Price Graph
Price
Yield
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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 March 31, 2018
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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, LLC
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3700
82-2212934
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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, LLC
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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 April 30, 2018
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Entergy Corporation
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($0.01 par value)
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180,823,624
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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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Note 13.
Revenue Recognition
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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, LLC 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, formula rate proceedings and related 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 benefits of continued MISO participation, 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 with respect to 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 Entergy’s nuclear generating facilities;
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•
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increases in costs and capital expenditures that could result from the commitment of substantial human and capital resources required for the operation and maintenance of Entergy’s nuclear generating facilities;
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•
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Entergy’s ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities;
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•
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prices for power generated by Entergy’s merchant generating facilities and the ability to hedge, meet credit support requirements for hedges, sell power forward or otherwise reduce the market price risk associated with those facilities, including the Entergy Wholesale Commodities nuclear plants, especially in light of the planned shutdown or sale of each of these 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, agency positions 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, requirements for waste management and disposal and for the remediation of contaminated sites, wetlands protection and permitting, and changes in costs of compliance with these environmental laws and regulations;
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•
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changes in laws and regulations, agency positions, or associated litigation related to protected species and associated critical habitat designations;
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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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•
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uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal and the level of spent fuel and nuclear waste disposal fees charged by the U.S. government or other providers related to such sites;
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•
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variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes, ice storms, or other weather events and the recovery of costs associated with restoration, including accessing funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance;
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•
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effects of climate change, 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 northern 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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federal income tax reform, including the enactment of the Tax Cuts and Jobs Act, and its intended and unintended consequences on financial results and future cash flows, including the potential impact to credit ratings, which may affect Entergy’s ability to borrow funds or increase the cost of borrowing in the future;
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•
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the effects of Entergy’s strategies to reduce tax payments, especially in light of federal income tax reform;
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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 (i) Entergy’s ability to implement new technologies, (ii) the impact of changes relating to new, developing, or alternative sources of generation such as distributed energy and energy storage, energy efficiency, demand side management, and other measures that reduce load, and (iii) competition from other companies offering products and services to our customers based on new or emerging technologies;
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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, directors, and employees with specialized skills;
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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 mid-2022, including the implementation of the planned shutdowns 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, divestitures, or restructurings, 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
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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, Inc.
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Predecessor company for financial reporting purposes to Entergy Gulf States Louisiana that included the assets and business operations of both Entergy Gulf States Louisiana and Entergy Texas
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Entergy Gulf States Louisiana
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Entergy Gulf States Louisiana, 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
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Annual Report on Form 10-K for the calendar year ended December 31, 2017 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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Abbreviation or Acronym
|
Term
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Indian Point 2
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Unit 2 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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Indian Point 3
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Unit 3 of Indian Point Energy Center (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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IRS
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Internal Revenue Service
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ISO
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Independent System Operator
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kW
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Kilowatt, which equals one thousand watts
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kWh
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Kilowatt-hour(s)
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LPSC
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Louisiana Public Service Commission
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MISO
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Midcontinent Independent System Operator, Inc., a regional transmission organization
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MMBtu
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One million British Thermal Units
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MPSC
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Mississippi Public Service Commission
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MW
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Megawatt(s), which equals one thousand kilowatts
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MWh
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Megawatt-hour(s)
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Net debt to net capital ratio
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Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents
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Net MW in operation
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Installed capacity owned and operated
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NRC
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Nuclear Regulatory Commission
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NYPA
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New York Power Authority
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Palisades
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Palisades Nuclear Plant (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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Parent & Other
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The portions of Entergy not included in the Utility or Entergy Wholesale Commodities segments, primarily consisting of the activities of the parent company, Entergy Corporation
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Pilgrim
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Pilgrim Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment
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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, LLC, 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 the 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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|
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Vermont Yankee
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Vermont Yankee Nuclear Power Station (nuclear), owned by an Entergy subsidiary in the Entergy Wholesale Commodities business segment, which ceased power production in December 2014
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Waterford 3
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Unit No. 3 (nuclear) of the Waterford Steam Electric Station, 100% owned or leased by Entergy Louisiana
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weather-adjusted usage
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Electric usage excluding the effects of deviations from normal weather
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White Bluff
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White Bluff Steam Electric Generating Station, 57% owned by Entergy Arkansas
|
|
•
|
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.
|
|
•
|
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
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|
Entergy
Wholesale
Commodities
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Parent &
Other (a)
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Entergy
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||||||||
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(In Thousands)
|
||||||||||||||
|
2017 Consolidated Net Income (Loss)
|
|
|
$167,623
|
|
|
|
($27,196
|
)
|
|
|
($54,376
|
)
|
|
|
$86,051
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|
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||||||||
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Net revenue (operating revenue less fuel expense, purchased power, and other regulatory charges/credits)
|
|
55,485
|
|
|
(112,287
|
)
|
|
(8
|
)
|
|
(56,810
|
)
|
||||
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Other operation and maintenance
|
|
30,871
|
|
|
(94,110
|
)
|
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(32
|
)
|
|
(63,271
|
)
|
||||
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Asset write-offs, impairments, and related charges
|
|
—
|
|
|
(138,867
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)
|
|
—
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|
|
(138,867
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)
|
||||
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Taxes other than income taxes
|
|
15,293
|
|
|
(6,578
|
)
|
|
150
|
|
|
8,865
|
|
||||
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Depreciation and amortization
|
|
14,187
|
|
|
(14,444
|
)
|
|
57
|
|
|
(200
|
)
|
||||
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Gain on sale of assets
|
|
—
|
|
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(16,270
|
)
|
|
—
|
|
|
(16,270
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)
|
||||
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Other income
|
|
11,550
|
|
|
(57,372
|
)
|
|
(689
|
)
|
|
(46,511
|
)
|
||||
|
Interest expense
|
|
1,984
|
|
|
1,823
|
|
|
3,804
|
|
|
7,611
|
|
||||
|
Other expenses
|
|
651
|
|
|
(20,429
|
)
|
|
—
|
|
|
(19,778
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)
|
||||
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Income taxes
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|
(46,268
|
)
|
|
77,259
|
|
|
4,909
|
|
|
35,900
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
2018 Consolidated Net Income (Loss)
|
|
|
$217,940
|
|
|
|
($17,779
|
)
|
|
|
($63,961
|
)
|
|
|
$136,200
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|
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(a)
|
Parent & Other includes eliminations, which are primarily intersegment activity.
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Amount
|
||
|
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(In Millions)
|
||
|
2017 net revenue
|
|
$1,404
|
|
|
Volume/weather
|
58
|
|
|
|
Retail electric price
|
7
|
|
|
|
Grand Gulf recovery
|
(18
|
)
|
|
|
Other
|
9
|
|
|
|
2018 net revenue
|
|
$1,460
|
|
|
•
|
an increase in formula rate plan rates effective with the first billing cycle of January 2018 at Entergy Arkansas, as approved by the APSC;
|
|
•
|
increases in the transmission cost recovery factor rider rate in March 2017 and the distribution cost recovery factor rider rate in September 2017 at Entergy Texas, each as approved by the PUCT; and
|
|
•
|
an increase in energy efficiency rider revenues.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2017 net revenue
|
|
$494
|
|
|
FitzPatrick reimbursement agreement
|
(98
|
)
|
|
|
Nuclear volume
|
(26
|
)
|
|
|
Nuclear realized price changes
|
27
|
|
|
|
Other
|
(15
|
)
|
|
|
2018 net revenue
|
|
$382
|
|
|
•
|
a decrease resulting from the reimbursement agreement with Exelon pursuant to which Exelon reimbursed Entergy in the first quarter 2017 for specified out-of-pocket costs associated with preparing for the refueling and operation of FitzPatrick that otherwise would have been avoided had Entergy shut down FitzPatrick in January 2017. Revenues received from Exelon under the reimbursement agreement were offset by other operation and maintenance expenses and taxes other than income taxes and had no effect on net income; and
|
|
•
|
lower volume in the Entergy Wholesale Commodities nuclear fleet resulting from more unplanned outage days in first quarter 2018 as compared to first quarter 2017.
