Price Graph
Price
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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 June 30, 2016
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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 July 29, 2016
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Entergy Corporation
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($0.01 par value)
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178,982,069
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Page Number
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Part 1. Financial Information
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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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Page Number
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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, which occurred in November 2015, and the termination of Entergy Texas’s, Entergy New Orleans’s, and Entergy Louisiana’s participation in the System Agreement, which will occur on August 31, 2016, and will result in the termination of the System Agreement in its entirety pursuant to a settlement agreement approved by FERC in December 2015;
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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 market 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 potential or actual 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 and the effect of public and political opposition on these applications, regulatory proceedings and litigation;
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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 and regulations, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, thermal energy, 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 and nuclear waste disposal fees charged by the U.S. government or other providers 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, including power prices, 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 and regulatory requirements for the issuance of securities, particularly as they affect access to capital and Entergy’s ability to refinance existing debt, execute share repurchase programs, and fund investments and acquisitions;
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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 effects of threatened or actual terrorism, cyber-attacks or data security breaches, including increased security costs, accidents, 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 and the effects on benefits costs 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, requirements for, or cost to decommission nuclear plant sites;
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•
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the implementation of the planned shutdown of Pilgrim and FitzPatrick and the related decommissioning of those plants and Vermont Yankee;
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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 Louisiana
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Entergy Gulf States Louisiana, L.L.C., a Louisiana limited liability 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 formally created as part of the combination of Entergy Gulf States Louisiana and the company formerly known as Entergy Louisiana, LLC (Old Entergy Louisiana) into a single public utility company and the successor to Old Entergy Louisiana for financial reporting purposes.
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Entergy Texas
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Entergy Texas, Inc., a Texas corporation 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
|
Annual Report on Form 10-K for the calendar year ended December 31, 2015 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 Nuclear Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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Parent & Other
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The portions of Entergy not included in the Utility or Entergy Wholesale Commodities segments, primarily consisting of the activities of the parent company, Entergy Corporation
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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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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 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. Entergy Mississippi terminated its participation in the System Agreement effective November 7, 2015.
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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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Abbreviation or Acronym
|
Term
|
|
Utility
|
Entergy’s business segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution
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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
|
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
|
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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•
|
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)
|
||||||||||||||
|
2nd Quarter 2015 Consolidated Net Income (Loss)
|
|
|
$204,035
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|
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|
($3,545
|
)
|
|
|
($46,768
|
)
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$153,722
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||||||||
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Net revenue (operating revenue less fuel expense, purchased power, and other regulatory charges/credits)
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36,565
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(57,433
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)
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|
(6
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)
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|
(20,874
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)
|
||||
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Other operation and maintenance
|
|
(29,906
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)
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|
(41,646
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)
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|
2,938
|
|
|
(68,614
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)
|
||||
|
Asset write-offs, impairments, and related charges
|
|
—
|
|
|
6,969
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|
|
—
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|
|
6,969
|
|
||||
|
Taxes other than income taxes
|
|
2,146
|
|
|
(9,375
|
)
|
|
100
|
|
|
(7,129
|
)
|
||||
|
Depreciation and amortization
|
|
13,204
|
|
|
(18,004
|
)
|
|
114
|
|
|
(4,686
|
)
|
||||
|
Other income
|
|
15,134
|
|
|
1,778
|
|
|
(990
|
)
|
|
15,922
|
|
||||
|
Interest expense
|
|
6,952
|
|
|
630
|
|
|
3,101
|
|
|
10,683
|
|
||||
|
Other expenses
|
|
4,604
|
|
|
(16,893
|
)
|
|
—
|
|
|
(12,289
|
)
|
||||
|
Income taxes
|
|
(121,583
|
)
|
|
(231,755
|
)
|
|
4,584
|
|
|
(348,754
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
2nd Quarter 2016 Consolidated Net Income (Loss)
|
|
|
$380,317
|
|
|
|
$250,874
|
|
|
|
($58,601
|
)
|
|
|
$572,590
|
|
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
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|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$1,488
|
|
|
Retail electric price
|
55
|
|
|
|
Volume/weather
|
8
|
|
|
|
Louisiana Act 55 financing savings obligation
|
(16
|
)
|
|
|
Other
|
(11
|
)
|
|
|
2016 net revenue
|
|
$1,524
|
|
|
•
|
an increase in base rates at Entergy Arkansas, as approved by the APSC. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. A significant portion of the increase is related to the purchase of Power Block 2 of the Union Power Station;
|
|
•
|
an increase in the purchased power and capacity acquisition cost recovery rider for Entergy New Orleans, as approved by the City Council, effective with the first billing cycle of March 2016, related to the purchase of Power Block 1 of the Union Power Station; and
|
|
•
|
an increase in the formula rate plan for Entergy Louisiana, implemented with the first billing cycle of March 2016, to collect the estimated first-year revenue requirement related to the purchase of Power Blocks 3 and 4 of the Union Power Station.
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|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$350
|
|
|
Nuclear realized price changes
|
(38
|
)
|
|
|
Nuclear volume
|
(36
|
)
|
|
|
Rhode Island State Energy Center
|
(10
|
)
|
|
|
Nuclear fuel expenses
|
29
|
|
|
|
Other
|
(2
|
)
|
|
|
2016 net revenue
|
|
$293
|
|
|
•
|
lower realized wholesale energy prices and lower capacity prices;
|
|
•
|
lower volume in the Entergy Wholesale Commodities nuclear fleet resulting from more refueling outage days in the second quarter 2016 as compared to the second quarter 2015. See “
Nuclear Matters
-
Indian Point 2 Outage
” below for discussion of the extended Indian Point 2 outage in second quarter 2016; and
|
|
•
|
the sale of the Rhode Island State Energy Center in December 2015.
|
|
|
2016
|
|
2015
|
|
Owned capacity (MW) (a)
|
4,880
|
|
5,463
|
|
GWh billed
|
7,866
|
|
9,578
|
|
Average revenue per MWh
|
$43.74
|
|
$45.87
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
|
|
|
|
|
Capacity factor
|
76%
|
|
89%
|
|
GWh billed
|
7,308
|
|
8,555
|
|
Average revenue per MWh
|
$43.52
|
|
$45.84
|
|
Refueling Outage Days:
|
|
|
|
|
Indian Point 2
|
77
|
|
—
|
|
Pilgrim
|
—
|
|
34
|
|
(a)
|
The reduction in owned capacity is due to the sale of the 583 MW Rhode Island State Energy Center in December 2015.
|
|
•
|
a decrease of $16 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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
|
|
•
|
a decrease of $12 million in fossil-fueled generation expenses primarily due to an overall lower scope of work done during plant outages in the second quarter 2016 as compared to the second quarter 2015, partially offset by an increase as a result of the purchase of the Union Power Station in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase.
|
|
•
|
the effects of recording the final court decisions in the FitzPatrick, Vermont Yankee, and Indian Point 3 lawsuits against the DOE related to spent nuclear fuel disposal. The damages awarded include the reimbursement of approximately $11 million of spent nuclear fuel storage costs previously recorded as depreciation. See Note 1 to the financial statements herein for discussion of the DOE litigation;
|
|
•
|
decreases in depreciable asset balances as a result of the impairments of the FitzPatrick, Pilgrim, and Palisades plants in the third and fourth quarters of 2015. See Note 1 to the financial statements in the Form 10-K for discussion of the impairments; and
|
|
•
|
a decrease in depreciable asset balances as a result of the sale of the Rhode Island State Energy Center in December 2015.
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities
|
|
Parent &
Other (a)
|
|
Entergy
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
2015 Consolidated Net Income (Loss)
|
|
|
$431,786
|
|
|
|
$119,887
|
|
|
|
($95,022
|
)
|
|
|
$456,651
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net revenue (operating revenue less fuel expense, purchased power, and other regulatory charges/credits)
|
|
1,139
|
|
|
(117,750
|
)
|
|
(17
|
)
|
|
(116,628
|
)
|
||||
|
Other operation and maintenance
|
|
(71,184
|
)
|
|
(40,309
|
)
|
|
4,684
|
|
|
(106,809
|
)
|
||||
|
Asset write-offs, impairments, and related charges
|
|
—
|
|
|
14,329
|
|
|
—
|
|
|
14,329
|
|
||||
|
Taxes other than income taxes
|
|
(4,315
|
)
|
|
(10,349
|
)
|
|
(210
|
)
|
|
(14,874
|
)
|
||||
|
Depreciation and amortization
|
|
21,823
|
|
|
(24,162
|
)
|
|
(62
|
)
|
|
(2,401
|
)
|
||||
|
Other income
|
|
6,836
|
|
|
(18,755
|
)
|
|
(1,911
|
)
|
|
(13,830
|
)
|
||||
|
Interest expense
|
|
7,921
|
|
|
818
|
|
|
5,854
|
|
|
14,593
|
|
||||
|
Other expenses
|
|
10,545
|
|
|
(37,743
|
)
|
|
—
|
|
|
(27,198
|
)
|
||||
|
Income taxes
|
|
(104,997
|
)
|
|
(249,632
|
)
|
|
(4,650
|
)
|
|
(359,279
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
2016 Consolidated Net Income (Loss)
|
|
|
$579,968
|
|
|
|
$330,430
|
|
|
|
($102,566
|
)
|
|
|
$807,832
|
|
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$2,898
|
|
|
Retail electric price
|
82
|
|
|
|
Louisiana Act 55 financing savings obligation
|
(16
|
)
|
|
|
Volume/weather
|
(39
|
)
|
|
|
Other
|
(26
|
)
|
|
|
2016 net revenue
|
|
$2,899
|
|
|
•
|
an increase in base rates at Entergy Arkansas, as approved by the APSC. The new rates were effective February 24, 2016 and began billing with the first billing cycle of April 2016. The increase includes an interim base rate adjustment surcharge, effective with the first billing cycle of April 2016, to recover the incremental revenue requirement for the period February 24, 2016 through March 31, 2016. A significant portion of the increase is related to the purchase of Power Block 2 of the Union Power Station;
|
|
•
|
an increase in the purchased power and capacity acquisition cost recovery rider for Entergy New Orleans, as approved by the City Council, effective with the first billing cycle of March 2016, related to the purchase of Power Block 1 of the Union Power Station; and
|
|
•
|
an increase in the formula rate plan for Entergy Louisiana, implemented with the first billing cycle of March 2016, to collect the estimated first-year revenue requirement related to the purchase of Power Blocks 3 and 4 of the Union Power Station.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$877
|
|
|
Nuclear realized price changes
|
(116
|
)
|
|
|
Nuclear volume
|
(25
|
)
|
|
|
Rhode Island State Energy Center
|
(25
|
)
|
|
|
Nuclear fuel expenses
|
50
|
|
|
|
Other
|
(2
|
)
|
|
|
2016 net revenue
|
|
$759
|
|
|
•
|
lower realized wholesale energy prices and lower capacity prices;
|
|
•
|
lower volume in the Entergy Wholesale Commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to the same period in 2015, partially offset by fewer unplanned outage days in 2016 as compared to the same period in 2015. See “
Nuclear Matters
-
Indian Point 2 Outage
” below for discussion of the extended Indian Point 2 outage in the second quarter 2016; and
|
|
•
|
the sale of the Rhode Island State Energy Center in December 2015.
|
|
|
2016
|
|
2015
|
|
Owned capacity (MW) (a)
|
4,880
|
|
5,463
|
|
GWh billed
|
17,112
|
|
19,170
|
|
Average revenue per MWh
|
$50.62
|
|
$56.44
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
|
|
|
|
|
Capacity factor
|
83%
|
|
89%
|
|
GWh billed
|
15,996
|
|
17,173
|
|
Average revenue per MWh
|
$51.07
|
|
$55.85
|
|
Refueling Outage Days:
|
|
|
|
|
Indian Point 2
|
102
|
|
—
|
|
Indian Point 3
|
—
|
|
23
|
|
Pilgrim
|
—
|
|
34
|
|
(a)
|
The reduction in owned capacity is due to the sale of the 583 MW Rhode Island State Energy Center in December 2015.
|
|
•
|
a decrease of $31 million in fossil-fueled generation expenses primarily due to an overall lower scope of work done during plant outages in 2016 as compared to the same period in 2015, partially offset by an increase as a result of the purchase of the Union Power Station in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase;
|
|
•
|
a decrease of $30 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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;
|
|
•
|
the deferral of $8 million of previously-incurred costs related to ANO post-Fukushima compliance and $10 million of previously-incurred costs related to ANO flood barrier compliance, as approved by the APSC as part of the Entergy Arkansas 2015 rate case settlement. See Note 2 to the financial statements herein for further discussion of the rate case settlement; and
|
|
•
|
a decrease of $7 million as a result of spending in 2015 related to the Entergy Louisiana and Entergy Gulf States Louisiana business combination. Deferrals of $15.8 million of certain external costs incurred were recorded in the third and fourth quarter 2015, as approved by the LPSC. These costs are being amortized over a ten-year period beginning December 2015. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
Entergy Louisiana and Entergy Gulf States Louisiana Business Combination
” in the Form 10-K for a discussion of the combination.
|
|
•
|
the effects of recording the final court decisions in the FitzPatrick, Vermont Yankee, and Indian Point 3 lawsuits against the DOE related to spent nuclear fuel disposal. The damages awarded include the reimbursement of approximately $11 million of spent nuclear fuel storage costs previously recorded as depreciation. See Note 1 to the financial statements herein for discussion of the DOE litigation;
|
|
•
|
decreases in depreciable asset balances as a result of the impairments of the FitzPatrick, Pilgrim, and Palisades plants in the third and fourth quarters of 2015; and
|
|
•
|
a decrease in depreciable asset balances as a result of the sale of the Rhode Island State Energy Center in December 2015.
|
|
|
June 30,
2016
|
|
December 31,
2015
|
||
|
Debt to capital
|
59.6
|
%
|
|
59.1
|
%
|
|
Effect of excluding securitization bonds
|
(1.2
|
%)
|
|
(1.4
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
58.4
|
%
|
|
57.7
|
%
|
|
Effect of subtracting cash
|
(1.8
|
%)
|
|
(2.7
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
56.6
|
%
|
|
55.0
|
%
|
|
(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
|
|
$240
|
|
$6
|
|
$3,254
|
|
Planned construction and capital investments
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
Utility:
|
|
|
|
|
|
|
||||||
|
Generation
|
|
|
$1,770
|
|
|
|
$1,160
|
|
|
|
$1,390
|
|
|
Transmission
|
|
690
|
|
|
860
|
|
|
765
|
|
|||
|
Distribution
|
|
765
|
|
|
870
|
|
|
800
|
|
|||
|
Other
|
|
280
|
|
|
200
|
|
|
175
|
|
|||
|
Total
|
|
3,505
|
|
|
3,090
|
|
|
3,130
|
|
|||
|
Entergy Wholesale Commodities
|
|
265
|
|
|
255
|
|
|
200
|
|
|||
|
Total
|
|
|
$3,770
|
|
|
|
$3,345
|
|
|
|
$3,330
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$1,351
|
|
|
|
$1,422
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
1,252
|
|
|
1,338
|
|
||
|
Investing activities
|
(2,266
|
)
|
|
(1,370
|
)
|
||
|
Financing activities
|
659
|
|
|
(480
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(355
|
)
|
|
(512
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$996
|
|
|
|
$910
|
|
|
•
|
lower Entergy Wholesale Commodities net revenue in 2016 as compared to the same period in 2015, as discussed previously;
|
|
•
|
an increase of $70 million in interest paid in 2016 as compared to the same period in 2015 primarily due to an interest payment of $60 million made in March 2016 related to the purchase of a beneficial interest in the Waterford 3 leased assets and an increase in interest expense as a result of 2016 debt issuances by various Utility operating companies, partially offset by a decrease in interest paid in 2016 on the Grand Gulf sale-leaseback obligation. See Note 11 to the financial statements herein for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets, see Note 4 to the financial statements herein for a discussion of debt issuances, and see Note 10 to the financial statements in the Form 10-K for details of the Grand Gulf sale-leaseback obligation; and
|
|
•
|
an increase of $34 million in spending in 2016 as compared to the same period in 2015 on activities related to the decommissioning of Vermont Yankee, which ceased power production in December 2014.
|
|
•
|
spending of $54 million in 2015 related to the shutdown of 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;
|
|
•
|
the timing of payments to vendors;
|
|
•
|
a decrease of $25 million in spending on nuclear refueling outages in 2016 as compared to the same period in 2015; and
|
|
•
|
proceeds of $11 million received in June 2016 from the DOE resulting from litigation regarding spent nuclear fuel storage costs that were previously expensed. See Note 1 to the financial statements herein for discussion of the DOE litigation.
|
|
•
|
the purchase of the Union Power Station for approximately $948 million in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase; and
|
|
•
|
an increase in construction expenditures, primarily in the Utility business, primarily due to an overall higher scope of work on transmission projects in 2016 as compared to the same period in 2015, an increase due to various technology projects and upgrades in 2016, and an increase in distribution construction expenditures primarily due to a higher scope of non-storm related work performed in 2016 as compared to the same period in 2015, partially offset by a decrease in spending related to compliance with NRC post-Fukushima requirements.
|
|
•
|
proceeds of $89 million received in June 2016 from the DOE resulting from litigation regarding spent nuclear fuel storage costs that were previously capitalized. See Note 1 to the financial statements herein for discussion of the DOE litigation;
|
|
•
|
a $71 million NYPA value sharing payment in 2015. See Note 15 to the financial statements in the Form 10-K for further discussion of Entergy’s NYPA value sharing agreements;
|
|
•
|
a change in collateral deposit activity, reflected in the “Decrease (increase) in other investments” line on the Consolidated Statement of Cash Flows, as certain Utility operating companies posted cash collateral of $54 million in 2015 to support their obligations to MISO; 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 providing approximately $437 million of cash in 2016 compared to using approximately $519 million of cash in 2015. Included in the long-term debt activity is $595 million in 2016 and $424 million in 2015 for the repayment of borrowings on the Entergy Corporation long-term credit facility; and
|
|
•
|
an increase of $100 million in 2016 compared to a decrease of $70 million in 2015 in short-term borrowings by the nuclear fuel company variable interest entities.
|
|
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Energy
|
|
|
|
|
|
|
|
|
|
Percent of planned generation under contract (a):
|
|
|
|
|
|
|
|
|
|
Unit-contingent (b)
|
|
68%
|
|
83%
|
|
22%
|
|
26%
|
|
Firm LD (c)
|
|
39%
|
|
9%
|
|
—%
|
|
—%
|
|
Offsetting positions (d)
|
|
(20%)
|
|
(9%)
|
|
—%
|
|
—%
|
|
Total
|
|
87%
|
|
83%
|
|
22%
|
|
26%
|
|
Planned generation (TWh) (e) (f)
|
|
18.0
|
|
27.7
|
|
28.1
|
|
25.9
|
|
Average revenue per MWh on contracted volumes:
|
|
|
|
|
|
|
|
|
|
Minimum
|
|
$41.1
|
|
$43.6
|
|
$56.1
|
|
$56.9
|
|
Expected based on market prices as of June 30, 2016
|
|
$41.7
|
|
$44.2
|
|
$56.1
|
|
$56.9
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$41.1-$43.4
|
|
$43.9-$44.4
|
|
$56.1
|
|
$56.9
|
|
|
|
|
|
|
|
|
|
|
|
Capacity
|
|
|
|
|
|
|
|
|
|
Percent of capacity sold forward (g):
|
|
|
|
|
|
|
|
|
|
Bundled capacity and energy contracts (h)
|
|
18%
|
|
22%
|
|
22%
|
|
25%
|
|
Capacity contracts (i)
|
|
41%
|
|
20%
|
|
20%
|
|
9%
|
|
Total
|
|
59%
|
|
42%
|
|
42%
|
|
34%
|
|
Planned net MW in operation (average) (f)
|
|
4,406
|
|
3,568
|
|
3,568
|
|
3,167
|
|
Average revenue under contract per kW per month (applies to capacity contracts only)
|
|
$6.0
|
|
$5.5
|
|
$9.4
|
|
$11.1
|
|
|
|
|
|
|
|
|
|
|
|
Total Nuclear Energy and Capacity Revenues (j)
|
|
|
|
|
|
|
|
|
|
Expected sold and market total revenue per MWh
|
|
$46.4
|
|
$51.4
|
|
$51.0
|
|
$51.2
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$44.6-$49.2
|
|
$49.8-$53.0
|
|
$43.4-$58.5
|
|
$43.8-$58.6
|
|
(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. Certain unit-contingent sales include a guarantee of availability. Availability guarantees provide 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.
|
|
(c)
|
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.
|
|
(d)
|
Transactions for the purchase of energy, generally to offset a Firm LD transaction.
|
|
(e)
|
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.
|
|
(f)
|
Assumes NRC license renewals for plants with NRC license renewal applications in process. Assumes shutdown of FitzPatrick in late January 2017, shutdown of Pilgrim on May 31, 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 and now operating under its period of extended operations while its application is pending). For a discussion regarding the planned shutdown of the FitzPatrick and Pilgrim plants, see “
Results of Operations
-
Realized Revenue per MWh for Entergy Wholesale Commodities Nuclear Plants
” above. 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 Form 10-K.
|
|
(g)
|
Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions.
|
|
(h)
|
A contract for the sale of installed capacity and related energy, priced per megawatt-hour sold.
|
|
(i)
|
A contract for the sale of an installed capacity product in a regional market.
|
|
(j)
|
Includes assumptions on converting a portion of the portfolio to contracted with fixed price cost or discount and excludes non-cash revenue from the amortization of the Palisades below-market purchased power agreement, mark-to-market activity, and service revenues.
