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(Mark One)
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X
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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For the Quarterly Period Ended September 30, 2017
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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)
10055 Grogans Mill Road
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)
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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Emerging
growth
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 October 31, 2017
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Entergy Corporation
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($0.01 par value)
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180,251,407
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Page Number
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Part I. Financial Information
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Entergy Corporation and Subsidiaries
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Notes to Financial Statements
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Entergy Arkansas, Inc. and Subsidiaries
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Entergy Louisiana, LLC and Subsidiaries
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Page Number
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Entergy Mississippi, Inc.
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Entergy New Orleans, Inc. and Subsidiaries
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Entergy Texas, Inc. and Subsidiaries
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System Energy Resources, Inc.
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Part II. Other Information
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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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long-term risks and uncertainties associated with the termination of the System Agreement in 2016, including the potential absence of federal authority to resolve certain issues among the Utility operating companies and their retail regulators;
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•
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regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies’ participation in MISO, 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 or the U.S. Department of Justice;
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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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the operation and maintenance of Entergy’s nuclear generating facilities require the commitment of substantial human and capital resources that can result in increased costs and capital expenditures;
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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 laws and regulations or associated litigation, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, particulate matter, heat, and other regulated air and water emissions, and changes in costs of compliance with environmental laws and regulations;
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•
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the effects of changes in federal, state or local laws and regulations, and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies;
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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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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, including the potential for increases in sea levels or coastal land and wetland loss;
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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 securities, execute share repurchase programs, and fund investments and acquisitions;
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•
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actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria;
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•
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changes in inflation and interest rates;
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•
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the effect of litigation and government investigations or proceedings;
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•
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changes in technology, including with respect to new, developing, or alternative sources of generation;
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•
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the effects, including increased security costs, of threatened or actual terrorism, cyber-attacks or data security breaches, natural or man-made electromagnetic pulses that affect transmission or generation infrastructure, 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 Entergy’s nuclear plant sites and the implementation of decommissioning of such sites following shutdown;
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•
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the decision to cease merchant power generation at all Entergy Wholesale Commodities nuclear power plants by 2022, including the implementation of the planned shutdown of Pilgrim, Indian Point 2, Indian Point 3, and Palisades;
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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 strategic transactions Entergy may undertake, including mergers, acquisitions, or divestitures, regulatory or other limitations imposed as a result of any such strategic transaction, and the success of the business following any such strategic transaction.
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Abbreviation or Acronym
|
Term
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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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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
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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), previously owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment, which was sold in March 2017
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|
Form 10-K
|
Annual Report on Form 10-K for the calendar year ended December 31, 2016 filed with the SEC by Entergy Corporation and its Registrant Subsidiaries
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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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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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Abbreviation or Acronym
|
Term
|
|
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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
|
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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PPA
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Purchased power agreement or power purchase agreement
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PUCT
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Public Utility Commission of Texas
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Registrant Subsidiaries
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Entergy Arkansas, Inc., Entergy Louisiana, LLC, Entergy Mississippi, Inc., Entergy New Orleans, Inc., Entergy Texas, Inc., and System Energy Resources, Inc.
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River Bend
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River Bend Station (nuclear), owned by Entergy Louisiana
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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. The agreement terminated effective August 2016.
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System Energy
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System Energy Resources, Inc.
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TWh
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Terawatt-hour(s), which equals one billion kilowatt-hours
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Unit Power Sales Agreement
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Agreement, dated as of June 10, 1982, as amended and approved by FERC, among Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy, relating to the sale of capacity and energy from System Energy’s share of Grand Gulf
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Utility
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Entergy’s business segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution
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Utility operating companies
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Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas
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|
Abbreviation or Acronym
|
Term
|
|
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|
|
Vermont Yankee
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Vermont Yankee Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment, which ceased power production in December 2014
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Waterford 3
|
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
|
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. See “
Entergy Wholesale Commodities Exit from the Merchant Power Business
” below and in the Form 10-K for discussion of the operation and planned shutdown or sale of each of the Entergy Wholesale Commodities nuclear power plants.
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Utility
|
|
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)
|
||||||||||||||
|
3rd Quarter 2016 Consolidated Net Income (Loss)
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|
$447,782
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|
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|
$8,221
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|
|
|
($62,799
|
)
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$393,204
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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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(47,749
|
)
|
|
(4,637
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)
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|
(4
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)
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|
(52,390
|
)
|
||||
|
Other operation and maintenance
|
|
6,617
|
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(37,089
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)
|
|
1,831
|
|
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(28,641
|
)
|
||||
|
Asset write-offs, impairments, and related charges
|
|
—
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|
|
(2,620
|
)
|
|
—
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|
|
(2,620
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)
|
||||
|
Taxes other than income taxes
|
|
16,064
|
|
|
(5,694
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)
|
|
28
|
|
|
10,398
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|
||||
|
Depreciation and amortization
|
|
14,849
|
|
|
(751
|
)
|
|
242
|
|
|
14,340
|
|
||||
|
Other income
|
|
19,674
|
|
|
16,574
|
|
|
(1,624
|
)
|
|
34,624
|
|
||||
|
Interest expense
|
|
(2,184
|
)
|
|
(41
|
)
|
|
1,929
|
|
|
(296
|
)
|
||||
|
Other expenses
|
|
5,584
|
|
|
(8,860
|
)
|
|
—
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|
|
(3,276
|
)
|
||||
|
Income taxes
|
|
(24,956
|
)
|
|
19,448
|
|
|
(10,603
|
)
|
|
(16,111
|
)
|
||||
|
|
|
|
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|
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|
||||||||
|
3rd Quarter 2017 Consolidated Net Income (Loss)
|
|
|
$403,733
|
|
|
|
$55,765
|
|
|
|
($57,854
|
)
|
|
|
$401,644
|
|
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
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|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$1,859
|
|
|
Volume/weather
|
(68
|
)
|
|
|
Retail electric price
|
17
|
|
|
|
Other
|
3
|
|
|
|
2017 net revenue
|
|
$1,811
|
|
|
•
|
the implementation of formula rate plan rates at Entergy Arkansas, as approved by the APSC, effective with the first billing cycle of January 2017;
|
|
•
|
the implementation of the transmission cost recovery factor rider at Entergy Texas, effective September 2016, and an increase in the transmission cost recovery factor rider rate, effective March 2017, as approved by the PUCT; and
|
|
•
|
the timing of recovery of purchased power capacity costs at Entergy Louisiana through the formula rate plan mechanism.
|
|
•
|
lower storm damage rider revenues at Entergy Mississippi due to resetting the storm damage provision to zero beginning with the November 2016 billing cycle. Entergy Mississippi resumed billing the storm damage rider effective with the September 2017 billing cycle; and
|
|
•
|
a decrease in the purchased power and capacity acquisition cost recovery rider at Entergy New Orleans primarily due to credits to customers as part of the Entergy New Orleans internal restructuring agreement in principle, effective with the first billing cycle of June 2017.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$396
|
|
|
FitzPatrick sale
|
(50
|
)
|
|
|
Nuclear fuel expenses
|
40
|
|
|
|
Other
|
6
|
|
|
|
2017 net revenue
|
|
$392
|
|
|
|
2017
|
|
2016
|
|
Owned capacity (MW) (a)
|
3,962
|
|
4,880
|
|
GWh billed
|
8,234
|
|
9,372
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
(b)
|
|
|
|
|
Capacity factor
|
98%
|
|
90%
|
|
GWh billed
|
7,633
|
|
8,674
|
|
Average energy and capacity revenue per MWh
|
$48.82
|
|
$47.41
|
|
(a)
|
The reduction in owned capacity is due to Entergy’s sale of the 838 MW FitzPatrick plant to Exelon in March 2017 and Entergy’s sale of its 50% membership interest in Top Deer Wind Ventures, LLC in November 2016. See Note 13 to the financial statements herein for discussion of the sale of FitzPatrick and Note 14 to the financial statements in the Form 10-K for discussion of the Top Deer Wind Ventures, LLC sale.
|
|
(b)
|
The Entergy Wholesale Commodities nuclear power plants had no refueling outage days in the third quarter 2017 and the third quarter 2016.
|
|
•
|
the effects of recording in third quarter 2016 final court decisions in several lawsuits against the DOE related to spent nuclear fuel storage costs. The damages awarded included the reimbursement of approximately $14 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. See Note 8 to the financial statements in the Form 10-K for discussion of the spent nuclear fuel litigation; and
|
|
•
|
an increase of $11 million in nuclear generation expenses primarily due to higher nuclear labor costs, including contract labor, to position the nuclear fleet to meet its operational goals. See “
MANAGEMENT’S
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities
|
|
Parent &
Other (a)
|
|
Entergy
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
2016 Consolidated Net Income (Loss)
|
|
|
$1,027,751
|
|
|
|
$338,651
|
|
|
|
($165,367
|
)
|
|
|
$1,201,035
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net revenue (operating revenue less fuel expense, purchased power, and other regulatory charges/credits)
|
|
6,657
|
|
|
(19,524
|
)
|
|
(17
|
)
|
|
(12,884
|
)
|
||||
|
Other operation and maintenance
|
|
87,381
|
|
|
78,114
|
|
|
2,534
|
|
|
168,029
|
|
||||
|
Asset write-offs, impairments, and related charges
|
|
—
|
|
|
388,414
|
|
|
—
|
|
|
388,414
|
|
||||
|
Taxes other than income taxes
|
|
34,270
|
|
|
(13,702
|
)
|
|
419
|
|
|
20,987
|
|
||||
|
Depreciation and amortization
|
|
40,131
|
|
|
1,837
|
|
|
25
|
|
|
41,993
|
|
||||
|
Gain on sale of assets
|
|
—
|
|
|
16,270
|
|
|
—
|
|
|
16,270
|
|
||||
|
Other income
|
|
45,956
|
|
|
73,341
|
|
|
(971
|
)
|
|
118,326
|
|
||||
|
Interest expense
|
|
(15,417
|
)
|
|
(81
|
)
|
|
5,474
|
|
|
(10,024
|
)
|
||||
|
Other expenses
|
|
15,924
|
|
|
32,794
|
|
|
—
|
|
|
48,718
|
|
||||
|
Income taxes
|
|
100,337
|
|
|
(331,093
|
)
|
|
(5,678
|
)
|
|
(236,434
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
2017 Consolidated Net Income (Loss)
|
|
|
$817,738
|
|
|
|
$252,455
|
|
|
|
($169,129
|
)
|
|
|
$901,064
|
|
|
(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$4,758
|
|
|
Retail electric price
|
62
|
|
|
|
Grand Gulf recovery
|
38
|
|
|
|
Louisiana Act 55 financing savings obligation
|
17
|
|
|
|
Volume/weather
|
(99
|
)
|
|
|
Other
|
(11
|
)
|
|
|
2017 net revenue
|
|
$4,765
|
|
|
•
|
an increase in base rates effective February 24, 2016 and the implementation of formula rate plan rates effective with the first billing cycle of January 2017 at Entergy Arkansas, each as approved by the APSC. A significant portion of the base rate increase was related to the purchase of Power Block 2 of the Union Power Station in March 2016;
|
|
•
|
the implementation of the transmission cost recovery factor rider at Entergy Texas, effective September 2016, and an increase in the transmission cost recovery factor rider rate, effective March 2017, as approved by the PUCT;
|
|
•
|
an increase in rates at Entergy Mississippi, as approved by the MPSC, effective with the first billing cycle of July 2016; and
|
|
•
|
the timing of recovery of purchased power capacity costs at Entergy Louisiana through the formula rate plan mechanism.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$1,155
|
|
|
FitzPatrick sale
|
(122
|
)
|
|
|
Nuclear volume
|
(76
|
)
|
|
|
Nuclear fuel expenses
|
76
|
|
|
|
FitzPatrick reimbursement agreement
|
98
|
|
|
|
Other
|
5
|
|
|
|
2017 net revenue
|
|
$1,136
|
|
|
|
2017
|
|
2016
|
|
Owned capacity (MW) (a)
|
3,962
|
|
4,880
|
|
GWh billed
|
22,616
|
|
26,484
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
|
|
|
|
|
Capacity factor
|
79%
|
|
85%
|
|
GWh billed
|
20,861
|
|
24,670
|
|
Average energy and capacity revenue per MWh
|
$51.82
|
|
$48.99
|
|
Refueling outage days:
|
|
|
|
|
FitzPatrick
|
42
|
|
—
|
|
Indian Point 2
|
—
|
|
102
|
|
Indian Point 3
|
66
|
|
—
|
|
Pilgrim
|
43
|
|
—
|
|
Palisades
|
27
|
|
—
|
|
(a)
|
The reduction in owned capacity is due to Entergy’s sale of the 838 MW FitzPatrick plant to Exelon in March 2017 and Entergy’s sale of its 50% membership interest in Top Deer Wind Ventures, LLC in November 2016. See Note 13 to the financial statements herein for discussion of the sale of FitzPatrick and Note 14 to the financial statements in the Form 10-K for discussion of the Top Deer Wind Ventures, LLC sale.
|
|
•
|
an increase of $27 million in nuclear generation expenses primarily due to higher nuclear labor costs, including contract labor, to position the nuclear fleet to meet its operational goals and additional training and initiatives to support management’s operational goals at Grand Gulf, partially offset by a decrease in regulatory compliance costs. The decrease in regulatory compliance costs is primarily related to additional NRC inspection activities in 2016 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 “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Nuclear Matters
” in the Form 10-K for a discussion of the increased operating costs to position the nuclear fleet to meet its operational goals. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
ANO Damage, Outage, and NRC Reviews
” in the Form 10-K for a discussion of the ANO stator incident and subsequent NRC reviews;
|
|
•
|
the deferral in the first quarter 2016 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 in February 2016 as part of the Entergy Arkansas 2015 rate case settlement. These costs are being amortized over a ten-year period beginning March 2016. See Note 2 to the financial statements in the Form 10-K for further discussion of the rate case settlement;
|
|
•
|
the effects of recording in 2016 final court decisions in several lawsuits against the DOE related to spent nuclear fuel storage costs. The damages awarded included the reimbursement of approximately $16 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. See Note 8 to the financial statements in the Form 10-K for discussion of the spent nuclear fuel litigation;
|
|
•
|
an increase of $13 million in transmission and distribution expenses due to higher vegetation maintenance costs; and
|
|
•
|
an increase of $11 million in compensation and benefits costs primarily due to a downward revision to estimated incentive compensation expense in the first quarter 2016.
|
|
•
|
FitzPatrick’s nuclear refueling outage expenses and expenditures for capital assets being classified as other operation and maintenance expenses as a result of the sale and reimbursement agreements Entergy entered into with Exelon. These costs would have not been incurred absent the sale agreement with Exelon because Entergy planned to shut the plant down in January 2017. The expenses were offset by revenue realized pursuant to the reimbursement agreement and had no effect on net income. See Note 13 to the financial statements herein and Note 14 to the financial statements in the Form 10-K for discussion of the reimbursement agreement;
|
|
•
|
the effect of recording in 2016 final court decisions in litigation against the DOE for the reimbursement of spent nuclear fuel storage costs, which reduced other operation and maintenance expenses in 2016 by $42 million. See Note 8 to the financial statements in the Form 10-K for discussion of the DOE litigation; and
|
|
•
|
an increase of $36 million in severance and retention costs in 2017 as compared to the same period in 2016 due to management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
Entergy Wholesale Commodities Exit from the Merchant Power Business
” below and in the Form 10-K for a discussion of management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet.
|
|
|
September 30,
2017
|
|
December 31,
2016
|
||
|
Debt to capital
|
64.6
|
%
|
|
64.8
|
%
|
|
Effect of excluding securitization bonds
|
(0.8
|
%)
|
|
(1.0
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
63.8
|
%
|
|
63.8
|
%
|
|
Effect of subtracting cash
|
(0.9
|
%)
|
|
(2.0
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
62.9
|
%
|
|
61.8
|
%
|
|
(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
|
|
$150
|
|
$6
|
|
$3,344
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$1,188
|
|
|
|
$1,351
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
1,713
|
|
|
2,252
|
|
||
|
Investing activities
|
(2,828
|
)
|
|
(2,983
|
)
|
||
|
Financing activities
|
473
|
|
|
687
|
|
||
|
Net decrease in cash and cash equivalents
|
(642
|
)
|
|
(44
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$546
|
|
|
|
$1,307
|
|
|
•
|
an increase of $182 million in spending on nuclear refueling outages in 2017 as compared to the same period in 2016;
|
|
•
|
lower Entergy Wholesale Commodities net revenue, excluding the effect of revenues resulting from the FitzPatrick reimbursement agreement with Exelon, in 2017 as compared to the same period in 2016, as discussed above. See Note 13 to the financial statements herein and Note 14 to the financial statements in the Form 10-K for discussion of the reimbursement agreement;
|
|
•
|
an increase of $95 million in severance and retention payments in 2017 as compared to the same period in 2016. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
Entergy Wholesale Commodities Exit from the Merchant Power Business
” above and in the Form 10-K for a discussion of management’s strategy to reduce the size of the Entergy Wholesale Commodities’ merchant fleet;
|
|
•
|
a refund to customers in January 2017 of approximately $71 million as a result of the settlement approved by the LPSC related to the Waterford 3 replacement steam generator project. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the settlement and refund;
|
|
•
|
proceeds of $23 million received in 2017 compared to proceeds of $64 million received in 2016 from the DOE resulting from litigation regarding spent nuclear fuel storage costs that were previously expensed. See Note 8 to the financial statements in the Form 10-K for discussion of the DOE litigation; and
|
|
•
|
a decrease due to the timing of recovery of fuel and purchased power costs in 2017 as compared to the same period in 2016. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery.
|
|
•
|
income tax refunds of $12 million in 2017 compared to income tax payments of $80 million in 2016. Entergy received income tax refunds in 2017 resulting from the carryback of net operating losses. Entergy made income tax payments in 2016 related to the effect of the 2006-2007 IRS audit and for jurisdictions that do not have net operating loss carryovers or jurisdictions in which the utilization of net operating loss carryovers are limited. See Note 3 to the financial statements in the Form 10-K for a discussion of the income tax audit; and
|
|
•
|
a decrease of $76 million in interest paid in 2017 as compared to the same period in 2016 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 10 to the financial statements in the Form 10-K for a discussion of Entergy Louisiana’s purchase of a beneficial interest in the Waterford 3 leased assets.
|
|
•
|
an increase of $619 million in construction expenditures, primarily in the Utility business. The increase in construction expenditures in the Utility business is primarily due to an increase of $363 million in fossil-fueled generation construction expenditures primarily due to higher spending in 2017 on the St. Charles Power Station project and the Lake Charles Power Station project and a higher scope of work performed on various other fossil projects in 2017, an increase of $107 million in nuclear construction expenditures primarily due to increased spending on various nuclear projects in 2017, an increase of $87 million in distribution construction expenditures primarily due to a higher scope of work performed in 2017 as compared to the same period in 2016, an increase of $44 million in transmission construction expenditures primarily due to a higher scope of work performed in 2017 as compared to the same period in 2016, and an increase of $42 million in information technology construction expenditures primarily due to increased spending on advanced metering infrastructure;
|
|
•
|
$113 million in funds held on deposit for principal and interest payments due October 1, 2017;
|
|
•
|
proceeds of $25 million received in 2017 compared to proceeds of $122 million received in 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 and Note 8 to the financial statements in the Form 10-K for discussion of the DOE litigation; and
|
|
•
|
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.
|
|
•
|
long-term debt activity using approximately $309 thousand of cash in 2017 compared to providing approximately $1,279 million of cash in 2016. Included in the long-term debt activity is $550 million in 2017 and $655 million in 2016 for the repayment of borrowings on the Entergy Corporation long-term credit facility; and
|
|
•
|
a decrease of $87 million in 2017 in short-term borrowings by the nuclear fuel company variable interest entities.
|
|
•
|
Entergy’s net issuances of $928 million of commercial paper in 2017 compared to net repayments of $158 million of commercial paper in 2016; and
|
|
•
|
the redemptions of Entergy Arkansas’s $75 million of 6.45% Series preferred stock and $10 million of 6.08% Series preferred stock in 2016.