|
|
|
2018
|
|
2017
|
|
Owned capacity (MW) (a)
|
3,962
|
|
4,800
|
|
GWh billed
|
7,885
|
|
8,363
|
|
|
|
|
|
|
Entergy Wholesale Commodities Nuclear Fleet
|
|
|
|
|
Capacity factor
|
83%
|
|
80%
|
|
GWh billed
|
6,408
|
|
7,835
|
|
Average energy and capacity revenue per MWh
|
$56.96
|
|
$55.15
|
|
Refueling outage days:
|
|
|
|
|
FitzPatrick
|
—
|
|
42
|
|
Indian Point 2
|
13
|
|
—
|
|
Indian Point 3
|
—
|
|
19
|
|
(a)
|
Owned capacity for the first quarter 2017 includes the 838 MW FitzPatrick plant, which was sold to Exelon in March 2017. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of FitzPatrick.
|
|
•
|
an increase of $19 million in nuclear generation expenses primarily due to
a higher scope of work performed during plant outages in first quarter 2018 as compared to first quarter 2017 and
higher nuclear labor costs, including contract labor, to position the nuclear fleet to meet its operational goals;
|
|
•
|
an increase of $9 million in energy efficiency costs;
|
|
•
|
an increase of $6 million in fossil-fueled generation expenses primarily due to
an overall higher scope of work performed in first quarter 2018 as compared to first quarter 2017; and
|
|
•
|
an increase of $6 million in storm damage provisions.
See Note 2 to the financial statements in the Form 10-K for discussion of storm cost recovery.
|
|
|
March 31, 2018
|
|
December 31,
2017
|
||
|
Debt to capital
|
68.4
|
%
|
|
67.1
|
%
|
|
Effect of excluding securitization bonds
|
(0.7
|
%)
|
|
(0.8
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
67.7
|
%
|
|
66.3
|
%
|
|
Effect of subtracting cash
|
(1.6
|
%)
|
|
(1.1
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
66.1
|
%
|
|
65.2
|
%
|
|
(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
|
|
$1,125
|
|
$6
|
|
$2,369
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$781
|
|
|
|
$1,188
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
557
|
|
|
529
|
|
||
|
Investing activities
|
(974
|
)
|
|
(812
|
)
|
||
|
Financing activities
|
841
|
|
|
178
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
424
|
|
|
(105
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$1,205
|
|
|
|
$1,083
|
|
|
•
|
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 in the Form 10-K for discussion of the settlement and refund;
|
|
•
|
a decrease of $35 million in spending on nuclear refueling outages in 2018 as compared to the same period in 2017; and
|
|
•
|
the effect of favorable weather on billed Utility sales.
|
|
•
|
lower Entergy Wholesale Commodities net revenue, excluding the effect of revenues resulting from the FitzPatrick reimbursement agreement with Exelon, in 2018 as compared to the same period in 2017, as discussed above. See Note 14 to the financial statements in the Form 10-K for discussion of the reimbursement agreement;
|
|
•
|
a decrease due to the timing of recovery of fuel and purchased power costs in 2018 as compared to the same period in 2017. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery;
|
|
•
|
proceeds of $23 million received in first quarter 2017 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 spent nuclear fuel litigation; and
|
|
•
|
a decrease of $14 million in income tax refunds in the first quarter 2018 as compared to the first quarter 2017. Entergy received income tax refunds in 2018 resulting from overpayment of state income taxes and received income tax refunds in 2017 resulting from the carryback of net operating losses.
|
|
•
|
an increase of $137 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 $83 million in fossil-fueled generation construction expenditures primarily due to higher spending in 2018 on the Lake Charles Power Station project and an increase of $35 million in transmission construction expenditures primarily due to a higher scope of work performed on transmission projects in 2018 as compared to 2017; and
|
|
•
|
proceeds of $100 million from the sale in March 2017 of the FitzPatrick plant to Exelon. See Note 14 to the financial statements in the Form 10-K for a discussion of the sale of FitzPatrick.
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Energy
|
|
|
|
|
|
|
|
|
|
|
|
Percent of planned generation under contract (a):
|
|
|
|
|
|
|
|
|
|
|
|
Unit-contingent (b)
|
|
98%
|
|
91%
|
|
60%
|
|
78%
|
|
67%
|
|
Firm LD (c)
|
|
9%
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Offsetting positions (d)
|
|
(9%)
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
Total
|
|
98%
|
|
91%
|
|
60%
|
|
78%
|
|
67%
|
|
Planned generation (TWh) (e) (f)
|
|
20.7
|
|
25.5
|
|
17.9
|
|
9.7
|
|
2.8
|
|
Average revenue per MWh on contracted volumes:
|
|
|
|
|
|
|
|
|
|
|
|
Expected based on market prices as of March 31, 2018
|
|
$32.6
|
|
$40.6
|
|
$44.6
|
|
$58.6
|
|
$58.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity
|
|
|
|
|
|
|
|
|
|
|
|
Percent of capacity sold forward (g):
|
|
|
|
|
|
|
|
|
|
|
|
Bundled capacity and energy contracts (h)
|
|
22%
|
|
25%
|
|
36%
|
|
69%
|
|
99%
|
|
Capacity contracts (i)
|
|
46%
|
|
13%
|
|
—%
|
|
—%
|
|
—%
|
|
Total
|
|
68%
|
|
38%
|
|
36%
|
|
69%
|
|
99%
|
|
Planned net MW in operation (average) (f)
|
|
3,568
|
|
3,167
|
|
2,195
|
|
1,158
|
|
338
|
|
Average revenue under contract per kW per month (applies to capacity contracts only)
|
|
$8.2
|
|
$9.1
|
|
$—
|
|
$—
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy and Capacity Revenues (j)
|
|
|
|
|
|
|
|
|
|
|
|
Expected sold and market total revenue per MWh
|
|
$44.5
|
|
$46.1
|
|
$45.7
|
|
$53.9
|
|
$47.6
|
|
Sensitivity: -/+ $10 per MWh market price change
|
|
$44.4-$44.5
|
|
$45.2-$47.0
|
|
$42.1-$49.4
|
|
$51.7-$56.1
|
|
$44.3-$50.9
|
|
(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 the buyer for any damages. Certain unit-contingent sales include a guarantee of availability. Availability guarantees provide for the payment to the power purchaser of contract damages, if incurred, in the event the seller fails to deliver power as a result of the failure of the specified generation unit to generate power at or above a specified availability threshold. All of Entergy’s outstanding guarantees of availability provide for dollar limits on Entergy’s maximum liability under such guarantees.