|
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
(In Thousands, Except Share Data)
|
||||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
$2,093,331
|
|
|
|
$2,246,148
|
|
|
|
$4,135,492
|
|
|
|
$4,464,137
|
|
|
Natural gas
|
25,121
|
|
|
27,777
|
|
|
70,734
|
|
|
87,288
|
|
||||
|
Competitive businesses
|
344,110
|
|
|
439,306
|
|
|
866,189
|
|
|
1,081,896
|
|
||||
|
TOTAL
|
2,462,562
|
|
|
2,713,231
|
|
|
5,072,415
|
|
|
5,633,321
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
381,465
|
|
|
549,702
|
|
|
886,432
|
|
|
1,180,156
|
|
||||
|
Purchased power
|
242,672
|
|
|
322,929
|
|
|
504,996
|
|
|
664,951
|
|
||||
|
Nuclear refueling outage expenses
|
47,045
|
|
|
67,129
|
|
|
98,276
|
|
|
131,998
|
|
||||
|
Other operation and maintenance
|
759,258
|
|
|
827,872
|
|
|
1,491,174
|
|
|
1,597,983
|
|
||||
|
Asset write-offs, impairments, and related charges
|
6,969
|
|
|
—
|
|
|
14,329
|
|
|
—
|
|
||||
|
Decommissioning
|
76,625
|
|
|
68,830
|
|
|
145,253
|
|
|
138,729
|
|
||||
|
Taxes other than income taxes
|
149,249
|
|
|
156,378
|
|
|
299,027
|
|
|
313,901
|
|
||||
|
Depreciation and amortization
|
335,668
|
|
|
340,354
|
|
|
669,939
|
|
|
672,340
|
|
||||
|
Other regulatory charges
|
21,353
|
|
|
2,654
|
|
|
22,512
|
|
|
13,111
|
|
||||
|
TOTAL
|
2,020,304
|
|
|
2,335,848
|
|
|
4,131,938
|
|
|
4,713,169
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
442,258
|
|
|
377,383
|
|
|
940,477
|
|
|
920,152
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
13,860
|
|
|
11,974
|
|
|
32,792
|
|
|
23,712
|
|
||||
|
Interest and investment income
|
46,375
|
|
|
39,705
|
|
|
79,128
|
|
|
107,839
|
|
||||
|
Miscellaneous - net
|
(8,377
|
)
|
|
(15,743
|
)
|
|
(18,963
|
)
|
|
(24,764
|
)
|
||||
|
TOTAL
|
51,858
|
|
|
35,936
|
|
|
92,957
|
|
|
106,787
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
177,631
|
|
|
165,860
|
|
|
351,442
|
|
|
332,197
|
|
||||
|
Allowance for borrowed funds used during construction
|
(7,132
|
)
|
|
(6,044
|
)
|
|
(16,813
|
)
|
|
(12,161
|
)
|
||||
|
TOTAL
|
170,499
|
|
|
159,816
|
|
|
334,629
|
|
|
320,036
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
323,617
|
|
|
253,503
|
|
|
698,805
|
|
|
706,903
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
(248,973
|
)
|
|
99,781
|
|
|
(109,027
|
)
|
|
250,252
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
CONSOLIDATED NET INCOME
|
572,590
|
|
|
153,722
|
|
|
807,832
|
|
|
456,651
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements of subsidiaries
|
5,276
|
|
|
4,879
|
|
|
10,552
|
|
|
9,759
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION
|
|
$567,314
|
|
|
|
$148,843
|
|
|
|
$797,280
|
|
|
|
$446,892
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per average common share:
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
|
$3.17
|
|
|
|
$0.83
|
|
|
|
$4.46
|
|
|
|
$2.49
|
|
|
Diluted
|
|
$3.16
|
|
|
|
$0.83
|
|
|
|
$4.45
|
|
|
|
$2.48
|
|
|
Dividends declared per common share
|
|
$0.85
|
|
|
|
$0.83
|
|
|
|
$1.70
|
|
|
|
$1.66
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic average number of common shares outstanding
|
178,808,149
|
|
|
179,521,276
|
|
|
178,693,342
|
|
|
179,589,748
|
|
||||
|
Diluted average number of common shares outstanding
|
179,503,582
|
|
|
180,119,837
|
|
|
179,233,209
|
|
|
180,298,233
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income
|
|
$572,590
|
|
|
|
$153,722
|
|
|
|
$807,832
|
|
|
|
$456,651
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense (benefit) of ($34,576), $20,706, ($39,777), and $4,808)
|
(64,041
|
)
|
|
38,696
|
|
|
(73,547
|
)
|
|
9,366
|
|
||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense of $2,779, $4,165, $3,037, and $7,340)
|
5,043
|
|
|
7,438
|
|
|
12,605
|
|
|
15,886
|
|
||||
|
Net unrealized investment gains (losses)
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense (benefit) of $19,515, ($30,292), $37,873, and ($26,626))
|
20,955
|
|
|
(33,880
|
)
|
|
44,024
|
|
|
(29,877
|
)
|
||||
|
Foreign currency translation
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense (benefit) of ($487), $359, ($640), and $62)
|
(904
|
)
|
|
667
|
|
|
(1,188
|
)
|
|
116
|
|
||||
|
Other comprehensive income (loss)
|
(38,947
|
)
|
|
12,921
|
|
|
(18,106
|
)
|
|
(4,509
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Comprehensive Income
|
533,643
|
|
|
166,643
|
|
|
789,726
|
|
|
452,142
|
|
||||
|
Preferred dividend requirements of subsidiaries
|
5,276
|
|
|
4,879
|
|
|
10,552
|
|
|
9,759
|
|
||||
|
Comprehensive Income Attributable to Entergy Corporation
|
|
$528,367
|
|
|
|
$161,764
|
|
|
|
$779,174
|
|
|
|
$442,383
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Consolidated net income
|
|
|
$807,832
|
|
|
|
$456,651
|
|
|
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
1,012,753
|
|
|
1,069,888
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(170,026
|
)
|
|
180,006
|
|
||
|
Asset write-offs, impairments, and related charges
|
|
14,329
|
|
|
—
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
(57,673
|
)
|
|
(100,168
|
)
|
||
|
Fuel inventory
|
|
9,586
|
|
|
(3,748
|
)
|
||
|
Accounts payable
|
|
45,412
|
|
|
(104,595
|
)
|
||
|
Taxes accrued
|
|
7,056
|
|
|
(19,027
|
)
|
||
|
Interest accrued
|
|
(9,543
|
)
|
|
(18,984
|
)
|
||
|
Deferred fuel costs
|
|
3,757
|
|
|
72,449
|
|
||
|
Other working capital accounts
|
|
(121,929
|
)
|
|
(124,146
|
)
|
||
|
Changes in provisions for estimated losses
|
|
1,533
|
|
|
(6,987
|
)
|
||
|
Changes in other regulatory assets
|
|
109,700
|
|
|
124,785
|
|
||
|
Changes in other regulatory liabilities
|
|
70,505
|
|
|
(15,059
|
)
|
||
|
Changes in pensions and other postretirement liabilities
|
|
(168,856
|
)
|
|
(116,896
|
)
|
||
|
Other
|
|
(302,356
|
)
|
|
(55,808
|
)
|
||
|
Net cash flow provided by operating activities
|
|
1,252,080
|
|
|
1,338,361
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction/capital expenditures
|
|
(1,294,498
|
)
|
|
(1,095,926
|
)
|
||
|
Allowance for equity funds used during construction
|
|
33,152
|
|
|
25,165
|
|
||
|
Nuclear fuel purchases
|
|
(124,107
|
)
|
|
(165,704
|
)
|
||
|
Payment for purchase of plant
|
|
(947,903
|
)
|
|
—
|
|
||
|
Insurance proceeds received for property damages
|
|
—
|
|
|
12,745
|
|
||
|
Changes in securitization account
|
|
13,239
|
|
|
6,604
|
|
||
|
NYPA value sharing payment
|
|
—
|
|
|
(70,790
|
)
|
||
|
Payments to storm reserve escrow account
|
|
(805
|
)
|
|
(3,689
|
)
|
||
|
Decrease (increase) in other investments
|
|
57
|
|
|
(54,022
|
)
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
1,232,672
|
|
|
948,542
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(1,267,452
|
)
|
|
(973,016
|
)
|
||
|
Litigation proceeds for reimbursement of spent nuclear fuel storage costs
|
|
89,407
|
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(2,266,238
|
)
|
|
(1,370,091
|
)
|
||
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of:
|
|
|
|
|
||||
|
Long-term debt
|
|
3,856,768
|
|
|
865,634
|
|
||
|
Treasury stock
|
|
16,855
|
|
|
23,897
|
|
||
|
Retirement of long-term debt
|
|
(3,420,196
|
)
|
|
(1,384,658
|
)
|
||
|
Repurchase of common stock
|
|
—
|
|
|
(25,078
|
)
|
||
|
Changes in credit borrowings and commercial paper - net
|
|
530,540
|
|
|
341,578
|
|
||
|
Other
|
|
(10,276
|
)
|
|
6,719
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(303,843
|
)
|
|
(298,259
|
)
|
||
|
Preferred stock
|
|
(10,552
|
)
|
|
(9,759
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
659,296
|
|
|
(479,926
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(354,862
|
)
|
|
(511,656
|
)
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at beginning of period
|
|
1,350,961
|
|
|
1,422,026
|
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
|
$996,099
|
|
|
|
$910,370
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$410,744
|
|
|
|
$340,993
|
|
|
Income taxes
|
|
|
$84,607
|
|
|
|
$90,767
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$103,282
|
|
|
|
$63,497
|
|
|
Temporary cash investments
|
|
892,817
|
|
|
1,287,464
|
|
||
|
Total cash and cash equivalents
|
|
996,099
|
|
|
1,350,961
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
542,598
|
|
|
608,491
|
|
||
|
Allowance for doubtful accounts
|
|
(42,938
|
)
|
|
(39,895
|
)
|
||
|
Other
|
|
237,480
|
|
|
178,364
|
|
||
|
Accrued unbilled revenues
|
|
432,830
|
|
|
321,940
|
|
||
|
Total accounts receivable
|
|
1,169,970
|
|
|
1,068,900
|
|
||
|
Deferred fuel costs
|
|
31,895
|
|
|
—
|
|
||
|
Fuel inventory - at average cost
|
|
208,224
|
|
|
217,810
|
|
||
|
Materials and supplies - at average cost
|
|
903,973
|
|
|
873,357
|
|
||
|
Deferred nuclear refueling outage costs
|
|
248,932
|
|
|
211,512
|
|
||
|
Prepayments and other
|
|
292,835
|
|
|
344,872
|
|
||
|
TOTAL
|
|
3,851,928
|
|
|
4,067,412
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliates - at equity
|
|
4,845
|
|
|
4,341
|
|
||
|
Decommissioning trust funds
|
|
5,555,651
|
|
|
5,349,953
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
225,996
|
|
|
219,999
|
|
||
|
Other
|
|
469,791
|
|
|
468,704
|
|
||
|
TOTAL
|
|
6,256,283
|
|
|
6,042,997
|
|
||
|
|
|
|
|
|
||||
|
PROPERTY, PLANT, AND EQUIPMENT
|
|
|
|
|
||||
|
Electric
|
|
46,947,112
|
|
|
44,467,159
|
|
||
|
Property under capital lease
|
|
610,225
|
|
|
952,465
|
|
||
|
Natural gas
|
|
400,423
|
|
|
392,032
|
|
||
|
Construction work in progress
|
|
1,258,370
|
|
|
1,456,735
|
|
||
|
Nuclear fuel
|
|
1,246,430
|
|
|
1,345,422
|
|
||
|
TOTAL PROPERTY, PLANT, AND EQUIPMENT
|
|
50,462,560
|
|
|
48,613,813
|
|
||
|
Less - accumulated depreciation and amortization
|
|
21,392,881
|
|
|
20,789,452
|
|
||
|
PROPERTY, PLANT, AND EQUIPMENT - NET
|
|
29,069,679
|
|
|
27,824,361
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
769,535
|
|
|
775,528
|
|
||
|
Other regulatory assets (includes securitization property of $665,535 as of June 30, 2016 and $714,044 as of December 31, 2015)
|
|
4,603,489
|
|
|
4,704,796
|
|
||
|
Deferred fuel costs
|
|
239,001
|
|
|
238,902
|
|
||
|
Goodwill
|
|
377,172
|
|
|
377,172
|
|
||
|
Accumulated deferred income taxes
|
|
122,389
|
|
|
54,903
|
|
||
|
Other
|
|
587,566
|
|
|
561,610
|
|
||
|
TOTAL
|
|
6,699,152
|
|
|
6,712,911
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$45,877,042
|
|
|
|
$44,647,681
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$671,732
|
|
|
|
$214,374
|
|
|
Notes payable and commercial paper
|
|
1,024,888
|
|
|
494,348
|
|
||
|
Accounts payable
|
|
967,080
|
|
|
1,071,798
|
|
||
|
Customer deposits
|
|
424,977
|
|
|
419,407
|
|
||
|
Taxes accrued
|
|
217,133
|
|
|
210,077
|
|
||
|
Interest accrued
|
|
185,021
|
|
|
194,565
|
|
||
|
Deferred fuel costs
|
|
271,736
|
|
|
235,986
|
|
||
|
Obligations under capital leases
|
|
2,815
|
|
|
2,709
|
|
||
|
Pension and other postretirement liabilities
|
|
62,789
|
|
|
62,513
|
|
||
|
Other
|
|
193,672
|
|
|
184,181
|
|
||
|
TOTAL
|
|
4,021,843
|
|
|
3,089,958
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
8,183,048
|
|
|
8,306,865
|
|
||
|
Accumulated deferred investment tax credits
|
|
228,917
|
|
|
234,300
|
|
||
|
Obligations under capital leases
|
|
25,567
|
|
|
27,001
|
|
||
|
Other regulatory liabilities
|
|
1,485,402
|
|
|
1,414,898
|
|
||
|
Decommissioning and asset retirement cost liabilities
|
|
4,868,788
|
|
|
4,790,187
|
|
||
|
Accumulated provisions
|
|
462,214
|
|
|
460,727
|
|
||
|
Pension and other postretirement liabilities
|
|
3,018,226
|
|
|
3,187,357
|
|
||
|
Long-term debt (includes securitization bonds of $716,201 as of June 30, 2016 and $774,696 as of December 31, 2015)
|
|
13,112,072
|
|
|
13,111,556
|
|
||
|
Other
|
|
394,993
|
|
|
449,856
|
|
||
|
TOTAL
|
|
31,779,227
|
|
|
31,982,747
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Subsidiaries' preferred stock without sinking fund
|
|
318,185
|
|
|
318,185
|
|
||
|
|
|
|
|
|
||||
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
|
Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2016 and in 2015
|
|
2,548
|
|
|
2,548
|
|
||
|
Paid-in capital
|
|
5,392,546
|
|
|
5,403,758
|
|
||
|
Retained earnings
|
|
9,887,350
|
|
|
9,393,913
|
|
||
|
Accumulated other comprehensive income (loss)
|
|
(9,155
|
)
|
|
8,951
|
|
||
|
Less - treasury stock, at cost (75,856,619 shares in 2016 and 76,363,763 shares in 2015)
|
|
5,515,502
|
|
|
5,552,379
|
|
||
|
TOTAL
|
|
9,757,787
|
|
|
9,256,791
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$45,877,042
|
|
|
|
$44,647,681
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||||||||||||||
|
(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, 2014
|
|
$94,000
|
|
|
|
$2,548
|
|
|
|
($5,497,526
|
)
|
|
|
$5,375,353
|
|
|
|
$10,169,657
|
|
|
|
($42,307
|
)
|
|
|
$10,101,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
9,759
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
446,892
|
|
|
—
|
|
|
456,651
|
|
|||||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,509
|
)
|
|
(4,509
|
)
|
|||||||
|
Common stock repurchases
|
—
|
|
|
—
|
|
|
(25,078
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,078
|
)
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
44,445
|
|
|
(13,020
|
)
|
|
—
|
|
|
—
|
|
|
31,425
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(298,259
|
)
|
|
—
|
|
|
(298,259
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(9,759
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,759
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at June 30, 2015
|
|
$94,000
|
|
|
|
$2,548
|
|
|
|
($5,478,159
|
)
|
|
|
$5,362,333
|
|
|
|
$10,318,290
|
|
|
|
($46,816
|
)
|
|
|
$10,252,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at December 31, 2015
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,552,379
|
)
|
|
|
$5,403,758
|
|
|
|
$9,393,913
|
|
|
|
$8,951
|
|
|
|
$9,256,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
10,552
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
797,280
|
|
|
—
|
|
|
807,832
|
|
|||||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,106
|
)
|
|
(18,106
|
)
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
36,877
|
|
|
(11,212
|
)
|
|
—
|
|
|
—
|
|
|
25,665
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(303,843
|
)
|
|
—
|
|
|
(303,843
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(10,552
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,552
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at June 30, 2016
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,515,502
|
)
|
|
|
$5,392,546
|
|
|
|
$9,887,350
|
|
|
|
($9,155
|
)
|
|
|
$9,757,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||
|
(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2016 and 2015 include $10.6 million and $6.4 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 Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$667
|
|
|
|
$733
|
|
|
|
($66
|
)
|
|
(9
|
)
|
|
Commercial
|
|
543
|
|
|
597
|
|
|
(54
|
)
|
|
(9
|
)
|
|||
|
Industrial
|
|
551
|
|
|
591
|
|
|
(40
|
)
|
|
(7
|
)
|
|||
|
Governmental
|
|
52
|
|
|
55
|
|
|
(3
|
)
|
|
(5
|
)
|
|||
|
Total retail
|
|
1,813
|
|
|
1,976
|
|
|
(163
|
)
|
|
(8
|
)
|
|||
|
Sales for resale
|
|
72
|
|
|
86
|
|
|
(14
|
)
|
|
(16
|
)
|
|||
|
Other
|
|
208
|
|
|
184
|
|
|
24
|
|
|
13
|
|
|||
|
Total
|
|
|
$2,093
|
|
|
|
$2,246
|
|
|
|
($153
|
)
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
7,081
|
|
|
7,364
|
|
|
(283
|
)
|
|
(4
|
)
|
|||
|
Commercial
|
|
6,777
|
|
|
6,904
|
|
|
(127
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
11,509
|
|
|
10,737
|
|
|
772
|
|
|
7
|
|
|||
|
Governmental
|
|
609
|
|
|
602
|
|
|
7
|
|
|
1
|
|
|||
|
Total retail
|
|
25,976
|
|
|
25,607
|
|
|
369
|
|
|
1
|
|
|||
|
Sales for resale
|
|
3,579
|
|
|
3,138
|
|
|
441
|
|
|
14
|
|
|||
|
Total
|
|
29,555
|
|
|
28,745
|
|
|
810
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Revenues
|
|
|
$344
|
|
|
|
$439
|
|
|
|
($95
|
)
|
|
(22
|
)
|
|
Billed Electric Energy Sales (GWh)
|
|
7,866
|
|
|
9,578
|
|
|
(1,712
|
)
|
|
(18
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Six Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$1,411
|
|
|
|
$1,615
|
|
|
|
($204
|
)
|
|
(13
|
)
|
|
Commercial
|
|
1,081
|
|
|
1,180
|
|
|
(99
|
)
|
|
(8
|
)
|
|||
|
Industrial
|
|
1,111
|
|
|
1,167
|
|
|
(56
|
)
|
|
(5
|
)
|
|||
|
Governmental
|
|
103
|
|
|
107
|
|
|
(4
|
)
|
|
(4
|
)
|
|||
|
Total retail
|
|
3,706
|
|
|
4,069
|
|
|
(363
|
)
|
|
(9
|
)
|
|||
|
Sales for resale
|
|
127
|
|
|
146
|
|
|
(19
|
)
|
|
(13
|
)
|
|||
|
Other
|
|
302
|
|
|
249
|
|
|
53
|
|
|
21
|
|
|||
|
Total
|
|
|
$4,135
|
|
|
|
$4,464
|
|
|
|
($329
|
)
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
15,218
|
|
|
16,796
|
|
|
(1,578
|
)
|
|
(9
|
)
|
|||
|
Commercial
|
|
13,288
|
|
|
13,625
|
|
|
(337
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
22,564
|
|
|
21,144
|
|
|
1,420
|
|
|
7
|
|
|||
|
Governmental
|
|
1,209
|
|
|
1,194
|
|
|
15
|
|
|
1
|
|
|||
|
Total retail
|
|
52,279
|
|
|
52,759
|
|
|
(480
|
)
|
|
(1
|
)
|
|||
|
Sales for resale
|
|
6,719
|
|
|
4,949
|
|
|
1,770
|
|
|
36
|
|
|||
|
Total
|
|
58,998
|
|
|
57,708
|
|
|
1,290
|
|
|
2
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Revenues
|
|
|
$866
|
|
|
|
$1,082
|
|
|
|
($216
|
)
|
|
(20
|
)
|
|
Billed Electric Energy Sales (GWh)
|
|
17,112
|
|
|
19,170
|
|
|
(2,058
|
)
|
|
(11
|
)
|
|||
|
•
|
Entergy New Orleans would redeem its outstanding preferred stock at a price of approximately
$21 million
, which includes an expected call premium of approximately
$819,000
, plus any accumulated and unpaid dividends.
|
|
•
|
Entergy New Orleans would convert from a Louisiana corporation to a Texas corporation.
|
|
•
|
Under the Texas Business Organizations Code (TXBOC), Entergy New Orleans will allocate substantially all of its assets to a new subsidiary, Entergy New Orleans Power, LLC, a Texas limited liability company (Entergy New Orleans Power), and Entergy New Orleans Power will assume substantially all of the liabilities of Entergy New Orleans, in a transaction regarded as a merger under the TXBOC. Entergy New Orleans will remain in existence and hold the membership interests in Entergy New Orleans Power.
|
|
•
|
Entergy New Orleans will contribute the membership interests in Entergy New Orleans Power to an affiliate (Entergy Utility Holding Company, LLC, a Texas limited liability company and subsidiary of Entergy Corporation). As a result of the contribution, Entergy New Orleans Power will be a wholly-owned subsidiary of Entergy Utility Holding Company, LLC.
|
|
•
|
Entergy New Orleans will change its name to Entergy New Orleans Holdings, Inc., and Entergy New Orleans Power will then change its name to Entergy New Orleans, LLC.
|
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings per share
|
Income
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income attributable to Entergy Corporation
|
|
$567.3
|
|
|
178.8
|
|
|
|
$3.17
|
|
|
|
$148.8
|
|
|
179.5
|
|
|
|
$0.83
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
0.2
|
|
|
—
|
|
|
|
|
0.2
|
|
|
—
|
|
||||||
|
Other equity plans
|
|
|
0.5
|
|
|
(0.01
|
)
|
|
|
|
0.4
|
|
|
—
|
|
||||||
|
Diluted earnings per share
|
|
$567.3
|
|
|
179.5
|
|
|
|
$3.16
|
|
|
|
$148.8
|
|
|
180.1
|
|
|
|
$0.83
|
|
|
|
For the Six Months Ended June 30,
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings per share
|
Income
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income attributable to Entergy Corporation
|
|
$797.3
|
|
|
178.7
|
|
|
|
$4.46
|
|
|
|
$446.9
|
|
|
179.6
|
|
|
|
$2.49
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
0.1
|
|
|
—
|
|
|
|
|
0.4
|
|
|
(0.01
|
)
|
||||||
|
Other equity plans
|
|
|
0.4
|
|
|
(0.01
|
)
|
|
|
|
0.3
|
|
|
—
|
|
||||||
|
Diluted earnings per share
|
|
$797.3
|
|
|
179.2
|
|
|
|
$4.45
|
|
|
|
$446.9
|
|
|
180.3
|
|
|
|
$2.48
|
|
|
|
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, April 1, 2016
|
|
$96,464
|
|
|
|
($459,042
|
)
|
|
|
$390,626
|
|
|
|
$1,744
|
|
|
|
$29,792
|
|
|
Other comprehensive income (loss) before reclassifications
|
(34,138
|
)
|
|
—
|
|
|
24,016
|
|
|
(904
|
)
|
|
(11,026
|
)
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(29,903
|
)
|
|
5,043
|
|
|
(3,061
|
)
|
|
—
|
|
|
(27,921
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(64,041
|
)
|
|
5,043
|
|
|
20,955
|
|
|
(904
|
)
|
|
(38,947
|
)
|
|||||
|
Ending balance, June 30, 2016
|
|
$32,423
|
|
|
|
($453,999
|
)
|
|
|
$411,581
|
|
|
|
$840
|
|
|
|
($9,155
|
)
|
|
|
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, April 1, 2015
|
|
$68,788
|
|
|
|
($561,341
|
)
|
|
|
$430,698
|
|
|
|
$2,118
|
|
|
|
($59,737
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
88,796
|
|
|
—
|
|
|
(25,108
|
)
|
|
667
|
|
|
64,355
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(50,100
|
)
|
|
7,438
|
|
|
(8,772
|
)
|
|
—
|
|
|
(51,434
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
38,696
|
|
|
7,438
|
|
|
(33,880
|
)
|
|
667
|
|
|
12,921
|
|
|||||
|
Ending balance, June 30, 2015
|
|
$107,484
|
|
|
|
($553,903
|
)
|
|
|
$396,818
|
|
|
|
$2,785
|
|
|
|
($46,816
|
)
|
|
|
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, 2016
|
|
$105,970
|
|
|
|
($466,604
|
)
|
|
|
$367,557
|
|
|
|
$2,028
|
|
|
|
$8,951
|
|
|
Other comprehensive income (loss) before reclassifications
|
56,169
|
|
|
—
|
|
|
49,048
|
|
|
(1,188
|
)
|
|
104,029
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(129,716
|
)
|
|
12,605
|
|
|
(5,024
|
)
|
|
—
|
|
|
(122,135
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(73,547
|
)
|
|
12,605
|
|
|
44,024
|
|
|
(1,188
|
)
|
|
(18,106
|
)
|
|||||
|
Ending balance, June 30, 2016
|
|
$32,423
|
|
|
|
($453,999
|
)
|
|
|
$411,581
|
|
|
|
$840
|
|
|
|
($9,155
|
)
|
|
|
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
|
67,900
|
|
|
13
|
|
|
(12,450
|
)
|
|
116
|
|
|
55,579
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(58,534
|
)
|
|
15,873
|
|
|
(17,427
|
)
|
|
—
|
|
|
(60,088
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
9,366
|
|
|
15,886
|
|
|
(29,877
|
)
|
|
116
|
|
|
(4,509
|
)
|
|||||
|
Ending balance, June 30, 2015
|
|
$107,484
|
|
|
|
($553,903
|
)
|
|
|
$396,818
|
|
|
|
$2,785
|
|
|
|
($46,816
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance April 1, 2016
|
|
|
($56,675
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(230
|
)
|
|
|
Net other comprehensive income (loss) for the period
|
|
(230
|
)
|
|
|
Ending balance, June 30, 2016
|
|
|
($56,905
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance April 1, 2015
|
|
|
($78,843
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
412
|
|
|
|
Net other comprehensive income (loss) for the period
|
|
412
|
|
|
|
Ending balance, June 30, 2015
|
|
|
($78,431
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance, January 1, 2016
|
|
|
($56,412
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(493
|
)
|
|
|
Net other comprehensive income (loss) for the period
|
|
(493
|
)
|
|
|
Ending balance, June 30, 2016
|
|
|
($56,905
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||
|
|
|
(In Thousands)
|
||
|
Beginning balance, January 1, 2015
|
|
|
($79,223
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
792
|
|
|
|
Net other comprehensive income (loss) for the period
|
|
792
|
|
|
|
Ending balance, June 30, 2015
|
|
|
($78,431
|
)
|
|
|
Amounts
reclassified
from
AOCI
|
|
Income Statement Location
|
||
|
|
(In Thousands)
|
|
|
||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
||
|
Power contracts
|
|
$45,975
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
30
|
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
46,005
|
|
|
|
|
|
|
(16,102
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$29,903
|
|
|
|
|
|
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
||
|
Amortization of prior-service credit
|
|
$7,355
|
|
|
(a)
|
|
Amortization of loss
|
(15,177
|
)
|
|
(a)
|
|
|
Total amortization
|
(7,822
|
)
|
|
|
|
|
|
2,779
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($5,043
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$6,000
|
|
|
Interest and investment income
|
|
|
(2,939
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$3,061
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
$27,921
|
|
|
|
|
(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
|
|
$77,587
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(510
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
77,077
|
|
|
|
|
|
|
(26,977
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$50,100
|
|
|
|
|
|
|
|
|
|
|
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
Amortization of prior-service credit
|
|
$5,985
|
|
|
(a)
|
|
Amortization of loss
|
(17,588
|
)
|
|
(a)
|
|
|
Total amortization
|
(11,603
|
)
|
|
|
|
|
|
4,165
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($7,438
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$17,201
|
|
|
Interest and investment income
|
|
|
(8,429
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$8,772
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period (net of tax)
|
|
$51,434
|
|
|
|
|
(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
|
|
$199,933
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(370
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
199,563
|
|
|
|
|
|
|
(69,847
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$129,716
|
|
|
|
|
|
|
|
|
|
|
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
Amortization of prior-service credit
|
|
$14,710
|
|
|
(a)
|
|
Amortization of loss
|
(30,352
|
)
|
|
(a)
|
|
|
Total amortization
|
(15,642
|
)
|
|
|
|
|
|
3,037
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($12,605
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$9,850
|
|
|
Interest and investment income
|
|
|
(4,826
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$5,024
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period (net of tax)
|
|
$122,135
|
|
|
|
|
(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
|
|
$91,109
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(1,056
|
)
|
|
Miscellaneous - net
|
|
|
Total realized gain (loss) on cash flow hedges
|
90,053
|
|
|
|
|
|
|
(31,519
|
)
|
|
Income taxes
|
|
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$58,534
|
|
|
|
|
|
|
|
|
||
|
Pension and other postretirement liabilities
|
|
|
|
||
|
Amortization of prior-service credit
|
|
$11,971
|
|
|
(a)
|
|
Amortization of loss
|
(35,176
|
)
|
|
(a)
|
|
|
Total amortization
|
(23,205
|
)
|
|
|
|
|
|
7,332
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
($15,873
|
)
|
|
|
|
|
|
|
|
||
|
Net unrealized investment gain (loss)
|
|
|
|
||
|
Realized gain (loss)
|
|
$34,171
|
|
|
Interest and investment income
|
|
|
(16,744
|
)
|
|
Income taxes
|
|
|
Total realized investment gain (loss) (net of tax)
|
|
$17,427
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
$60,088
|
|
|
|
|
(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
|
|
|
$1,947
|
|
|
(a)
|
|
Amortization of loss
|
|
(1,573
|
)
|
|
(a)
|
|
|
Total amortization
|
|
374
|
|
|
|
|
|
|
|
(144
|
)
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
230
|
|
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
|
$230
|
|
|
|
|
(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
|
|
|
$1,866
|
|
|
(a)
|
|
Amortization of loss
|
|
(2,535
|
)
|
|
(a)
|
|
|
Total amortization
|
|
(669
|
)
|
|
|
|
|
|
|
257
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
(412
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reclassifications for the period (net of tax)
|
|
|
($412
|
)
|
|
|
|
(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
|
|
|
$3,894
|
|
|
(a)
|
|
Amortization of loss
|
|
(3,142
|
)
|
|
(a)
|
|
|
Total amortization
|
|
752
|
|
|
|
|
|
|
|
(259
|
)
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
493
|
|
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
|
$493
|
|
|
|
|
(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
|
|
|
$3,733
|
|
|
(a)
|
|
Amortization of loss
|
|
(5,070
|
)
|
|
(a)
|
|
|
Total amortization
|
|
(1,337
|
)
|
|
|
|
|
|
|
545
|
|
|
Income taxes
|
|
|
Total amortization (net of tax)
|
|
(792
|
)
|
|
|
|
|
|
|
|
|
|
||
|
Total reclassifications for the period (net of tax)
|
|
|
($792
|
)
|
|
|
|
(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
|
|
$240
|
|
$6
|
|
$3,254
|
|
Company
|
|
Expiration
Date
|
|
Amount of
Facility
|
|
Interest Rate (a)
|
|
Amount Drawn
as of
June 30, 2016
|
Letters of Credit
Outstanding as of June 30, 2016
|
|
Entergy Arkansas
|
|
April 2017
|
|
$20 million (b)
|
|
1.71%
|
|
$—
|
$—
|
|
Entergy Arkansas
|
|
August 2020
|
|
$150 million (c)
|
|
1.71%
|
|
$—
|
$—
|
|
Entergy Louisiana
|
|
August 2020
|
|
$350 million (d)
|
|
1.71%
|
|
$—
|
$6.4 million
|
|
Entergy Mississippi
|
|
May 2017
|
|
$37.5 million (e)
|
|
1.96%
|
|
$—
|
$—
|
|
Entergy Mississippi
|
|
May 2017
|
|
$35 million (e)
|
|
1.96%
|
|
$—
|
$—
|
|
Entergy Mississippi
|
|
May 2017
|
|
$20 million (e)
|
|
1.96%
|
|
$—
|
$—
|
|
Entergy Mississippi
|
|
May 2017
|
|
$10 million (e)
|
|
1.96%
|
|
$—
|
$—
|
|
Entergy New Orleans
|
|
November 2018
|
|
$25 million (f)
|
|
2.21%
|
|
$—
|
$—
|
|
Entergy Texas
|
|
August 2020
|
|
$150 million (g)
|
|
1.96%
|
|
$—
|
$1.3 million
|
|
(a)
|
The interest rate is the rate as of
June 30, 2016
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.