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of planned generation under contract (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit-contingent (b)
|
|
88%
|
|
98%
|
|
70%
|
|
38%
|
|
70%
|
|
67%
|
|
Firm LD (c)
|
|
9%
|
|
8%
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Offsetting positions (d)
|
|
(9%)
|
|
(9%)
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Total
|
|
88%
|
|
97%
|
|
70%
|
|
38%
|
|
70%
|
|
67%
|
|
Planned generation (TWh) (e) (f)
|
|
7.6
|
|
28.0
|
|
25.5
|
|
17.9
|
|
9.7
|
|
2.8
|
|
Average revenue per MWh on contracted volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum
|
|
$39.8
|
|
$38.9
|
|
$43.3
|
|
$55.3
|
|
$59.8
|
|
$58.8
|
|
Expected based on market prices as of September 30, 2017
|
|
$39.8
|
|
$38.9
|
|
$43.3
|
|
$55.3
|
|
$59.8
|
|
$58.8
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$39.8-$39.9
|
|
$38.9
|
|
$43.3
|
|
$55.3
|
|
$59.8
|
|
$58.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent of capacity sold forward (g):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bundled capacity and energy contracts (h)
|
|
23%
|
|
22%
|
|
25%
|
|
36%
|
|
69%
|
|
99%
|
|
Capacity contracts (i)
|
|
38%
|
|
21%
|
|
10%
|
|
—%
|
|
—%
|
|
—%
|
|
Total
|
|
61%
|
|
43%
|
|
35%
|
|
36%
|
|
69%
|
|
99%
|
|
Planned net MW in operation (average) (f)
|
|
3,568
|
|
3,568
|
|
3,167
|
|
2,195
|
|
1,158
|
|
338
|
|
Average revenue under contract per kW per month (applies to capacity contracts only)
|
|
$8.3
|
|
$9.1
|
|
$10.5
|
|
$—
|
|
$—
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Nuclear Energy and Capacity Revenues (j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expected sold and market total revenue per MWh
|
|
$44.5
|
|
$46.7
|
|
$46.8
|
|
$49.1
|
|
$56.3
|
|
$47.7
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$43.3-$45.7
|
|
$46.6-$46.7
|
|
$43.8-$49.8
|
|
$43.3-$55.0
|
|
$53.3-$59.3
|
|
$44.3-$51.0
|
|
(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
|
|
(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 the planned shutdown of Pilgrim on May 31, 2019, planned shutdown of Indian Point 2 on April 30, 2020, planned shutdown of Indian Point 3 on April 30, 2021, and planned shutdown of Palisades in the spring of 2022, and reflects the sale of FitzPatrick in March 2017. Assumes NRC license renewals 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 Pilgrim, Indian Point 2, Indian Point 3, and Palisades plants, see “
Entergy Wholesale Commodities Exit from the Merchant Power Business
” above and in the Form 10-K. 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 Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In Thousands, Except Share Data)
|
||||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
$2,793,798
|
|
|
|
$2,624,562
|
|
|
|
$7,056,758
|
|
|
|
$6,760,054
|
|
|
Natural gas
|
26,585
|
|
|
24,796
|
|
|
100,011
|
|
|
95,530
|
|
||||
|
Competitive businesses
|
423,245
|
|
|
475,345
|
|
|
1,293,867
|
|
|
1,341,534
|
|
||||
|
TOTAL
|
3,243,628
|
|
|
3,124,703
|
|
|
8,450,636
|
|
|
8,197,118
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
612,950
|
|
|
460,990
|
|
|
1,426,462
|
|
|
1,347,422
|
|
||||
|
Purchased power
|
408,140
|
|
|
375,107
|
|
|
1,182,404
|
|
|
880,102
|
|
||||
|
Nuclear refueling outage expenses
|
43,273
|
|
|
56,675
|
|
|
124,126
|
|
|
154,951
|
|
||||
|
Other operation and maintenance
|
804,535
|
|
|
833,176
|
|
|
2,492,379
|
|
|
2,324,350
|
|
||||
|
Asset write-offs, impairments, and related charges
|
16,221
|
|
|
18,841
|
|
|
421,584
|
|
|
33,170
|
|
||||
|
Decommissioning
|
95,392
|
|
|
85,266
|
|
|
310,062
|
|
|
230,519
|
|
||||
|
Taxes other than income taxes
|
159,474
|
|
|
149,076
|
|
|
469,090
|
|
|
448,103
|
|
||||
|
Depreciation and amortization
|
354,739
|
|
|
340,399
|
|
|
1,052,332
|
|
|
1,010,339
|
|
||||
|
Other regulatory charges (credits)
|
19,435
|
|
|
33,113
|
|
|
(59,314
|
)
|
|
55,626
|
|
||||
|
TOTAL
|
2,514,159
|
|
|
2,352,643
|
|
|
7,419,125
|
|
|
6,484,582
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Gain on sale of assets
|
—
|
|
|
—
|
|
|
16,270
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
729,469
|
|
|
772,060
|
|
|
1,047,781
|
|
|
1,712,536
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
24,338
|
|
|
15,451
|
|
|
65,722
|
|
|
48,242
|
|
||||
|
Interest and investment income
|
58,332
|
|
|
37,534
|
|
|
194,978
|
|
|
116,662
|
|
||||
|
Miscellaneous - net
|
(1,801
|
)
|
|
(6,740
|
)
|
|
(3,172
|
)
|
|
(25,702
|
)
|
||||
|
TOTAL
|
80,869
|
|
|
46,245
|
|
|
257,528
|
|
|
139,202
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
178,391
|
|
|
174,902
|
|
|
522,857
|
|
|
526,344
|
|
||||
|
Allowance for borrowed funds used during construction
|
(11,492
|
)
|
|
(7,707
|
)
|
|
(31,057
|
)
|
|
(24,520
|
)
|
||||
|
TOTAL
|
166,899
|
|
|
167,195
|
|
|
491,800
|
|
|
501,824
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
643,439
|
|
|
651,110
|
|
|
813,509
|
|
|
1,349,914
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
241,795
|
|
|
257,906
|
|
|
(87,555
|
)
|
|
148,879
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
CONSOLIDATED NET INCOME
|
401,644
|
|
|
393,204
|
|
|
901,064
|
|
|
1,201,035
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements of subsidiaries
|
3,446
|
|
|
5,034
|
|
|
10,338
|
|
|
15,586
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION
|
|
$398,198
|
|
|
|
$388,170
|
|
|
|
$890,726
|
|
|
|
$1,185,449
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per average common share:
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
|
$2.22
|
|
|
|
$2.17
|
|
|
|
$4.96
|
|
|
|
$6.63
|
|
|
Diluted
|
|
$2.21
|
|
|
|
$2.16
|
|
|
|
$4.94
|
|
|
|
$6.60
|
|
|
Dividends declared per common share
|
|
$0.87
|
|
|
|
$0.85
|
|
|
|
$2.61
|
|
|
|
$2.55
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic average number of common shares outstanding
|
179,563,819
|
|
|
179,023,351
|
|
|
179,458,914
|
|
|
178,804,148
|
|
||||
|
Diluted average number of common shares outstanding
|
180,464,069
|
|
|
179,990,888
|
|
|
180,163,074
|
|
|
179,490,060
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income
|
|
$401,644
|
|
|
|
$393,204
|
|
|
|
$901,064
|
|
|
|
$1,201,035
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
|
Cash flow hedges net unrealized gain (loss) (net of tax expense (benefit) of $7,062, $11,172, $17,387, and ($28,605))
|
13,213
|
|
|
20,972
|
|
|
32,634
|
|
|
(52,575
|
)
|
||||
|
Pension and other postretirement liabilities (net of tax expense of $6,818, $4,064, $19,034, and $7,101)
|
12,297
|
|
|
5,044
|
|
|
31,845
|
|
|
17,649
|
|
||||
|
Net unrealized investment gains (net of tax expense of $30,644, $20,635, $72,808, and $58,508)
|
33,395
|
|
|
21,367
|
|
|
82,918
|
|
|
65,391
|
|
||||
|
Foreign currency translation (net of tax benefit of $-, $48, $403, and $688)
|
—
|
|
|
(92
|
)
|
|
(748
|
)
|
|
(1,280
|
)
|
||||
|
Other comprehensive income
|
58,905
|
|
|
47,291
|
|
|
146,649
|
|
|
29,185
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Comprehensive Income
|
460,549
|
|
|
440,495
|
|
|
1,047,713
|
|
|
1,230,220
|
|
||||
|
Preferred dividend requirements of subsidiaries
|
3,446
|
|
|
5,034
|
|
|
10,338
|
|
|
15,586
|
|
||||
|
Comprehensive Income Attributable to Entergy Corporation
|
|
$457,103
|
|
|
|
$435,461
|
|
|
|
$1,037,375
|
|
|
|
$1,214,634
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Consolidated net income
|
|
|
$901,064
|
|
|
|
$1,201,035
|
|
|
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
1,561,565
|
|
|
1,548,872
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(90,607
|
)
|
|
119,603
|
|
||
|
Asset write-offs, impairments, and related charges
|
|
241,838
|
|
|
33,170
|
|
||
|
Gain on sale of assets
|
|
(16,270
|
)
|
|
—
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
(198,029
|
)
|
|
(270,847
|
)
|
||
|
Fuel inventory
|
|
20,746
|
|
|
28,900
|
|
||
|
Accounts payable
|
|
(75,962
|
)
|
|
99,933
|
|
||
|
Taxes accrued
|
|
66,895
|
|
|
29,429
|
|
||
|
Interest accrued
|
|
(6,111
|
)
|
|
(13,487
|
)
|
||
|
Deferred fuel costs
|
|
(117,636
|
)
|
|
(159,592
|
)
|
||
|
Other working capital accounts
|
|
(81,779
|
)
|
|
(78,553
|
)
|
||
|
Changes in provisions for estimated losses
|
|
(10,073
|
)
|
|
2,760
|
|
||
|
Changes in other regulatory assets
|
|
117,430
|
|
|
164,716
|
|
||
|
Changes in other regulatory liabilities
|
|
22,124
|
|
|
110,999
|
|
||
|
Changes in pensions and other postretirement liabilities
|
|
(354,297
|
)
|
|
(305,200
|
)
|
||
|
Other
|
|
(268,147
|
)
|
|
(259,343
|
)
|
||
|
Net cash flow provided by operating activities
|
|
1,712,751
|
|
|
2,252,395
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction/capital expenditures
|
|
(2,622,104
|
)
|
|
(2,003,427
|
)
|
||
|
Allowance for equity funds used during construction
|
|
66,437
|
|
|
48,807
|
|
||
|
Nuclear fuel purchases
|
|
(226,054
|
)
|
|
(160,343
|
)
|
||
|
Payment for purchase of plant
|
|
—
|
|
|
(949,329
|
)
|
||
|
Proceeds from sale of assets
|
|
100,000
|
|
|
—
|
|
||
|
Insurance proceeds received for property damages
|
|
26,157
|
|
|
—
|
|
||
|
Changes in securitization account
|
|
(6,494
|
)
|
|
(3,911
|
)
|
||
|
Payments to storm reserve escrow account
|
|
(1,925
|
)
|
|
(1,203
|
)
|
||
|
Receipts from storm reserve escrow account
|
|
8,836
|
|
|
—
|
|
||
|
Decreases (increases) in other investments
|
|
(112,217
|
)
|
|
12,374
|
|
||
|
Litigation proceeds for reimbursement of spent nuclear fuel storage costs
|
|
25,493
|
|
|
122,488
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
1,902,783
|
|
|
1,796,566
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(1,988,634
|
)
|
|
(1,844,514
|
)
|
||
|
Net cash flow used in investing activities
|
|
(2,827,722
|
)
|
|
(2,982,492
|
)
|
||
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of:
|
|
|
|
|
||||
|
Long-term debt
|
|
1,222,606
|
|
|
5,508,461
|
|
||
|
Treasury stock
|
|
15,121
|
|
|
33,120
|
|
||
|
Retirement of long-term debt
|
|
(1,222,915
|
)
|
|
(4,229,599
|
)
|
||
|
Repurchase/redemption of preferred stock
|
|
—
|
|
|
(85,283
|
)
|
||
|
Changes in credit borrowings and commercial paper - net
|
|
937,677
|
|
|
(60,985
|
)
|
||
|
Other
|
|
(337
|
)
|
|
(6,204
|
)
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(468,396
|
)
|
|
(455,993
|
)
|
||
|
Preferred stock
|
|
(10,338
|
)
|
|
(16,947
|
)
|
||
|
Net cash flow provided by financing activities
|
|
473,418
|
|
|
686,570
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(641,553
|
)
|
|
(43,527
|
)
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at beginning of period
|
|
1,187,844
|
|
|
1,350,961
|
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
|
$546,291
|
|
|
|
$1,307,434
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$507,912
|
|
|
|
$584,362
|
|
|
Income taxes
|
|
|
($11,883
|
)
|
|
|
$79,988
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$87,297
|
|
|
|
$129,579
|
|
|
Temporary cash investments
|
|
458,994
|
|
|
1,058,265
|
|
||
|
Total cash and cash equivalents
|
|
546,291
|
|
|
1,187,844
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
754,484
|
|
|
654,995
|
|
||
|
Allowance for doubtful accounts
|
|
(13,569
|
)
|
|
(11,924
|
)
|
||
|
Other
|
|
152,329
|
|
|
158,419
|
|
||
|
Accrued unbilled revenues
|
|
420,099
|
|
|
368,677
|
|
||
|
Total accounts receivable
|
|
1,313,343
|
|
|
1,170,167
|
|
||
|
Deferred fuel costs
|
|
185,066
|
|
|
108,465
|
|
||
|
Fuel inventory - at average cost
|
|
158,854
|
|
|
179,600
|
|
||
|
Materials and supplies - at average cost
|
|
719,782
|
|
|
698,523
|
|
||
|
Deferred nuclear refueling outage costs
|
|
181,571
|
|
|
146,221
|
|
||
|
Prepayments and other
|
|
366,324
|
|
|
193,448
|
|
||
|
TOTAL
|
|
3,471,231
|
|
|
3,684,268
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliates - at equity
|
|
198
|
|
|
198
|
|
||
|
Decommissioning trust funds
|
|
6,982,928
|
|
|
5,723,897
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
252,621
|
|
|
233,641
|
|
||
|
Other
|
|
447,349
|
|
|
469,664
|
|
||
|
TOTAL
|
|
7,683,096
|
|
|
6,427,400
|
|
||
|
|
|
|
|
|
||||
|
PROPERTY, PLANT, AND EQUIPMENT
|
|
|
|
|
||||
|
Electric
|
|
46,190,075
|
|
|
45,191,216
|
|
||
|
Property under capital lease
|
|
618,321
|
|
|
619,527
|
|
||
|
Natural gas
|
|
435,313
|
|
|
413,224
|
|
||
|
Construction work in progress
|
|
2,191,320
|
|
|
1,378,180
|
|
||
|
Nuclear fuel
|
|
905,837
|
|
|
1,037,899
|
|
||
|
TOTAL PROPERTY, PLANT, AND EQUIPMENT
|
|
50,340,866
|
|
|
48,640,046
|
|
||
|
Less - accumulated depreciation and amortization
|
|
21,380,100
|
|
|
20,718,639
|
|
||
|
PROPERTY, PLANT, AND EQUIPMENT - NET
|
|
28,960,766
|
|
|
27,921,407
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
775,148
|
|
|
761,280
|
|
||
|
Other regulatory assets (includes securitization property of $513,223 as of September 30, 2017 and $600,996 as of December 31, 2016)
|
|
4,638,615
|
|
|
4,769,913
|
|
||
|
Deferred fuel costs
|
|
239,248
|
|
|
239,100
|
|
||
|
Goodwill
|
|
377,172
|
|
|
377,172
|
|
||
|
Accumulated deferred income taxes
|
|
123,953
|
|
|
117,885
|
|
||
|
Other
|
|
129,213
|
|
|
1,606,009
|
|
||
|
TOTAL
|
|
6,283,349
|
|
|
7,871,359
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$46,398,442
|
|
|
|
$45,904,434
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$869,207
|
|
|
|
$364,900
|
|
|
Notes payable and commercial paper
|
|
1,352,688
|
|
|
415,011
|
|
||
|
Accounts payable
|
|
1,105,038
|
|
|
1,285,577
|
|
||
|
Customer deposits
|
|
403,262
|
|
|
403,311
|
|
||
|
Taxes accrued
|
|
248,009
|
|
|
181,114
|
|
||
|
Interest accrued
|
|
181,118
|
|
|
187,229
|
|
||
|
Deferred fuel costs
|
|
61,867
|
|
|
102,753
|
|
||
|
Obligations under capital leases
|
|
2,043
|
|
|
2,423
|
|
||
|
Pension and other postretirement liabilities
|
|
64,904
|
|
|
76,942
|
|
||
|
Other
|
|
172,735
|
|
|
180,836
|
|
||
|
TOTAL
|
|
4,460,871
|
|
|
3,200,096
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
7,538,630
|
|
|
7,495,290
|
|
||
|
Accumulated deferred investment tax credits
|
|
219,892
|
|
|
227,147
|
|
||
|
Obligations under capital leases
|
|
22,783
|
|
|
24,582
|
|
||
|
Other regulatory liabilities
|
|
1,595,053
|
|
|
1,572,929
|
|
||
|
Decommissioning and asset retirement cost liabilities
|
|
6,116,010
|
|
|
5,992,476
|
|
||
|
Accumulated provisions
|
|
471,383
|
|
|
481,636
|
|
||
|
Pension and other postretirement liabilities
|
|
2,693,751
|
|
|
3,036,010
|
|
||
|
Long-term debt (includes securitization bonds of $582,274 as of September 30, 2017 and $661,175 as of December 31, 2016)
|
|
13,977,522
|
|
|
14,467,655
|
|
||
|
Other
|
|
409,125
|
|
|
1,121,619
|
|
||
|
TOTAL
|
|
33,044,149
|
|
|
34,419,344
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Subsidiaries' preferred stock without sinking fund
|
|
203,185
|
|
|
203,185
|
|
||
|
|
|
|
|
|
||||
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
|
Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2017 and in 2016
|
|
2,548
|
|
|
2,548
|
|
||
|
Paid-in capital
|
|
5,420,608
|
|
|
5,417,245
|
|
||
|
Retained earnings
|
|
8,617,901
|
|
|
8,195,571
|
|
||
|
Accumulated other comprehensive income (loss)
|
|
111,678
|
|
|
(34,971
|
)
|
||
|
Less - treasury stock, at cost (75,127,186 shares in 2017 and 75,623,363 shares in 2016)
|
|
5,462,498
|
|
|
5,498,584
|
|
||
|
TOTAL
|
|
8,690,237
|
|
|
8,081,809
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$46,398,442
|
|
|
|
$45,904,434
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||||||||||||||
|
(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, 2015
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,552,379
|
)
|
|
|
$5,403,758
|
|
|
|
$9,393,913
|
|
|
|
$8,951
|
|
|
|
$9,256,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
15,586
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,185,449
|
|
|
—
|
|
|
1,201,035
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,185
|
|
|
29,185
|
|
|||||||
|
Preferred stock repurchases / redemptions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(283
|
)
|
|
—
|
|
|
(283
|
)
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
53,684
|
|
|
229
|
|
|
—
|
|
|
—
|
|
|
53,913
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(455,993
|
)
|
|
—
|
|
|
(455,993
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(15,586
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,586
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at September 30, 2016
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,498,695
|
)
|
|
|
$5,403,987
|
|
|
|
$10,123,086
|
|
|
|
$38,136
|
|
|
|
$10,069,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at December 31, 2016
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,498,584
|
)
|
|
|
$5,417,245
|
|
|
|
$8,195,571
|
|
|
|
($34,971
|
)
|
|
|
$8,081,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
10,338
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
890,726
|
|
|
—
|
|
|
901,064
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146,649
|
|
|
146,649
|
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
36,086
|
|
|
3,363
|
|
|
—
|
|
|
—
|
|
|
39,449
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(468,396
|
)
|
|
—
|
|
|
(468,396
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(10,338
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,338
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at September 30, 2017
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,462,498
|
)
|
|
|
$5,420,608
|
|
|
|
$8,617,901
|
|
|
|
$111,678
|
|
|
|
$8,690,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||
|
(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2017 and 2016 include $10.3 million and $15.6 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity.
|
|||||||||||||||||||||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility electric operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$1,107
|
|
|
|
$1,106
|
|
|
|
$1
|
|
|
—
|
|
|
Commercial
|
|
721
|
|
|
678
|
|
|
43
|
|
|
6
|
|
|||
|
Industrial
|
|
721
|
|
|
616
|
|
|
105
|
|
|
17
|
|
|||
|
Governmental
|
|
62
|
|
|
58
|
|
|
4
|
|
|
7
|
|
|||
|
Total retail
|
|
2,611
|
|
|
2,458
|
|
|
153
|
|
|
6
|
|
|||
|
Sales for resale
|
|
78
|
|
|
67
|
|
|
11
|
|
|
16
|
|
|||
|
Other
|
|
105
|
|
|
100
|
|
|
5
|
|
|
5
|
|
|||
|
Total
|
|
|
$2,794
|
|
|
|
$2,625
|
|
|
|
$169
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility billed electric energy sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
10,833
|
|
|
11,817
|
|
|
(984
|
)
|
|
(8
|
)
|
|||
|
Commercial
|
|
8,271
|
|
|
8,650
|
|
|
(379
|
)
|
|
(4
|
)
|
|||
|
Industrial
|
|
12,503
|
|
|
12,017
|
|
|
486
|
|
|
4
|
|
|||
|
Governmental
|
|
682
|
|
|
703
|
|
|
(21
|
)
|
|
(3
|
)
|
|||
|
Total retail
|
|
32,289
|
|
|
33,187
|
|
|
(898
|
)
|
|
(3
|
)
|
|||
|
Sales for resale
|
|
3,387
|
|
|
2,733
|
|
|
654
|
|
|
24
|
|
|||
|
Total
|
|
35,676
|
|
|
35,920
|
|
|
(244
|
)
|
|
(1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Revenues
|
|
|
$423
|
|
|
|
$475
|
|
|
|
($52
|
)
|
|
(11
|
)
|
|
Billed Electric Energy Sales (GWh)
|
|
8,234
|
|
|
9,372
|
|
|
(1,138
|
)
|
|
(12
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility electric operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$2,560
|
|
|
|
$2,517
|
|
|
|
$43
|
|
|
2
|
|
|
Commercial
|
|
1,861
|
|
|
1,759
|
|
|
102
|
|
|
6
|
|
|||
|
Industrial
|
|
1,937
|
|
|
1,727
|
|
|
210
|
|
|
12
|
|
|||
|
Governmental
|
|
172
|
|
|
161
|
|
|
11
|
|
|
7
|
|
|||
|
Total retail
|
|
6,530
|
|
|
6,164
|
|
|
366
|
|
|
6
|
|
|||
|
Sales for resale
|
|
202
|
|
|
194
|
|
|
8
|
|
|
4
|
|
|||
|
Other
|
|
325
|
|
|
402
|
|
|
(77
|
)
|
|
(19
|
)
|
|||
|
Total
|
|
|
$7,057
|
|
|
|
$6,760
|
|
|
|
$297
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility billed electric energy sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
25,810
|
|
|
27,035
|
|
|
(1,225
|
)
|
|
(5
|
)
|
|||
|
Commercial
|
|
21,595
|
|
|
21,938
|
|
|
(343
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
35,829
|
|
|
34,581
|
|
|
1,248
|
|
|
4
|
|
|||
|
Governmental
|
|
1,885
|
|
|
1,912
|
|
|
(27
|
)
|
|
(1
|
)
|
|||
|
Total retail
|
|
85,119
|
|
|
85,466
|
|
|
(347
|
)
|
|
—
|
|
|||
|
Sales for resale
|
|
8,255
|
|
|
9,452
|
|
|
(1,197
|
)
|
|
(13
|
)
|
|||
|
Total
|
|
93,374
|
|
|
94,918
|
|
|
(1,544
|
)
|
|
(2
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating revenues
|
|
|
$1,294
|
|
|
|
$1,342
|
|
|
|
($48
|
)
|
|
(4
|
)
|
|
Billed electric energy sales (GWh)
|
|
22,616
|
|
|
26,484
|
|
|
(3,868
|
)
|
|
(15
|
)
|
|||
|
|
For the Three Months Ended September 30,
|
||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings per share
|
Income
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income attributable to Entergy Corporation
|
|
$398.2
|
|
|
179.6
|
|
|
|
$2.22
|
|
|
|
$388.2
|
|
|
179.0
|
|
|
|
$2.17
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
0.2
|
|
|
—
|
|
|
|
|
0.3
|
|
|
—
|
|
||||||
|
Other equity plans
|
|
|
0.7
|
|
|
(0.01
|
)
|
|
|
|
0.7
|
|
|
(0.01
|
)
|
||||||
|
Diluted earnings per share
|
|
$398.2
|
|
|
180.5
|
|
|
|
$2.21
|
|
|
|
$388.2
|
|
|
180.0
|
|
|
|
$2.16
|
|
|
|
For the Nine Months Ended September 30,
|
||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings per share
|
Income
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income attributable to Entergy Corporation
|
|
$890.7
|
|
|
179.5
|
|
|
|
$4.96
|
|
|
|
$1,185.4
|
|
|
178.8
|
|
|
|
$6.63
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
0.2
|
|
|
(0.01
|
)
|
|
|
|
0.2
|
|
|
(0.01
|
)
|
||||||
|
Other equity plans
|
|
|
0.5
|
|
|
(0.01
|
)
|
|
|
|
0.5
|
|
|
(0.02
|
)
|
||||||
|
Diluted earnings per share
|
|
$890.7
|
|
|
180.2
|
|
|
|
$4.94
|
|
|
|
$1,185.4
|
|
|
179.5
|
|
|
|
$6.60
|
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Foreign
currency
translation
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Beginning balance, July 1, 2017
|
|
$23,414
|
|
|
|
($449,898
|
)
|
|
|
$479,257
|
|
|
|
$—
|
|
|
|
$52,773
|
|
|
Other comprehensive income (loss) before reclassifications
|
27,884
|
|
|
—
|
|
|
35,630
|
|
|
—
|
|
|
63,514
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(14,671
|
)
|
|
12,297
|
|
|
(2,235
|
)
|
|
—
|
|
|
(4,609
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
13,213
|
|
|
12,297
|
|
|
33,395
|
|
|
—
|
|
|
58,905
|
|
|||||
|
Ending balance, September 30, 2017
|
|
$36,627
|
|
|
|
($437,601
|
)
|
|
|
$512,652
|
|
|
|
$—
|
|
|
|
$111,678
|
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Foreign
currency
translation
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
Beginning balance, July 1, 2016
|
|
$32,423
|
|
|
|
($453,999
|
)
|
|
|
$411,581
|
|
|
|
$840
|
|
|
|
($9,155
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
45,162
|
|
|
—
|
|
|
23,039
|
|
|
(92
|
)
|
|
68,109
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(24,190
|
)
|
|
5,044
|
|
|
(1,672
|
)
|
|
—
|
|
|
(20,818
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
20,972
|
|
|
5,044
|
|
|
21,367
|
|
|
(92
|
)
|
|
47,291
|
|
|||||
|
Ending balance, September 30, 2016
|
|
$53,395
|
|
|
|
($448,955
|
)
|
|
|
$432,948
|
|
|
|
$748
|
|
|
|
$38,136
|
|
|
|
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, 2017
|
|
$3,993
|
|
|
|
($469,446
|
)
|
|
|
$429,734
|
|
|
|
$748
|
|
|
|
($34,971
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
88,550
|
|
|
—
|
|
|
109,372
|
|
|
(748
|
)
|
|
197,174
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(55,916
|
)
|
|
31,845
|
|
|
(26,454
|
)
|
|
—
|
|
|
(50,525
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
32,634
|
|
|
31,845
|
|
|
82,918
|
|
|
(748
|
)
|
|
146,649
|
|
|||||
|
Ending balance, September 30, 2017
|
|
$36,627
|
|
|
|
($437,601
|
)
|
|
|
$512,652
|
|
|
|
$—
|
|
|
|
$111,678
|
|
|
|
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
|
101,071
|
|
|
—
|
|
|
72,087
|
|
|
(1,280
|
)
|
|
171,878
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(153,646
|
)
|
|
17,649
|
|
|
(6,696
|
)
|
|
—
|
|
|
(142,693
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(52,575
|
)
|
|
17,649
|
|
|
65,391
|
|
|
(1,280
|
)
|
|
29,185
|
|
|||||
|
Ending balance, September 30, 2016
|
|
$53,395
|
|
|
|
($448,955
|
)
|
|
|
$432,948
|
|
|
|
$748
|
|
|
|
$38,136
|
|
|
|
|
Pension and Other
Postretirement Liabilities |
||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
Beginning balance, July 1,
|
|
|
($49,122
|
)
|
|
|
($56,905
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(370
|
)
|
|
(232
|
)
|
||
|
Net other comprehensive income (loss) for the period
|
|
(370
|
)
|
|
(232
|
)
|
||
|
Ending balance, September 30,
|
|
|
($49,492
|
)
|
|
|
($57,137
|
)
|
|
|
|
Pension and Other
Postretirement Liabilities |
||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
Beginning balance, January 1,
|
|
|
($48,442
|
)
|
|
|
($56,412
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(1,050
|
)
|
|
(725
|
)
|
||
|
Net other comprehensive income (loss) for the period
|
|
(1,050
|
)
|
|
(725
|
)
|
||
|
Ending balance, September 30,
|
|
|
($49,492
|
)
|
|
|
($57,137
|
)
|
|
|
Amounts reclassified
from AOCI |
|
Income Statement Location
|
||||||
|
|
2017
|
|
2016
|
|
|
||||
|
|
(In Thousands)
|
|
|
||||||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
|
|
||||
|
Power contracts
|
|
$22,756
|
|
|
|
$37,550
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(185
|
)
|
|
(334
|
)
|
|
Miscellaneous - net
|
||
|
Total realized gain (loss) on cash flow hedges
|
22,571
|
|
|
37,216
|
|
|
|
||
|
|
(7,900
|
)
|
|
(13,026
|
)
|
|
Income taxes
|
||
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$14,671
|
|
|
|
$24,190
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
|||
|
Amortization of prior-service credit
|
|
$6,565
|
|
|
|
$7,354
|
|
|
(a)
|
|
Amortization of loss
|
(21,480
|
)
|
|
(15,183
|
)
|
|
(a)
|
||
|
Settlement loss
|
(4,200
|
)
|
|
(1,279
|
)
|
|
(a)
|
||
|
Total amortization
|
(19,115
|
)
|
|
(9,108
|
)
|
|
|
||
|
|
6,818
|
|
|
4,064
|
|
|
Income taxes
|
||
|
Total amortization (net of tax)
|
|
($12,297
|
)
|
|
|
($5,044
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Net unrealized investment gain (loss)
|
|
|
|
|
|
||||
|
Realized gain (loss)
|
|
$4,382
|
|
|
|
$3,279
|
|
|
Interest and investment income
|
|
|
(2,147
|
)
|
|
(1,607
|
)
|
|
Income taxes
|
||
|
Total realized investment gain (loss) (net of tax)
|
|
$2,235
|
|
|
|
$1,672
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total reclassifications for the period (net of tax)
|
|
$4,609
|
|
|
|
$20,818
|
|
|
|
|
(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
|
||||||
|
|
2017
|
|
2016
|
|
|
||||
|
|
(In Thousands)
|
|
|
||||||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
|
|
||||
|
Power contracts
|
|
$86,678
|
|
|
|
$237,483
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(654
|
)
|
|
(1,104
|
)
|
|
Miscellaneous - net
|
||
|
Total realized gain (loss) on cash flow hedges
|
86,024
|
|
|
236,379
|
|
|
|
||
|
|
(30,108
|
)
|
|
(82,733
|
)
|
|
Income taxes
|
||
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
$55,916
|
|
|
|
$153,646
|
|
|
|
|
|
|
|
|
|
|
||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
||||
|
Amortization of prior-service credit
|
|
$19,691
|
|
|
|
$22,064
|
|
|
(a)
|
|
Amortization of loss
|
(64,605
|
)
|
|
(45,535
|
)
|
|
(a)
|
||
|
Settlement loss
|
(5,965
|
)
|
|
(1,279
|
)
|
|
(a)
|
||
|
Total amortization
|
(50,879
|
)
|
|
(24,750
|
)
|
|
|
||
|
|
19,034
|
|
|
7,101
|
|
|
Income taxes
|
||
|
Total amortization (net of tax)
|
|
($31,845
|
)
|
|
|
($17,649
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Net unrealized investment gain (loss)
|
|
|
|
|
|
||||
|
Realized gain (loss)
|
|
$51,871
|
|
|
|
$13,129
|
|
|
Interest and investment income
|
|
|
(25,417
|
)
|
|
(6,433
|
)
|
|
Income taxes
|
||
|
Total realized investment gain (loss) (net of tax)
|
|
$26,454
|
|
|
|
$6,696
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total reclassifications for the period (net of tax)
|
|
$50,525
|
|
|
|
$142,693
|
|
|
|
|
(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
|
||||||
|
|
|
2017
|
|
2016
|
|
|
||||
|
|
|
(In Thousands)
|
|
|
||||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
||||
|
Amortization of prior-service credit
|
|
|
$1,934
|
|
|
|
$1,947
|
|
|
(a)
|
|
Amortization of loss
|
|
(1,332
|
)
|
|
(1,570
|
)
|
|
(a)
|
||
|
Total amortization
|
|
602
|
|
|
377
|
|
|
|
||
|
|
|
(232
|
)
|
|
(145
|
)
|
|
Income taxes
|
||
|
Total amortization (net of tax)
|
|
370
|
|
|
232
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
|
Total reclassifications for the period (net of tax)
|
|
|
$370
|
|
|
|
$232
|
|
|
|
|
(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
|
||||||
|
|
|
2017
|
|
2016
|
|
|
||||
|
|
|
(In Thousands)
|
|
|
||||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
||||
|
Amortization of prior-service credit
|
|
|
$5,802
|
|
|
|
$5,841
|
|
|
(a)
|
|
Amortization of loss
|
|
(3,996
|
)
|
|
(4,712
|
)
|
|
(a)
|
||
|
Total amortization
|
|
1,806
|
|
|
1,129
|
|
|
|
||
|
|
|
(756
|
)
|
|
(404
|
)
|
|
Income taxes
|
||
|
Total amortization (net of tax)
|
|
1,050
|
|
|
725
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
|
Total reclassifications for the period (net of tax)
|
|
|
$1,050
|
|
|
|
$725
|
|
|
|
|
(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
|
|
$150
|
|
$6
|
|
$3,344
|
|
Company
|
|
Expiration
Date
|
|
Amount of
Facility
|
|
Interest Rate (a)
|
|
Amount Drawn
as of
September 30, 2017
|
|
Letters of Credit
Outstanding as of September 30, 2017
|
|
Entergy Arkansas
|
|
April 2018
|
|
$20 million (b)
|
|
2.49%
|
|
$—
|
|
$—
|
|
Entergy Arkansas
|
|
August 2022
|
|
$150 million (c)
|
|
2.49%
|
|
$—
|
|
$—
|
|
Entergy Louisiana
|
|
August 2022
|
|
$350 million (d)
|
|
2.49%
|
|
$—
|
|
$9.1 million
|
|
Entergy Mississippi
|
|
May 2018
|
|
$37.5 million (e)
|
|
2.74%
|
|
$—
|
|
$—
|
|
Entergy Mississippi
|
|
May 2018
|
|
$35 million (e)
|
|
2.74%
|
|
$—
|
|
$—
|
|
Entergy Mississippi
|
|
May 2018
|
|
$20 million (e)
|
|
2.74%
|
|
$—
|
|
$—
|
|
Entergy Mississippi
|
|
May 2018
|
|
$10 million (e)
|
|
2.74%
|
|
$—
|
|
$—
|
|
Entergy New Orleans
|
|
November 2018
|
|
$25 million (f)
|
|
2.71%
|
|
$—
|
|
$0.8 million
|
|
Entergy Texas
|
|
August 2022
|
|
$150 million (g)
|
|
2.74%
|
|
$—
|
|
$24.4 million
|
|
(a)
|
The interest rate is the rate as of
September 30, 2017
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 permits the issuance of letters of credit against
50%
of the borrowing capacity of the facility.