|
|
(c)
|
Transaction that requires receipt or delivery of energy at a specified delivery point (usually at a market hub not associated with a specific asset) or settles financially on notional quantities; if a party fails to deliver or receive energy, the 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 on May 31, 2022. Assumes NRC license renewals for two units, as follows (with current license expirations in parentheses):
|
|
(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 Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
2018
|
|
2017
|
|
||||
|
|
(In Thousands, Except Share Data)
|
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
$2,248,262
|
|
|
|
$1,991,740
|
|
|
|
Natural gas
|
56,695
|
|
|
43,351
|
|
|
||
|
Competitive businesses
|
418,924
|
|
|
553,367
|
|
|
||
|
TOTAL
|
2,723,881
|
|
|
2,588,458
|
|
|
||
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
443,296
|
|
|
417,566
|
|
|
||
|
Purchased power
|
396,023
|
|
|
357,768
|
|
|
||
|
Nuclear refueling outage expenses
|
42,760
|
|
|
42,564
|
|
|
||
|
Other operation and maintenance
|
783,585
|
|
|
846,856
|
|
|
||
|
Asset write-offs, impairments, and related charges
|
72,924
|
|
|
211,791
|
|
|
||
|
Decommissioning
|
94,400
|
|
|
114,374
|
|
|
||
|
Taxes other than income taxes
|
165,218
|
|
|
156,353
|
|
|
||
|
Depreciation and amortization
|
347,065
|
|
|
347,265
|
|
|
||
|
Other regulatory charges (credits)
|
42,946
|
|
|
(85,302
|
)
|
|
||
|
TOTAL
|
2,388,217
|
|
|
2,409,235
|
|
|
||
|
|
|
|
|
|
||||
|
Gain on sale of assets
|
—
|
|
|
16,270
|
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
335,664
|
|
|
195,493
|
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
28,343
|
|
|
19,008
|
|
|
||
|
Interest and investment income
|
16,870
|
|
|
56,549
|
|
|
||
|
Miscellaneous - net
|
(31,356
|
)
|
|
(15,189
|
)
|
|
||
|
TOTAL
|
13,857
|
|
|
60,368
|
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
182,923
|
|
|
171,089
|
|
|
||
|
Allowance for borrowed funds used during construction
|
(13,265
|
)
|
|
(9,042
|
)
|
|
||
|
TOTAL
|
169,658
|
|
|
162,047
|
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
179,863
|
|
|
93,814
|
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
43,663
|
|
|
7,763
|
|
|
||
|
|
|
|
|
|
||||
|
CONSOLIDATED NET INCOME
|
136,200
|
|
|
86,051
|
|
|
||
|
|
|
|
|
|
||||
|
Preferred dividend requirements of subsidiaries
|
3,439
|
|
|
3,446
|
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION
|
|
$132,761
|
|
|
|
$82,605
|
|
|
|
|
|
|
|
|
||||
|
Earnings per average common share:
|
|
|
|
|
||||
|
Basic
|
|
$0.73
|
|
|
|
$0.46
|
|
|
|
Diluted
|
|
$0.73
|
|
|
|
$0.46
|
|
|
|
Dividends declared per common share
|
|
$0.89
|
|
|
|
$0.87
|
|
|
|
|
|
|
|
|
||||
|
Basic average number of common shares outstanding
|
180,707,575
|
|
|
179,335,063
|
|
|
||
|
Diluted average number of common shares outstanding
|
181,431,968
|
|
|
179,842,053
|
|
|
||
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||
|
(Unaudited)
|
|||||||
|
|
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
|
|
|
|
||||
|
Net Income
|
|
$136,200
|
|
|
|
$86,051
|
|
|
|
|
|
|
||||
|
Other comprehensive income
|
|
|
|
||||
|
Cash flow hedges net unrealized gain (loss) (net of tax expense (benefit) of $25,349 and ($359))
|
95,427
|
|
|
(528
|
)
|
||
|
Pension and other postretirement liabilities (net of tax expense of $4,568 and $6,377)
|
16,574
|
|
|
8,632
|
|
||
|
Net unrealized investment gain (loss) (net of tax expense of $5,375 and $39,294)
|
(32,856
|
)
|
|
37,827
|
|
||
|
Other comprehensive income
|
79,145
|
|
|
45,931
|
|
||
|
|
|
|
|
||||
|
Comprehensive Income
|
215,345
|
|
|
131,982
|
|
||
|
Preferred dividend requirements of subsidiaries
|
3,439
|
|
|
3,446
|
|
||
|
Comprehensive Income Attributable to Entergy Corporation
|
|
$211,906
|
|
|
|
$128,536
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Consolidated net income
|
|
|
$136,200
|
|
|
|
$86,051
|
|
|
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
525,181
|
|
|
531,373
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
104,607
|
|
|
16,497
|
|
||
|
Asset write-offs, impairments, and related charges
|
|
25,800
|
|
|
145,026
|
|
||
|
Gain on sale of assets
|
|
—
|
|
|
(16,270
|
)
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
131,150
|
|
|
156,201
|
|
||
|
Fuel inventory
|
|
(16,261
|
)
|
|
6,465
|
|
||
|
Accounts payable
|
|
(68,857
|
)
|
|
(47,682
|
)
|
||
|
Taxes accrued
|
|
(56,301
|
)
|
|
(58,832
|
)
|
||
|
Interest accrued
|
|
(10,011
|
)
|
|
(13,921
|
)
|
||
|
Deferred fuel costs
|
|
(76,238
|
)
|
|
(7,389
|
)
|
||
|
Other working capital accounts
|
|
(28,004
|
)
|
|
(7,324
|
)
|
||
|
Changes in provisions for estimated losses
|
|
10,744
|
|
|
(4,031
|
)
|
||
|
Changes in other regulatory assets
|
|
84,349
|
|
|
47,497
|
|
||
|
Changes in other regulatory liabilities
|
|
(31,380
|
)
|
|
(18,324
|
)
|
||
|
Changes in pensions and other postretirement liabilities
|
|
(97,418
|
)
|
|
(86,430
|
)
|
||
|
Other
|
|
(76,168
|
)
|
|
(199,514
|
)
|
||
|
Net cash flow provided by operating activities
|
|
557,393
|
|
|
529,393
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction/capital expenditures
|
|
(931,479
|
)
|
|
(794,448
|
)
|
||
|
Allowance for equity funds used during construction
|
|
28,512
|
|
|
19,254
|
|
||
|
Nuclear fuel purchases
|
|
(49,647
|
)
|
|
(137,613
|
)
|
||
|
Proceeds from sale of assets
|
|
—
|
|
|
100,000
|
|
||
|
Insurance proceeds received for property damages
|
|
1,582
|
|
|
20,909
|
|
||
|
Changes in securitization account
|
|
(7,063
|
)
|
|
(963
|
)
|
||
|
Payments to storm reserve escrow account
|
|
(1,175
|
)
|
|
(480
|
)
|
||
|
Receipts from storm reserve escrow account
|
|
—
|
|
|
8,836
|
|
||
|
Increases in other investments
|
|
(406
|
)
|
|
(10,377
|
)
|
||
|
Litigation proceeds for reimbursement of spent nuclear fuel storage costs
|
|
—
|
|
|
25,493
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
1,091,332
|
|
|
513,750
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(1,106,094
|
)
|
|
(556,161
|
)
|
||
|
Net cash flow used in investing activities
|
|
(974,438
|
)
|
|
(811,800
|
)
|
||
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of:
|
|
|
|
|
||||
|
Long-term debt
|
|
2,505,726
|
|
|
236,198
|
|
||
|
Treasury stock
|
|
1,952
|
|
|
2,448
|
|
||
|
Retirement of long-term debt
|
|
(734,000
|
)
|
|
(811,690
|
)
|
||
|
Changes in credit borrowings and commercial paper - net
|
|
(773,177
|
)
|
|
908,378
|
|
||
|
Other
|
|
5,193
|
|
|
1,810
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(160,887
|
)
|
|
(156,073
|
)
|
||
|
Preferred stock
|
|
(3,439
|
)
|
|
(3,446
|
)
|
||
|
Net cash flow provided by financing activities
|
|
841,368
|
|
|
177,625
|
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
424,323
|
|
|
(104,782
|
)
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at beginning of period
|
|
781,273
|
|
|
1,187,844
|
|
||
|
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
|
$1,205,596
|
|
|
|
$1,083,062
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$185,606
|
|
|
|
$178,134
|
|
|
Income taxes
|
|
|
($4,297
|
)
|
|
|
($18,044
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$57,921
|
|
|
|
$56,629
|
|
|
Temporary cash investments
|
|
1,147,675
|
|
|
724,644
|
|
||