|
|
(d)
|
The credit facility allows Entergy Louisiana to issue letters of credit against
50%
of the borrowing capacity of the facility.
|
|
(e)
|
Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option.
|
|
(f)
|
The credit facility allows Entergy New Orleans to issue letters of credit against
$10 million
of the borrowing capacity of the facility.
|
|
(g)
|
The credit facility allows Entergy Texas to issue letters of credit against
50%
of the borrowing capacity of the facility.
|
|
Company
|
|
Amount of
Uncommitted Facility
|
|
Letter of Credit Fee
|
|
Letters of Credit
Issued as
of June 30, 2016 (a)
|
|
Entergy Arkansas
|
|
$25 million
|
|
0.70%
|
|
$1.0 million
|
|
Entergy Louisiana
|
|
$125 million
|
|
0.70%
|
|
$59.1 million
|
|
Entergy Mississippi
|
|
$40 million
|
|
0.70%
|
|
$26.7 million
|
|
Entergy New Orleans
|
|
$15 million
|
|
0.75%
|
|
$13.3 million
|
|
Entergy Texas
|
|
$50 million
|
|
0.70%
|
|
$14.4 million
|
|
(a)
|
The amount for Entergy Texas includes
$1.4 million
related to FTR exposure. See Note 8 to the financial statements herein for discussion of FTRs.
|
|
|
Authorized
|
|
Borrowings
|
|
|
(In Millions)
|
||
|
Entergy Arkansas
|
$250
|
|
$—
|
|
Entergy Louisiana
|
$450
|
|
$—
|
|
Entergy Mississippi
|
$175
|
|
$—
|
|
Entergy New Orleans
|
$100
|
|
$—
|
|
Entergy Texas
|
$200
|
|
$—
|
|
System Energy
|
$200
|
|
$—
|
|
Company
|
|
Expiration
Date
|
|
Amount
of
Facility
|
|
Weighted
Average
Interest
Rate on Borrowings (a)
|
|
Amount
Outstanding as of
June 30, 2016
|
|
|
|
|
|
(Dollars in Millions)
|
||||
|
Entergy Arkansas VIE
|
|
May 2019
|
|
$80
|
|
2.075%
|
|
$12.6 (b)
|
|
Entergy Louisiana River Bend VIE
|
|
May 2019
|
|
$105
|
|
n/a
|
|
$—
|
|
Entergy Louisiana Waterford VIE
|
|
May 2019
|
|
$85
|
|
1.95%
|
|
$59.5 (b)
|
|
System Energy VIE
|
|
May 2019
|
|
$120
|
|
2.075%
|
|
$99.6 (b)
|
|
(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 company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
|
|
(b)
|
Commercial paper, classified as a current liability.
|
|
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 Louisiana River Bend VIE
|
|
3.25% Series Q due July 2017
|
|
$75 million
|
|
Entergy Louisiana River Bend VIE
|
|
3.38% Series R due August 2020
|
|
$70 million
|
|
Entergy Louisiana Waterford VIE
|
|
3.25% Series G due July 2017
|
|
$25 million
|
|
Entergy Louisiana Waterford 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
|
|
|
Book Value
of Long-Term Debt
|
|
Fair Value
of Long-Term Debt (a) (b)
|
||||
|
|
(In Thousands)
|
||||||
|
Entergy
|
|
$13,783,804
|
|
|
|
$14,556,026
|
|
|
Entergy Arkansas
|
|
$2,830,658
|
|
|
|
$2,835,020
|
|
|
Entergy Louisiana
|
|
$5,410,218
|
|
|
|
$5,859,090
|
|
|
Entergy Mississippi
|
|
$1,091,938
|
|
|
|
$1,153,791
|
|
|
Entergy New Orleans
|
|
$459,095
|
|
|
|
$466,368
|
|
|
Entergy Texas
|
|
$1,539,889
|
|
|
|
$1,704,985
|
|
|
System Energy
|
|
$550,926
|
|
|
|
$543,935
|
|
|
(a)
|
The values exclude lease obligations of
$57 million
at Entergy Louisiana and
$34 million
at System Energy, long-term DOE obligations of
$182 million
at Entergy Arkansas, and the note payable to NYPA of
$35 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
|
|
$13,325,930
|
|
|
|
$13,578,511
|
|
|
Entergy Arkansas
|
|
$2,629,839
|
|
|
|
$2,498,108
|
|
|
Entergy Louisiana
|
|
$4,836,162
|
|
|
|
$5,018,786
|
|
|
Entergy Mississippi
|
|
$1,045,085
|
|
|
|
$1,087,326
|
|
|
Entergy New Orleans
|
|
$342,880
|
|
|
|
$351,040
|
|
|
Entergy Texas
|
|
$1,451,967
|
|
|
|
$1,590,616
|
|
|
System Energy
|
|
$572,667
|
|
|
|
$552,762
|
|
|
(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
$35 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.
|
|
|
2016
|
|
2015
|
||||
|
|
(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
|
|
$0.2
|
|
|
|
$0.2
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$2.2
|
|
|
|
$2.1
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$0.8
|
|
|
|
$0.8
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$0.4
|
|
|
|
$0.4
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$8.5
|
|
|
|
$8.0
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$3.3
|
|
|
|
$3.1
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$1.9
|
|
|
|
$1.6
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$16.9
|
|
|
|
$16.1
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$6.5
|
|
|
|
$6.2
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$3.7
|
|
|
|
$3.1
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$35,811
|
|
|
|
$43,762
|
|
|
Interest cost on projected benefit obligation
|
65,403
|
|
|
75,694
|
|
||
|
Expected return on assets
|
(97,366
|
)
|
|
(98,655
|
)
|
||
|
Amortization of prior service cost
|
270
|
|
|
390
|
|
||
|
Amortization of loss
|
48,824
|
|
|
58,981
|
|
||
|
Net pension costs
|
|
$52,942
|
|
|
|
$80,172
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$71,622
|
|
|
|
$87,524
|
|
|
Interest cost on projected benefit obligation
|
130,806
|
|
|
151,388
|
|
||
|
Expected return on assets
|
(194,732
|
)
|
|
(197,310
|
)
|
||
|
Amortization of prior service cost
|
540
|
|
|
780
|
|
||
|
Amortization of loss
|
97,648
|
|
|
117,962
|
|
||
|
Special termination benefit
|
—
|
|
|
76
|
|
||
|
Net pension costs
|
|
$105,884
|
|
|
|
$160,420
|
|
|
2016
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
|
System
Energy |
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$5,181
|
|
|
|
$7,049
|
|
|
|
$1,562
|
|
|
|
$656
|
|
|
|
$1,416
|
|
|
|
$1,566
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit obligation
|
|
13,055
|
|
|
14,870
|
|
|
3,811
|
|
|
1,814
|
|
|
3,557
|
|
|
2,992
|
|
||||||
|
Expected return on assets
|
|
(19,772
|
)
|
|
(22,096
|
)
|
|
(5,981
|
)
|
|
(2,687
|
)
|
|
(6,062
|
)
|
|
(4,459
|
)
|
||||||
|
Amortization of loss
|
|
10,936
|
|
|
11,946
|
|
|
2,985
|
|
|
1,615
|
|
|
2,340
|
|
|
2,604
|
|
||||||
|
Net pension cost
|
|
|
$9,400
|
|
|
|
$11,769
|
|
|
|
$2,377
|
|
|
|
$1,398
|
|
|
|
$1,251
|
|
|
|
$2,703
|
|
|
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
|
|
|
|
$8,599
|
|
|
|
$1,982
|
|
|
|
$849
|
|
|
|
$1,645
|
|
|
|
$1,957
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit obligation
|
|
15,471
|
|
|
17,367
|
|
|
4,502
|
|
|
2,108
|
|
|
4,354
|
|
|
3,493
|
|
||||||
|
Expected return on assets
|
|
(20,026
|
)
|
|
(22,701
|
)
|
|
(6,105
|
)
|
|
(2,725
|
)
|
|
(6,222
|
)
|
|
(4,568
|
)
|
||||||
|
Amortization of loss
|
|
13,564
|
|
|
14,951
|
|
|
3,724
|
|
|
2,013
|
|
|
3,238
|
|
|
3,264
|
|
||||||
|
Net pension cost
|
|
|
$15,670
|
|
|
|
$18,216
|
|
|
|
$4,103
|
|
|
|
$2,245
|
|
|
|
$3,015
|
|
|
|
$4,146
|
|
|
2016
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$10,362
|
|
|
|
$14,098
|
|
|
|
$3,124
|
|
|
|
$1,312
|
|
|
|
$2,832
|
|
|
|
$3,132
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit obligation
|
|
26,110
|
|
|
29,740
|
|
|
7,622
|
|
|
3,628
|
|
|
7,114
|
|
|
5,984
|
|
||||||
|
Expected return on assets
|
|
(39,544
|
)
|
|
(44,192
|
)
|
|
(11,962
|
)
|
|
(5,374
|
)
|
|
(12,124
|
)
|
|
(8,918
|
)
|
||||||
|
Amortization of loss
|
|
21,872
|
|
|
23,892
|
|
|
5,970
|
|
|
3,230
|
|
|
4,680
|
|
|
5,208
|
|
||||||
|
Net pension cost
|
|
|
$18,800
|
|
|
|
$23,538
|
|
|
|
$4,754
|
|
|
|
$2,796
|
|
|
|
$2,502
|
|
|
|
$5,406
|
|
|
2015
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$13,322
|
|
|
|
$17,198
|
|
|
|
$3,964
|
|
|
|
$1,698
|
|
|
|
$3,290
|
|
|
|
$3,914
|
|
|
Interest cost on projected
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
benefit obligation
|
|
30,942
|
|
|
34,734
|
|
|
9,004
|
|
|
4,216
|
|
|
8,708
|
|
|
6,986
|
|
||||||
|
Expected return on assets
|
|
(40,052
|
)
|
|
(45,402
|
)
|
|
(12,210
|
)
|
|
(5,450
|
)
|
|
(12,444
|
)
|
|
(9,136
|
)
|
||||||
|
Amortization of loss
|
|
27,128
|
|
|
29,902
|
|
|
7,448
|
|
|
4,026
|
|
|
6,476
|
|
|
6,528
|
|
||||||
|
Net pension cost
|
|
|
$31,340
|
|
|
|
$36,432
|
|
|
|
$8,206
|
|
|
|
$4,490
|
|
|
|
$6,030
|
|
|
|
$8,292
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Non-qualified pension cost
|
|
|
|
|
|
|
|
|
|
||||||||||
|
second quarter 2016
|
|
$106
|
|
|
|
$59
|
|
|
|
$59
|
|
|
|
$16
|
|
|
|
$127
|
|
|
Non-qualified pension cost
|
|
|
|
|
|
|
|
|
|
||||||||||
|
second quarter 2015
|
|
$113
|
|
|
|
$68
|
|
|
|
$59
|
|
|
|
$16
|
|
|
|
$149
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Non-qualified pension cost six
|
|
|
|
|
|
|
|
|
|
||||||||||
|
months ended June 30, 2016
|
|
$212
|
|
|
|
$118
|
|
|
|
$118
|
|
|
|
$32
|
|
|
|
$254
|
|
|
Non-qualified pension cost six
|
|
|
|
|
|
|
|
|
|
||||||||||
|
months ended June 30, 2015
|
|
$226
|
|
|
|
$136
|
|
|
|
$118
|
|
|
|
$32
|
|
|
|
$298
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$8,073
|
|
|
|
$11,326
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
14,083
|
|
|
17,984
|
|
||
|
Expected return on assets
|
(10,455
|
)
|
|
(11,344
|
)
|
||
|
Amortization of prior service credit
|
(11,373
|
)
|
|
(9,320
|
)
|
||
|
Amortization of loss
|
4,554
|
|
|
7,893
|
|
||
|
Net other postretirement benefit cost
|
|
$4,882
|
|
|
|
$16,539
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$16,146
|
|
|
|
$22,652
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
28,166
|
|
|
35,968
|
|
||
|
Expected return on assets
|
(20,910
|
)
|
|
(22,688
|
)
|
||
|
Amortization of prior service credit
|
(22,746
|
)
|
|
(18,640
|
)
|
||
|
Amortization of loss
|
9,108
|
|
|
15,786
|
|
||
|
Net other postretirement benefit cost
|
|
$9,764
|
|
|
|
$33,078
|
|
|
2016
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
|
System
Energy |
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$978
|
|
|
|
$1,869
|
|
|
|
$386
|
|
|
|
$156
|
|
|
|
$398
|
|
|
|
$334
|
|
|
Interest cost on APBO
|
|
2,324
|
|
|
3,260
|
|
|
709
|
|
|
448
|
|
|
1,039
|
|
|
529
|
|
||||||
|
Expected return on assets
|
|
(4,464
|
)
|
|
—
|
|
|
(1,379
|
)
|
|
(1,154
|
)
|
|
(2,394
|
)
|
|
(814
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(1,368
|
)
|
|
(1,947
|
)
|
|
(234
|
)
|
|
(186
|
)
|
|
(681
|
)
|
|
(393
|
)
|
||||||
|
Amortization of loss
|
|
1,064
|
|
|
732
|
|
|
223
|
|
|
37
|
|
|
537
|
|
|
287
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
($1,466
|
)
|
|
|
$3,914
|
|
|
|
($295
|
)
|
|
|
($699
|
)
|
|
|
($1,101
|
)
|
|
|
($57
|
)
|
|
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
|
|
|
|
$2,474
|
|
|
|
$507
|
|
|
|
$205
|
|
|
|
$500
|
|
|
|
$470
|
|
|
Interest cost on APBO
|
|
3,130
|
|
|
4,078
|
|
|
859
|
|
|
652
|
|
|
1,342
|
|
|
628
|
|
||||||
|
Expected return on assets
|
|
(4,798
|
)
|
|
—
|
|
|
(1,542
|
)
|
|
(1,201
|
)
|
|
(2,588
|
)
|
|
(911
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(610
|
)
|
|
(1,867
|
)
|
|
(229
|
)
|
|
(177
|
)
|
|
(681
|
)
|
|
(366
|
)
|
||||||
|
Amortization of loss
|
|
1,339
|
|
|
1,780
|
|
|
215
|
|
|
118
|
|
|
685
|
|
|
300
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
$800
|
|
|
|
$6,465
|
|
|
|
($190
|
)
|
|
|
($403
|
)
|
|
|
($742
|
)
|
|
|
$121
|
|
|
2016
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$1,956
|
|
|
|
$3,738
|
|
|
|
$772
|
|
|
|
$312
|
|
|
|
$796
|
|
|
|
$668
|
|
|
Interest cost on APBO
|
|
4,648
|
|
|
6,520
|
|
|
1,418
|
|
|
896
|
|
|
2,078
|
|
|
1,058
|
|
||||||
|
Expected return on assets
|
|
(8,928
|
)
|
|
—
|
|
|
(2,758
|
)
|
|
(2,308
|
)
|
|
(4,788
|
)
|
|
(1,628
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(2,736
|
)
|
|
(3,894
|
)
|
|
(468
|
)
|
|
(372
|
)
|
|
(1,362
|
)
|
|
(786
|
)
|
||||||
|
Amortization of loss
|
|
2,128
|
|
|
1,464
|
|
|
446
|
|
|
74
|
|
|
1,074
|
|
|
574
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
($2,932
|
)
|
|
|
$7,828
|
|
|
|
($590
|
)
|
|
|
($1,398
|
)
|
|
|
($2,202
|
)
|
|
|
($114
|
)
|
|
2015
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
during the period
|
|
|
$3,478
|
|
|
|
$4,948
|
|
|
|
$1,014
|
|
|
|
$410
|
|
|
|
$1,000
|
|
|
|
$940
|
|
|
Interest cost on APBO
|
|
6,260
|
|
|
8,156
|
|
|
1,718
|
|
|
1,304
|
|
|
2,684
|
|
|
1,256
|
|
||||||
|
Expected return on assets
|
|
(9,596
|
)
|
|
—
|
|
|
(3,084
|
)
|
|
(2,402
|
)
|
|
(5,176
|
)
|
|
(1,822
|
)
|
||||||
|
Amortization of prior service
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
credit
|
|
(1,220
|
)
|
|
(3,734
|
)
|
|
(458
|
)
|
|
(354
|
)
|
|
(1,362
|
)
|
|
(732
|
)
|
||||||
|
Amortization of loss
|
|
2,678
|
|
|
3,560
|
|
|
430
|
|
|
236
|
|
|
1,370
|
|
|
600
|
|
||||||
|
Net other postretirement
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
benefit cost
|
|
|
$1,600
|
|
|
|
$12,930
|
|
|
|
($380
|
)
|
|
|
($806
|
)
|
|
|
($1,484
|
)
|
|
|
$242
|
|
|
2016
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($270
|
)
|
|
|
$7,738
|
|
|
|
($113
|
)
|
|
|
$7,355
|
|
|
Amortization of loss
|
|
(12,482
|
)
|
|
(2,063
|
)
|
|
(632
|
)
|
|
(15,177
|
)
|
||||
|
|
|
|
($12,752
|
)
|
|
|
$5,675
|
|
|
|
($745
|
)
|
|
|
($7,822
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$1,947
|
|
|
|
$—
|
|
|
|
$1,947
|
|
|
Amortization of loss
|
|
(836
|
)
|
|
(732
|
)
|
|
(5
|
)
|
|
(1,573
|
)
|
||||
|
|
|
|
($836
|
)
|
|
|
$1,215
|
|
|
|
($5
|
)
|
|
|
$374
|
|
|
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 (cost)/credit
|
|
|
$—
|
|
|
|
$1,867
|
|
|
|
($1
|
)
|
|
|
$1,866
|
|
|
Amortization of loss
|
|
(751
|
)
|
|
(1,779
|
)
|
|
(5
|
)
|
|
(2,535
|
)
|
||||
|
|
|
|
($751
|
)
|
|
|
$88
|
|
|
|
($6
|
)
|
|
|
($669
|
)
|
|
2016
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($540
|
)
|
|
|
$15,476
|
|
|
|
($226
|
)
|
|
|
$14,710
|
|
|
Amortization of loss
|
|
(24,964
|
)
|
|
(4,126
|
)
|
|
(1,262
|
)
|
|
(30,352
|
)
|
||||
|
|
|
|
($25,504
|
)
|
|
|
$11,350
|
|
|
|
($1,488
|
)
|
|
|
($15,642
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$3,894
|
|
|
|
$—
|
|
|
|
$3,894
|
|
|
Amortization of loss
|
|
(1,672
|
)
|
|
(1,464
|
)
|
|
(6
|
)
|
|
(3,142
|
)
|
||||
|
|
|
|
($1,672
|
)
|
|
|
$2,430
|
|
|
|
($6
|
)
|
|
|
$752
|
|
|
2015
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($778
|
)
|
|
|
$12,964
|
|
|
|
($215
|
)
|
|
|
$11,971
|
|
|
Amortization of loss
|
|
(25,254
|
)
|
|
(8,818
|
)
|
|
(1,104
|
)
|
|
(35,176
|
)
|
||||
|
|
|
|
($26,032
|
)
|
|
|
$4,146
|
|
|
|
($1,319
|
)
|
|
|
($23,205
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
$—
|
|
|
|
$3,734
|
|
|
|
($1
|
)
|
|
|
$3,733
|
|
|
Amortization of loss
|
|
(1,502
|
)
|
|
(3,558
|
)
|
|
(10
|
)
|
|
(5,070
|
)
|
||||
|
|
|
|
($1,502
|
)
|
|
|
$176
|
|
|
|
($11
|
)
|
|
|
($1,337
|
)
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Expected 2016 pension
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
contributions
|
|
$82,831
|
|
|
|
$83,909
|
|
|
|
$19,913
|
|
|
|
$10,694
|
|
|
|
$15,770
|
|
|
|
$20,206
|
|
|
Pension contributions made
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
through June 2016
|
|
$36,549
|
|
|
|
$37,319
|
|
|
|
$8,919
|
|
|
|
$4,680
|
|
|
|
$6,999
|
|
|
|
$8,891
|
|
|
Remaining estimated pension
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
contributions to be made in 2016
|
|
$46,282
|
|
|
|
$46,590
|
|
|
|
$10,994
|
|
|
|
$6,014
|
|
|
|
$8,771
|
|
|
|
$11,315
|
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities*
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,118,478
|
|
|
|
$344,110
|
|
|
|
$—
|
|
|
|
($26
|
)
|
|
|
$2,462,562
|
|
|
Income taxes
|
|
|
($3,785
|
)
|
|
|
($235,055
|
)
|
|
|
($10,133
|
)
|
|
|
$—
|
|
|
|
($248,973
|
)
|
|
Consolidated net income (loss)
|
|
|
$380,317
|
|
|
|
$250,874
|
|
|
|
($26,703
|
)
|
|
|
($31,898
|
)
|
|
|
$572,590
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,273,945
|
|
|
|
$439,306
|
|
|
|
$—
|
|
|
|
($20
|
)
|
|
|
$2,713,231
|
|
|
Income taxes
|
|
|
$117,798
|
|
|
|
($3,300
|
)
|
|
|
($14,717
|
)
|
|
|
$—
|
|
|
|
$99,781
|
|
|
Consolidated net income (loss)
|
|
|
$204,035
|
|
|
|
($3,545
|
)
|
|
|
($14,870
|
)
|
|
|
($31,898
|
)
|
|
|
$153,722
|
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities*
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$4,206,272
|
|
|
|
$866,189
|
|
|
|
$—
|
|
|
|
($46
|
)
|
|
|
$5,072,415
|
|
|
Income taxes
|
|
|
$104,051
|
|
|
|
($182,741
|
)
|
|
|
($30,337
|
)
|
|
|
$—
|
|
|
|
($109,027
|
)
|
|
Consolidated net income (loss)
|
|
|
$579,968
|
|
|
|
$330,430
|
|
|
|
($38,769
|
)
|
|
|
($63,797
|
)
|
|
|
$807,832
|
|
|
Total assets as of June 30, 2016
|
|
|
$39,841,100
|
|
|
|
$7,913,442
|
|
|
|
$1,211,715
|
|
|
|
($3,089,215
|
)
|
|
|
$45,877,042
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$4,551,455
|
|
|
|
$1,081,896
|
|
|
|
$—
|
|
|
|
($30
|
)
|
|
|
$5,633,321
|
|
|
Income taxes
|
|
|
$209,048
|
|
|
|
$66,891
|
|
|
|
($25,687
|
)
|
|
|
$—
|
|
|
|
$250,252
|
|
|
Consolidated net income (loss)
|
|
|
$431,786
|
|
|
|
$119,887
|
|
|
|
($31,224
|
)
|
|
|
($63,798
|
)
|
|
|
$456,651
|
|
|
Total assets as of December 31, 2015
|
|
|
$38,356,906
|
|
|
|
$8,210,183
|
|
|
|
($461,505
|
)
|
|
|
($1,457,903
|
)
|
|
|
$44,647,681
|
|
|
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)
|
|
$50
|
|
($9)
|
|
$41
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$5
|
|
($5)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities
(current portion) |
|
$7
|
|
($7)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$7
|
|
($5)
|
|
$2
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$50
|
|
($22)
|
|
$28
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$8
|
|
$—
|
|
$8
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$16
|
|
$—
|
|
$16
|
|
Utility
|
|
FTRs
|
|
Prepayments and other
|
|
$47
|
|
($1)
|
|
$46
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities(current portion)
|
|
$31
|
|
($24)
|
|
$7
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$3
|
|
($1)
|
|
$2
|
|
Entergy Wholesale Commodities
|
|
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)
|
|
$173
|
|
($34)
|
|
$139
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$17
|
|
($2)
|
|
$15
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$14
|
|
($14)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$2
|
|
($2)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$54
|
|
($13)
|
|
$41
|
|
Entergy Wholesale Commodities
|
|
FTRs
|
|
Prepayments and other
|
|
$24
|
|
($1)
|
|
$23
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$38
|
|
($32)
|
|
$6
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$9
|
|
$—
|
|
$9
|
|
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
$1 million
posted as of June 30, 2016 and
$9 million
posted and
$68 million
held as of December 31, 2015. Also excludes letters of credit in the amount of
$1 million
posted and
$23 million
held as of June 30, 2016.
|
|
Instrument
|
|
Amount of gain (loss)
recognized in other
comprehensive income
|
|
Income Statement location
|
|
Amount of gain
reclassified from
AOCI into income (a)
|
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2016
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
($53)
|
|
Competitive businesses operating revenues
|
|
$46
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$137
|
|
Competitive businesses operating revenues
|
|
$78
|
|
(a)
|
Before taxes of
$16 million
and
$27 million
for the three months ended June 30, 2016 and 2015, respectively
|
|
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)
|
|
2016
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$86
|
|
Competitive businesses operating revenues
|
|
$200
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$105
|
|
Competitive businesses operating revenues
|
|
$91
|
|
(a)
|
Before taxes of
$70 million
and
$32 million
for the six months ended June 30, 2016 and 2015, respectively
|
|
Instrument
|
|
Amount of loss recognized in AOCI
|
|
Income Statement
location |
|
Amount of gain (loss)
recorded in the income statement |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($6)
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$38
|
|
Electricity swaps and options de-designated as hedged items
|
|
($10)
|
|
Competitive business operating revenues
|
|
($6)
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
$3
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$46
|
|
Electricity swaps and options de-designated as hedged items
|
|
($3)
|
|
Competitive business operating revenues
|
|
($5)
|
|
Instrument
|
|
Amount of gain recognized in AOCI
|
|
Income Statement
location |
|
Amount of gain (loss)
recorded in the income statement |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($30)
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$59
|
|
Electricity swaps and options de-designated as hedged items
|
|
$15
|
|
Competitive business operating revenues
|
|
($9)
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($16)
|
|
FTRs
|
|
$—
|
|
Purchased power expense
|
(b)
|
$79
|
|
Electricity swaps and options de-designated as hedged items
|
|
$1
|
|
Competitive business operating revenues
|
|
($39)
|
|
(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 recorded as purchased power expense when the FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$12.8
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$2.7
|
|
Entergy Mississippi
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Prepayments and other
|
|
$14.0
|
|
Entergy Arkansas
|
|
FTRs
|
|
Prepayments and other
|
|
$16.2
|
|
Entergy Louisiana
|
|
FTRs
|
|
Prepayments and other
|
|
$5.6
|
|
Entergy Mississippi
|
|
FTRs
|
|
Prepayments and other
|
|
$2.0
|
|
Entergy New Orleans
|
|
FTRs
|
|
Prepayments and other
|
|
$8.0
|
|
Entergy Texas
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
FTRs
|
|
Prepayments and other
|
|
$7.9
|
|
Entergy Arkansas
|
|
FTRs
|
|
Prepayments and other
|
|
$8.5
|
|
Entergy Louisiana
|
|
FTRs
|
|
Prepayments and other
|
|
$2.4
|
|
Entergy Mississippi
|
|
FTRs
|
|
Prepayments and other
|
|
$1.5
|
|
Entergy New Orleans
|
|
FTRs
|
|
Prepayments and other
|
|
$2.2
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$7.0
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$1.3
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$0.5
|
|
Entergy New Orleans
|
|
(a)
|
Excludes letters of credit in the amount of
$1.4 million
posted by Entergy Texas as of June 30, 2016. No cash collateral was required to be posted as of June 30, 2016 and December 31, 2015, respectively.