|
|
(d)
|
The credit facility permits the issuance of 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 permits the issuance of letters of credit against
$10 million
of the borrowing capacity of the facility.
|
|
(g)
|
The credit facility permits the issuance of 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
September 30, 2017 (a)
|
|
Entergy Arkansas
|
|
$25 million
|
|
0.70%
|
|
$2 million
|
|
Entergy Louisiana
|
|
$125 million
|
|
0.70%
|
|
$38.5 million
|
|
Entergy Mississippi
|
|
$40 million
|
|
0.70%
|
|
$12.8 million
|
|
Entergy New Orleans
|
|
$15 million
|
|
0.75%
|
|
$7.1 million
|
|
Entergy Texas
|
|
$50 million
|
|
0.70%
|
|
$19.6 million
|
|
(a)
|
As of September 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of
$0.2 million
for Entergy Arkansas and
$0.1 million
for Entergy Mississippi. See Note 8 to the financial statements herein for discussion of financial transmission rights.
|
|
|
Authorized
|
|
Borrowings
|
|
|
(In Millions)
|
||
|
Entergy Arkansas
|
$250
|
|
$95
|
|
Entergy Louisiana
|
$450
|
|
$—
|
|
Entergy Mississippi
|
$175
|
|
$106
|
|
Entergy New Orleans
|
$100
|
|
$—
|
|
Entergy Texas
|
$200
|
|
$89
|
|
System Energy
|
$200
|
|
$—
|
|
Company
|
|
Expiration
Date
|
|
Amount
of
Facility
|
|
Weighted Average Interest Rate on Borrowings (a)
|
|
Amount
Outstanding as of
September 30, 2017
|
|
|
|
|
|
(Dollars in Millions)
|
||||
|
Entergy Arkansas VIE
|
|
May 2019
|
|
$80
|
|
2.49%
|
|
$23.3 (b)
|
|
Entergy Louisiana River Bend VIE
|
|
May 2019
|
|
$105
|
|
2.33%
|
|
$78.8
|
|
Entergy Louisiana Waterford VIE
|
|
May 2019
|
|
$85
|
|
2.55%
|
|
$76.9 (c)
|
|
System Energy VIE
|
|
May 2019
|
|
$120
|
|
2.44%
|
|
$81.8 (d)
|
|
(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)
|
Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Arkansas VIE as of September 30, 2017 was
$8.3 million
.
|
|
(c)
|
Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for Entergy Louisiana Waterford VIE as of September 30, 2017 was
$40.6 million
.
|
|
(d)
|
Includes borrowings on the credit facility and commercial paper. Commercial paper is classified as a current liability and the amount outstanding for System Energy VIE as of September 30, 2017 was
$31.8 million
.
|
|
Company
|
|
Description
|
|
Amount
|
|
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 Arkansas VIE
|
|
3.17% Series M due December 2023
|
|
$40 million
|
|
Entergy Louisiana River Bend VIE
|
|
3.38% Series R due August 2020
|
|
$70 million
|
|
Entergy Louisiana Waterford VIE
|
|
3.92% Series H due February 2021
|
|
$40 million
|
|
Entergy Louisiana Waterford VIE
|
|
3.22% Series I due December 2023
|
|
$20 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
|
|
$14,846,729
|
|
|
|
$15,216,502
|
|
|
Entergy Arkansas
|
|
$3,063,310
|
|
|
|
$2,979,162
|
|
|
Entergy Louisiana
|
|
$6,167,496
|
|
|
|
$6,454,620
|
|
|
Entergy Mississippi
|
|
$1,121,606
|
|
|
|
$1,142,048
|
|
|
Entergy New Orleans
|
|
$444,310
|
|
|
|
$468,770
|
|
|
Entergy Texas
|
|
$1,451,643
|
|
|
|
$1,533,790
|
|
|
System Energy
|
|
$551,391
|
|
|
|
$533,855
|
|
|
(a)
|
The values exclude lease obligations of
$34 million
at System Energy and long-term DOE obligations of
$183 million
at Entergy Arkansas, 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 herein 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
|
|
$14,832,555
|
|
|
|
$14,815,535
|
|
|
Entergy Arkansas
|
|
$2,829,785
|
|
|
|
$2,623,910
|
|
|
Entergy Louisiana
|
|
$5,812,791
|
|
|
|
$5,929,488
|
|
|
Entergy Mississippi
|
|
$1,120,916
|
|
|
|
$1,086,203
|
|
|
Entergy New Orleans
|
|
$448,994
|
|
|
|
$455,459
|
|
|
Entergy Texas
|
|
$1,508,407
|
|
|
|
$1,600,156
|
|
|
System Energy
|
|
$551,132
|
|
|
|
$529,520
|
|
|
(a)
|
The values exclude lease obligations of
$57 million
at Entergy Louisiana and
$34 million
at System Energy and long-term DOE obligations of
$182 million
at Entergy Arkansas, 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 herein and are based on prices derived from inputs such as benchmark yields and reported trades.
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$1.1
|
|
|
|
$1.1
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$0.5
|
|
|
|
$0.5
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$0.2
|
|
|
|
$0.2
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$3.3
|
|
|
|
$3.3
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$1.3
|
|
|
|
$1.3
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$0.6
|
|
|
|
$0.6
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$7.6
|
|
|
|
$8.5
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$3.0
|
|
|
|
$3.3
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$2.1
|
|
|
|
$2.0
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$24.1
|
|
|
|
$25.4
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$9.3
|
|
|
|
$9.8
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$6.3
|
|
|
|
$5.7
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$33,410
|
|
|
|
$35,811
|
|
|
Interest cost on projected benefit obligation
|
65,206
|
|
|
65,403
|
|
||
|
Expected return on assets
|
(102,056
|
)
|
|
(97,366
|
)
|
||
|
Amortization of prior service cost
|
65
|
|
|
270
|
|
||
|
Amortization of loss
|
56,930
|
|
|
48,824
|
|
||
|
Net pension costs
|
|
$53,555
|
|
|
|
$52,942
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$100,230
|
|
|
|
$107,433
|
|
|
Interest cost on projected benefit obligation
|
195,618
|
|
|
196,209
|
|
||
|
Expected return on assets
|
(306,168
|
)
|
|
(292,098
|
)
|
||
|
Amortization of prior service cost
|
195
|
|
|
810
|
|
||
|
Amortization of loss
|
170,790
|
|
|
146,472
|
|
||
|
Net pension costs
|
|
$160,665
|
|
|
|
$158,826
|
|
|
2017
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
|
System
Energy |
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$5,090
|
|
|
|
$6,925
|
|
|
|
$1,472
|
|
|
|
$625
|
|
|
|
$1,364
|
|
|
|
$1,536
|
|
|
Interest cost on projected benefit obligation
|
|
12,944
|
|
|
14,809
|
|
|
3,732
|
|
|
1,791
|
|
|
3,392
|
|
|
3,091
|
|
||||||
|
Expected return on assets
|
|
(20,427
|
)
|
|
(23,017
|
)
|
|
(6,131
|
)
|
|
(2,800
|
)
|
|
(6,180
|
)
|
|
(4,663
|
)
|
||||||
|
Amortization of loss
|
|
11,640
|
|
|
12,354
|
|
|
3,053
|
|
|
1,658
|
|
|
2,310
|
|
|
2,964
|
|
||||||
|
Net pension cost
|
|
|
$9,247
|
|
|
|
$11,071
|
|
|
|
$2,126
|
|
|
|
$1,274
|
|
|
|
$886
|
|
|
|
$2,928
|
|
|
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
|
|
|
2017
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$15,270
|
|
|
|
$20,775
|
|
|
|
$4,416
|
|
|
|
$1,875
|
|
|
|
$4,092
|
|
|
|
$4,608
|
|
|
Interest cost on projects benefit obligation
|
|
38,832
|
|
|
44,427
|
|
|
11,196
|
|
|
5,373
|
|
|
10,176
|
|
|
9,273
|
|
||||||
|
Expected return on assets
|
|
(61,281
|
)
|
|
(69,051
|
)
|
|
(18,393
|
)
|
|
(8,400
|
)
|
|
(18,540
|
)
|
|
(13,989
|
)
|
||||||
|
Amortization of loss
|
|
34,920
|
|
|
37,062
|
|
|
9,159
|
|
|
4,974
|
|
|
6,930
|
|
|
8,892
|
|
||||||
|
Net pension cost
|
|
|
$27,741
|
|
|
|
$33,213
|
|
|
|
$6,378
|
|
|
|
$3,822
|
|
|
|
$2,658
|
|
|
|
$8,784
|
|
|
2016
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$15,543
|
|
|
|
$21,147
|
|
|
|
$4,686
|
|
|
|
$1,968
|
|
|
|
$4,248
|
|
|
|
$4,698
|
|
|
Interest cost on projected benefit obligation
|
|
39,165
|
|
|
44,610
|
|
|
11,433
|
|
|
5,442
|
|
|
10,671
|
|
|
8,976
|
|
||||||
|
Expected return on assets
|
|
(59,316
|
)
|
|
(66,288
|
)
|
|
(17,943
|
)
|
|
(8,061
|
)
|
|
(18,186
|
)
|
|
(13,377
|
)
|
||||||
|
Amortization of loss
|
|
32,808
|
|
|
35,838
|
|
|
8,955
|
|
|
4,845
|
|
|
7,020
|
|
|
7,812
|
|
||||||
|
Net pension cost
|
|
|
$28,200
|
|
|
|
$35,307
|
|
|
|
$7,131
|
|
|
|
$4,194
|
|
|
|
$3,753
|
|
|
|
$8,109
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
2017
|
|
$111
|
|
|
|
$46
|
|
|
|
$62
|
|
|
|
$18
|
|
|
|
$124
|
|
|
2016
|
|
$105
|
|
|
|
$58
|
|
|
|
$60
|
|
|
|
$16
|
|
|
|
$126
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
2017
|
|
$483
|
|
|
|
$141
|
|
|
|
$189
|
|
|
|
$55
|
|
|
|
$377
|
|
|
2016
|
|
$317
|
|
|
|
$176
|
|
|
|
$179
|
|
|
|
$48
|
|
|
|
$380
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$6,729
|
|
|
|
$8,073
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
13,960
|
|
|
14,083
|
|
||
|
Expected return on assets
|
(9,408
|
)
|
|
(10,455
|
)
|
||
|
Amortization of prior service credit
|
(10,356
|
)
|
|
(11,373
|
)
|
||
|
Amortization of loss
|
5,476
|
|
|
4,554
|
|
||
|
Net other postretirement benefit cost
|
|
$6,401
|
|
|
|
$4,882
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$20,187
|
|
|
|
$24,219
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
41,880
|
|
|
42,249
|
|
||
|
Expected return on assets
|
(28,224
|
)
|
|
(31,365
|
)
|
||
|
Amortization of prior service credit
|
(31,068
|
)
|
|
(34,119
|
)
|
||
|
Amortization of loss
|
16,428
|
|
|
13,662
|
|
||
|
Net other postretirement benefit cost
|
|
$19,203
|
|
|
|
$14,646
|
|
|
2017
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
|
System
Energy |
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$863
|
|
|
|
$1,593
|
|
|
|
$290
|
|
|
|
$142
|
|
|
|
$372
|
|
|
|
$320
|
|
|
Interest cost on APBO
|
|
2,255
|
|
|
3,025
|
|
|
690
|
|
|
469
|
|
|
1,124
|
|
|
559
|
|
||||||
|
Expected return on assets
|
|
(3,959
|
)
|
|
—
|
|
|
(1,200
|
)
|
|
(1,159
|
)
|
|
(2,180
|
)
|
|
(717
|
)
|
||||||
|
Amortization of prior service credit
|
|
(1,278
|
)
|
|
(1,934
|
)
|
|
(456
|
)
|
|
(186
|
)
|
|
(579
|
)
|
|
(378
|
)
|
||||||
|
Amortization of loss
|
|
1,115
|
|
|
465
|
|
|
419
|
|
|
105
|
|
|
826
|
|
|
390
|
|
||||||
|
Net other postretirement benefit cost
|
|
|
($1,004
|
)
|
|
|
$3,149
|
|
|
|
($257
|
)
|
|
|
($629
|
)
|
|
|
($437
|
)
|
|
|
$174
|
|
|
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
|
)
|
|
2017
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$2,589
|
|
|
|
$4,779
|
|
|
|
$870
|
|
|
|
$426
|
|
|
|
$1,116
|
|
|
|
$960
|
|
|
Interest cost on APBO
|
|
6,765
|
|
|
9,075
|
|
|
2,070
|
|
|
1,407
|
|
|
3,372
|
|
|
1,677
|
|
||||||
|
Expected return on assets
|
|
(11,877
|
)
|
|
—
|
|
|
(3,600
|
)
|
|
(3,477
|
)
|
|
(6,540
|
)
|
|
(2,151
|
)
|
||||||
|
Amortization of prior service credit
|
|
(3,834
|
)
|
|
(5,802
|
)
|
|
(1,368
|
)
|
|
(558
|
)
|
|
(1,737
|
)
|
|
(1,134
|
)
|
||||||
|
Amortization of loss
|
|
3,345
|
|
|
1,395
|
|
|
1,257
|
|
|
315
|
|
|
2,478
|
|
|
1,170
|
|
||||||
|
Net other postretirement benefit cost
|
|
|
($3,012
|
)
|
|
|
$9,447
|
|
|
|
($771
|
)
|
|
|
($1,887
|
)
|
|
|
($1,311
|
)
|
|
|
$522
|
|
|
2016
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$2,934
|
|
|
|
$5,607
|
|
|
|
$1,158
|
|
|
|
$468
|
|
|
|
$1,194
|
|
|
|
$1,002
|
|
|
Interest cost on APBO
|
|
6,972
|
|
|
9,780
|
|
|
2,127
|
|
|
1,344
|
|
|
3,117
|
|
|
1,587
|
|
||||||
|
Expected return on assets
|
|
(13,392
|
)
|
|
—
|
|
|
(4,137
|
)
|
|
(3,462
|
)
|
|
(7,182
|
)
|
|
(2,442
|
)
|
||||||
|
Amortization of prior service credit
|
|
(4,104
|
)
|
|
(5,841
|
)
|
|
(702
|
)
|
|
(558
|
)
|
|
(2,043
|
)
|
|
(1,179
|
)
|
||||||
|
Amortization of loss
|
|
3,192
|
|
|
2,196
|
|
|
669
|
|
|
111
|
|
|
1,611
|
|
|
861
|
|
||||||
|
Net other postretirement benefit cost
|
|
|
($4,398
|
)
|
|
|
$11,742
|
|
|
|
($885
|
)
|
|
|
($2,097
|
)
|
|
|
($3,303
|
)
|
|
|
($171
|
)
|
|
2017
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($65
|
)
|
|
|
$6,718
|
|
|
|
($88
|
)
|
|
|
$6,565
|
|
|
Amortization of loss
|
|
(18,451
|
)
|
|
(2,202
|
)
|
|
(827
|
)
|
|
(21,480
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(4,200
|
)
|
|
(4,200
|
)
|
||||
|
|
|
|
($18,516
|
)
|
|
|
$4,516
|
|
|
|
($5,115
|
)
|
|
|
($19,115
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$1,934
|
|
|
|
$—
|
|
|
|
$1,934
|
|
|
Amortization of loss
|
|
(865
|
)
|
|
(465
|
)
|
|
(2
|
)
|
|
(1,332
|
)
|
||||
|
|
|
|
($865
|
)
|
|
|
$1,469
|
|
|
|
($2
|
)
|
|
|
$602
|
|
|
2016
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($270
|
)
|
|
|
$7,738
|
|
|
|
($114
|
)
|
|
|
$7,354
|
|
|
Amortization of loss
|
|
(12,482
|
)
|
|
(2,063
|
)
|
|
(638
|
)
|
|
(15,183
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(1,279
|
)
|
|
(1,279
|
)
|
||||
|
|
|
|
($12,752
|
)
|
|
|
$5,675
|
|
|
|
($2,031
|
)
|
|
|
($9,108
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$1,947
|
|
|
|
$—
|
|
|
|
$1,947
|
|
|
Amortization of loss
|
|
(836
|
)
|
|
(732
|
)
|
|
(2
|
)
|
|
(1,570
|
)
|
||||
|
|
|
|
($836
|
)
|
|
|
$1,215
|
|
|
|
($2
|
)
|
|
|
$377
|
|
|
2017
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($195
|
)
|
|
|
$20,152
|
|
|
|
($266
|
)
|
|
|
$19,691
|
|
|
Amortization of loss
|
|
(55,351
|
)
|
|
(6,606
|
)
|
|
(2,648
|
)
|
|
(64,605
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(5,965
|
)
|
|
(5,965
|
)
|
||||
|
|
|
|
($55,546
|
)
|
|
|
$13,546
|
|
|
|
($8,879
|
)
|
|
|
($50,879
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$5,802
|
|
|
|
$—
|
|
|
|
$5,802
|
|
|
Amortization of loss
|
|
(2,594
|
)
|
|
(1,395
|
)
|
|
(7
|
)
|
|
(3,996
|
)
|
||||
|
|
|
|
($2,594
|
)
|
|
|
$4,407
|
|
|
|
($7
|
)
|
|
|
$1,806
|
|
|
2016
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($810
|
)
|
|
|
$23,214
|
|
|
|
($340
|
)
|
|
|
$22,064
|
|
|
Amortization of loss
|
|
(37,446
|
)
|
|
(6,189
|
)
|
|
(1,900
|
)
|
|
(45,535
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(1,279
|
)
|
|
(1,279
|
)
|
||||
|
|
|
|
($38,256
|
)
|
|
|
$17,025
|
|
|
|
($3,519
|
)
|
|
|
($24,750
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$5,841
|
|
|
|
$—
|
|
|
|
$5,841
|
|
|
Amortization of loss
|
|
(2,508
|
)
|
|
(2,196
|
)
|
|
(8
|
)
|
|
(4,712
|
)
|
||||
|
|
|
|
($2,508
|
)
|
|
|
$3,645
|
|
|
|
($8
|
)
|
|
|
$1,129
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Expected 2017 pension contributions
|
|
$79,725
|
|
|
|
$86,728
|
|
|
|
$19,063
|
|
|
|
$9,842
|
|
|
|
$16,908
|
|
|
|
$18,307
|
|
|
Pension contributions made through September 2017
|
|
$62,252
|
|
|
|
$67,993
|
|
|
|
$14,922
|
|
|
|
$7,832
|
|
|
|
$13,131
|
|
|
|
$14,498
|
|
|
Remaining estimated pension contributions to be made in 2017
|
|
$17,473
|
|
|
|
$18,735
|
|
|
|
$4,141
|
|
|
|
$2,010
|
|
|
|
$3,777
|
|
|
|
$3,809
|
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,820,421
|
|
|
|
$423,245
|
|
|
|
$—
|
|
|
|
($38
|
)
|
|
|
$3,243,628
|
|
|
Income taxes
|
|
|
$230,647
|
|
|
|
$25,563
|
|
|
|
($14,415
|
)
|
|
|
$—
|
|
|
|
$241,795
|
|
|
Consolidated net income (loss)
|
|
|
$403,733
|
|
|
|
$55,765
|
|
|
|
($25,956
|
)
|
|
|
($31,898
|
)
|
|
|
$401,644
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,649,392
|
|
|
|
$475,345
|
|
|
|
$—
|
|
|
|
($34
|
)
|
|
|
$3,124,703
|
|
|
Income taxes
|
|
|
$255,603
|
|
|
|
$6,115
|
|
|
|
($3,812
|
)
|
|
|
$—
|
|
|
|
$257,906
|
|
|
Consolidated net income (loss)
|
|
|
$447,782
|
|
|
|
$8,221
|
|
|
|
($30,901
|
)
|
|
|
($31,898
|
)
|
|
|
$393,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$7,156,865
|
|
|
|
$1,293,867
|
|
|
|
$—
|
|
|
|
($96
|
)
|
|
|
$8,450,636
|
|
|
Income taxes
|
|
|
$459,990
|
|
|
|
($507,719
|
)
|
|
|
($39,826
|
)
|
|
|
$—
|
|
|
|
($87,555
|
)
|
|
Consolidated net income (loss)
|
|
|
$817,738
|
|
|
|
$252,455
|
|
|
|
($73,434
|
)
|
|
|
($95,695
|
)
|
|
|
$901,064
|
|
|
Total assets as of September 30, 2017
|
|
|
$42,669,606
|
|
|
|
$5,630,207
|
|
|
|
$985,466
|
|
|
|
($2,886,837
|
)
|
|
|
$46,398,442
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$6,855,664
|
|
|
|
$1,341,534
|
|
|
|
$—
|
|
|
|
($80
|
)
|
|
|
$8,197,118
|
|
|
Income taxes
|
|
|
$359,653
|
|
|
|
($176,626
|
)
|
|
|
($34,148
|
)
|
|
|
$—
|
|
|
|
$148,879
|
|
|
Consolidated net income (loss)
|
|
|
$1,027,751
|
|
|
|
$338,651
|
|
|
|
($69,672
|
)
|
|
|
($95,695
|
)
|
|
|
$1,201,035
|
|
|
Total assets as of December 31, 2016
|
|
|
$41,098,751
|
|
|
|
$6,696,038
|
|
|
|
$1,283,816
|
|
|
|
($3,174,171
|
)
|
|
|
$45,904,434
|
|
|
|
Employee retention and severance
expenses and other benefits-related costs
|
|
Contracted economic development costs
|
|
Total
|
||||||
|
|
(In Millions)
|
||||||||||
|
Balance as of July 1, 2017
|
|
$36
|
|
|
|
$21
|
|
|
|
$57
|
|
|
Restructuring costs accrued
|
23
|
|
|
—
|
|
|
23
|
|
|||
|
Non-cash portion
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||
|
Balance as of September 30, 2017
|
|
$59
|
|
|
|
$14
|
|
|
|
$73
|
|
|
|
Employee retention and severance
expenses and other benefits-related costs |
|
Contracted economic development costs
|
|
Total
|
||||||
|
|
(In Millions)
|
||||||||||
|
Balance as of January 1, 2017
|
|
$70
|
|
|
|
$21
|
|
|
|
$91
|
|
|
Restructuring costs accrued
|
89
|
|
|
—
|
|
|
89
|
|
|||
|
Non-cash portion
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||
|
Cash paid out
|
100
|
|
|
—
|
|
|
100
|
|
|||
|
Balance as of September 30, 2017
|
|
$59
|
|
|
|
$14
|
|
|
|
$73
|
|
|
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)
|
|
$52
|
|
($22)
|
|
$30
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$29
|
|
($7)
|
|
$22
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities
(current portion) |
|
$17
|
|
($17)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$7
|
|
($7)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$11
|
|
($3)
|
|
$8
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$1
|
|
($1)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$39
|
|
($2)
|
|
$37
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities(current portion)
|
|
$8
|
|
($8)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$1
|
|
($1)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$1
|
|
$—
|
|
$1
|
|
Utility
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Offset (b)
|
|
Net (c) (d)
|
|
Business
|
|
|
|
|
|
(In Millions)
|
|
|
||||
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$25
|
|
($14)
|
|
$11
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$6
|
|
($6)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$11
|
|
($10)
|
|
$1
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$16
|
|
($7)
|
|
$9
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$18
|
|
($13)
|
|
$5
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$5
|
|
($5)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$13
|
|
$—
|
|
$13
|
|
Utility
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$22
|
|
($1)
|
|
$21
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$18
|
|
($17)
|
|
$1
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$4
|
|
($4)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
(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 Corporation and Subsidiaries’ Consolidated Balance Sheet
|
|
(d)
|
Excludes cash collateral in the amount of
$1 million
posted and
$4 million
held as of September 30, 2017 and
$2 million
posted as of December 31, 2016. Also excludes
$28 million
in letters of credit held as of September 30, 2017.
|
|
Instrument
|
|
Amount of gain
recognized in other
comprehensive income
|
|
Income Statement location
|
|
Amount of gain
reclassified from
accumulated other comprehensive income into income (a)
|
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2017
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$43
|
|
Competitive businesses operating revenues
|
|
$23
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$70
|
|
Competitive businesses operating revenues
|
|
$37
|
|
(a)
|
Before taxes of
$8 million
and
$13 million
for the three months ended September 30, 2017 and 2016, respectively
|
|
Instrument
|
|
Amount of gain
recognized in other comprehensive income |
|
Income Statement location
|
|
Amount of gain
reclassified from accumulated other comprehensive income into income (a) |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2017
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$136
|
|
Competitive businesses operating revenues
|
|
$87
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$156
|
|
Competitive businesses operating revenues
|
|
$237
|
|
(a)
|
Before taxes of
$30 million
and
$83 million
for the nine months ended September 30, 2017 and 2016, respectively
|
|
Instrument
|
|
Amount of loss recognized in accumulated other comprehensive income
|
|
Income Statement
location |
|
Amount of gain (loss)
recorded in the income statement |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2017
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($3)
|
|
Financial transmission rights
|
|
$—
|
|
Purchased power expense
|
(b)
|
$28
|
|
Electricity swaps and options
|
|
($2)
|
(c)
|
Competitive business operating revenues
|
|
$—
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
$25
|
|
Financial transmission rights
|
|
$—
|
|
Purchased power expense
|
(b)
|
$37
|
|
Electricity swaps and options
|
|
($9)
|
(c)
|
Competitive business operating revenues
|
|
$—
|
|
Instrument
|
|
Amount of gain recognized in accumulated other comprehensive income
|
|
Income Statement
location |
|
Amount of gain (loss)
recorded in the income statement |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2017
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($20)
|
|
Financial transmission rights
|
|
$—
|
|
Purchased power expense
|
(b)
|
$103
|
|
Electricity swaps and options
|
|
$2
|
(c)
|
Competitive business operating revenues
|
|
$—
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($5)
|
|
Financial transmission rights
|
|
$—
|
|
Purchased power expense
|
(b)
|
$96
|
|
Electricity swaps and options
|
|
$6
|
(c)
|
Competitive business operating revenues
|
|
($9)
|
|
(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 financial transmission rights 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 financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.
|
|
(c)
|
Amount of gain (loss) recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items.