|
Total cash and cash equivalents
|
|
1,205,596
|
|
|
781,273
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
616,653
|
|
|
673,347
|
|
||
|
Allowance for doubtful accounts
|
|
(14,515
|
)
|
|
(13,587
|
)
|
||
|
Other
|
|
163,039
|
|
|
169,377
|
|
||
|
Accrued unbilled revenues
|
|
316,624
|
|
|
383,813
|
|
||
|
Total accounts receivable
|
|
1,081,801
|
|
|
1,212,950
|
|
||
|
Deferred fuel costs
|
|
83,445
|
|
|
95,746
|
|
||
|
Fuel inventory - at average cost
|
|
198,904
|
|
|
182,643
|
|
||
|
Materials and supplies - at average cost
|
|
741,677
|
|
|
723,222
|
|
||
|
Deferred nuclear refueling outage costs
|
|
112,365
|
|
|
133,164
|
|
||
|
Prepayments and other
|
|
231,946
|
|
|
156,333
|
|
||
|
TOTAL
|
|
3,655,734
|
|
|
3,285,331
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliates - at equity
|
|
198
|
|
|
198
|
|
||
|
Decommissioning trust funds
|
|
7,115,686
|
|
|
7,211,993
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
289,074
|
|
|
260,980
|
|
||
|
Other
|
|
433,868
|
|
|
441,862
|
|
||
|
TOTAL
|
|
7,838,826
|
|
|
7,915,033
|
|
||
|
|
|
|
|
|
||||
|
PROPERTY, PLANT, AND EQUIPMENT
|
|
|
|
|
||||
|
Electric
|
|
47,515,661
|
|
|
47,287,370
|
|
||
|
Property under capital lease
|
|
620,419
|
|
|
620,544
|
|
||
|
Natural gas
|
|
462,756
|
|
|
453,162
|
|
||
|
Construction work in progress
|
|
2,347,660
|
|
|
1,980,508
|
|
||
|
Nuclear fuel
|
|
857,893
|
|
|
923,200
|
|
||
|
TOTAL PROPERTY, PLANT, AND EQUIPMENT
|
|
51,804,389
|
|
|
51,264,784
|
|
||
|
Less - accumulated depreciation and amortization
|
|
21,701,715
|
|
|
21,600,424
|
|
||
|
PROPERTY, PLANT, AND EQUIPMENT - NET
|
|
30,102,674
|
|
|
29,664,360
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Other regulatory assets (includes securitization property of $455,148 as of March 31, 2018 and $485,031 as of December 31, 2017)
|
|
4,851,338
|
|
|
4,935,689
|
|
||
|
Deferred fuel costs
|
|
239,347
|
|
|
239,298
|
|
||
|
Goodwill
|
|
377,172
|
|
|
377,172
|
|
||
|
Accumulated deferred income taxes
|
|
21,144
|
|
|
178,204
|
|
||
|
Other
|
|
195,290
|
|
|
112,062
|
|
||
|
TOTAL
|
|
5,684,291
|
|
|
5,842,425
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$47,281,525
|
|
|
|
$46,707,149
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$1,260,008
|
|
|
|
$760,007
|
|
|
Notes payable and commercial paper
|
|
805,131
|
|
|
1,578,308
|
|
||
|
Accounts payable
|
|
1,260,718
|
|
|
1,452,216
|
|
||
|
Customer deposits
|
|
403,072
|
|
|
401,330
|
|
||
|
Taxes accrued
|
|
158,667
|
|
|
214,967
|
|
||
|
Interest accrued
|
|
177,961
|
|
|
187,972
|
|
||
|
Deferred fuel costs
|
|
58,032
|
|
|
146,522
|
|
||
|
Obligations under capital leases
|
|
1,419
|
|
|
1,502
|
|
||
|
Pension and other postretirement liabilities
|
|
63,612
|
|
|
71,612
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
912,103
|
|
|
—
|
|
||
|
Other
|
|
131,949
|
|
|
221,771
|
|
||
|
TOTAL
|
|
5,232,672
|
|
|
5,036,207
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
4,452,168
|
|
|
4,466,503
|
|
||
|
Accumulated deferred investment tax credits
|
|
217,502
|
|
|
219,634
|
|
||
|
Obligations under capital leases
|
|
21,632
|
|
|
22,015
|
|
||
|
Regulatory liability for income taxes-net
|
|
1,981,963
|
|
|
2,900,204
|
|
||
|
Other regulatory liabilities
|
|
1,563,278
|
|
|
1,588,520
|
|
||
|
Decommissioning and asset retirement cost liabilities
|
|
6,328,664
|
|
|
6,185,814
|
|
||
|
Accumulated provisions
|
|
489,026
|
|
|
478,273
|
|
||
|
Pension and other postretirement liabilities
|
|
2,821,236
|
|
|
2,910,654
|
|
||
|
Long-term debt (includes securitization bonds of $520,253 as of March 31, 2018 and $544,921 as of December 31, 2017)
|
|
15,591,628
|
|
|
14,315,259
|
|
||
|
Other
|
|
409,014
|
|
|
393,748
|
|
||
|
TOTAL
|
|
33,876,111
|
|
|
33,480,624
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Subsidiaries' preferred stock without sinking fund
|
|
197,799
|
|
|
197,803
|
|
||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, $.01 par value, authorized 500,000,000 shares; issued 254,752,788 shares in 2018 and in 2017
|
|
2,548
|
|
|
2,548
|
|
||
|
Paid-in capital
|
|
5,417,263
|
|
|
5,433,433
|
|
||
|
Retained earnings
|
|
8,493,790
|
|
|
7,977,702
|
|
||
|
Accumulated other comprehensive loss
|
|
(561,498
|
)
|
|
(23,531
|
)
|
||
|
Less - treasury stock, at cost (73,953,521 shares in 2018 and 74,235,135 shares in 2017)
|
|
5,377,160
|
|
|
5,397,637
|
|
||
|
TOTAL
|
|
7,974,943
|
|
|
7,992,515
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$47,281,525
|
|
|
|
$46,707,149
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||||||||||||||
|
(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, 2016
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,498,584
|
)
|
|
|
$5,417,245
|
|
|
|
$8,195,571
|
|
|
|
($34,971
|
)
|
|
|
$8,081,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
3,446
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,605
|
|
|
—
|
|
|
86,051
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,931
|
|
|
45,931
|
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
22,083
|
|
|
(19,166
|
)
|
|
—
|
|
|
—
|
|
|
2,917
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(156,073
|
)
|
|
—
|
|
|
(156,073
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(3,446
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,446
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at March 31, 2017
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,476,501
|
)
|
|
|
$5,398,079
|
|
|
|
$8,122,103
|
|
|
|
$10,960
|
|
|
|
$8,057,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at December 31, 2017
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,397,637
|
)
|
|
|
$5,433,433
|
|
|
|
$7,977,702
|
|
|
|
($23,531
|
)
|
|
|
$7,992,515
|
|
|
Implementation of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
576,257
|
|
|
(632,617
|
)
|
|
(56,360
|
)
|
|||||||
|
Balance at January 1, 2018
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,397,637
|
)
|
|
|
$5,433,433
|
|
|
|
$8,553,959
|
|
|
|
($656,148
|
)
|
|
|
$7,936,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Consolidated net income (a)
|
3,439
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132,761
|
|
|
—
|
|
|
136,200
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,145
|
|
|
79,145
|
|
|||||||
|
Common stock issuances related to stock plans
|
—
|
|
|
—
|
|
|
20,477
|
|
|
(16,170
|
)
|
|
—
|
|
|
—
|
|
|
4,307
|
|
|||||||
|
Common stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(160,887
|
)
|
|
—
|
|
|
(160,887
|
)
|
|||||||
|
Preferred dividend requirements of subsidiaries (a)
|
(3,439
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,439
|
)
|
|||||||
|
Reclassification pursuant to ASU 2018-02
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,043
|
)
|
|
15,505
|
|
|
(16,538
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Balance at March 31, 2018
|
|
$—
|
|
|
|
$2,548
|
|
|
|
($5,377,160
|
)
|
|
|
$5,417,263
|
|
|
|
$8,493,790
|
|
|
|
($561,498
|
)
|
|
|
$7,974,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||
|
(a) Consolidated net income and preferred dividend requirements of subsidiaries for 2018 and 2017 include $3.4 million and $3.4 million, respectively, of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented within equity.