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded in the income statement |
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($4.9)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.9)
|
(a)
|
Entergy Mississippi
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$5.5
|
(b)
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$21.6
|
(b)
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$3.6
|
(b)
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$1.4
|
(b)
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$5.4
|
(b)
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$2.5
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$0.6
|
(a)
|
Entergy Mississippi
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$19.6
|
(b)
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$17.3
|
(b)
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$3.9
|
(b)
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$4.5
|
(b)
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$1.2
|
(b)
|
Entergy Texas
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded in the income statement |
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($24.2)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($5.0)
|
(a)
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.5)
|
(a)
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$13.3
|
(b)
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$32.1
|
(b)
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$4.4
|
(b)
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$1.9
|
(b)
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
$6.9
|
(b)
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($13.5)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($2.4)
|
(a)
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.5)
|
(a)
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
FTRs
|
|
Purchased power expense
|
|
$34.7
|
(b)
|
Entergy Arkansas
|
|
FTRs
|
|
Purchased power expense
|
|
$31.7
|
(b)
|
Entergy Louisiana
|
|
FTRs
|
|
Purchased power expense
|
|
$7.2
|
(b)
|
Entergy Mississippi
|
|
FTRs
|
|
Purchased power expense
|
|
$6.0
|
(b)
|
Entergy New Orleans
|
|
FTRs
|
|
Purchased power expense
|
|
($0.2)
|
(b)
|
Entergy Texas
|
|
(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 recorded as purchased power expense when the FTRs for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
|
|
•
|
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 or remaining 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:
|
|
-
|
inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
|
•
|
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.
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$893
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$893
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
464
|
|
|
—
|
|
|
—
|
|
|
464
|
|
||||
|
Debt securities
|
|
1,053
|
|
|
1,220
|
|
|
—
|
|
|
2,273
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
2,819
|
|
|||||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
||||
|
Securitization recovery trust account
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
||||
|
Escrow accounts
|
|
433
|
|
|
—
|
|
|
—
|
|
|
433
|
|
||||
|
Gas hedge contracts
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
46
|
|
|
46
|
|
||||
|
|
|
|
$2,896
|
|
|
|
$1,220
|
|
|
|
$123
|
|
|
|
$7,058
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Power contracts
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$11
|
|
|
|
$11
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$1,287
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1,287
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
468
|
|
|
—
|
|
|
—
|
|
|
468
|
|
||||
|
Debt securities
|
|
1,061
|
|
|
1,094
|
|
|
—
|
|
|
2,155
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
2,727
|
|
|||||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
||||
|
Securitization recovery trust account
|
|
50
|
|
|
—
|
|
|
—
|
|
|
50
|
|
||||
|
Escrow accounts
|
|
425
|
|
|
—
|
|
|
—
|
|
|
425
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
||||
|
|
|
|
$3,291
|
|
|
|
$1,094
|
|
|
|
$218
|
|
|
|
$7,330
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Power contracts
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$6
|
|
|
|
$6
|
|
|
Gas hedge contracts
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||
|
|
|
|
$9
|
|
|
|
$—
|
|
|
|
$6
|
|
|
|
$15
|
|
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios.
|
|
(b)
|
Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.
|
|
|
2016
|
|
2015
|
||||||||||||
|
|
Power Contracts
|
|
FTRs
|
|
Power Contracts
|
|
FTRs
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of April 1,
|
|
$183
|
|
|
|
$9
|
|
|
|
$145
|
|
|
|
$15
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
(9
|
)
|
|
—
|
|
|
22
|
|
|
—
|
|
||||
|
Included in OCI
|
(53
|
)
|
|
—
|
|
|
131
|
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
20
|
|
|
—
|
|
|
18
|
|
||||
|
Issuances of FTRs
|
—
|
|
|
55
|
|
|
—
|
|
|
80
|
|
||||
|
Purchases
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
|
Settlements
|
(55
|
)
|
|
(38
|
)
|
|
(98
|
)
|
|
(46
|
)
|
||||
|
Balance as of June 30,
|
|
$66
|
|
|
|
$46
|
|
|
|
$204
|
|
|
|
$67
|
|
|
(a)
|
Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
($6) million
for the three months ended June 30, 2016 and
($1) million
for the three months ended June 30, 2015.
|
|
|
2016
|
|
2015
|
||||||||||||
|
|
Power Contracts
|
|
FTRs
|
|
Power Contracts
|
|
FTRs
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of January 1,
|
|
$189
|
|
|
|
$23
|
|
|
|
$215
|
|
|
|
$47
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
(9
|
)
|
|
—
|
|
|
(13
|
)
|
|
(1
|
)
|
||||
|
Included in OCI
|
86
|
|
|
—
|
|
|
105
|
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
27
|
|
|
—
|
|
|
20
|
|
||||
|
Issuances of FTRs
|
—
|
|
|
55
|
|
|
—
|
|
|
80
|
|
||||
|
Purchases
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
||||
|
Settlements
|
(200
|
)
|
|
(59
|
)
|
|
(117
|
)
|
|
(79
|
)
|
||||
|
Balance as of June 30,
|
|
$66
|
|
|
|
$46
|
|
|
|
$204
|
|
|
|
$67
|
|
|
(a)
|
For the six months ended June 30, 2016, there is no change in unrealized gains or losses included in earnings for derivatives held at the end of the reporting period. Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
($7) million
for the six months ended June 30, 2015.
|
|
Transaction Type
|
|
Fair Value
as of
June 30,
2016
|
|
Significant
Unobservable Inputs
|
|
Range
from
Average
%
|
|
Effect on
Fair Value
|
|
|
|
|
(In Millions)
|
|
|
|
|
|
|
(In Millions)
|
|
Power contracts - electricity swaps
|
|
$61
|
|
Unit contingent discount
|
|
+/-
|
3%
|
|
$2
|
|
Power contracts - electricity options
|
|
$5
|
|
Implied volatility
|
|
+/-
|
34%
|
|
$3
|
|
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)
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$11.3
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$11.3
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
16.8
|
|
|
—
|
|
|
—
|
|
|
16.8
|
|
||||
|
Debt securities
|
|
97.4
|
|
|
207.8
|
|
|
—
|
|
|
305.2
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
480.8
|
|
|||||||
|
Securitization recovery trust account
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
3.2
|
|
||||
|
Escrow accounts
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
14.0
|
|
|
14.0
|
|
||||
|
|
|
|
$135.8
|
|
|
|
$207.8
|
|
|
|
$14.0
|
|
|
|
$838.4
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
|
$3.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$3.0
|
|
|
Debt securities
|
|
110.5
|
|
|
193.4
|
|
|
—
|
|
|
303.9
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
464.4
|
|
|||||||
|
Securitization recovery trust account
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
||||
|
Escrow accounts
|
|
12.2
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
7.9
|
|
|
7.9
|
|
||||
|
|
|
|
$129.9
|
|
|
|
$193.4
|
|
|
|
$7.9
|
|
|
|
$795.6
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$50.1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$50.1
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
6.9
|
|
|
—
|
|
|
—
|
|
|
6.9
|
|
||||
|
Debt securities
|
|
137.0
|
|
|
299.2
|
|
|
—
|
|
|
436.2
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
651.7
|
|
|||||||
|
Escrow accounts
|
|
305.2
|
|
|
—
|
|
|
—
|
|
|
305.2
|
|
||||
|
Securitization recovery trust account
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
||||
|
Gas hedge contracts
|
|
12.8
|
|
|
—
|
|
|
—
|
|
|
12.8
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
16.2
|
|
|
16.2
|
|
||||
|
|
|
|
$515.0
|
|
|
|
$299.2
|
|
|
|
$16.2
|
|
|
|
$1,482.1
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$34.8
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$34.8
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Equity securities
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
||||
|
Debt securities
|
|
161.1
|
|
|
248.8
|
|
|
—
|
|
|
409.9
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
625.3
|
|
|||||||
|
Escrow accounts
|
|
290.4
|
|
|
—
|
|
|
—
|
|
|
290.4
|
|
||||
|
Securitization recovery trust account
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
3.2
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
8.5
|
|
|
8.5
|
|
||||
|
|
|
|
$496.6
|
|
|
|
$248.8
|
|
|
|
$8.5
|
|
|
|
$1,379.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$7.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$7.0
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$105.3
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$105.3
|
|
|
Escrow accounts
|
|
31.8
|
|
|
—
|
|
|
—
|
|
|
31.8
|
|
||||
|
Gas hedge contracts
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
5.6
|
|
|
5.6
|
|
||||
|
|
|
|
$139.8
|
|
|
|
$—
|
|
|
|
$5.6
|
|
|
|
$145.4
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$144.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$144.2
|
|
|
Escrow accounts
|
|
41.7
|
|
|
—
|
|
|
—
|
|
|
41.7
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
2.4
|
|
||||
|
|
|
|
$185.9
|
|
|
|
$—
|
|
|
|
$2.4
|
|
|
|
$188.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$1.3
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1.3
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$23.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$23.4
|
|
|
Securitization recovery trust account
|
|
1.3
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
||||
|
Escrow accounts
|
|
88.3
|
|
|
—
|
|
|
—
|
|
|
88.3
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
2.0
|
|
||||
|
|
|
|
$113.0
|
|
|
|
$—
|
|
|
|
$2.0
|
|
|
|
$115.0
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$87.8
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$87.8
|
|
|
Securitization recovery trust account
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
||||
|
Escrow accounts
|
|
81.0
|
|
|
—
|
|
|
—
|
|
|
81.0
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
1.5
|
|
||||
|
|
|
|
$173.4
|
|
|
|
$—
|
|
|
|
$1.5
|
|
|
|
$174.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.5
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.5
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$54.6
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$54.6
|
|
|
Securitization recovery trust account
|
|
29.4
|
|
|
—
|
|
|
—
|
|
|
29.4
|
|
||||
|
FTRs
|
|
—
|
|
|
—
|
|
|
8.0
|
|
|
8.0
|
|
||||
|
|
|
|
$84.0
|
|
|
|
$—
|
|
|
|
$8.0
|
|
|
|
$92.0
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Securitization recovery trust account
|
|
|
$38.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$38.2
|
|
|
FTRs
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
2.2
|
|
||||
|
|
|
|
$38.2
|
|
|
|
$—
|
|
|
|
$2.2
|
|
|
|
$40.4
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$138.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$138.0
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
||||
|
Debt securities
|
|
247.4
|
|
|
56.3
|
|
|
—
|
|
|
303.7
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
436.7
|
|
|||||||
|
|
|
|
$386.1
|
|
|
|
$56.3
|
|
|
|
$—
|
|
|
|
$879.1
|
|
|
2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$222.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$222.0
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
||||
|
Debt securities
|
|
218.6
|
|
|
59.2
|
|
|
—
|
|
|
277.8
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
421.9
|
|
|||||||
|
|
|
|
$442.4
|
|
|
|
$59.2
|
|
|
|
$—
|
|
|
|
$923.5
|
|
|
(a)
|
The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices. Fixed income securities are held in various governmental and corporate securities. See Note 9 to the financial statements herein for additional information on the investment portfolios.
|
|
(b)
|
Common trust funds are not publicly quoted, and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of April 1,
|
|
$3.7
|
|
|
|
$3.3
|
|
|
|
$0.9
|
|
|
|
$0.6
|
|
|
|
$0.9
|
|
|
Issuances of FTRs
|
18.8
|
|
|
18.1
|
|
|
5.9
|
|
|
2.8
|
|
|
9.3
|
|
|||||
|
Gains (losses) included as a regulatory liability/asset
|
(3.0
|
)
|
|
16.4
|
|
|
2.4
|
|
|
—
|
|
|
3.2
|
|
|||||
|
Settlements
|
(5.5
|
)
|
|
(21.6
|
)
|
|
(3.6
|
)
|
|
(1.4
|
)
|
|
(5.4
|
)
|
|||||
|
Balance as of June 30,
|
|
$14.0
|
|
|
|
$16.2
|
|
|
|
$5.6
|
|
|
|
$2.0
|
|
|
|
$8.0
|
|
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of April 1,
|
|
$0.6
|
|
|
|
$8.8
|
|
|
|
$0.9
|
|
|
|
$1.4
|
|
|
|
$3.4
|
|
|
Issuances of FTRs
|
7.0
|
|
|
48.2
|
|
|
5.4
|
|
|
7.3
|
|
|
11.4
|
|
|||||
|
Gains (losses) included as a regulatory liability/asset
|
21.1
|
|
|
(2.4
|
)
|
|
2.5
|
|
|
2.5
|
|
|
(5.7
|
)
|
|||||
|
Settlements
|
(19.6
|
)
|
|
(17.3
|
)
|
|
(3.9
|
)
|
|
(4.5
|
)
|
|
(1.2
|
)
|
|||||
|
Balance as of June 30,
|
|
$9.1
|
|
|
|
$37.3
|
|
|
|
$4.9
|
|
|
|
$6.7
|
|
|
|
$7.9
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of January 1,
|
|
$7.9
|
|
|
|
$8.5
|
|
|
|
$2.4
|
|
|
|
$1.5
|
|
|
|
$2.2
|
|
|
Issuances of FTRs
|
18.8
|
|
|
18.1
|
|
|
5.9
|
|
|
2.8
|
|
|
9.3
|
|
|||||
|
Gains (losses) included as a regulatory liability/asset
|
0.6
|
|
|
21.7
|
|
|
1.7
|
|
|
(0.4
|
)
|
|
3.4
|
|
|||||
|
Settlements
|
(13.3
|
)
|
|
(32.1
|
)
|
|
(4.4
|
)
|
|
(1.9
|
)
|
|
(6.9
|
)
|
|||||
|
Balance as of June 30,
|
|
$14.0
|
|
|
|
$16.2
|
|
|
|
$5.6
|
|
|
|
$2.0
|
|
|
|
$8.0
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of January 1,
|
|
$0.7
|
|
|
|
$25.5
|
|
|
|
$3.4
|
|
|
|
$4.1
|
|
|
|
$12.3
|
|
|
Issuances of FTRs
|
7.0
|
|
|
48.2
|
|
|
5.4
|
|
|
7.3
|
|
|
11.4
|
|
|||||
|
Gains (losses) included as a regulatory liability/asset
|
36.1
|
|
|
(4.7
|
)
|
|
3.3
|
|
|
1.3
|
|
|
(16.0
|
)
|
|||||
|
Settlements
|
(34.7
|
)
|
|
(31.7
|
)
|
|
(7.2
|
)
|
|
(6.0
|
)
|
|
0.2
|
|
|||||
|
Balance as of June 30,
|
|
$9.1
|
|
|
|
$37.3
|
|
|
|
$4.9
|
|
|
|
$6.7
|
|
|
|
$7.9
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$3,283
|
|
|
|
$1,467
|
|
|
|
$1
|
|
|
Debt Securities
|
|
2,273
|
|
|
108
|
|
|
1
|
|
|||
|
Total
|
|
|
$5,556
|
|
|
|
$1,575
|
|
|
|
$2
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$3,195
|
|
|
|
$1,396
|
|
|
|
$2
|
|
|
Debt Securities
|
|
2,155
|
|
|
41
|
|
|
17
|
|
|||
|
Total
|
|
|
$5,350
|
|
|
|
$1,437
|
|
|
|
$19
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$24
|
|
|
|
$1
|
|
|
|
$84
|
|
|
|
$—
|
|
|
More than 12 months
|
1
|
|
|
—
|
|
|
33
|
|
|
1
|
|
||||
|
Total
|
|
$25
|
|
|
|
$1
|
|
|
|
$117
|
|
|
|
$1
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$54
|
|
|
|
$2
|
|
|
|
$1,031
|
|
|
|
$15
|
|
|
More than 12 months
|
1
|
|
|
—
|
|
|
61
|
|
|
2
|
|
||||
|
Total
|
|
$55
|
|
|
|
$2
|
|
|
|
$1,092
|
|
|
|
$17
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$73
|
|
|
|
$77
|
|
|
1 year - 5 years
|
839
|
|
|
857
|
|
||
|
5 years - 10 years
|
755
|
|
|
704
|
|
||
|
10 years - 15 years
|
152
|
|
|
124
|
|
||
|
15 years - 20 years
|
63
|
|
|
50
|
|
||
|
20 years+
|
391
|
|
|
343
|
|
||
|
Total
|
|
$2,273
|
|
|
|
$2,155
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$497.6
|
|
|
|
$246.3
|
|
|
|
$0.1
|
|
|
Debt Securities
|
|
305.2
|
|
|
12.1
|
|
|
0.1
|
|
|||
|
Total
|
|
|
$802.8
|
|
|
|
$258.4
|
|
|
|
$0.2
|
|
|
|
|
|
|
|
|
|
||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$467.4
|
|
|
|
$234.4
|
|
|
|
$0.2
|
|
|
Debt Securities
|
|
303.9
|
|
|
4.1
|
|
|
2.2
|
|
|||
|
Total
|
|
|
$771.3
|
|
|
|
$238.5
|
|
|
|
$2.4
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$4.5
|
|
|
|
$0.1
|
|
|
|
$18.2
|
|
|
|
$—
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
1.6
|
|
|
0.1
|
|
||||
|
Total
|
|
$4.5
|
|
|
|
$0.1
|
|
|
|
$19.8
|
|
|
|
$0.1
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$7.8
|
|
|
|
$0.2
|
|
|
|
$111.4
|
|
|
|
$1.7
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
18.5
|
|
|
0.5
|
|
||||
|
Total
|
|
$7.8
|
|
|
|
$0.2
|
|
|
|
$129.9
|
|
|
|
$2.2
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$5.4
|
|
|
|
$1.8
|
|
|
1 year - 5 years
|
119.9
|
|
|
145.2
|
|
||
|
5 years - 10 years
|
163.5
|
|
|
138.5
|
|
||
|
10 years - 15 years
|
9.7
|
|
|
2.4
|
|
||
|
15 years - 20 years
|
1.1
|
|
|
2.0
|
|
||
|
20 years+
|
5.6
|
|
|
14.0
|
|
||
|
Total
|
|
$305.2
|
|
|
|
$303.9
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$658.6
|
|
|
|
$300.4
|
|
|
|
$—
|
|
|
Debt Securities
|
|
436.2
|
|
|
24.7
|
|
|
0.3
|
|
|||
|
Total
|
|
|
$1,094.8
|
|
|
|
$325.1
|
|
|
|
$0.3
|
|
|
|
|
|
|
|
|
|
||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$632.4
|
|
|
|
$283.7
|
|
|
|
$0.2
|
|
|
Debt Securities
|
|
409.9
|
|
|
13.2
|
|
|
2.4
|
|
|||
|
Total
|
|
|
$1,042.3
|
|
|
|
$296.9
|
|
|
|
$2.6
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$1.6
|
|
|
|
$—
|
|
|
|
$3.7
|
|
|
|
$—
|
|
|
More than 12 months
|
0.8
|
|
|
—
|
|
|
6.8
|
|
|
0.3
|
|
||||
|
Total
|
|
$2.4
|
|
|
|
$—
|
|
|
|
$10.5
|
|
|
|
$0.3
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$9.4
|
|
|
|
$0.2
|
|
|
|
$124.0
|
|
|
|
$2.0
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
7.4
|
|
|
0.4
|
|
||||
|
Total
|
|
$9.4
|
|
|
|
$0.2
|
|
|
|
$131.4
|
|
|
|
$2.4
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$18.9
|
|
|
|
$27.1
|
|
|
1 year - 5 years
|
115.0
|
|
|
124.0
|
|
||
|
5 years - 10 years
|
117.1
|
|
|
114.3
|
|
||
|
10 years - 15 years
|
51.8
|
|
|
39.3
|
|
||
|
15 years - 20 years
|
30.9
|
|
|
26.5
|
|
||
|
20 years+
|
102.5
|
|
|
78.7
|
|
||
|
Total
|
|
$436.2
|
|
|
|
$409.9
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$437.4
|
|
|
|
$190.0
|
|
|
|
$0.1
|
|
|
Debt Securities
|
|
303.7
|
|
|
8.4
|
|
|
0.1
|
|
|||
|
Total
|
|
|
$741.1
|
|
|
|
$198.4
|
|
|
|
$0.2
|
|
|
|
|
|
|
|
|
|
||||||
|
2015
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$423.7
|
|
|
|
$179.2
|
|
|
|
$0.3
|
|
|
Debt Securities
|
|
277.8
|
|
|
2.2
|
|
|
2.3
|
|
|||
|
Total
|
|
|
$701.5
|
|
|
|
$181.4
|
|
|
|
$2.6
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$1.0
|
|
|
|
$0.1
|
|
|
|
$20.2
|
|
|
|
$—
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
1.1
|
|
|
0.1
|
|
||||
|
Total
|
|
$1.0
|
|
|
|
$0.1
|
|
|
|
$21.3
|
|
|
|
$0.1
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$8.3
|
|
|
|
$0.2
|
|
|
|
$200.4
|
|
|
|
$2.2
|
|
|
More than 12 months
|
0.9
|
|
|
0.1
|
|
|
5.0
|
|
|
0.1
|
|
||||
|
Total
|
|
$9.2
|
|
|
|
$0.3
|
|
|
|
$205.4
|
|
|
|
$2.3
|
|
|
|
2016
|
|
2015
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$3.1
|
|
|
|
$2.0
|
|
|
1 year - 5 years
|
192.2
|
|
|
181.2
|
|
||
|
5 years - 10 years
|
75.6
|
|
|
63.0
|
|
||
|
10 years - 15 years
|
3.6
|
|
|
4.4
|
|
||
|
15 years - 20 years
|
1.5
|
|
|
1.6
|
|
||
|
20 years+
|
27.7
|
|
|
25.6
|
|
||
|
Total
|
|
$303.7
|
|
|
|
$277.8
|
|
|
•
|
Entergy and the IRS agreed that
$148.6 million
of the proceeds received by Entergy Louisiana in 2010 from the Louisiana Utilities Restoration Corporation (LURC), an instrumentality of the State of Louisiana, for the financing of Hurricane Gustav and Hurricane Ike storm costs pursuant to Act 55 of the Louisiana Regular Session of 2007 (Louisiana Act 55) were not taxable. Because the treatment of the financing is settled, Entergy recognized previously unrecognized tax benefits totaling
$63.5 million
, of which Entergy Louisiana recorded
$61.6 million
. Entergy Louisiana also accrued a regulatory liability of
$16.1 million
(
$9.9 million
net-of-tax) in accordance with the terms of Entergy Louisiana’s previous settlement agreement approved by the LPSC regarding Entergy Louisiana’s obligation to pay to customers savings associated with the Act 55 financing.
|
|
•
|
Entergy and the IRS agreed upon the tax treatment of Entergy Louisiana’s regulatory liability related to the Vidalia purchased power agreement. As a result, Entergy Louisiana recognized a previously unrecognized tax benefit of
$74.5 million
.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$335.0
|
|
|
Retail electric price
|
25.7
|
|
|
|
Transmission revenue
|
7.1
|
|
|
|
Other
|
(2.1
|
)
|
|
|
2016 net revenue
|
|
$365.7
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$642.3
|
|
|
Retail electric price
|
48.9
|
|
|
|
Transmission revenue
|
12.6
|
|
|
|
Asset retirement obligation
|
5.4
|
|
|
|
Opportunity sales
|
(7.5
|
)
|
|
|
Volume/weather
|
(11.6
|
)
|
|
|
Other
|
(2.7
|
)
|
|
|
2016 net revenue
|
|
$687.4
|
|
|
•
|
$6.5 million in credits received in the second quarter 2015 related to incentives recognized as a result of participation in energy efficiency programs;
|
|
•
|
an increase of $2.5 million in fossil-fueled generation expenses primarily due to the purchase of Power Block 2 of the Union Power Station in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase; and
|
|
•
|
an increase of $1.6 million in nuclear generation expenses primarily due to an increase in regulatory compliance costs and an overall higher scope of work done during plant outages as compared to prior year. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities 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.
|
|
•
|
a decrease of $4.5 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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
|
|
•
|
a decrease of $3.7 million in energy efficiency costs, including the effects of true-ups to the energy efficiency filings in June 2016 for fixed costs to be collected from customers.
|
|
•
|
the deferral of $7.7 million of previously-incurred costs related to ANO post-Fukushima compliance and $9.9 million of previously-incurred costs related to ANO flood barrier compliance, as approved by the APSC as part of the 2015 rate case settlement. See Note 2 to the financial statements herein for further discussion of the rate case settlement;
|
|
•
|
a decrease of $9.7 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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
|
|
•
|
a decrease of $9.1 million in energy efficiency costs, including the effects of true-ups to the energy efficiency filings in June 2016 for fixed costs to be collected from customers.
|
|
•
|
an increase of $23.5 million in nuclear generation expenses primarily due to an increase in regulatory compliance costs and an overall higher scope of work done during plant outages as compared to prior year. The increase in regulatory compliance costs is primarily related to additional NRC inspection activities as a result of the NRC’s March 2015 decision to move ANO into the “multiple/repetitive degraded cornerstone
|
|
•
|
$6.5 million in credits received in the second quarter 2015 related to incentives recognized as a result of participation in energy efficiency programs.