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$4.4
|
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$18.8
|
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$5.5
|
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$3.5
|
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$5.0
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$0.7
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$0.2
|
|
Entergy Mississippi
|
|
Instrument
|
|
Balance Sheet Location
|
|
Fair Value (a)
|
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$10.9
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$2.3
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Prepayments and other
|
|
$0.2
|
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$5.4
|
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$8.5
|
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$3.2
|
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$1.1
|
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$3.1
|
|
Entergy Texas
|
|
(a)
|
As of September 30, 2017, letters of credit posted with MISO covered financial transmission rights exposure of
$0.2 million
for Entergy Arkansas and
$0.1 million
for Entergy Mississippi. As of December 31, 2016, letters of credit posted with MISO covered financial transmission rights exposure of
$0.3 million
for Entergy Arkansas and
$0.1 million
for Entergy Mississippi.
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded in the income statement |
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2017
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($2.6)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.6)
|
(a)
|
Entergy Mississippi
|
|
|
|
|
|
|
|
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$4.2
|
(b)
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$9.4
|
(b)
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$4.7
|
(b)
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$1.9
|
(b)
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$7.0
|
(b)
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$19.5
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$5.3
|
(a)
|
Entergy Mississippi
|
|
|
|
|
|
|
|
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$7.1
|
(b)
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$20.4
|
(b)
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$6.7
|
(b)
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$0.9
|
(b)
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$1.8
|
(b)
|
Entergy Texas
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded in the income statement |
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2017
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($16.3)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($3.1)
|
(a)
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.1)
|
(a)
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$19.3
|
(b)
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$38.9
|
(b)
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$16.3
|
(b)
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$7.7
|
(b)
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$19.2
|
(b)
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($4.6)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
$0.3
|
(a)
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.5)
|
(a)
|
Entergy New Orleans
|
|
|
|
|
|
|
|
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$20.3
|
(b)
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$52.5
|
(b)
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$11.1
|
(b)
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$2.8
|
(b)
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$8.7
|
(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 financial transmission rights 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 financial transmission rights 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:
|
|
–
|
quoted prices for similar assets or liabilities in active markets;
|
|
–
|
quoted prices for identical assets or liabilities in inactive markets;
|
|
–
|
inputs other than quoted prices that are observable for the asset or liability; or
|
|
–
|
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 financial transmission rights and derivative power contracts used as cash flow hedges of power sales at merchant power plants.
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$459
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$459
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
487
|
|
|
—
|
|
|
—
|
|
|
487
|
|
||||
|
Debt securities
|
|
1,035
|
|
|
1,394
|
|
|
—
|
|
|
2,429
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
4,067
|
|
|||||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
||||
|
Securitization recovery trust account
|
|
53
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||
|
Escrow accounts
|
|
407
|
|
|
—
|
|
|
—
|
|
|
407
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
37
|
|
|
37
|
|
||||
|
|
|
|
$2,441
|
|
|
|
$1,394
|
|
|
|
$97
|
|
|
|
$7,999
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$1,058
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1,058
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
480
|
|
|
—
|
|
|
—
|
|
|
480
|
|
||||
|
Debt securities
|
|
985
|
|
|
1,228
|
|
|
—
|
|
|
2,213
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
3,031
|
|
|||||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
|
Securitization recovery trust account
|
|
46
|
|
|
—
|
|
|
—
|
|
|
46
|
|
||||
|
Escrow accounts
|
|
433
|
|
|
—
|
|
|
—
|
|
|
433
|
|
||||
|
Gas hedge contracts
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||
|
|
|
|
$3,015
|
|
|
|
$1,228
|
|
|
|
$37
|
|
|
|
$7,311
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Power contracts
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$11
|
|
|
|
$11
|
|
|
(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 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.
|
|
|
2017
|
|
2016
|
||||||||||||
|
|
Power Contracts
|
|
Financial transmission rights
|
|
Power Contracts
|
|
Financial transmission rights
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of July 1,
|
|
$38
|
|
|
|
$57
|
|
|
|
$66
|
|
|
|
$46
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
2
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
|
Included in other comprehensive income
|
43
|
|
|
—
|
|
|
70
|
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
8
|
|
|
—
|
|
|
22
|
|
||||
|
Settlements
|
(23
|
)
|
|
(28
|
)
|
|
(47
|
)
|
|
(37
|
)
|
||||
|
Balance as of September 30,
|
|
$60
|
|
|
|
$37
|
|
|
|
$95
|
|
|
|
$31
|
|
|
(a)
|
Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
$0.4 million
for the three months ended September 30, 2017 and
$1 million
for the three months ended September 30, 2016.
|
|
|
2017
|
|
2016
|
||||||||||||
|
|
Power Contracts
|
|
Financial transmission rights
|
|
Power Contracts
|
|
Financial transmission rights
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of January 1,
|
|
$5
|
|
|
|
$21
|
|
|
|
$189
|
|
|
|
$23
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
6
|
|
|
1
|
|
|
(3
|
)
|
|
—
|
|
||||
|
Included in other comprehensive income
|
136
|
|
|
—
|
|
|
156
|
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
56
|
|
|
—
|
|
|
49
|
|
||||
|
Issuances of financial transmission rights
|
—
|
|
|
62
|
|
|
—
|
|
|
55
|
|
||||
|
Settlements
|
(87
|
)
|
|
(103
|
)
|
|
(247
|
)
|
|
(96
|
)
|
||||
|
Balance as of September 30,
|
|
$60
|
|
|
|
$37
|
|
|
|
$95
|
|
|
|
$31
|
|
|
(a)
|
Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
$1 million
for the nine months ended September 30, 2017 and
$1 million
for the nine months ended September 30, 2016.
|
|
Transaction Type
|
|
Fair Value
as of
September 30, 2017
|
|
Significant
Unobservable Inputs
|
|
Range
from
Average
%
|
|
Effect on
Fair Value
|
|
|
|
|
(In Millions)
|
|
|
|
|
|
|
(In Millions)
|
|
Power contracts - electricity swaps
|
|
$60
|
|
Unit contingent discount
|
|
+/-
|
4%
|
|
$5
|
|
Significant
Unobservable
Input
|
|
Transaction Type
|
|
Position
|
|
Change to Input
|
|
Effect on
Fair Value
|
|
Unit contingent discount
|
|
Electricity swaps
|
|
Sell
|
|
Increase (Decrease)
|
|
Decrease (Increase)
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
|
$6.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$6.7
|
|
|
Debt securities
|
|
128.4
|
|
|
205.7
|
|
|
—
|
|
|
334.1
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
569.6
|
|
|||||||
|
Securitization recovery trust account
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
7.8
|
|
||||
|
Escrow accounts
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
4.4
|
|
|
4.4
|
|
||||
|
|
|
|
$145.3
|
|
|
|
$205.7
|
|
|
|
$4.4
|
|
|
|
$925.0
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
|
$3.6
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$3.6
|
|
|
Debt securities
|
|
112.5
|
|
|
196.8
|
|
|
—
|
|
|
309.3
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
521.8
|
|
|||||||
|
Securitization recovery trust account
|
|
4.1
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
||||
|
Escrow accounts
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
5.4
|
|
|
5.4
|
|
||||
|
|
|
|
$127.3
|
|
|
|
$196.8
|
|
|
|
$5.4
|
|
|
|
$851.3
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$45.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$45.4
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
10.8
|
|
|
—
|
|
|
—
|
|
|
10.8
|
|
||||
|
Debt securities
|
|
145.5
|
|
|
333.3
|
|
|
—
|
|
|
478.8
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
770.4
|
|
|||||||
|
Escrow accounts
|
|
288.8
|
|
|
—
|
|
|
—
|
|
|
288.8
|
|
||||
|
Securitization recovery trust account
|
|
9.4
|
|
|
—
|
|
|
—
|
|
|
9.4
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
18.8
|
|
|
18.8
|
|
||||
|
|
|
|
$499.9
|
|
|
|
$333.3
|
|
|
|
$18.8
|
|
|
|
$1,622.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.7
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$163.9
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$163.9
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Equity securities
|
|
13.9
|
|
|
—
|
|
|
—
|
|
|
13.9
|
|
||||
|
Debt securities
|
|
132.3
|
|
|
292.5
|
|
|
—
|
|
|
424.8
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
702.0
|
|
|||||||
|
Escrow accounts
|
|
305.7
|
|
|
—
|
|
|
—
|
|
|
305.7
|
|
||||
|
Securitization recovery trust account
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
||||
|
Gas hedge contracts
|
|
10.9
|
|
|
—
|
|
|
—
|
|
|
10.9
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
8.5
|
|
|
8.5
|
|
||||
|
|
|
|
$629.5
|
|
|
|
$292.5
|
|
|
|
$8.5
|
|
|
|
$1,632.5
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Escrow accounts
|
|
|
$31.9
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$31.9
|
|
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
5.5
|
|
|
5.5
|
|
||||
|
|
|
|
$31.9
|
|
|
|
$—
|
|
|
|
$5.5
|
|
|
|
$37.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.2
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$76.8
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$76.8
|
|
|
Escrow accounts
|
|
31.8
|
|
|
—
|
|
|
—
|
|
|
31.8
|
|
||||
|
Gas hedge contracts
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
3.2
|
|
|
3.2
|
|
||||
|
|
|
|
$110.9
|
|
|
|
$—
|
|
|
|
$3.2
|
|
|
|
$114.1
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$28.4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$28.4
|
|
|
Securitization recovery trust account
|
|
4.7
|
|
|
—
|
|
|
—
|
|
|
4.7
|
|
||||
|
Escrow accounts
|
|
84.2
|
|
|
—
|
|
|
—
|
|
|
84.2
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
3.5
|
|
|
3.5
|
|
||||
|
|
|
|
$117.3
|
|
|
|
$—
|
|
|
|
$3.5
|
|
|
|
$120.8
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$103.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$103.0
|
|
|
Securitization recovery trust account
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
||||
|
Escrow accounts
|
|
88.6
|
|
|
—
|
|
|
—
|
|
|
88.6
|
|
||||
|
Gas hedge contracts
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
1.1
|
|
||||
|
|
|
|
$193.5
|
|
|
|
$—
|
|
|
|
$1.1
|
|
|
|
$194.6
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Securitization recovery trust account
|
|
|
$30.8
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$30.8
|
|
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
5.0
|
|
||||
|
|
|
|
$30.8
|
|
|
|
$—
|
|
|
|
$5.0
|
|
|
|
$35.8
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$5.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$5.0
|
|
|
Securitization recovery trust account
|
|
37.5
|
|
|
—
|
|
|
—
|
|
|
37.5
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|
3.1
|
|
||||
|
|
|
|
$42.5
|
|
|
|
$—
|
|
|
|
$3.1
|
|
|
|
$45.6
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$144.9
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$144.9
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
2.6
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
||||
|
Debt securities
|
|
198.2
|
|
|
131.4
|
|
|
—
|
|
|
329.6
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
538.4
|
|
|||||||
|
|
|
|
$345.7
|
|
|
|
$131.4
|
|
|
|
$—
|
|
|
|
$1,015.5
|
|
|
2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$245.1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$245.1
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||
|
Debt securities
|
|
248.3
|
|
|
58.3
|
|
|
—
|
|
|
306.6
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
473.6
|
|
|||||||
|
|
|
|
$493.7
|
|
|
|
$58.3
|
|
|
|
$—
|
|
|
|
$1,025.6
|
|
|
(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 July 1,
|
|
$8.3
|
|
|
|
$28.3
|
|
|
|
$9.1
|
|
|
|
$5.2
|
|
|
|
$5.5
|
|
|
Gains included as a regulatory liability/asset
|
0.3
|
|
|
(0.1
|
)
|
|
1.1
|
|
|
0.2
|
|
|
6.5
|
|
|||||
|
Settlements
|
(4.2
|
)
|
|
(9.4
|
)
|
|
(4.7
|
)
|
|
(1.9
|
)
|
|
(7.0
|
)
|
|||||
|
Balance as of September 30,
|
|
$4.4
|
|
|
|
$18.8
|
|
|
|
$5.5
|
|
|
|
$3.5
|
|
|
|
$5.0
|
|
|
|
Entergy
Arkansas |
|
Entergy
Louisiana |
|
Entergy
Mississippi |
|
Entergy
New Orleans |
|
Entergy
Texas |
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of July 1,
|
|
$14.0
|
|
|
|
$16.2
|
|
|
|
$5.6
|
|
|
|
$2.0
|
|
|
|
$8.0
|
|
|
Gains included as a regulatory liability/asset
|
1.2
|
|
|
16.6
|
|
|
5.1
|
|
|
0.5
|
|
|
(1.1
|
)
|
|||||
|
Settlements
|
(7.1
|
)
|
|
(20.4
|
)
|
|
(6.7
|
)
|
|
(0.9
|
)
|
|
(1.8
|
)
|
|||||
|
Balance as of September 30,
|
|
$8.1
|
|
|
|
$12.4
|
|
|
|
$4.0
|
|
|
|
$1.6
|
|
|
|
$5.1
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Millions)
|
||||||||||||||||||
|
Balance as of January 1,
|
|
$5.4
|
|
|
|
$8.5
|
|
|
|
$3.2
|
|
|
|
$1.1
|
|
|
|
$3.1
|
|
|
Issuances of financial transmission rights
|
8.9
|
|
|
31.0
|
|
|
9.6
|
|
|
5.0
|
|
|
7.1
|
|
|||||
|
Gains included as a regulatory liability/asset
|
9.4
|
|
|
18.2
|
|
|
9.0
|
|
|
5.1
|
|
|
14.0
|
|
|||||
|
Settlements
|
(19.3
|
)
|
|
(38.9
|
)
|
|
(16.3
|
)
|
|
(7.7
|
)
|
|
(19.2
|
)
|
|||||
|
Balance as of September 30,
|
|
$4.4
|
|
|
|
$18.8
|
|
|
|
$5.5
|
|
|
|
$3.5
|
|
|
|
$5.0
|
|
|
|
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 financial transmission rights
|
18.8
|
|
|
18.1
|
|
|
5.9
|
|
|
2.8
|
|
|
9.3
|
|
|||||
|
Gains (losses) included as a regulatory liability/asset
|
1.7
|
|
|
38.3
|
|
|
6.8
|
|
|
0.1
|
|
|
2.3
|
|
|||||
|
Settlements
|
(20.3
|
)
|
|
(52.5
|
)
|
|
(11.1
|
)
|
|
(2.8
|
)
|
|
(8.7
|
)
|
|||||
|
Balance as of September 30,
|
|
$8.1
|
|
|
|
$12.4
|
|
|
|
$4.0
|
|
|
|
$1.6
|
|
|
|
$5.1
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$4,554
|
|
|
|
$1,983
|
|
|
|
$—
|
|
|
Debt Securities
|
|
2,429
|
|
|
45
|
|
|
14
|
|
|||
|
Total
|
|
|
$6,983
|
|
|
|
$2,028
|
|
|
|
$14
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$3,511
|
|
|
|
$1,673
|
|
|
|
$1
|
|
|
Debt Securities
|
|
2,213
|
|
|
34
|
|
|
27
|
|
|||
|
Total
|
|
|
$5,724
|
|
|
|
$1,707
|
|
|
|
$28
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$5
|
|
|
|
$—
|
|
|
|
$732
|
|
|
|
$5
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
267
|
|
|
9
|
|
||||
|
Total
|
|
$5
|
|
|
|
$—
|
|
|
|
$999
|
|
|
|
$14
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$23
|
|
|
|
$1
|
|
|
|
$1,169
|
|
|
|
$26
|
|
|
More than 12 months
|
1
|
|
|
—
|
|
|
20
|
|
|
1
|
|
||||
|
Total
|
|
$24
|
|
|
|
$1
|
|
|
|
$1,189
|
|
|
|
$27
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$91
|
|
|
|
$125
|
|
|
1 year - 5 years
|
801
|
|
|
763
|
|
||
|
5 years - 10 years
|
789
|
|
|
719
|
|
||
|
10 years - 15 years
|
130
|
|
|
109
|
|
||
|
15 years - 20 years
|
87
|
|
|
73
|
|
||
|
20 years+
|
531
|
|
|
424
|
|
||
|
Total
|
|
$2,429
|
|
|
|
$2,213
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$576.3
|
|
|
|
$327.2
|
|
|
|
$—
|
|
|
Debt Securities
|
|
334.1
|
|
|
3.1
|
|
|
2.3
|
|
|||
|
Total
|
|
|
$910.4
|
|
|
|
$330.3
|
|
|
|
$2.3
|
|
|
|
|
|
|
|
|
|
||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$525.4
|
|
|
|
$281.5
|
|
|
|
$—
|
|
|
Debt Securities
|
|
309.3
|
|
|
3.4
|
|
|
4.2
|
|
|||
|
Total
|
|
|
$834.7
|
|
|
|
$284.9
|
|
|
|
$4.2
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$114.4
|
|
|
|
$0.6
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
37.3
|
|
|
1.7
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$151.7
|
|
|
|
$2.3
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$146.7
|
|
|
|
$4.2
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$146.7
|
|
|
|
$4.2
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$11.8
|
|
|
|
$16.7
|
|
|
1 year - 5 years
|
107.9
|
|
|
106.2
|
|
||
|
5 years - 10 years
|
194.4
|
|
|
161.2
|
|
||
|
10 years - 15 years
|
2.6
|
|
|
7.7
|
|
||
|
15 years - 20 years
|
1.4
|
|
|
1.0
|
|
||
|
20 years+
|
16.0
|
|
|
16.5
|
|
||
|
Total
|
|
$334.1
|
|
|
|
$309.3
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$781.2
|
|
|
|
$420.3
|
|
|
|
$—
|
|
|
Debt Securities
|
|
478.8
|
|
|
10.9
|
|
|
2.8
|
|
|||
|
Total
|
|
|
$1,260.0
|
|
|
|
$431.2
|
|
|
|
$2.8
|
|
|
|
|
|
|
|
|
|
||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$715.9
|
|
|
|
$346.6
|
|
|
|
$—
|
|
|
Debt Securities
|
|
424.8
|
|
|
8.0
|
|
|
5.0
|
|
|||
|
Total
|
|
|
$1,140.7
|
|
|
|
$354.6
|
|
|
|
$5.0
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$127.3
|
|
|
|
$1.1
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
51.5
|
|
|
1.7
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$178.8
|
|
|
|
$2.8
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$198.8
|
|
|
|
$4.8
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
4.8
|
|
|
0.2
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$203.6
|
|
|
|
$5.0
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$27.7
|
|
|
|
$31.4
|
|
|
1 year - 5 years
|
113.2
|
|
|
99.1
|
|
||
|
5 years - 10 years
|
117.1
|
|
|
122.8
|
|
||
|
10 years - 15 years
|
50.7
|
|
|
41.4
|
|
||
|
15 years - 20 years
|
43.4
|
|
|
30.9
|
|
||
|
20 years+
|
126.7
|
|
|
99.2
|
|
||
|
Total
|
|
$478.8
|
|
|
|
$424.8
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$541.0
|
|
|
|
$276.2
|
|
|
|
$—
|
|
|
Debt Securities
|
|
329.6
|
|
|
3.7
|
|
|
1.9
|
|
|||
|
Total
|
|
|
$870.6
|
|
|
|
$279.9
|
|
|
|
$1.9
|
|
|
|
|
|
|
|
|
|
||||||
|
2016
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$473.9
|
|
|
|
$221.9
|
|
|
|
$0.1
|
|
|
Debt Securities
|
|
306.6
|
|
|
2.0
|
|
|
4.5
|
|
|||
|
Total
|
|
|
$780.5
|
|
|
|
$223.9
|
|
|
|
$4.6
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$135.6
|
|
|
|
$1.0
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
57.5
|
|
|
0.9
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$193.1
|
|
|
|
$1.9
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$220.9
|
|
|
|
$4.4
|
|
|
More than 12 months
|
—
|
|
|
0.1
|
|
|
0.8
|
|
|
0.1
|
|
||||
|
Total
|
|
$—
|
|
|
|
$0.1
|
|
|
|
$221.7
|
|
|
|
$4.5
|
|
|
|
2017
|
|
2016
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$8.7
|
|
|
|
$6.6
|
|
|
1 year - 5 years
|
170.7
|
|
|
188.2
|
|
||
|
5 years - 10 years
|
79.1
|
|
|
78.5
|
|
||
|
10 years - 15 years
|
4.4
|
|
|
1.3
|
|
||
|
15 years - 20 years
|
6.5
|
|
|
7.8
|
|
||
|
20 years+
|
60.2
|
|
|
24.2
|
|
||
|
Total
|
|
$329.6
|
|
|
|
$306.6
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$496.3
|
|
|
Volume/weather
|
(24.6
|
)
|
|
|
Retail electric price
|
9.7
|
|
|
|
Other
|
0.4
|
|
|
|
2017 net revenue
|
|
$481.8
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$1,183.7
|
|
|
Volume/weather
|
(40.0
|
)
|
|
|
Asset retirement obligation
|
(11.1
|
)
|
|
|
Opportunity sales
|
7.5
|
|
|
|
Retail electric price
|
34.1
|
|
|
|
Other
|
4.4
|
|
|
|
2017 net revenue
|
|
$1,178.6
|
|
|
•
|
a decrease of $8.8 million in nuclear generation expenses primarily due to a lower scope of work, including a lower scope of work performed during plant outages, in the third quarter 2017 compared to the third quarter 2016, partially offset by higher nuclear labor costs to position the nuclear fleet to meet its operational goals.
|
|
•
|
a decrease of $5.2 million in fossil-fueled generation expenses primarily due to lower long-term service agreement costs; and
|
|
•
|
a decrease of $4.2 million in energy efficiency costs, including $4.6 million in credits received in the third quarter 2017 related to incentives recognized as a result of participation in energy efficiency programs, and the effects of true ups to the energy efficiency filings in September 2017 for fixed costs to be collected from customers.
|
|
•
|
the effect of recording in July 2016 the final court decision in a lawsuit against the DOE related to spent nuclear fuel storage costs. The damages awarded included the reimbursement of $5.5 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. See Note 8 to the financial statements in the Form 10-K for discussion of Entergy Arkansas’s spent nuclear fuel litigation; and
|
|
•
|
an increase of $2.1 million in transmission and distribution expenses primarily due to higher vegetation maintenance costs.
|
|
•
|
a decrease of $24.9 million in nuclear generation expenses primarily due to a decrease in regulatory compliance costs as compared to the prior year, partially offset by higher nuclear labor costs, including contract labor,to position the nuclear fleet to meet its operational goals. The decrease in regulatory compliance costs is primarily related to additional NRC inspection activities in 2016 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 “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS
-
ANO Damage, Outage, and NRC Reviews
” in the Form 10-K for a discussion of the ANO stator incident and subsequent NRC reviews. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Nuclear Matters
” in the Form 10-K for a discussion of the increased operating costs to position the nuclear fleet to meet its operational goals;
|
|
•
|
a decrease of $7.6 million in fossil-fueled generation expenses primarily due to lower long-term service agreement costs; and
|
|
•
|
a decrease of $7 million in energy efficiency costs, including $4.6 million in credits received in the third quarter 2017 related to incentives recognized as a result of participation in energy efficiency programs, and the effects of true ups to the energy efficiency filings in September 2017 for fixed costs to be collected from customers.
|
|
•
|
the deferral in the first quarter 2016 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. These costs are being amortized over a ten-year period beginning March 2016. See Note 2 to the financial statements in the Form 10-K for further discussion of the rate case settlement;
|
|
•
|
an increase of $11 million in transmission and distribution expenses primarily due to higher vegetation maintenance costs and higher labor costs, including contract labor;
|
|
•
|
the effect of recording in July 2016 the final court decision in a lawsuit against the DOE related to spent nuclear fuel storage costs. The damages awarded included the reimbursement of $5.5 million of spent nuclear fuel storage costs previously recorded as other operation and maintenance expense. See Note 8 to the financial statements in the Form 10-K for discussion of Entergy Arkansas’s spent nuclear fuel litigation; and
|
|
•
|
an increase of $3.2
million in compensation and benefits costs
primarily due to a downward revision to estimated incentive compensation expense in the first quarter 2016.
