
|
|
|
—
|
|
|
|
|
0.4
|
|
|
(0.01
|
)
|
||||||
|
Diluted earnings (loss) per share
|
|
($276.1
|
)
|
|
179.4
|
|
|
|
($1.54
|
)
|
|
|
$820.6
|
|
|
179.9
|
|
|
|
$4.56
|
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Foreign
currency
translation
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Beginning balance, July 1, 2015
|
|
$107,484
|
|
|
|
($553,903
|
)
|
|
|
$396,818
|
|
|
|
$2,785
|
|
|
|
($46,816
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
31,620
|
|
|
—
|
|
|
(50,760
|
)
|
|
(469
|
)
|
|
(19,609
|
)
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(55,604
|
)
|
|
7,437
|
|
|
(3,206
|
)
|
|
—
|
|
|
(51,373
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(23,984
|
)
|
|
7,437
|
|
|
(53,966
|
)
|
|
(469
|
)
|
|
(70,982
|
)
|
|||||
|
Ending balance, September 30, 2015
|
|
$83,500
|
|
|
|
($546,466
|
)
|
|
|
$342,852
|
|
|
|
$2,316
|
|
|
|
($117,798
|
)
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Foreign
currency
translation
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Beginning balance, July 1, 2014
|
|
($74,767
|
)
|
|
|
($297,460
|
)
|
|
|
$399,480
|
|
|
|
$3,815
|
|
|
|
$31,068
|
|
|
Other comprehensive income (loss) before reclassifications
|
5,783
|
|
|
—
|
|
|
(9,475
|
)
|
|
(662
|
)
|
|
(4,354
|
)
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(8,271
|
)
|
|
2,956
|
|
|
(1,015
|
)
|
|
—
|
|
|
(6,330
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(2,488
|
)
|
|
2,956
|
|
|
(10,490
|
)
|
|
(662
|
)
|
|
(10,684
|
)
|
|||||
|
Ending balance, September 30, 2014
|
|
($77,255
|
)
|
|
|
($294,504
|
)
|
|
|
$388,990
|
|
|
|
$3,153
|
|
|
|
$20,384
|
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Foreign
currency
translation
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Beginning balance, January 1, 2015
|
|
$98,118
|
|
|
|
($569,789
|
)
|
|
|
$426,695
|
|
|
|
$2,669
|
|
|
|
($42,307
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
99,520
|
|
|
13
|
|
|
(63,210
|
)
|
|
(353
|
)
|
|
35,970
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(114,138
|
)
|
|
23,310
|
|
|
(20,633
|
)
|
|
—
|
|
|
(111,461
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(14,618
|
)
|
|
23,323
|
|
|
(83,843
|
)
|
|
(353
|
)
|
|
(75,491
|
)
|
|||||
|
Ending balance, September 30, 2015
|
|
$83,500
|
|
|
|
($546,466
|
)
|
|
|
$342,852
|
|
|
|
$2,316
|
|
|
|
($117,798
|
)
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Foreign
currency
translation
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Beginning balance, January 1, 2014
|
|
($81,777
|
)
|
|
|
($288,223
|
)
|
|
|
$337,256
|
|
|
|
$3,420
|
|
|
|
($29,324
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
(114,587
|
)
|
|
—
|
|
|
56,056
|
|
|
(267
|
)
|
|
(58,798
|
)
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
119,109
|
|
|
(6,281
|
)
|
|
(4,322
|
)
|
|
—
|
|
|
108,506
|
|
|||||
|
Net other comprehensive income (loss) for the period
|
4,522
|
|
|
(6,281
|
)
|
|
51,734
|
|
|
(267
|
)
|
|
49,708
|
|
|||||
|
Ending balance, September 30, 2014
|
|
($77,255
|
)
|
|
|
($294,504
|
)
|
|
|
$388,990
|
|
|
|
$3,153
|
|
|
|
$20,384
|
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance July 1, 2015
|
|
|
($25,944
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(26
|
)
|
|
|
Net other comprehensive income (loss) for the period
|
|
(26
|
)
|
|
|
Ending balance, September 30, 2015
|
|
|
($25,970
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance July 1, 2014
|
|
|
($10,224
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss)
|
|
(287
|
)
|
|
|
Net other comprehensive income (loss) for the period
|
|
(287
|
)
|
|
|
Ending balance, September 30, 2014
|
|
|
($10,511
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance, January 1, 2015
|
|
|
($25,876
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(94
|
)
|
|
|
Net other comprehensive income (loss) for the period
|
|
(94
|
)
|
|
|
Ending balance, September 30, 2015
|
|
|
($25,970
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance, January 1, 2014
|
|
|
($9,635
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss)
|
|
(876
|
)
|
|
|
Net other comprehensive income (loss) for the period
|
|
(876
|
)
|
|
|
Ending balance, September 30, 2014
|
|
|
($10,511
|
)
|
|
|
Amounts
reclassified
from
AOCI
|
|
Income Statement Location
|
||
|
|
(In Thousands)
|
|
|
||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
||
|
Power contracts
|
|
$86,020
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(477
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
85,543
|
|
|
|
|
|
|
(29,939
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$55,604
|
|
|
|
|
|
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
||
|
Amortization of prior-service credit
|
|
$5,985
|
|
|
(a)
|
|
Amortization of loss
|
(17,588
|
)
|
|
(a)
|
|
|
Total amortization
|
(11,603
|
)
|
|
|
|
|
|
4,166
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($7,437
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$6,286
|
|
|
Interest and investment income
|
|
|
(3,080
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$3,206
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
$51,373
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
Amounts
reclassified
from
AOCI
|
|
Income Statement Location
|
||
|
|
(In Thousands)
|
|
|
||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
||
|
Power contracts
|
|
$13,000
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(275
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
12,725
|
|
|
|
|
|
|
(4,454
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$8,271
|
|
|
|
|
|
|
|
|
|
|
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
Amortization of prior-service credit
|
|
$5,074
|
|
|
(a)
|
|
Amortization of loss
|
(8,952
|
)
|
|
(a)
|
|
|
Settlement loss
|
(423
|
)
|
|
(a)
|
|
|
Total amortization
|
(4,301
|
)
|
|
|
|
|
|
1,345
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($2,956
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$1,990
|
|
|
Interest and investment income
|
|
|
(975
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$1,015
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period (net of tax)
|
|
$6,330
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
Amounts
reclassified from AOCI |
|
Income Statement Location
|
||
|
|
(In Thousands)
|
|
|
||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
||
|
Power contracts
|
|
$177,129
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(1,533
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
175,596
|
|
|
|
|
|
|
(61,458
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$114,138
|
|
|
|
|
|
|
|
|
|
|
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
Amortization of prior-service credit
|
|
$17,956
|
|
|
(a)
|
|
Amortization of loss
|
(52,764
|
)
|
|
(a)
|
|
|
Total amortization
|
(34,808
|
)
|
|
|
|
|
|
11,498
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($23,310
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$40,457
|
|
|
Interest and investment income
|
|
|
(19,824
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$20,633
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period (net of tax)
|
|
$111,461
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
Amounts
reclassified from AOCI |
|
Income Statement Location
|
||
|
|
(In Thousands)
|
|
|
||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
||
|
Power contracts
|
|
($182,275
|
)
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(970
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
(183,245
|
)
|
|
|
|
|
|
64,136
|
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
($119,109
|
)
|
|
|
|
|
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
||
|
Amortization of prior-service credit
|
|
$15,227
|
|
|
(a)
|
|
Amortization of loss
|
(26,903
|
)
|
|
(a)
|
|
|
Settlement loss
|
(2,971
|
)
|
|
(a)
|
|
|
Total amortization
|
(14,647
|
)
|
|
|
|
|
|
20,928
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
$6,281
|
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$8,474
|
|
|
Interest and investment income
|
|
|
(4,152
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$4,322
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
($108,506
|
)
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
|
Amounts reclassified
from AOCI |
|
Income Statement Location
|
||
|
|
|
(In Thousands)
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
|
||
|
Amortization of prior-service credit
|
|
|
$845
|
|
|
(a)
|
|
Amortization of loss
|
|
(803
|
)
|
|
(a)
|
|
|
Total amortization
|
|
42
|
|
|
|
|
|
|
|
(16
|
)
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
26
|
|
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
|
$26
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
|
Amounts reclassified
from AOCI |
|
Income Statement Location
|
||
|
|
|
(In Thousands)
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
|
||
|
Amortization of prior-service credit
|
|
|
$844
|
|
|
(a)
|
|
Amortization of loss
|
|
(378
|
)
|
|
(a)
|
|
|
Total amortization
|
|
466
|
|
|
|
|
|
|
|
(179
|
)
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period (net of tax)
|
|
|
$287
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
|
Amounts reclassified
from AOCI |
|
Income Statement Location
|
||
|
|
|
(In Thousands)
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
|
||
|
Amortization of prior-service credit
|
|
|
$2,535
|
|
|
(a)
|
|
Amortization of loss
|
|
(2,407
|
)
|
|
(a)
|
|
|
Total amortization
|
|
128
|
|
|
|
|
|
|
|
(34
|
)
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
94
|
|
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
|
$94
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
|
|
Amounts reclassified
from AOCI |
|
Income Statement Location
|
||
|
|
|
(In Thousands)
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
|
||
|
Amortization of prior-service credit
|
|
|
$2,533
|
|
|
(a)
|
|
Amortization of loss
|
|
(1,134
|
)
|
|
(a)
|
|
|
Total amortization
|
|
1,399
|
|
|
|
|
|
|
|
(523
|
)
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
876
|
|
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
|
$876
|
|
|
|
|
(a)
|
These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
|
|
Capacity
|
|
Borrowings
|
|
Letters
of Credit
|
|
Capacity
Available
|
||||||||
|
(In Millions)
|
||||||||||||||
|
|
$3,500
|
|
|
|
$525
|
|
|
|
$9
|
|
|
|
$2,966
|
|
|
Company
|
|
Expiration
Date
|
|
Amount of
Facility
|
|
Interest Rate (a)
|
|
Amount Drawn
as of September 30, 2015
|
|
Entergy Arkansas
|
|
April 2016
|
|
$20 million (b)
|
|
1.69%
|
|
$—
|
|
Entergy Arkansas
|
|
August 2020
|
|
$150 million (c)
|
|
1.69%
|
|
$—
|
|
Entergy Gulf States Louisiana
|
|
August 2020
|
|
$150 million (d) (i)
|
|
3.50%
|
|
$35 million
|
|
Entergy Louisiana
|
|
August 2020
|
|
$200 million (e) (i)
|
|
1.44%
|
|
$—
|
|
Entergy Mississippi
|
|
May 2016
|
|
$37.5 million (f)
|
|
1.69%
|
|
$—
|
|
Entergy Mississippi
|
|
May 2016
|
|
$35 million (f)
|
|
1.69%
|
|
$—
|
|
Entergy Mississippi
|
|
May 2016
|
|
$20 million (f)
|
|
1.69%
|
|
$—
|
|
Entergy Mississippi
|
|
May 2016
|
|
$10 million (f)
|
|
1.69%
|
|
$—
|
|
Entergy New Orleans
|
|
November 2015
|
|
$25 million (g)
|
|
1.94%
|
|
$—
|
|
Entergy Texas
|
|
August 2020
|
|
$150 million (h)
|
|
1.69%
|
|
$—
|
|
(a)
|
The interest rate is the rate as of
September 30, 2015
that would most likely apply to outstanding borrowings under the facility.
|
|
(b)
|
Borrowings under the Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
|
|
(c)
|
The credit facility allows Entergy Arkansas to issue letters of credit against
50%
of the borrowing capacity of the facility. As of
September 30, 2015
, no letters of credit were outstanding.
|
|
(d)
|
The credit facility allows Entergy Gulf States Louisiana to issue letters of credit against
50%
of the borrowing capacity of the facility. As of
September 30, 2015
, no letters of credit were outstanding.
|
|
(e)
|
The credit facility allows Entergy Louisiana to issue letters of credit against
50%
of the borrowing capacity of the facility. As of
September 30, 2015
,
$3 million
in letters of credit were outstanding.
|
|
(f)
|
Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
|
|
(g)
|
Prior to expiration on November 30, 2015, Entergy New Orleans expects to renew its credit facility.
|
|
(h)
|
The credit facility allows Entergy Texas to issue letters of credit against
50%
of the borrowing capacity of the facility. As of
September 30, 2015
,
$1.3 million
in letters of credit were outstanding.
|
|
(i)
|
Effective October 1, 2015, with the completion of the business combination of Entergy Gulf States Louisiana and Entergy Louisiana, Entergy Louisiana assumed the rights and obligations under Entergy Gulf States Louisiana’s credit facility, such that Entergy Louisiana has a single credit facility in the amount of
$350 million
.
|
|
Company
|
|
Amount of Uncommitted Facility
|
|
Letter of Credit Fee
|
|
Letters of Credit
Issued as of
September 30, 2015
|
|
|
Entergy Arkansas
|
|
$25 million
|
|
0.70
|
%
|
|
$1 million
|
|
Entergy Gulf States Louisiana
|
|
$75 million (a)
|
|
0.70
|
%
|
|
$28.3 million
|
|
Entergy Louisiana
|
|
$50 million (a)
|
|
0.70
|
%
|
|
$1 million
|
|
Entergy Mississippi
|
|
$40 million
|
|
0.70
|
%
|
|
$11.2 million
|
|
Entergy New Orleans
|
|
$15 million
|
|
0.75
|
%
|
|
$4.4 million
|
|
Entergy Texas
|
|
$50 million
|
|
0.70
|
%
|
|
$31 million
|
|
(a)
|
Effective October 1, 2015, with the completion of the business combination of Entergy Gulf States Louisiana and Entergy Louisiana, Entergy Louisiana assumed the rights and obligations under Entergy Gulf States Louisiana’s standby letter of credit facility to support obligations related to MISO, such that Entergy Louisiana has a single standby letter of credit facility to support such obligations in the amount of
$125 million
.
|
|
|
Authorized
|
|
Borrowings
|
|
|
(In Millions)
|
||
|
Entergy Arkansas
|
$250
|
|
$—
|
|
Entergy Louisiana
|
$250 (a)
|
|
$—
|
|
Entergy Mississippi
|
$175
|
|
$—
|
|
Entergy New Orleans
|
$100
|
|
$—
|
|
Entergy Texas
|
$200
|
|
$—
|
|
System Energy
|
$200
|
|
$—
|
|
(a)
|
Effective October 1, 2015, with the completion of the business combination of Entergy Gulf States Louisiana and Entergy Louisiana, Entergy Louisiana has a FERC authorized limit for short-term borrowings not to exceed
$450 million
.
|
|
Company
|
|
Expiration
Date
|
|
Amount
of
Facility
|
|
Weighted
Average
Interest
Rate on Borrowings (a)
|
|
Amount
Outstanding as of September 30, 2015
|
|
|
|
|
|
(Dollars in Millions)
|
||||
|
Entergy Arkansas VIE
|
|
June 2016
|
|
$85
|
|
1.64%
|
|
$37.2
|
|
Entergy Gulf States Louisiana VIE
|
|
June 2016
|
|
$100 (b)
|
|
1.38%
|
|
$16.4
|
|
Entergy Louisiana VIE
|
|
June 2016
|
|
$90
|
|
1.55%
|
|
$66.7
|
|
System Energy VIE
|
|
June 2016
|
|
$125
|
|
1.66%
|
|
$14.6
|
|
(a)
|
Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel
|
|
(b)
|
Effective October 1, 2015, with the completion of the business combination of Entergy Gulf States Louisiana and Entergy Louisiana, Entergy Louisiana has assumed the rights and obligations under Entergy Gulf States Louisiana’s nuclear fuel lease, including its obligations as they relate to the credit facility of the Entergy Gulf States Louisiana VIE.
|
|
Company
|
|
Description
|
|
Amount
|
|
Entergy Arkansas VIE
|
|
3.23% Series J due July 2016
|
|
$55 million
|
|
Entergy Arkansas VIE
|
|
2.62% Series K due December 2017
|
|
$60 million
|
|
Entergy Arkansas VIE
|
|
3.65% Series L due July 2021
|
|
$90 million
|
|
Entergy Gulf States Louisiana VIE
|
|
3.25% Series Q due July 2017
|
|
$75 million (a)
|
|
Entergy Gulf States Louisiana VIE
|
|
3.38% Series R due August 2020
|
|
$70 million (a)
|
|
Entergy Louisiana VIE
|
|
3.30% Series F due March 2016
|
|
$20 million
|
|
Entergy Louisiana VIE
|
|
3.25% Series G due July 2017
|
|
$25 million
|
|
Entergy Louisiana VIE
|
|
3.92% Series H due February 2021
|
|
$40 million
|
|
System Energy VIE
|
|
4.02% Series H due February 2017
|
|
$50 million
|
|
System Energy VIE
|
|
3.78% Series I due October 2018
|
|
$85 million
|
|
(a)
|
Effective October 1, 2015, with the completion of the business combination of Entergy Gulf States Louisiana and Entergy Louisiana, Entergy Louisiana has assumed the rights and obligations under Entergy Gulf States Louisiana’s nuclear fuel lease, including its obligations as they relate to the notes of the Entergy Gulf States Louisiana VIE.
|
|
|
Book Value
of Long-Term Debt
|
|
Fair Value
of Long-Term Debt (a) (b)
|
||||
|
|
(In Thousands)
|
||||||
|
Entergy
|
|
$13,331,261
|
|
|
|
$13,458,106
|
|
|
Entergy Arkansas
|
|
$2,665,002
|
|
|
|
$2,505,438
|
|
|
Entergy Louisiana
|
|
$3,328,026
|
|
|
|
$3,387,481
|
|
|
Entergy Mississippi
|
|
$1,058,931
|
|
|
|
$1,100,438
|
|
|
Entergy New Orleans
|
|
$350,077
|
|
|
|
$353,973
|
|
|
Entergy Texas
|
|
$1,475,105
|
|
|
|
$1,609,771
|
|
|
System Energy
|
|
$599,654
|
|
|
|
$578,226
|
|
|
(a)
|
The values exclude lease obligations of
$109 million
at Entergy Louisiana and
$34 million
at System Energy, long-term DOE obligations of
$181 million
at Entergy Arkansas, and the note payable to NYPA of
$82 million
at Entergy, and include debt due within one year.
|
|
(b)
|
Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
|
|
|
Book Value
of Long-Term Debt
|
|
Fair Value
of Long-Term Debt (a) (b)
|
||||
|
|
(In Thousands)
|
||||||
|
Entergy
|
|
$13,399,484
|
|
|
|
$13,607,242
|
|
|
Entergy Arkansas
|
|
$2,671,343
|
|
|
|
$2,517,633
|
|
|
Entergy Louisiana
|
|
$3,356,579
|
|
|
|
$3,447,404
|
|
|
Entergy Mississippi
|
|
$1,058,838
|
|
|
|
$1,102,741
|
|
|
Entergy New Orleans
|
|
$308,182
|
|
|
|
$308,665
|
|
|
Entergy Texas
|
|
$1,478,931
|
|
|
|
$1,629,124
|
|
|
System Energy
|
|
$710,806
|
|
|
|
$677,475
|
|
|
(a)
|
The values exclude lease obligations of
$128 million
at Entergy Louisiana and
$51 million
at System Energy, long-term DOE obligations of
$181 million
at Entergy Arkansas, and the note payable to NYPA of
$80 million
at Entergy, and include debt due within one year.
|
|
(b)
|
Fair values are classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades.