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$9,135
|
|
|
|
$218,505
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
253,703
|
|
|
214,338
|
|
||
|
Investing activities
|
(577,426
|
)
|
|
(277,187
|
)
|
||
|
Financing activities
|
339,700
|
|
|
(56,429
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
15,977
|
|
|
(119,278
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$25,112
|
|
|
|
$99,227
|
|
|
•
|
a decrease of $21.8 million in spending on nuclear refueling outages in 2016;
|
|
•
|
a decrease of $10.3 million in income tax payments primarily due to the final settlement of amounts outstanding associated with the 2006-2007 IRS audit paid in the first quarter of 2015. See Note 3 to the financial statements in the Form 10-K for a discussion of the 2006-2007 IRS audit;
|
|
•
|
the timing of payments to vendors; and
|
|
•
|
a decrease of $4.7 million in storm spending in 2016.
|
|
•
|
a decrease in the recovery of fuel and purchased power costs including System Agreement bandwidth remedy collections from customers of $16.8 million received in 2016 as compared to $29.7 million received in 2015. See Note 2 herein and in the Form 10-K for a discussion of the System Agreement proceedings; and
|
|
•
|
an increase of $8.1 million in interest paid resulting from an increase in interest expense, as discussed above.
|
|
•
|
the purchase of Power Block 2 of the Union Power Station in March 2016 for approximately $237 million. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase;
|
|
•
|
an increase in non-storm related transmission and distribution construction expenditures primarily due to a higher scope of work performed in 2016; and
|
|
•
|
the 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 service deliveries, and the timing of cash payments during the nuclear fuel cycle.
|
|
•
|
the issuance of $325 million of 3.5% Series first mortgage bonds in January 2016. Entergy Arkansas used a portion of the proceeds to pay, prior to maturity, $175 million of 5.66% Series first mortgage bonds. Entergy Arkansas used the remainder of the proceeds, together with other funds, for the purchase of Power Block 2 of the Union Power Station, as discussed above, and for general corporate purposes;
|
|
•
|
a $200 million capital contribution received from Entergy Corporation in March 2016 primarily in anticipation of Entergy Arkansas’s purchase of Power Block 2 of the Union Power Station;
|
|
•
|
the issuance of $55 million of 3.5% Series first mortgage bonds in June 2016. These bonds were a further issuance of the 3.5% Series first mortgage bonds issued in January 2016. Entergy Arkansas used the proceeds, together with other funds, to pay, prior to maturity, $60 million of 6.38% Series first mortgage bonds in July 2016;
|
|
•
|
money pool activity; and
|
|
•
|
net repayments of $48 million on the Entergy Arkansas nuclear fuel company variable interest entity credit facility in 2015.
|
|
|
June 30,
2016
|
|
December 31,
2015
|
||
|
Debt to capital
|
55.7
|
%
|
|
56.8
|
%
|
|
Effect of excluding the securitization bonds
|
(0.4
|
%)
|
|
(0.6
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
55.3
|
%
|
|
56.2
|
%
|
|
Effect of subtracting cash
|
(0.3
|
%)
|
|
(0.1
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
55.0
|
%
|
|
56.1
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Arkansas.
|
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
(In Millions)
|
||||||||||
|
Planned construction and capital investment:
|
|
|
|
|
|
||||||
|
Generation
|
|
$415
|
|
|
|
$160
|
|
|
|
$140
|
|
|
Transmission
|
175
|
|
|
185
|
|
|
135
|
|
|||
|
Distribution
|
215
|
|
|
255
|
|
|
205
|
|
|||
|
Other
|
70
|
|
|
30
|
|
|
35
|
|
|||
|
Total
|
|
$875
|
|
|
|
$630
|
|
|
|
$515
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(In Thousands)
|
||||||
|
$1,453
|
|
($52,742)
|
|
$6,177
|
|
$2,218
|
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$504,252
|
|
|
|
$551,809
|
|
|
|
$969,625
|
|
|
|
$1,063,062
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
88,022
|
|
|
145,315
|
|
|
168,959
|
|
|
250,187
|
|
||||
|
Purchased power
|
|
49,714
|
|
|
80,671
|
|
|
111,518
|
|
|
180,485
|
|
||||
|
Nuclear refueling outage expenses
|
|
14,981
|
|
|
13,443
|
|
|
30,050
|
|
|
25,506
|
|
||||
|
Other operation and maintenance
|
|
173,909
|
|
|
169,365
|
|
|
326,815
|
|
|
329,910
|
|
||||
|
Decommissioning
|
|
13,301
|
|
|
12,491
|
|
|
26,404
|
|
|
24,795
|
|
||||
|
Taxes other than income taxes
|
|
22,961
|
|
|
22,980
|
|
|
46,047
|
|
|
48,684
|
|
||||
|
Depreciation and amortization
|
|
67,115
|
|
|
61,540
|
|
|
130,288
|
|
|
121,642
|
|
||||
|
Other regulatory charges (credits) - net
|
|
802
|
|
|
(9,145
|
)
|
|
1,719
|
|
|
(9,952
|
)
|
||||
|
TOTAL
|
|
430,805
|
|
|
496,660
|
|
|
841,800
|
|
|
971,257
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
73,447
|
|
|
55,149
|
|
|
127,825
|
|
|
91,805
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
3,995
|
|
|
3,532
|
|
|
8,927
|
|
|
5,906
|
|
||||
|
Interest and investment income
|
|
5,770
|
|
|
2,861
|
|
|
9,364
|
|
|
13,813
|
|
||||
|
Miscellaneous - net
|
|
(1,020
|
)
|
|
(521
|
)
|
|
(1,795
|
)
|
|
(688
|
)
|
||||
|
TOTAL
|
|
8,745
|
|
|
5,872
|
|
|
16,496
|
|
|
19,031
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
27,792
|
|
|
26,417
|
|
|
60,574
|
|
|
52,904
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(2,136
|
)
|
|
(1,844
|
)
|
|
(4,851
|
)
|
|
(3,075
|
)
|
||||
|
TOTAL
|
|
25,656
|
|
|
24,573
|
|
|
55,723
|
|
|
49,829
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
56,536
|
|
|
36,448
|
|
|
88,598
|
|
|
61,007
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
22,645
|
|
|
14,923
|
|
|
35,413
|
|
|
21,617
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
33,891
|
|
|
21,525
|
|
|
53,185
|
|
|
39,390
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements
|
|
1,718
|
|
|
1,718
|
|
|
3,437
|
|
|
3,437
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$32,173
|
|
|
|
$19,807
|
|
|
|
$49,748
|
|
|
|
$35,953
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$53,185
|
|
|
|
$39,390
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
211,630
|
|
|
201,426
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
122,195
|
|
|
37,397
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(42,371
|
)
|
|
(35,452
|
)
|
||
|
Fuel inventory
|
|
5,093
|
|
|
13,730
|
|
||
|
Accounts payable
|
|
66,118
|
|
|
(8,930
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
(89,124
|
)
|
|
(29,667
|
)
|
||
|
Interest accrued
|
|
(1,093
|
)
|
|
(543
|
)
|
||
|
Deferred fuel costs
|
|
(40,847
|
)
|
|
56,023
|
|
||
|
Other working capital accounts
|
|
25,021
|
|
|
(23,969
|
)
|
||
|
Provisions for estimated losses
|
|
1,142
|
|
|
(133
|
)
|
||
|
Other regulatory assets
|
|
7,048
|
|
|
14,173
|
|
||
|
Pension and other postretirement liabilities
|
|
(45,752
|
)
|
|
(41,182
|
)
|
||
|
Other assets and liabilities
|
|
(18,542
|
)
|
|
(7,925
|
)
|
||
|
Net cash flow provided by operating activities
|
|
253,703
|
|
|
214,338
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(316,569
|
)
|
|
(268,714
|
)
|
||
|
Allowance for equity funds used during construction
|
|
9,229
|
|
|
7,329
|
|
||
|
Payment for purchase of plant
|
|
(236,969
|
)
|
|
—
|
|
||
|
Nuclear fuel purchases
|
|
(64,689
|
)
|
|
(34,750
|
)
|
||
|
Proceeds from sale of nuclear fuel
|
|
40,336
|
|
|
26,636
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
103,815
|
|
|
146,823
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(112,040
|
)
|
|
(150,453
|
)
|
||
|
Changes in money pool receivable - net
|
|
(1,453
|
)
|
|
(3,959
|
)
|
||
|
Changes in securitization account
|
|
1,017
|
|
|
(99
|
)
|
||
|
Other
|
|
(103
|
)
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(577,426
|
)
|
|
(277,187
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
380,141
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(181,604
|
)
|
|
(6,518
|
)
|
||
|
Capital contribution from parent
|
|
200,000
|
|
|
—
|
|
||
|
Changes in short-term borrowings - net
|
|
908
|
|
|
(47,968
|
)
|
||
|
Change in money pool payable - net
|
|
(52,742
|
)
|
|
—
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Preferred stock
|
|
(3,437
|
)
|
|
(3,437
|
)
|
||
|
Other
|
|
(3,566
|
)
|
|
1,494
|
|
||
|
Net cash flow provided by (used in) financing activities
|
|
339,700
|
|
|
(56,429
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
15,977
|
|
|
(119,278
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
9,135
|
|
|
218,505
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$25,112
|
|
|
|
$99,227
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$58,733
|
|
|
|
$50,671
|
|
|
Income taxes
|
|
|
$7,242
|
|
|
|
$17,587
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$13,780
|
|
|
|
$9,066
|
|
|
Temporary cash investments
|
|
11,332
|
|
|
69
|
|
||
|
Total cash and cash equivalents
|
|
25,112
|
|
|
9,135
|
|
||
|
Securitization recovery trust account
|
|
3,187
|
|
|
4,204
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
107,896
|
|
|
108,636
|
|
||
|
Allowance for doubtful accounts
|
|
(34,401
|
)
|
|
(34,226
|
)
|
||
|
Associated companies
|
|
33,069
|
|
|
32,987
|
|
||
|
Other
|
|
82,046
|
|
|
84,216
|
|
||
|
Accrued unbilled revenues
|
|
121,151
|
|
|
73,583
|
|
||
|
Total accounts receivable
|
|
309,761
|
|
|
265,196
|
|
||
|
Deferred fuel costs
|
|
31,895
|
|
|
—
|
|
||
|
Fuel inventory - at average cost
|
|
57,596
|
|
|
62,689
|
|
||
|
Materials and supplies - at average cost
|
|
178,563
|
|
|
169,919
|
|
||
|
Deferred nuclear refueling outage costs
|
|
38,372
|
|
|
67,834
|
|
||
|
Prepaid taxes
|
|
119,415
|
|
|
30,291
|
|
||
|
Prepayments and other
|
|
25,692
|
|
|
15,145
|
|
||
|
TOTAL
|
|
789,593
|
|
|
624,413
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
802,763
|
|
|
771,313
|
|
||
|
Other
|
|
7,915
|
|
|
12,895
|
|
||
|
TOTAL
|
|
810,678
|
|
|
784,208
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
10,171,128
|
|
|
9,536,802
|
|
||
|
Property under capital lease
|
|
779
|
|
|
844
|
|
||
|
Construction work in progress
|
|
309,915
|
|
|
388,075
|
|
||
|
Nuclear fuel
|
|
256,222
|
|
|
286,341
|
|
||
|
TOTAL UTILITY PLANT
|
|
10,738,044
|
|
|
10,212,062
|
|
||
|
Less - accumulated depreciation and amortization
|
|
4,517,372
|
|
|
4,349,809
|
|
||
|
UTILITY PLANT - NET
|
|
6,220,672
|
|
|
5,862,253
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
62,273
|
|
|
61,438
|
|
||
|
Other regulatory assets (includes securitization property of $48,788 as of June 30, 2016 and $54,450 as of December 31, 2015)
|
|
1,325,890
|
|
|
1,333,773
|
|
||
|
Deferred fuel costs
|
|
66,799
|
|
|
66,700
|
|
||
|
Other
|
|
19,892
|
|
|
14,989
|
|
||
|
TOTAL
|
|
1,474,854
|
|
|
1,476,900
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$9,295,797
|
|
|
|
$8,747,774
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$55,000
|
|
|
|
$55,000
|
|
|
Short-term borrowings
|
|
12,599
|
|
|
11,690
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
137,691
|
|
|
110,464
|
|
||
|
Other
|
|
130,621
|
|
|
177,758
|
|
||
|
Customer deposits
|
|
119,586
|
|
|
118,340
|
|
||
|
Interest accrued
|
|
18,790
|
|
|
19,883
|
|
||
|
Deferred fuel costs
|
|
—
|
|
|
8,853
|
|
||
|
Other
|
|
51,610
|
|
|
45,219
|
|
||
|
TOTAL
|
|
525,897
|
|
|
547,207
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
2,100,985
|
|
|
1,982,812
|
|
||
|
Accumulated deferred investment tax credits
|
|
35,906
|
|
|
36,506
|
|
||
|
Other regulatory liabilities
|
|
266,938
|
|
|
242,913
|
|
||
|
Decommissioning
|
|
898,750
|
|
|
872,346
|
|
||
|
Accumulated provisions
|
|
6,694
|
|
|
5,552
|
|
||
|
Pension and other postretirement liabilities
|
|
413,401
|
|
|
459,153
|
|
||
|
Long-term debt (includes securitization bonds of $54,807 as of June 30, 2016 and $61,249 as of December 31, 2015)
|
|
2,775,658
|
|
|
2,574,839
|
|
||
|
Other
|
|
13,812
|
|
|
18,438
|
|
||
|
TOTAL
|
|
6,512,144
|
|
|
6,192,559
|
|
||
|
|
|
|
|
|
||||
|
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 2016 and 2015
|
|
470
|
|
|
470
|
|
||
|
Paid-in capital
|
|
788,493
|
|
|
588,493
|
|
||
|
Retained earnings
|
|
1,352,443
|
|
|
1,302,695
|
|
||
|
TOTAL
|
|
2,141,406
|
|
|
1,891,658
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$9,295,797
|
|
|
|
$8,747,774
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Common Equity
|
|
|
||||||||||||
|
|
|
Common
Stock |
|
Paid-in
Capital |
|
Retained
Earnings |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
|
$470
|
|
|
|
$588,471
|
|
|
|
$1,235,296
|
|
|
|
$1,824,237
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
39,390
|
|
|
39,390
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(3,437
|
)
|
|
(3,437
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2015
|
|
|
$470
|
|
|
|
$588,471
|
|
|
|
$1,271,249
|
|
|
|
$1,860,190
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
|
$470
|
|
|
|
$588,493
|
|
|
|
$1,302,695
|
|
|
|
$1,891,658
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
53,185
|
|
|
53,185
|
|
||||
|
Capital contribution from parent
|
|
—
|
|
|
200,000
|
|
|
—
|
|
|
200,000
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(3,437
|
)
|
|
(3,437
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2016
|
|
|
$470
|
|
|
|
$788,493
|
|
|
|
$1,352,443
|
|
|
|
$2,141,406
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$153
|
|
|
|
$159
|
|
|
|
($6
|
)
|
|
(4
|
)
|
|
Commercial
|
|
115
|
|
|
119
|
|
|
(4
|
)
|
|
(3
|
)
|
|||
|
Industrial
|
|
100
|
|
|
111
|
|
|
(11
|
)
|
|
(10
|
)
|
|||
|
Governmental
|
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
(20
|
)
|
|||
|
Total retail
|
|
372
|
|
|
394
|
|
|
(22
|
)
|
|
(6
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
25
|
|
|
32
|
|
|
(7
|
)
|
|
(22
|
)
|
|||
|
Non-associated companies
|
|
37
|
|
|
68
|
|
|
(31
|
)
|
|
(46
|
)
|
|||
|
Other
|
|
70
|
|
|
58
|
|
|
12
|
|
|
21
|
|
|||
|
Total
|
|
|
$504
|
|
|
|
$552
|
|
|
|
($48
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
1,409
|
|
|
1,486
|
|
|
(77
|
)
|
|
(5
|
)
|
|||
|
Commercial
|
|
1,350
|
|
|
1,374
|
|
|
(24
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
1,582
|
|
|
1,612
|
|
|
(30
|
)
|
|
(2
|
)
|
|||
|
Governmental
|
|
55
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
4,396
|
|
|
4,527
|
|
|
(131
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
539
|
|
|
597
|
|
|
(58
|
)
|
|
(10
|
)
|
|||
|
Non-associated companies
|
|
2,252
|
|
|
2,859
|
|
|
(607
|
)
|
|
(21
|
)
|
|||
|
Total
|
|
7,187
|
|
|
7,983
|
|
|
(796
|
)
|
|
(10
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Six Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$345
|
|
|
|
$381
|
|
|
|
($36
|
)
|
|
(9
|
)
|
|
Commercial
|
|
225
|
|
|
230
|
|
|
(5
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
200
|
|
|
209
|
|
|
(9
|
)
|
|
(4
|
)
|
|||
|
Governmental
|
|
8
|
|
|
9
|
|
|
(1
|
)
|
|
(11
|
)
|
|||
|
Total retail
|
|
778
|
|
|
829
|
|
|
(51
|
)
|
|
(6
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
(7
|
)
|
|
61
|
|
|
(68
|
)
|
|
(111
|
)
|
|||
|
Non-associated companies
|
|
75
|
|
|
108
|
|
|
(33
|
)
|
|
(31
|
)
|
|||
|
Other
|
|
124
|
|
|
65
|
|
|
59
|
|
|
91
|
|
|||
|
Total
|
|
|
$970
|
|
|
|
$1,063
|
|
|
|
($93
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
3,433
|
|
|
3,971
|
|
|
(538
|
)
|
|
(14
|
)
|
|||
|
Commercial
|
|
2,690
|
|
|
2,789
|
|
|
(99
|
)
|
|
(4
|
)
|
|||
|
Industrial
|
|
3,158
|
|
|
3,223
|
|
|
(65
|
)
|
|
(2
|
)
|
|||
|
Governmental
|
|
111
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
9,392
|
|
|
10,094
|
|
|
(702
|
)
|
|
(7
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
964
|
|
|
1,107
|
|
|
(143
|
)
|
|
(13
|
)
|
|||
|
Non-associated companies
|
|
4,808
|
|
|
4,328
|
|
|
480
|
|
|
11
|
|
|||
|
Total
|
|
15,164
|
|
|
15,529
|
|
|
(365
|
)
|
|
(2
|
)
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$612.9
|
|
|
Louisiana Act 55 financing savings obligation
|
(16.1
|
)
|
|
|
Volume/weather
|
(3.4
|
)
|
|
|
Retail electric price
|
18.0
|
|
|
|
Other
|
(3.2
|
)
|
|
|
2016 net revenue
|
|
$608.2
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$1,192.0
|
|
|
Volume/weather
|
(21.2
|
)
|
|
|
Louisiana Act 55 financing savings obligation
|
(16.1
|
)
|
|
|
Retail electric price
|
25.8
|
|
|
|
Other
|
(8.4
|
)
|
|
|
2016 net revenue
|
|
$1,172.1
|
|
|
•
|
a decrease of $6 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement costs as a result of higher discount rates used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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;
|
|
•
|
a decrease of $4.4 million as a result of spending in 2015 related to the Entergy Louisiana and Entergy Gulf States Louisiana business combination. Deferrals of $15.8 million of certain external costs incurred were
|
|
•
|
a decrease of $3 million in fossil-fueled generation expenses due to an overall lower scope of work done during plant outages in 2016 as compared to the same period in 2015, partially offset by an increase as a result of the purchase of Power Blocks 3 and 4 of the Union Power Station in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase; and
|
|
•
|
the effects of recording the final court decision in the Entergy Louisiana lawsuit against the DOE related to River Bend spent nuclear fuel storage costs. The damages awarded include the reimbursement of approximately $1.9 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. See Note 1 to the financial statements herein for discussion of the DOE litigation.
|
|
•
|
a decrease of $13 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement costs as a result of higher discount rates used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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;
|
|
•
|
a decrease of $12.1 million in fossil-fueled generation expenses primarily due to an overall lower scope of work done during plant outages in 2016 as compared to the same period in 2015, partially offset by an increase as a result of the purchase of Power Blocks 3 and 4 of the Union Power Station in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase;
|
|
•
|
a decrease of $7.4 million as a result of spending in 2015 related to the Entergy Louisiana and Entergy Gulf States Louisiana business combination. Deferrals of $15.8 million of certain external costs incurred were recorded in the third and fourth quarter 2015, as approved by the LPSC. These costs are being amortized over a ten-year period beginning December 2015. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
Entergy Louisiana and Entergy Gulf States Louisiana Business Combination
” in the Form 10-K for a discussion of the combination; and
|
|
•
|
the effects of recording the final court decision in the Entergy Louisiana lawsuit against the DOE related to River Bend spent nuclear fuel storage costs. The damages awarded include the reimbursement of approximately $1.9 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. See Note 1 to the financial statements for discussion of the DOE litigation.
|
|
•
|
Restrictions were enacted on the utilization of net operating loss carryovers. Entergy Louisiana has determined that no additional valuation allowance is necessary at this time on its Louisiana net operating loss carryovers.
|
|
•
|
Depending on the outcome of a statewide election to amend the Louisiana Constitution in November 2016, the applicable Louisiana corporate tax rate may change slightly. It would require a deferred tax adjustment for Entergy companies that have a Louisiana nexus; however, the net effect would be less than a 1% increase in the applicable tax rate for such companies.
|
|
•
|
Effective January 1, 2017, franchise tax will be applicable to limited liability companies that elect to be taxed as corporations for income tax purposes. Entergy currently estimates that its consolidated Louisiana franchise tax liability will increase in the range of $4 million to $10 million as a result of such franchise tax change.
|
|
•
|
The Louisiana state sales tax rate was increased by 1% and certain tax exemptions were made temporarily inoperable. The combination of the two will likely increase Entergy Louisiana’s costs related to fuel, capital
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$35,102
|
|
|
|
$320,516
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
440,356
|
|
|
563,822
|
|
||
|
Investing activities
|
(859,906
|
)
|
|
(536,796
|
)
|
||
|
Financing activities
|
459,253
|
|
|
(47,410
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
39,703
|
|
|
(20,384
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$74,805
|
|
|
|
$300,132
|
|
|
•
|
income tax payments of $62.7 million in 2016 compared to income tax refunds of $4.1 million in 2015. Entergy Louisiana made income tax payments of $62.7 million in 2016 related to the 2016 payments for state taxes resulting from the correlative effect of the final settlement of the 2006-2007 IRS audit and the effect of net operating loss limitations discussed above in “
Louisiana Tax Legislation
”. Entergy Louisiana received income tax refunds of $4.1 million in 2015 in accordance with the Entergy Corporation and Subsidiary Companies Intercompany Income Tax Allocation Agreement. The income tax refunds in 2015 resulted primarily from an Entergy Louisiana overpayment associated with the final settlement of amounts outstanding from the 2006-2007 IRS audit. See Note 3 to the financial statements in the Form 10-K for a discussion of the 2006-2007 IRS audit; and
|
|
•
|
an increase of $72 million in interest paid primarily due to an interest payment of $60 million made in March 2016 related to the purchase of a beneficial interest in the Waterford 3 leased assets. See Note 11 to the financial statements herein for a discussion of the purchase of a beneficial interest in the Waterford 3 leased assets.
|
|
•
|
the purchase of Power Blocks 3 and 4 of the Union Power Station for an aggregate purchase price of approximately $474 million in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase;
|
|
•
|
an increase in fossil-fueled generation construction expenditures primarily due to increased spending on the St. Charles Power Station project; and
|
|
•
|
an increase of $11.2 million due to various technology projects and upgrades in 2016.
|
|
•
|
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 service deliveries, and the timing of cash payments during the nuclear fuel cycle;
|
|
•
|
cash collateral of $32.3 million posted in 2015 to support Entergy Louisiana’s obligation to MISO;
|
|
•
|
a decrease in nuclear expenditures primarily due to a decreased scope of work performed in 2016 as compared to 2015; and
|
|
•
|
money pool activity.
|
|
|
June 30,
2016
|
|
December 31,
2015
|
||
|
Debt to capital
|
52.3
|
%
|
|
50.8
|
%
|
|
Effect of excluding securitization bonds
|
(0.5
|
%)
|
|
(0.6
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
51.8
|
%
|
|
50.2
|
%
|
|
Effect of subtracting cash
|
(0.4
|
%)
|
|
(0.2
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
51.4
|
%
|
|
50.0
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Louisiana.