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$20,509
|
|
|
|
$9,135
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
367,551
|
|
|
473,800
|
|
||
|
Investing activities
|
(667,841
|
)
|
|
(774,210
|
)
|
||
|
Financing activities
|
280,245
|
|
|
294,686
|
|
||
|
Net decrease in cash and cash equivalents
|
(20,045
|
)
|
|
(5,724
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$464
|
|
|
|
$3,411
|
|
|
•
|
$66 million in funds held on deposit for principal and interest payments due October 1, 2017;
|
|
•
|
an increase of $61.6 million in nuclear construction expenditures primarily due to a higher scope of work performed on various nuclear projects in 2017;
|
|
•
|
an increase of $22.9 million in fossil-fueled generation construction expenditures primarily due to a higher scope of work performed on various projects in 2017;
|
|
•
|
an increase of $21 million in distribution construction expenditures primarily due to a higher scope of work performed on various projects in 2017; and
|
|
•
|
an increase of $18.6 million in information technology construction expenditures primarily due to increased spending on substation circuit replacement.
|
|
•
|
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; and
|
|
•
|
net borrowings of $23.3 million on the Entergy Arkansas nuclear fuel company variable interest entity credit facility in 2017 compared to net borrowings of $35.7 million in 2016.
|
|
•
|
the net issuance of $215.9 million of long-term debt in 2017 as compared to the net issuance of $156.1 million of long-term debt in 2016;
|
|
•
|
the redemptions of $75 million of 6.45% Series preferred stock and $10 million of 6.08% Series preferred stock in 2016; and
|
|
•
|
money pool activity.
|
|
|
September 30,
2017
|
|
December 31,
2016
|
||
|
Debt to capital
|
55.8
|
%
|
|
55.3
|
%
|
|
Effect of excluding the securitization bonds
|
(0.3
|
%)
|
|
(0.4
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
55.5
|
%
|
|
54.9
|
%
|
|
Effect of subtracting cash
|
—
|
%
|
|
(0.2
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
55.5
|
%
|
|
54.7
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Arkansas.
|
|
September 30,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
(In Thousands)
|
||||||
|
$95,114
|
|
$51,232
|
|
$49,073
|
|
$52,742
|
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$673,226
|
|
|
|
$654,599
|
|
|
|
$1,644,239
|
|
|
|
$1,624,224
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
133,254
|
|
|
105,147
|
|
|
283,354
|
|
|
274,106
|
|
||||
|
Purchased power
|
|
63,423
|
|
|
52,023
|
|
|
193,108
|
|
|
163,541
|
|
||||
|
Nuclear refueling outage expenses
|
|
22,988
|
|
|
14,554
|
|
|
59,942
|
|
|
44,604
|
|
||||
|
Other operation and maintenance
|
|
175,013
|
|
|
187,294
|
|
|
512,691
|
|
|
514,109
|
|
||||
|
Decommissioning
|
|
14,320
|
|
|
13,504
|
|
|
42,321
|
|
|
39,908
|
|
||||
|
Taxes other than income taxes
|
|
29,259
|
|
|
24,931
|
|
|
78,438
|
|
|
70,978
|
|
||||
|
Depreciation and amortization
|
|
70,433
|
|
|
67,309
|
|
|
206,586
|
|
|
197,597
|
|
||||
|
Other regulatory charges (credits) - net
|
|
(5,219
|
)
|
|
1,177
|
|
|
(10,797
|
)
|
|
2,896
|
|
||||
|
TOTAL
|
|
503,471
|
|
|
465,939
|
|
|
1,365,643
|
|
|
1,307,739
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
169,755
|
|
|
188,660
|
|
|
278,596
|
|
|
316,485
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
4,140
|
|
|
3,734
|
|
|
13,922
|
|
|
12,661
|
|
||||
|
Interest and investment income
|
|
6,738
|
|
|
5,410
|
|
|
27,865
|
|
|
14,774
|
|
||||
|
Miscellaneous - net
|
|
183
|
|
|
812
|
|
|
19
|
|
|
(983
|
)
|
||||
|
TOTAL
|
|
11,061
|
|
|
9,956
|
|
|
41,806
|
|
|
26,452
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
31,010
|
|
|
28,152
|
|
|
86,776
|
|
|
88,726
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(1,944
|
)
|
|
(2,000
|
)
|
|
(6,458
|
)
|
|
(6,851
|
)
|
||||
|
TOTAL
|
|
29,066
|
|
|
26,152
|
|
|
80,318
|
|
|
81,875
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
151,750
|
|
|
172,464
|
|
|
240,084
|
|
|
261,062
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
59,112
|
|
|
62,316
|
|
|
94,592
|
|
|
97,729
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
92,638
|
|
|
110,148
|
|
|
145,492
|
|
|
163,333
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements
|
|
357
|
|
|
1,476
|
|
|
1,071
|
|
|
4,913
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$92,281
|
|
|
|
$108,672
|
|
|
|
$144,421
|
|
|
|
$158,420
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$145,492
|
|
|
|
$163,333
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
311,725
|
|
|
319,845
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
78,390
|
|
|
163,202
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(45,180
|
)
|
|
(116,584
|
)
|
||
|
Fuel inventory
|
|
10,089
|
|
|
28,968
|
|
||
|
Accounts payable
|
|
(78,396
|
)
|
|
95,116
|
|
||
|
Prepaid taxes and taxes accrued
|
|
15,367
|
|
|
(78,879
|
)
|
||
|
Interest accrued
|
|
12,436
|
|
|
5,909
|
|
||
|
Deferred fuel costs
|
|
(53,664
|
)
|
|
(50,687
|
)
|
||
|
Other working capital accounts
|
|
(6,762
|
)
|
|
4,259
|
|
||
|
Provisions for estimated losses
|
|
10,094
|
|
|
130
|
|
||
|
Other regulatory assets
|
|
(4,680
|
)
|
|
(5,680
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(73,107
|
)
|
|
(77,823
|
)
|
||
|
Other assets and liabilities
|
|
45,747
|
|
|
22,691
|
|
||
|
Net cash flow provided by operating activities
|
|
367,551
|
|
|
473,800
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(558,985
|
)
|
|
(494,071
|
)
|
||
|
Allowance for equity funds used during construction
|
|
14,521
|
|
|
13,134
|
|
||
|
Payment for purchase of plant
|
|
—
|
|
|
(237,324
|
)
|
||
|
Nuclear fuel purchases
|
|
(95,289
|
)
|
|
(80,716
|
)
|
||
|
Proceeds from sale of nuclear fuel
|
|
51,029
|
|
|
40,336
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
219,223
|
|
|
165,038
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(228,740
|
)
|
|
(176,981
|
)
|
||
|
Changes in securitization account
|
|
(3,619
|
)
|
|
(3,524
|
)
|
||
|
Change in other investments
|
|
(65,981
|
)
|
|
—
|
|
||
|
Other
|
|
—
|
|
|
(102
|
)
|
||
|
Net cash flow used in investing activities
|
|
(667,841
|
)
|
|
(774,210
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
222,717
|
|
|
777,671
|
|
||
|
Retirement of long-term debt
|
|
(6,803
|
)
|
|
(621,608
|
)
|
||
|
Capital contribution from parent
|
|
—
|
|
|
200,000
|
|
||
|
Redemption of preferred stock
|
|
—
|
|
|
(85,283
|
)
|
||
|
Changes in short-term borrowings - net
|
|
23,257
|
|
|
35,717
|
|
||
|
Changes in money pool payable - net
|
|
43,882
|
|
|
(3,669
|
)
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Preferred stock
|
|
(1,071
|
)
|
|
(6,274
|
)
|
||
|
Other
|
|
(1,737
|
)
|
|
(1,868
|
)
|
||
|
Net cash flow provided by financing activities
|
|
280,245
|
|
|
294,686
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(20,045
|
)
|
|
(5,724
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
20,509
|
|
|
9,135
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$464
|
|
|
|
$3,411
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$70,321
|
|
|
|
$78,500
|
|
|
Income taxes
|
|
|
$—
|
|
|
|
$7,242
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$127
|
|
|
|
$20,174
|
|
|
Temporary cash investments
|
|
337
|
|
|
335
|
|
||
|
Total cash and cash equivalents
|
|
464
|
|
|
20,509
|
|
||
|
Securitization recovery trust account
|
|
7,759
|
|
|
4,140
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
140,147
|
|
|
102,229
|
|
||
|
Allowance for doubtful accounts
|
|
(1,531
|
)
|
|
(1,211
|
)
|
||
|
Associated companies
|
|
35,455
|
|
|
35,286
|
|
||
|
Other
|
|
52,109
|
|
|
58,153
|
|
||
|
Accrued unbilled revenues
|
|
113,650
|
|
|
100,193
|
|
||
|
Total accounts receivable
|
|
339,830
|
|
|
294,650
|
|
||
|
Deferred fuel costs
|
|
150,206
|
|
|
96,690
|
|
||
|
Fuel inventory - at average cost
|
|
22,671
|
|
|
32,760
|
|
||
|
Materials and supplies - at average cost
|
|
191,199
|
|
|
182,600
|
|
||
|
Deferred nuclear refueling outage costs
|
|
80,769
|
|
|
81,313
|
|
||
|
Prepayments and other
|
|
81,322
|
|
|
14,293
|
|
||
|
TOTAL
|
|
874,220
|
|
|
726,955
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
910,369
|
|
|
834,735
|
|
||
|
Other
|
|
3,162
|
|
|
7,912
|
|
||
|
TOTAL
|
|
913,531
|
|
|
842,647
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
10,823,675
|
|
|
10,488,060
|
|
||
|
Property under capital lease
|
|
598
|
|
|
716
|
|
||
|
Construction work in progress
|
|
365,938
|
|
|
304,073
|
|
||
|
Nuclear fuel
|
|
236,447
|
|
|
307,352
|
|
||
|
TOTAL UTILITY PLANT
|
|
11,426,658
|
|
|
11,100,201
|
|
||
|
Less - accumulated depreciation and amortization
|
|
4,721,860
|
|
|
4,635,885
|
|
||
|
UTILITY PLANT - NET
|
|
6,704,798
|
|
|
6,464,316
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
67,228
|
|
|
62,646
|
|
||
|
Other regulatory assets (includes securitization property of $31,448 as of September 30, 2017 and $41,164 as of December 31, 2016)
|
|
1,428,127
|
|
|
1,428,029
|
|
||
|
Deferred fuel costs
|
|
67,046
|
|
|
66,898
|
|
||
|
Other
|
|
16,126
|
|
|
14,626
|
|
||
|
TOTAL
|
|
1,578,527
|
|
|
1,572,199
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$10,071,076
|
|
|
|
$9,606,117
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$114,700
|
|
|
|
$114,700
|
|
|
Short-term borrowings
|
|
8,257
|
|
|
—
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
237,246
|
|
|
239,711
|
|
||
|
Other
|
|
142,160
|
|
|
185,153
|
|
||
|
Customer deposits
|
|
97,432
|
|
|
97,512
|
|
||
|
Taxes accrued
|
|
22,561
|
|
|
7,194
|
|
||
|
Interest accrued
|
|
29,016
|
|
|
16,580
|
|
||
|
Other
|
|
34,329
|
|
|
36,557
|
|
||
|
TOTAL
|
|
685,701
|
|
|
697,407
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
2,265,375
|
|
|
2,186,623
|
|
||
|
Accumulated deferred investment tax credits
|
|
34,404
|
|
|
35,305
|
|
||
|
Other regulatory liabilities
|
|
349,380
|
|
|
305,907
|
|
||
|
Decommissioning
|
|
966,674
|
|
|
924,353
|
|
||
|
Accumulated provisions
|
|
28,776
|
|
|
18,682
|
|
||
|
Pension and other postretirement liabilities
|
|
351,046
|
|
|
424,234
|
|
||
|
Long-term debt (includes securitization bonds of $41,578 as of September 30, 2017 and $48,139 as of December 31, 2016)
|
|
2,948,610
|
|
|
2,715,085
|
|
||
|
Other
|
|
12,022
|
|
|
13,854
|
|
||
|
TOTAL
|
|
6,956,287
|
|
|
6,624,043
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Preferred stock without sinking fund
|
|
31,350
|
|
|
31,350
|
|
||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, $0.01 par value, authorized 325,000,000 shares; issued and outstanding 46,980,196 shares in 2017 and 2016
|
|
470
|
|
|
470
|
|
||
|
Paid-in capital
|
|
790,243
|
|
|
790,243
|
|
||
|
Retained earnings
|
|
1,607,025
|
|
|
1,462,604
|
|
||
|
TOTAL
|
|
2,397,738
|
|
|
2,253,317
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$10,071,076
|
|
|
|
$9,606,117
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Common Equity
|
|
|
||||||||||||
|
|
|
Common
Stock |
|
Paid-in
Capital |
|
Retained
Earnings |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
|
$470
|
|
|
|
$588,493
|
|
|
|
$1,302,695
|
|
|
|
$1,891,658
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
163,333
|
|
|
163,333
|
|
||||
|
Capital contribution from parent
|
|
—
|
|
|
200,000
|
|
|
—
|
|
|
200,000
|
|
||||
|
Capital stock redemption
|
|
—
|
|
|
1,750
|
|
|
(2,034
|
)
|
|
(284
|
)
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(4,913
|
)
|
|
(4,913
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2016
|
|
|
$470
|
|
|
|
$790,243
|
|
|
|
$1,459,081
|
|
|
|
$2,249,794
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
|
$470
|
|
|
|
$790,243
|
|
|
|
$1,462,604
|
|
|
|
$2,253,317
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
145,492
|
|
|
145,492
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(1,071
|
)
|
|
(1,071
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2017
|
|
|
$470
|
|
|
|
$790,243
|
|
|
|
$1,607,025
|
|
|
|
$2,397,738
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$254
|
|
|
|
$275
|
|
|
|
($21
|
)
|
|
(8
|
)
|
|
Commercial
|
|
150
|
|
|
151
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
145
|
|
|
137
|
|
|
8
|
|
|
6
|
|
|||
|
Governmental
|
|
6
|
|
|
5
|
|
|
1
|
|
|
20
|
|
|||
|
Total retail
|
|
555
|
|
|
568
|
|
|
(13
|
)
|
|
(2
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
33
|
|
|
26
|
|
|
7
|
|
|
27
|
|
|||
|
Non-associated companies
|
|
45
|
|
|
30
|
|
|
15
|
|
|
50
|
|
|||
|
Other
|
|
40
|
|
|
31
|
|
|
9
|
|
|
29
|
|
|||
|
Total
|
|
|
$673
|
|
|
|
$655
|
|
|
|
$18
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,236
|
|
|
2,485
|
|
|
(249
|
)
|
|
(10
|
)
|
|||
|
Commercial
|
|
1,723
|
|
|
1,822
|
|
|
(99
|
)
|
|
(5
|
)
|
|||
|
Industrial
|
|
2,074
|
|
|
1,906
|
|
|
168
|
|
|
9
|
|
|||
|
Governmental
|
|
67
|
|
|
68
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
|
Total retail
|
|
6,100
|
|
|
6,281
|
|
|
(181
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
483
|
|
|
463
|
|
|
20
|
|
|
4
|
|
|||
|
Non-associated companies
|
|
2,026
|
|
|
1,632
|
|
|
394
|
|
|
24
|
|
|||
|
Total
|
|
8,609
|
|
|
8,376
|
|
|
233
|
|
|
3
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$597
|
|
|
|
$620
|
|
|
|
($23
|
)
|
|
(4
|
)
|
|
Commercial
|
|
375
|
|
|
376
|
|
|
(1
|
)
|
|
—
|
|
|||
|
Industrial
|
|
355
|
|
|
337
|
|
|
18
|
|
|
5
|
|
|||
|
Governmental
|
|
15
|
|
|
13
|
|
|
2
|
|
|
15
|
|
|||
|
Total retail
|
|
1,342
|
|
|
1,346
|
|
|
(4
|
)
|
|
—
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
96
|
|
|
19
|
|
|
77
|
|
|
405
|
|
|||
|
Non-associated companies
|
|
96
|
|
|
105
|
|
|
(9
|
)
|
|
(9
|
)
|
|||
|
Other
|
|
110
|
|
|
154
|
|
|
(44
|
)
|
|
(29
|
)
|
|||
|
Total
|
|
|
$1,644
|
|
|
|
$1,624
|
|
|
|
$20
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
5,625
|
|
|
5,918
|
|
|
(293
|
)
|
|
(5
|
)
|
|||
|
Commercial
|
|
4,410
|
|
|
4,512
|
|
|
(102
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
5,584
|
|
|
5,064
|
|
|
520
|
|
|
10
|
|
|||
|
Governmental
|
|
180
|
|
|
179
|
|
|
1
|
|
|
1
|
|
|||
|
Total retail
|
|
15,799
|
|
|
15,673
|
|
|
126
|
|
|
1
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,316
|
|
|
1,427
|
|
|
(111
|
)
|
|
(8
|
)
|
|||
|
Non-associated companies
|
|
4,374
|
|
|
6,440
|
|
|
(2,066
|
)
|
|
(32
|
)
|
|||
|
Total
|
|
21,489
|
|
|
23,540
|
|
|
(2,051
|
)
|
|
(9
|
)
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$719.8
|
|
|
Volume/weather
|
(20.6
|
)
|
|
|
Retail electric price
|
13.8
|
|
|
|
Other
|
4.4
|
|
|
|
2017 net revenue
|
|
$717.4
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$1,891.8
|
|
|
Retail electric price
|
23.1
|
|
|
|
Louisiana Act 55 financing savings obligation
|
17.2
|
|
|
|
Volume/weather
|
(31.6
|
)
|
|
|
Other
|
1.2
|
|
|
|
2017 net revenue
|
|
$1,901.7
|
|
|
•
|
an increase of $12.3 million in nuclear generation expenses primarily due to higher nuclear labor costs, including contract labor, to position the nuclear fleet to meet its operational goals, partially offset by a lower scope of work performed during plant outages in 2017 as compared to the same period in 2016.
See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS –
Nuclear Matters
” in the Form 10-K for a discussion of the increased operating costs to position the nuclear fleet to meet its operational goals;
|
|
•
|
an increase of $4.3 million in compensation and benefits costs
primarily due to a downward revision to estimated incentive compensation expense in first quarter 2016
;
|
|
•
|
an increase of $3.6 million in fossil-fueled generation expenses primarily due to the purchase of Power Blocks 3 and 4 of the Union Power Station in March 2016, partially offset by asbestos loss provisions in 2016;
|
|
•
|
an increase of $3.5 million as a result of the amount of transmission costs allocated by MISO.
See Note 2 to the financial statements herein and in the Form 10-K for further information on the recovery of these costs;
|
|
•
|
an increase of $3.4 million in other loss provisions; and
|
|
•
|
an increase of $2.1 million in transmission expenses primarily due to higher labor costs, including contract labor.
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$213,850
|
|
|
|
$35,102
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
927,176
|
|
|
877,945
|
|
||
|
Investing activities
|
(1,379,365
|
)
|
|
(1,138,425
|
)
|
||
|
Financing activities
|
293,862
|
|
|
320,457
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(158,327
|
)
|
|
59,977
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$55,523
|
|
|
|
$95,079
|
|
|
•
|
income tax refunds of $116.9 million in 2017 compared to income tax payments of $62.7 million in 2016. Entergy Louisiana received income tax refunds in 2017 and made income tax payments in 2016 in accordance with an intercompany income tax allocation agreement. The income tax refunds in 2017 resulted from the utilization of Entergy Louisiana’s net operating losses. The income tax payments in 2016 related to the 2016 payments for state taxes resulting from the effect of the final settlement of the 2006-2007 IRS audit and the effect of net operating loss limitations. See Note 3 to the financial statements in the Form 10-K for a discussion of the audit. See “
MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS -
Louisiana Tax Legislation
” in the Form 10-K for a discussion on the net operating loss limitations; and
|
|
•
|
an interest payment of $60 million made in March 2016 related to the purchase of a beneficial interest in the Waterford 3 leased assets.
|
|
•
|
a refund to customers in January 2017 of approximately $71 million as a result of the settlement approved by the LPSC related to the Waterford 3 replacement steam generator project. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the settlement and refund;
|
|
•
|
an increase of $64 million in spending on nuclear refueling outages;
|
|
•
|
a decrease due to the timing of recovery of fuel and purchased power costs; and
|
|
•
|
proceeds of $25.1 million received in August 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 and Note 8 to the financial statements in the Form 10-K for a discussion of the DOE litigation.
|
|
•
|
an increase of $297.1 million in fossil-fueled generation construction expenditures primarily due to higher spending on the St. Charles Power Station and Lake Charles Power Station projects in 2017;
|
|
•
|
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;
|
|
•
|
an increase of $95.3 million in transmission construction expenditures due to a higher scope of work performed in 2017 as compared to the same period in 2016;
|
|
•
|
an increase of $60.7 million in nuclear construction expenditures primarily due to increased spending on various nuclear projects in 2017;
|
|
•
|
money pool activity;
|
|
•
|
$33.3 million in funds held on deposit for interest payments due October 1, 2017;
|
|
•
|
an increase of $25.8 million in information technology construction expenditures due to increased spending on advanced metering infrastructure;
|
|
•
|
an increase of $17.3 million in distribution construction expenditures due to increased spending on digital technology improvements within the customer contact centers; and
|
|
•
|
proceeds of $17.3 million received in August 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 and Note 8 to the financial statements in the Form 10-K for discussion of the DOE litigation.
|
|
•
|
a decrease of $123.8 million of common equity distributions primarily as a result of higher construction expenditures and higher nuclear fuel purchases in 2017 as compared to the same period in 2016; and
|
|
•
|
net borrowings of $36.8 million on the nuclear fuel company variable interest entities’ credit facilities in 2017 compared to net repayments of $18.4 million in 2016.
|
|
|
September 30,
2017
|
|
December 31,
2016
|
||
|
Debt to capital
|
53.5
|
%
|
|
53.4
|
%
|
|
Effect of excluding securitization bonds
|
(0.4
|
%)
|
|
(0.5
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
53.1
|
%
|
|
52.9
|
%
|
|
Effect of subtracting cash
|
(0.2
|
%)
|
|
(0.9
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
52.9
|
%
|
|
52.0
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Louisiana.