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$1.1
|
|
|
|
$1.0
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$0.4
|
|
|
|
$0.4
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$0.1
|
|
|
|
$0.2
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$3.2
|
|
|
|
$3.1
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$1.2
|
|
|
|
$1.2
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$0.5
|
|
|
|
$0.5
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$8.6
|
|
|
|
$7.6
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$3.3
|
|
|
|
$2.9
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$1.8
|
|
|
|
$1.2
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$24.7
|
|
|
|
$22.7
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$9.5
|
|
|
|
$8.8
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$4.9
|
|
|
|
$3.5
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$43,762
|
|
|
|
$35,109
|
|
|
Interest cost on projected benefit obligation
|
75,694
|
|
|
72,519
|
|
||
|
Expected return on assets
|
(98,655
|
)
|
|
(90,366
|
)
|
||
|
Amortization of prior service cost
|
390
|
|
|
400
|
|
||
|
Amortization of loss
|
58,981
|
|
|
36,274
|
|
||
|
Net pension costs
|
|
$80,172
|
|
|
|
$53,936
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$131,286
|
|
|
|
$105,327
|
|
|
Interest cost on projected benefit obligation
|
227,082
|
|
|
217,557
|
|
||
|
Expected return on assets
|
(295,965
|
)
|
|
(271,098
|
)
|
||
|
Amortization of prior service cost
|
1,170
|
|
|
1,200
|
|
||
|
Amortization of loss
|
176,943
|
|
|
108,822
|
|
||
|
Special termination benefit
|
76
|
|
|
732
|
|
||
|
Net pension costs
|
|
$240,592
|
|
|
|
$162,540
|
|
|
2015
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$6,661
|
|
|
|
$4,778
|
|
|
|
$1,982
|
|
|
|
$849
|
|
|
|
$1,645
|
|
|
|
$1,957
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit obligation
|
|
15,471
|
|
|
9,939
|
|
|
4,502
|
|
|
2,108
|
|
|
4,354
|
|
|
3,493
|
|
||||||
|
Expected return on assets
|
|
(20,026
|
)
|
|
(12,541
|
)
|
|
(6,105
|
)
|
|
(2,725
|
)
|
|
(6,222
|
)
|
|
(4,568
|
)
|
||||||
|
Amortization of loss
|
|
13,564
|
|
|
9,176
|
|
|
3,724
|
|
|
2,013
|
|
|
3,238
|
|
|
3,264
|
|
||||||
|
Net pension cost
|
|
|
$15,670
|
|
|
|
$11,352
|
|
|
|
$4,103
|
|
|
|
$2,245
|
|
|
|
$3,015
|
|
|
|
$4,146
|
|
|
2014
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$5,023
|
|
|
|
$3,546
|
|
|
|
$1,523
|
|
|
|
$666
|
|
|
|
$1,285
|
|
|
|
$1,446
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit obligation
|
|
14,884
|
|
|
9,467
|
|
|
4,318
|
|
|
2,041
|
|
|
4,437
|
|
|
3,390
|
|
||||||
|
Expected return on assets
|
|
(18,305
|
)
|
|
(11,449
|
)
|
|
(5,698
|
)
|
|
(2,505
|
)
|
|
(5,931
|
)
|
|
(4,155
|
)
|
||||||
|
Amortization of loss
|
|
8,989
|
|
|
6,131
|
|
|
2,354
|
|
|
1,449
|
|
|
2,339
|
|
|
2,375
|
|
||||||
|
Net pension cost
|
|
|
$10,591
|
|
|
|
$7,695
|
|
|
|
$2,497
|
|
|
|
$1,651
|
|
|
|
$2,130
|
|
|
|
$3,056
|
|
|
2015
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$19,983
|
|
|
|
$14,334
|
|
|
|
$5,946
|
|
|
|
$2,547
|
|
|
|
$4,935
|
|
|
|
$5,871
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit obligation
|
|
46,413
|
|
|
29,817
|
|
|
13,506
|
|
|
6,324
|
|
|
13,062
|
|
|
10,479
|
|
||||||
|
Expected return on assets
|
|
(60,078
|
)
|
|
(37,623
|
)
|
|
(18,315
|
)
|
|
(8,175
|
)
|
|
(18,666
|
)
|
|
(13,704
|
)
|
||||||
|
Amortization of loss
|
|
40,692
|
|
|
27,528
|
|
|
11,172
|
|
|
6,039
|
|
|
9,714
|
|
|
9,792
|
|
||||||
|
Net pension cost
|
|
|
$47,010
|
|
|
|
$34,056
|
|
|
|
$12,309
|
|
|
|
$6,735
|
|
|
|
$9,045
|
|
|
|
$12,438
|
|
|
2014
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$15,069
|
|
|
|
$10,638
|
|
|
|
$4,569
|
|
|
|
$1,998
|
|
|
|
$3,855
|
|
|
|
$4,338
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
benefit obligation
|
|
44,652
|
|
|
28,401
|
|
|
12,954
|
|
|
6,123
|
|
|
13,311
|
|
|
10,170
|
|
||||||
|
Expected return on assets
|
|
(54,915
|
)
|
|
(34,347
|
)
|
|
(17,094
|
)
|
|
(7,515
|
)
|
|
(17,793
|
)
|
|
(12,465
|
)
|
||||||
|
Amortization of loss
|
|
26,967
|
|
|
18,393
|
|
|
7,062
|
|
|
4,347
|
|
|
7,017
|
|
|
7,125
|
|
||||||
|
Net pension cost
|
|
|
$31,773
|
|
|
|
$23,085
|
|
|
|
$7,491
|
|
|
|
$4,953
|
|
|
|
$6,390
|
|
|
|
$9,168
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Non-qualified pension cost
third quarter 2015
|
|
$113
|
|
|
|
$3
|
|
|
|
$59
|
|
|
|
$16
|
|
|
|
$149
|
|
|
Non-qualified pension cost
third quarter 2014
|
|
$377
|
|
|
|
$1
|
|
|
|
$47
|
|
|
|
$24
|
|
|
|
$129
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Non-qualified pension cost
nine months ended
September 30, 2015
|
|
$339
|
|
|
|
$9
|
|
|
|
$177
|
|
|
|
$48
|
|
|
|
$447
|
|
|
Non-qualified pension cost
nine months ended September 30, 2014 |
|
$657
|
|
|
|
$4
|
|
|
|
$143
|
|
|
|
$70
|
|
|
|
$373
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$11,326
|
|
|
|
$10,873
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
17,984
|
|
|
17,960
|
|
||
|
Expected return on assets
|
(11,344
|
)
|
|
(11,197
|
)
|
||
|
Amortization of prior service credit
|
(9,320
|
)
|
|
(7,898
|
)
|
||
|
Amortization of loss
|
7,893
|
|
|
2,786
|
|
||
|
Net other postretirement benefit cost
|
|
$16,539
|
|
|
|
$12,524
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$33,978
|
|
|
|
$32,619
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
53,952
|
|
|
53,880
|
|
||
|
Expected return on assets
|
(34,032
|
)
|
|
(33,591
|
)
|
||
|
Amortization of prior service credit
|
(27,960
|
)
|
|
(23,694
|
)
|
||
|
Amortization of loss
|
23,679
|
|
|
8,358
|
|
||
|
Net other postretirement benefit cost
|
|
$49,617
|
|
|
|
$37,572
|
|
|
2015
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$1,739
|
|
|
|
$1,227
|
|
|
|
$507
|
|
|
|
$205
|
|
|
|
$500
|
|
|
|
$470
|
|
|
Interest cost on APBO
|
|
3,130
|
|
|
2,016
|
|
|
859
|
|
|
652
|
|
|
1,342
|
|
|
628
|
|
||||||
|
Expected return on assets
|
|
(4,798
|
)
|
|
—
|
|
|
(1,542
|
)
|
|
(1,201
|
)
|
|
(2,588
|
)
|
|
(911
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(610
|
)
|
|
(845
|
)
|
|
(229
|
)
|
|
(177
|
)
|
|
(681
|
)
|
|
(366
|
)
|
||||||
|
Amortization of loss
|
|
1,339
|
|
|
803
|
|
|
215
|
|
|
118
|
|
|
685
|
|
|
300
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
$800
|
|
|
|
$3,201
|
|
|
|
($190
|
)
|
|
|
($403
|
)
|
|
|
($742
|
)
|
|
|
$121
|
|
|
2014
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$1,489
|
|
|
|
$1,130
|
|
|
|
$475
|
|
|
|
$217
|
|
|
|
$595
|
|
|
|
$515
|
|
|
Interest cost on APBO
|
|
3,065
|
|
|
2,066
|
|
|
914
|
|
|
701
|
|
|
1,413
|
|
|
653
|
|
||||||
|
Expected return on assets
|
|
(4,784
|
)
|
|
—
|
|
|
(1,443
|
)
|
|
(1,119
|
)
|
|
(2,590
|
)
|
|
(932
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(610
|
)
|
|
(844
|
)
|
|
(229
|
)
|
|
(177
|
)
|
|
(325
|
)
|
|
(206
|
)
|
||||||
|
Amortization of loss
|
|
317
|
|
|
378
|
|
|
37
|
|
|
14
|
|
|
200
|
|
|
111
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
($523
|
)
|
|
|
$2,730
|
|
|
|
($246
|
)
|
|
|
($364
|
)
|
|
|
($707
|
)
|
|
|
$141
|
|
|
2015
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$5,217
|
|
|
|
$3,681
|
|
|
|
$1,521
|
|
|
|
$615
|
|
|
|
$1,500
|
|
|
|
$1,410
|
|
|
Interest cost on APBO
|
|
9,390
|
|
|
6,048
|
|
|
2,577
|
|
|
1,956
|
|
|
4,026
|
|
|
1,884
|
|
||||||
|
Expected return on assets
|
|
(14,394
|
)
|
|
—
|
|
|
(4,626
|
)
|
|
(3,603
|
)
|
|
(7,764
|
)
|
|
(2,733
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(1,830
|
)
|
|
(2,535
|
)
|
|
(687
|
)
|
|
(531
|
)
|
|
(2,043
|
)
|
|
(1,098
|
)
|
||||||
|
Amortization of loss
|
|
4,017
|
|
|
2,409
|
|
|
645
|
|
|
354
|
|
|
2,055
|
|
|
900
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
$2,400
|
|
|
|
$9,603
|
|
|
|
($570
|
)
|
|
|
($1,209
|
)
|
|
|
($2,226
|
)
|
|
|
$363
|
|
|
2014
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$4,467
|
|
|
|
$3,390
|
|
|
|
$1,425
|
|
|
|
$651
|
|
|
|
$1,785
|
|
|
|
$1,545
|
|
|
Interest cost on APBO
|
|
9,195
|
|
|
6,198
|
|
|
2,742
|
|
|
2,103
|
|
|
4,239
|
|
|
1,959
|
|
||||||
|
Expected return on assets
|
|
(14,352
|
)
|
|
—
|
|
|
(4,329
|
)
|
|
(3,357
|
)
|
|
(7,770
|
)
|
|
(2,796
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(1,830
|
)
|
|
(2,532
|
)
|
|
(687
|
)
|
|
(531
|
)
|
|
(975
|
)
|
|
(618
|
)
|
||||||
|
Amortization of loss
|
|
951
|
|
|
1,134
|
|
|
111
|
|
|
42
|
|
|
600
|
|
|
333
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
($1,569
|
)
|
|
|
$8,190
|
|
|
|
($738
|
)
|
|
|
($1,092
|
)
|
|
|
($2,121
|
)
|
|
|
$423
|
|
|
2015
|
|
Qualified
Pension
Costs
|
|
Other
Postretirement
Costs
|
|
Non-Qualified
Pension Costs
|
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($389
|
)
|
|
|
$6,482
|
|
|
|
($108
|
)
|
|
|
$5,985
|
|
|
Amortization of loss
|
|
(12,627
|
)
|
|
(4,409
|
)
|
|
(552
|
)
|
|
(17,588
|
)
|
||||
|
|
|
|
($13,016
|
)
|
|
|
$2,073
|
|
|
|
($660
|
)
|
|
|
($11,603
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$845
|
|
|
|
$—
|
|
|
|
$845
|
|
|
Amortization of loss
|
|
—
|
|
|
(803
|
)
|
|
—
|
|
|
(803
|
)
|
||||
|
|
|
|
$—
|
|
|
|
$42
|
|
|
|
$—
|
|
|
|
$42
|
|
|
2014
|
|
Qualified
Pension
Costs
|
|
Other
Postretirement
Costs
|
|
Non-Qualified
Pension Costs
|
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($389
|
)
|
|
|
$5,570
|
|
|
|
($107
|
)
|
|
|
$5,074
|
|
|
Amortization of loss
|
|
(6,734
|
)
|
|
(1,673
|
)
|
|
(545
|
)
|
|
(8,952
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(423
|
)
|
|
(423
|
)
|
||||
|
|
|
|
($7,123
|
)
|
|
|
$3,897
|
|
|
|
($1,075
|
)
|
|
|
($4,301
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$844
|
|
|
|
$—
|
|
|
|
$844
|
|
|
Amortization of loss
|
|
—
|
|
|
(378
|
)
|
|
—
|
|
|
(378
|
)
|
||||
|
|
|
|
$—
|
|
|
|
$466
|
|
|
|
$—
|
|
|
|
$466
|
|
|
2015
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($1,167
|
)
|
|
|
$19,446
|
|
|
|
($323
|
)
|
|
|
$17,956
|
|
|
Amortization of loss
|
|
(37,881
|
)
|
|
(13,227
|
)
|
|
(1,656
|
)
|
|
(52,764
|
)
|
||||
|
|
|
|
($39,048
|
)
|
|
|
$6,219
|
|
|
|
($1,979
|
)
|
|
|
($34,808
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$2,535
|
|
|
|
$—
|
|
|
|
$2,535
|
|
|
Amortization of loss
|
|
—
|
|
|
(2,407
|
)
|
|
—
|
|
|
(2,407
|
)
|
||||
|
|
|
|
$—
|
|
|
|
$128
|
|
|
|
$—
|
|
|
|
$128
|
|
|
2014
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($1,167
|
)
|
|
|
$16,711
|
|
|
|
($317
|
)
|
|
|
$15,227
|
|
|
Amortization of loss
|
|
(20,202
|
)
|
|
(5,019
|
)
|
|
(1,682
|
)
|
|
(26,903
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(2,971
|
)
|
|
(2,971
|
)
|
||||
|
|
|
|
($21,369
|
)
|
|
|
$11,692
|
|
|
|
($4,970
|
)
|
|
|
($14,647
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$2,533
|
|
|
|
$—
|
|
|
|
$2,533
|
|
|
Amortization of loss
|
|
—
|
|
|
(1,134
|
)
|
|
—
|
|
|
(1,134
|
)
|
||||
|
|
|
|
$—
|
|
|
|
$1,399
|
|
|
|
$—
|
|
|
|
$1,399
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Expected 2015 pension contributions
|
|
$92,419
|
|
|
|
$56,923
|
|
|
|
$22,457
|
|
|
|
$10,903
|
|
|
|
$17,157
|
|
|
|
$20,885
|
|
|
Pension contributions made through September 2015
|
|
$92,419
|
|
|
|
$44,417
|
|
|
|
$22,457
|
|
|
|
$10,903
|
|
|
|
$17,157
|
|
|
|
$20,885
|
|
|
Remaining estimated pension contributions to be made in 2015
|
|
$—
|
|
|
|
$12,506
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities*
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,849,681
|
|
|
|
$521,746
|
|
|
|
$—
|
|
|
|
($21
|
)
|
|
|
$3,371,406
|
|
|
Income taxes
|
|
|
$198,945
|
|
|
|
($554,513
|
)
|
|
|
($12,097
|
)
|
|
|
$—
|
|
|
|
($367,665
|
)
|
|
Consolidated net income (loss)
|
|
|
$364,265
|
|
|
|
($1,031,410
|
)
|
|
|
($19,190
|
)
|
|
|
($31,898
|
)
|
|
|
($718,233
|
)
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,852,088
|
|
|
|
$605,740
|
|
|
|
$275
|
|
|
|
$7
|
|
|
|
$3,458,110
|
|
|
Income taxes
|
|
|
$172,188
|
|
|
|
$2,303
|
|
|
|
($12,726
|
)
|
|
|
$—
|
|
|
|
$161,765
|
|
|
Consolidated net income (loss)
|
|
|
$315,263
|
|
|
|
($32,678
|
)
|
|
|
($14,793
|
)
|
|
|
($32,876
|
)
|
|
|
$234,916
|
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities*
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$7,401,136
|
|
|
|
$1,603,643
|
|
|
|
$—
|
|
|
|
($51
|
)
|
|
|
$9,004,728
|
|
|
Income taxes
|
|
|
$407,993
|
|
|
|
($487,622
|
)
|
|
|
($37,783
|
)
|
|
|
$—
|
|
|
|
($117,412
|
)
|
|
Consolidated net income (loss)
|
|
|
$796,051
|
|
|
|
($911,524
|
)
|
|
|
($50,415
|
)
|
|
|
($95,695
|
)
|
|
|
($261,583
|
)
|
|
Total assets as of September 30, 2015
|
|
|
$38,739,748
|
|
|
|
$8,309,720
|
|
|
|
$843,492
|
|
|
|
($2,851,355
|
)
|
|
|
$45,041,605
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$7,566,187
|
|
|
|
$2,095,752
|
|
|
|
$1,765
|
|
|
|
($101
|
)
|
|
|
$9,663,603
|
|
|
Income taxes
|
|
|
$410,135
|
|
|
|
$140,777
|
|
|
|
($43,438
|
)
|
|
|
$—
|
|
|
|
$507,474
|
|
|
Consolidated net income (loss)
|
|
|
$732,838
|
|
|
|
$236,255
|
|
|
|
($47,869
|
)
|
|
|
($85,974
|
)
|
|
|
$835,250
|
|
|
Total assets as of December 31, 2014
|
|
|
$38,295,309
|
|
|
|
$10,279,500
|
|
|
|
$799,210
|
|
|
|
($2,846,165
|
)
|
|
|
$46,527,854
|
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Offset (b)
|
|
Net (c) (d)
|
|
Business
|
|
|
|
|
|
(In Millions)
|
|
|
||||
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$122
|
|
($15)
|
|
$107
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$48
|
|
($4)
|
|
$44
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities
(current portion) |
|
$6
|
|
($6)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$4
|
|
($4)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$19
|
|
($4)
|
|
$15
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$6
|
|
($3)
|
|
$3
|
|
Entergy Wholesale Commodities
|
|
FTRs
|
|
Prepayments and other
|
|
$48
|
|
($1)
|
|
$47
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities(current portion)
|
|
$19
|
|
($13)
|
|
$6
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$3
|
|
($3)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$10
|
|
$—
|
|
$10
|
|
Utility
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Offset (b)
|
|
Net (c) (d)
|
|
Business
|
|
|
|
|
|
(In Millions)
|
|
|
||||
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$149
|
|
($53)
|
|
$96
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$48
|
|
$—
|
|
$48
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$24
|
|
($24)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$97
|
|
($25)
|
|
$72
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$9
|
|
($8)
|
|
$1
|
|
Entergy Wholesale Commodities
|
|
FTRs
|
|
Prepayments and other
|
|
$50
|
|
($3)
|
|
$47
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$57
|
|
($55)
|
|
$2
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$8
|
|
($8)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$20
|
|
$—
|
|
$20
|
|
Utility
|
|
(a)
|
Represents the gross amounts of recognized assets/liabilities
|
|
(b)
|
Represents the netting of fair value balances with the same counterparty
|
|
(c)
|
Represents the net amounts of assets /liabilities presented on the Entergy Consolidated Balance Sheets
|
|
(d)
|
Excludes cash collateral in the amount of
$25 million
held as of
December 31, 2014
. No cash collateral was required to be posted or held as of September 30, 2015.
|
|
Instrument
|
|
Amount of gain
recognized in other
comprehensive income
|
|
Income Statement location
|
|
Amount of gain
reclassified from
AOCI into income (a)
|
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2015
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$49
|
|
Competitive businesses operating revenues
|
|
$86
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$8
|
|
Competitive businesses operating revenues
|
|
$13
|
|
Instrument
|
|
Amount of gain (loss) recognized in other
comprehensive income
|
|
Income Statement location
|
|
Amount of gain (loss)
reclassified from
AOCI into income (a)
|
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2015
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$154
|
|
Competitive businesses operating revenues
|
|
$177
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
($177)
|
|
Competitive businesses operating revenues
|
|
($182)
|
|
(a)
|
Before taxes (benefit) of
$61 million
and
($64) million
for the nine months ended September 30, 2015 and 2014, respectively
|
|
Instrument
|
|
Amount of loss
recognized in AOCI |
|
Income Statement
location |
|
Amount of gain (loss)
recorded in the income statement |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($13)
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$51
|
|
Electricity swaps and options de-designated as hedged items
|
|
$—
|
|
Competitive business operating revenues
|
|
($3)
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($8)
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$47
|
|
Electricity swaps and options de-designated as hedged items
|
|
($9)
|
|
Competitive business operating revenues
|
|
($5)
|
|
Instrument
|
|
Amount of gain (loss) recognized in AOCI
|
|
Income Statement
location
|
|
Amount of gain (loss)
recorded in the income statement
|
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($29)
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$130
|
|
Electricity swaps and options de-designated as hedged items
|
|
$1
|
|
Competitive business operating revenues
|
|
($42)
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
$13
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$182
|
|
Electricity swaps and options de-designated as hedged items
|
|
($2)
|
|
Competitive business operating revenues
|
|
$20
|
|
(a)
|
Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms.
|
|
(b)
|
Due to regulatory treatment, the changes in the estimated fair value of FTRs for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses are recorded as purchased power expense when the FTRs for the Utility operating companies settle and are recovered or refunded through fuel cost recovery mechanisms.
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
FTRs
|
|
Prepayments and other
|
|
$11.7
|
|
Entergy Arkansas
|
|
FTRs
|
|
Prepayments and other
|
|
$10.5
|
|
Entergy Louisiana
|
|
FTRs
|
|
Prepayments and other
|
|
$4.3
|
|
Entergy Mississippi
|
|
FTRs
|
|
Prepayments and other
|
|
$4.0
|
|
Entergy New Orleans
|
|
FTRs
|
|
Prepayments and other
|
|
$4.3
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$3.7
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$1.5
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$0.4
|
|
Entergy New Orleans
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
FTRs
|
|
Prepayments and other
|
|
$0.7
|
|
Entergy Arkansas
|
|
FTRs
|
|
Prepayments and other
|
|
$11.1
|
|
Entergy Louisiana
|
|
FTRs
|
|
Prepayments and other
|
|
$3.4
|
|
Entergy Mississippi
|
|
FTRs
|
|
Prepayments and other
|
|
$4.1
|
|
Entergy New Orleans
|
|
FTRs
|
|
Prepayments and other
|
|
$12.3
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$7.6
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$2.8
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$0.9
|
|
Entergy New Orleans
|
|
(a)
|
No cash collateral or letters of credit were required to be posted as of September 30, 2015 and December 31, 2014.
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded in the income statement |
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($5.1)
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($1.9)
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.4)
|
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$13.9
|
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$4.8
|
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$6.7
|
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$1.5
|
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$10.9
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($3.7)
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($1.6)
|
|
Entergy Mississippi
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$4.9
|
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$13.4
|
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$3.3
|
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$5.1
|
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$9.8
|
|
Entergy Texas
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded
in the income statement
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($11.4)
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($4.3)
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.9)
|
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$48.6
|
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$20.4
|
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$13.9
|
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$7.5
|
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$10.7
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$6.5
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$0.6
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$0.7
|
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$16.7
|
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$33.8
|
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$15.6
|
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$11.4
|
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$56
|
|
Entergy Texas
|
|
•
|
Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas hedge contracts. Cash equivalents includes all unrestricted highly liquid debt instruments with an original maturity of three months or less at the date of purchase.
|
|
•
|
Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date. Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value. Level 2 inputs include the following:
|
|
•
|
Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources. These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability. Level 3 consists primarily of FTRs and derivative power contracts used as cash flow hedges of power sales at merchant power plants.