|
|||||||||||||||||||||||||||
|
ENTERGY CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars in Millions)
|
|
|
|||||||||||
|
Utility electric operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$892
|
|
|
|
$705
|
|
|
|
$187
|
|
|
27
|
|
|
Commercial
|
|
596
|
|
|
536
|
|
|
60
|
|
|
11
|
|
|||
|
Industrial
|
|
597
|
|
|
565
|
|
|
32
|
|
|
6
|
|
|||
|
Governmental
|
|
57
|
|
|
53
|
|
|
4
|
|
|
8
|
|
|||
|
Total billed retail
|
|
2,142
|
|
|
1,859
|
|
|
283
|
|
|
15
|
|
|||
|
Sales for resale
|
|
69
|
|
|
78
|
|
|
(9
|
)
|
|
(12
|
)
|
|||
|
Other
|
|
37
|
|
|
55
|
|
|
(18
|
)
|
|
(33
|
)
|
|||
|
Total
|
|
|
$2,248
|
|
|
|
$1,992
|
|
|
|
$256
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Utility billed electric energy sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
9,287
|
|
|
7,637
|
|
|
1,650
|
|
|
22
|
|
|||
|
Commercial
|
|
6,732
|
|
|
6,439
|
|
|
293
|
|
|
5
|
|
|||
|
Industrial
|
|
11,405
|
|
|
11,117
|
|
|
288
|
|
|
3
|
|
|||
|
Governmental
|
|
608
|
|
|
593
|
|
|
15
|
|
|
3
|
|
|||
|
Total retail
|
|
28,032
|
|
|
25,786
|
|
|
2,246
|
|
|
9
|
|
|||
|
Sales for resale
|
|
3,244
|
|
|
3,022
|
|
|
222
|
|
|
7
|
|
|||
|
Total
|
|
31,276
|
|
|
28,808
|
|
|
2,468
|
|
|
9
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Entergy Wholesale Commodities:
|
|
|
|
|
|
|
|
|
|||||||
|
Operating revenues
|
|
|
$419
|
|
|
|
$553
|
|
|
|
($134
|
)
|
|
(24
|
)
|
|
Billed electric energy sales (GWh)
|
|
7,885
|
|
|
8,363
|
|
|
(478
|
)
|
|
(6
|
)
|
|||
|
•
|
a mid-point reset of formula rate plan revenues to a
9.95%
earned return on common equity for the 2017 test year and for the St. Charles Power Station when it enters commercial operation;
|
|
•
|
a
9.8%
target earned return on common equity for the 2018 and 2019 test years;
|
|
•
|
narrowing of the common equity bandwidth to plus or minus
60
basis points around the earned return on common equity;
|
|
•
|
a cap on potential revenue increase of
$35 million
for the 2018 evaluation period, and
$70 million
for the cumulative 2018 and 2019 evaluation periods, on formula rate plan cost of service rate increases (the cap excludes rate changes associated with the transmission recovery mechanism described below and rate changes associated with additional capacity);
|
|
•
|
a framework for the flow back of certain tax benefits created by the Tax Act to customers, as described in “
Regulatory activity regarding the Tax Cuts and Jobs Act
” above; and
|
|
•
|
a transmission recovery mechanism providing for the opportunity to recover certain transmission related expenditures in excess of
$100 million
annually for projects placed in service up to one month prior to rate change outside of sharing that is designed to operate in a manner similar to the additional capacity mechanism.
|
|
•
|
Entergy Mississippi would redeem its outstanding preferred stock, at the aggregate redemption price of approximately
$21.2 million
, including call premiums, plus accumulated and unpaid dividends, if any.
|
|
•
|
Entergy Mississippi would convert from a Mississippi corporation to a Texas corporation.
|
|
•
|
Under the Texas Business Organizations Code (TXBOC), Entergy Mississippi will allocate substantially all of its assets to a new subsidiary, Entergy Mississippi Power and Light, LLC, a Texas limited liability company (Entergy Mississippi Power and Light), and Entergy Mississippi Power and Light will assume substantially all of the liabilities of Entergy Mississippi, in a transaction regarded as a merger under the TXBOC. Entergy Mississippi will remain in existence and hold the membership interests in Entergy Mississippi Power and Light.
|
|
•
|
Entergy Mississippi will contribute the membership interests in Entergy Mississippi Power and Light to an affiliate (Entergy Utility Holding Company, LLC, a Texas limited liability company and subsidiary of Entergy Corporation). As a result of the contribution, Entergy Mississippi Power and Light will be a wholly-owned subsidiary of Entergy Utility Holding Company, LLC.
|
|
•
|
Entergy Mississippi will change its name to Entergy Utility Enterprises, Inc., and Entergy Mississippi Power and Light will then change its name to Entergy Mississippi, LLC.
|
|
|
Payments (Receipts)
|
|
|
(In Millions)
|
|
Entergy Arkansas
|
$6
|
|
Entergy New Orleans
|
$2
|
|
Entergy Texas
|
($8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
|
|
(In Millions, Except Per Share Data)
|
||||||||||||||||||||
|
Basic earnings per share
|
Income
|
|
Shares
|
|
$/share
|
|
Income
|
|
Shares
|
|
$/share
|
||||||||||
|
Net income attributable to Entergy Corporation
|
|
$132.8
|
|
|
180.7
|
|
|
|
$0.73
|
|
|
|
$82.6
|
|
|
179.3
|
|
|
|
$0.46
|
|
|
Average dilutive effect of:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Stock options
|
|
|
0.2
|
|
|
—
|
|
|
|
|
0.1
|
|
|
—
|
|
||||||
|
Other equity plans
|
|
|
0.5
|
|
|
—
|
|
|
|
|
0.4
|
|
|
—
|
|
||||||
|
Diluted earnings per share
|
|
$132.8
|
|
|
181.4
|
|
|
|
$0.73
|
|
|
|
$82.6
|
|
|
179.8
|
|
|
|
$0.46
|
|
|
|
Cash flow
hedges
net
unrealized
gain (loss)
|
|
Pension
and
other
postretirement
liabilities
|
|
Net
unrealized
investment
gain (loss)
|
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Ending balance, December 31, 2017
|
|
($37,477
|
)
|
|
|
($531,099
|
)
|
|
|
$545,045
|
|
|
|
($23,531
|
)
|
|
Implementation of accounting standards
|
—
|
|
|
—
|
|
|
(632,617
|
)
|
|
(632,617
|
)
|
||||
|
Beginning balance, January 1, 2018
|
|
($37,477
|
)
|
|
|
($531,099
|
)
|
|
|
($87,572
|
)
|
|
|
($656,148
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive income (loss) before reclassifications
|
71,566
|
|
|
—
|
|
|
838
|
|
|
72,404
|
|
||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
23,861
|
|
|
16,574
|
|
|
(33,694
|
)
|
|
6,741
|
|
||||
|
Net other comprehensive income (loss) for the period
|
95,427
|
|
|
16,574
|
|
|
(32,856
|
)
|
|
79,145
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Reclassification pursuant to ASU 2018-02
|
(7,756
|
)
|
|
(90,966
|
)
|
|
114,227
|
|
|
15,505
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Ending balance, March 31, 2018
|
|
$50,194
|
|
|
|
($605,491
|
)
|
|
|
($6,201
|
)
|
|
|
($561,498
|
)
|
|
|
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
|
32,608
|
|
|
—
|
|
|
39,872
|
|
|
—
|
|
|
72,480
|
|
|||||
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
(33,136
|
)
|
|
8,632
|
|
|
(2,045
|
)
|
|
—
|
|
|
(26,549
|
)
|
|||||
|
Net other comprehensive income (loss) for the period
|
(528
|
)
|
|
8,632
|
|
|
37,827
|
|
|
—
|
|
|
45,931
|
|
|||||
|
Ending balance, March 31, 2017
|
|
$3,465
|
|
|
|
($460,814
|
)
|
|
|
$467,561
|
|
|
|
$748
|
|
|
|
$10,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension and Other
Postretirement Liabilities |
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
Beginning balance, January 1,
|
|
|
($46,400
|
)
|
|
|
($48,442
|
)
|
|
Amounts reclassified from accumulated other
comprehensive income (loss) |
|
(501
|
)
|
|
(370
|
)
|
||
|
Net other comprehensive income (loss) for the period
|
|
(501
|
)
|
|
(370
|
)
|
||
|
|
|
|
|
|
||||
|
Reclassification pursuant to ASU 2018-02
|
|
(10,049
|
)
|
|
—
|
|
||
|
|
|
|
|
|
||||
|
Ending balance, March 31,
|
|
|
($56,950