|
|
September 30,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
(In Thousands)
|
||||||
|
$72,899
|
|
$22,503
|
|
$9,428
|
|
$6,154
|
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
$1,280,475
|
|
|
|
$1,240,217
|
|
|
$3,216,677
|
|
|
|
$3,166,380
|
|
||
|
Natural gas
|
|
10,019
|
|
|
9,235
|
|
|
38,034
|
|
|
37,251
|
|
||||
|
TOTAL
|
|
1,290,494
|
|
|
1,249,452
|
|
|
3,254,711
|
|
|
3,203,631
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
301,584
|
|
|
261,979
|
|
|
635,684
|
|
|
616,402
|
|
||||
|
Purchased power
|
|
273,325
|
|
|
261,212
|
|
|
795,825
|
|
|
677,309
|
|
||||
|
Nuclear refueling outage expenses
|
|
13,616
|
|
|
12,894
|
|
|
38,565
|
|
|
38,648
|
|
||||
|
Other operation and maintenance
|
|
238,249
|
|
|
229,717
|
|
|
704,696
|
|
|
668,738
|
|
||||
|
Decommissioning
|
|
12,444
|
|
|
11,812
|
|
|
36,850
|
|
|
34,978
|
|
||||
|
Taxes other than income taxes
|
|
45,059
|
|
|
38,129
|
|
|
135,418
|
|
|
124,857
|
|
||||
|
Depreciation and amortization
|
|
117,923
|
|
|
114,251
|
|
|
349,660
|
|
|
336,294
|
|
||||
|
Other regulatory charges (credits) - net
|
|
(1,795
|
)
|
|
6,507
|
|
|
(78,503
|
)
|
|
18,084
|
|
||||
|
TOTAL
|
|
1,000,405
|
|
|
936,501
|
|
|
2,618,195
|
|
|
2,515,310
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
290,089
|
|
|
312,951
|
|
|
636,516
|
|
|
688,321
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
13,393
|
|
|
6,735
|
|
|
34,492
|
|
|
18,479
|
|
||||
|
Interest and investment income
|
|
42,662
|
|
|
38,731
|
|
|
124,411
|
|
|
116,398
|
|
||||
|
Miscellaneous - net
|
|
(2,957
|
)
|
|
(4,429
|
)
|
|
(8,631
|
)
|
|
(10,044
|
)
|
||||
|
TOTAL
|
|
53,098
|
|
|
41,037
|
|
|
150,272
|
|
|
124,833
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
69,518
|
|
|
68,396
|
|
|
205,316
|
|
|
204,259
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(6,713
|
)
|
|
(3,455
|
)
|
|
(17,428
|
)
|
|
(9,735
|
)
|
||||
|
TOTAL
|
|
62,805
|
|
|
64,941
|
|
|
187,888
|
|
|
194,524
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
280,382
|
|
|
289,047
|
|
|
598,900
|
|
|
618,630
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
94,098
|
|
|
99,541
|
|
|
193,759
|
|
|
64,193
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$186,284
|
|
|
|
$189,506
|
|
|
|
$405,141
|
|
|
|
$554,437
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income
|
$186,284
|
|
|
|
$189,506
|
|
|
$405,141
|
|
|
|
$554,437
|
|
||
|
Other comprehensive loss
|
|
|
|
|
|
|
|
||||||||
|
Pension and other postretirement liabilities (net of tax benefit of $232, $145, $756, and $404)
|
(370
|
)
|
|
(232
|
)
|
|
(1,050
|
)
|
|
(725
|
)
|
||||
|
Other comprehensive loss
|
(370
|
)
|
|
(232
|
)
|
|
(1,050
|
)
|
|
(725
|
)
|
||||
|
Comprehensive Income
|
|
$185,914
|
|
|
|
$189,274
|
|
|
|
$404,091
|
|
|
|
$553,712
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$405,141
|
|
|
|
$554,437
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
458,963
|
|
|
462,007
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
303,397
|
|
|
155,996
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
(92,610
|
)
|
|
(159,517
|
)
|
||
|
Fuel inventory
|
|
7,643
|
|
|
(1,578
|
)
|
||
|
Accounts payable
|
|
31,865
|
|
|
(18,420
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
97,138
|
|
|
(55,780
|
)
|
||
|
Interest accrued
|
|
9,149
|
|
|
7,531
|
|
||
|
Deferred fuel costs
|
|
(37,753
|
)
|
|
(6,091
|
)
|
||
|
Other working capital accounts
|
|
(49,266
|
)
|
|
(2,503
|
)
|
||
|
Changes in provisions for estimated losses
|
|
(6,331
|
)
|
|
1,658
|
|
||
|
Changes in other regulatory assets
|
|
60,014
|
|
|
73,920
|
|
||
|
Changes in other regulatory liabilities
|
|
(72,060
|
)
|
|
30,847
|
|
||
|
Changes in pension and other postretirement liabilities
|
|
(70,489
|
)
|
|
(63,735
|
)
|
||
|
Other
|
|
(117,625
|
)
|
|
(100,827
|
)
|
||
|
Net cash flow provided by operating activities
|
|
927,176
|
|
|
877,945
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(1,177,121
|
)
|
|
(675,248
|
)
|
||
|
Allowance for equity funds used during construction
|
|
34,492
|
|
|
18,479
|
|
||
|
Payment for purchase of plant
|
|
—
|
|
|
(474,670
|
)
|
||
|
Nuclear fuel purchases
|
|
(159,637
|
)
|
|
(49,219
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
28,884
|
|
|
64,498
|
|
||
|
Receipts from storm reserve escrow account
|
|
8,836
|
|
|
—
|
|
||
|
Payments to storm reserve escrow account
|
|
(1,422
|
)
|
|
(823
|
)
|
||
|
Changes to securitization account
|
|
(6,538
|
)
|
|
(6,649
|
)
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
176,056
|
|
|
178,183
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(204,500
|
)
|
|
(206,976
|
)
|
||
|
Changes in money pool receivable - net
|
|
(50,396
|
)
|
|
(3,274
|
)
|
||
|
Insurance proceeds
|
|
5,305
|
|
|
—
|
|
||
|
Litigation proceeds for reimbursement of spent nuclear fuel storage costs
|
|
—
|
|
|
17,274
|
|
||
|
Changes in other investments - net
|
|
(33,324
|
)
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(1,379,365
|
)
|
|
(1,138,425
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
646,850
|
|
|
1,389,315
|
|
||
|
Retirement of long-term debt
|
|
(296,359
|
)
|
|
(831,632
|
)
|
||
|
Changes in credit borrowings - net
|
|
36,762
|
|
|
(18,385
|
)
|
||
|
Distributions paid:
|
|
|
|
|
||||
|
Common equity
|
|
(91,250
|
)
|
|
(215,000
|
)
|
||
|
Other
|
|
(2,141
|
)
|
|
(3,841
|
)
|
||
|
Net cash flow provided by financing activities
|
|
293,862
|
|
|
320,457
|
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
(158,327
|
)
|
|
59,977
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
213,850
|
|
|
35,102
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$55,523
|
|
|
|
$95,079
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$189,896
|
|
|
|
$251,196
|
|
|
Income taxes
|
|
|
($116,937
|
)
|
|
|
$62,676
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$10,143
|
|
|
|
$49,972
|
|
|
Temporary cash investments
|
|
45,380
|
|
|
163,878
|
|
||
|
Total cash and cash equivalents
|
|
55,523
|
|
|
213,850
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
288,237
|
|
|
213,517
|
|
||
|
Allowance for doubtful accounts
|
|
(7,677
|
)
|
|
(6,277
|
)
|
||
|
Associated companies
|
|
190,048
|
|
|
155,794
|
|
||
|
Other
|
|
58,933
|
|
|
54,186
|
|
||
|
Accrued unbilled revenues
|
|
174,379
|
|
|
159,176
|
|
||
|
Total accounts receivable
|
|
703,920
|
|
|
576,396
|
|
||
|
Fuel inventory
|
|
43,095
|
|
|
50,738
|
|
||
|
Materials and supplies - at average cost
|
|
297,545
|
|
|
294,421
|
|
||
|
Deferred nuclear refueling outage costs
|
|
83,207
|
|
|
22,535
|
|
||
|
Prepaid taxes
|
|
12,966
|
|
|
110,104
|
|
||
|
Prepayments and other
|
|
85,303
|
|
|
41,687
|
|
||
|
TOTAL
|
|
1,281,559
|
|
|
1,309,731
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliate preferred membership interests
|
|
1,390,587
|
|
|
1,390,587
|
|
||
|
Decommissioning trust funds
|
|
1,260,022
|
|
|
1,140,707
|
|
||
|
Storm reserve escrow account
|
|
284,071
|
|
|
291,485
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
236,802
|
|
|
217,494
|
|
||
|
Other
|
|
18,837
|
|
|
28,844
|
|
||
|
TOTAL
|
|
3,190,319
|
|
|
3,069,117
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
19,237,157
|
|
|
18,827,532
|
|
||
|
Natural gas
|
|
182,704
|
|
|
172,816
|
|
||
|
Construction work in progress
|
|
1,225,066
|
|
|
670,201
|
|
||
|
Nuclear fuel
|
|
339,749
|
|
|
249,807
|
|
||
|
TOTAL UTILITY PLANT
|
|
20,984,676
|
|
|
19,920,356
|
|
||
|
Less - accumulated depreciation and amortization
|
|
8,622,235
|
|
|
8,420,596
|
|
||
|
UTILITY PLANT - NET
|
|
12,362,441
|
|
|
11,499,760
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
480,257
|
|
|
470,480
|
|
||
|
Other regulatory assets (includes securitization property of $76,520 as of September 30, 2017 and $92,951 as of December 31, 2016)
|
|
1,098,267
|
|
|
1,168,058
|
|
||
|
Deferred fuel costs
|
|
168,122
|
|
|
168,122
|
|
||
|
Other
|
|
17,374
|
|
|
16,003
|
|
||
|
TOTAL
|
|
1,764,020
|
|
|
1,822,663
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$18,598,339
|
|
|
|
$17,701,271
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$675,002
|
|
|
|
$200,198
|
|
|
Short-term borrowings
|
|
40,555
|
|
|
3,794
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
85,920
|
|
|
82,106
|
|
||
|
Other
|
|
347,338
|
|
|
358,741
|
|
||
|
Customer deposits
|
|
149,274
|
|
|
148,601
|
|
||
|
Interest accrued
|
|
84,747
|
|
|
75,598
|
|
||
|
Deferred fuel costs
|
|
10,458
|
|
|
48,211
|
|
||
|
Other
|
|
88,525
|
|
|
80,013
|
|
||
|
TOTAL
|
|
1,481,819
|
|
|
997,262
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
2,998,156
|
|
|
2,691,118
|
|
||
|
Accumulated deferred investment tax credits
|
|
123,088
|
|
|
126,741
|
|
||
|
Other regulatory liabilities
|
|
808,914
|
|
|
880,974
|
|
||
|
Decommissioning
|
|
1,125,732
|
|
|
1,082,685
|
|
||
|
Accumulated provisions
|
|
304,441
|
|
|
310,772
|
|
||
|
Pension and other postretirement liabilities
|
|
709,396
|
|
|
780,278
|
|
||
|
Long-term debt (includes securitization bonds of $89,430 as of September 30, 2017 and $99,217 as of December 31, 2016)
|
|
5,492,494
|
|
|
5,612,593
|
|
||
|
Other
|
|
159,711
|
|
|
137,039
|
|
||
|
TOTAL
|
|
11,721,932
|
|
|
11,622,200
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
EQUITY
|
|
|
|
|
||||
|
Member's equity
|
|
5,444,080
|
|
|
5,130,251
|
|
||
|
Accumulated other comprehensive loss
|
|
(49,492
|
)
|
|
(48,442
|
)
|
||
|
TOTAL
|
|
5,394,588
|
|
|
5,081,809
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$18,598,339
|
|
|
|
$17,701,271
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
|
|
|
|
||||||||
|
|
Common Equity
|
|
|
||||||||
|
|
Member’s
Equity |
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
||||||
|
|
(In Thousands)
|
||||||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2015
|
|
$4,793,724
|
|
|
|
($56,412
|
)
|
|
|
$4,737,312
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
554,437
|
|
|
—
|
|
|
554,437
|
|
|||
|
Other comprehensive loss
|
—
|
|
|
(725
|
)
|
|
(725
|
)
|
|||
|
Distributions declared on common equity
|
(215,000
|
)
|
|
—
|
|
|
(215,000
|
)
|
|||
|
Other
|
(22
|
)
|
|
—
|
|
|
(22
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2016
|
|
$5,133,139
|
|
|
|
($57,137
|
)
|
|
|
$5,076,002
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2016
|
|
$5,130,251
|
|
|
|
($48,442
|
)
|
|
|
$5,081,809
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
405,141
|
|
|
—
|
|
|
405,141
|
|
|||
|
Other comprehensive loss
|
—
|
|
|
(1,050
|
)
|
|
(1,050
|
)
|
|||
|
Distributions declared on common equity
|
(91,250
|
)
|
|
—
|
|
|
(91,250
|
)
|
|||
|
Other
|
(62
|
)
|
|
—
|
|
|
(62
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2017
|
|
$5,444,080
|
|
|
|
($49,492
|
)
|
|
|
$5,394,588
|
|
|
|
|
|
|
|
|
||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$411
|
|
|
|
$413
|
|
|
|
($2
|
)
|
|
—
|
|
|
Commercial
|
|
285
|
|
|
273
|
|
|
12
|
|
|
4
|
|
|||
|
Industrial
|
|
428
|
|
|
361
|
|
|
67
|
|
|
19
|
|
|||
|
Governmental
|
|
19
|
|
|
18
|
|
|
1
|
|
|
6
|
|
|||
|
Total retail
|
|
1,143
|
|
|
1,065
|
|
|
78
|
|
|
7
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
69
|
|
|
116
|
|
|
(47
|
)
|
|
(41
|
)
|
|||
|
Non-associated companies
|
|
23
|
|
|
13
|
|
|
10
|
|
|
77
|
|
|||
|
Other
|
|
45
|
|
|
46
|
|
|
(1
|
)
|
|
(2
|
)
|
|||
|
Total
|
|
|
$1,280
|
|
|
|
$1,240
|
|
|
|
$40
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
4,301
|
|
|
4,635
|
|
|
(334
|
)
|
|
(7
|
)
|
|||
|
Commercial
|
|
3,228
|
|
|
3,363
|
|
|
(135
|
)
|
|
(4
|
)
|
|||
|
Industrial
|
|
7,627
|
|
|
7,345
|
|
|
282
|
|
|
4
|
|
|||
|
Governmental
|
|
208
|
|
|
208
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
15,364
|
|
|
15,551
|
|
|
(187
|
)
|
|
(1
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,164
|
|
|
2,360
|
|
|
(1,196
|
)
|
|
(51
|
)
|
|||
|
Non-associated companies
|
|
616
|
|
|
335
|
|
|
281
|
|
|
84
|
|
|||
|
Total
|
|
17,144
|
|
|
18,246
|
|
|
(1,102
|
)
|
|
(6
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$911
|
|
|
|
$913
|
|
|
|
($2
|
)
|
|
—
|
|
|
Commercial
|
|
716
|
|
|
694
|
|
|
22
|
|
|
3
|
|
|||
|
Industrial
|
|
1,147
|
|
|
1,006
|
|
|
141
|
|
|
14
|
|
|||
|
Governmental
|
|
51
|
|
|
50
|
|
|
1
|
|
|
2
|
|
|||
|
Total retail
|
|
2,825
|
|
|
2,663
|
|
|
162
|
|
|
6
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
204
|
|
|
310
|
|
|
(106
|
)
|
|
(34
|
)
|
|||
|
Non-associated companies
|
|
53
|
|
|
37
|
|
|
16
|
|
|
43
|
|
|||
|
Other
|
|
135
|
|
|
156
|
|
|
(21
|
)
|
|
(13
|
)
|
|||
|
Total
|
|
|
$3,217
|
|
|
|
$3,166
|
|
|
|
$51
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
10,154
|
|
|
10,608
|
|
|
(454
|
)
|
|
(4
|
)
|
|||
|
Commercial
|
|
8,497
|
|
|
8,622
|
|
|
(125
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
22,272
|
|
|
21,662
|
|
|
610
|
|
|
3
|
|
|||
|
Governmental
|
|
595
|
|
|
602
|
|
|
(7
|
)
|
|
(1
|
)
|
|||
|
Total retail
|
|
41,518
|
|
|
41,494
|
|
|
24
|
|
|
—
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
3,399
|
|
|
6,104
|
|
|
(2,705
|
)
|
|
(44
|
)
|
|||
|
Non-associated companies
|
|
1,280
|
|
|
1,321
|
|
|
(41
|
)
|
|
(3
|
)
|
|||
|
Total
|
|
46,197
|
|
|
48,919
|
|
|
(2,722
|
)
|
|
(6
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$214.7
|
|
|
Volume/weather
|
(9.3
|
)
|
|
|
Retail electric price
|
(5.0
|
)
|
|
|
Other
|
0.9
|
|
|
|
2017 net revenue
|
|
$201.3
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$541.2
|
|
|
Volume/weather
|
(19.6
|
)
|
|
|
Retail electric price
|
6.6
|
|
|
|
Other
|
1.4
|
|
|
|
2017 net revenue
|
|
$529.6
|
|
|
•
|
a decrease of $6.6 million in storm damage provisions. See Note 2 to the financial statements herein and in the Form 10-K for a discussion on storm cost recovery; and
|
|
•
|
a decrease of $3.6 million in fossil-fueled generation expenses
primarily due to lower long-term service agreement costs, partially offset by a higher scope of work done in 2017 as compared to the same period in 2016.
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$76,834
|
|
|
|
$145,605
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
129,314
|
|
|
141,960
|
|
||
|
Investing activities
|
(300,966
|
)
|
|
(244,814
|
)
|
||
|
Financing activities
|
94,867
|
|
|
265,513
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(76,785
|
)
|
|
162,659
|
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$49
|
|
|
|
$308,264
|
|
|
•
|
an increase of $53.1 million in transmission construction expenditures primarily due to a higher scope of work performed in 2017 as compared to the same period in 2016;
|
|
•
|
an increase of $18.5 million in fossil-fueled generation construction expenditures primarily due to a higher scope of work performed in 2017 as compared to the same period in 2016;
|
|
•
|
an increase of $13.1 million in storm spending in 2017 as compared to the same period in 2016; and
|
|
•
|
an increase of $9.1 million in distribution construction expenditures primarily due to a higher scope of non-storm related work performed in 2017 as compared to the same period in 2016.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||
|
Debt to capital
|
48.4
|
%
|
|
50.2
|
%
|
|
Effect of subtracting cash
|
—
|
%
|
|
(1.8
|
%)
|
|
Net debt to net capital
|
48.4
|
%
|
|
48.4
|
%
|
|
September 30, 2017
|
|
December 31, 2016
|
|
September 30, 2016
|
|
December 31, 2015
|
|
(In Thousands)
|
||||||
|
($106,180)
|
|
$10,595
|
|
$50,916
|
|
$25,930
|
|
ENTERGY MISSISSIPPI, INC.
|
||||||||||||||||
|
INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$349,197
|
|
|
|
$309,739
|
|
|
|
$898,852
|
|
|
|
$820,923
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
61,681
|
|
|
3,444
|
|
|
146,869
|
|
|
64,790
|
|
||||
|
Purchased power
|
|
90,086
|
|
|
87,070
|
|
|
236,409
|
|
|
216,814
|
|
||||
|
Other operation and maintenance
|
|
57,491
|
|
|
67,155
|
|
|
172,199
|
|
|
178,809
|
|
||||
|
Taxes other than income taxes
|
|
23,568
|
|
|
24,837
|
|
|
71,518
|
|
|
68,821
|
|
||||
|
Depreciation and amortization
|
|
36,176
|
|
|
34,438
|
|
|
106,935
|
|
|
101,746
|
|
||||
|
Other regulatory charges (credits) - net
|
|
(3,840
|
)
|
|
4,483
|
|
|
(13,983
|
)
|
|
(1,832
|
)
|
||||
|
TOTAL
|
|
265,162
|
|
|
221,427
|
|
|
719,947
|
|
|
629,148
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
84,035
|
|
|
88,312
|
|
|
178,905
|
|
|
191,775
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
2,566
|
|
|
1,441
|
|
|
6,741
|
|
|
4,072
|
|
||||
|
Interest and investment income
|
|
—
|
|
|
129
|
|
|
33
|
|
|
490
|
|
||||
|
Miscellaneous - net
|
|
(54
|
)
|
|
(849
|
)
|
|
(1,032
|
)
|
|
(2,604
|
)
|
||||
|
TOTAL
|
|
2,512
|
|
|
721
|
|
|
5,742
|
|
|
1,958
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
12,713
|
|
|
13,866
|
|
|
37,953
|
|
|
43,866
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(1,048
|
)
|
|
(741
|
)
|
|
(2,681
|
)
|
|
(2,099
|
)
|
||||
|
TOTAL
|
|
11,665
|
|
|
13,125
|
|
|
35,272
|
|
|
41,767
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
74,882
|
|
|
75,908
|
|
|
149,375
|
|
|
151,966
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
28,337
|
|
|
29,296
|
|
|
57,369
|
|
|
56,042
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
46,545
|
|
|
46,612
|
|
|
92,006
|
|
|
95,924
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
238
|
|
|
707
|
|
|
715
|
|
|
2,121
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$46,307
|
|
|
|
$45,905
|
|
|
|
$91,291
|
|
|
|
$93,803
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$92,006
|
|
|
|
$95,924
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
106,935
|
|
|
101,746
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
65,204
|
|
|
43,201
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(31,085
|
)
|
|
(39,253
|
)
|
||
|
Fuel inventory
|
|
8,059
|
|
|
412
|
|
||
|
Accounts payable
|
|
(2,644
|
)
|
|
25,200
|
|
||
|
Taxes accrued
|
|
(5,815
|
)
|
|
(765
|
)
|
||
|
Interest accrued
|
|
(2,366
|
)
|
|
(2,349
|
)
|
||
|
Deferred fuel costs
|
|
(27,344
|
)
|
|
(79,671
|
)
|
||
|
Other working capital accounts
|
|
(279
|
)
|
|
(1,910
|
)
|
||
|
Provisions for estimated losses
|
|
(10,274
|
)
|
|
5,221
|
|
||
|
Other regulatory assets
|
|
(33,323
|
)
|
|
18,851
|
|
||
|
Pension and other postretirement liabilities
|
|
(18,863
|
)
|
|
(18,871
|
)
|
||
|
Other assets and liabilities
|
|
(10,897
|
)
|
|
(5,776
|
)
|
||
|
Net cash flow provided by operating activities
|
|
129,314
|
|
|
141,960
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(313,910
|
)
|
|
(223,643
|
)
|
||
|
Allowance for equity funds used during construction
|
|
6,741
|
|
|
4,072
|
|
||
|
Changes in money pool receivable - net
|
|
10,595
|
|
|
(24,986
|
)
|
||
|
Change in other investments
|
|
(3,185
|
)
|
|
—
|
|
||
|
Other
|
|
(1,207
|
)
|
|
(257
|
)
|
||
|
Net cash flow used in investing activities
|
|
(300,966
|
)
|
|
(244,814
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
—
|
|
|
624,034
|
|
||
|
Retirement of long-term debt
|
|
—
|
|
|
(332,400
|
)
|
||
|
Change in money pool payable - net
|
|
106,180
|
|
|
—
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(10,500
|
)
|
|
(24,000
|
)
|
||
|
Preferred stock
|
|
(715
|
)
|
|
(2,121
|
)
|
||
|
Other
|
|
(98
|
)
|
|
—
|
|
||
|
Net cash flow provided by financing activities
|
|
94,867
|
|
|
265,513
|
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
(76,785
|
)
|
|
162,659
|
|
||
|
Cash and cash equivalents at beginning of period
|
|
76,834
|
|
|
145,605
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$49
|
|
|
|
$308,264
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$38,549
|
|
|
|
$44,209
|
|
|
Income taxes
|
|
|
($15,087
|
)
|
|
|
$3,878
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$42
|
|
|
|
$16
|
|
|
Temporary cash investments
|
|
7
|
|
|
76,818
|
|
||
|
Total cash and cash equivalents
|
|
49
|
|
|
76,834
|
|
||
|
Accounts receivable:
|
|
|
|
|
|
|
||
|
Customer
|
|
81,898
|
|
|
51,218
|
|
||
|
Allowance for doubtful accounts
|
|
(669
|
)
|
|
(549
|
)
|
||
|
Associated companies
|
|
34,417
|
|
|
45,973
|
|
||
|
Other
|
|
8,835
|
|
|
12,006
|
|
||
|
Accrued unbilled revenues
|
|
55,983
|
|
|
51,327
|
|
||
|
Total accounts receivable
|
|
180,464
|
|
|
159,975
|
|
||
|
Deferred fuel costs
|
|
34,301
|
|
|
6,957
|
|
||
|
Fuel inventory - at average cost
|
|
42,813
|
|
|
50,872
|
|
||
|
Materials and supplies - at average cost
|
|
44,100
|
|
|
41,146
|
|
||
|
Prepayments and other
|
|
14,555
|
|
|
8,873
|
|
||
|
TOTAL
|
|
316,282
|
|
|
344,657
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
4,596
|
|
|
4,608
|
|
||
|
Escrow accounts
|
|
31,894
|
|
|
31,783
|
|
||
|
TOTAL
|
|
36,490
|
|
|
36,391
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
|
|
||
|
Electric
|
|
4,454,890
|
|
|
4,321,214
|
|
||
|
Property under capital lease
|
|
502
|
|
|
1,590
|
|
||
|
Construction work in progress
|
|
234,116
|
|
|
118,182
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,689,508
|
|
|
4,440,986
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,651,270
|
|
|
1,602,711
|
|
||
|
UTILITY PLANT - NET
|
|
3,038,238
|
|
|
2,838,275
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
|
|
||
|
Regulatory assets:
|
|
|
|
|
|
|
||
|
Regulatory asset for income taxes - net
|
|
40,367
|
|
|
38,284
|
|
||
|
Other regulatory assets
|
|
373,453
|
|
|
342,213
|
|
||
|
Other
|
|
3,710
|
|
|
2,320
|
|
||
|
TOTAL
|
|
417,530
|
|
|
382,817
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,808,540
|
|
|
|
$3,602,140
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Accounts payable:
|
|
|
|
|
|
|
||
|
Associated companies
|
|
|
$147,147
|
|
|
|
$43,647
|
|
|
Other
|
|
75,915
|
|
|
80,227
|
|
||
|
Customer deposits
|
|
83,682
|
|
|
84,112
|
|
||
|
Taxes accrued
|
|
58,225
|
|
|
64,040
|
|
||
|
Interest accrued
|
|
19,287
|
|
|
21,653
|
|
||
|
Other
|
|
13,589
|
|
|
9,554
|
|
||
|
TOTAL
|
|
397,845
|
|
|
303,233
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Accumulated deferred income taxes and taxes accrued
|
|
926,123
|
|
|
861,331
|
|
||
|
Accumulated deferred investment tax credits
|
|
8,811
|
|
|
8,667
|
|
||
|
Asset retirement cost liabilities
|
|
9,092
|
|
|
8,722
|
|
||
|
Accumulated provisions
|
|
44,166
|
|
|
54,440
|
|
||
|
Pension and other postretirement liabilities
|
|
90,696
|
|
|
109,551
|
|
||
|
Long-term debt
|
|
1,121,606
|
|
|
1,120,916
|
|
||
|
Other
|
|
14,238
|
|
|
20,108
|
|
||
|
TOTAL
|
|
2,214,732
|
|
|
2,183,735
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||||
|
Preferred stock without sinking fund
|
|
20,381
|
|
|
20,381
|
|
||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
|
|
||
|
Common stock, no par value, authorized 12,000,000 shares; issued and outstanding 8,666,357 shares in 2017 and 2016
|
|
199,326
|
|
|
199,326
|
|
||
|
Capital stock expense and other
|
|
167
|
|
|
167
|
|
||
|
Retained earnings
|
|
976,089
|
|
|
895,298
|
|
||
|
TOTAL
|
|
1,175,582
|
|
|
1,094,791
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,808,540
|
|
|
|
$3,602,140
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Capital Stock
Expense and
Other
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$813,414
|
|
|
|
$1,012,050
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
95,924
|
|
|
95,924
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(24,000
|
)
|
|
(24,000
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(2,121
|
)
|
|
(2,121
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2016
|
|
$199,326
|
|
|
|
($690
|
)
|
|
|
$883,217
|
|
|
|
$1,081,853
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
$199,326
|
|
|
|
$167
|
|
|
|
$895,298
|
|
|
|
$1,094,791
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
92,006
|
|
|
92,006
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(10,500
|
)
|
|
(10,500
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(715
|
)
|
|
(715
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2017
|
|
$199,326
|
|
|
|
$167
|
|
|
|
$976,089
|
|
|
|
$1,175,582
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$158
|
|
|
|
$141
|
|
|
|
$17
|
|
|
12
|
|
|
Commercial
|
|
121
|
|
|
102
|
|
|
19
|
|
|
19
|
|
|||
|
Industrial
|
|
41
|
|
|
34
|
|
|
7
|
|
|
21
|
|
|||
|
Governmental
|
|
11
|
|
|
10
|
|
|
1
|
|
|
10
|
|
|||
|
Total retail
|
|
331
|
|
|
287
|
|
|
44
|
|
|
15
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
4
|
|
|
11
|
|
|
(7
|
)
|
|
(64
|
)
|
|||
|
Other
|
|
14
|
|
|
12
|
|
|
2
|
|
|
17
|
|
|||
|
Total
|
|
|
$349
|
|
|
|
$310
|
|
|
|
$39
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
1,747
|
|
|
1,955
|
|
|
(208
|
)
|
|
(11
|
)
|
|||
|
Commercial
|
|
1,407
|
|
|
1,477
|
|
|
(70
|
)
|
|
(5
|
)
|
|||
|
Industrial
|
|
665
|
|
|
693
|
|
|
(28
|
)
|
|
(4
|
)
|
|||
|
Governmental
|
|
118
|
|
|
128
|
|
|
(10
|
)
|
|
(8
|
)
|
|||
|
Total retail
|
|
3,937
|
|
|
4,253
|
|
|
(316
|
)
|
|
(7
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
251
|
|
|
384
|
|
|
(133
|
)
|
|
(35
|
)
|
|||
|
Total
|
|
4,188
|
|
|
4,637
|
|
|
(449
|
)
|
|
(10
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
|
$380
|
|
|
|
$345
|
|
|
|
$35
|
|
|
10
|
|
|
Commercial
|
|
314
|
|
|
275
|
|
|
39
|
|
|
14
|
|
|||
|
Industrial
|
|
115
|
|
|
97
|
|
|
18
|
|
|
19
|
|
|||
|
Governmental
|
|
30
|
|
|
29
|
|
|
1
|
|
|
3
|
|
|||
|
Total retail
|
|
839
|
|
|
746
|
|
|
93
|
|
|
12
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
16
|
|
|
21
|
|
|
(5
|
)
|
|
(24
|
)
|
|||
|
Other
|
|
44
|
|
|
54
|
|
|
(10
|
)
|
|
(19
|
)
|
|||
|
Total
|
|
|
$899
|
|
|
|
$821
|
|
|
|
$78
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
4,072
|
|
|
4,325
|
|
|
(253
|
)
|
|
(6
|
)
|
|||
|
Commercial
|
|
3,611
|
|
|
3,682
|
|
|
(71
|
)
|
|
(2
|
)
|
|||
|
Industrial
|
|
1,869
|
|
|
1,829
|
|
|
40
|
|
|
2
|
|
|||
|
Governmental
|
|
317
|
|
|
328
|
|
|
(11
|
)
|
|
(3
|
)
|
|||
|
Total retail
|
|
9,869
|
|
|
10,164
|
|
|
(295
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
744
|
|
|
759
|
|
|
(15
|
)
|
|
(2
|
)
|
|||
|
Total
|
|
10,613
|
|
|
10,923
|
|
|
(310
|
)
|
|
(3
|
)
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$96.0
|
|
|
Retail electric price
|
(4.8
|
)
|
|
|
Volume/weather
|
(3.3
|
)
|
|
|
Other
|
0.4
|
|
|
|
2017 net revenue
|
|
$88.3
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$244.4
|
|
|
Volume/weather
|
(6.4
|
)
|
|
|
Retail electric price
|
(1.7
|
)
|
|
|
Other
|
1.5
|
|
|
|
2017 net revenue
|
|
$237.8
|
|
|
•
|
a decrease of $2.9 million in fossil-fueled generation expenses primarily due to the deactivation of Michoud Units 2 and 3 effective May 2016 and higher outages costs at Power Block 1 of the Union Power Station in 2016 as compared to the same period in 2017;
|
|
•
|
a decrease of $2.1 million in loss provisions;
|
|
•
|
a decrease of $1.1 million due to lower write-offs of uncollectible customer accounts; and
|
|
•
|
a decrease of $1 million in energy efficiency costs.