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$961
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$961
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
426
|
|
|
2,592
|
|
|
—
|
|
|
3,018
|
|
||||
|
Debt securities
|
|
942
|
|
|
1,231
|
|
|
—
|
|
|
2,173
|
|
||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
169
|
|
|
169
|
|
||||
|
Securitization recovery trust account
|
|
53
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||
|
Escrow accounts
|
|
431
|
|
|
—
|
|
|
—
|
|
|
431
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
||||
|
|
|
|
$2,813
|
|
|
|
$3,823
|
|
|
|
$216
|
|
|
|
$6,852
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Power contracts
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$6
|
|
|
|
$6
|
|
|
Gas hedge contracts
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
|
|
|
|
$10
|
|
|
|
$—
|
|
|
|
$6
|
|
|
|
$16
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$1,291
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1,291
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
452
|
|
|
2,834
|
|
|
—
|
|
|
3,286
|
|
||||
|
Debt securities
|
|
880
|
|
|
1,205
|
|
|
—
|
|
|
2,085
|
|
||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
217
|
|
|
217
|
|
||||
|
Securitization recovery trust account
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
||||
|
Escrow accounts
|
|
362
|
|
|
—
|
|
|
—
|
|
|
362
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
||||
|
|
|
|
$3,029
|
|
|
|
$4,039
|
|
|
|
$264
|
|
|
|
$7,332
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Power contracts
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$2
|
|
|
|
$2
|
|
|
Gas hedge contracts
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||
|
|
|
|
$20
|
|
|
|
$—
|
|
|
|
$2
|
|
|
|
$22
|
|
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are held to approximate the returns of major market indices. Fixed income investments are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios.
|
|
|
2015
|
|
2014
|
||||||||||||
|
|
Power Contracts
|
|
FTRs
|
|
Power Contracts
|
|
FTRs
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of July 1,
|
|
$204
|
|
|
|
$67
|
|
|
|
($88
|
)
|
|
|
$144
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
(2
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||||
|
Included in OCI
|
49
|
|
|
—
|
|
|
37
|
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
31
|
|
|
—
|
|
|
(13
|
)
|
||||
|
Purchases
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
|
Settlements
|
(88
|
)
|
|
(51
|
)
|
|
(41
|
)
|
|
(48
|
)
|
||||
|
Balance as of September 30,
|
|
$163
|
|
|
|
$47
|
|
|
|
($91
|
)
|
|
|
$83
|
|
|
(a)
|
Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
$12 million
for the three months ended September 30, 2015 and
$4 million
for the three months ended September 30, 2014.
|
|
|
2015
|
|
2014
|
||||||||||||
|
|
Power Contracts
|
|
FTRs
|
|
Power Contracts
|
|
FTRs
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of January 1,
|
|
$215
|
|
|
|
$47
|
|
|
|
($133
|
)
|
|
|
$34
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
(15
|
)
|
|
(1
|
)
|
|
21
|
|
|
—
|
|
||||
|
Included in OCI
|
154
|
|
|
—
|
|
|
(182
|
)
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
51
|
|
|
—
|
|
|
110
|
|
||||
|
Issuances of FTRs
|
—
|
|
|
80
|
|
|
—
|
|
|
121
|
|
||||
|
Purchases
|
14
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||
|
Settlements
|
(205
|
)
|
|
(130
|
)
|
|
188
|
|
|
(182
|
)
|
||||
|
Balance as of September 30,
|
|
$163
|
|
|
|
$47
|
|
|
|
($91
|
)
|
|
|
$83
|
|
|
(a)
|
Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
$5 million
for the nine months ended September 30, 2015 and
$90 million
for the nine months ended September 30, 2014.
|
|
Transaction Type
|
|
Fair Value
as of
September 30,
2015
|
|
Significant
Unobservable Inputs
|
|
Range
from
Average
%
|
|
Effect on
Fair Value
|
|
|
|
|
(In Millions)
|
|
|
|
|
|
|
(In Millions)
|
|
Electricity swaps
|
|
$119
|
|
Unit contingent discount
|
|
+/-
|
3%
|
|
$7
|
|
Electricity options
|
|
$44
|
|
Implied volatility
|
|
+/-
|
64%
|
|
$31
|
|
Significant
Unobservable
Input
|
|
Transaction Type
|
|
Position
|
|
Change to Input
|
|
Effect on
Fair Value
|
|
Unit contingent discount
|
|
Electricity swaps
|
|
Sell
|
|
Increase (Decrease)
|
|
Decrease (Increase)
|
|
Implied volatility
|
|
Electricity options
|
|
Sell
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|
Implied volatility
|
|
Electricity options
|
|
Buy
|
|
Increase (Decrease)
|
|
Increase (Decrease)
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$110.6
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$110.6
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
5.9
|
|
|
437.5
|
|
|
—
|
|
|
443.4
|
|
||||
|
Debt securities
|
|
111.5
|
|
|
191.6
|
|
|
—
|
|
|
303.1
|
|
||||
|
Securitization recovery trust account
|
|
8.5
|
|
|
—
|
|
|
—
|
|
|
8.5
|
|
||||
|
Escrow accounts
|
|
12.2
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
11.7
|
|
|
11.7
|
|
||||
|
|
|
|
$248.7
|
|
|
|
$629.1
|
|
|
|
$11.7
|
|
|
|
$889.5
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$208.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$208.0
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
7.2
|
|
|
480.1
|
|
|
—
|
|
|
487.3
|
|
||||
|
Debt securities
|
|
72.2
|
|
|
210.4
|
|
|
—
|
|
|
282.6
|
|
||||
|
Securitization recovery trust account
|
|
4.1
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
||||
|
Escrow accounts
|
|
12.2
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
0.7
|
|
||||
|
|
|
|
$303.7
|
|
|
|
$690.5
|
|
|
|
$0.7
|
|
|
|
$994.9
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$238.3
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$238.3
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
4.2
|
|
|
220.9
|
|
|
—
|
|
|
225.1
|
|
||||
|
Debt securities
|
|
70.7
|
|
|
80.6
|
|
|
—
|
|
|
151.3
|
|
||||
|
Escrow accounts
|
|
200.2
|
|
|
—
|
|
|
—
|
|
|
200.2
|
|
||||
|
Securitization recovery trust account
|
|
9.9
|
|
|
—
|
|
|
—
|
|
|
9.9
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
10.5
|
|
|
10.5
|
|
||||
|
|
|
|
$523.3
|
|
|
|
$301.5
|
|
|
|
$10.5
|
|
|
|
$835.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$3.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$3.7
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$157.1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$157.1
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Equity securities
|
|
4.8
|
|
|
234.8
|
|
|
—
|
|
|
239.6
|
|
||||
|
Debt securities
|
|
68.7
|
|
|
75.3
|
|
|
—
|
|
|
144.0
|
|
||||
|
Escrow accounts
|
|
200.1
|
|
|
—
|
|
|
—
|
|
|
200.1
|
|
||||
|
Securitization recovery trust account
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
11.1
|
|
|
11.1
|
|
||||
|
|
|
|
$433.8
|
|
|
|
$310.1
|
|
|
|
$11.1
|
|
|
|
$755.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$7.6
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$7.6
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$193.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$193.4
|
|
|
Escrow accounts
|
|
41.7
|
|
|
—
|
|
|
—
|
|
|
41.7
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
4.3
|
|
||||
|
|
|
|
$235.1
|
|
|
|
$—
|
|
|
|
$4.3
|
|
|
|
$239.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$1.5
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1.5
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$60.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$60.4
|
|
|
Escrow accounts
|
|
41.8
|
|
|
—
|
|
|
—
|
|
|
41.8
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|
3.4
|
|
||||
|
|
|
|
$102.2
|
|
|
|
$—
|
|
|
|
$3.4
|
|
|
|
$105.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$2.8
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$2.8
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$20.5
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$20.5
|
|
|
Securitization recovery trust account
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
||||
|
Escrow accounts
|
|
86.8
|
|
|
—
|
|
|
—
|
|
|
86.8
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|
4.0
|
|
||||
|
|
|
|
$108.7
|
|
|
|
$—
|
|
|
|
$4.0
|
|
|
|
$112.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.4
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$41.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$41.4
|
|
|
Escrow accounts
|
|
18.0
|
|
|
—
|
|
|
—
|
|
|
18.0
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
4.1
|
|
||||
|
|
|
|
$59.4
|
|
|
|
$—
|
|
|
|
$4.1
|
|
|
|
$63.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.9
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.9
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$3.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$3.7
|
|
|
Securitization recovery trust account
|
|
33.3
|
|
|
—
|
|
|
—
|
|
|
33.3
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
4.3
|
|
||||
|
|
|
|
$37.0
|
|
|
|
$—
|
|
|
|
$4.3
|
|
|
|
$41.3
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$28.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$28.7
|
|
|
Securitization recovery trust account
|
|
37.2
|
|
|
—
|
|
|
—
|
|
|
37.2
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
12.3
|
|
|
12.3
|
|
||||
|
|
|
|
$65.9
|
|
|
|
$—
|
|
|
|
$12.3
|
|
|
|
$78.2
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$153.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$153.2
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
1.2
|
|
|
397.6
|
|
|
—
|
|
|
398.8
|
|
||||
|
Debt securities
|
|
211.9
|
|
|
63.5
|
|
|
—
|
|
|
275.4
|
|
||||
|
|
|
|
$366.3
|
|
|
|
$461.1
|
|
|
|
$—
|
|
|
|
$827.4
|
|
|
2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$222.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$222.4
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
2.0
|
|
|
422.5
|
|
|
—
|
|
|
424.5
|
|
||||
|
Debt securities
|
|
194.2
|
|
|
61.1
|
|
|
—
|
|
|
255.3
|
|
||||
|
|
|
|
$418.6
|
|
|
|
$483.6
|
|
|
|
$—
|
|
|
|
$902.2
|
|
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are held to approximate the returns of major market indices. Fixed income investments are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios.
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of July 1,
|
|
$9.1
|
|
|
|
$19.5
|
|
|
|
$4.9
|
|
|
|
$6.7
|
|
|
|
$7.9
|
|
|
Gains (losses) included as a regulatory liability/asset
|
16.5
|
|
|
(4.2
|
)
|
|
6.1
|
|
|
(1.2
|
)
|
|
7.3
|
|
|||||
|
Settlements
|
(13.9
|
)
|
|
(4.8
|
)
|
|
(6.7
|
)
|
|
(1.5
|
)
|
|
(10.9
|
)
|
|||||
|
Balance as of September 30,
|
|
$11.7
|
|
|
|
$10.5
|
|
|
|
$4.3
|
|
|
|
$4.0
|
|
|
|
$4.3
|
|
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of July 1,
|
|
$3.0
|
|
|
|
$23.6
|
|
|
|
$12.7
|
|
|
|
$8.5
|
|
|
|
$47.8
|
|
|
Gains (losses) included as a regulatory liability/asset
|
2.4
|
|
|
4.5
|
|
|
(3.3
|
)
|
|
2.6
|
|
|
(10.5
|
)
|
|||||
|
Settlements
|
(4.9
|
)
|
|
(13.4
|
)
|
|
(3.3
|
)
|
|
(5.1
|
)
|
|
(9.8
|
)
|
|||||
|
Balance as of September 30,
|
|
$0.5
|
|
|
|
$14.7
|
|
|
|
$6.1
|
|
|
|
$6.0
|
|
|
|
$27.5
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of January 1,
|
|
$0.7
|
|
|
|
$11.1
|
|
|
|
$3.4
|
|
|
|
$4.1
|
|
|
|
$12.3
|
|
|
Issuances of FTRs
|
7.0
|
|
|
21.5
|
|
|
5.4
|
|
|
7.3
|
|
|
11.4
|
|
|||||
|
Gains (losses) included as a regulatory liability/asset
|
52.6
|
|
|
(1.7
|
)
|
|
9.4
|
|
|
0.1
|
|
|
(8.7
|
)
|
|||||
|
Settlements
|
(48.6
|
)
|
|
(20.4
|
)
|
|
(13.9
|
)
|
|
(7.5
|
)
|
|
(10.7
|
)
|
|||||
|
Balance as of September 30,
|
|
$11.7
|
|
|
|
$10.5
|
|
|
|
$4.3
|
|
|
|
$4.0
|
|
|
|
$4.3
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of January 1,
|
|
$—
|
|
|
|
$5.7
|
|
|
|
$1.0
|
|
|
|
$2.0
|
|
|
|
$18.4
|
|
|
Issuances of FTRs
|
4.2
|
|
|
21.5
|
|
|
15.2
|
|
|
8.3
|
|
|
33.2
|
|
|||||
|
Gains included as a regulatory liability/asset
|
13.0
|
|
|
21.3
|
|
|
5.5
|
|
|
7.1
|
|
|
31.9
|
|
|||||
|
Settlements
|
(16.7
|
)
|
|
(33.8
|
)
|
|
(15.6
|
)
|
|
(11.4
|
)
|
|
(56.0
|
)
|
|||||
|
Balance as of September 30,
|
|
$0.5
|
|
|
|
$14.7
|
|
|
|
$6.1
|
|
|
|
$6.0
|
|
|
|
$27.5
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$3,018
|
|
|
|
$1,252
|
|
|
|
$3
|
|
|
Debt Securities
|
|
2,173
|
|
|
61
|
|
|
12
|
|
|||
|
Total
|
|
|
$5,191
|
|
|
|
$1,313
|
|
|
|
$15
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2014
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$3,286
|
|
|
|
$1,513
|
|
|
|
$1
|
|
|
Debt Securities
|
|
2,085
|
|
|
76
|
|
|
6
|
|
|||
|
Total
|
|
|
$5,371
|
|
|
|
$1,589
|
|
|
|
$7
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$63
|
|
|
|
$3
|
|
|
|
$390
|
|
|
|
$9
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
77
|
|
|
3
|
|
||||
|
Total
|
|
$63
|
|
|
|
$3
|
|
|
|
$467
|
|
|
|
$12
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$9
|
|
|
|
$1
|
|
|
|
$277
|
|
|
|
$2
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
163
|
|
|
4
|
|
||||
|
Total
|
|
$9
|
|
|
|
$1
|
|
|
|
$440
|
|
|
|
$6
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$53
|
|
|
|
$94
|
|
|
1 year - 5 years
|
767
|
|
|
783
|
|
||
|
5 years - 10 years
|
762
|
|
|
681
|
|
||
|
10 years - 15 years
|
191
|
|
|
173
|
|
||
|
15 years - 20 years
|
71
|
|
|
79
|
|
||
|
20 years+
|
329
|
|
|
275
|
|
||
|
Total
|
|
$2,173
|
|
|
|
$2,085
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$443.4
|
|
|
|
$209.9
|
|
|
|
$0.4
|
|
|
Debt Securities
|
|
303.1
|
|
|
6.7
|
|
|
1.4
|
|
|||
|
Total
|
|
|
$746.5
|
|
|
|
$216.6
|
|
|
|
$1.8
|
|
|
|
|
|
|
|
|
|
||||||
|
2014
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$487.3
|
|
|
|
$248.9
|
|
|
|
$—
|
|
|
Debt Securities
|
|
282.6
|
|
|
6.2
|
|
|
1.1
|
|
|||
|
Total
|
|
|
$769.9
|
|
|
|
$255.1
|
|
|
|
$1.1
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$7.8
|
|
|
|
$0.4
|
|
|
|
$38.8
|
|
|
|
$1.0
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
18.5
|
|
|
0.4
|
|
||||
|
Total
|
|
$7.8
|
|
|
|
$0.4
|
|
|
|
$57.3
|
|
|
|
$1.4
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$0.1
|
|
|
|
$—
|
|
|
|
$56.5
|
|
|
|
$0.3
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
34.8
|
|
|
0.8
|
|
||||
|
Total
|
|
$0.1
|
|
|
|
$—
|
|
|
|
$91.3
|
|
|
|
$1.1
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$1.3
|
|
|
|
$14.9
|
|
|
1 year - 5 years
|
129.9
|
|
|
127.3
|
|
||
|
5 years - 10 years
|
151.7
|
|
|
128.2
|
|
||
|
10 years - 15 years
|
4.9
|
|
|
1.7
|
|
||
|
15 years - 20 years
|
1.5
|
|
|
1.0
|
|
||
|
20 years+
|
13.8
|
|
|
9.5
|
|
||
|
Total
|
|
$303.1
|
|
|
|
$282.6
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$225.1
|
|
|
|
$99.2
|
|
|
|
$0.2
|
|
|
Debt Securities
|
|
151.3
|
|
|
6.3
|
|
|
0.6
|
|
|||
|
Total
|
|
|
$376.4
|
|
|
|
$105.5
|
|
|
|
$0.8
|
|
|
|
|
|
|
|
|
|
||||||
|
2014
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$239.6
|
|
|
|
$116.7
|
|
|
|
$—
|
|
|
Debt Securities
|
|
144.0
|
|
|
6.9
|
|
|
0.4
|
|
|||
|
Total
|
|
|
$383.6
|
|
|
|
$123.6
|
|
|
|
$0.4
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$3.9
|
|
|
|
$0.2
|
|
|
|
$18.3
|
|
|
|
$0.3
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
5.1
|
|
|
0.3
|
|
||||
|
Total
|
|
$3.9
|
|
|
|
$0.2
|
|
|
|
$23.4
|
|
|
|
$0.6
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$0.1
|
|
|
|
$—
|
|
|
|
$19.1
|
|
|
|
$0.1
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
12.1
|
|
|
0.3
|
|
||||
|
Total
|
|
$0.1
|
|
|
|
$—
|
|
|
|
$31.2
|
|
|
|
$0.4
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$9.6
|
|
|
|
$5.6
|
|
|
1 year - 5 years
|
55.1
|
|
|
58.2
|
|
||
|
5 years - 10 years
|
46.2
|
|
|
44.2
|
|
||
|
10 years - 15 years
|
11.6
|
|
|
7.3
|
|
||
|
15 years - 20 years
|
9.8
|
|
|
9.4
|
|
||
|
20 years+
|
19.0
|
|
|
19.3
|
|
||
|
Total
|
|
$151.3
|
|
|
|
$144.0
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$398.8
|
|
|
|
$156.6
|
|
|
|
$0.4
|
|
|
Debt Securities
|
|
275.4
|
|
|
3.9
|
|
|
0.9
|
|
|||
|
Total
|
|
|
$674.2
|
|
|
|
$160.5
|
|
|
|
$1.3
|
|
|
|
|
|
|
|
|
|
||||||
|
2014
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$424.5
|
|
|
|
$188.0
|
|
|
|
$—
|
|
|
Debt Securities
|
|
255.3
|
|
|
5.9
|
|
|
0.3
|
|
|||
|
Total
|
|
|
$679.8
|
|
|
|
$193.9
|
|
|
|
$0.3
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$7.2
|
|
|
|
$0.4
|
|
|
|
$42.3
|
|
|
|
$0.8
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
1.5
|
|
|
0.1
|
|
||||
|
Total
|
|
$7.2
|
|
|
|
$0.4
|
|
|
|
$43.8
|
|
|
|
$0.9
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$0.1
|
|
|
|
$—
|
|
|
|
$51.6
|
|
|
|
$0.2
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
6.5
|
|
|
0.1
|
|
||||
|
Total
|
|
$0.1
|
|
|
|
$—
|
|
|
|
$58.1
|
|
|
|
$0.3
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$8.9
|
|
|
|
$33.5
|
|
|
1 year - 5 years
|
157.5
|
|
|
139.7
|
|
||
|
5 years - 10 years
|
77.2
|
|
|
53.5
|
|
||
|
10 years - 15 years
|
4.8
|
|
|
3.4
|
|
||
|
15 years - 20 years
|
1.6
|
|
|
3.2
|
|
||
|
20 years+
|
25.4
|
|
|
22.0
|
|
||
|
Total
|
|
$275.4
|
|
|
|
$255.3
|
|
|
Significant Unobservable Inputs
|
|
Amount
|
|
|
|
|
|
Weighted average cost of capital
|
|
7.5%
|
|
Long-term pre-tax operating margin (cash basis)
|
|
10.2%
|
|
Significant Unobservable Inputs
|
|
Range
|
|
Weighted Average
|
|
|
|
|
|
|
|
Weighted average cost of capital
|
|
7.5% - 8.0%
|
|
7.9%
|
|
Long-term pre-tax operating margin (cash basis)
|
|
2.4% - 10.6%
|
|
8.1%
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$396.6
|
|
|
Volume/weather
|
26.8
|
|
|
|
Asset retirement obligation
|
9.2
|
|
|
|
Retail electric price
|
5.6
|
|
|
|
Other
|
2.3
|
|
|
|
2015 net revenue
|
|
$440.5
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$1,030.5
|
|
|
Volume/weather
|
29.7
|
|
|
|
Retail electric price
|
17.4
|
|
|
|
Asset retirement obligation
|
5.6
|
|
|
|
Other
|
(0.3
|
)
|
|
|
2015 net revenue
|
|
$1,082.9
|
|
|
•
|
an increase of $20.4 million in nuclear generation expenses primarily due to an increase in regulatory compliance costs. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities in the third quarter 2015 as a result of the NRC’s March 2015 decision to move ANO into the “multiple/repetitive degraded cornerstone column” of the NRC’s Reactor Oversight Process Action Matrix. See “
ANO Damage, Outage, and NRC Reviews
” below;
|
|
•
|
an increase of $12.5 million in distribution expenses primarily due to vegetation maintenance and higher labor costs; and
|
|
•
|
an increase of $3.3 million in fossil-fueled generation expenses due to an overall higher scope of work in 2015 as compared to the same period in 2014.
|
|
•
|
an increase of $35.6 million in nuclear generation expenses primarily due to an increase in regulatory compliance costs. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities in 2015 as a result of the NRC’s March 2015 decision to move ANO into the “multiple/repetitive degraded cornerstone column” of the NRC’s Reactor Oversight Process Action Matrix. See “
ANO Damage, Outage, and NRC Reviews
” below;
|
|
•
|
an increase of $18.9 million in distribution expenses primarily due to vegetation maintenance and higher labor costs;
|
|
•
|
an increase of $14.7 million in energy efficiency costs, including the effects of true-ups to the energy efficiency filings for fixed costs to be collected from customers. Energy efficiency costs are recovered through the energy efficiency rider and have a minimal effect on net income; and
|
|
•
|
an increase of $5.6 million in fossil-fueled generation expenses due to an overall higher scope of work in 2015 as compared to the same period in 2014.
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$218,505
|
|
|
|
$127,022
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
408,202
|
|
|
199,435
|
|
||
|
Investing activities
|
(495,777
|
)
|
|
(401,834
|
)
|
||
|
Financing activities
|
(11,570
|
)
|
|
87,204
|
|
||
|
Net decrease in cash and cash equivalents
|
(99,145
|
)
|
|
(115,195
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$119,360
|
|
|
|
$11,827
|
|
|
•
|
an increase in nuclear generation expenses primarily due to an increase in regulatory compliance costs. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities in 2015 as a result of the NRC’s March 2015 decision to move ANO into the “multiple/repetitive degraded cornerstone column” of the NRC’s Reactor Oversight Process Action Matrix. See “
ANO Damage, Outage, and NRC Reviews
” above;
|
|
•
|
an increase of $16 million in pension contributions in 2015. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
” in the Form 10-K and Note 6 to the financial statements herein for a discussion of qualified pension and other postretirement benefits funding;
|
|
•
|
an increase of $15.9 million in income tax payments. Entergy Arkansas made income tax payments of $17.6 million in 2015 in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The income tax payments made in 2015 resulted primarily from final settlement of amounts outstanding associated with the 2006-2007 IRS audit. See Note 10 to the financial statements for a discussion of the finalized tax and interest computations for the 2006-2007 IRS audit; and
|
|
•
|
$10.7 million in insurance proceeds received in 2014 for property damages related to the generator stator incident at ANO. See “
ANO Damage, Outage, and NRC Reviews
” above and in the Form 10-K for a discussion of the ANO stator incident.
|
|
•
|
an increase in transmission construction expenditures primarily due to a higher scope of work in 2015 as compared to the same period in 2014;
|
|
•
|
an increase in nuclear construction expenditures primarily due to a higher scope of work on various nuclear projects in 2015 as compared to the same period in 2014 and compliance with NRC post-Fukushima requirements;
|
|
•
|
$29.3 million in insurance proceeds received in 2014 for property damages related to the generator stator incident at ANO. See “
ANO Damage, Outage, and NRC Reviews
” above and in the Form 10-K for a discussion of the ANO stator incident;
|
|
•
|
fluctuations in nuclear fuel activity because of variations from year to year in the timing and pricing of fuel reload requirements in the Utility business, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle; and
|
|
•
|
money pool activity.
|
|
•
|
money pool activity;
|
|
•
|
net repayments of $10.7 million on the Entergy Arkansas nuclear fuel company variable interest entity credit facility in 2015 compared to net borrowings of $8 million in 2014; and
|
|
•
|
the issuance of $375 million of 3.7% Series first mortgage bonds in March 2014, the proceeds of which were used to pay, prior to maturities, a $250 million term loan in March 2014 and $115 million of 5.0% Series first mortgage bonds in April 2014.
|
|
|
September 30, 2015
|
|
December 31,
2014
|
||
|
Debt to capital
|
57.1
|
%
|
|
58.4
|
%
|
|
Effect of excluding the securitization bonds
|
(0.6
|
%)
|
|
(0.7
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
56.5
|
%
|
|
57.7
|
%
|
|
Effect of subtracting cash
|
(1.2
|
%)
|
|
(2.2
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
55.3
|
%
|
|
55.5
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Arkansas.