|
)
|
|
|
($48,812
|
)
|
|
|
|
|
|
|
|
|
Amounts reclassified
from AOCI |
|
Income Statement Location
|
||||||
|
|
2018
|
|
2017
|
|
|
||||
|
|
(In Thousands)
|
|
|
||||||
|
Cash flow hedges net unrealized gain (loss)
|
|
|
|
|
|
||||
|
Power contracts
|
|
($30,082
|
)
|
|
|
$51,227
|
|
|
Competitive business operating revenues
|
|
Interest rate swaps
|
(122
|
)
|
|
(250
|
)
|
|
Miscellaneous - net
|
||
|
Total realized gain (loss) on cash flow hedges
|
(30,204
|
)
|
|
50,977
|
|
|
|
||
|
|
6,343
|
|
|
(17,841
|
)
|
|
Income taxes
|
||
|
Total realized gain (loss) on cash flow hedges (net of tax)
|
|
($23,861
|
)
|
|
|
$33,136
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
|||
|
Amortization of prior-service credit
|
|
$5,426
|
|
|
|
$6,562
|
|
|
(a)
|
|
Amortization of loss
|
(24,952
|
)
|
|
(21,571
|
)
|
|
(a)
|
||
|
Settlement loss
|
(1,616
|
)
|
|
—
|
|
|
(a)
|
||
|
Total amortization
|
(21,142
|
)
|
|
(15,009
|
)
|
|
|
||
|
|
4,568
|
|
|
6,377
|
|
|
Income taxes
|
||
|
Total amortization (net of tax)
|
|
($16,574
|
)
|
|
|
($8,632
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Net unrealized investment gain (loss)
|
|
|
|
|
|
||||
|
Realized gain (loss)
|
|
$53,314
|
|
|
|
$4,010
|
|
|
Interest and investment income
|
|
|
(19,620
|
)
|
|
(1,965
|
)
|
|
Income taxes
|
||
|
Total realized investment gain (loss) (net of tax)
|
|
$33,694
|
|
|
|
$2,045
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total reclassifications for the period (net of tax)
|
|
($6,741
|
)
|
|
|
$26,549
|
|
|
|
|
(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
|
||||||
|
|
|
2018
|
|
2017
|
|
|
||||
|
|
|
(In Thousands)
|
|
|
||||||
|
Pension and other postretirement liabilities
|
|
|
|
|
|
|
||||
|
Amortization of prior-service credit
|
|
|
$1,934
|
|
|
|
$1,934
|
|
|
(a)
|
|
Amortization of loss
|
|
(1,257
|
)
|
|
(1,332
|
)
|
|
(a)
|
||
|
Total amortization
|
|
677
|
|
|
602
|
|
|
|
||
|
|
|
(176
|
)
|
|
(232
|
)
|
|
Income taxes
|
||
|
Total amortization (net of tax)
|
|
501
|
|
|
370
|
|
|
|
||
|
|
|
|
|
|
|
|
||||
|
Total reclassifications for the period (net of tax)
|
|
|
$501
|
|
|
|
$370
|
|
|
|
|
(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
|
|
$1,125
|
|
$6
|
|
$2,369
|
|
Company
|
|
Expiration
Date
|
|
Amount of
Facility
|
|
Interest Rate (a)
|
|
Amount Drawn
as of
March 31, 2018
|
|
Letters of Credit
Outstanding as of March 31, 2018
|
|
Entergy Arkansas
|
|
April 2018
|
|
$20 million (b)
|
|
3.14%
|
|
$—
|
|
$—
|
|
Entergy Arkansas
|
|
August 2022
|
|
$150 million (c)
|
|
3.12%
|
|
$50 million
|
|
$—
|
|
Entergy Louisiana
|
|
August 2022
|
|
$350 million (c)
|
|
2.94%
|
|
$100 million
|
|
$9.1 million
|
|
Entergy Mississippi
|
|
May 2018
|
|
$37.5 million (d)
|
|
3.39%
|
|
$—
|
|
$—
|
|
Entergy Mississippi
|
|
May 2018
|
|
$35 million (d)
|
|
3.39%
|
|
$—
|
|
$—
|
|
Entergy Mississippi
|
|
May 2018
|
|
$20 million (d)
|
|
3.39%
|
|
$—
|
|
$—
|
|
Entergy Mississippi
|
|
May 2018
|
|
$10 million (d)
|
|
3.39%
|
|
$—
|
|
$—
|
|
Entergy New Orleans
|
|
November 2018
|
|
$25 million (c)
|
|
3.36%
|
|
$—
|
|
$0.8 million
|
|
Entergy Texas
|
|
August 2022
|
|
$150 million (c)
|
|
3.39%
|
|
$—
|
|
$24.4 million
|
|
(a)
|
For credit facilities with no borrowings as of March 31, 2018, the interest rate is the estimated interest rate as of
March 31, 2018
that would have been applied 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. In April 2018, Entergy Arkansas renewed its credit facility through April 2019.
|
|
(c)
|
The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows:
$5 million
for Entergy Arkansas;
$15 million
for Entergy Louisiana;
$10 million
for Entergy New Orleans; and
$30 million
for Entergy Texas.
|
|
(d)
|
Borrowings under the Entergy Mississippi credit facilities may be secured by a security interest in its accounts receivable at Entergy Mississippi’s option. Entergy Mississippi expects to renew its credit facilities prior to expiration.
|
|
Company
|
|
Amount of
Uncommitted Facility
|
|
Letter of Credit Fee
|
|
Letters of Credit
Issued as of
March 31, 2018 (a)
|
|
Entergy Arkansas
|
|
$25 million
|
|
0.70%
|
|
$1 million
|
|
Entergy Louisiana
|
|
$125 million
|
|
0.70%
|
|
$23.8 million
|
|
Entergy Mississippi
|
|
$40 million
|
|
0.70%
|
|
$16.6 million
|
|
Entergy New Orleans
|
|
$15 million
|
|
1.00%
|
|
$4.8 million
|
|
Entergy Texas
|
|
$50 million
|
|
0.70%
|
|
$25.6 million
|
|
(a)
|
As of
March 31, 2018
, letters of credit posted with MISO covered financial transmission rights exposure of
$0.2 million
for Entergy Arkansas,
$0.1 million
for Entergy Mississippi, and
$0.2 million
for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.
|
|
|
Authorized
|
|
Borrowings
|
|
|
(In Millions)
|
||
|
Entergy Arkansas
|
$250
|
|
$124
|
|
Entergy Louisiana
|
$450
|
|
$—
|
|
Entergy Mississippi
|
$175
|
|
$75
|
|
Entergy New Orleans
|
$150
|
|
$—
|
|
Entergy Texas
|
$200
|
|
$—
|
|
System Energy
|
$200
|
|
$—
|
|
Company
|
|
Expiration
Date
|
|
Amount
of
Facility
|
|
Weighted Average Interest Rate on Borrowings (a)
|
|
Amount
Outstanding as of
March 31, 2018
|
|
|
|
|
|
(Dollars in Millions)
|
||||
|
Entergy Arkansas VIE
|
|
May 2019
|
|
$80
|
|
3.74%
|
|
$43.9 (b)
|
|
Entergy Louisiana River Bend VIE
|
|
May 2019
|
|
$105
|
|
2.82%
|
|
$52.3
|
|
Entergy Louisiana Waterford VIE
|
|
May 2019
|
|
$85
|
|
3.35%
|
|
$62.9 (b)
|
|
System Energy VIE
|
|
May 2019
|
|
$120
|
|
3.46%
|
|
$43.2 (b)
|
|
(a)
|
Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company variable interest entities for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company variable interest entity for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.
|
|
(b)
|
The total amount outstanding as of March 31, 2018 is commercial paper, and is classified as a current liability.
|
|
Company
|
|
Description
|
|
Amount
|
|
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
|
|
System Energy VIE
|
|
3.42% Series J due April 2021
|
|
$100 million
|
|
|
Book Value
of Long-Term Debt
|
|
Fair Value
of Long-Term Debt (a) (b)
|
||||
|
|
(In Thousands)
|
||||||
|
Entergy
|
|
$16,851,636
|
|
|
|
$16,771,585
|
|
|
Entergy Arkansas
|
|
$2,978,569
|
|
|
|
$2,812,019
|
|
|
Entergy Louisiana
|
|
$6,938,439
|
|
|
|
$7,022,323
|
|
|
Entergy Mississippi
|
|
$1,270,399
|
|
|
|
$1,252,877
|
|
|
Entergy New Orleans
|
|
$436,995
|
|
|
|
$446,981
|
|
|
Entergy Texas
|
|
$1,562,555
|
|
|
|
$1,603,892
|
|
|
System Energy
|
|
$601,582
|
|
|
|
$576,121
|
|
|
(a)
|
The values exclude lease obligations of
$34 million
at System Energy and long-term DOE obligations of
$184 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.
|
|
|
Book Value
of Long-Term Debt
|
|
Fair Value
of Long-Term Debt (a) (b)
|
||||
|
|
(In Thousands)
|
||||||
|
Entergy
|
|
$15,075,266
|
|
|
|
$15,367,453
|
|
|
Entergy Arkansas
|
|
$2,952,399
|
|
|
|
$2,865,844
|
|
|
Entergy Louisiana
|
|
$6,144,071
|
|
|
|
$6,389,774
|
|
|
Entergy Mississippi
|
|
$1,270,122
|
|
|
|
$1,285,741
|
|
|
Entergy New Orleans
|
|
$436,870
|
|
|
|
$455,968
|
|
|
Entergy Texas
|
|
$1,587,150
|
|
|
|
$1,661,902
|
|
|
System Energy
|
|
$551,488
|
|
|
|
$529,119
|
|
|
(a)
|
The values exclude the 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.