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$103,068
|
|
|
|
$88,876
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
84,240
|
|
|
92,823
|
|
||
|
Investing activities
|
(116,704
|
)
|
|
(290,944
|
)
|
||
|
Financing activities
|
(41,722
|
)
|
|
147,134
|
|
||
|
Net decrease in cash and cash equivalents
|
(74,186
|
)
|
|
(50,987
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$28,882
|
|
|
|
$37,889
|
|
|
•
|
the issuance of $110 million of 5.50% Series first mortgage bonds in March 2016;
|
|
•
|
the issuance of $85 million of 4% Series first mortgage bonds in May 2016. Entergy New Orleans used the proceeds to pay, prior to maturity, its $33.271 million of 5.6% Series first mortgage bonds due September 2024 and to pay, prior to maturity, its $37.772 million of 5.65% Series first mortgage bonds due September 2029;
|
|
•
|
a $47.8 million capital contribution received from Entergy Corporation in March 2016 in anticipation of Entergy New Orleans’s purchase of Power Block 1 of the Union Power Station. See Note 14 to the financial statements in the Form 10-K for discussion of the Union Power Station purchase; and
|
|
•
|
$36.1 million in common stock dividends paid in 2017 as compared to $14 million in common stock dividends paid in 2016. There were no common stock dividends paid in first quarter 2016 in anticipation of the purchase of Power Block 1 of the Union Power Station in March 2016.
|
|
|
September 30,
2017
|
|
December 31,
2016
|
||
|
Debt to capital
|
49.4
|
%
|
|
50.1
|
%
|
|
Effect of excluding securitization bonds
|
(4.9
|
%)
|
|
(5.2
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
44.5
|
%
|
|
44.9
|
%
|
|
Effect of subtracting cash
|
(2.0
|
%)
|
|
(8.0
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
42.5
|
%
|
|
36.9
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy New Orleans.
|
|
September 30,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
(In Thousands)
|
||||||
|
$46,282
|
|
$14,215
|
|
$6,172
|
|
$15,794
|
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$182,451
|
|
|
|
$185,775
|
|
|
|
$482,251
|
|
|
|
$457,317
|
|
|
Natural gas
|
|
16,566
|
|
|
15,561
|
|
|
61,977
|
|
|
58,279
|
|
||||
|
TOTAL
|
|
199,017
|
|
|
201,336
|
|
|
544,228
|
|
|
515,596
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
26,082
|
|
|
19,231
|
|
|
79,118
|
|
|
42,706
|
|
||||
|
Purchased power
|
|
79,137
|
|
|
82,581
|
|
|
220,601
|
|
|
221,689
|
|
||||
|
Other operation and maintenance
|
|
26,448
|
|
|
27,251
|
|
|
74,256
|
|
|
78,752
|
|
||||
|
Taxes other than income taxes
|
|
15,135
|
|
|
13,409
|
|
|
41,397
|
|
|
35,846
|
|
||||
|
Depreciation and amortization
|
|
13,286
|
|
|
13,047
|
|
|
39,356
|
|
|
38,719
|
|
||||
|
Other regulatory charges - net
|
|
5,514
|
|
|
3,538
|
|
|
6,717
|
|
|
6,812
|
|
||||
|
TOTAL
|
|
165,602
|
|
|
159,057
|
|
|
461,445
|
|
|
424,524
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
33,415
|
|
|
42,279
|
|
|
82,783
|
|
|
91,072
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
654
|
|
|
311
|
|
|
1,656
|
|
|
767
|
|
||||
|
Interest and investment income
|
|
222
|
|
|
58
|
|
|
521
|
|
|
157
|
|
||||
|
Miscellaneous - net
|
|
39
|
|
|
(92
|
)
|
|
177
|
|
|
(144
|
)
|
||||
|
TOTAL
|
|
915
|
|
|
277
|
|
|
2,354
|
|
|
780
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
5,313
|
|
|
5,373
|
|
|
16,012
|
|
|
15,730
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(229
|
)
|
|
(116
|
)
|
|
(580
|
)
|
|
(291
|
)
|
||||
|
TOTAL
|
|
5,084
|
|
|
5,257
|
|
|
15,432
|
|
|
15,439
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
29,246
|
|
|
37,299
|
|
|
69,705
|
|
|
76,413
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
10,717
|
|
|
13,598
|
|
|
25,316
|
|
|
29,701
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
18,529
|
|
|
23,701
|
|
|
44,389
|
|
|
46,712
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Preferred dividend requirements and other
|
|
241
|
|
|
241
|
|
|
724
|
|
|
724
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$18,288
|
|
|
|
$23,460
|
|
|
|
$43,665
|
|
|
|
$45,988
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$44,389
|
|
|
|
$46,712
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
39,356
|
|
|
38,719
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
30,834
|
|
|
132,201
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(17,030
|
)
|
|
(17,409
|
)
|
||
|
Fuel inventory
|
|
(490
|
)
|
|
(215
|
)
|
||
|
Accounts payable
|
|
(4,950
|
)
|
|
7,088
|
|
||
|
Prepaid taxes
|
|
(4,484
|
)
|
|
(87,763
|
)
|
||
|
Interest accrued
|
|
546
|
|
|
1,172
|
|
||
|
Deferred fuel costs
|
|
4,258
|
|
|
(16,671
|
)
|
||
|
Other working capital accounts
|
|
(6,750
|
)
|
|
735
|
|
||
|
Provisions for estimated losses
|
|
(1,702
|
)
|
|
678
|
|
||
|
Other regulatory assets
|
|
10,093
|
|
|
6,837
|
|
||
|
Pension and other postretirement liabilities
|
|
(13,793
|
)
|
|
(13,673
|
)
|
||
|
Other assets and liabilities
|
|
3,963
|
|
|
(5,588
|
)
|
||
|
Net cash flow provided by operating activities
|
|
84,240
|
|
|
92,823
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(81,143
|
)
|
|
(63,161
|
)
|
||
|
Allowance for equity funds used during construction
|
|
1,656
|
|
|
767
|
|
||
|
Payment for purchase of plant
|
|
—
|
|
|
(237,335
|
)
|
||
|
Investment in affiliates
|
|
—
|
|
|
(38
|
)
|
||
|
Changes in money pool receivable - net
|
|
(32,067
|
)
|
|
9,622
|
|
||
|
Receipts from storm reserve escrow account
|
|
—
|
|
|
3
|
|
||
|
Payments to storm reserve escrow account
|
|
(406
|
)
|
|
(300
|
)
|
||
|
Changes in securitization account
|
|
(2,990
|
)
|
|
(502
|
)
|
||
|
Change in other investments
|
|
(1,754
|
)
|
|
—
|
|
||
|
Net cash flow used in investing activities
|
|
(116,704
|
)
|
|
(290,944
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
—
|
|
|
190,697
|
|
||
|
Retirement of long-term debt
|
|
(5,114
|
)
|
|
(77,094
|
)
|
||
|
Capital contribution from parent
|
|
—
|
|
|
47,750
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(36,100
|
)
|
|
(14,000
|
)
|
||
|
Preferred stock
|
|
(724
|
)
|
|
(724
|
)
|
||
|
Other
|
|
216
|
|
|
505
|
|
||
|
Net cash flow provided by (used in) financing activities
|
|
(41,722
|
)
|
|
147,134
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(74,186
|
)
|
|
(50,987
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
103,068
|
|
|
88,876
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$28,882
|
|
|
|
$37,889
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$14,668
|
|
|
|
$13,613
|
|
|
Income taxes
|
|
|
$—
|
|
|
|
$8,500
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
|
|
|
||||
|
Cash
|
|
|
$518
|
|
|
|
$28
|
|
|
Temporary cash investments
|
|
28,364
|
|
|
103,040
|
|
||
|
Total cash and cash equivalents
|
|
28,882
|
|
|
103,068
|
|
||
|
Securitization recovery trust account
|
|
4,728
|
|
|
1,738
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
57,440
|
|
|
43,536
|
|
||
|
Allowance for doubtful accounts
|
|
(3,140
|
)
|
|
(3,059
|
)
|
||
|
Associated companies
|
|
49,213
|
|
|
16,811
|
|
||
|
Other
|
|
4,928
|
|
|
5,926
|
|
||
|
Accrued unbilled revenues
|
|
22,124
|
|
|
18,254
|
|
||
|
Total accounts receivable
|
|
130,565
|
|
|
81,468
|
|
||
|
Deferred fuel costs
|
|
560
|
|
|
4,818
|
|
||
|
Fuel inventory - at average cost
|
|
2,331
|
|
|
1,841
|
|
||
|
Materials and supplies - at average cost
|
|
10,682
|
|
|
8,416
|
|
||
|
Prepaid taxes
|
|
8,863
|
|
|
4,379
|
|
||
|
Prepayments and other
|
|
15,515
|
|
|
6,587
|
|
||
|
TOTAL
|
|
202,126
|
|
|
212,315
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Non-utility property at cost (less accumulated depreciation)
|
|
1,016
|
|
|
1,016
|
|
||
|
Storm reserve escrow account
|
|
81,843
|
|
|
81,437
|
|
||
|
Other
|
|
2,414
|
|
|
7,160
|
|
||
|
TOTAL
|
|
85,273
|
|
|
89,613
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
1,276,279
|
|
|
1,258,934
|
|
||
|
Natural gas
|
|
252,608
|
|
|
240,408
|
|
||
|
Construction work in progress
|
|
49,885
|
|
|
24,975
|
|
||
|
TOTAL UTILITY PLANT
|
|
1,578,772
|
|
|
1,524,317
|
|
||
|
Less - accumulated depreciation and amortization
|
|
621,488
|
|
|
604,825
|
|
||
|
UTILITY PLANT - NET
|
|
957,284
|
|
|
919,492
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Deferred fuel costs
|
|
4,080
|
|
|
4,080
|
|
||
|
Other regulatory assets (includes securitization property of $74,586 as of September 30, 2017 and $82,272 as of December 31, 2016)
|
|
258,013
|
|
|
268,106
|
|
||
|
Other
|
|
890
|
|
|
963
|
|
||
|
TOTAL
|
|
262,983
|
|
|
273,149
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$1,507,666
|
|
|
|
$1,494,569
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Payable due to Entergy Louisiana
|
|
|
$2,104
|
|
|
|
$2,104
|
|
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
42,408
|
|
|
39,260
|
|
||
|
Other
|
|
26,110
|
|
|
35,920
|
|
||
|
Customer deposits
|
|
28,734
|
|
|
28,667
|
|
||
|
Interest accrued
|
|
5,989
|
|
|
5,443
|
|
||
|
Other
|
|
9,291
|
|
|
11,415
|
|
||
|
TOTAL CURRENT LIABILITIES
|
|
114,636
|
|
|
122,809
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
369,688
|
|
|
334,953
|
|
||
|
Accumulated deferred investment tax credits
|
|
528
|
|
|
622
|
|
||
|
Regulatory liability for income taxes - net
|
|
4,133
|
|
|
9,074
|
|
||
|
Asset retirement cost liabilities
|
|
3,024
|
|
|
2,875
|
|
||
|
Accumulated provisions
|
|
86,811
|
|
|
88,513
|
|
||
|
Pension and other postretirement liabilities
|
|
22,957
|
|
|
36,750
|
|
||
|
Long-term debt (includes securitization bonds of $79,844 as of September 30, 2017 and $84,776 as of December 31, 2016)
|
|
423,783
|
|
|
428,467
|
|
||
|
Long-term payable due to Entergy Louisiana
|
|
18,423
|
|
|
18,423
|
|
||
|
Gas system rebuild insurance proceeds
|
|
—
|
|
|
447
|
|
||
|
Other
|
|
9,392
|
|
|
4,910
|
|
||
|
TOTAL NON-CURRENT LIABILITIES
|
|
938,739
|
|
|
925,034
|
|
||
|
|
|
|
|
|
||||
|
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 2017 and 2016
|
|
33,744
|
|
|
33,744
|
|
||
|
Paid-in capital
|
|
171,544
|
|
|
171,544
|
|
||
|
Retained earnings
|
|
229,223
|
|
|
221,658
|
|
||
|
TOTAL
|
|
434,511
|
|
|
426,946
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$1,507,666
|
|
|
|
$1,494,569
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital |
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$33,744
|
|
|
|
$123,794
|
|
|
|
$192,494
|
|
|
|
$350,032
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
46,712
|
|
|
46,712
|
|
||||
|
Capital contribution from parent
|
—
|
|
|
47,750
|
|
|
—
|
|
|
47,750
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(14,000
|
)
|
|
(14,000
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(724
|
)
|
|
(724
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2016
|
|
$33,744
|
|
|
|
$171,544
|
|
|
|
$224,482
|
|
|
|
$429,770
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
$33,744
|
|
|
|
$171,544
|
|
|
|
$221,658
|
|
|
|
$426,946
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
44,389
|
|
|
44,389
|
|
||||
|
Common stock dividends
|
—
|
|
|
—
|
|
|
(36,100
|
)
|
|
(36,100
|
)
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(724
|
)
|
|
(724
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2017
|
|
$33,744
|
|
|
|
$171,544
|
|
|
|
$229,223
|
|
|
|
$434,511
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$82
|
|
|
|
$80
|
|
|
|
$2
|
|
|
3
|
|
|
Commercial
|
|
63
|
|
|
60
|
|
|
3
|
|
|
5
|
|
|||
|
Industrial
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|||
|
Governmental
|
|
21
|
|
|
20
|
|
|
1
|
|
|
5
|
|
|||
|
Total retail
|
|
175
|
|
|
169
|
|
|
6
|
|
|
4
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
11
|
|
|
(11
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
3
|
|
|
1
|
|
|
2
|
|
|
200
|
|
|||
|
Other
|
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
(20
|
)
|
|||
|
Total
|
|
|
$182
|
|
|
|
$186
|
|
|
|
($4
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
711
|
|
|
752
|
|
|
(41
|
)
|
|
(5
|
)
|
|||
|
Commercial
|
|
634
|
|
|
652
|
|
|
(18
|
)
|
|
(3
|
)
|
|||
|
Industrial
|
|
119
|
|
|
125
|
|
|
(6
|
)
|
|
(5
|
)
|
|||
|
Governmental
|
|
217
|
|
|
224
|
|
|
(7
|
)
|
|
(3
|
)
|
|||
|
Total retail
|
|
1,681
|
|
|
1,753
|
|
|
(72
|
)
|
|
(4
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
272
|
|
|
(272
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
255
|
|
|
28
|
|
|
227
|
|
|
811
|
|
|||
|
Total
|
|
1,936
|
|
|
2,053
|
|
|
(117
|
)
|
|
(6
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential
|
|
|
$191
|
|
|
|
$177
|
|
|
|
$14
|
|
|
8
|
|
|
Commercial
|
|
173
|
|
|
155
|
|
|
18
|
|
|
12
|
|
|||
|
Industrial
|
|
26
|
|
|
24
|
|
|
2
|
|
|
8
|
|
|||
|
Governmental
|
|
58
|
|
|
52
|
|
|
6
|
|
|
12
|
|
|||
|
Total retail
|
|
448
|
|
|
408
|
|
|
40
|
|
|
10
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
30
|
|
|
(30
|
)
|
|
(100
|
)
|
|||
|
Non associated companies
|
|
21
|
|
|
2
|
|
|
19
|
|
|
950
|
|
|||
|
Other
|
|
13
|
|
|
17
|
|
|
(4
|
)
|
|
(24
|
)
|
|||
|
Total
|
|
|
$482
|
|
|
|
$457
|
|
|
|
$25
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
1,635
|
|
|
1,710
|
|
|
(75
|
)
|
|
(4
|
)
|
|||
|
Commercial
|
|
1,690
|
|
|
1,700
|
|
|
(10
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
322
|
|
|
333
|
|
|
(11
|
)
|
|
(3
|
)
|
|||
|
Governmental
|
|
589
|
|
|
592
|
|
|
(3
|
)
|
|
(1
|
)
|
|||
|
Total retail
|
|
4,236
|
|
|
4,335
|
|
|
(99
|
)
|
|
(2
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated companies
|
|
—
|
|
|
1,070
|
|
|
(1,070
|
)
|
|
(100
|
)
|
|||
|
Non-associated companies
|
|
1,270
|
|
|
83
|
|
|
1,187
|
|
|
1,430
|
|
|||
|
Total
|
|
5,506
|
|
|
5,488
|
|
|
18
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$203.4
|
|
|
Volume/weather
|
(10.1
|
)
|
|
|
Net wholesale revenue
|
(9.8
|
)
|
|
|
Purchased power capacity
|
(3.7
|
)
|
|
|
Transmission revenue
|
(3.3
|
)
|
|
|
Retail electric price
|
6.3
|
|
|
|
Other
|
(1.3
|
)
|
|
|
2017 net revenue
|
|
$181.5
|
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2016 net revenue
|
|
$498.6
|
|
|
Net wholesale revenue
|
(30.7
|
)
|
|
|
Purchased power capacity
|
(5.5
|
)
|
|
|
Transmission revenue
|
(4.1
|
)
|
|
|
Retail electric
|
16.0
|
|
|
|
Other
|
0.5
|
|
|
|
2017 net revenue
|
|
$474.8
|
|
|
•
|
an increase of $2.6 million in transmission and distribution expenses primarily due to higher vegetation maintenance costs;
|
|
•
|
an increase of $1.8 million in customer service costs primarily due to higher write-offs of uncollectible customer accounts;
|
|
•
|
an increase of $1.6 million in fossil-fueled generation expenses primarily due to a higher scope of work done during plant outages in 2017 as compared to the same period in 2016;
|
|
•
|
an increase of $1.2 million as a result of the amount of transmission costs allocated by MISO
; and
|
|
•
|
an increase of $1.1 million in information technology expenses including software maintenance costs and upgrade projects.
|
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$6,181
|
|
|
|
$2,182
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
192,954
|
|
|
196,698
|
|
||
|
Investing activities
|
(228,582
|
)
|
|
(251,366
|
)
|
||
|
Financing activities
|
30,949
|
|
|
53,829
|
|
||
|
Net decrease in cash and cash equivalents
|
(4,679
|
)
|
|
(839
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$1,502
|
|
|
|
$1,343
|
|
|
•
|
the timing of recovery of fuel and purchased power costs in 2017 as compared to the same period in 2016;
|
|
•
|
income tax refunds of $1.4 million in 2017 compared to income tax payments of $3.4 million in 2016 in accordance with an intercompany income tax allocation agreement; and
|
|
•
|
a decrease of $3.3 million in interest paid in 2017 as compared to the same period in 2016.
|
|
|
September 30,
2017
|
|
December 31, 2016
|
||
|
Debt to capital
|
56.0
|
%
|
|
58.5
|
%
|
|
Effect of excluding the securitization bonds
|
(7.4
|
%)
|
|
(8.3
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
48.6
|
%
|
|
50.2
|
%
|
|
Effect of subtracting cash
|
—
|
%
|
|
(0.1
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
48.6
|
%
|
|
50.1
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.