|
|
September 30,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
December 31,
2013
|
|
(In Thousands)
|
||||||
|
$2,435
|
|
$2,218
|
|
($63,677)
|
|
$17,531
|
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$714,353
|
|
|
|
$627,153
|
|
|
|
$1,777,415
|
|
|
|
$1,653,656
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
176,164
|
|
|
86,932
|
|
|
426,351
|
|
|
196,007
|
|
||||
|
Purchased power
|
|
105,321
|
|
|
141,042
|
|
|
285,806
|
|
|
433,513
|
|
||||
|
Nuclear refueling outage expenses
|
|
13,603
|
|
|
12,541
|
|
|
39,109
|
|
|
30,717
|
|
||||
|
Other operation and maintenance
|
|
214,536
|
|
|
170,868
|
|
|
544,446
|
|
|
468,124
|
|
||||
|
Decommissioning
|
|
12,713
|
|
|
11,938
|
|
|
37,508
|
|
|
34,853
|
|
||||
|
Taxes other than income taxes
|
|
28,905
|
|
|
26,081
|
|
|
77,589
|
|
|
69,515
|
|
||||
|
Depreciation and amortization
|
|
61,527
|
|
|
59,805
|
|
|
183,169
|
|
|
176,634
|
|
||||
|
Other regulatory charges (credits) - net
|
|
(7,652
|
)
|
|
2,589
|
|
|
(17,604
|
)
|
|
(6,394
|
)
|
||||
|
TOTAL
|
|
605,117
|
|
|
511,796
|
|
|
1,576,374
|
|
|
1,402,969
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
109,236
|
|
|
115,357
|
|
|
201,041
|
|
|
250,687
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
3,950
|
|
|
1,816
|
|
|
9,856
|
|
|
5,229
|
|
||||
|
Interest and investment income
|
|
4,541
|
|
|
12,812
|
|
|
18,354
|
|
|
20,425
|
|
||||
|
Miscellaneous - net
|
|
(1,036
|
)
|
|
(30
|
)
|
|
(1,724
|
)
|
|
(761
|
)
|
||||
|
TOTAL
|
|
7,455
|
|
|
14,598
|
|
|
26,486
|
|
|
24,893
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
26,360
|
|
|
23,342
|
|
|
79,264
|
|
|
69,863
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(2,246
|
)
|
|
(942
|
)
|
|
(5,321
|
)
|
|
(2,728
|
)
|
||||
|
TOTAL
|
|
24,114
|
|
|
22,400
|
|
|
73,943
|
|
|
67,135
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
92,577
|
|
|
107,555
|
|
|
153,584
|
|
|
208,445
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
36,915
|
|
|
44,575
|
|
|
58,532
|
|
|
88,090
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
55,662
|
|
|
62,980
|
|
|
95,052
|
|
|
120,355
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements
|
|
1,718
|
|
|
1,718
|
|
|
5,155
|
|
|
5,155
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$53,944
|
|
|
|
$61,262
|
|
|
|
$89,897
|
|
|
|
$115,200
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$95,052
|
|
|
|
$120,355
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
303,653
|
|
|
285,824
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
4,483
|
|
|
119,305
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(74,495
|
)
|
|
(19,754
|
)
|
||
|
Fuel inventory
|
|
140
|
|
|
13,014
|
|
||
|
Accounts payable
|
|
16,193
|
|
|
(102,234
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
34,588
|
|
|
(40,576
|
)
|
||
|
Interest accrued
|
|
4,196
|
|
|
(1,029
|
)
|
||
|
Deferred fuel costs
|
|
106,499
|
|
|
(155,571
|
)
|
||
|
Other working capital accounts
|
|
(26,988
|
)
|
|
61,711
|
|
||
|
Provisions for estimated losses
|
|
497
|
|
|
(911
|
)
|
||
|
Other regulatory assets
|
|
35,483
|
|
|
(8,307
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(97,650
|
)
|
|
(84,298
|
)
|
||
|
Other assets and liabilities
|
|
6,551
|
|
|
11,906
|
|
||
|
Net cash flow provided by operating activities
|
|
408,202
|
|
|
199,435
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(428,491
|
)
|
|
(397,055
|
)
|
||
|
Allowance for equity funds used during construction
|
|
11,394
|
|
|
7,701
|
|
||
|
Nuclear fuel purchases
|
|
(119,285
|
)
|
|
(123,358
|
)
|
||
|
Proceeds from sale of nuclear fuel
|
|
52,281
|
|
|
75,860
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
190,759
|
|
|
155,403
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(197,787
|
)
|
|
(162,916
|
)
|
||
|
Changes in money pool receivable - net
|
|
(217
|
)
|
|
17,531
|
|
||
|
Changes in securitization account
|
|
(4,431
|
)
|
|
(4,480
|
)
|
||
|
Insurance proceeds
|
|
—
|
|
|
29,280
|
|
||
|
Other
|
|
—
|
|
|
200
|
|
||
|
Net cash flow used in investing activities
|
|
(495,777
|
)
|
|
(401,834
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
—
|
|
|
461,553
|
|
||
|
Retirement of long-term debt
|
|
(6,521
|
)
|
|
(441,318
|
)
|
||
|
Changes in short-term borrowings - net
|
|
(10,728
|
)
|
|
8,036
|
|
||
|
Change in money pool payable - net
|
|
—
|
|
|
63,677
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Preferred stock
|
|
(5,155
|
)
|
|
(5,155
|
)
|
||
|
Other
|
|
10,834
|
|
|
411
|
|
||
|
Net cash flow provided by (used in) financing activities
|
|
(11,570
|
)
|
|
87,204
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(99,145
|
)
|
|
(115,195
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
218,505
|
|
|
127,022
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$119,360
|
|
|
|
$11,827
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$70,902
|
|
|
|
$66,838
|
|
|
Income taxes
|
|
|
$17,592
|
|
|
|
$1,714
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$8,799
|
|
|
|
$10,526
|
|
|
Temporary cash investments
|
|
110,561
|
|
|
207,979
|
|
||
|
Total cash and cash equivalents
|
|
119,360
|
|
|
218,505
|
|
||
|
Securitization recovery trust account
|
|
8,527
|
|
|
4,096
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
164,445
|
|
|
97,314
|
|
||
|
Allowance for doubtful accounts
|
|
(32,633
|
)
|
|
(32,247
|
)
|
||
|
Associated companies
|
|
35,983
|
|
|
32,187
|
|
||
|
Other
|
|
102,068
|
|
|
110,269
|
|
||
|
Accrued unbilled revenues
|
|
93,076
|
|
|
80,704
|
|
||
|
Total accounts receivable
|
|
362,939
|
|
|
288,227
|
|
||
|
Accumulated deferred income taxes
|
|
—
|
|
|
21,533
|
|
||
|
Deferred fuel costs
|
|
36,046
|
|
|
143,279
|
|
||
|
Fuel inventory - at average cost
|
|
50,758
|
|
|
50,898
|
|
||
|
Materials and supplies - at average cost
|
|
169,101
|
|
|
162,792
|
|
||
|
Deferred nuclear refueling outage costs
|
|
49,332
|
|
|
29,690
|
|
||
|
Prepayments and other
|
|
24,875
|
|
|
9,588
|
|
||
|
TOTAL
|
|
820,938
|
|
|
928,608
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
746,526
|
|
|
769,883
|
|
||
|
Other
|
|
12,842
|
|
|
14,170
|
|
||
|
TOTAL
|
|
759,368
|
|
|
784,053
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
9,436,493
|
|
|
9,139,181
|
|
||
|
Property under capital lease
|
|
875
|
|
|
961
|
|
||
|
Construction work in progress
|
|
331,352
|
|
|
284,322
|
|
||
|
Nuclear fuel
|
|
285,488
|
|
|
293,695
|
|
||
|
TOTAL UTILITY PLANT
|
|
10,054,208
|
|
|
9,718,159
|
|
||
|
Less - accumulated depreciation and amortization
|
|
4,328,022
|
|
|
4,191,959
|
|
||
|
UTILITY PLANT - NET
|
|
5,726,186
|
|
|
5,526,200
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
62,326
|
|
|
64,214
|
|
||
|
Other regulatory assets (includes securitization property of $57,140 as of September 30, 2015 and $67,877 as of December 31, 2014)
|
|
1,357,681
|
|
|
1,391,276
|
|
||
|
Deferred fuel costs
|
|
66,634
|
|
|
65,900
|
|
||
|
Other
|
|
47,024
|
|
|
47,674
|
|
||
|
TOTAL
|
|
1,533,665
|
|
|
1,569,064
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$8,840,157
|
|
|
|
$8,807,925
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$55,000
|
|
|
|
$—
|
|
|
Short-term borrowings
|
|
37,240
|
|
|
47,968
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
51,871
|
|
|
56,078
|
|
||
|
Other
|
|
179,038
|
|
|
174,998
|
|
||
|
Customer deposits
|
|
117,515
|
|
|
115,647
|
|
||
|
Taxes accrued
|
|
58,828
|
|
|
24,240
|
|
||
|
Accumulated deferred income taxes
|
|
27,876
|
|
|
15,009
|
|
||
|
Interest accrued
|
|
24,446
|
|
|
20,250
|
|
||
|
Other
|
|
52,431
|
|
|
27,872
|
|
||
|
TOTAL
|
|
604,245
|
|
|
482,062
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
1,964,251
|
|
|
1,997,983
|
|
||
|
Accumulated deferred investment tax credits
|
|
36,807
|
|
|
37,708
|
|
||
|
Other regulatory liabilities
|
|
232,811
|
|
|
254,036
|
|
||
|
Decommissioning
|
|
859,440
|
|
|
818,351
|
|
||
|
Accumulated provisions
|
|
6,186
|
|
|
5,689
|
|
||
|
Pension and other postretirement liabilities
|
|
474,255
|
|
|
571,870
|
|
||
|
Long-term debt (includes securitization bonds of $69,656 as of September 30, 2015 and $76,164 as of December 31, 2014)
|
|
2,610,002
|
|
|
2,671,343
|
|
||
|
Other
|
|
21,676
|
|
|
28,296
|
|
||
|
TOTAL
|
|
6,205,428
|
|
|
6,385,276
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Preferred stock without sinking fund
|
|
116,350
|
|
|
116,350
|
|
||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, $0.01 par value, authorized 325,000,000 shares; issued and outstanding 46,980,196 shares in 2015 and 2014
|
|
470
|
|
|
470
|
|
||
|
Paid-in capital
|
|
588,471
|
|
|
588,471
|
|
||
|
Retained earnings
|
|
1,325,193
|
|
|
1,235,296
|
|
||
|
TOTAL
|
|
1,914,134
|
|
|
1,824,237
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$8,840,157
|
|
|
|
$8,807,925
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Common Equity
|
|
|
||||||||||||
|
|
|
Common
Stock |
|
Paid-in
Capital |
|
Retained
Earnings |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2013
|
|
|
$470
|
|
|
|
$588,471
|
|
|
|
$1,130,777
|
|
|
|
$1,719,718
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
120,355
|
|
|
120,355
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(5,155
|
)
|
|
(5,155
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2014
|
|
|
$470
|
|
|
|
$588,471
|
|
|
|
$1,245,977
|
|
|
|
$1,834,918
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
|
$470
|
|
|
|
$588,471
|
|
|
|
$1,235,296
|
|
|
|
$1,824,237
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
95,052
|
|
|
95,052
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(5,155
|
)
|
|
(5,155
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2015
|
|
|
$470
|
|
|
|
$588,471
|
|
|
|
$1,325,193
|
|
|
|
$1,914,134
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$280
|
|
|
|
$234
|
|
|
|
$46
|
|
|
20
|
|
|
Commercial
|
|
162
|
|
|
140
|
|
|
22
|
|
|
16
|
|
|||
|
Industrial
|
|
152
|
|
|
133
|
|
|
19
|
|
|
14
|
|
|||
|
Governmental
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
599
|
|
|
512
|
|
|
87
|
|
|
17
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
32
|
|
|
36
|
|
|
(4
|
)
|
|
(11
|
)
|
|||
|
Non-associated companies
|
|
59
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|||
|
Other
|
|
24
|
|
|
20
|
|
|
4
|
|
|
20
|
|
|||
|
Total
|
|
|
$714
|
|
|
|
$627
|
|
|
|
$87
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,478
|
|
|
2,233
|
|
|
245
|
|
|
11
|
|
|||
|
Commercial
|
|
1,826
|
|
|
1,730
|
|
|
96
|
|
|
6
|
|
|||
|
Industrial
|
|
1,952
|
|
|
1,920
|
|
|
32
|
|
|
2
|
|
|||
|
Governmental
|
|
66
|
|
|
65
|
|
|
1
|
|
|
2
|
|
|||
|
Total retail
|
|
6,322
|
|
|
5,948
|
|
|
374
|
|
|
6
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
606
|
|
|
387
|
|
|
219
|
|
|
57
|
|
|||
|
Non-associated companies
|
|
2,269
|
|
|
1,788
|
|
|
481
|
|
|
27
|
|
|||
|
Total
|
|
9,197
|
|
|
8,123
|
|
|
1,074
|
|
|
13
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$661
|
|
|
|
$592
|
|
|
|
$69
|
|
|
12
|
|
|
Commercial
|
|
392
|
|
|
350
|
|
|
42
|
|
|
12
|
|
|||
|
Industrial
|
|
361
|
|
|
317
|
|
|
44
|
|
|
14
|
|
|||
|
Governmental
|
|
14
|
|
|
13
|
|
|
1
|
|
|
8
|
|
|||
|
Total retail
|
|
1,428
|
|
|
1,272
|
|
|
156
|
|
|
12
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
93
|
|
|
97
|
|
|
(4
|
)
|
|
(4
|
)
|
|||
|
Non-associated companies
|
|
167
|
|
|
195
|
|
|
(28
|
)
|
|
(14
|
)
|
|||
|
Other
|
|
89
|
|
|
90
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
|
Total
|
|
|
$1,777
|
|
|
|
$1,654
|
|
|
|
$123
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
6,449
|
|
|
6,361
|
|
|
88
|
|
|
1
|
|
|||
|
Commercial
|
|
4,615
|
|
|
4,519
|
|
|
96
|
|
|
2
|
|
|||
|
Industrial
|
|
5,175
|
|
|
5,071
|
|
|
104
|
|
|
2
|
|
|||
|
Governmental
|
|
177
|
|
|
179
|
|
|
(2
|
)
|
|
(1
|
)
|
|||
|
Total retail
|
|
16,416
|
|
|
16,130
|
|
|
286
|
|
|
2
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,713
|
|
|
1,232
|
|
|
481
|
|
|
39
|
|
|||
|
Non-associated companies
|
|
6,597
|
|
|
5,211
|
|
|
1,386
|
|
|
27
|
|
|||
|
Total
|
|
24,726
|
|
|
22,573
|
|
|
2,153
|
|
|
10
|
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$379.6
|
|
|
Retail electric price
|
33.3
|
|
|
|
Volume/weather
|
15.8
|
|
|
|
Net wholesale revenue
|
10.4
|
|
|
|
MISO deferral
|
(8.1
|
)
|
|
|
Other
|
(3.3
|
)
|
|
|
2015 net revenue
|
|
$427.7
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$987.4
|
|
|
Retail electric price
|
98.7
|
|
|
|
Net wholesale revenue
|
30.8
|
|
|
|
Volume/weather
|
29.3
|
|
|
|
MISO deferral
|
(15.5
|
)
|
|
|
Other
|
3.5
|
|
|
|
2015 net revenue
|
|
$1,134.2
|
|
|
•
|
an increase of $4 million in nuclear generation expenses primarily due to an increased scope of work performed in 2015;
|
|
•
|
an increase of $2.9 million primarily due to the deferral in 2014 of certain external costs related to the Algiers rate case;
|
|
•
|
an increase resulting from losses of $0.4 million on the sale of surplus diesel inventory in 2015 compared to gains of $2.2 million on the sale of surplus diesel inventory in 2014;
|
|
•
|
an increase of $1.7 million in compensation and benefits costs primarily due to an increase in net periodic pension and other postretirement benefit costs as a result of lower discount rates and changes in retirement and mortality assumptions, partially offset by a decrease in the accrual for incentive-based compensation. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Critical Accounting Estimates
– Qualified Pension and Other Postretirement Benefits
” in the Form 10-K and Note 6 to the financial statements herein for further discussion of benefits costs; and
|
|
•
|
an increase of $1.4 million due to the amortization effective December 2014 of costs related to the transition and implementation of joining the MISO RTO.
|
|
•
|
an increase of $15.4 million in nuclear generation expenses primarily due to an increased scope of work performed in 2015;
|
|
•
|
an increase of $12 million in fossil-fueled generation expenses primarily due to an overall higher scope of work done during plant outages in 2015 as compared to the same period in 2014;
|
|
•
|
an increase resulting from losses of $1.7 million on the sale of surplus diesel inventory in 2015 compared to gains of $3.9 million on the sale of surplus oil inventory and $2.2 million on the sale of surplus diesel inventory in 2014;
|
|
•
|
an increase of $4.5 million due to the amortization effective December 2014 of costs related to the transition and implementation of joining the MISO RTO;
|
|
•
|
an increase of $4 million in transmission expenses primarily due to an increase in the amount of transmission costs allocated by MISO. There is no effect on net income due to the recovery of these costs through the formula rate plan. See Note 2 to the financial statements in the Form 10-K for further information on the recovery of these costs; and
|
|
•
|
an increase of $2.5 million primarily due to the deferral in 2014 of certain external costs related to the Algiers rate case.
|
|
•
|
the decrease in the allowance for borrowed funds used during construction due to a higher construction work in progress balance in 2014, including the Ninemile Unit 6 project which was placed in service in December 2014;
|
|
•
|
the issuance of $250 million of 4.95% Series first mortgage bonds in November 2014; and
|
|
•
|
the issuance of $190 million of 3.78% Series first mortgage bonds in July 2014.
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$157,553
|
|
|
|
$124,007
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
637,170
|
|
|
718,817
|
|
||
|
Investing activities
|
(338,738
|
)
|
|
(823,042
|
)
|
||
|
Financing activities
|
(215,046
|
)
|
|
(16,880
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
83,386
|
|
|
(121,105
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$240,939
|
|
|
|
$2,902
|
|
|
•
|
increased net revenue, as discussed above;
|
|
•
|
a decrease of $27.1 million in spending on nuclear refueling outages in 2015; and
|
|
•
|
an increase of $86.4 million in income tax refunds in 2015. Entergy Louisiana received income tax refunds of $86.9 million as of September 30, 2015 in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The income tax refunds in 2015 resulted primarily from the settlement of the 2008-2009 IRS audit. As a result, Entergy Louisiana was reimbursed for the utilization of its tax net operating loss within the Entergy consolidated tax group. See Note 10 to the financial statements herein for a discussion of the settlement of the 2008-2009 IRS audit.
|
|
•
|
the investment in 2014 of $227 million in affiliate securities as a result of the Act 55 storm cost financing. See Note 2 to the financial statements in the Form 10-K for a discussion of the Act 55 storm cost financing;
|
|
•
|
the deposit of $200 million into the storm reserve escrow account in 2014;
|
|
•
|
cash proceeds of $58.4 million from the transfer of Algiers assets to Entergy New Orleans in September 2015. See “
Algiers Asset Transfer
” below for more discussion on the transfer;
|
|
•
|
a decrease in fossil-fueled generation construction expenditures primarily due to a decrease in spending on the Ninemile Unit 6 project which was place in service in December 2014; and
|
|
•
|
a decrease in transmission construction expenditures due to a higher scope of work performed in 2014.
|
|
•
|
an increase in nuclear expenditures primarily due to compliance with NRC post-Fukushima requirements;
|
|
•
|
an increase in distribution construction expenditures due to an increased scope of work performed in 2015;
|
|
•
|
an increase in information technology capital expenditures due to various technology projects and upgrades in 2015; and
|
|
•
|
money pool activity.
|
|
•
|
the issuance of $190 million of 3.78% Series first mortgage bonds in July 2014;
|
|
•
|
the issuance of $40 million of 3.92% Series H Notes by the nuclear fuel company variable interest entity in February 2014;
|
|
•
|
the redemption in September 2015 of $100 million of 6.95% Series preferred membership interests in connection with the Entergy Louisiana and Entergy Gulf States Louisiana business combination, which is discussed above; and
|
|
•
|
a decrease of $42.8 million in net borrowings on the nuclear fuel company variable interest entity’s credit facility in 2015 as compared to the same period in 2014.
|
|
|
September 30,
2015
|
|
December 31,
2014
|
||
|
Debt to capital
|
53.3
|
%
|
|
53.8
|
%
|
|
Effect of excluding securitization bonds
|
(1.0
|
%)
|
|
(1.0
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
52.3
|
%
|
|
52.8
|
%
|
|
Effect of subtracting cash
|
(1.9
|
%)
|
|
(1.3
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
50.4
|
%
|
|
51.5
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Louisiana.