|
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
(In Millions)
|
||||||||||
|
Planned construction and capital investment:
|
|
|
|
|
|
||||||
|
Generation
|
|
$920
|
|
|
|
$775
|
|
|
|
$820
|
|
|
Transmission
|
250
|
|
|
390
|
|
|
295
|
|
|||
|
Distribution
|
265
|
|
|
335
|
|
|
300
|
|
|||
|
Other
|
65
|
|
|
50
|
|
|
45
|
|
|||
|
Total
|
|
$1,500
|
|
|
|
$1,550
|
|
|
|
$1,460
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(In Thousands)
|
||||||
|
$6,322
|
|
$6,154
|
|
$19,756
|
|
$2,815
|
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$989,732
|
|
|
|
$1,064,328
|
|
|
|
$1,926,163
|
|
|
|
$2,109,139
|
|
|
Natural gas
|
|
9,302
|
|
|
10,270
|
|
|
28,016
|
|
|
34,651
|
|
||||
|
TOTAL
|
|
999,034
|
|
|
1,074,598
|
|
|
1,954,179
|
|
|
2,143,790
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
152,340
|
|
|
176,991
|
|
|
354,423
|
|
|
396,649
|
|
||||
|
Purchased power
|
|
224,699
|
|
|
289,560
|
|
|
416,097
|
|
|
560,759
|
|
||||
|
Nuclear refueling outage expenses
|
|
12,974
|
|
|
11,809
|
|
|
25,754
|
|
|
22,939
|
|
||||
|
Other operation and maintenance
|
|
232,957
|
|
|
248,277
|
|
|
439,021
|
|
|
469,078
|
|
||||
|
Decommissioning
|
|
11,658
|
|
|
10,784
|
|
|
23,166
|
|
|
21,429
|
|
||||
|
Taxes other than income taxes
|
|
44,366
|
|
|
40,171
|
|
|
86,728
|
|
|
84,061
|
|
||||
|
Depreciation and amortization
|
|
112,452
|
|
|
110,758
|
|
|
222,043
|
|
|
217,626
|
|
||||
|
Other regulatory charges (credits) - net
|
|
13,836
|
|
|
(4,820
|
)
|
|
11,577
|
|
|
(5,595
|
)
|
||||
|
TOTAL
|
|
805,282
|
|
|
883,530
|
|
|
1,578,809
|
|
|
1,766,946
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
193,752
|
|
|
191,068
|
|
|
375,370
|
|
|
376,844
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
4,506
|
|
|
4,223
|
|
|
11,744
|
|
|
9,695
|
|
||||
|
Interest and investment income
|
|
40,251
|
|
|
34,781
|
|
|
77,667
|
|
|
74,797
|
|
||||
|
Miscellaneous - net
|
|
(1,870
|
)
|
|
(4,588
|
)
|
|
(5,615
|
)
|
|
(4,788
|
)
|
||||
|
TOTAL
|
|
42,887
|
|
|
34,416
|
|
|
83,796
|
|
|
79,704
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
70,787
|
|
|
65,003
|
|
|
135,863
|
|
|
130,284
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(2,383
|
)
|
|
(2,365
|
)
|
|
(6,280
|
)
|
|
(5,493
|
)
|
||||
|
TOTAL
|
|
68,404
|
|
|
62,638
|
|
|
129,583
|
|
|
124,791
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
168,235
|
|
|
162,846
|
|
|
329,583
|
|
|
331,757
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
(85,090
|
)
|
|
53,865
|
|
|
(35,348
|
)
|
|
96,667
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
253,325
|
|
|
108,981
|
|
|
364,931
|
|
|
235,090
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
—
|
|
|
1,944
|
|
|
—
|
|
|
3,887
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON EQUITY
|
|
|
$253,325
|
|
|
|
$107,037
|
|
|
|
$364,931
|
|
|
|
$231,203
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income
|
|
$253,325
|
|
|
|
$108,981
|
|
|
|
$364,931
|
|
|
|
$235,090
|
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
|
||||||||
|
(net of tax expense (benefit) of ($144), $257, ($259), and $545)
|
(230
|
)
|
|
412
|
|
|
(493
|
)
|
|
792
|
|
||||
|
Other comprehensive income (loss)
|
(230
|
)
|
|
412
|
|
|
(493
|
)
|
|
792
|
|
||||
|
Comprehensive Income
|
|
$253,095
|
|
|
|
$109,393
|
|
|
|
$364,438
|
|
|
|
$235,882
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$364,931
|
|
|
|
$235,090
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
301,815
|
|
|
297,302
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(49,661
|
)
|
|
135,120
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
(72,931
|
)
|
|
(76,119
|
)
|
||
|
Fuel inventory
|
|
(5,053
|
)
|
|
(2,890
|
)
|
||
|
Accounts payable
|
|
(22,830
|
)
|
|
34,241
|
|
||
|
Prepaid taxes and taxes accrued
|
|
23,850
|
|
|
23,931
|
|
||
|
Interest accrued
|
|
(4,216
|
)
|
|
1,985
|
|
||
|
Deferred fuel costs
|
|
4,093
|
|
|
(32,819
|
)
|
||
|
Other working capital accounts
|
|
(26,514
|
)
|
|
(31,192
|
)
|
||
|
Changes in provisions for estimated losses
|
|
1,734
|
|
|
(5,165
|
)
|
||
|
Changes in other regulatory assets
|
|
58,429
|
|
|
45,422
|
|
||
|
Changes in pension and other postretirement liabilities
|
|
(35,869
|
)
|
|
(24,796
|
)
|
||
|
Other
|
|
(97,422
|
)
|
|
(36,288
|
)
|
||
|
Net cash flow provided by operating activities
|
|
440,356
|
|
|
563,822
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(403,387
|
)
|
|
(374,174
|
)
|
||
|
Allowance for equity funds used during construction
|
|
11,744
|
|
|
9,695
|
|
||
|
Payment for purchase of plant
|
|
(473,956
|
)
|
|
—
|
|
||
|
Nuclear fuel purchases
|
|
(38,773
|
)
|
|
(119,798
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
64,498
|
|
|
17,070
|
|
||
|
Increase in investments
|
|
—
|
|
|
(32,300
|
)
|
||
|
Payments to storm reserve escrow account
|
|
—
|
|
|
(42
|
)
|
||
|
Changes to securitization account
|
|
225
|
|
|
9
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
123,546
|
|
|
65,127
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(143,091
|
)
|
|
(80,352
|
)
|
||
|
Changes in money pool receivable - net
|
|
(168
|
)
|
|
(16,941
|
)
|
||
|
Changes in other investments - net
|
|
(544
|
)
|
|
(5,090
|
)
|
||
|
Net cash flow used in investing activities
|
|
(859,906
|
)
|
|
(536,796
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
1,128,580
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(559,839
|
)
|
|
(25,368
|
)
|
||
|
Changes in credit borrowings - net
|
|
(888
|
)
|
|
(5,766
|
)
|
||
|
Distributions paid:
|
|
|
|
|
||||
|
Common equity
|
|
(105,500
|
)
|
|
—
|
|
||
|
Preferred membership interests
|
|
—
|
|
|
(3,887
|
)
|
||
|
Other
|
|
(3,100
|
)
|
|
(12,389
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
459,253
|
|
|
(47,410
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
39,703
|
|
|
(20,384
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
35,102
|
|
|
320,516
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$74,805
|
|
|
|
$300,132
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$196,514
|
|
|
|
$124,491
|
|
|
Income taxes
|
|
|
$62,676
|
|
|
|
($4,056
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$24,659
|
|
|
|
$348
|
|
|
Temporary cash investments
|
|
50,146
|
|
|
34,754
|
|
||
|
Total cash and cash equivalents
|
|
74,805
|
|
|
35,102
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
167,646
|
|
|
179,051
|
|
||
|
Allowance for doubtful accounts
|
|
(6,633
|
)
|
|
(4,209
|
)
|
||
|
Associated companies
|
|
131,488
|
|
|
94,418
|
|
||
|
Other
|
|
112,044
|
|
|
56,793
|
|
||
|
Accrued unbilled revenues
|
|
180,343
|
|
|
143,079
|
|
||
|
Total accounts receivable
|
|
584,888
|
|
|
469,132
|
|
||
|
Fuel inventory
|
|
53,098
|
|
|
48,045
|
|
||
|
Materials and supplies - at average cost
|
|
305,376
|
|
|
282,688
|
|
||
|
Deferred nuclear refueling outage costs
|
|
41,548
|
|
|
66,984
|
|
||
|
Gas hedge contracts
|
|
12,817
|
|
|
—
|
|
||
|
Prepayments and other
|
|
45,300
|
|
|
28,294
|
|
||
|
TOTAL
|
|
1,117,832
|
|
|
930,245
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliate preferred membership interests
|
|
1,390,587
|
|
|
1,390,587
|
|
||
|
Decommissioning trust funds
|
|
1,094,817
|
|
|
1,042,293
|
|
||
|
Storm reserve escrow account
|
|
290,966
|
|
|
290,422
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
212,741
|
|
|
206,293
|
|
||
|
Other
|
|
28,920
|
|
|
14,776
|
|
||
|
TOTAL
|
|
3,018,031
|
|
|
2,944,371
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
18,891,958
|
|
|
17,629,077
|
|
||
|
Natural gas
|
|
165,193
|
|
|
159,252
|
|
||
|
Property under capital lease
|
|
—
|
|
|
341,514
|
|
||
|
Construction work in progress
|
|
382,197
|
|
|
420,874
|
|
||
|
Nuclear fuel
|
|
289,234
|
|
|
386,524
|
|
||
|
TOTAL UTILITY PLANT
|
|
19,728,582
|
|
|
18,937,241
|
|
||
|
Less - accumulated depreciation and amortization
|
|
8,594,494
|
|
|
8,302,774
|
|
||
|
UTILITY PLANT - NET
|
|
11,134,088
|
|
|
10,634,467
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
474,456
|
|
|
478,243
|
|
||
|
Other regulatory assets (includes securitization property of $104,520 as of June 30, 2016 and $114,701 as of December 31, 2015)
|
|
1,163,232
|
|
|
1,217,874
|
|
||
|
Deferred fuel costs
|
|
168,122
|
|
|
168,122
|
|
||
|
Other
|
|
20,081
|
|
|
14,125
|
|
||
|
TOTAL
|
|
1,825,891
|
|
|
1,878,364
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$17,095,842
|
|
|
|
$16,387,447
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$61,004
|
|
|
|
$29,372
|
|
|
Short-term borrowings
|
|
59,469
|
|
|
60,356
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
102,443
|
|
|
165,419
|
|
||
|
Other
|
|
268,030
|
|
|
276,280
|
|
||
|
Customer deposits
|
|
148,760
|
|
|
146,555
|
|
||
|
Taxes accrued
|
|
148,992
|
|
|
125,142
|
|
||
|
Interest accrued
|
|
70,164
|
|
|
74,380
|
|
||
|
Deferred fuel costs
|
|
69,327
|
|
|
65,234
|
|
||
|
Other
|
|
88,794
|
|
|
79,982
|
|
||
|
TOTAL
|
|
1,016,983
|
|
|
1,022,720
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
2,447,814
|
|
|
2,506,956
|
|
||
|
Accumulated deferred investment tax credits
|
|
129,251
|
|
|
131,760
|
|
||
|
Regulatory liability for income taxes - net
|
|
—
|
|
|
2,473
|
|
||
|
Other regulatory liabilities
|
|
848,739
|
|
|
818,623
|
|
||
|
Decommissioning
|
|
1,054,914
|
|
|
1,027,862
|
|
||
|
Accumulated provisions
|
|
312,016
|
|
|
310,282
|
|
||
|
Pension and other postretirement liabilities
|
|
797,246
|
|
|
833,185
|
|
||
|
Long-term debt (includes securitization bonds of $110,717 as of June 30, 2016 and $120,549 as of December 31, 2015)
|
|
5,349,214
|
|
|
4,806,790
|
|
||
|
Long-term payables - associated companies
|
|
403
|
|
|
1,073
|
|
||
|
Other
|
|
143,027
|
|
|
188,411
|
|
||
|
TOTAL
|
|
11,082,624
|
|
|
10,627,415
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
EQUITY
|
|
|
|
|
||||
|
Member's equity
|
|
5,053,140
|
|
|
4,793,724
|
|
||
|
Accumulated other comprehensive loss
|
|
(56,905
|
)
|
|
(56,412
|
)
|
||
|
TOTAL
|
|
4,996,235
|
|
|
4,737,312
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$17,095,842
|
|
|
|
$16,387,447
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Common Equity
|
|
|
||||||||||
|
|
Preferred
Membership
Interests
|
|
Member’s
Equity |
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
||||||||
|
|
|
|
(In Thousands)
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$110,000
|
|
|
|
$4,316,210
|
|
|
|
($79,223
|
)
|
|
|
$4,346,987
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
235,090
|
|
|
—
|
|
|
235,090
|
|
||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
792
|
|
|
792
|
|
||||
|
Distributions declared on preferred membership interests
|
—
|
|
|
(3,887
|
)
|
|
—
|
|
|
(3,887
|
)
|
||||
|
Other
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2015
|
|
$110,000
|
|
|
|
$4,547,398
|
|
|
|
($78,431
|
)
|
|
|
$4,578,967
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$—
|
|
|
|
$4,793,724
|
|
|
|
($56,412
|
)
|
|
|
$4,737,312
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
364,931
|
|
|
—
|
|
|
364,931
|
|
||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(493
|
)
|
|
(493
|
)
|
||||
|
Distributions declared on common equity
|
—
|
|
|
(105,500
|
)
|
|
—
|
|
|
(105,500
|
)
|
||||
|
Other
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2016
|
|
$—
|
|
|
|
$5,053,140
|
|
|
|
($56,905
|
)
|
|
|
$4,996,235
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS (a)
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$246
|
|
|
|
$280
|
|
|
|
($34
|
)
|
|
(12
|
)
|
|
Commercial
|
|
212
|
|
|
235
|
|
|
(23
|
)
|
|
(10
|
)
|
|||
|
Industrial
|
|
319
|
|
|
344
|
|
|
(25
|
)
|
|
(7
|
)
|
|||
|
Governmental
|
|
16
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
793
|
|
|
875
|
|
|
(82
|
)
|
|
(9
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
105
|
|
|
108
|
|
|
(3
|
)
|
|
(3
|
)
|
|||
|
Non-associated companies
|
|
18
|
|
|
12
|
|
|
6
|
|
|
—
|
|
|||
|
Other
|
|
74
|
|
|
69
|
|
|
5
|
|
|
7
|
|
|||
|
Total
|
|
|
$990
|
|
|
|
$1,064
|
|
|
|
($74
|
)
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,919
|
|
|
3,117
|
|
|
(198
|
)
|
|
(6
|
)
|
|||
|
Commercial
|
|
2,693
|
|
|
2,784
|
|
|
(91
|
)
|
|
(3
|
)
|
|||
|
Industrial
|
|
7,294
|
|
|
6,748
|
|
|
546
|
|
|
8
|
|
|||
|
Governmental
|
|
195
|
|
|
187
|
|
|
8
|
|
|
4
|
|
|||
|
Total retail
|
|
13,101
|
|
|
12,836
|
|
|
265
|
|
|
2
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
2,175
|
|
|
2,049
|
|
|
126
|
|
|
6
|
|
|||
|
Non-associated companies
|
|
698
|
|
|
191
|
|
|
507
|
|
|
265
|
|
|||
|
Total
|
|
15,974
|
|
|
15,076
|
|
|
898
|
|
|
6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Six Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$500
|
|
|
|
$587
|
|
|
|
($87
|
)
|
|
(15
|
)
|
|
Commercial
|
|
421
|
|
|
467
|
|
|
(46
|
)
|
|
(10
|
)
|
|||
|
Industrial
|
|
645
|
|
|
686
|
|
|
(41
|
)
|
|
(6
|
)
|
|||
|
Governmental
|
|
32
|
|
|
33
|
|
|
(1
|
)
|
|
(3
|
)
|
|||
|
Total retail
|
|
1,598
|
|
|
1,773
|
|
|
(175
|
)
|
|
(10
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
194
|
|
|
204
|
|
|
(10
|
)
|
|
(5
|
)
|
|||
|
Non-associated companies
|
|
24
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|||
|
Other
|
|
110
|
|
|
108
|
|
|
2
|
|
|
—
|
|
|||
|
Total
|
|
|
$1,926
|
|
|
|
$2,109
|
|
|
|
($183
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
5,973
|
|
|
6,624
|
|
|
(651
|
)
|
|
(10
|
)
|
|||
|
Commercial
|
|
5,259
|
|
|
5,457
|
|
|
(198
|
)
|
|
(4
|
)
|
|||
|
Industrial
|
|
14,317
|
|
|
13,315
|
|
|
1,002
|
|
|
8
|
|
|||
|
Governmental
|
|
394
|
|
|
377
|
|
|
17
|
|
|
5
|
|
|||
|
Total retail
|
|
25,943
|
|
|
25,773
|
|
|
170
|
|
|
1
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
3,744
|
|
|
3,681
|
|
|
63
|
|
|
2
|
|
|||
|
Non-associated companies
|
|
986
|
|
|
398
|
|
|
588
|
|
|
148
|
|
|||
|
Total
|
|
30,673
|
|
|
29,852
|
|
|
821
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
(a) Amounts have been retrospectively adjusted to reflect the effects of the Entergy Louisiana and Entergy Gulf States Louisiana business combination for the three and six months ended June 30, 2015. See Note 1 to the financial statements in the Form 10-K for a discussion of the business combination.
|
|||||||||||||||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$178.9
|
|
|
Retail electric price
|
(1.9
|
)
|
|
|
Other
|
(0.2
|
)
|
|
|
2016 net revenue
|
|
$176.8
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$354.7
|
|
|
Retail electric price
|
(13.9
|
)
|
|
|
Volume/weather
|
(7.8
|
)
|
|
|
Reserve equalization
|
(2.8
|
)
|
|
|
Other
|
(3.8
|
)
|
|
|
2016 net revenue
|
|
$326.4
|
|
|
•
|
a decrease of $4 million in fossil-fueled generation expenses primarily due to a lower scope of work done during plant outages in 2016 as compared to the same period in 2015;
|
|
•
|
a $2.6 million loss recognized in 2015 on the disposition of plant components; and
|
|
•
|
a decrease of $1.4 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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.
|
|
•
|
a decrease of $13.6 million in fossil-fueled generation expenses primarily due to a lower scope of work done during plant outages in 2016 as compared to the same period in 2015;
|
|
•
|
a $2.6 million loss recognized in 2015 on the disposition of plant components; and
|
|
•
|
a decrease of $2.2 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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.
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$145,605
|
|
|
|
$61,633
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
77,063
|
|
|
174,329
|
|
||
|
Investing activities
|
(128,241
|
)
|
|
(87,554
|
)
|
||
|
Financing activities
|
14,126
|
|
|
(34,001
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(37,052
|
)
|
|
52,774
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$108,553
|
|
|
|
$114,407
|
|
|
•
|
decreased recovery of fuel costs in 2016 as compared to the same period in 2015;
|
|
•
|
timing of collections from customers; and
|
|
•
|
$15.1 million in insurance proceeds received in the first quarter of 2015 related to the Baxter Wilson plant event. See Note 8 to the financial statements in the Form 10-K for a discussion on the Baxter Wilson plant event.
|
|
•
|
an increase in transmission construction expenditures primarily due to a higher scope of work done in 2016 as compared to the same period in 2015;
|
|
•
|
insurance proceeds of $12.7 million received in the first quarter of 2015 related to the Baxter Wilson plant event. See Note 8 to the financial statements in the Form 10-K for a discussion on the Baxter Wilson plant event; and
|
|
•
|
an increase of $10.7 million due to various technology projects and upgrades.
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||
|
Debt to capital
|
50.2
|
%
|
|
49.7
|
%
|
|
Effect of subtracting cash
|
(2.6
|
%)
|
|
(3.8
|
%)
|
|
Net debt to net capital
|
47.6
|
%
|
|
45.9
|
%
|
|
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
Planned construction and capital investment:
|
|
|
|
|
|
|
||||||
|
Generation
|
|
|
$30
|
|
|
|
$40
|
|
|
|
$50
|
|
|
Transmission
|
|
135
|
|
|
140
|
|
|
90
|
|
|||
|
Distribution
|
|
135
|
|
|
115
|
|
|
120
|
|
|||
|
Other
|
|
20
|
|
|
20
|
|
|
10
|
|
|||
|
|
|
|
$320
|
|
|
|
$315
|
|
|
|
$270
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(In Thousands)
|
||||||
|
$13,514
|
|
$25,930
|
|
$7,736
|
|
$644
|
|
ENTERGY MISSISSIPPI, INC.
|
||||||||||||||||
|
INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$248,138
|
|
|
|
$344,975
|
|
|
|
$511,184
|
|
|
|
$705,790
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
(34
|
)
|
|
64,208
|
|
|
61,346
|
|
|
154,819
|
|
||||
|
Purchased power
|
|
74,361
|
|
|
95,763
|
|
|
129,744
|
|
|
187,921
|
|
||||
|
Other operation and maintenance
|
|
60,381
|
|
|
65,114
|
|
|
111,654
|
|
|
130,186
|
|
||||
|
Taxes other than income taxes
|
|
20,487
|
|
|
23,117
|
|
|
43,984
|
|
|
48,137
|
|
||||
|
Depreciation and amortization
|
|
34,010
|
|
|
32,599
|
|
|
67,308
|
|
|
63,429
|
|
||||
|
Other regulatory charges (credits) - net
|
|
(2,957
|
)
|
|
6,088
|
|
|
(6,315
|
)
|
|
8,373
|
|
||||
|
TOTAL
|
|
186,248
|
|
|
286,889
|
|
|
407,721
|
|
|
592,865
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
61,890
|
|
|
58,086
|
|
|
103,463
|
|
|
112,925
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
1,345
|
|
|
610
|
|
|
2,631
|
|
|
1,381
|
|
||||
|
Interest and investment income
|
|
240
|
|
|
27
|
|
|
361
|
|
|
55
|
|
||||
|
Miscellaneous - net
|
|
(1,050
|
)
|
|
(1,130
|
)
|
|
(1,755
|
)
|
|
(1,932
|
)
|
||||
|
TOTAL
|
|
535
|
|
|
(493
|
)
|
|
1,237
|
|
|
(496
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
15,258
|
|
|
14,391
|
|
|
30,000
|
|
|
28,637
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(691
|
)
|
|
(324
|
)
|
|
(1,358
|
)
|
|
(741
|
)
|
||||
|
TOTAL
|
|
14,567
|
|
|
14,067
|
|
|
28,642
|
|
|
27,896
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
47,858
|
|
|
43,526
|
|
|
76,058
|
|
|
84,533
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
15,664
|
|
|
17,247
|
|
|
26,746
|
|
|
33,319
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
32,194
|
|
|
26,279
|
|
|
49,312
|
|
|
51,214
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
707
|
|
|
707
|
|
|
1,414
|
|
|
1,414
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$31,487
|
|
|
|
$25,572
|
|
|
|
$47,898
|
|
|
|
$49,800
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$49,312
|
|
|
|
$51,214
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
67,308
|
|
|
63,429
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
21,934
|
|
|
(25,582
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(24,273
|
)
|
|
14,406
|
|
||
|
Fuel inventory
|
|
(5,040
|
)
|
|
(7,318
|
)
|
||
|
Accounts payable
|
|
21,359
|
|
|
(11,972
|
)
|
||
|
Taxes accrued
|
|
(20,417
|
)
|
|
30,554
|
|
||
|
Interest accrued
|
|
(584
|
)
|
|
(3,304
|
)
|
||
|
Deferred fuel costs
|
|
108
|
|
|
58,395
|
|
||
|
Other working capital accounts
|
|
(8,266
|
)
|
|
(6,027
|
)
|
||
|
Provisions for estimated losses
|
|
(188
|
)
|
|
(203
|
)
|
||
|
Other regulatory assets
|
|
(1,913
|
)
|
|
22,799
|
|
||
|
Pension and other postretirement liabilities
|
|
(10,922
|
)
|
|
(8,971
|
)
|
||
|
Other assets and liabilities
|
|
(11,355
|
)
|
|
(3,091
|
)
|
||
|
Net cash flow provided by operating activities
|
|
77,063
|
|
|
174,329
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(143,171
|
)
|
|
(89,581
|
)
|
||
|
Allowance for equity funds used during construction
|
|
2,631
|
|
|
1,381
|
|
||
|
Insurance proceeds
|
|
—
|
|
|
12,745
|
|
||
|
Changes in money pool receivable - net
|
|
12,416
|
|
|
(7,092
|
)
|
||
|
Increase in other investments
|
|
—
|
|
|
(5,000
|
)
|
||
|
Other
|
|
(117
|
)
|
|
(7
|
)
|
||
|
Net cash flow used in investing activities
|
|
(128,241
|
)
|
|
(87,554
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
371,940
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(332,400
|
)
|
|
—
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(24,000
|
)
|
|
(32,500
|
)
|
||
|
Preferred stock
|
|
(1,414
|
)
|
|
(1,414
|
)
|
||
|
Other
|
|
—
|
|
|
(87
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
14,126
|
|
|
(34,001
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
(37,052
|
)
|
|
52,774
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
145,605
|
|
|
61,633
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$108,553
|
|
|
|
$114,407
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$29,157
|
|
|
|
$30,637
|
|
|
Income taxes
|
|
|
($3,561
|
)
|
|
|
$597
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$3,276
|
|
|
|
$1,426
|
|
|
Temporary cash investments
|
|
105,277
|
|
|
144,179
|
|
||
|
Total cash and cash equivalents
|
|
108,553
|
|
|
145,605
|
|
||
|
Accounts receivable:
|
|
|
|
|
|
|
||
|
Customer
|
|
39,890
|
|
|
56,685
|
|
||
|
Allowance for doubtful accounts
|
|
(505
|
)
|
|
(718
|
)
|
||
|
Associated companies
|
|
47,985
|
|
|
34,964
|
|
||
|
Other
|
|
7,436
|
|
|
8,276
|
|
||
|
Accrued unbilled revenues
|
|
63,542
|
|
|
47,284
|
|
||
|
Total accounts receivable
|
|
158,348
|
|
|
146,491
|
|
||
|
Fuel inventory - at average cost
|
|
56,313
|
|
|
51,273
|
|
||
|
Materials and supplies - at average cost
|
|
40,180
|
|
|
39,491
|
|
||
|
Prepayments and other
|
|
14,015
|
|
|
5,184
|
|
||
|
TOTAL
|
|
377,409
|
|
|
388,044
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
4,617
|
|
|
4,625
|
|
||
|
Escrow accounts
|
|
31,786
|
|
|
41,726
|
|
||
|
TOTAL
|
|
36,403
|
|
|
46,351
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
|
|
||
|
Electric
|
|
4,188,885
|
|
|
4,083,933
|
|
||
|
Property under capital lease
|
|
2,281
|
|
|
2,942
|
|
||
|
Construction work in progress
|
|
103,644
|
|
|
114,067
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,294,810
|
|
|
4,200,942
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,559,956
|
|
|
1,534,522
|
|
||
|
UTILITY PLANT - NET
|
|
2,734,854
|
|
|
2,666,420
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
|
|
||
|
Regulatory assets:
|
|
|
|
|
|
|
||
|
Regulatory asset for income taxes - net
|
|
40,744
|
|
|
45,790
|
|
||
|
Other regulatory assets
|
|
338,040
|
|
|
328,681
|
|
||
|
Other
|
|
5,143
|
|
|
2,121
|
|
||
|
TOTAL
|
|
383,927
|
|
|
376,592
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,532,593
|
|
|
|
$3,477,407
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Currently maturing long-term debt
|
|
|
$—
|
|
|
|
$125,000
|
|
|
Accounts payable:
|
|
|
|
|
|
|
||
|
Associated companies
|
|
38,899
|
|
|
38,496
|
|
||
|
Other
|
|
63,384
|
|
|
51,502
|
|
||
|
Customer deposits
|
|
83,180
|
|
|
81,583
|
|
||
|
Taxes accrued
|
|
23,044
|
|
|
43,461
|
|
||
|
Interest accrued
|
|
20,247
|
|
|
20,831
|
|
||
|
Deferred fuel costs
|
|
107,862
|
|
|
107,754
|
|
||
|
Other
|
|
12,471
|
|
|
22,754
|
|
||
|
TOTAL
|
|
349,087
|
|
|
491,381
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Accumulated deferred income taxes and taxes accrued
|
|
825,814
|
|
|
810,635
|
|
||
|
Accumulated deferred investment tax credits
|
|
4,565
|
|
|
4,645
|
|
||
|
Asset retirement cost liabilities
|
|
8,484
|
|
|
8,252
|
|
||
|
Accumulated provisions
|
|
47,874
|
|
|
48,062
|
|
||
|
Pension and other postretirement liabilities
|
|
109,292
|
|
|
120,217
|
|
||
|
Long-term debt
|
|
1,091,938
|
|
|
920,085
|
|
||
|
Other
|
|
9,210
|
|
|
11,699
|
|
||
|
TOTAL
|
|
2,097,177
|
|
|
1,923,595
|
|
||
|
|
|
|
|
|
||||
|
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 2016 and 2015
|
|
199,326
|
|
|
199,326
|
|
||
|
Capital stock expense and other
|
|
(690
|
)
|
|
(690
|
)
|
||
|
Retained earnings
|
|
837,312
|
|
|
813,414
|
|
||
|
TOTAL
|
|
1,035,948
|
|
|
1,012,050
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,532,593
|
|
|
|
$3,477,407
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Capital Stock
Expense and
Other
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$763,534
|
|
|
|
$962,170
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
51,214
|
|
|
51,214
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(32,500
|
)
|
|
(32,500
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(1,414
|
)
|
|
(1,414
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2015
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$780,834
|
|
|
|
$979,470
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$813,414
|
|
|
|
$1,012,050
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
49,312
|
|
|
49,312
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(24,000
|
)
|
|
(24,000
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(1,414
|
)
|
|
(1,414
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2016
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$837,312
|
|
|
|
$1,035,948
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$88
|
|
|
|
$119
|
|
|
|
($31
|
)
|
|
(26
|
)
|
|
Commercial
|
|
81
|
|
|
112
|
|
|
(31
|
)
|
|
(28
|
)
|
|||
|
Industrial
|
|
29
|
|
|
41
|
|
|
(12
|
)
|
|
(29
|
)
|
|||
|
Governmental
|
|
9
|
|
|
12
|
|
|
(3
|
)
|
|
(25
|
)
|
|||
|
Total retail
|
|
207
|
|
|
284
|
|
|
(77
|
)
|
|
(27
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
21
|
|
|
(21
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
5
|
|
|
3
|
|
|
2
|
|
|
67
|
|
|||
|
Other
|
|
36
|
|
|
37
|
|
|
(1
|
)
|
|
(3
|
)
|
|||
|
Total
|
|
|
$248
|
|
|
|
$345
|
|
|
|
($97
|
)
|
|
(28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
1,085
|
|
|
1,100
|
|
|
(15
|
)
|
|
(1
|
)
|
|||
|
Commercial
|
|
1,126
|
|
|
1,141
|
|
|
(15
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
587
|
|
|
544
|
|
|
43
|
|
|
8
|
|
|||
|
Governmental
|
|
102
|
|
|
101
|
|
|
1
|
|
|
1
|
|
|||
|
Total retail
|
|
2,900
|
|
|
2,886
|
|
|
14
|
|
|
—
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
433
|
|
|
(433
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
243
|
|
|
55
|
|
|
188
|
|
|
342
|
|
|||
|
Total
|
|
3,143
|
|
|
3,374
|
|
|
(231
|
)
|
|
(7
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Six Months Ended
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
|
$204
|
|
|
|
$273
|
|
|
|
($69
|
)
|
|
(25
|
)
|
|
Commercial
|
|
173
|
|
|
225
|
|
|
(52
|
)
|
|
(23
|
)
|
|||
|
Industrial
|
|
63
|
|
|
81
|
|
|
(18
|
)
|
|
(22
|
)
|
|||
|
Governmental
|
|
19
|
|
|
24
|
|
|
(5
|
)
|
|
(21
|
)
|
|||
|
Total retail
|
|
459
|
|
|
603
|
|
|
(144
|
)
|
|
(24
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
43
|
|
|
(43
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
10
|
|
|
6
|
|
|
4
|
|
|
67
|
|
|||
|
Other
|
|
42
|
|
|
54
|
|
|
(12
|
)
|
|
(22
|
)
|
|||
|
Total
|
|
|
$511
|
|
|
|
$706
|
|
|
|
($195
|
)
|
|
(28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,370
|
|
|
2,588
|
|
|
(218
|
)
|
|
(8
|
)
|
|||
|
Commercial
|
|
2,205
|
|
|
2,251
|
|
|
(46
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
1,136
|
|
|
1,061
|
|
|
75
|
|
|
7
|
|
|||
|
Governmental
|
|
200
|
|
|
199
|
|
|
1
|
|
|
1
|
|
|||
|
Total retail
|
|
5,911
|
|
|
6,099
|
|
|
(188
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
907
|
|
|
(907
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
375
|
|
|
93
|
|
|
282
|
|
|
303
|
|
|||
|
Total
|
|
6,286
|
|
|
7,099
|
|
|
(813
|
)
|
|
(11
|
)
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$73.6
|
|
|
Retail electric price
|
10.6
|
|
|
|
Volume/weather
|
(2.9
|
)
|
|
|
Other
|
(0.9
|
)
|
|
|
2016 net revenue
|
|
$80.4
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$145.7
|
|
|
Retail electric price
|
13.1
|
|
|
|
Net gas revenue
|
(2.6
|
)
|
|
|
Volume/weather
|
(4.8
|
)
|
|
|
Other
|
(3.0
|
)
|
|
|
2016 net revenue
|
|
$148.4
|
|
|
•
|
a decrease of $1.8 million primarily due to the cessation of storm damage provisions in August 2015. See Note 2 to the financial statements in the Form 10-K for further discussion of storm cost recovery;
|
|
•
|
a decrease of $1.6 million due to lower transmission equalization expenses, as allocated under the System Agreement, as compared to the same period in 2015 primarily as a result of Entergy Mississippi’s exit from the System Agreement in November 2015; and
|
|
•
|
a decrease of $1.1 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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.
|
|
•
|
a decrease of $3.6 million primarily due to the cessation of storm damage provisions in August 2015. See Note 2 to the financial statements in the Form 10-K for further discussion of storm cost recovery;
|
|
•
|
a decrease of $3.1 million due to lower transmission equalization expenses, as allocated under the System Agreement, as compared to the same period in 2015 primarily as a result of Entergy Mississippi’s exit from the System Agreement in November 2015; and
|
|
•
|
a decrease of $1.2 million in fossil-fueled generation expenses primarily due to an overall lower scope of work done during plant outages in 2016 as compared to the same period in 2015, partially offset by an increase as a result of the purchase of Power Block 1 of the Union Power Station in March 2016. See Note 13 to the financial statements herein for discussion of the Union Power Station purchase.