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$1.1
|
|
|
|
$1.1
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$0.3
|
|
|
|
$0.4
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$0.2
|
|
|
|
$0.2
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
Compensation expense included in Entergy’s net income
|
|
$8.8
|
|
|
|
$8.2
|
|
|
Tax benefit recognized in Entergy’s net income
|
|
$2.2
|
|
|
|
$3.1
|
|
|
Compensation cost capitalized as part of fixed assets and inventory
|
|
$2.3
|
|
|
|
$2.0
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$38,752
|
|
|
|
$33,410
|
|
|
Interest cost on projected benefit obligation
|
66,854
|
|
|
65,206
|
|
||
|
Expected return on assets
|
(110,535
|
)
|
|
(102,056
|
)
|
||
|
Amortization of prior service cost
|
99
|
|
|
65
|
|
||
|
Amortization of loss
|
68,526
|
|
|
56,930
|
|
||
|
Net pension costs
|
|
$63,696
|
|
|
|
$53,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$6,189
|
|
|
|
$8,446
|
|
|
|
$1,822
|
|
|
|
$673
|
|
|
|
$1,589
|
|
|
|
$1,776
|
|
|
Interest cost on projects benefit obligation
|
|
13,004
|
|
|
14,940
|
|
|
3,769
|
|
|
1,813
|
|
|
3,348
|
|
|
3,227
|
|
||||||
|
Expected return on assets
|
|
(21,851
|
)
|
|
(24,809
|
)
|
|
(6,502
|
)
|
|
(2,993
|
)
|
|
(6,523
|
)
|
|
(4,991
|
)
|
||||||
|
Amortization of loss
|
|
13,412
|
|
|
14,450
|
|
|
3,610
|
|
|
1,954
|
|
|
2,626
|
|
|
3,715
|
|
||||||
|
Net pension cost
|
|
|
$10,754
|
|
|
|
$13,027
|
|
|
|
$2,699
|
|
|
|
$1,447
|
|
|
|
$1,040
|
|
|
|
$3,727
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
(In Thousands)
|
||||||||||||||||||
|
2018
|
|
$132
|
|
|
|
$50
|
|
|
|
$80
|
|
|
|
$21
|
|
|
|
$137
|
|
|
2017
|
|
$105
|
|
|
|
$48
|
|
|
|
$64
|
|
|
|
$18
|
|
|
|
$127
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Service cost - benefits earned during the period
|
|
$6,782
|
|
|
|
$6,729
|
|
|
Interest cost on accumulated postretirement benefit obligation (APBO)
|
12,681
|
|
|
13,960
|
|
||
|
Expected return on assets
|
(10,373
|
)
|
|
(9,408
|
)
|
||
|
Amortization of prior service credit
|
(9,251
|
)
|
|
(10,356
|
)
|
||
|
Amortization of loss
|
3,432
|
|
|
5,476
|
|
||
|
Net other postretirement benefit cost
|
|
$3,271
|
|
|
|
$6,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Service cost - benefits earned during the period
|
|
|
$793
|
|
|
|
$1,556
|
|
|
|
$321
|
|
|
|
$129
|
|
|
|
$330
|
|
|
|
$306
|
|
|
Interest cost on APBO
|
|
1,997
|
|
|
2,789
|
|
|
683
|
|
|
417
|
|
|
939
|
|
|
500
|
|
||||||
|
Expected return on assets
|
|
(4,342
|
)
|
|
—
|
|
|
(1,303
|
)
|
|
(1,313
|
)
|
|
(2,446
|
)
|
|
(783
|
)
|
||||||
|
Amortization of prior service credit
|
|
(1,278
|
)
|
|
(1,934
|
)
|
|
(456
|
)
|
|
(186
|
)
|
|
(579
|
)
|
|
(378
|
)
|
||||||
|
Amortization of loss
|
|
289
|
|
|
388
|
|
|
377
|
|
|
34
|
|
|
206
|
|
|
233
|
|
||||||
|
Net other postretirement benefit cost
|
|
|
($2,541
|
)
|
|
|
$2,799
|
|
|
|
($378
|
)
|
|
|
($919
|
)
|
|
|
($1,550
|
)
|
|
|
($122
|
)
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($99
|
)
|
|
|
$5,595
|
|
|
|
($70
|
)
|
|
|
$5,426
|
|
|
Amortization of loss
|
|
(21,957
|
)
|
|
(1,932
|
)
|
|
(1,063
|
)
|
|
(24,952
|
)
|
||||
|
Settlement loss
|
|
—
|
|
|
—
|
|
|
(1,616
|
)
|
|
(1,616
|
)
|
||||
|
|
|
|
($22,056
|
)
|
|
|
$3,663
|
|
|
|
($2,749
|
)
|
|
|
($21,142
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$1,934
|
|
|
|
$—
|
|
|
|
$1,934
|
|
|
Amortization of loss
|
|
(867
|
)
|
|
(388
|
)
|
|
(2
|
)
|
|
(1,257
|
)
|
||||
|
|
|
|
($867
|
)
|
|
|
$1,546
|
|
|
|
($2
|
)
|
|
|
$677
|
|
|
2017
|
|
Qualified
Pension Costs |
|
Other
Postretirement Costs |
|
Non-Qualified
Pension Costs |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
|
|
||||||||||||
|
Entergy
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service (cost)/credit
|
|
|
($65
|
)
|
|
|
$6,717
|
|
|
|
($90
|
)
|
|
|
$6,562
|
|
|
Amortization of loss
|
|
(18,450
|
)
|
|
(2,202
|
)
|
|
(919
|
)
|
|
(21,571
|
)
|
||||
|
|
|
|
($18,515
|
)
|
|
|
$4,515
|
|
|
|
($1,009
|
)
|
|
|
($15,009
|
)
|
|
Entergy Louisiana
|
|
|
|
|
|
|
|
|
||||||||
|
Amortization of prior service credit
|
|
|
$—
|
|
|
|
$1,934
|
|
|
|
$—
|
|
|
|
$1,934
|
|
|
Amortization of loss
|
|
(865
|
)
|
|
(465
|
)
|
|
(2
|
)
|
|
(1,332
|
)
|
||||
|
|
|
|
($865
|
)
|
|
|
$1,469
|
|
|
|
($2
|
)
|
|
|
$602
|
|
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New Orleans
|
|
Entergy
Texas
|
|
System
Energy
|
||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||
|
Expected 2018 pension contributions
|
|
$64,062
|
|
|
|
$71,917
|
|
|
|
$14,933
|
|
|
|
$7,250
|
|
|
|
$10,883
|
|
|
|
$13,786
|
|
|
Pension contributions made through March 2018
|
|
$17,373
|
|
|
|
$19,510
|
|
|
|
$4,194
|
|
|
|
$2,061
|
|
|
|
$3,873
|
|
|
|
$3,715
|
|
|
Remaining estimated pension contributions to be made in 2018
|
|
$46,689
|
|
|
|
$52,407
|
|
|
|
$10,739
|
|
|
|
$5,189
|
|
|
|
$7,010
|
|
|
|
$10,071
|
|
|
|
|
Utility
|
|
Entergy
Wholesale
Commodities
|
|
All Other
|
|
Eliminations
|
|
Entergy
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,304,990
|
|
|
|
$418,924
|
|
|
|
$—
|
|
|
|
($33
|
)
|
|
|
$2,723,881
|
|
|
Income taxes
|
|
|
$52,224
|
|
|
|
($1,078
|
)
|
|
|
($7,483
|
)
|
|
|
$—
|
|
|
|
$43,663
|
|
|
Consolidated net income (loss)
|
|
|
$217,940
|
|
|
|
($17,779
|
)
|
|
|
($32,063
|
)
|
|
|
($31,898
|
)
|
|
|
$136,200
|
|
|
Total assets as of March 31, 2018
|
|
|
$43,690,561
|
|
|
|
$5,504,233
|
|
|
|
$834,463
|
|
|
|
($2,747,732
|
)
|
|
|
$47,281,525
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating revenues
|
|
|
$2,035,112
|
|
|
|
$553,367
|
|
|
|
$—
|
|
|
|
($21
|
)
|
|
|
$2,588,458
|
|
|
Income taxes
|
|
|
$98,492
|
|
|
|
($78,337
|
)
|
|
|
($12,392
|
)
|
|
|
$—
|
|
|
|
$7,763
|
|
|
Consolidated net income (loss)
|
|
|
$167,623
|
|
|
|
($27,197
|
)
|
|
|
($22,477
|
)
|
|
|
($31,898
|
)
|
|
|
$86,051
|
|
|
Total assets as of December 31, 2017
|
|
|
$42,978,669
|
|
|
|
$5,638,009
|
|
|
|
$1,011,612
|
|
|
|
($2,921,141
|
)
|
|
|
$46,707,149
|
|
|
|
Employee retention and severance
expenses and other benefits-related costs
|
|
Contracted economic development costs
|
|
Total
|
||||||
|
|
(In Millions)
|
||||||||||
|
Balance as of January 1, 2018
|
|
$83
|
|
|
|
$14
|
|
|
|
$97
|
|
|
Restructuring costs accrued
|
26
|
|
|
—
|
|
|
26
|
|
|||
|
Balance as of March 31, 2018
|
|
$109
|
|
|
|
$14
|
|
|
|
$123
|
|
|
|
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
|
24
|
|
|
—
|
|
|
24
|
|
|||
|
Balance as of March 31, 2017
|
|
$94
|
|