|
|
September 30,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
December 31,
2013
|
|
(In Thousands)
|
||||||
|
$5,252
|
|
$1,649
|
|
($7,746)
|
|
$17,648
|
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$809,939
|
|
|
|
$870,181
|
|
|
|
$2,117,657
|
|
|
|
$2,230,083
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
178,138
|
|
|
289,480
|
|
|
453,627
|
|
|
549,087
|
|
||||
|
Purchased power
|
|
202,973
|
|
|
211,954
|
|
|
536,553
|
|
|
719,697
|
|
||||
|
Nuclear refueling outage expenses
|
|
5,718
|
|
|
6,995
|
|
|
18,469
|
|
|
23,636
|
|
||||
|
Other operation and maintenance
|
|
129,516
|
|
|
123,809
|
|
|
399,141
|
|
|
352,579
|
|
||||
|
Decommissioning
|
|
6,521
|
|
|
6,201
|
|
|
19,319
|
|
|
18,370
|
|
||||
|
Taxes other than income taxes
|
|
21,797
|
|
|
18,524
|
|
|
62,309
|
|
|
58,014
|
|
||||
|
Depreciation and amortization
|
|
70,470
|
|
|
63,479
|
|
|
209,713
|
|
|
189,000
|
|
||||
|
Other regulatory charges (credits) - net
|
|
1,123
|
|
|
(10,856
|
)
|
|
(6,711
|
)
|
|
(26,128
|
)
|
||||
|
TOTAL
|
|
616,256
|
|
|
709,586
|
|
|
1,692,420
|
|
|
1,884,255
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
193,683
|
|
|
160,595
|
|
|
425,237
|
|
|
345,828
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
3,243
|
|
|
10,066
|
|
|
9,625
|
|
|
28,159
|
|
||||
|
Interest and investment income
|
|
25,529
|
|
|
34,212
|
|
|
77,637
|
|
|
76,476
|
|
||||
|
Miscellaneous - net
|
|
44
|
|
|
320
|
|
|
(2,200
|
)
|
|
1,462
|
|
||||
|
TOTAL
|
|
28,816
|
|
|
44,598
|
|
|
85,062
|
|
|
106,097
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
42,718
|
|
|
42,334
|
|
|
129,172
|
|
|
123,709
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(1,763
|
)
|
|
(5,293
|
)
|
|
(5,230
|
)
|
|
(14,809
|
)
|
||||
|
TOTAL
|
|
40,955
|
|
|
37,041
|
|
|
123,942
|
|
|
108,900
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
181,544
|
|
|
168,152
|
|
|
386,357
|
|
|
343,025
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
62,544
|
|
|
44,331
|
|
|
120,075
|
|
|
91,159
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
119,000
|
|
|
123,821
|
|
|
266,282
|
|
|
251,866
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
1,680
|
|
|
1,738
|
|
|
5,155
|
|
|
5,232
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON EQUITY
|
|
|
$117,320
|
|
|
|
$122,083
|
|
|
|
$261,127
|
|
|
|
$246,634
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income
|
|
$119,000
|
|
|
|
$123,821
|
|
|
|
$266,282
|
|
|
|
$251,866
|
|
|
Other comprehensive loss
|
|
|
|
|
|
|
|
||||||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
|
||||||||
|
(net of tax benefit of $16, $179, $34, and $523)
|
(26
|
)
|
|
(287
|
)
|
|
(94
|
)
|
|
(876
|
)
|
||||
|
Other comprehensive loss
|
(26
|
)
|
|
(287
|
)
|
|
(94
|
)
|
|
(876
|
)
|
||||
|
Comprehensive Income
|
|
$118,974
|
|
|
|
$123,534
|
|
|
|
$266,188
|
|
|
|
$250,990
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$266,282
|
|
|
|
$251,866
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
285,538
|
|
|
260,344
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
161,891
|
|
|
138,892
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
(93,799
|
)
|
|
(40,314
|
)
|
||
|
Fuel inventory
|
|
6,138
|
|
|
1,692
|
|
||
|
Accounts payable
|
|
(9,664
|
)
|
|
(19,141
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
93,318
|
|
|
(7,710
|
)
|
||
|
Interest accrued
|
|
(3,647
|
)
|
|
(3,234
|
)
|
||
|
Deferred fuel costs
|
|
(26,350
|
)
|
|
18,544
|
|
||
|
Other working capital accounts
|
|
(3,778
|
)
|
|
(23,103
|
)
|
||
|
Changes in provisions for estimated losses
|
|
(3,735
|
)
|
|
205,017
|
|
||
|
Changes in other regulatory assets
|
|
51,364
|
|
|
(14,086
|
)
|
||
|
Changes in other regulatory liabilities
|
|
(29,120
|
)
|
|
3,743
|
|
||
|
Changes in pension and other postretirement liabilities
|
|
(34,609
|
)
|
|
(36,832
|
)
|
||
|
Other
|
|
(22,659
|
)
|
|
(16,861
|
)
|
||
|
Net cash flow provided by operating activities
|
|
637,170
|
|
|
718,817
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(314,752
|
)
|
|
(356,407
|
)
|
||
|
Allowance for equity funds used during construction
|
|
9,625
|
|
|
28,159
|
|
||
|
Nuclear fuel purchases
|
|
(101,782
|
)
|
|
(117,694
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
29,936
|
|
|
46,045
|
|
||
|
Payments to storm reserve escrow account
|
|
(140
|
)
|
|
(200,021
|
)
|
||
|
Investment in affiliates
|
|
—
|
|
|
(227,273
|
)
|
||
|
Changes to securitization account
|
|
(6,837
|
)
|
|
(5,812
|
)
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
18,311
|
|
|
35,893
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(27,913
|
)
|
|
(43,580
|
)
|
||
|
Changes in money pool receivable - net
|
|
(3,603
|
)
|
|
17,648
|
|
||
|
Proceeds from sale of assets
|
|
58,417
|
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(338,738
|
)
|
|
(823,042
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
—
|
|
|
395,977
|
|
||
|
Retirement of long-term debt
|
|
(28,819
|
)
|
|
(250,694
|
)
|
||
|
Redemption of preferred membership interests
|
|
(100,002
|
)
|
|
—
|
|
||
|
Changes in credit borrowings - net
|
|
20,620
|
|
|
63,466
|
|
||
|
Change in money pool payable - net
|
|
—
|
|
|
7,746
|
|
||
|
Distributions paid:
|
|
|
|
|
||||
|
Common equity
|
|
(100,000
|
)
|
|
(228,212
|
)
|
||
|
Preferred membership interests
|
|
(5,463
|
)
|
|
(5,213
|
)
|
||
|
Other
|
|
(1,382
|
)
|
|
50
|
|
||
|
Net cash flow used in financing activities
|
|
(215,046
|
)
|
|
(16,880
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
83,386
|
|
|
(121,105
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
157,553
|
|
|
124,007
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$240,939
|
|
|
|
$2,902
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$129,273
|
|
|
|
$122,728
|
|
|
Income taxes
|
|
|
($86,892
|
)
|
|
|
($495
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$2,597
|
|
|
|
$431
|
|
|
Temporary cash investments
|
|
238,342
|
|
|
157,122
|
|
||
|
Total cash and cash equivalents
|
|
240,939
|
|
|
157,553
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
184,011
|
|
|
124,125
|
|
||
|
Allowance for doubtful accounts
|
|
(3,270
|
)
|
|
(984
|
)
|
||
|
Associated companies
|
|
64,606
|
|
|
48,474
|
|
||
|
Other
|
|
17,184
|
|
|
9,150
|
|
||
|
Accrued unbilled revenues
|
|
104,309
|
|
|
88,673
|
|
||
|
Total accounts receivable
|
|
366,840
|
|
|
269,438
|
|
||
|
Accumulated deferred income taxes
|
|
—
|
|
|
74,558
|
|
||
|
Fuel inventory
|
|
24,813
|
|
|
30,951
|
|
||
|
Materials and supplies - at average cost
|
|
166,363
|
|
|
154,295
|
|
||
|
Deferred nuclear refueling outage costs
|
|
7,947
|
|
|
23,067
|
|
||
|
Prepayments and other
|
|
38,747
|
|
|
24,962
|
|
||
|
TOTAL
|
|
845,649
|
|
|
734,824
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliate preferred membership interests
|
|
1,034,695
|
|
|
1,034,696
|
|
||
|
Decommissioning trust funds
|
|
376,448
|
|
|
383,615
|
|
||
|
Storm reserve escrow account
|
|
200,193
|
|
|
200,053
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
78
|
|
|
214
|
|
||
|
Notes receivable - Entergy New Orleans
|
|
25,500
|
|
|
—
|
|
||
|
TOTAL
|
|
1,636,914
|
|
|
1,618,578
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
9,782,539
|
|
|
9,627,495
|
|
||
|
Property under capital lease
|
|
334,716
|
|
|
334,716
|
|
||
|
Construction work in progress
|
|
225,939
|
|
|
241,923
|
|
||
|
Nuclear fuel
|
|
189,442
|
|
|
162,721
|
|
||
|
TOTAL UTILITY PLANT
|
|
10,532,636
|
|
|
10,366,855
|
|
||
|
Less - accumulated depreciation and amortization
|
|
4,058,990
|
|
|
3,942,916
|
|
||
|
UTILITY PLANT - NET
|
|
6,473,646
|
|
|
6,423,939
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
319,885
|
|
|
324,555
|
|
||
|
Other regulatory assets (includes securitization property of $119,470 as of September 30, 2015 and $135,538 as of December 31, 2014)
|
|
859,152
|
|
|
914,229
|
|
||
|
Deferred fuel costs
|
|
67,998
|
|
|
67,998
|
|
||
|
Other
|
|
44,953
|
|
|
45,182
|
|
||
|
TOTAL
|
|
1,291,988
|
|
|
1,351,964
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$10,248,197
|
|
|
|
$10,129,305
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$28,772
|
|
|
|
$19,525
|
|
|
Short-term borrowings
|
|
66,653
|
|
|
46,033
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
70,041
|
|
|
74,692
|
|
||
|
Other
|
|
141,087
|
|
|
164,329
|
|
||
|
Customer deposits
|
|
91,639
|
|
|
93,010
|
|
||
|
Taxes accrued
|
|
94,178
|
|
|
860
|
|
||
|
Accumulated deferred income taxes
|
|
5,805
|
|
|
—
|
|
||
|
Interest accrued
|
|
40,725
|
|
|
44,372
|
|
||
|
Deferred fuel costs
|
|
24,082
|
|
|
50,432
|
|
||
|
Other
|
|
49,835
|
|
|
48,250
|
|
||
|
TOTAL
|
|
612,817
|
|
|
541,503
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
1,484,567
|
|
|
1,406,507
|
|
||
|
Accumulated deferred investment tax credits
|
|
62,918
|
|
|
64,771
|
|
||
|
Other regulatory liabilities
|
|
516,964
|
|
|
546,084
|
|
||
|
Decommissioning
|
|
523,053
|
|
|
503,734
|
|
||
|
Accumulated provisions
|
|
208,508
|
|
|
212,243
|
|
||
|
Pension and other postretirement liabilities
|
|
496,139
|
|
|
530,844
|
|
||
|
Long-term debt (includes securitization bonds of $133,762 as of September 30, 2015 and $143,039 as of December 31, 2014)
|
|
3,299,254
|
|
|
3,337,054
|
|
||
|
Other
|
|
66,527
|
|
|
70,141
|
|
||
|
TOTAL
|
|
6,657,930
|
|
|
6,671,378
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
EQUITY
|
|
|
|
|
||||
|
Preferred membership interests without sinking fund
|
|
—
|
|
|
100,000
|
|
||
|
Member's equity
|
|
3,003,420
|
|
|
2,842,300
|
|
||
|
Accumulated other comprehensive loss
|
|
(25,970
|
)
|
|
(25,876
|
)
|
||
|
TOTAL
|
|
2,977,450
|
|
|
2,916,424
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$10,248,197
|
|
|
|
$10,129,305
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Common Equity
|
|
|
||||||||||
|
|
Preferred
Membership
Interests
|
|
Member’s
Equity |
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
||||||||
|
|
|
|
(In Thousands)
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2013
|
|
$100,000
|
|
|
|
$2,885,287
|
|
|
|
($9,635
|
)
|
|
|
$2,975,652
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
251,866
|
|
|
—
|
|
|
251,866
|
|
||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(876
|
)
|
|
(876
|
)
|
||||
|
Contributions from parent
|
—
|
|
|
1,052
|
|
|
—
|
|
|
1,052
|
|
||||
|
Distributions declared on common equity
|
—
|
|
|
(228,212
|
)
|
|
—
|
|
|
(228,212
|
)
|
||||
|
Distributions declared on preferred membership interests
|
—
|
|
|
(5,232
|
)
|
|
—
|
|
|
(5,232
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2014
|
|
$100,000
|
|
|
|
$2,904,761
|
|
|
|
($10,511
|
)
|
|
|
$2,994,250
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$100,000
|
|
|
|
$2,842,300
|
|
|
|
($25,876
|
)
|
|
|
$2,916,424
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
266,282
|
|
|
—
|
|
|
266,282
|
|
||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(94
|
)
|
|
(94
|
)
|
||||
|
Preferred stock redemption
|
(100,000
|
)
|
|
—
|
|
|
—
|
|
|
(100,000
|
)
|
||||
|
Distributions declared on common equity
|
—
|
|
|
(100,000
|
)
|
|
—
|
|
|
(100,000
|
)
|
||||
|
Distributions declared on preferred membership interests
|
—
|
|
|
(5,155
|
)
|
|
—
|
|
|
(5,155
|
)
|
||||
|
Other
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2015
|
|
$—
|
|
|
|
$3,003,420
|
|
|
|
($25,970
|
)
|
|
|
$2,977,450
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$284
|
|
|
|
$287
|
|
|
|
($3
|
)
|
|
(1
|
)
|
|
Commercial
|
|
170
|
|
|
179
|
|
|
(9
|
)
|
|
(5
|
)
|
|||
|
Industrial
|
|
242
|
|
|
281
|
|
|
(39
|
)
|
|
(14
|
)
|
|||
|
Governmental
|
|
12
|
|
|
13
|
|
|
(1
|
)
|
|
(8
|
)
|
|||
|
Total retail
|
|
708
|
|
|
760
|
|
|
(52
|
)
|
|
(7
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
84
|
|
|
86
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
|
Non-associated companies
|
|
(2
|
)
|
|
1
|
|
|
(3
|
)
|
|
—
|
|
|||
|
Other
|
|
20
|
|
|
23
|
|
|
(3
|
)
|
|
(13
|
)
|
|||
|
Total
|
|
|
$810
|
|
|
|
$870
|
|
|
|
($60
|
)
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,981
|
|
|
2,800
|
|
|
181
|
|
|
6
|
|
|||
|
Commercial
|
|
1,876
|
|
|
1,813
|
|
|
63
|
|
|
3
|
|
|||
|
Industrial
|
|
4,620
|
|
|
4,492
|
|
|
128
|
|
|
3
|
|
|||
|
Governmental
|
|
129
|
|
|
126
|
|
|
3
|
|
|
2
|
|
|||
|
Total retail
|
|
9,606
|
|
|
9,231
|
|
|
375
|
|
|
4
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
2,120
|
|
|
1,393
|
|
|
727
|
|
|
52
|
|
|||
|
Non-associated companies
|
|
17
|
|
|
10
|
|
|
7
|
|
|
70
|
|
|||
|
Total
|
|
11,743
|
|
|
10,634
|
|
|
1,109
|
|
|
10
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$655
|
|
|
|
$683
|
|
|
|
($28
|
)
|
|
(4
|
)
|
|
Commercial
|
|
437
|
|
|
461
|
|
|
(24
|
)
|
|
(5
|
)
|
|||
|
Industrial
|
|
666
|
|
|
761
|
|
|
(95
|
)
|
|
(12
|
)
|
|||
|
Governmental
|
|
34
|
|
|
36
|
|
|
(2
|
)
|
|
(6
|
)
|
|||
|
Total retail
|
|
1,792
|
|
|
1,941
|
|
|
(149
|
)
|
|
(8
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
239
|
|
|
207
|
|
|
32
|
|
|
15
|
|
|||
|
Non-associated companies
|
|
1
|
|
|
17
|
|
|
(16
|
)
|
|
(94
|
)
|
|||
|
Other
|
|
86
|
|
|
65
|
|
|
21
|
|
|
—
|
|
|||
|
Total
|
|
|
$2,118
|
|
|
|
$2,230
|
|
|
|
($112
|
)
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
7,174
|
|
|
7,091
|
|
|
83
|
|
|
1
|
|
|||
|
Commercial
|
|
4,815
|
|
|
4,745
|
|
|
70
|
|
|
1
|
|
|||
|
Industrial
|
|
12,989
|
|
|
12,771
|
|
|
218
|
|
|
2
|
|
|||
|
Governmental
|
|
383
|
|
|
378
|
|
|
5
|
|
|
1
|
|
|||
|
Total retail
|
|
25,361
|
|
|
24,985
|
|
|
376
|
|
|
2
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
6,053
|
|
|
3,459
|
|
|
2,594
|
|
|
75
|
|
|||
|
Non-associated companies
|
|
69
|
|
|
107
|
|
|
(38
|
)
|
|
(36
|
)
|
|||
|
Total
|
|
31,483
|
|
|
28,551
|
|
|
2,932
|
|
|
10
|
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$190.2
|
|
|
Volume/weather
|
6.4
|
|
|
|
Retail electric price
|
(2.3
|
)
|
|
|
Other
|
(3.0
|
)
|
|
|
2015 net revenue
|
|
$191.3
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$531.6
|
|
|
Volume/weather
|
15.7
|
|
|
|
Retail electric price
|
6.5
|
|
|
|
MISO deferral
|
(6.1
|
)
|
|
|
Other
|
(1.7
|
)
|
|
|
2015 net revenue
|
|
$546.0
|
|
|
•
|
a decrease of $6.1 million in storm damage accruals. See Note 2 to the financial statements in the Form 10-K for a discussion of storm cost recovery;
|
|
•
|
a decrease of $1.9 million in costs incurred in 2014 related to Baxter Wilson (Unit 1) repairs, including an offset for expected insurance proceeds and amortization of the repair costs in 2015 that were deferred in 2014 as approved by the MPSC. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS -
Baxter Wilson Plant Event
”
in the Form 10-K and below for a discussion of the Baxter Wilson plant event; and
|
|
•
|
several individually insignificant items.
|
|
•
|
a decrease of $12.7 million in storm damage accruals. See Note 2 to the financial statements in the Form 10-K for a discussion of storm cost recovery; and
|
|
•
|
a decrease of $7.7 million in costs incurred in 2014 related to Baxter Wilson (Unit 1) repairs, including an offset for expected insurance proceeds and amortization of the repair costs in 2015 that were deferred in 2014 as approved by the MPSC. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS -
Baxter Wilson Plant Event
”
in the Form 10-K and below for a discussion of the Baxter Wilson plant event.
|
|
•
|
an increase of $9.1 million in fossil-fueled generation expenses primarily due to a higher scope of work done during plant outages in 2015 as compared to the same period in 2014 and higher long-term service agreement costs as a result of increased operation of the Hinds and Attala plants;
|
|
•
|
an increase of $5 million in energy efficiency costs. These costs began in fourth quarter 2014 and are recovered through the energy efficiency rider having minimal effect on net income; and
|
|
•
|
a $2.6 million loss recognized on the disposition of plant components.
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$61,633
|
|
|
|
$31
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
306,255
|
|
|
187,323
|
|
||
|
Investing activities
|
(134,964
|
)
|
|
(128,895
|
)
|
||
|
Financing activities
|
(38,461
|
)
|
|
(26,724
|
)
|
||
|
Net increase in cash and cash equivalents
|
132,830
|
|
|
31,704
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$194,463
|
|
|
|
$31,735
|
|
|
•
|
increased recovery of fuel costs in 2015 as compared to the same period in 2014;
|
|
•
|
System Agreement bandwidth remedy payments of $16.4 million in September 2014 as a result of the compliance filing pursuant to the FERC’s orders related to the bandwidth payments/receipts for the 2007 - 2009 period;
|
|
•
|
$15.3 million in insurance proceeds received in 2015 related to the Baxter Wilson plant event. See “
Baxter Wilson Plant Event
”
above and in the Form 10-K for a discussion of the Baxter Wilson plant event; and
|
|
•
|
timing of collections from customers.
|
|
•
|
System Agreement bandwidth remedy payments of $11.3 million received in 2014 as a result of the compliance filing pursuant to the FERC’s February 2014 orders related to the bandwidth payments/receipts for the June - December 2005 period; and
|
|
•
|
income tax payments of $2.6 million in the
nine
months ended
September 30, 2015
compared to income tax refunds of $6.8 million in the
nine
months ended
September 30, 2014
. Entergy Mississippi had income tax payments in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The income tax payments in 2015 resulted primarily from final settlement of amounts outstanding associated with the 2006-2007 IRS audit. The 2014 income tax refunds were received in accordance with intercompany state income tax sharing arrangements. See Note 10 to the financial statements for a discussion of the finalized tax and interest computations for the 2006-2007 IRS audit.
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||
|
Debt to capital
|
50.0
|
%
|
|
51.2
|
%
|
|
Effect of subtracting cash
|
(5.0
|
%)
|
|
(1.5
|
%)
|
|
Net debt to net capital
|
45.0
|
%
|
|
49.7
|
%
|
|
September 30, 2015
|
|
December 31,
2014
|
|
September 30, 2014
|
|
December 31,
2013
|
|
(In Thousands)
|
||||||
|
$4,260
|
|
$644
|
|
$5,376
|
|
($3,536)
|
|
ENTERGY MISSISSIPPI, INC.