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$88,876
|
|
|
|
$42,389
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
39,268
|
|
|
31,861
|
|
||
|
Investing activities
|
(258,036
|
)
|
|
(37,081
|
)
|
||
|
Financing activities
|
154,510
|
|
|
(7,814
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(64,258
|
)
|
|
(13,034
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$24,618
|
|
|
|
$29,355
|
|
|
|
June 30,
2016
|
|
December 31,
2015
|
||
|
Debt to capital
|
51.5
|
%
|
|
48.1
|
%
|
|
Effect of excluding securitization bonds
|
(5.5
|
%)
|
|
(8.1
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
46.0
|
%
|
|
40.0
|
%
|
|
Effect of subtracting cash
|
(1.7
|
%)
|
|
(10.0
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
44.3
|
%
|
|
30.0
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy New Orleans.
|
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
(In Millions)
|
||||||||||
|
Planned construction and capital investment:
|
|
|
|
|
|
||||||
|
Generation
|
|
$265
|
|
|
|
$55
|
|
|
|
$115
|
|
|
Transmission
|
5
|
|
|
15
|
|
|
10
|
|
|||
|
Distribution
|
35
|
|
|
50
|
|
|
55
|
|
|||
|
Other
|
30
|
|
|
25
|
|
|
25
|
|
|||
|
Total
|
|
$335
|
|
|
|
$145
|
|
|
|
$205
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(In Thousands)
|
||||||
|
$3,007
|
|
$15,794
|
|
$1,946
|
|
$442
|
|
•
|
Entergy New Orleans would redeem its outstanding preferred stock at a price of approximately $21 million, which includes an expected call premium of approximately $819,000, plus any accumulated and unpaid dividends.
|
|
•
|
Entergy New Orleans would convert from a Louisiana corporation to a Texas corporation.
|
|
•
|
Under the Texas Business Organizations Code (TXBOC), Entergy New Orleans will allocate substantially all of its assets to a new subsidiary, Entergy New Orleans Power, LLC, a Texas limited liability company (Entergy New Orleans Power), and Entergy New Orleans Power will assume substantially all of the liabilities of Entergy New Orleans, in a transaction regarded as a merger under the TXBOC. Entergy New Orleans will remain in existence and hold the membership interests in Entergy New Orleans Power.
|
|
•
|
Entergy New Orleans will contribute the membership interests in Entergy New Orleans Power to an affiliate (Entergy Utility Holding Company, LLC, a Texas limited liability company and subsidiary of Entergy Corporation). As a result of the contribution, Entergy New Orleans Power will be a wholly-owned subsidiary of Entergy Utility Holding Company, LLC.
|
|
•
|
Entergy New Orleans will change its name to Entergy New Orleans Holdings, Inc., and Entergy New Orleans Power will then change its name to Entergy New Orleans, LLC.
|
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$149,101
|
|
|
|
$143,246
|
|
|
|
$271,542
|
|
|
|
$264,741
|
|
|
Natural gas
|
|
15,819
|
|
|
17,506
|
|
|
42,718
|
|
|
52,637
|
|
||||
|
TOTAL
|
|
164,920
|
|
|
160,752
|
|
|
314,260
|
|
|
317,378
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
12,554
|
|
|
16,099
|
|
|
23,475
|
|
|
37,722
|
|
||||
|
Purchased power
|
|
70,583
|
|
|
71,385
|
|
|
139,108
|
|
|
134,520
|
|
||||
|
Other operation and maintenance
|
|
28,659
|
|
|
32,082
|
|
|
51,501
|
|
|
60,082
|
|
||||
|
Taxes other than income taxes
|
|
10,925
|
|
|
11,275
|
|
|
22,437
|
|
|
23,168
|
|
||||
|
Depreciation and amortization
|
|
13,908
|
|
|
10,080
|
|
|
25,672
|
|
|
21,600
|
|
||||
|
Other regulatory charges (credits) - net
|
|
1,378
|
|
|
(323
|
)
|
|
3,274
|
|
|
(613
|
)
|
||||
|
TOTAL
|
|
138,007
|
|
|
140,598
|
|
|
265,467
|
|
|
276,479
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
26,913
|
|
|
20,154
|
|
|
48,793
|
|
|
40,899
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
143
|
|
|
312
|
|
|
456
|
|
|
632
|
|
||||
|
Interest and investment income
|
|
30
|
|
|
13
|
|
|
99
|
|
|
39
|
|
||||
|
Miscellaneous - net
|
|
192
|
|
|
248
|
|
|
(53
|
)
|
|
612
|
|
||||
|
TOTAL
|
|
365
|
|
|
573
|
|
|
502
|
|
|
1,283
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
5,984
|
|
|
4,266
|
|
|
10,357
|
|
|
8,607
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(49
|
)
|
|
(144
|
)
|
|
(175
|
)
|
|
(294
|
)
|
||||
|
TOTAL
|
|
5,935
|
|
|
4,122
|
|
|
10,182
|
|
|
8,313
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
21,343
|
|
|
16,605
|
|
|
39,113
|
|
|
33,869
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
9,500
|
|
|
5,710
|
|
|
16,103
|
|
|
11,682
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
11,843
|
|
|
10,895
|
|
|
23,010
|
|
|
22,187
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
241
|
|
|
241
|
|
|
482
|
|
|
482
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$11,602
|
|
|
|
$10,654
|
|
|
|
$22,528
|
|
|
|
$21,705
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$23,010
|
|
|
|
$22,187
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
25,672
|
|
|
21,600
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(2,665
|
)
|
|
10,028
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(16,285
|
)
|
|
(840
|
)
|
||
|
Fuel inventory
|
|
1,822
|
|
|
1,938
|
|
||
|
Accounts payable
|
|
6,362
|
|
|
2,313
|
|
||
|
Taxes accrued
|
|
36,982
|
|
|
—
|
|
||
|
Interest accrued
|
|
255
|
|
|
(399
|
)
|
||
|
Deferred fuel costs
|
|
(13,664
|
)
|
|
(9,557
|
)
|
||
|
Other working capital accounts
|
|
(7,310
|
)
|
|
(6,433
|
)
|
||
|
Provisions for estimated losses
|
|
1,804
|
|
|
(188
|
)
|
||
|
Other regulatory assets
|
|
5,799
|
|
|
(24,779
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(8,245
|
)
|
|
(6,437
|
)
|
||
|
Other assets and liabilities
|
|
(14,269
|
)
|
|
22,428
|
|
||
|
Net cash flow provided by operating activities
|
|
39,268
|
|
|
31,861
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(37,345
|
)
|
|
(32,659
|
)
|
||
|
Allowance for equity funds used during construction
|
|
456
|
|
|
632
|
|
||
|
Payment for purchase of plant
|
|
(236,978
|
)
|
|
—
|
|
||
|
Investment in affiliates
|
|
(38
|
)
|
|
—
|
|
||
|
Changes in money pool receivable - net
|
|
12,787
|
|
|
(1,504
|
)
|
||
|
Receipts from storm reserve escrow account
|
|
3
|
|
|
3
|
|
||
|
Payments to storm reserve escrow account
|
|
(206
|
)
|
|
(3,553
|
)
|
||
|
Change in securitization account
|
|
3,285
|
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(258,036
|
)
|
|
(37,081
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
190,672
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(77,094
|
)
|
|
—
|
|
||
|
Capital contributions from parent
|
|
47,750
|
|
|
—
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(7,000
|
)
|
|
(7,250
|
)
|
||
|
Preferred stock
|
|
(482
|
)
|
|
(482
|
)
|
||
|
Other
|
|
664
|
|
|
(82
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
154,510
|
|
|
(7,814
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(64,258
|
)
|
|
(13,034
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
88,876
|
|
|
42,389
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$24,618
|
|
|
|
$29,355
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$9,435
|
|
|
|
$8,501
|
|
|
Income taxes
|
|
|
$2,500
|
|
|
|
$40
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
|
|
|
||||
|
Cash
|
|
|
$1,206
|
|
|
|
$1,068
|
|
|
Temporary cash investments
|
|
23,412
|
|
|
87,808
|
|
||
|
Total cash and cash equivalents
|
|
24,618
|
|
|
88,876
|
|
||
|
Securitization recovery trust account
|
|
1,335
|
|
|
4,620
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
43,032
|
|
|
34,627
|
|
||
|
Allowance for doubtful accounts
|
|
(843
|
)
|
|
(268
|
)
|
||
|
Associated companies
|
|
13,120
|
|
|
23,248
|
|
||
|
Other
|
|
6,027
|
|
|
3,753
|
|
||
|
Accrued unbilled revenues
|
|
21,321
|
|
|
17,799
|
|
||
|
Total accounts receivable
|
|
82,657
|
|
|
79,159
|
|
||
|
Fuel inventory - at average cost
|
|
90
|
|
|
1,912
|
|
||
|
Materials and supplies - at average cost
|
|
15,273
|
|
|
13,244
|
|
||
|
Prepayments and other
|
|
15,974
|
|
|
10,263
|
|
||
|
TOTAL
|
|
139,947
|
|
|
198,074
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Non-utility property at cost (less accumulated depreciation)
|
|
1,016
|
|
|
1,016
|
|
||
|
Storm reserve escrow account
|
|
81,206
|
|
|
81,002
|
|
||
|
Other
|
|
7,160
|
|
|
3
|
|
||
|
TOTAL
|
|
89,382
|
|
|
82,021
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
1,236,377
|
|
|
1,051,239
|
|
||
|
Natural gas
|
|
235,229
|
|
|
232,780
|
|
||
|
Construction work in progress
|
|
26,119
|
|
|
29,027
|
|
||
|
TOTAL UTILITY PLANT
|
|
1,497,725
|
|
|
1,313,046
|
|
||
|
Less - accumulated depreciation and amortization
|
|
594,956
|
|
|
648,081
|
|
||
|
UTILITY PLANT - NET
|
|
902,769
|
|
|
664,965
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Deferred fuel costs
|
|
4,080
|
|
|
4,080
|
|
||
|
Other regulatory assets (includes securitization property of $87,622 as of June 30, 2016 and $91,599 as of December 31, 2015)
|
|
259,523
|
|
|
265,322
|
|
||
|
Other
|
|
1,458
|
|
|
682
|
|
||
|
TOTAL
|
|
265,061
|
|
|
270,084
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$1,397,159
|
|
|
|
$1,215,144
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Payable due to Entergy Louisiana
|
|
|
$4,973
|
|
|
|
$4,973
|
|
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
37,805
|
|
|
37,467
|
|
||
|
Other
|
|
26,164
|
|
|
21,471
|
|
||
|
Customer deposits
|
|
28,471
|
|
|
28,392
|
|
||
|
Taxes accrued
|
|
36,982
|
|
|
—
|
|
||
|
Interest accrued
|
|
5,164
|
|
|
4,909
|
|
||
|
Deferred fuel costs
|
|
15,357
|
|
|
29,021
|
|
||
|
Other
|
|
11,647
|
|
|
6,216
|
|
||
|
TOTAL CURRENT LIABILITIES
|
|
166,563
|
|
|
132,449
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
190,793
|
|
|
214,061
|
|
||
|
Accumulated deferred investment tax credits
|
|
687
|
|
|
753
|
|
||
|
Regulatory liability for income taxes - net
|
|
10,591
|
|
|
13,199
|
|
||
|
Asset retirement cost liabilities
|
|
2,779
|
|
|
2,687
|
|
||
|
Accumulated provisions
|
|
85,991
|
|
|
84,187
|
|
||
|
Pension and other postretirement liabilities
|
|
35,364
|
|
|
43,609
|
|
||
|
Long-term debt (includes securitization bonds of $90,002 as of June 30, 2016 and $95,867 as of December 31, 2015)
|
|
433,595
|
|
|
317,380
|
|
||
|
Long-term payable due to Entergy Louisiana
|
|
20,527
|
|
|
20,527
|
|
||
|
Gas system rebuild insurance proceeds
|
|
7,105
|
|
|
12,788
|
|
||
|
Other
|
|
10,074
|
|
|
3,692
|
|
||
|
TOTAL NON-CURRENT LIABILITIES
|
|
797,506
|
|
|
712,883
|
|
||
|
|
|
|
|
|
||||
|
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 2016 and 2015
|
|
33,744
|
|
|
33,744
|
|
||
|
Paid-in capital
|
|
171,544
|
|
|
123,794
|
|
||
|
Retained earnings
|
|
208,022
|
|
|
192,494
|
|
||
|
TOTAL
|
|
413,310
|
|
|
350,032
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$1,397,159
|
|
|
|
$1,215,144
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital |
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$33,744
|
|
|
|
$36,294
|
|
|
|
$157,987
|
|
|
|
$228,025
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
22,187
|
|
|
22,187
|
|
||||
|
Net income attributable to Entergy Louisiana
|
—
|
|
|
—
|
|
|
(631
|
)
|
|
(631
|
)
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(7,250
|
)
|
|
(7,250
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(482
|
)
|
|
(482
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2015
|
|
$33,744
|
|
|
|
$36,294
|
|
|
|
$171,811
|
|
|
|
$241,849
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$33,744
|
|
|
|
$123,794
|
|
|
|
$192,494
|
|
|
|
$350,032
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
23,010
|
|
|
23,010
|
|
||||
|
Capital contributions from parent
|
—
|
|
|
47,750
|
|
|
—
|
|
|
47,750
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(7,000
|
)
|
|
(7,000
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(482
|
)
|
|
(482
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2016
|
|
$33,744
|
|
|
|
$171,544
|
|
|
|
$208,022
|
|
|
|
$413,310
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS (a)
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$50
|
|
|
|
$49
|
|
|
|
$1
|
|
|
2
|
|
|
Commercial
|
|
51
|
|
|
47
|
|
|
4
|
|
|
9
|
|
|||
|
Industrial
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|||
|
Governmental
|
|
17
|
|
|
16
|
|
|
1
|
|
|
6
|
|
|||
|
Total retail
|
|
126
|
|
|
120
|
|
|
6
|
|
|
5
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
12
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|||
|
Non-associated companies
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||
|
Other
|
|
10
|
|
|
11
|
|
|
(1
|
)
|
|
(9
|
)
|
|||
|
Total
|
|
|
$149
|
|
|
|
$143
|
|
|
|
$6
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
459
|
|
|
490
|
|
|
(31
|
)
|
|
(6
|
)
|
|||
|
Commercial
|
|
538
|
|
|
549
|
|
|
(11
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
107
|
|
|
116
|
|
|
(9
|
)
|
|
(8
|
)
|
|||
|
Governmental
|
|
190
|
|
|
198
|
|
|
(8
|
)
|
|
(4
|
)
|
|||
|
Total retail
|
|
1,294
|
|
|
1,353
|
|
|
(59
|
)
|
|
(4
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
556
|
|
|
268
|
|
|
288
|
|
|
107
|
|
|||
|
Non-associated companies
|
|
41
|
|
|
1
|
|
|
40
|
|
|
4,000
|
|
|||
|
Total
|
|
1,891
|
|
|
1,622
|
|
|
269
|
|
|
17
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Six Months Ended
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential
|
|
|
$97
|
|
|
|
$97
|
|
|
|
$—
|
|
|
—
|
|
|
Commercial
|
|
95
|
|
|
88
|
|
|
7
|
|
|
8
|
|
|||
|
Industrial
|
|
15
|
|
|
14
|
|
|
1
|
|
|
7
|
|
|||
|
Governmental
|
|
32
|
|
|
29
|
|
|
3
|
|
|
10
|
|
|||
|
Total retail
|
|
239
|
|
|
228
|
|
|
11
|
|
|
5
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
19
|
|
|
21
|
|
|
(2
|
)
|
|
(10
|
)
|
|||
|
Non associated companies
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|||
|
Other
|
|
13
|
|
|
16
|
|
|
(3
|
)
|
|
(19
|
)
|
|||
|
Total
|
|
|
$272
|
|
|
|
$265
|
|
|
|
$7
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
958
|
|
|
1,049
|
|
|
(91
|
)
|
|
(9
|
)
|
|||
|
Commercial
|
|
1,048
|
|
|
1,055
|
|
|
(7
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
208
|
|
|
219
|
|
|
(11
|
)
|
|
(5
|
)
|
|||
|
Governmental
|
|
368
|
|
|
384
|
|
|
(16
|
)
|
|
(4
|
)
|
|||
|
Total retail
|
|
2,582
|
|
|
2,707
|
|
|
(125
|
)
|
|
(5
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
798
|
|
|
482
|
|
|
316
|
|
|
66
|
|
|||
|
Non-associated companies
|
|
55
|
|
|
5
|
|
|
50
|
|
|
1,000
|
|
|||
|
Total
|
|
3,435
|
|
|
3,194
|
|
|
241
|
|
|
8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
(a) Amounts have been retrospectively adjusted to reflect the effects of the transfer of the Algiers assets for the three and six months ended June 30, 2015. See Note 1 to the financial statements in the Form 10-K for a discussion of the Algiers asset transfer.
|
|||||||||||||||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$153.5
|
|
|
Volume/weather
|
4.1
|
|
|
|
Reserve equalization
|
3.0
|
|
|
|
Net wholesale revenue
|
(3.3
|
)
|
|
|
Other
|
(0.3
|
)
|
|
|
2016 net revenue
|
|
$157.0
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2015 net revenue
|
|
$297.1
|
|
|
Volume/weather
|
(6.2
|
)
|
|
|
Net wholesale revenue
|
(1.6
|
)
|
|
|
Reserve equalization
|
8.3
|
|
|
|
Other
|
(2.4
|
)
|
|
|
2016 net revenue
|
|
$295.2
|
|
|
•
|
a decrease of $7.6 million in fossil-fueled generation expenses primarily due to an overall higher scope of work done in the prior year;
|
|
•
|
a decrease of $1.4 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit liabilities and a refinement in the approach used to estimate the service cost and interest cost components of pension and other postretirement costs. See “
MANAGEMENT’S 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
|
|
•
|
a decrease of $0.7 million in energy efficiency costs.
|
|
•
|
a decrease of $9.6 million in fossil-fueled generation expenses primarily due to an overall higher scope of work done in the prior year;
|
|
•
|
a decrease of $1.7 million in compensation and benefits costs primarily due to a decrease in net periodic pension and other postretirement benefits costs as a result of an increase in the discount rate used to value the benefit
|
|
•
|
a decrease of $1.7 million in energy efficiency costs.
|
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$2,182
|
|
|
|
$30,441
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
172,175
|
|
|
131,842
|
|
||
|
Investing activities
|
(179,483
|
)
|
|
(138,031
|
)
|
||
|
Financing activities
|
61,063
|
|
|
10,449
|
|
||
|
Net increase in cash and cash equivalents
|
53,755
|
|
|
4,260
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$55,937
|
|
|
|
$34,701
|
|
|
•
|
an increase in transmission construction expenditures primarily due to a higher scope of work performed in 2016 as compared to the same period in 2015;
|
|
•
|
an increase of $10.7 million due to various technology projects and upgrades in 2016; and
|
|
•
|
money pool activity.
|
|
•
|
a decrease in fossil-fueled generation construction expenditures primarily due to a decreased scope of work performed during outages in 2016 as compared to the same period in 2015; and
|
|
•
|
cash collateral of $12 million posted in June 2015 to support Entergy Texas’s obligations to MISO.
|
|
|
June 30,
2016
|
|
December 31, 2015
|
||
|
Debt to capital
|
60.6
|
%
|
|
60.2
|
%
|
|
Effect of excluding the securitization bonds
|
(8.7
|
%)
|
|
(10.4
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
51.9
|
%
|
|
49.8
|
%
|
|
Effect of subtracting cash
|
(1.3
|
%)
|
|
—
|
%
|
|
Net debt to net capital, excluding securitization bonds (a)
|
50.6
|
%
|
|
49.8
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.