|
|
September 30,
2017 |
|
December 31,
2016
|
|
September 30,
2016 |
|
December 31,
2015
|
|
(In Thousands)
|
||||||
|
($89,312)
|
|
$681
|
|
($12,399)
|
|
($22,068)
|
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$432,909
|
|
|
|
$442,085
|
|
|
|
$1,175,324
|
|
|
|
$1,233,311
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
60,292
|
|
|
21,919
|
|
|
164,447
|
|
|
185,801
|
|
||||
|
Purchased power
|
|
163,532
|
|
|
189,213
|
|
|
474,241
|
|
|
486,696
|
|
||||
|
Other operation and maintenance
|
|
51,917
|
|
|
50,536
|
|
|
162,400
|
|
|
157,706
|
|
||||
|
Taxes other than income taxes
|
|
20,811
|
|
|
17,486
|
|
|
59,506
|
|
|
54,081
|
|
||||
|
Depreciation and amortization
|
|
29,788
|
|
|
27,412
|
|
|
87,272
|
|
|
79,526
|
|
||||
|
Other regulatory charges - net
|
|
27,619
|
|
|
27,555
|
|
|
61,879
|
|
|
62,229
|
|
||||
|
TOTAL
|
|
353,959
|
|
|
334,121
|
|
|
1,009,745
|
|
|
1,026,039
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
78,950
|
|
|
107,964
|
|
|
165,579
|
|
|
207,272
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
1,849
|
|
|
1,472
|
|
|
4,762
|
|
|
6,174
|
|
||||
|
Interest and investment income
|
|
244
|
|
|
221
|
|
|
656
|
|
|
689
|
|
||||
|
Miscellaneous - net
|
|
1,298
|
|
|
(256
|
)
|
|
485
|
|
|
(726
|
)
|
||||
|
TOTAL
|
|
3,391
|
|
|
1,437
|
|
|
5,903
|
|
|
6,137
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
21,714
|
|
|
22,416
|
|
|
64,949
|
|
|
65,993
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(1,134
|
)
|
|
(954
|
)
|
|
(2,896
|
)
|
|
(4,008
|
)
|
||||
|
TOTAL
|
|
20,580
|
|
|
21,462
|
|
|
62,053
|
|
|
61,985
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
61,761
|
|
|
87,939
|
|
|
109,429
|
|
|
151,424
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
22,173
|
|
|
31,806
|
|
|
37,886
|
|
|
56,671
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$39,588
|
|
|
|
$56,133
|
|
|
|
$71,543
|
|
|
|
$94,753
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$71,543
|
|
|
|
$94,753
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
87,272
|
|
|
79,526
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
36,252
|
|
|
(7,605
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
(30,030
|
)
|
|
(40,678
|
)
|
||
|
Fuel inventory
|
|
(7,371
|
)
|
|
268
|
|
||
|
Accounts payable
|
|
24,711
|
|
|
(74
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
1,122
|
|
|
55,121
|
|
||
|
Interest accrued
|
|
(7,207
|
)
|
|
(9,453
|
)
|
||
|
Deferred fuel costs
|
|
(3,134
|
)
|
|
(6,472
|
)
|
||
|
Other working capital accounts
|
|
(8,455
|
)
|
|
(9,786
|
)
|
||
|
Provisions for estimated losses
|
|
(1,460
|
)
|
|
(3,318
|
)
|
||
|
Other regulatory assets
|
|
59,549
|
|
|
69,324
|
|
||
|
Pension and other postretirement liabilities
|
|
(22,978
|
)
|
|
(21,092
|
)
|
||
|
Other assets and liabilities
|
|
(6,860
|
)
|
|
(3,816
|
)
|
||
|
Net cash flow provided by operating activities
|
|
192,954
|
|
|
196,698
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(243,226
|
)
|
|
(264,394
|
)
|
||
|
Allowance for equity funds used during construction
|
|
4,879
|
|
|
6,266
|
|
||
|
Insurance proceeds received for property damages
|
|
2,431
|
|
|
—
|
|
||
|
Change in money pool receivable - net
|
|
681
|
|
|
—
|
|
||
|
Changes in securitization account
|
|
6,653
|
|
|
6,762
|
|
||
|
Net cash flow used in investing activities
|
|
(228,582
|
)
|
|
(251,366
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
—
|
|
|
123,502
|
|
||
|
Retirement of long-term debt
|
|
(58,076
|
)
|
|
(55,764
|
)
|
||
|
Changes in money pool payable - net
|
|
89,312
|
|
|
(9,669
|
)
|
||
|
Other
|
|
(287
|
)
|
|
(4,240
|
)
|
||
|
Net cash flow provided by financing activities
|
|
30,949
|
|
|
53,829
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(4,679
|
)
|
|
(839
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
6,181
|
|
|
2,182
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$1,502
|
|
|
|
$1,343
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$70,237
|
|
|
|
$73,570
|
|
|
Income taxes
|
|
|
($1,446
|
)
|
|
|
$3,443
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$1,472
|
|
|
|
$1,216
|
|
|
Temporary cash investments
|
|
30
|
|
|
4,965
|
|
||
|
Total cash and cash equivalents
|
|
1,502
|
|
|
6,181
|
|
||
|
Securitization recovery trust account
|
|
30,798
|
|
|
37,451
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
86,860
|
|
|
71,803
|
|
||
|
Allowance for doubtful accounts
|
|
(552
|
)
|
|
(828
|
)
|
||
|
Associated companies
|
|
41,002
|
|
|
39,447
|
|
||
|
Other
|
|
12,982
|
|
|
14,756
|
|
||
|
Accrued unbilled revenues
|
|
53,962
|
|
|
39,727
|
|
||
|
Total accounts receivable
|
|
194,254
|
|
|
164,905
|
|
||
|
Fuel inventory - at average cost
|
|
44,548
|
|
|
37,177
|
|
||
|
Materials and supplies - at average cost
|
|
40,294
|
|
|
36,631
|
|
||
|
Prepayments and other
|
|
24,194
|
|
|
18,599
|
|
||
|
TOTAL
|
|
335,590
|
|
|
300,944
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investments in affiliates - at equity
|
|
538
|
|
|
600
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
376
|
|
|
376
|
|
||
|
Other
|
|
19,126
|
|
|
18,801
|
|
||
|
TOTAL
|
|
20,040
|
|
|
19,777
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,431,291
|
|
|
4,274,069
|
|
||
|
Construction work in progress
|
|
153,679
|
|
|
111,227
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,584,970
|
|
|
4,385,296
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,566,743
|
|
|
1,526,057
|
|
||
|
UTILITY PLANT - NET
|
|
3,018,227
|
|
|
2,859,239
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
104,915
|
|
|
105,816
|
|
||
|
Other regulatory assets (includes securitization property of $330,669 as of September 30, 2017 and $384,609 as of December 31, 2016)
|
|
681,508
|
|
|
740,156
|
|
||
|
Other
|
|
8,303
|
|
|
7,149
|
|
||
|
TOTAL
|
|
794,726
|
|
|
853,121
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$4,168,583
|
|
|
|
$4,033,081
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
|
$142,695
|
|
|
|
$47,867
|
|
|
Other
|
|
106,117
|
|
|
77,342
|
|
||
|
Customer deposits
|
|
44,141
|
|
|
44,419
|
|
||
|
Taxes accrued
|
|
16,473
|
|
|
15,351
|
|
||
|
Interest accrued
|
|
18,770
|
|
|
25,977
|
|
||
|
Deferred fuel costs
|
|
51,409
|
|
|
54,543
|
|
||
|
Other
|
|
10,445
|
|
|
9,388
|
|
||
|
TOTAL
|
|
390,050
|
|
|
274,887
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
1,061,320
|
|
|
1,027,647
|
|
||
|
Accumulated deferred investment tax credits
|
|
12,221
|
|
|
12,934
|
|
||
|
Other regulatory liabilities
|
|
7,002
|
|
|
8,502
|
|
||
|
Asset retirement cost liabilities
|
|
6,742
|
|
|
6,470
|
|
||
|
Accumulated provisions
|
|
6,124
|
|
|
7,584
|
|
||
|
Pension and other postretirement liabilities
|
|
44,359
|
|
|
67,313
|
|
||
|
Long-term debt (includes securitization bonds of $371,422 as of September 30, 2017 and $429,043 as of December 31, 2016)
|
|
1,451,643
|
|
|
1,508,407
|
|
||
|
Other
|
|
48,585
|
|
|
50,343
|
|
||
|
TOTAL
|
|
2,637,996
|
|
|
2,689,200
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2017 and 2016
|
|
49,452
|
|
|
49,452
|
|
||
|
Paid-in capital
|
|
481,994
|
|
|
481,994
|
|
||
|
Retained earnings
|
|
609,091
|
|
|
537,548
|
|
||
|
TOTAL
|
|
1,140,537
|
|
|
1,068,994
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$4,168,583
|
|
|
|
$4,033,081
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2015
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$430,010
|
|
|
|
$961,456
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
94,753
|
|
|
94,753
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2016
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$524,763
|
|
|
|
$1,056,209
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$537,548
|
|
|
|
$1,068,994
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
71,543
|
|
|
71,543
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at September 30, 2017
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$609,091
|
|
|
|
$1,140,537
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Three Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$202
|
|
|
|
$196
|
|
|
|
$6
|
|
|
3
|
|
|
Commercial
|
|
101
|
|
|
91
|
|
|
10
|
|
|
11
|
|
|||
|
Industrial
|
|
97
|
|
|
75
|
|
|
22
|
|
|
29
|
|
|||
|
Governmental
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
406
|
|
|
368
|
|
|
38
|
|
|
10
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
18
|
|
|
52
|
|
|
(34
|
)
|
|
(65
|
)
|
|||
|
Non-associated companies
|
|
4
|
|
|
13
|
|
|
(9
|
)
|
|
(69
|
)
|
|||
|
Other
|
|
5
|
|
|
9
|
|
|
(4
|
)
|
|
(44
|
)
|
|||
|
Total
|
|
|
$433
|
|
|
|
$442
|
|
|
|
($9
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
1,839
|
|
|
1,989
|
|
|
(150
|
)
|
|
(8
|
)
|
|||
|
Commercial
|
|
1,279
|
|
|
1,336
|
|
|
(57
|
)
|
|
(4
|
)
|
|||
|
Industrial
|
|
2,018
|
|
|
1,948
|
|
|
70
|
|
|
4
|
|
|||
|
Governmental
|
|
73
|
|
|
75
|
|
|
(2
|
)
|
|
(3
|
)
|
|||
|
Total retail
|
|
5,209
|
|
|
5,348
|
|
|
(139
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
386
|
|
|
1,187
|
|
|
(801
|
)
|
|
(67
|
)
|
|||
|
Non-associated companies
|
|
238
|
|
|
354
|
|
|
(116
|
)
|
|
(33
|
)
|
|||
|
Total
|
|
5,833
|
|
|
6,889
|
|
|
(1,056
|
)
|
|
(15
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Nine Months Ended
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2017
|
|
2016
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$482
|
|
|
|
$461
|
|
|
|
$21
|
|
|
5
|
|
|
Commercial
|
|
282
|
|
|
260
|
|
|
22
|
|
|
8
|
|
|||
|
Industrial
|
|
292
|
|
|
263
|
|
|
29
|
|
|
11
|
|
|||
|
Governmental
|
|
18
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
1,074
|
|
|
1,002
|
|
|
72
|
|
|
7
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
47
|
|
|
169
|
|
|
(122
|
)
|
|
(72
|
)
|
|||
|
Non-associated companies
|
|
18
|
|
|
31
|
|
|
(13
|
)
|
|
(42
|
)
|
|||
|
Other
|
|
36
|
|
|
31
|
|
|
5
|
|
|
16
|
|
|||
|
Total
|
|
|
$1,175
|
|
|
|
$1,233
|
|
|
|
($58
|
)
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
4,326
|
|
|
4,473
|
|
|
(147
|
)
|
|
(3
|
)
|
|||
|
Commercial
|
|
3,387
|
|
|
3,423
|
|
|
(36
|
)
|
|
(1
|
)
|
|||
|
Industrial
|
|
5,781
|
|
|
5,693
|
|
|
88
|
|
|
2
|
|
|||
|
Governmental
|
|
205
|
|
|
213
|
|
|
(8
|
)
|
|
(4
|
)
|
|||
|
Total retail
|
|
13,699
|
|
|
13,802
|
|
|
(103
|
)
|
|
(1
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,149
|
|
|
4,292
|
|
|
(3,143
|
)
|
|
(73
|
)
|
|||
|
Non-associated companies
|
|
586
|
|
|
848
|
|
|
(262
|
)
|
|
(31
|
)
|
|||
|
Total
|
|
15,434
|
|
|
18,942
|
|
|
(3,508
|
)
|
|
(19
|
)
|
|||
|
|
2017
|
|
2016
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$245,863
|
|
|
|
$230,661
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
279,485
|
|
|
234,759
|
|
||
|
Investing activities
|
(259,598
|
)
|
|
(193,271
|
)
|
||
|
Financing activities
|
(120,783
|
)
|
|
(80,987
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(100,896
|
)
|
|
(39,499
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$144,967
|
|
|
|
$191,162
|
|
|
•
|
money pool activity;
|
|
•
|
proceeds of $15.8 million received in August 2016 from the DOE resulting from litigation regarding spent nuclear fuel storage costs that were previously capitalized. See Note 8 to the financial statements in the Form 10-K for discussion of the DOE litigation; and
|
|
•
|
$9.1 million in funds held on deposit for interest payments due October 1, 2017.
|
|
•
|
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
|
|
•
|
a decrease of $15.9 million in nuclear construction expenditures primarily as a result of a higher scope of work performed in 2016 on Grand Gulf outage projects and lower spending in 2017 on compliance with NRC post-Fukushima requirements.
|
|
•
|
a decrease in net borrowings of $65.2 million on the nuclear fuel company variable interest entity’s credit facility in 2017 as compared to the same period in 2016; and
|
|
•
|
the payment in February 2017, at maturity, of $50 million of the System Energy nuclear fuel company variable interest entity’s 4.02% Series H notes.
|
|
•
|
a decrease in common stock dividends and distributions of $53.4 million in 2017 compared to 2016 in order to maintain the targeted capital structure; and
|
|
•
|
the partial repayment caused by System Energy in May 2016 of $22 million of 5.875% pollution control revenue bonds due 2022 issued on behalf of System Energy.
|
|
|
September 30,
2017
|
|
December 31, 2016
|
||
|
Debt to capital
|
45.0
|
%
|
|
45.5
|
%
|
|
Effect of subtracting cash
|
(7.0
|
%)
|
|
(12.0
|
%)
|
|
Net debt to net capital
|
38.0
|
%
|
|
33.5
|
%
|
|
September 30,
2017
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
(In Thousands)
|
||||||
|
$236,467
|
|
$33,809
|
|
$31,511
|
|
$39,926
|
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||||||||||
|
INCOME STATEMENTS
|
||||||||||||||||
|
For the Three and Nine Months Ended September 30, 2017 and 2016
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
(In Thousands)
|
|
(In Thousands)
|
||||||||||||
|
OPERATING REVENUES
|
|
|
|
|
|
|
|
|
||||||||
|
Electric
|
|
|
$156,106
|
|
|
|
$114,039
|
|
|
|
$475,849
|
|
|
|
$403,056
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
||||||||
|
Operation and Maintenance:
|
|
|
|
|
|
|
|
|
||||||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
16,170
|
|
|
(7,393
|
)
|
|
53,164
|
|
|
26,429
|
|
||||
|
Nuclear refueling outage expenses
|
|
4,435
|
|
|
4,958
|
|
|
13,595
|
|
|
14,448
|
|
||||
|
Other operation and maintenance
|
|
51,392
|
|
|
32,867
|
|
|
154,103
|
|
|
100,793
|
|
||||
|
Decommissioning
|
|
8,290
|
|
|
12,802
|
|
|
34,974
|
|
|
37,782
|
|
||||
|
Taxes other than income taxes
|
|
6,679
|
|
|
6,256
|
|
|
19,767
|
|
|
18,894
|
|
||||
|
Depreciation and amortization
|
|
34,524
|
|
|
30,811
|
|
|
105,152
|
|
|
100,902
|
|
||||
|
Other regulatory credits - net
|
|
(2,843
|
)
|
|
(10,148
|
)
|
|
(24,626
|
)
|
|
(32,564
|
)
|
||||
|
TOTAL
|
|
118,647
|
|
|
70,153
|
|
|
356,129
|
|
|
266,684
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING INCOME
|
|
37,459
|
|
|
43,886
|
|
|
119,720
|
|
|
136,372
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for equity funds used during construction
|
|
1,736
|
|
|
1,758
|
|
|
4,148
|
|
|
6,089
|
|
||||
|
Interest and investment income
|
|
6,624
|
|
|
4,233
|
|
|
15,021
|
|
|
12,631
|
|
||||
|
Miscellaneous - net
|
|
(130
|
)
|
|
(109
|
)
|
|
(361
|
)
|
|
(365
|
)
|
||||
|
TOTAL
|
|
8,230
|
|
|
5,882
|
|
|
18,808
|
|
|
18,355
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
|
9,169
|
|
|
9,186
|
|
|
27,469
|
|
|
28,119
|
|
||||
|
Allowance for borrowed funds used during construction
|
|
(425
|
)
|
|
(440
|
)
|
|
(1,014
|
)
|
|
(1,536
|
)
|
||||
|
TOTAL
|
|
8,744
|
|
|
8,746
|
|
|
26,455
|
|
|
26,583
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
INCOME BEFORE INCOME TAXES
|
|
36,945
|
|
|
41,022
|
|
|
112,073
|
|
|
128,144
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income taxes
|
|
16,362
|
|
|
18,652
|
|
|
51,793
|
|
|
54,726
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
NET INCOME
|
|
|
$20,583
|
|
|
|
$22,370
|
|
|
|
$60,280
|
|
|
|
$73,418
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$60,280
|
|
|
|
$73,418
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
184,625
|
|
|
176,571
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
44,017
|
|
|
73,829
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
21,147
|
|
|
9,084
|
|
||
|
Accounts payable
|
|
2,344
|
|
|
(2,217
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
2,956
|
|
|
(30,063
|
)
|
||
|
Interest accrued
|
|
401
|
|
|
406
|
|
||
|
Other working capital accounts
|
|
7,605
|
|
|
(22,051
|
)
|
||
|
Other regulatory assets
|
|
1,196
|
|
|
(12,392
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(14,665
|
)
|
|
(15,789
|
)
|
||
|
Other assets and liabilities
|
|
(30,421
|
)
|
|
(16,037
|
)
|
||
|
Net cash flow provided by operating activities
|
|
279,485
|
|
|
234,759
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(60,041
|
)
|
|
(71,471
|
)
|
||
|
Allowance for equity funds used during construction
|
|
4,148
|
|
|
6,089
|
|
||
|
Nuclear fuel purchases
|
|
(24,239
|
)
|
|
(137,248
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
60,188
|
|
|
11,467
|
|
||
|
Changes in other investments - net
|
|
(9,061
|
)
|
|
—
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
308,134
|
|
|
392,926
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(336,069
|
)
|
|
(419,255
|
)
|
||
|
Changes in money pool receivable - net
|
|
(202,658
|
)
|
|
8,415
|
|
||
|
Litigation proceeds for reimbursement of spent nuclear fuel storage costs
|
|
—
|
|
|
15,806
|
|
||
|
Net cash flow used in investing activities
|
|
(259,598
|
)
|
|
(193,271
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Retirement of long-term debt
|
|
(50,003
|
)
|
|
(22,002
|
)
|
||
|
Changes in credit borrowings - net
|
|
14,858
|
|
|
80,041
|
|
||
|
Common stock dividends and distributions
|
|
(85,610
|
)
|
|
(139,000
|
)
|
||
|
Other
|
|
(28
|
)
|
|
(26
|
)
|
||
|
Net cash flow used in financing activities
|
|
(120,783
|
)
|
|
(80,987
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(100,896
|
)
|
|
(39,499
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
245,863
|
|
|
230,661
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$144,967
|
|
|
|
$191,162
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$26,251
|
|
|
|
$27,087
|
|
|
Income taxes
|
|
|
$—
|
|
|
|
$3,402
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$47
|
|
|
|
$786
|
|
|
Temporary cash investments
|
|
144,920
|
|
|
245,077
|
|
||
|
Total cash and cash equivalents
|
|
144,967
|
|
|
245,863
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Associated companies
|
|
284,724
|
|
|
104,390
|
|
||
|
Other
|
|
4,814
|
|
|
3,637
|
|
||
|
Total accounts receivable
|
|
289,538
|
|
|
108,027
|
|
||
|
Materials and supplies - at average cost
|
|
86,719
|
|
|
82,469
|
|
||
|
Deferred nuclear refueling outage costs
|
|
11,713
|
|
|
24,729
|
|
||
|
Prepaid taxes
|
|
12,926
|
|
|
15,882
|
|
||
|
Prepayments and other
|
|
14,450
|
|
|
4,229
|
|
||
|
TOTAL
|
|
560,313
|
|
|
481,199
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
870,610
|
|
|
780,496
|
|
||
|
TOTAL
|
|
870,610
|
|
|
780,496
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,308,864
|
|
|
4,331,668
|
|
||
|
Property under capital lease
|
|
585,084
|
|
|
585,084
|
|
||
|
Construction work in progress
|
|
80,343
|
|
|
43,888
|
|
||
|
Nuclear fuel
|
|
188,956
|
|
|
259,635
|
|
||
|
TOTAL UTILITY PLANT
|
|
5,163,247
|
|
|
5,220,275
|
|
||
|
Less - accumulated depreciation and amortization
|
|
3,155,691
|
|
|
3,063,249
|
|
||
|
UTILITY PLANT - NET
|
|
2,007,556
|
|
|
2,157,026
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Regulatory asset for income taxes - net
|
|
86,515
|
|
|
93,127
|
|
||
|
Other regulatory assets
|
|
416,628
|
|
|
411,212
|
|
||
|
Other
|
|
4,421
|
|
|
4,652
|
|
||
|
TOTAL
|
|
507,564
|
|
|
508,991
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,946,043
|
|
|
|
$3,927,712
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
September 30, 2017 and December 31, 2016
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2017
|
|
2016
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$4
|
|
|
|
$50,003
|
|
|
Short-term borrowings
|
|
31,751
|
|
|
66,893
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
10,325
|
|
|
5,843
|
|
||
|
Other
|
|
44,958
|
|
|
50,558
|
|
||
|
Interest accrued
|
|
14,450
|
|
|
14,049
|
|
||
|
Other
|
|
2,958
|
|
|
2,957
|
|
||
|
TOTAL
|
|
104,446
|
|
|
190,303
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
1,147,913
|
|
|
1,112,865
|
|
||
|
Accumulated deferred investment tax credits
|
|
39,726
|
|
|
41,663
|
|
||
|
Other regulatory liabilities
|
|
424,381
|
|
|
370,862
|
|
||
|
Decommissioning
|
|
853,291
|
|
|
854,202
|
|
||
|
Pension and other postretirement liabilities
|
|
103,185
|
|
|
117,850
|
|
||
|
Long-term debt
|
|
551,387
|
|
|
501,129
|
|
||
|
Other
|
|
8,221
|
|
|
15
|
|
||
|
TOTAL
|
|
3,128,104
|
|
|
2,998,586
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2017 and 2016
|
|
679,350
|
|
|
679,350
|
|
||
|
Retained earnings
|
|
34,143
|
|
|
59,473
|
|
||
|
TOTAL
|
|
713,493
|
|
|
738,823
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,946,043
|
|
|
|
$3,927,712
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
|||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||
|
For the Nine Months Ended September 30, 2017 and 2016
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
|
|
|
|
||||||||
|
|
Common Equity
|
|
|
||||||||
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Total
|
||||||
|
|
(In Thousands)
|
||||||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2015
|
|
$719,350
|
|
|
|
$61,729
|
|
|
|
$781,079
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
73,418
|
|
|
73,418
|
|
|||
|
Common stock dividends and distributions
|
(40,000
|
)
|
|
(99,000
|
)
|
|
(139,000
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2016
|
|
$679,350
|
|
|
|
$36,147
|
|
|
|
$715,497
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2016
|
|
$679,350
|
|
|
|
$59,473
|
|
|
|
$738,823
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
60,280
|
|
|
60,280
|
|
|||
|
Common stock dividends
|
—
|
|
|
(85,610
|
)
|
|
(85,610
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2017
|
|
$679,350
|
|
|
|
$34,143
|
|
|
|
$713,493
|
|
|
|
|
|
|
|
|
||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
||||||
|
Period
|
|
Total Number of
Shares Purchased
|
|
Average Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan
|
|
Maximum $
Amount
of Shares that May
Yet be Purchased
Under a Plan (b)
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
7/01/2017-7/31/2017
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
8/01/2017-8/31/2017
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
9/01/2017-9/30/2017
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$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
|
|
Nine Months Ended
|
|||||||||||||
|
|
|
December 31,
|
|
September 30,
|
|||||||||||||
|
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|||||
|
Entergy Arkansas
|
|
3.79
|
|
|
3.62
|
|
|
3.08
|
|
|
2.04
|
|
|
3.32
|
|
|
3.70
|
|
Entergy Louisiana
|
|
2.61
|
|
|
3.30
|
|
|
3.44
|
|
|
3.36
|
|
|
3.57
|
|
|
3.86
|
|
Entergy Mississippi
|
|
2.79
|
|
|
3.19
|
|
|
3.23
|
|
|
3.59
|
|
|
3.96
|
|
|
4.82
|
|
Entergy New Orleans
|
|
2.91
|
|
|
1.85
|
|
|
3.55
|
|
|
4.90
|
|
|
4.61
|
|
|
5.17
|
|
Entergy Texas
|
|
1.76
|
|
|
1.94
|
|
|
2.39
|
|
|
2.22
|
|
|
2.92
|
|
|
2.66
|
|
System Energy
|
|
5.12
|
|
|
5.66
|
|
|
4.04
|
|
|
4.53
|
|
|
5.39
|
|
|
4.99
|
|
|
|
Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends/Distributions
|
|||||||||||||||
|
|
|
Twelve Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
|
|
December 31,
|
|
September 30,
|
|||||||||||||
|
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|||||
|
Entergy Arkansas
|
|
3.36
|
|
|
3.25
|
|
|
2.76
|
|
|
1.85
|
|
|
3.09
|
|
|
3.62
|
|
Entergy Louisiana
|
|
2.47
|
|
|
3.14
|
|
|
3.28
|
|
|
3.24
|
|
|
3.57
|
|
|
3.86
|
|
Entergy Mississippi
|
|
2.59
|
|
|
2.97
|
|
|
3.00
|
|
|
3.34
|
|
|
3.71
|
|
|
4.68
|
|
Entergy New Orleans
|
|
2.63
|
|
|
1.70
|
|
|
3.26
|
|
|
4.50
|
|
|
4.30
|
|
|
4.83
|
|
|
*4(a) -
|
|
|
|
|
|
|
|
*4(b) -
|
|
|
|
|
|
|
|
*4(c) -
|
|
|
|
|
|
|
|
*4(d) -
|
|
|
|
|
|
|
|
*4(e) -
|
|
|
|
|
|
|
|
*4(f) -
|
|
|
|
|
|
|
|
*4(g) -
|
|
|
|
|
|
|
|
*4(h) -
|
|
|
|
|
|
|
|
*4(i) -
|
|
|
|
|
|
|
|
*4(j) -
|
|
|
|
|
|
|
|
*4(k) -
|
|
|
|
|
|
|
|
*4(l) -
|
|
|
|
|
|
|
|
*4(m) -
|
|
|
|
|
|
|
|
*12(a) -
|
|
|
|
|
|
|
|
*12(b) -
|
|
|
|
|
|
|
|
*12(c) -
|
|
|
|
|
|
|
|
*12(d) -
|
|
|
|
|
|
|
|
*12(e) -
|
|
|
|
|
|
|
|
*12(f) -
|
|
|
|
|
|
|
|
*31(a) -
|
|
|
|
|
|
|
|
*31(b) -
|
|
|
|
|
|
|
|
*31(c) -
|
|
|
|
|
|
|
|
*31(d) -
|
|
|
|
|
|
|
|
*31(e) -
|
|
|
|
|
|
|
|
*31(f) -
|
|
|
|
|
|
|
|
*31(g) -
|
|
|
|
|
|
|
|
*31(h) -
|
|
|
|
|
|
|
|
*31(i) -
|
|
|
|
|
|
|
|
*31(j) -
|
|
|
|
|
|
|
|
*31(k) -
|
|
|
|
|
|
|
|
*31(l) -
|
|
|
|
|
|
|
|
*31(m) -
|
|
|
|
|
|
|
|
*31(n) -
|
|
|
|
|
|
|
|
*32(a) -
|
|
|
|
|
|
|
|
*32(b) -
|
|
|
|
|
|
|
|
*32(c) -
|
|
|
|
|
|
|
|
*32(d) -
|
|
|
|
|
|
|
|
*32(e) -
|
|
|
|
|
|
|
|
*32(f) -
|
|
|
|
|
|
|
|
*32(g) -
|
|
|
|
|
|
|
|
*32(h) -
|
|
|
|
|
|
|
|
*32(i) -
|
|
|
|
|
|
|
|
*32(j) -
|
|
|
|
|
|
|
|
*32(k) -
|
|
|
|
|
|
|
|
*32(l) -
|
|
|
|
|
|
|
|
*32(m) -
|
|
|
|
|
|
|
|
*32(n) -
|
|
|
|
|
|
|
|
*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 |
|---|