|
||||||||||||||||
|
INCOME (LOSS) STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$410,743
|
|
|
|
$425,341
|
|
|
|
$1,116,533
|
|
|
|
$1,144,175
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
89,512
|
|
|
85,185
|
|
|
244,331
|
|
|
219,013
|
|
||||
|
Purchased power
|
|
120,697
|
|
|
145,266
|
|
|
308,618
|
|
|
393,054
|
|
||||
|
Other operation and maintenance
|
|
60,504
|
|
|
69,259
|
|
|
190,690
|
|
|
193,959
|
|
||||
|
Asset write-off
|
|
—
|
|
|
60,857
|
|
|
—
|
|
|
60,857
|
|
||||
|
Taxes other than income taxes
|
|
24,082
|
|
|
22,060
|
|
|
72,219
|
|
|
66,060
|
|
||||
|
Depreciation and amortization
|
|
32,459
|
|
|
28,625
|
|
|
95,888
|
|
|
85,130
|
|
||||
|
Other regulatory charges - net
|
|
9,225
|
|
|
4,686
|
|
|
17,598
|
|
|
504
|
|
||||
|
TOTAL
|
|
336,479
|
|
|
415,938
|
|
|
929,344
|
|
|
1,018,577
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
74,264
|
|
|
9,403
|
|
|
187,189
|
|
|
125,598
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
713
|
|
|
579
|
|
|
2,094
|
|
|
1,428
|
|
||||
|
Interest and investment income
|
|
50
|
|
|
274
|
|
|
105
|
|
|
938
|
|
||||
|
Miscellaneous - net
|
|
(743
|
)
|
|
(728
|
)
|
|
(2,675
|
)
|
|
(2,981
|
)
|
||||
|
TOTAL
|
|
20
|
|
|
125
|
|
|
(476
|
)
|
|
(615
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
14,527
|
|
|
14,099
|
|
|
43,164
|
|
|
42,923
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(376
|
)
|
|
(303
|
)
|
|
(1,117
|
)
|
|
(745
|
)
|
||||
|
TOTAL
|
|
14,151
|
|
|
13,796
|
|
|
42,047
|
|
|
42,178
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME (LOSS) BEFORE INCOME TAXES
|
|
60,133
|
|
|
(4,268
|
)
|
|
144,666
|
|
|
82,805
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
23,557
|
|
|
2,196
|
|
|
56,876
|
|
|
36,866
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME (LOSS)
|
|
36,576
|
|
|
(6,464
|
)
|
|
87,790
|
|
|
45,939
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
707
|
|
|
707
|
|
|
2,121
|
|
|
2,121
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS (LOSS) APPLICABLE TO COMMON STOCK
|
|
|
$35,869
|
|
|
|
($7,171
|
)
|
|
|
$85,669
|
|
|
|
$43,818
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$87,790
|
|
|
|
$45,939
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
95,888
|
|
|
85,130
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(9,178
|
)
|
|
(13,802
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
4,628
|
|
|
(39,365
|
)
|
||
|
Fuel inventory
|
|
(6,627
|
)
|
|
6,039
|
|
||
|
Accounts payable
|
|
(14,918
|
)
|
|
(17,736
|
)
|
||
|
Taxes accrued
|
|
52,202
|
|
|
41,983
|
|
||
|
Interest accrued
|
|
(5,241
|
)
|
|
46
|
|
||
|
Deferred fuel costs
|
|
81,084
|
|
|
(2,416
|
)
|
||
|
Other working capital accounts
|
|
(6,528
|
)
|
|
24,752
|
|
||
|
Provisions for estimated losses
|
|
(1,670
|
)
|
|
10,152
|
|
||
|
Other regulatory assets
|
|
46,016
|
|
|
68,660
|
|
||
|
Pension and other postretirement liabilities
|
|
(22,345
|
)
|
|
(23,551
|
)
|
||
|
Other assets and liabilities
|
|
5,154
|
|
|
1,492
|
|
||
|
Net cash flow provided by operating activities
|
|
306,255
|
|
|
187,323
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(146,410
|
)
|
|
(124,944
|
)
|
||
|
Allowance for equity funds used during construction
|
|
2,094
|
|
|
1,428
|
|
||
|
Insurance proceeds
|
|
12,932
|
|
|
—
|
|
||
|
Changes in money pool receivable - net
|
|
(3,616
|
)
|
|
(5,376
|
)
|
||
|
Other
|
|
36
|
|
|
(3
|
)
|
||
|
Net cash flow used in investing activities
|
|
(134,964
|
)
|
|
(128,895
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
—
|
|
|
98,933
|
|
||
|
Retirement of long-term debt
|
|
—
|
|
|
(95,000
|
)
|
||
|
Change in money pool payable - net
|
|
—
|
|
|
(3,536
|
)
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(36,250
|
)
|
|
(25,000
|
)
|
||
|
Preferred stock
|
|
(2,121
|
)
|
|
(2,121
|
)
|
||
|
Other
|
|
(90
|
)
|
|
—
|
|
||
|
Net cash flow used in financing activities
|
|
(38,461
|
)
|
|
(26,724
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase in cash and cash equivalents
|
|
132,830
|
|
|
31,704
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
61,633
|
|
|
31
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$194,463
|
|
|
|
$31,735
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$46,449
|
|
|
|
$40,834
|
|
|
Income taxes
|
|
|
$2,597
|
|
|
|
($6,840
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$1,104
|
|
|
|
$1,223
|
|
|
Temporary cash investments
|
|
193,359
|
|
|
60,410
|
|
||
|
Total cash and cash equivalents
|
|
194,463
|
|
|
61,633
|
|
||
|
Accounts receivable:
|
|
|
|
|
|
|
||
|
Customer
|
|
91,119
|
|
|
78,593
|
|
||
|
Allowance for doubtful accounts
|
|
(961
|
)
|
|
(873
|
)
|
||
|
Associated companies
|
|
16,960
|
|
|
21,233
|
|
||
|
Other
|
|
9,894
|
|
|
42,009
|
|
||
|
Accrued unbilled revenues
|
|
53,380
|
|
|
43,374
|
|
||
|
Total accounts receivable
|
|
170,392
|
|
|
184,336
|
|
||
|
Accumulated deferred income taxes
|
|
4,611
|
|
|
5,198
|
|
||
|
Fuel inventory - at average cost
|
|
49,363
|
|
|
42,736
|
|
||
|
Materials and supplies - at average cost
|
|
38,691
|
|
|
37,741
|
|
||
|
Prepayments and other
|
|
12,133
|
|
|
7,315
|
|
||
|
TOTAL
|
|
469,653
|
|
|
338,959
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
4,629
|
|
|
4,642
|
|
||
|
Escrow accounts
|
|
41,716
|
|
|
41,752
|
|
||
|
TOTAL
|
|
46,345
|
|
|
46,394
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
|
|
||
|
Electric
|
|
4,039,527
|
|
|
3,999,918
|
|
||
|
Property under capital lease
|
|
3,261
|
|
|
4,185
|
|
||
|
Construction work in progress
|
|
78,359
|
|
|
67,514
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,121,147
|
|
|
4,071,617
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,516,730
|
|
|
1,516,540
|
|
||
|
UTILITY PLANT - NET
|
|
2,604,417
|
|
|
2,555,077
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
|
|
||
|
Regulatory assets:
|
|
|
|
|
|
|
||
|
Regulatory asset for income taxes - net
|
|
42,844
|
|
|
49,306
|
|
||
|
Other regulatory assets
|
|
325,193
|
|
|
364,747
|
|
||
|
Other
|
|
17,892
|
|
|
19,121
|
|
||
|
TOTAL
|
|
385,929
|
|
|
433,174
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,506,344
|
|
|
|
$3,373,604
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Currently maturing long-term debt
|
|
|
$125,000
|
|
|
|
$—
|
|
|
Accounts payable:
|
|
|
|
|
|
|
||
|
Associated companies
|
|
36,617
|
|
|
49,832
|
|
||
|
Other
|
|
58,591
|
|
|
63,300
|
|
||
|
Customer deposits
|
|
81,010
|
|
|
77,753
|
|
||
|
Taxes accrued
|
|
105,767
|
|
|
53,565
|
|
||
|
Interest accrued
|
|
17,931
|
|
|
23,172
|
|
||
|
Deferred fuel costs
|
|
83,278
|
|
|
2,194
|
|
||
|
Other
|
|
23,584
|
|
|
17,533
|
|
||
|
TOTAL
|
|
531,778
|
|
|
287,349
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Accumulated deferred income taxes and taxes accrued
|
|
781,728
|
|
|
800,374
|
|
||
|
Accumulated deferred investment tax credits
|
|
10,658
|
|
|
6,370
|
|
||
|
Asset retirement cost liabilities
|
|
8,139
|
|
|
6,786
|
|
||
|
Accumulated provisions
|
|
48,472
|
|
|
50,142
|
|
||
|
Pension and other postretirement liabilities
|
|
112,814
|
|
|
135,156
|
|
||
|
Long-term debt
|
|
933,931
|
|
|
1,058,838
|
|
||
|
Other
|
|
16,854
|
|
|
16,038
|
|
||
|
TOTAL
|
|
1,912,596
|
|
|
2,073,704
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||||
|
Preferred stock without sinking fund
|
|
50,381
|
|
|
50,381
|
|
||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
|
|
||
|
Common stock, no par value, authorized 12,000,000 shares; issued and outstanding 8,666,357 shares in 2015 and 2014
|
|
199,326
|
|
|
199,326
|
|
||
|
Capital stock expense and other
|
|
(690
|
)
|
|
(690
|
)
|
||
|
Retained earnings
|
|
812,953
|
|
|
763,534
|
|
||
|
TOTAL
|
|
1,011,589
|
|
|
962,170
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,506,344
|
|
|
|
$3,373,604
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Capital Stock
Expense and
Other
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2013
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$752,941
|
|
|
|
$951,577
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
45,939
|
|
|
45,939
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(25,000
|
)
|
|
(25,000
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(2,121
|
)
|
|
(2,121
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2014
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$771,759
|
|
|
|
$970,395
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$763,534
|
|
|
|
$962,170
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
87,790
|
|
|
87,790
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(36,250
|
)
|
|
(36,250
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(2,121
|
)
|
|
(2,121
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2015
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$812,953
|
|
|
|
$1,011,589
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$182
|
|
|
|
$179
|
|
|
|
$3
|
|
|
2
|
|
|
Commercial
|
|
137
|
|
|
140
|
|
|
(3
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
45
|
|
|
49
|
|
|
(4
|
)
|
|
(8
|
)
|
|||
|
Governmental
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
377
|
|
|
381
|
|
|
(4
|
)
|
|
(1
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
23
|
|
|
25
|
|
|
(2
|
)
|
|
(8
|
)
|
|||
|
Non-associated companies
|
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
(25
|
)
|
|||
|
Other
|
|
8
|
|
|
15
|
|
|
(7
|
)
|
|
(47
|
)
|
|||
|
Total
|
|
|
$411
|
|
|
|
$425
|
|
|
|
($14
|
)
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
1,935
|
|
|
1,724
|
|
|
211
|
|
|
12
|
|
|||
|
Commercial
|
|
1,494
|
|
|
1,384
|
|
|
110
|
|
|
8
|
|
|||
|
Industrial
|
|
638
|
|
|
629
|
|
|
9
|
|
|
1
|
|
|||
|
Governmental
|
|
126
|
|
|
114
|
|
|
12
|
|
|
11
|
|
|||
|
Total retail
|
|
4,193
|
|
|
3,851
|
|
|
342
|
|
|
9
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
447
|
|
|
482
|
|
|
(35
|
)
|
|
(7
|
)
|
|||
|
Non-associated companies
|
|
100
|
|
|
80
|
|
|
20
|
|
|
25
|
|
|||
|
Total
|
|
4,740
|
|
|
4,413
|
|
|
327
|
|
|
7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
|
$455
|
|
|
|
$451
|
|
|
|
$4
|
|
|
1
|
|
|
Commercial
|
|
362
|
|
|
359
|
|
|
3
|
|
|
1
|
|
|||
|
Industrial
|
|
126
|
|
|
129
|
|
|
(3
|
)
|
|
(2
|
)
|
|||
|
Governmental
|
|
37
|
|
|
35
|
|
|
2
|
|
|
6
|
|
|||
|
Total retail
|
|
980
|
|
|
974
|
|
|
6
|
|
|
1
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
66
|
|
|
109
|
|
|
(43
|
)
|
|
(39
|
)
|
|||
|
Non-associated companies
|
|
9
|
|
|
11
|
|
|
(2
|
)
|
|
(18
|
)
|
|||
|
Other
|
|
62
|
|
|
50
|
|
|
12
|
|
|
24
|
|
|||
|
Total
|
|
|
$1,117
|
|
|
|
$1,144
|
|
|
|
($27
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
4,523
|
|
|
4,434
|
|
|
89
|
|
|
2
|
|
|||
|
Commercial
|
|
3,745
|
|
|
3,640
|
|
|
105
|
|
|
3
|
|
|||
|
Industrial
|
|
1,699
|
|
|
1,719
|
|
|
(20
|
)
|
|
(1
|
)
|
|||
|
Governmental
|
|
325
|
|
|
312
|
|
|
13
|
|
|
4
|
|
|||
|
Total retail
|
|
10,292
|
|
|
10,105
|
|
|
187
|
|
|
2
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
1,354
|
|
|
1,632
|
|
|
(278
|
)
|
|
(17
|
)
|
|||
|
Non-associated companies
|
|
193
|
|
|
156
|
|
|
37
|
|
|
24
|
|
|||
|
Total
|
|
11,839
|
|
|
11,893
|
|
|
(54
|
)
|
|
—
|
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$83.7
|
|
|
Volume/weather
|
5.1
|
|
|
|
Other
|
(0.2
|
)
|
|
|
2015 net revenue
|
|
$88.6
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$222.5
|
|
|
Volume/weather
|
11.4
|
|
|
|
Other
|
0.4
|
|
|
|
2015 net revenue
|
|
$234.3
|
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$42,389
|
|
|
|
$33,489
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
83,454
|
|
|
64,891
|
|
||
|
Investing activities
|
(133,489
|
)
|
|
(55,614
|
)
|
||
|
Financing activities
|
28,919
|
|
|
(4,101
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(21,116
|
)
|
|
5,176
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$21,273
|
|
|
|
$38,665
|
|
|
|
September 30,
2015
|
|
December 31,
2014
|
||
|
Debt to capital
|
55.7
|
%
|
|
55.4
|
%
|
|
Effect of excluding securitization bonds
|
(8.3
|
%)
|
|
—
|
%
|
|
Debt to capital, excluding securitization bonds (a)
|
47.4
|
%
|
|
55.4
|
%
|
|
Effect of subtracting cash
|
(2.2
|
%)
|
|
(3.6
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
45.2
|
%
|
|
51.8
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy New Orleans.
|
|
September 30,
2015
|
|
December 31,
2014
|
|
September 30,
2014 |
|
December 31,
2013
|
|
(In Thousands)
|
||||||
|
$452
|
|
$442
|
|
$6,664
|
|
$4,737
|
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$194,056
|
|
|
|
$180,771
|
|
|
|
$458,796
|
|
|
|
$488,526
|
|
|
Natural gas
|
|
15,677
|
|
|
17,753
|
|
|
68,314
|
|
|
86,141
|
|
||||
|
TOTAL
|
|
209,733
|
|
|
198,524
|
|
|
527,110
|
|
|
574,667
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
44,085
|
|
|
47,251
|
|
|
81,807
|
|
|
145,058
|
|
||||
|
Purchased power
|
|
75,107
|
|
|
67,446
|
|
|
209,626
|
|
|
206,613
|
|
||||
|
Other operation and maintenance
|
|
29,792
|
|
|
30,880
|
|
|
89,872
|
|
|
92,421
|
|
||||
|
Taxes other than income taxes
|
|
13,134
|
|
|
12,984
|
|
|
36,302
|
|
|
38,548
|
|
||||
|
Depreciation and amortization
|
|
10,929
|
|
|
11,480
|
|
|
32,529
|
|
|
33,930
|
|
||||
|
Other regulatory charges - net
|
|
1,952
|
|
|
87
|
|
|
1,340
|
|
|
539
|
|
||||
|
TOTAL
|
|
174,999
|
|
|
170,128
|
|
|
451,476
|
|
|
517,109
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
34,734
|
|
|
28,396
|
|
|
75,634
|
|
|
57,558
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
389
|
|
|
372
|
|
|
1,022
|
|
|
1,321
|
|
||||
|
Interest and investment income
|
|
15
|
|
|
176
|
|
|
53
|
|
|
226
|
|
||||
|
Miscellaneous - net
|
|
(81
|
)
|
|
(157
|
)
|
|
532
|
|
|
(631
|
)
|
||||
|
TOTAL
|
|
323
|
|
|
391
|
|
|
1,607
|
|
|
916
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
4,480
|
|
|
4,155
|
|
|
13,086
|
|
|
12,531
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(177
|
)
|
|
(190
|
)
|
|
(471
|
)
|
|
(668
|
)
|
||||
|
TOTAL
|
|
4,303
|
|
|
3,965
|
|
|
12,615
|
|
|
11,863
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
30,754
|
|
|
24,822
|
|
|
64,626
|
|
|
46,611
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
11,591
|
|
|
8,872
|
|
|
23,275
|
|
|
15,939
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
19,163
|
|
|
15,950
|
|
|
41,351
|
|
|
30,672
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
241
|
|
|
241
|
|
|
724
|
|
|
724
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$18,922
|
|
|
|
$15,709
|
|
|
|
$40,627
|
|
|
|
$29,948
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$41,351
|
|
|
|
$30,672
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
32,529
|
|
|
33,930
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
14,620
|
|
|
12,598
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(10,830
|
)
|
|
10,618
|
|
||
|
Fuel inventory
|
|
1,295
|
|
|
(75
|
)
|
||
|
Accounts payable
|
|
8,585
|
|
|
(7,683
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
13,604
|
|
|
1,094
|
|
||
|
Interest accrued
|
|
(287
|
)
|
|
(959
|
)
|
||
|
Deferred fuel costs
|
|
4,829
|
|
|
(4,411
|
)
|
||
|
Other working capital accounts
|
|
(5,362
|
)
|
|
(13,809
|
)
|
||
|
Provisions for estimated losses
|
|
64,479
|
|
|
8,164
|
|
||
|
Other regulatory assets
|
|
(83,437
|
)
|
|
46
|
|
||
|
Pension and other postretirement liabilities
|
|
(13,999
|
)
|
|
(11,444
|
)
|
||
|
Other assets and liabilities
|
|
16,077
|
|
|
6,150
|
|
||
|
Net cash flow provided by operating activities
|
|
83,454
|
|
|
64,891
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(64,280
|
)
|
|
(49,370
|
)
|
||
|
Allowance for equity funds used during construction
|
|
1,022
|
|
|
1,321
|
|
||
|
Changes in money pool receivable - net
|
|
(10
|
)
|
|
(1,927
|
)
|
||
|
Receipts from storm reserve escrow account
|
|
6
|
|
|
—
|
|
||
|
Payments to storm reserve escrow account
|
|
(68,793
|
)
|
|
(5,638
|
)
|
||
|
Change in securitization account
|
|
(1,434
|
)
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(133,489
|
)
|
|
(55,614
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
95,436
|
|
|
—
|
|
||
|
Repayment of long-term payable due to Entergy Louisiana
|
|
(58,417
|
)
|
|
—
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(7,250
|
)
|
|
(3,000
|
)
|
||
|
Preferred stock
|
|
(724
|
)
|
|
(724
|
)
|
||
|
Other
|
|
(126
|
)
|
|
(377
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
28,919
|
|
|
(4,101
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
(21,116
|
)
|
|
5,176
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
42,389
|
|
|
33,489
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$21,273
|
|
|
|
$38,665
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$9,710
|
|
|
|
$12,477
|
|
|
Income taxes
|
|
|
$40
|
|
|
|
$4,871
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
|
|
|
||||
|
Cash
|
|
|
$768
|
|
|
|
$1,006
|
|
|
Temporary cash investments
|
|
20,505
|
|
|
41,383
|
|
||
|
Total cash and cash equivalents
|
|
21,273
|
|
|
42,389
|
|
||
|
Securitization recovery trust account
|
|
1,434
|
|
|
—
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
48,198
|
|
|
38,500
|
|
||
|
Allowance for doubtful accounts
|
|
(429
|
)
|
|
(262
|
)
|
||
|
Associated companies
|
|
12,777
|
|
|
11,693
|
|
||
|
Other
|
|
1,861
|
|
|
3,223
|
|
||
|
Accrued unbilled revenues
|
|
20,118
|
|
|
18,531
|
|
||
|
Total accounts receivable
|
|
82,525
|
|
|
71,685
|
|
||
|
Accumulated deferred income taxes
|
|
6,208
|
|
|
8,562
|
|
||
|
Fuel inventory - at average cost
|
|
1,721
|
|
|
3,016
|
|
||
|
Materials and supplies - at average cost
|
|
13,169
|
|
|
12,650
|
|
||
|
Prepaid taxes
|
|
—
|
|
|
1,644
|
|
||
|
Prepayments and other
|
|
13,345
|
|
|
5,448
|
|
||
|
TOTAL
|
|
139,675
|
|
|
145,394
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Non-utility property at cost (less accumulated depreciation)
|
|
1,016
|
|
|
1,016
|
|
||
|
Storm reserve escrow account
|
|
86,825
|
|
|
18,038
|
|
||
|
TOTAL
|
|
87,841
|
|
|
19,054
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
1,043,768
|
|
|
1,028,251
|
|
||
|
Natural gas
|
|
233,744
|
|
|
228,979
|
|
||
|
Construction work in progress
|
|
23,073
|
|
|
18,866
|
|
||
|
TOTAL UTILITY PLANT
|
|
1,300,585
|
|
|
1,276,096
|
|
||
|
Less - accumulated depreciation and amortization
|
|
649,899
|
|
|
625,222
|
|
||
|
UTILITY PLANT - NET
|
|
650,686
|
|
|
650,874
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Deferred fuel costs
|
|
4,080
|
|
|
4,080
|
|
||
|
Other regulatory assets (includes securitization property of $93,807 as of September
30, 2015) |
|
278,288
|
|
|
194,851
|
|
||
|
Other
|
|
8,705
|
|
|
5,345
|
|
||
|
TOTAL
|
|
291,073
|
|
|
204,276
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$1,169,275
|
|
|
|
$1,019,598
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
|
$39,674
|
|
|
|
$33,170
|
|
|
Other
|
|
26,349
|
|
|
22,435
|
|
||
|
Customer deposits
|
|
28,247
|
|
|
26,848
|
|
||
|
Taxes accrued
|
|
11,960
|
|
|
—
|
|
||
|
Interest accrued
|
|
3,352
|
|
|
3,639
|
|
||
|
Deferred fuel costs
|
|
34,032
|
|
|
29,203
|
|
||
|
Other
|
|
8,649
|
|
|
6,994
|
|
||
|
TOTAL CURRENT LIABILITIES
|
|
152,263
|
|
|
122,289
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
212,597
|
|
|
199,241
|
|
||
|
Accumulated deferred investment tax credits
|
|
791
|
|
|
904
|
|
||
|
Regulatory liability for income taxes - net
|
|
13,297
|
|
|
19,275
|
|
||
|
Asset retirement cost liabilities
|
|
2,642
|
|
|
2,511
|
|
||
|
Accumulated provisions
|
|
90,356
|
|
|
25,877
|
|
||
|
Pension and other postretirement liabilities
|
|
48,441
|
|
|
62,440
|
|
||
|
Long-term debt (includes securitization bonds of $98,706 as of September 30, 2015)
|
|
324,577
|
|
|
225,866
|
|
||
|
Gas system rebuild insurance proceeds
|
|
15,609
|
|
|
23,218
|
|
||
|
Long-term payable due to Entergy Louisiana
|
|
25,500
|
|
|
82,316
|
|
||
|
Other
|
|
4,223
|
|
|
7,856
|
|
||
|
TOTAL NON-CURRENT LIABILITIES
|
|
738,033
|
|
|
649,504
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Preferred stock without sinking fund
|
|
19,780
|
|
|
19,780
|
|
||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, $4 par value, authorized 10,000,000 shares; issued and outstanding 8,435,900 shares in 2015 and 2014
|
|
33,744
|
|
|
33,744
|
|
||
|
Paid-in capital
|
|
36,294
|
|
|
36,294
|
|
||
|
Retained earnings
|
|
189,161
|
|
|
157,987
|
|
||
|
TOTAL
|
|
259,199
|
|
|
228,025
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$1,169,275
|
|
|
|
$1,019,598
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital |
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2013
|
|
$33,744
|
|
|
|
$36,294
|
|
|
|
$136,245
|
|
|
|
$206,283
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
30,672
|
|
|
30,672
|
|
||||
|
Net income attributable to Entergy Louisiana
|
—
|
|
|
—
|
|
|
(2,072
|
)
|
|
(2,072
|
)
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(3,000
|
)
|
|
(3,000
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(724
|
)
|
|
(724
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2014
|
|
$33,744
|
|
|
|
$36,294
|
|
|
|
$161,121
|
|
|
|
$231,159
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$33,744
|
|
|
|
$36,294
|
|
|
|
$157,987
|
|
|
|
$228,025
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
41,351
|
|
|
41,351
|
|
||||
|
Net income attributable to Entergy Louisiana
|
—
|
|
|
—
|
|
|
(2,203
|
)
|
|
(2,203
|
)
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(7,250
|
)
|
|
(7,250
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(724
|
)
|
|
(724
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2015
|
|
$33,744
|
|
|
|
$36,294
|
|
|
|
$189,161
|
|
|
|
$259,199
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$79
|
|
|
|
$74
|
|
|
|
$5
|
|
|
7
|
|
|
Commercial
|
|
57
|
|
|
56
|
|
|
1
|
|
|
2
|
|
|||
|
Industrial
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|||
|
Governmental
|
|
19
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
164
|
|
|
158
|
|
|
6
|
|
|
4
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
25
|
|
|
17
|
|
|
8
|
|
|
47
|
|
|||
|
Other
|
|
5
|
|
|
6
|
|
|
(1
|
)
|
|
(17
|
)
|
|||
|
Total
|
|
|
$194
|
|
|
|
$181
|
|
|
|
$13
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
786
|
|
|
711
|
|
|
75
|
|
|
11
|
|
|||
|
Commercial
|
|
660
|
|
|
627
|
|
|
33
|
|
|
5
|
|
|||
|
Industrial
|
|
132
|
|
|
125
|
|
|
7
|
|
|
6
|
|
|||
|
Governmental
|
|
234
|
|
|
224
|
|
|
10
|
|
|
4
|
|
|||
|
Total retail
|
|
1,812
|
|
|
1,687
|
|
|
125
|
|
|
7
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
597
|
|
|
324
|
|
|
273
|
|
|
84
|
|
|||
|
Non-associated companies
|
|
2
|
|
|
1
|
|
|
1
|
|
|
100
|
|
|||
|
Total
|
|
2,411
|
|
|
2,012
|
|
|
399
|
|
|
20
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential
|
|
|
$177
|
|
|
|
$182
|
|
|
|
($5
|
)
|
|
(3
|
)
|
|
Commercial
|
|
144
|
|
|
149
|
|
|
(5
|
)
|
|
(3
|
)
|
|||
|
Industrial
|
|
23
|
|
|
26
|
|
|
(3
|
)
|
|
(12
|
)
|
|||
|
Governmental
|
|
49
|
|
|
51
|
|
|
(2
|
)
|
|
(4
|
)
|
|||
|
Total retail
|
|
393
|
|
|
408
|
|
|
(15
|
)
|
|
(4
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
48
|
|
|
62
|
|
|
(14
|
)
|
|
(23
|
)
|
|||
|
Non associated companies
|
|
—
|
|
|
4
|
|
|
(4
|
)
|
|
(100
|
)
|
|||
|
Other
|
|
18
|
|
|
15
|
|
|
3
|
|
|
20
|
|
|||
|
Total
|
|
|
$459
|
|
|
|
$489
|
|
|
|
($30
|
)
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
1,835
|
|
|
1,780
|
|
|
55
|
|
|
3
|
|
|||
|
Commercial
|
|
1,715
|
|
|
1,653
|
|
|
62
|
|
|
4
|
|
|||
|
Industrial
|
|
352
|
|
|
346
|
|
|
6
|
|
|
2
|
|
|||
|
Governmental
|
|
618
|
|
|
587
|
|
|
31
|
|
|
5
|
|
|||
|
Total retail
|
|
4,520
|
|
|
4,366
|
|
|
154
|
|
|
4
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
1,079
|
|
|
1,049
|
|
|
30
|
|
|
3
|
|
|||
|
Non-associated companies
|
|
8
|
|
|
13
|
|
|
(5
|
)
|
|
(38
|
)
|
|||
|
Total
|
|
5,607
|
|
|
5,428
|
|
|
179
|
|
|
3
|
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$183.2
|
|
|
Volume/weather
|
6.8
|
|
|
|
Net wholesale revenue
|
3.7
|
|
|
|
Retail electric price
|
2.7
|
|
|
|
Transmission revenue
|
1.2
|
|
|
|
Other
|
(1.3
|
)
|
|
|
2015 net revenue
|
|
$196.3
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2014 net revenue
|
|
$472.7
|
|
|
Volume/weather
|
12.1
|
|
|
|
Retail electric price
|
10.8
|
|
|
|
Net wholesale revenue
|
7.3
|
|
|
|
Transmission revenue
|
4.3
|
|
|
|
Purchased power capacity
|
(5.6
|
)
|
|
|
Rent from electric property
|
(3.2
|
)
|
|
|
Other
|
(4.9
|
)
|
|
|
2015 net revenue
|
|
$493.5
|
|
|
•
|
the write-off in the third quarter 2015 of $4.3 million of rate case expenses and acquisition costs related to the proposed Union Power Station acquisition upon Entergy Texas’s withdrawal of its 2015 rate case and dismissal of its Certificate of Convenience and Necessity filing. See Note 2 to the financial statements herein for a discussion of these proceedings;
|
|
•
|
an increase of $2.7 million in transmission expenses primarily due to an increase in the amount of transmission costs allocated by MISO; and
|
|
•
|
an increase of $1.9 million in fossil-fueled generation expenses primarily due to an overall higher scope of work in 2015 as compared to the same period in 2014.