|
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
(In Millions)
|
||||||||||
|
Planned construction and capital investment:
|
|
|
|
|
|
||||||
|
Generation
|
|
$50
|
|
|
|
$80
|
|
|
|
$200
|
|
|
Transmission
|
100
|
|
|
130
|
|
|
235
|
|
|||
|
Distribution
|
115
|
|
|
115
|
|
|
120
|
|
|||
|
Other
|
40
|
|
|
20
|
|
|
10
|
|
|||
|
Total
|
|
$305
|
|
|
|
$345
|
|
|
|
$565
|
|
|
June 30,
2016 |
|
December 31,
2015
|
|
June 30,
2015 |
|
December 31,
2014
|
|
(In Thousands)
|
||||||
|
$7,011
|
|
($22,068)
|
|
$2,258
|
|
$306
|
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$412,922
|
|
|
|
$402,921
|
|
|
|
$791,226
|
|
|
|
$814,132
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
71,478
|
|
|
50,360
|
|
|
163,882
|
|
|
124,167
|
|
||||
|
Purchased power
|
|
167,071
|
|
|
180,843
|
|
|
297,483
|
|
|
355,048
|
|
||||
|
Other operation and maintenance
|
|
54,135
|
|
|
66,062
|
|
|
107,170
|
|
|
122,587
|
|
||||
|
Taxes other than income taxes
|
|
18,285
|
|
|
17,641
|
|
|
36,595
|
|
|
35,911
|
|
||||
|
Depreciation and amortization
|
|
26,495
|
|
|
25,714
|
|
|
52,114
|
|
|
50,561
|
|
||||
|
Other regulatory charges - net
|
|
17,419
|
|
|
18,237
|
|
|
34,674
|
|
|
37,781
|
|
||||
|
TOTAL
|
|
354,883
|
|
|
358,857
|
|
|
691,918
|
|
|
726,055
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
58,039
|
|
|
44,064
|
|
|
99,308
|
|
|
88,077
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
2,270
|
|
|
1,317
|
|
|
4,702
|
|
|
2,541
|
|
||||
|
Interest and investment income (loss)
|
|
268
|
|
|
(193
|
)
|
|
468
|
|
|
(406
|
)
|
||||
|
Miscellaneous - net
|
|
(54
|
)
|
|
(178
|
)
|
|
(470
|
)
|
|
(114
|
)
|
||||
|
TOTAL
|
|
2,484
|
|
|
946
|
|
|
4,700
|
|
|
2,021
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
21,976
|
|
|
21,562
|
|
|
43,577
|
|
|
42,558
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(1,473
|
)
|
|
(862
|
)
|
|
(3,054
|
)
|
|
(1,656
|
)
|
||||
|
TOTAL
|
|
20,503
|
|
|
20,700
|
|
|
40,523
|
|
|
40,902
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
40,020
|
|
|
24,310
|
|
|
63,485
|
|
|
49,196
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
15,962
|
|
|
9,420
|
|
|
24,865
|
|
|
17,715
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$24,058
|
|
|
|
$14,890
|
|
|
|
$38,620
|
|
|
|
$31,481
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$38,620
|
|
|
|
$31,481
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
52,114
|
|
|
50,561
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(40,175
|
)
|
|
(63,659
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(37,832
|
)
|
|
471
|
|
||
|
Fuel inventory
|
|
14,129
|
|
|
(4,287
|
)
|
||
|
Accounts payable
|
|
17,883
|
|
|
7,553
|
|
||
|
Prepaid taxes and taxes accrued
|
|
51,640
|
|
|
69,446
|
|
||
|
Interest accrued
|
|
(2,719
|
)
|
|
447
|
|
||
|
Deferred fuel costs
|
|
54,066
|
|
|
252
|
|
||
|
Other working capital accounts
|
|
2,774
|
|
|
7,209
|
|
||
|
Provisions for estimated losses
|
|
(2,126
|
)
|
|
(1,093
|
)
|
||
|
Other regulatory assets
|
|
43,378
|
|
|
53,242
|
|
||
|
Pension and other postretirement liabilities
|
|
(12,850
|
)
|
|
(9,860
|
)
|
||
|
Other assets and liabilities
|
|
(6,727
|
)
|
|
(9,921
|
)
|
||
|
Net cash flow provided by operating activities
|
|
172,175
|
|
|
131,842
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(185,945
|
)
|
|
(133,344
|
)
|
||
|
Allowance for equity funds used during construction
|
|
4,761
|
|
|
2,571
|
|
||
|
Increase in other investments
|
|
—
|
|
|
(12,000
|
)
|
||
|
Changes in money pool receivable - net
|
|
(7,011
|
)
|
|
(1,952
|
)
|
||
|
Changes in securitization account
|
|
8,712
|
|
|
6,694
|
|
||
|
Net cash flow used in investing activities
|
|
(179,483
|
)
|
|
(138,031
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
123,605
|
|
|
247,005
|
|
||
|
Retirement of long-term debt
|
|
(36,659
|
)
|
|
(235,260
|
)
|
||
|
Change in money pool payable - net
|
|
(22,068
|
)
|
|
—
|
|
||
|
Other
|
|
(3,815
|
)
|
|
(1,296
|
)
|
||
|
Net cash flow provided by financing activities
|
|
61,063
|
|
|
10,449
|
|
||
|
|
|
|
|
|
||||
|
Net increase in cash and cash equivalents
|
|
53,755
|
|
|
4,260
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
2,182
|
|
|
30,441
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$55,937
|
|
|
|
$34,701
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$45,056
|
|
|
|
$40,252
|
|
|
Income taxes
|
|
|
$3,443
|
|
|
|
$3,162
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$1,300
|
|
|
|
$2,153
|
|
|
Temporary cash investments
|
|
54,637
|
|
|
29
|
|
||
|
Total cash and cash equivalents
|
|
55,937
|
|
|
2,182
|
|
||
|
Securitization recovery trust account
|
|
29,449
|
|
|
38,161
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
58,963
|
|
|
61,870
|
|
||
|
Allowance for doubtful accounts
|
|
(556
|
)
|
|
(474
|
)
|
||
|
Associated companies
|
|
80,944
|
|
|
42,279
|
|
||
|
Other
|
|
13,944
|
|
|
11,054
|
|
||
|
Accrued unbilled revenues
|
|
46,472
|
|
|
40,195
|
|
||
|
Total accounts receivable
|
|
199,767
|
|
|
154,924
|
|
||
|
Fuel inventory - at average cost
|
|
32,813
|
|
|
46,942
|
|
||
|
Materials and supplies - at average cost
|
|
36,730
|
|
|
34,994
|
|
||
|
Prepayments and other
|
|
17,235
|
|
|
17,975
|
|
||
|
TOTAL
|
|
371,931
|
|
|
295,178
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investments in affiliates - at equity
|
|
605
|
|
|
620
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
376
|
|
|
376
|
|
||
|
Other
|
|
20,667
|
|
|
20,186
|
|
||
|
TOTAL
|
|
21,648
|
|
|
21,182
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,103,274
|
|
|
3,923,100
|
|
||
|
Construction work in progress
|
|
158,630
|
|
|
210,964
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,261,904
|
|
|
4,134,064
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,494,506
|
|
|
1,477,529
|
|
||
|
UTILITY PLANT - NET
|
|
2,767,398
|
|
|
2,656,535
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
107,715
|
|
|
107,499
|
|
||
|
Other regulatory assets (includes securitization property of $424,606 as of June 30, 2016 and $453,317 as of December 31, 2015)
|
|
769,268
|
|
|
812,862
|
|
||
|
Other
|
|
6,741
|
|
|
5,326
|
|
||
|
TOTAL
|
|
883,724
|
|
|
925,687
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$4,044,701
|
|
|
|
$3,898,582
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
|
$96,270
|
|
|
|
$106,065
|
|
|
Other
|
|
71,430
|
|
|
87,421
|
|
||
|
Customer deposits
|
|
44,981
|
|
|
44,537
|
|
||
|
Taxes accrued
|
|
56,973
|
|
|
5,333
|
|
||
|
Interest accrued
|
|
26,487
|
|
|
29,206
|
|
||
|
Deferred fuel costs
|
|
79,190
|
|
|
25,124
|
|
||
|
Other
|
|
13,678
|
|
|
10,363
|
|
||
|
TOTAL
|
|
389,009
|
|
|
308,049
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
964,794
|
|
|
1,006,834
|
|
||
|
Accumulated deferred investment tax credits
|
|
13,384
|
|
|
13,835
|
|
||
|
Other regulatory liabilities
|
|
6,269
|
|
|
6,396
|
|
||
|
Asset retirement cost liabilities
|
|
6,294
|
|
|
6,124
|
|
||
|
Accumulated provisions
|
|
7,193
|
|
|
9,319
|
|
||
|
Pension and other postretirement liabilities
|
|
64,678
|
|
|
77,517
|
|
||
|
Long-term debt (includes securitization bonds of $460,675 as of June 30, 2016 and $497,030 as of December 31, 2015)
|
|
1,539,889
|
|
|
1,451,967
|
|
||
|
Other
|
|
53,115
|
|
|
57,085
|
|
||
|
TOTAL
|
|
2,655,616
|
|
|
2,629,077
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2016 and 2015
|
|
49,452
|
|
|
49,452
|
|
||
|
Paid-in capital
|
|
481,994
|
|
|
481,994
|
|
||
|
Retained earnings
|
|
468,630
|
|
|
430,010
|
|
||
|
TOTAL
|
|
1,000,076
|
|
|
961,456
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$4,044,701
|
|
|
|
$3,898,582
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2014
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$360,385
|
|
|
|
$891,831
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
31,481
|
|
|
31,481
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2015
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$391,866
|
|
|
|
$923,312
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$430,010
|
|
|
|
$961,456
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
38,620
|
|
|
38,620
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at June 30, 2016
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$468,630
|
|
|
|
$1,000,076
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$130
|
|
|
|
$132
|
|
|
|
($2
|
)
|
|
(2
|
)
|
|
Commercial
|
|
85
|
|
|
86
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
94
|
|
|
88
|
|
|
6
|
|
|
7
|
|
|||
|
Governmental
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
315
|
|
|
312
|
|
|
3
|
|
|
1
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
64
|
|
|
69
|
|
|
(5
|
)
|
|
(7
|
)
|
|||
|
Non-associated companies
|
|
12
|
|
|
3
|
|
|
9
|
|
|
300
|
|
|||
|
Other
|
|
22
|
|
|
19
|
|
|
3
|
|
|
16
|
|
|||
|
Total
|
|
|
$413
|
|
|
|
$403
|
|
|
|
$10
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
1,209
|
|
|
1,233
|
|
|
(24
|
)
|
|
(2
|
)
|
|||
|
Commercial
|
|
1,070
|
|
|
1,089
|
|
|
(19
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
1,938
|
|
|
1,719
|
|
|
219
|
|
|
13
|
|
|||
|
Governmental
|
|
68
|
|
|
65
|
|
|
3
|
|
|
5
|
|
|||
|
Total retail
|
|
4,285
|
|
|
4,106
|
|
|
179
|
|
|
4
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,683
|
|
|
1,484
|
|
|
199
|
|
|
13
|
|
|||
|
Non-associated companies
|
|
345
|
|
|
32
|
|
|
313
|
|
|
978
|
|
|||
|
Total
|
|
6,313
|
|
|
5,622
|
|
|
691
|
|
|
12
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Six Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2016
|
|
2015
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$265
|
|
|
|
$288
|
|
|
|
($23
|
)
|
|
(8
|
)
|
|
Commercial
|
|
169
|
|
|
176
|
|
|
(7
|
)
|
|
(4
|
)
|
|||
|
Industrial
|
|
188
|
|
|
179
|
|
|
9
|
|
|
5
|
|
|||
|
Governmental
|
|
12
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
634
|
|
|
655
|
|
|
(21
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
117
|
|
|
127
|
|
|
(10
|
)
|
|
(8
|
)
|
|||
|
Non-associated companies
|
|
18
|
|
|
10
|
|
|
8
|
|
|
80
|
|
|||
|
Other
|
|
22
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|||
|
Total
|
|
|
$791
|
|
|
|
$814
|
|
|
|
($23
|
)
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,484
|
|
|
2,692
|
|
|
(208
|
)
|
|
(8
|
)
|
|||
|
Commercial
|
|
2,087
|
|
|
2,136
|
|
|
(49
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
3,745
|
|
|
3,328
|
|
|
417
|
|
|
13
|
|
|||
|
Governmental
|
|
138
|
|
|
131
|
|
|
7
|
|
|
5
|
|
|||
|
Total retail
|
|
8,454
|
|
|
8,287
|
|
|
167
|
|
|
2
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
3,105
|
|
|
2,672
|
|
|
433
|
|
|
16
|
|
|||
|
Non-associated companies
|
|
494
|
|
|
125
|
|
|
369
|
|
|
295
|
|
|||
|
Total
|
|
12,053
|
|
|
11,084
|
|
|
969
|
|
|
9
|
|
|||
|
|
2016
|
|
2015
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$230,661
|
|
|
|
$223,179
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
137,292
|
|
|
149,066
|
|
||
|
Investing activities
|
(167,749
|
)
|
|
(49,867
|
)
|
||
|
Financing activities
|
(61,410
|
)
|
|
(211,331
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(91,867
|
)
|
|
(112,132
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$138,794
|
|
|
|
$111,047
|
|
|
•
|
a decrease of $21.9 million in income tax payments primarily due to the final settlement of amounts outstanding associated with the 2006-2007 IRS audit paid in the first quarter of 2015. See Note 3 to the financial statements in the Form 10-K for a discussion of the income tax audits; and
|
|
•
|
a decrease in interest paid on the Grand Gulf sale-leaseback obligation in 2016 as compared to the same period in 2015 due to renewal of the lease in 2015. See Note 10 to the financial statements in the Form 10-K for details on the Grand Gulf sale-leaseback obligation.
|
|
•
|
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
|
|
•
|
an increase in nuclear construction expenditures primarily as a result of a higher scope of work on Grand Gulf outage projects.
|
|
•
|
borrowings of $99.6 million on the nuclear fuel company variable interest entity’s credit facility in 2016 compared to borrowings of $17.1 million on the nuclear fuel company variable interest entity’s credit facility in 2015;
|
|
•
|
redemption in April 2015, at maturity, of $60 million of System Energy nuclear fuel company variable interest entity’s 5.33% Series G notes; and
|
|
•
|
the partial repayment caused by System Energy in May 2015 of $35 million of 5.875% pollution control revenue bonds due 2022 issued on behalf of System Energy.
|
|
|
June 30,
2016
|
|
December 31, 2015
|
||
|
Debt to capital
|
48.4
|
%
|
|
42.3
|
%
|
|
Effect of subtracting cash
|
(5.9
|
%)
|
|
(11.8
|
%)
|
|
Net debt to net capital
|
42.5
|
%
|
|
30.5
|
%
|
|
|
2016
|
|
2017
|
|
2018
|
||||||
|
|
(In Millions)
|
||||||||||
|
Planned construction and capital investment:
|
|
|
|
|
|
||||||
|
Generation
|
|
$90
|
|
|
|
$50
|
|
|
|
$65
|
|
|
Other
|
5
|
|
|
5
|
|
|
10
|
|
|||
|
Total
|
|
$95
|
|
|
|
$55
|
|
|
|
$75
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
June 30,
2015
|
|
December 31,
2014
|
|
(In Thousands)
|
||||||
|
$17,718
|
|
$39,926
|
|
$7,520
|
|
$2,373
|
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||||||||||
|
INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Six Months Ended June 30, 2016 and 2015
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$151,323
|
|
|
|
$163,101
|
|
|
|
$289,016
|
|
|
|
$319,140
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
20,394
|
|
|
22,943
|
|
|
33,822
|
|
|
43,416
|
|
||||
|
Nuclear refueling outage expenses
|
|
4,905
|
|
|
5,420
|
|
|
9,489
|
|
|
11,102
|
|
||||
|
Other operation and maintenance
|
|
35,766
|
|
|
41,083
|
|
|
67,926
|
|
|
76,789
|
|
||||
|
Decommissioning
|
|
12,593
|
|
|
11,897
|
|
|
24,980
|
|
|
23,600
|
|
||||
|
Taxes other than income taxes
|
|
6,385
|
|
|
6,558
|
|
|
12,637
|
|
|
13,766
|
|
||||
|
Depreciation and amortization
|
|
35,384
|
|
|
37,247
|
|
|
70,091
|
|
|
74,307
|
|
||||
|
Other regulatory credits - net
|
|
(9,124
|
)
|
|
(7,517
|
)
|
|
(22,415
|
)
|
|
(17,094
|
)
|
||||
|
TOTAL
|
|
106,303
|
|
|
117,631
|
|
|
196,530
|
|
|
225,886
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
45,020
|
|
|
45,470
|
|
|
92,486
|
|
|
93,254
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
1,602
|
|
|
2,042
|
|
|
4,331
|
|
|
3,693
|
|
||||
|
Interest and investment income
|
|
5,124
|
|
|
3,250
|
|
|
8,398
|
|
|
7,463
|
|
||||
|
Miscellaneous - net
|
|
(164
|
)
|
|
(217
|
)
|
|
(256
|
)
|
|
(438
|
)
|
||||
|
TOTAL
|
|
6,562
|
|
|
5,075
|
|
|
12,473
|
|
|
10,718
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
9,382
|
|
|
12,347
|
|
|
18,934
|
|
|
25,360
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(401
|
)
|
|
(540
|
)
|
|
(1,097
|
)
|
|
(976
|
)
|
||||
|
TOTAL
|
|
8,981
|
|
|
11,807
|
|
|
17,837
|
|
|
24,384
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
42,601
|
|
|
38,738
|
|
|
87,122
|
|
|
79,588
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
17,511
|
|
|
16,878
|
|
|
36,074
|
|
|
32,195
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$25,090
|
|
|
|
$21,860
|
|
|
|
$51,048
|
|
|
|
$47,393
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$51,048
|
|
|
|
$47,393
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
123,424
|
|
|
136,091
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
83,733
|
|
|
6,699
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
3,731
|
|
|
2,286
|
|
||
|
Accounts payable
|
|
(3,200
|
)
|
|
(746
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
(60,954
|
)
|
|
(9,355
|
)
|
||
|
Interest accrued
|
|
(145
|
)
|
|
(17,070
|
)
|
||
|
Other working capital accounts
|
|
(28,319
|
)
|
|
3,148
|
|
||
|
Other regulatory assets
|
|
(9,844
|
)
|
|
(7
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(9,071
|
)
|
|
(6,620
|
)
|
||
|
Other assets and liabilities
|
|
(13,111
|
)
|
|
(12,753
|
)
|
||
|
Net cash flow provided by operating activities
|
|
137,292
|
|
|
149,066
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(57,429
|
)
|
|
(27,608
|
)
|
||
|
Allowance for equity funds used during construction
|
|
4,331
|
|
|
3,693
|
|
||
|
Nuclear fuel purchases
|
|
(130,275
|
)
|
|
(26,831
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
11,467
|
|
|
21,263
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
289,414
|
|
|
161,977
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(307,465
|
)
|
|
(177,214
|
)
|
||
|
Changes in money pool receivable - net
|
|
22,208
|
|
|
(5,147
|
)
|
||
|
Net cash flow used in investing activities
|
|
(167,749
|
)
|
|
(49,867
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Retirement of long-term debt
|
|
(22,001
|
)
|
|
(106,405
|
)
|
||
|
Changes in credit borrowings - net
|
|
99,617
|
|
|
17,102
|
|
||
|
Common stock dividends and distributions
|
|
(139,000
|
)
|
|
(122,000
|
)
|
||
|
Other
|
|
(26
|
)
|
|
(28
|
)
|
||
|
Net cash flow used in financing activities
|
|
(61,410
|
)
|
|
(211,331
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(91,867
|
)
|
|
(112,132
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
230,661
|
|
|
223,179
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$138,794
|
|
|
|
$111,047
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$18,494
|
|
|
|
$37,929
|
|
|
Income taxes
|
|
|
$3,402
|
|
|
|
$25,304
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$792
|
|
|
|
$8,681
|
|
|
Temporary cash investments
|
|
138,002
|
|
|
221,980
|
|
||
|
Total cash and cash equivalents
|
|
138,794
|
|
|
230,661
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Associated companies
|
|
68,252
|
|
|
93,724
|
|
||
|
Other
|
|
4,107
|
|
|
4,574
|
|
||
|
Total accounts receivable
|
|
72,359
|
|
|
98,298
|
|
||
|
Materials and supplies - at average cost
|
|
81,551
|
|
|
87,366
|
|
||
|
Deferred nuclear refueling outage costs
|
|
34,887
|
|
|
5,605
|
|
||
|
Prepaid taxes
|
|
70,281
|
|
|
9,327
|
|
||
|
Prepayments and other
|
|
6,818
|
|
|
1,955
|
|
||
|
TOTAL
|
|
404,690
|
|
|
433,212
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
741,112
|
|
|
701,460
|
|
||
|
TOTAL
|
|
741,112
|
|
|
701,460
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,327,329
|
|
|
4,253,949
|
|
||
|
Property under capital lease
|
|
575,027
|
|
|
575,027
|
|
||
|
Construction work in progress
|
|
56,277
|
|
|
92,546
|
|
||
|
Nuclear fuel
|
|
263,116
|
|
|
183,706
|
|
||
|
TOTAL UTILITY PLANT
|
|
5,221,749
|
|
|
5,105,228
|
|
||
|
Less - accumulated depreciation and amortization
|
|
3,013,134
|
|
|
2,961,842
|
|
||
|
UTILITY PLANT - NET
|
|
2,208,615
|
|
|
2,143,386
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
94,937
|
|
|
98,230
|
|
||
|
Other regulatory assets
|
|
360,967
|
|
|
347,830
|
|
||
|
Other
|
|
4,864
|
|
|
4,757
|
|
||
|
TOTAL
|
|
460,768
|
|
|
450,817
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,815,185
|
|
|
|
$3,728,875
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
June 30, 2016 and December 31, 2015
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2016
|
|
2015
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$50,002
|
|
|
|
$2
|
|
|
Short-term borrowings
|
|
99,617
|
|
|
—
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
6,939
|
|
|
7,391
|
|
||
|
Other
|
|
22,383
|
|
|
34,010
|
|
||
|
Interest accrued
|
|
14,038
|
|
|
14,183
|
|
||
|
Other
|
|
1,937
|
|
|
1,926
|
|
||
|
TOTAL
|
|
194,916
|
|
|
57,512
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
1,097,454
|
|
|
1,019,075
|
|
||
|
Accumulated deferred investment tax credits
|
|
43,841
|
|
|
45,451
|
|
||
|
Other regulatory liabilities
|
|
353,331
|
|
|
337,424
|
|
||
|
Decommissioning
|
|
828,385
|
|
|
803,405
|
|
||
|
Pension and other postretirement liabilities
|
|
103,193
|
|
|
112,264
|
|
||
|
Long-term debt
|
|
500,924
|
|
|
572,665
|
|
||
|
Other
|
|
14
|
|
|
—
|
|
||
|
TOTAL
|
|
2,927,142
|
|
|
2,890,284
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2016 and 2015
|
|
679,350
|
|
|
719,350
|
|
||
|
Retained earnings
|
|
13,777
|
|
|
61,729
|
|
||
|
TOTAL
|
|
693,127
|
|
|
781,079
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,815,185
|
|
|
|
$3,728,875
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
|||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||
|
For the Six Months Ended June 30, 2016 and 2015
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
|
|
|
|
||||||||
|
|
Common Equity
|
|
|
||||||||
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Total
|
||||||
|
|
(In Thousands)
|
||||||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2014
|
|
$789,350
|
|
|
|
$81,161
|
|
|
|
$870,511
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
47,393
|
|
|
47,393
|
|
|||
|
Common stock dividends
|
—
|
|
|
(122,000
|
)
|
|
(122,000
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at June 30, 2015
|
|
$789,350
|
|
|
|
$6,554
|
|
|
|
$795,904
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2015
|
|
$719,350
|
|
|
|
$61,729
|
|
|
|
$781,079
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
51,048
|
|
|
51,048
|
|
|||
|
Common stock dividends and distributions
|
(40,000
|
)
|
|
(99,000
|
)
|
|
(139,000
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at June 30, 2016
|
|
$679,350
|
|
|
|
$13,777
|
|
|
|
$693,127
|
|
|
|
|
|
|
|
|
||||||
|
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)
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
4/01/2016-4/30/2016
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
5/01/2016-5/31/2016
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
6/01/2016-6/30/2016
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
Total
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
||
|
(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,
|
|
June 30,
|
||||||||||||
|
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||
|
Entergy Arkansas
|
|
4.31
|
|
3.79
|
|
|
3.62
|
|
|
3.08
|
|
|
2.04
|
|
|
2.22
|
|
Entergy Louisiana
|
|
2.90
|
|
2.61
|
|
|
3.30
|
|
|
3.44
|
|
|
3.36
|
|
|
3.31
|
|
Entergy Mississippi
|
|
3.55
|
|
2.79
|
|
|
3.19
|
|
|
3.23
|
|
|
3.59
|
|
|
3.42
|
|
Entergy New Orleans
|
|
4.72
|
|
2.91
|
|
|
1.85
|
|
|
3.55
|
|
|
4.90
|
|
|
4.85
|
|
Entergy Texas
|
|
2.34
|
|
1.76
|
|
|
1.94
|
|
|
2.39
|
|
|
2.22
|
|
|
2.37
|
|
System Energy
|
|
3.85
|
|
5.12
|
|
|
5.66
|
|
|
4.04
|
|
|
4.53
|
|
|
5.34
|
|
|
|
Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends/Distributions
|
||||||||||||||
|
|
|
Twelve Months Ended
|
||||||||||||||
|
|
|
December 31,
|
|
June 30,
|
||||||||||||
|
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||
|
Entergy Arkansas
|
|
3.83
|
|
3.36
|
|
|
3.25
|
|
|
2.76
|
|
|
1.85
|
|
|
2.02
|
|
Entergy Louisiana
|
|
2.74
|
|
2.47
|
|
|
3.14
|
|
|
3.28
|
|
|
3.24
|
|
|
3.27
|
|
Entergy Mississippi
|
|
3.27
|
|
2.59
|
|
|
2.97
|
|
|
3.00
|
|
|
3.34
|
|
|
3.18
|
|
Entergy New Orleans
|
|
4.25
|
|
2.63
|
|
|
1.70
|
|
|
3.26
|
|
|
4.50
|
|
|
4.49
|
|
|
4(a) -
|
Thirty-second Supplemental Indenture, dated as of May 1, 2016, to Entergy Mississippi, Inc. Mortgage and Deed of Trust, dated as of February 1, 1988 (4.05 to Form 8-K filed May 13, 2016 in 1-31508).
|
|
|
|
|
|
|
4(b) -
|
Officer’s Certificate No. 4-B-4, dated May 16, 2016, supplemental to Mortgage and Deed of Trust of Entergy Louisiana, dated as of November 1, 2015 (4.39 to Form 8-K filed May 19, 2016 in 1-32718).
|
|
|
|
|
|
|
4(c) -
|
Fifth Supplemental Indenture, dated as of May 1, 2016, to Entergy Louisiana Mortgage and Deed of Trust, dated as of November 1, 2015 (4.40 to Form 8-K filed May 19, 2016 in 1-32718).
|
|
|
|
|
|
|
4(d) -
|
Eighty-fifth Supplemental Indenture, dated as of May 1, 2016, to Entergy Louisiana Mortgage and Deed of Trust, dated as of September 1, 1926 (4.42 to Form 8-K filed May 19, 2016 in 1-32718).
|
|
|
|
|
|
|
4(e) -
|
Twentieth Supplemental Indenture, dated as of May 1, 2016, to Entergy New Orleans Mortgage and Deed of Trust, dated as of May 1, 1987 (4.02 to Form 8-K filed May 24, 2016 in 0-05807).
|
|
|
|
|
|
|
*4(f) -
|
Amendment to Amended and Restated Credit Agreement, dated as of June 30, 2016, among Entergy New Orleans, Inc., as the Borrower, the banks and other financial institutions party thereto as Lenders, and Bank of America, N.A., as Administrative Agent.
|
|
|
|
|
|
|
*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.
|
|
|
|
|
|
|
*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.
|
|
|
|
|
|
|
*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.
|
|
|
|
|
|
|
*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.
|
|
|
|
|
|
|
*12(e) -
|
Entergy Texas’s Computation of Ratios of Earnings to Fixed Charges, as defined.
|
|
|
|
|
|
|
*12(f) -
|
System Energy’s Computation of Ratios of Earnings to Fixed Charges, as defined.
|
|
|
|
|
|
|
*31(a) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
|
|
|
|
|
|
|
*31(b) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
|
|
|
|
|
|
|
*31(c) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
|
|
|
|
|
|
|
*31(d) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
|
|
|
|
|
|
|
*31(e) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
|
|
|
|
|
|
|
*31(f) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
|
|
|
|
|
|
|
*31(g) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
|
|
|
|
|
|
|
*31(h) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
|
|
|
|
|
|
|
*31(i) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
|
|
|
|
|
|
|
*31(j) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
|
|
|
|
|
|
|
*31(k) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
|
|
|
|
|
|
|
*31(l) -
|
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
|
|
|
|
|
|
|
*31(m) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
|
|
|
|
|
|
|
*31(n) -
|
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
|
|
|
|
|
|
|
*32(a) -
|
Section 1350 Certification for Entergy Corporation.
|
|
|
|
|
|
|
*32(b) -
|
Section 1350 Certification for Entergy Corporation.
|
|
|
|
|
|
|
*32(c) -
|
Section 1350 Certification for Entergy Arkansas.
|
|
|
|
|
|
|
*32(d) -
|
Section 1350 Certification for Entergy Arkansas.
|
|
|
|
|
|
|
*32(e) -
|
Section 1350 Certification for Entergy Louisiana.
|
|
|
|
|
|
|
*32(f) -
|
Section 1350 Certification for Entergy Louisiana.
|
|
|
|
|
|
|
*32(g) -
|
Section 1350 Certification for Entergy Mississippi.
|
|
|
|
|
|
|
*32(h) -
|
Section 1350 Certification for Entergy Mississippi.
|
|
|
|
|
|
|
*32(i) -
|
Section 1350 Certification for Entergy New Orleans.
|
|
|
|
|
|
|
*32(j) -
|
Section 1350 Certification for Entergy New Orleans.
|
|
|
|
|
|
|
*32(k) -
|
Section 1350 Certification for Entergy Texas.
|
|
|
|
|
|
|
*32(l) -
|
Section 1350 Certification for Entergy Texas.
|
|
|
|
|
|
|
*32(m) -
|
Section 1350 Certification for System Energy.
|
|
|
|
|
|
|
*32(n) -
|
Section 1350 Certification for System Energy.
|
|
|
|
|
|
|
*101 INS -
|
XBRL Instance Document.
|
|
|
|
|
|
|
*101 SCH -
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
|
|
*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.
|
|
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 |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| Murphy Oil Corporation | MUR |
| Sunoco LP | SUN |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|