|
|
•
|
an increase of $10.5 million in fossil-fueled generation expenses primarily due to an overall higher scope of work in 2015 as compared to the same period in 2014;
|
|
•
|
an increase of $6.9 million in transmission expenses primarily due to an increase in the amount of transmission costs allocated by MISO; and
|
|
•
|
the write-off in 2015 of $4.3 million of rate case expenses and acquisition costs related to the proposed Union Power Station acquisition upon Entergy Texas’s withdrawal of its 2015 rate case and dismissal of its Certificate of Convenience and Necessity filing. See Note 2 to the financial statements herein for a discussion of these proceedings.
|
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$30,441
|
|
|
|
$46,488
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
185,725
|
|
|
225,723
|
|
||
|
Investing activities
|
(202,464
|
)
|
|
(123,573
|
)
|
||
|
Financing activities
|
(8,522
|
)
|
|
(108,580
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(25,261
|
)
|
|
(6,430
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$5,180
|
|
|
|
$40,058
|
|
|
•
|
a net decrease of $24.6 million related to System Agreement bandwidth remedy payments in 2014. In the second quarter 2014, Entergy Texas received total payments of $48.6 million as a result of the compliance filing pursuant to the FERC’s February 2014 orders related to the bandwidth payments/receipts for the June - December 2005 period, of which $15.3 million had been credited to Entergy Texas customers as of September 30, 2014; and
|
|
•
|
the timing of collections from customers.
|
|
•
|
an increase in transmission construction expenditures primarily due to a higher scope of work in 2015 as compared to the same period in 2014; and
|
|
•
|
an increase in fossil-fueled generation construction expenditures primarily due to Lewis Creek dam repairs in 2015 and a higher scope of work done during outages in 2015 as compared to the same period in 2014.
|
|
•
|
the issuance of $250 million of 5.15% Series first mortgage bonds in May 2015;
|
|
•
|
the retirement, prior to maturity, of $150 million of 7.875% Series first mortgage bonds in June 2014; and
|
|
•
|
$40 million in common stock dividends paid in 2014.
|
|
|
September 30,
2015 |
|
December 31,
2014
|
||
|
Debt to capital
|
60.4
|
%
|
|
62.4
|
%
|
|
Effect of excluding the securitization bonds
|
(10.5
|
%)
|
|
(11.8
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
49.9
|
%
|
|
50.6
|
%
|
|
Effect of subtracting cash
|
(0.1
|
%)
|
|
(0.9
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
49.8
|
%
|
|
49.7
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.
|
|
September 30,
2015 |
|
December 31,
2014
|
|
September 30,
2014 |
|
December 31,
2013
|
|
(In Thousands)
|
||||||
|
$82
|
|
$306
|
|
$6,727
|
|
$6,287
|
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$498,249
|
|
|
|
$528,508
|
|
|
|
$1,312,381
|
|
|
|
$1,451,696
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
72,850
|
|
|
92,748
|
|
|
197,017
|
|
|
232,974
|
|
||||
|
Purchased power
|
|
202,864
|
|
|
228,755
|
|
|
557,912
|
|
|
686,794
|
|
||||
|
Other operation and maintenance
|
|
65,253
|
|
|
56,367
|
|
|
187,840
|
|
|
166,556
|
|
||||
|
Taxes other than income taxes
|
|
18,644
|
|
|
18,873
|
|
|
54,555
|
|
|
52,631
|
|
||||
|
Depreciation and amortization
|
|
25,795
|
|
|
25,041
|
|
|
76,356
|
|
|
74,398
|
|
||||
|
Other regulatory charges - net
|
|
26,219
|
|
|
23,813
|
|
|
64,000
|
|
|
59,218
|
|
||||
|
TOTAL
|
|
411,625
|
|
|
445,597
|
|
|
1,137,680
|
|
|
1,272,571
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
86,624
|
|
|
82,911
|
|
|
174,701
|
|
|
179,125
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
1,371
|
|
|
726
|
|
|
3,912
|
|
|
2,182
|
|
||||
|
Interest and investment income (loss)
|
|
(5
|
)
|
|
307
|
|
|
(411
|
)
|
|
782
|
|
||||
|
Miscellaneous - net
|
|
(133
|
)
|
|
(277
|
)
|
|
(247
|
)
|
|
(1,617
|
)
|
||||
|
TOTAL
|
|
1,233
|
|
|
756
|
|
|
3,254
|
|
|
1,347
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
21,917
|
|
|
21,352
|
|
|
64,475
|
|
|
66,961
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(886
|
)
|
|
(505
|
)
|
|
(2,542
|
)
|
|
(1,520
|
)
|
||||
|
TOTAL
|
|
21,031
|
|
|
20,847
|
|
|
61,933
|
|
|
65,441
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
66,826
|
|
|
62,820
|
|
|
116,022
|
|
|
115,031
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
23,512
|
|
|
23,261
|
|
|
41,227
|
|
|
43,722
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$43,314
|
|
|
|
$39,559
|
|
|
|
$74,795
|
|
|
|
$71,309
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$74,795
|
|
|
|
$71,309
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
76,356
|
|
|
74,398
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(50,401
|
)
|
|
(46,976
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(22,160
|
)
|
|
(14,671
|
)
|
||
|
Fuel inventory
|
|
(3,098
|
)
|
|
2,115
|
|
||
|
Accounts payable
|
|
(7,401
|
)
|
|
(4,292
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
86,361
|
|
|
84,155
|
|
||
|
Interest accrued
|
|
(7,172
|
)
|
|
(9,744
|
)
|
||
|
Deferred fuel costs
|
|
(6,524
|
)
|
|
(10,807
|
)
|
||
|
Other working capital accounts
|
|
(4,656
|
)
|
|
(2,589
|
)
|
||
|
Provisions for estimated losses
|
|
(3,878
|
)
|
|
(255
|
)
|
||
|
Other regulatory assets
|
|
87,314
|
|
|
70,811
|
|
||
|
Pension and other postretirement liabilities
|
|
(22,396
|
)
|
|
(18,803
|
)
|
||
|
Other assets and liabilities
|
|
(11,415
|
)
|
|
31,072
|
|
||
|
Net cash flow provided by operating activities
|
|
185,725
|
|
|
225,723
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(210,595
|
)
|
|
(130,710
|
)
|
||
|
Allowance for equity funds used during construction
|
|
3,961
|
|
|
2,193
|
|
||
|
Changes in money pool receivable - net
|
|
224
|
|
|
(440
|
)
|
||
|
Changes in securitization account
|
|
3,946
|
|
|
5,384
|
|
||
|
Net cash flow used in investing activities
|
|
(202,464
|
)
|
|
(123,573
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
246,617
|
|
|
131,170
|
|
||
|
Retirement of long-term debt
|
|
(253,645
|
)
|
|
(202,055
|
)
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
—
|
|
|
(40,000
|
)
|
||
|
Other
|
|
(1,494
|
)
|
|
2,305
|
|
||
|
Net cash flow used in financing activities
|
|
(8,522
|
)
|
|
(108,580
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(25,261
|
)
|
|
(6,430
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
30,441
|
|
|
46,488
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$5,180
|
|
|
|
$40,058
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$69,005
|
|
|
|
$73,816
|
|
|
Income taxes
|
|
|
$3,162
|
|
|
|
$2,780
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$1,441
|
|
|
|
$1,733
|
|
|
Temporary cash investments
|
|
3,739
|
|
|
28,708
|
|
||
|
Total cash and cash equivalents
|
|
5,180
|
|
|
30,441
|
|
||
|
Securitization recovery trust account
|
|
33,274
|
|
|
37,219
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
87,263
|
|
|
70,993
|
|
||
|
Allowance for doubtful accounts
|
|
(707
|
)
|
|
(672
|
)
|
||
|
Associated companies
|
|
56,189
|
|
|
57,004
|
|
||
|
Other
|
|
12,631
|
|
|
10,985
|
|
||
|
Accrued unbilled revenues
|
|
43,233
|
|
|
38,363
|
|
||
|
Total accounts receivable
|
|
198,609
|
|
|
176,673
|
|
||
|
Deferred fuel costs
|
|
18,385
|
|
|
11,861
|
|
||
|
Accumulated deferred income taxes
|
|
7,380
|
|
|
669
|
|
||
|
Fuel inventory - at average cost
|
|
53,000
|
|
|
49,902
|
|
||
|
Materials and supplies - at average cost
|
|
37,207
|
|
|
33,892
|
|
||
|
Prepayments and other
|
|
23,827
|
|
|
29,211
|
|
||
|
TOTAL
|
|
376,862
|
|
|
369,868
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investments in affiliates - at equity
|
|
633
|
|
|
655
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
376
|
|
|
376
|
|
||
|
Other
|
|
19,949
|
|
|
19,085
|
|
||
|
TOTAL
|
|
20,958
|
|
|
20,116
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
3,929,465
|
|
|
3,761,847
|
|
||
|
Construction work in progress
|
|
135,935
|
|
|
125,425
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,065,400
|
|
|
3,887,272
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,508,255
|
|
|
1,454,701
|
|
||
|
UTILITY PLANT - NET
|
|
2,557,145
|
|
|
2,432,571
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
115,009
|
|
|
123,407
|
|
||
|
Other regulatory assets (includes securitization property of $467,593 as of September 30, 2015 and $521,424 as of December 31, 2014)
|
|
843,171
|
|
|
922,087
|
|
||
|
Long-term receivables - associated companies
|
|
24,948
|
|
|
26,156
|
|
||
|
Other
|
|
17,011
|
|
|
13,880
|
|
||
|
TOTAL
|
|
1,000,139
|
|
|
1,085,530
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,955,104
|
|
|
|
$3,908,085
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$—
|
|
|
|
$200,000
|
|
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
89,134
|
|
|
91,481
|
|
||
|
Other
|
|
74,926
|
|
|
87,910
|
|
||
|
Customer deposits
|
|
43,701
|
|
|
44,308
|
|
||
|
Taxes accrued
|
|
88,210
|
|
|
1,849
|
|
||
|
Interest accrued
|
|
22,585
|
|
|
29,757
|
|
||
|
Other
|
|
12,183
|
|
|
18,238
|
|
||
|
TOTAL
|
|
330,739
|
|
|
473,543
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
994,395
|
|
|
1,046,618
|
|
||
|
Accumulated deferred investment tax credits
|
|
14,060
|
|
|
14,735
|
|
||
|
Other regulatory liabilities
|
|
5,678
|
|
|
5,125
|
|
||
|
Asset retirement cost liabilities
|
|
5,462
|
|
|
4,610
|
|
||
|
Accumulated provisions
|
|
8,340
|
|
|
12,218
|
|
||
|
Pension and other postretirement liabilities
|
|
88,552
|
|
|
111,011
|
|
||
|
Long-term debt (includes securitization bonds of $512,031 as of September 30, 2015 and $565,659 as of December 31, 2014)
|
|
1,475,105
|
|
|
1,278,931
|
|
||
|
Other
|
|
66,147
|
|
|
69,463
|
|
||
|
TOTAL
|
|
2,657,739
|
|
|
2,542,711
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2015 and 2014
|
|
49,452
|
|
|
49,452
|
|
||
|
Paid-in capital
|
|
481,994
|
|
|
481,994
|
|
||
|
Retained earnings
|
|
435,180
|
|
|
360,385
|
|
||
|
TOTAL
|
|
966,626
|
|
|
891,831
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,955,104
|
|
|
|
$3,908,085
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2013
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$355,581
|
|
|
|
$887,027
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
71,309
|
|
|
71,309
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(40,000
|
)
|
|
(40,000
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2014
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$386,890
|
|
|
|
$918,336
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$360,385
|
|
|
|
$891,831
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
74,795
|
|
|
74,795
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2015
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$435,180
|
|
|
|
$966,626
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$208
|
|
|
|
$210
|
|
|
|
($2
|
)
|
|
(1
|
)
|
|
Commercial
|
|
103
|
|
|
109
|
|
|
(6
|
)
|
|
(6
|
)
|
|||
|
Industrial
|
|
98
|
|
|
106
|
|
|
(8
|
)
|
|
(8
|
)
|
|||
|
Governmental
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
416
|
|
|
432
|
|
|
(16
|
)
|
|
(4
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
74
|
|
|
82
|
|
|
(8
|
)
|
|
(10
|
)
|
|||
|
Non-associated companies
|
|
1
|
|
|
5
|
|
|
(4
|
)
|
|
(80
|
)
|
|||
|
Other
|
|
7
|
|
|
10
|
|
|
(3
|
)
|
|
(30
|
)
|
|||
|
Total
|
|
|
$498
|
|
|
|
$529
|
|
|
|
($31
|
)
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
1,952
|
|
|
1,845
|
|
|
107
|
|
|
6
|
|
|||
|
Commercial
|
|
1,325
|
|
|
1,292
|
|
|
33
|
|
|
3
|
|
|||
|
Industrial
|
|
1,923
|
|
|
1,823
|
|
|
100
|
|
|
5
|
|
|||
|
Governmental
|
|
74
|
|
|
73
|
|
|
1
|
|
|
1
|
|
|||
|
Total retail
|
|
5,274
|
|
|
5,033
|
|
|
241
|
|
|
5
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,707
|
|
|
1,353
|
|
|
354
|
|
|
26
|
|
|||
|
Non-associated companies
|
|
36
|
|
|
14
|
|
|
22
|
|
|
157
|
|
|||
|
Total
|
|
7,017
|
|
|
6,400
|
|
|
617
|
|
|
10
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2015
|
|
2014
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$496
|
|
|
|
$516
|
|
|
|
($20
|
)
|
|
(4
|
)
|
|
Commercial
|
|
279
|
|
|
294
|
|
|
(15
|
)
|
|
(5
|
)
|
|||
|
Industrial
|
|
277
|
|
|
322
|
|
|
(45
|
)
|
|
(14
|
)
|
|||
|
Governmental
|
|
19
|
|
|
20
|
|
|
(1
|
)
|
|
(5
|
)
|
|||
|
Total retail
|
|
1,071
|
|
|
1,152
|
|
|
(81
|
)
|
|
(7
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
201
|
|
|
252
|
|
|
(51
|
)
|
|
(20
|
)
|
|||
|
Non-associated companies
|
|
11
|
|
|
20
|
|
|
(9
|
)
|
|
(45
|
)
|
|||
|
Other
|
|
29
|
|
|
28
|
|
|
1
|
|
|
4
|
|
|||
|
Total
|
|
|
$1,312
|
|
|
|
$1,452
|
|
|
|
($140
|
)
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
4,644
|
|
|
4,547
|
|
|
97
|
|
|
2
|
|
|||
|
Commercial
|
|
3,461
|
|
|
3,387
|
|
|
74
|
|
|
2
|
|
|||
|
Industrial
|
|
5,251
|
|
|
5,405
|
|
|
(154
|
)
|
|
(3
|
)
|
|||
|
Governmental
|
|
205
|
|
|
209
|
|
|
(4
|
)
|
|
(2
|
)
|
|||
|
Total retail
|
|
13,561
|
|
|
13,548
|
|
|
13
|
|
|
—
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
4,379
|
|
|
3,806
|
|
|
573
|
|
|
15
|
|
|||
|
Non-associated companies
|
|
161
|
|
|
168
|
|
|
(7
|
)
|
|
(4
|
)
|
|||
|
Total
|
|
18,101
|
|
|
17,522
|
|
|
579
|
|
|
3
|
|
|||
|
|
2015
|
|
2014
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$223,179
|
|
|
|
$127,142
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
239,841
|
|
|
296,114
|
|
||
|
Investing activities
|
(61,017
|
)
|
|
(204,522
|
)
|
||
|
Financing activities
|
(247,924
|
)
|
|
(83,903
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(69,100
|
)
|
|
7,689
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$154,079
|
|
|
|
$134,831
|
|
|
•
|
an increase in interest paid on the Grand Gulf sale-leaseback obligation as a result of the renewal in December 2013. See Note 10 to the financial statements in the Form 10-K for details on the Grand Gulf sale-leaseback obligation; and
|
|
•
|
an increase of $19.7 million in income tax payments. System Energy had income tax payments of $25.3 million in 2015 in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The income tax payments in 2015 resulted primarily from final settlement of amounts outstanding associated with the 2006-2007 IRS audit. See Note 10 to the financial statements for a discussion of the finalized tax and interest computations for the 2006-2007 IRS audit.
|
|
•
|
fluctuations in nuclear fuel activity because of variations from year to year in the timing and pricing of fuel reload requirements in the Utility business, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle; and
|
|
•
|
money pool activity.
|
|
•
|
the System Energy nuclear fuel company variable interest entity redeeming, at maturity, $60 million of 5.33% Series G notes in April 2015;
|
|
•
|
an increase of $52.8 million in common stock dividends paid;
|
|
•
|
net repayments of $5.8 million on the nuclear fuel company variable interest entity’s credit facility in 2015 compared to net borrowings of $40.8 million on the nuclear fuel company variable interest entity’s credit facility in 2014; and
|
|
•
|
redemption in May 2015 of $35 million of System Energy’s 5.875% Series governmental bonds due 2022.
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||
|
Debt to capital
|
43.1
|
%
|
|
45.7
|
%
|
|
Effect of subtracting cash
|
(6.9
|
%)
|
|
(8.8
|
%)
|
|
Net debt to net capital
|
36.2
|
%
|
|
36.9
|
%
|
|
September 30, 2015
|
|
December 31,
2014
|
|
September 30, 2014
|
|
December 31,
2013
|
|
(In Thousands)
|
||||||
|
$3,376
|
|
$2,373
|
|
$23,768
|
|
$9,223
|
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||||||||||
|
INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2015 and 2014
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$155,899
|
|
|
|
$172,151
|
|
|
|
$475,039
|
|
|
|
$493,648
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
22,984
|
|
|
23,286
|
|
|
66,400
|
|
|
60,545
|
|
||||
|
Nuclear refueling outage expenses
|
|
5,244
|
|
|
5,808
|
|
|
16,346
|
|
|
17,501
|
|
||||
|
Other operation and maintenance
|
|
39,520
|
|
|
44,573
|
|
|
116,309
|
|
|
113,373
|
|
||||
|
Decommissioning
|
|
12,095
|
|
|
10,546
|
|
|
35,695
|
|
|
31,106
|
|
||||
|
Taxes other than income taxes
|
|
6,497
|
|
|
6,283
|
|
|
20,263
|
|
|
19,157
|
|
||||
|
Depreciation and amortization
|
|
35,091
|
|
|
33,941
|
|
|
109,398
|
|
|
107,252
|
|
||||
|
Other regulatory credits - net
|
|
(12,667
|
)
|
|
(10,770
|
)
|
|
(29,761
|
)
|
|
(22,346
|
)
|
||||
|
TOTAL
|
|
108,764
|
|
|
113,667
|
|
|
334,650
|
|
|
326,588
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
47,135
|
|
|
58,484
|
|
|
140,389
|
|
|
167,060
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
2,252
|
|
|
1,295
|
|
|
5,945
|
|
|
3,499
|
|
||||
|
Interest and investment income
|
|
4,732
|
|
|
2,921
|
|
|
12,195
|
|
|
8,724
|
|
||||
|
Miscellaneous - net
|
|
(129
|
)
|
|
(88
|
)
|
|
(567
|
)
|
|
(289
|
)
|
||||
|
TOTAL
|
|
6,855
|
|
|
4,128
|
|
|
17,573
|
|
|
11,934
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
10,404
|
|
|
15,501
|
|
|
35,764
|
|
|
43,102
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(595
|
)
|
|
(338
|
)
|
|
(1,571
|
)
|
|
(920
|
)
|
||||
|
TOTAL
|
|
9,809
|
|
|
15,163
|
|
|
34,193
|
|
|
42,182
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
44,181
|
|
|
47,449
|
|
|
123,769
|
|
|
136,812
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
18,958
|
|
|
20,719
|
|
|
51,153
|
|
|
59,532
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$25,223
|
|
|
|
$26,730
|
|
|
|
$72,616
|
|
|
|
$77,280
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$72,616
|
|
|
|
$77,280
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
203,761
|
|
|
187,357
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
181,430
|
|
|
56,268
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
7,800
|
|
|
23,355
|
|
||
|
Accounts payable
|
|
(3,480
|
)
|
|
(9,193
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
(159,911
|
)
|
|
(6,724
|
)
|
||
|
Interest accrued
|
|
(17,522
|
)
|
|
20,266
|
|
||
|
Other working capital accounts
|
|
(2,710
|
)
|
|
(20,848
|
)
|
||
|
Other regulatory assets
|
|
(4,145
|
)
|
|
2,802
|
|
||
|
Pension and other postretirement liabilities
|
|
(17,759
|
)
|
|
(14,384
|
)
|
||
|
Other assets and liabilities
|
|
(20,239
|
)
|
|
(20,065
|
)
|
||
|
Net cash flow provided by operating activities
|
|
239,841
|
|
|
296,114
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(48,756
|
)
|
|
(50,379
|
)
|
||
|
Allowance for equity funds used during construction
|
|
5,945
|
|
|
3,499
|
|
||
|
Nuclear fuel purchases
|
|
(51,645
|
)
|
|
(163,492
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
57,681
|
|
|
43,992
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
325,367
|
|
|
333,046
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(348,606
|
)
|
|
(356,643
|
)
|
||
|
Changes in money pool receivable - net
|
|
(1,003
|
)
|
|
(14,545
|
)
|
||
|
Net cash flow used in investing activities
|
|
(61,017
|
)
|
|
(204,522
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Retirement of long-term debt
|
|
(111,310
|
)
|
|
(46,743
|
)
|
||
|
Changes in credit borrowings - net
|
|
(5,836
|
)
|
|
40,846
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(130,750
|
)
|
|
(77,977
|
)
|
||
|
Other
|
|
(28
|
)
|
|
(29
|
)
|
||
|
Net cash flow used in financing activities
|
|
(247,924
|
)
|
|
(83,903
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
(69,100
|
)
|
|
7,689
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
223,179
|
|
|
127,142
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$154,079
|
|
|
|
$134,831
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$47,664
|
|
|
|
$16,364
|
|
|
Income taxes
|
|
|
$25,304
|
|
|
|
$5,564
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$885
|
|
|
|
$789
|
|
|
Temporary cash investments
|
|
153,194
|
|
|
222,390
|
|
||
|
Total cash and cash equivalents
|
|
154,079
|
|
|
223,179
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Associated companies
|
|
54,314
|
|
|
60,907
|
|
||
|
Other
|
|
5,513
|
|
|
5,717
|
|
||
|
Total accounts receivable
|
|
59,827
|
|
|
66,624
|
|
||
|
Materials and supplies - at average cost
|
|
86,562
|
|
|
80,049
|
|
||
|
Deferred nuclear refueling outage costs
|
|
10,146
|
|
|
26,580
|
|
||
|
Prepaid taxes
|
|
136,644
|
|
|
—
|
|
||
|
Prepayments and other
|
|
14,943
|
|
|
2,312
|
|
||
|
TOTAL
|
|
462,201
|
|
|
398,744
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
674,211
|
|
|
679,840
|
|
||
|
TOTAL
|
|
674,211
|
|
|
679,840
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,251,489
|
|
|
4,244,902
|
|
||
|
Property under capital lease
|
|
573,784
|
|
|
573,784
|
|
||
|
Construction work in progress
|
|
84,879
|
|
|
50,382
|
|
||
|
Nuclear fuel
|
|
180,523
|
|
|
251,376
|
|
||
|
TOTAL UTILITY PLANT
|
|
5,090,675
|
|
|
5,120,444
|
|
||
|
Less - accumulated depreciation and amortization
|
|
2,926,427
|
|
|
2,819,688
|
|
||
|
UTILITY PLANT - NET
|
|
2,164,248
|
|
|
2,300,756
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
100,626
|
|
|
105,882
|
|
||
|
Other regulatory assets
|
|
345,014
|
|
|
335,613
|
|
||
|
Other
|
|
7,497
|
|
|
9,251
|
|
||
|
TOTAL
|
|
453,137
|
|
|
450,746
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,753,797
|
|
|
|
$3,830,086
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2015 and December 31, 2014
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2015
|
|
2014
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$2
|
|
|
|
$76,310
|
|
|
Short-term borrowings
|
|
14,568
|
|
|
20,404
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
6,500
|
|
|
6,252
|
|
||
|
Other
|
|
26,598
|
|
|
33,096
|
|
||
|
Taxes accrued
|
|
—
|
|
|
23,267
|
|
||
|
Accumulated deferred income taxes
|
|
7,769
|
|
|
14,175
|
|
||
|
Interest accrued
|
|
15,674
|
|
|
33,196
|
|
||
|
Other
|
|
2,365
|
|
|
2,365
|
|
||
|
TOTAL
|
|
73,476
|
|
|
209,065
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
990,199
|
|
|
808,171
|
|
||
|
Accumulated deferred investment tax credits
|
|
50,230
|
|
|
49,313
|
|
||
|
Other regulatory liabilities
|
|
322,855
|
|
|
371,110
|
|
||
|
Decommissioning
|
|
793,613
|
|
|
757,918
|
|
||
|
Pension and other postretirement liabilities
|
|
111,393
|
|
|
129,152
|
|
||
|
Long-term debt
|
|
599,652
|
|
|
634,496
|
|
||
|
Other
|
|
2
|
|
|
350
|
|
||
|
TOTAL
|
|
2,867,944
|
|
|
2,750,510
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2015 and 2014
|
|
789,350
|
|
|
789,350
|
|
||
|
Retained earnings
|
|
23,027
|
|
|
81,161
|
|
||
|
TOTAL
|
|
812,377
|
|
|
870,511
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,753,797
|
|
|
|
$3,830,086
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
|||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||
|
For the Nine Months Ended September 30, 2015 and 2014
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
|
|
|
|
||||||||
|
|
Common Equity
|
|
|
||||||||
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Total
|
||||||
|
|
(In Thousands)
|
||||||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2013
|
|
$789,350
|
|
|
|
$86,757
|
|
|
|
$876,107
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
77,280
|
|
|
77,280
|
|
|||
|
Common stock dividends
|
—
|
|
|
(77,977
|
)
|
|
(77,977
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2014
|
|
$789,350
|
|
|
|
$86,060
|
|
|
|
$875,410
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2014
|
|
$789,350
|
|
|
|
$81,161
|
|
|
|
$870,511
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
72,616
|
|
|
72,616
|
|
|||
|
Common stock dividends
|
—
|
|
|
(130,750
|
)
|
|
(130,750
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2015
|
|
$789,350
|
|
|
|
$23,027
|
|
|
|
$812,377
|
|
|
|
|
|
|
|
|
||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
||||||
|
Period
|
|
Total Number of
Shares Purchased
|
|
Average Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
|
Maximum $
Amount
of Shares that May
Yet be Purchased
Under a Plan (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
7/01/2015-7/31/2015
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
8/01/2015-8/31/2015
|
|
486,584
|
|
|
|
$67.85
|
|
|
486,584
|
|
|
|
$350,052,918
|
|
|
9/01/2015-9/30/2015
|
|
657,000
|
|
|
|
$63.50
|
|
|
657,000
|
|
|
|
$350,052,918
|
|
|
Total
|
|
1,143,584
|
|
|
|
$65.35
|
|
|
1,143,584
|
|
|
|
||
|
(a)
|
See Note 12 to the financial statements in the Form 10-K for additional discussion of the stock-based compensation plans.
|
|
(b)
|
Maximum amount of shares that may yet be repurchased relates only to the $500 million plan and does not include an estimate of the amount of shares that may be purchased to fund the exercise of grants under the stock-based compensation plans.
|
|
|
|
Ratios of Earnings to Fixed Charges
|
|||||||||||||
|
|
|
Twelve Months Ended
|
|||||||||||||
|
|
|
December 31,
|
|
September 30,
|
|||||||||||
|
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|||
|
Entergy Arkansas
|
|
3.91
|
|
4.31
|
|
3.79
|
|
|
3.62
|
|
|
3.08
|
|
|
2.39
|
|
Entergy Louisiana
|
|
3.41
|
|
1.86
|
|
2.08
|
|
|
3.13
|
|
|
3.23
|
|
|
3.41
|
|
Entergy Mississippi
|
|
3.35
|
|
3.55
|
|
2.79
|
|
|
3.19
|
|
|
3.23
|
|
|
4.27
|
|
Entergy New Orleans
|
|
4.25
|
|
4.72
|
|
2.91
|
|
|
1.85
|
|
|
3.55
|
|
|
4.47
|
|
Entergy Texas
|
|
2.10
|
|
2.34
|
|
1.76
|
|
|
1.94
|
|
|
2.39
|
|
|
2.44
|
|
System Energy
|
|
3.64
|
|
3.85
|
|
5.12
|
|
|
5.66
|
|
|
4.04
|
|
|
4.20
|
|
|
|
Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends/Distributions
|
|||||||||||||
|
|
|
Twelve Months Ended
|
|||||||||||||
|
|
|
December 31,
|
|
September 30,
|
|||||||||||
|
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|||
|
Entergy Arkansas
|
|
3.60
|
|
3.83
|
|
3.36
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|
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3.25
|
|
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2.76
|
|
|
2.16
|
|
Entergy Louisiana
|
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3.19
|
|
1.70
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1.93
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2.92
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3.03
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|
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3.20
|
|
Entergy Mississippi
|
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3.16
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3.27
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2.59
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2.97
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3.00
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|
|
3.96
|
|
Entergy New Orleans
|
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3.88
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|
4.25
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2.63
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1.70
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3.26
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|
4.11
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2(a) -
|
Plan of Merger of Entergy Gulf States Power, LLC and Entergy Gulf States Louisiana, LLC (2.1 to Form 8-K12B filed October 1, 2015 in 1-32718).
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2(b) -
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Plan of Merger of Entergy Louisiana, LLC and Entergy Louisiana Power, LLC (2.2 to Form 8-K12B filed October 1, 2015 in 1-32718).
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2(c) -
|
Plan of Merger of Entergy Gulf States Power, LLC and Entergy Louisiana Power, LLC (2.3 to Form 8-K12B filed October 1, 2015 in 1-32718).
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3(a) -
|
Certificate of Formation of Entergy Louisiana Power, LLC (including Certificate of Amendment to Certificate of Formation to change the company name to Entergy Louisiana, LLC) (3.3 to Form 8-K12B filed October 1, 2015 in 1-32718).
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3(b) -
|
Company Agreement of Entergy Louisiana Power, LLC (including First Amendment to Company Agreement to change the company name to Entergy Louisiana, LLC) (3.4 to Form 8-K12B filed October 1, 2015 in 1-32718).
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4(a) -
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Eighty-second Supplemental Indenture of Entergy Louisiana, LLC [New Entergy Louisiana] under the Mortgage and Deed of Trust, dated as of April 1, 1944, as amended, of Entergy Louisiana, LLC [Old Entergy Louisiana] to The Bank of New York Mellon, as Trustee (4.1 to Form 8-K12B filed October 1, 2015 in 1-32718).
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4(b) -
|
Eighty-second Supplemental Indenture of Entergy Gulf States Power, LLC under the Indenture of Mortgage, dated September 1, 1926, as amended, of Entergy Gulf States Louisiana, L.L.C. to The Bank of New York Mellon, as Trustee (4.2 to Form 8-K12B filed October 1, 2015 in 1-32718).
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4(c) -
|
Eighty-third Supplemental Indenture of Entergy Louisiana, LLC [New Entergy Louisiana] under the Indenture of Mortgage, dated September 1, 1926, as amended, of Entergy Gulf States Power, LLC to The Bank of New York Mellon, as Trustee (4.3 to Form 8-K12B filed October 1, 2015 in 1-32718).
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4(d) -
|
Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Louisiana, LLC [Old Entergy Louisiana] and Entergy Gulf States Louisiana, L.L.C., as the Borrowers, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto (4.4 to Form 8-K12B filed October 1, 2015 in 1-32718).
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4(e) -
|
Amendment dated as of August 28, 2015, to Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Louisiana, LLC [Old Entergy Louisiana] and Entergy Gulf States Louisiana, L.L.C., as the Borrowers, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto (4.5 to Form 8-K12B filed October 1, 2015 in 1-32718).
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4(f) -
|
Borrower Assumption Agreement dated as of October 1, 2015 of Entergy Louisiana, LLC [New Entergy Louisiana] under Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Louisiana, LLC [Old Entergy Louisiana] and Entergy Gulf States Louisiana, L.L.C., as the Borrowers, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto, as amended (4.6 to Form 8-K12B filed October 1, 2015 in 1-32718).
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*4(g) -
|
Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Corporation, as the Borrower, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto.
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*4(h) -
|
Amendment dated as of August 28, 2015, to Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Corporation, as the Borrower, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto.
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*4(i) -
|
Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Arkansas, Inc., as the Borrower, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto.
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*4(j) -
|
Amendment dated as of August 28, 2015, to Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Arkansas, Inc., as the Borrower, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto.
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*4(k) -
|
Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Texas, Inc., as the Borrower, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto.
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*4(l) -
|
Amendment dated as of August 28, 2015, to Amended and Restated Credit Agreement dated as of August 14, 2015, among Entergy Texas, Inc., as the Borrower, the banks and other financial institutions party thereto as Lenders, Citibank, N.A., as Administrative Agent and as an LC Issuing Bank, and the other LC Issuing Banks party thereto.
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10(a) -
|
Amendment to the Thirty-seventh Assignment of Availability Agreement, Consent and Agreement, dated as of September 18, 2015, among System Energy, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and The Bank of New York Mellon, as successor trustee (4.25 to Form S-3 dated October 2, 2015).
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*10(b) -
|
Fourth Amended and Restated Limited Liability Company Agreement of Entergy Holdings Company LLC dated as of September 19, 2015.
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*12(a) -
|
Entergy Arkansas’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
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*12(b) -
|
Entergy Louisiana’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Distributions, as defined.
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*12(c) -
|
Entergy Mississippi’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
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*12(d) -
|
Entergy New Orleans’s Computation of Ratios of Earnings to Fixed Charges and of Earnings to Combined Fixed Charges and Preferred Dividends, as defined.
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*12(e) -
|
Entergy Texas’s Computation of Ratios of Earnings to Fixed Charges, as defined.
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*12(f) -
|
System Energy’s Computation of Ratios of Earnings to Fixed Charges, as defined.
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*31(a) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
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*31(b) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
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*31(c) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
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*31(d) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
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*31(e) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
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*31(f) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
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*31(g) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
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*31(h) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
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*31(i) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
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*31(j) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
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*31(k) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
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*31(l) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
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*31(m) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
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*31(n) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
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*32(a) -
|
Section 1350 Certification for Entergy Corporation.
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*32(b) -
|
Section 1350 Certification for Entergy Corporation.
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*32(c) -
|
Section 1350 Certification for Entergy Arkansas.
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*32(d) -
|
Section 1350 Certification for Entergy Arkansas.
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*32(e) -
|
Section 1350 Certification for Entergy Louisiana.
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*32(f) -
|
Section 1350 Certification for Entergy Louisiana.
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*32(g) -
|
Section 1350 Certification for Entergy Mississippi.
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*32(h) -
|
Section 1350 Certification for Entergy Mississippi.
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*32(i) -
|
Section 1350 Certification for Entergy New Orleans.
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*32(j) -
|
Section 1350 Certification for Entergy New Orleans.
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*32(k) -
|
Section 1350 Certification for Entergy Texas.
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*32(l) -
|
Section 1350 Certification for Entergy Texas.
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*32(m) -
|
Section 1350 Certification for System Energy.
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*32(n) -
|
Section 1350 Certification for System Energy.
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*101 INS -
|
XBRL Instance Document.
|
|
|
|
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*101 SCH -
|
XBRL Taxonomy Extension Schema Document.
|
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|
|
|
|
*101 PRE -
|
XBRL Taxonomy Presentation Linkbase Document.
|
|
|
|
|
|
|
*101 LAB -
|
XBRL Taxonomy Label Linkbase Document.
|
|
|
|
|
|
|
*101 CAL -
|
XBRL Taxonomy Calculation Linkbase Document.
|
|
|
|
|
|
|
*101 DEF -
|
XBRL Definition Linkbase Document.
|
|
*
|
Filed herewith.
|
|
+
|
Management contracts or compensatory plans or arrangements.
|
|
ENTERGY CORPORATION
ENTERGY ARKANSAS, INC.
ENTERGY LOUISIANA, LLC
ENTERGY MISSISSIPPI, INC.
ENTERGY NEW ORLEANS, INC.
ENTERGY TEXAS, INC.
SYSTEM ENERGY RESOURCES, INC.
|
|
|
|
|
|
/s/ Alyson M. Mount
|
|
Alyson M. Mount
Senior Vice President and Chief Accounting Officer (For each Registrant and for each as Principal Accounting Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|---|---|---|
Key Qualifications and Experience: Mr. Levenick brings to the Board his extensive senior executive experience at a major manufacturing company, as well as his experience as a public company director, including as Lead Independent Director of another public company. This experience enables him to contribute valuable operational, financial and corporate governance expertise and offer an informed perspective on leadership development and on management and business issues arising out of evolving customer needs and desires and rapid technological change. | |||
Key Qualifications and Experience: Mr. Frederickson brings to the Board his extensive senior management, talent development, operating and leadership experience gained through his business career at ConocoPhillips and its predecessor, Conoco Inc., where he held a variety of senior management positions in operations, strategy and business development. Additionally, Mr. Frederickson has significant experience evaluating financial statements acquired through his service on public company audit committees and during his career at ConocoPhillips, where his roles involved extensive evaluation and analysis of financial statements. In addition to his diverse senior-level management and financial analysis experience, Mr. Frederickson brings his experience leading strategic change both at ConocoPhillips and on the other public company boards on which he has served. His strong ties to the State of Texas also enable him to provide insight into the issues and concerns of our Texas service area. | |||
Key Qualifications and Experience: Mr. Donald brings to the Board deep nuclear expertise and valuable leadership and risk-management experience gained through his distinguished military career in the United States Navy’s nuclear program and through his business and senior management experience since retiring from the Navy. He also brings expertise in technology, cybersecurity and corporate governance acquired through his public company board service noted above and private company board service for a private nonprofit applied science and technology development company and for a leading provider of secure supply chain management and cyber solutions. | |||
John H. Black , 65, Independent Retired Audit Partner, Deloitte & Touche LLP | |||
John H. Black , 65, Independent Retired Audit Partner, Deloitte & Touche LLP | |||
Key Qualifications and Experience: Ms. Adams brings to the Board her extensive experience in international federal, state and local government relations, lobbying, and stakeholder engagement, including with regard to legislative, policy, regulatory, operational, sustainability and economic issues, acquired over the course of her career, including her service as Executive Vice President, General Counsel and Secretary at FedEx. Ms. Adams also brings valuable experience in human capital management acquired through significant roles in senior management for a large enterprise and in risk management and business transformations through her legal and business experience and outside board service. | |||
Key Qualifications and Experience: Ms. Hyland brings to the Board her extensive senior executive and operations experience in a capital-intensive industry, gained through her career at EQT Corporation and EQT Midstream Services, LLC. This experience, combined with her background in finance and strategic planning, enables her to contribute valuable insights as we grow our utility business and execute on our capital plan. | |||
Chair: Karen A. Puckett Other Members*: Gina F. Adams, John R. Burbank and Brian W. Ellis 12 meetings in 2024 All members satisfy the heightened independence standards and qualification criteria in the NYSE and SEC rules. Key Responsibilities • Determines and approves the compensation of our CEO and other senior executive officers; • Approves or makes recommendations to the Board to approve incentive, equity-based and other compensation plans; • Develops and implements compensation policies; • Evaluates the performance of our Chair and CEO; • Reports at least annually to the Board on succession planning, including succession planning for the CEO; and • Provides oversight of the Company’s talent and culture, organizational health and workforce diversity and inclusion strategies. |
|
Name and
Principal
Position
1
|
Year |
Salary
2
|
Stock
Awards
3
|
Option
Awards
4
|
Non-Equity
Incentive
Plan
Compen-sation
5
|
Change in
Pension
Value and
Non-qualified
Deferred
Compen-sation
Earnings
6
|
All
Other
Compen-sation
7
|
Total |
Total Without
Change in
Pension
Value
8
|
|||||||||||||||||||||||
|
Andrew S. Marsh
Chair of the Board and CEO
|
2024 | $1,209,615 | $5,709,300 | $1,481,523 | $2,307,500 | $2,043,600 | $94,837 | $12,846,375 | $10,802,775 | |||||||||||||||||||||||
| 2023 | $1,100,000 | $5,159,370 | $1,220,557 | $1,821,600 | $982,400 | $89,281 | $10,373,208 | $9,390,808 | ||||||||||||||||||||||||
| 2022 | $781,560 | $4,598,890 | $414,050 | $960,700 | $0 | $106,560 | $6,861,760 | $6,861,760 | ||||||||||||||||||||||||
|
Kimberly A. Fontan
Executive Vice President and Chief Financial Officer
|
2024 | $684,375 | $1,477,716 | $383,422 | $876,457 | $433,100 | $34,937 | $3,890,007 | $3,456,907 | |||||||||||||||||||||||
| 2023 | $625,000 | $1,165,112 | $275,621 | $646,875 | $409,600 | $31,860 | $3,154,068 | $2,744,468 | ||||||||||||||||||||||||
| 2022 | $404,809 | $1,034,293 | $80,519 | $379,688 | $0 | $29,720 | $1,929,029 | $1,929,029 | ||||||||||||||||||||||||
|
Marcus V. Brown
Executive Vice President and General Counsel
|
2024 | $783,555 | $1,185,567 | $307,642 | $924,768 | $455,800 | $67,092 | $3,724,424 | $3,268,624 | |||||||||||||||||||||||
| 2023 | $753,419 | $1,226,636 | $290,192 | $950,104 | $731,700 | $77,328 | $4,029,379 | $3,297,679 | ||||||||||||||||||||||||
| 2022 | $726,363 | $1,144,238 | $273,358 | $761,302 | $976,700 | $93,793 | $3,975,754 | $2,999,054 | ||||||||||||||||||||||||
|
Kimberly Cook-Nelson
Executive Vice President, Nuclear Operations and Chief Nuclear Officer
|
2024 | $643,846 | $1,091,699 | $283,281 | $693,000 | $357,400 | $40,514 | $3,109,740 | $2,752,340 | |||||||||||||||||||||||
|
Peter S. Norgeot, Jr.
Executive Vice President and Chief Operating Officer
|
2024 | $650,440 | $1,214,197 | $315,086 | $562,598 | $127,900 | $52,852 | $2,923,073 | $2,795,173 | |||||||||||||||||||||||
| 2023 | $591,808 | $1,210,867 | $286,439 | $618,930 | $117,600 | $222,462 | $3,048,106 | $2,930,506 | ||||||||||||||||||||||||
|
Roderick K. West
Former Group President, Utility Operations
|
2024 | $828,144 | $1,273,288 | $330,421 | $976,160 | $212,500 | $119,140 | $3,739,653 | $3,527,153 | |||||||||||||||||||||||
| 2023 | $799,130 | $1,547,047 | $365,976 | $775,192 | $204,800 | $112,338 | $3,804,483 | $3,599,683 | ||||||||||||||||||||||||
| 2022 | $770,432 | $3,682,723 | $402,025 | $776,434 | $0 | $101,107 | $5,732,721 | $5,732,721 |
Customers
| Customer name | Ticker |
|---|---|
| Murphy Oil Corporation | MUR |
| Sunoco LP | SUN |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|---|---|---|
| Marsh Andrew S | - | 150,958 | 1,147 |
| WEST RODERICK K | - | 40,598 | 4,949 |
| NORGEOT PETER S JR | - | 34,993 | 0 |
| BAKKEN A. CHRISTOPHER III | - | 34,586 | 0 |
| Brown Marcus V | - | 31,930 | 1,430 |
| May Phillip R Jr | - | 26,566 | 17,715 |
| CHAPMAN JASON | - | 25,893 | 0 |
| LEVENICK STUART L | - | 21,769 | 0 |
| MINOR ANASTASIA | - | 15,039 | 1,309 |
| PUCKETT KAREN A | - | 13,961 | 0 |
| COLLINS KATHRYN A. | - | 11,990 | 0 |
| COOK-NELSON KIMBERLY | - | 10,174 | 0 |
| Brown Marcus V | - | 9,380 | 715 |
| FISACKERLY HALEY | - | 7,750 | 9,797 |
| HERMAN ALEXIS M | - | 7,388 | 0 |
| VIAMONTES ELIECER | - | 7,010 | 3,743 |
| RODRIGUEZ DEANNA D. | - | 6,234 | 8,244 |
| ADAMS GINA F. | - | 4,943 | 0 |
| MINOR ANASTASIA | - | 4,462 | 389 |
| VIAMONTES ELIECER | - | 3,582 | 1,508 |
| RODRIGUEZ DEANNA D. | - | 3,269 | 3,971 |
| JACKSON REGINALD T | - | 2,166 | 759 |