|
|
$21
|
|
|
|
$115
|
|
|
Instrument
|
|
Balance Sheet Location
|
|
Gross Fair Value (a)
|
|
Offsetting Position (b)
|
|
Net Fair Value (c) (d)
|
|
Business
|
|
|
|
|
|
(In Millions)
|
|
|
||||
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$63
|
|
($14)
|
|
$49
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$31
|
|
($5)
|
|
$26
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities
(current portion) |
|
$13
|
|
($13)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$5
|
|
($5)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$3
|
|
($3)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$9
|
|
($1)
|
|
$8
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities
(current portion) |
|
$4
|
|
($4)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$1
|
|
$—
|
|
$1
|
|
Utility
|
|
Instrument
|
|
Balance Sheet Location
|
|
Gross Fair Value (a)
|
|
Offsetting Position (b)
|
|
Net Fair Value (c) (d)
|
|
Business
|
|
|
|
|
|
(In Millions)
|
|
|
||||
|
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$19
|
|
($19)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other deferred debits and other assets (non-current portion)
|
|
$19
|
|
($14)
|
|
$5
|
|
Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$86
|
|
($20)
|
|
$66
|
|
Entergy Wholesale Commodities
|
|
Electricity swaps and options
|
|
Other non-current liabilities (non-current portion)
|
|
$17
|
|
($14)
|
|
$3
|
|
Entergy Wholesale Commodities
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Prepayments and other (current portion)
|
|
$9
|
|
($9)
|
|
$—
|
|
Entergy Wholesale Commodities
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
$22
|
|
($1)
|
|
$21
|
|
Utility and Entergy Wholesale Commodities
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
Other current liabilities (current portion)
|
|
$9
|
|
($8)
|
|
$1
|
|
Entergy Wholesale Commodities
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
$6
|
|
$—
|
|
$6
|
|
Utility
|
|
(a)
|
Represents the gross amounts of recognized assets/liabilities
|
|
(b)
|
Represents the netting of fair value balances with the same counterparty
|
|
(c)
|
Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheet
|
|
(d)
|
Excludes cash collateral in the amount of
$1 million
posted and
$6 million
held as of March 31, 2018 and
$1 million
posted and
$4 million
held as of December 31, 2017. Also excludes
$69 million
in letters of credit held as of March 31, 2018 and
$34 million
in letters of credit held as of December 31, 2017.
|
|
|
|
|
|
|
|
|
|
Instrument
|
|
Amount of gain recognized in other
comprehensive income |
|
Income Statement location
|
|
Amount of gain (loss)
reclassified from accumulated other comprehensive income into income (a) |
|
|
|
(In Millions)
|
|
|
|
(In Millions)
|
|
2018
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$91
|
|
Competitive businesses operating revenues
|
|
($30)
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
Electricity swaps and options
|
|
$50
|
|
Competitive businesses operating revenues
|
|
$51
|
|
(a)
|
Before taxes of
($6) million
and
$18 million
for the three months ended March 31, 2018 and 2017, respectively
|
|
|
|
|
|
|
|
|
|
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)
|
|
2018
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
$—
|
|
Financial transmission rights
|
|
$—
|
|
Purchased power expense
|
(b)
|
$32
|
|
Electricity swaps and options
|
|
$—
|
(c)
|
Competitive business operating revenues
|
|
$1
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
$—
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
(a)
|
($7)
|
|
Financial transmission rights
|
|
$—
|
|
Purchased power expense
|
(b)
|
$30
|
|
Electricity swaps and options
|
|
$9
|
(c)
|
Competitive business operating revenues
|
|
$—
|
|
(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 recognized in accumulated other comprehensive income from electricity swaps and options de-designated as hedged items.
|
|
Instrument
|
|
Balance Sheet Location
|
|
Gross Fair Value (a)
|
|
Offsetting Position (b)
|
|
Net Fair Value (c) (d)
|
|
Registrant
|
||||||
|
|
|
|
|
(In Millions)
|
|
|
||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$1.9
|
|
|
|
($0.1
|
)
|
|
|
$1.8
|
|
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$3.8
|
|
|
|
($0.4
|
)
|
|
|
$3.4
|
|
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$0.9
|
|
|
|
$—
|
|
|
|
$0.9
|
|
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$0.7
|
|
|
|
$—
|
|
|
|
$0.7
|
|
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$1.4
|
|
|
|
$—
|
|
|
|
$1.4
|
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Natural gas swaps
|
|
Other current liabilities
|
|
|
$1.2
|
|
|
|
$—
|
|
|
|
$1.2
|
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
|
$0.2
|
|
|
|
$—
|
|
|
|
$0.2
|
|
|
Entergy Mississippi
|
|
Instrument
|
|
Balance Sheet Location
|
|
Gross Fair Value (a)
|
|
Offsetting Position (b)
|
|
Net Fair Value (c) (d)
|
|
Registrant
|
||||||
|
|
|
|
|
(In Millions)
|
|
|
||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$3.2
|
|
|
|
($0.2
|
)
|
|
|
$3.0
|
|
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$11.0
|
|
|
|
($0.8
|
)
|
|
|
$10.2
|
|
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$2.1
|
|
|
|
$—
|
|
|
|
$2.1
|
|
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$2.2
|
|
|
|
$—
|
|
|
|
$2.2
|
|
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Prepayments and other
|
|
|
$3.6
|
|
|
|
($0.2
|
)
|
|
|
$3.4
|
|
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Natural gas swaps
|
|
Other current liabilities
|
|
|
$5.0
|
|
|
|
$—
|
|
|
|
$5.0
|
|
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
|
$1.2
|
|
|
|
$—
|
|
|
|
$1.2
|
|
|
Entergy Mississippi
|
|
Natural gas swaps
|
|
Other current liabilities
|
|
|
$0.2
|
|
|
|
$—
|
|
|
|
$0.2
|
|
|
Entergy New Orleans
|
|
(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 Registrant Subsidiaries’ balance sheets
|
|
(d)
|
As of March 31, 2018, letters of credit posted with MISO covered financial transmission rights exposure of
$0.2 million
for Entergy Arkansas,
$0.1 million
for Entergy Mississippi, and
$0.2 million
for Entergy Texas. As of December 31, 2017, letters of credit posted with MISO covered financial transmission rights exposure of
$0.2 million
for Entergy Arkansas,
$0.1 million
for Entergy Mississippi, and
$0.05 million
for Entergy Texas.
|
|
Instrument
|
|
Income Statement Location
|
|
Amount of gain
(loss) recorded in the income statement |
|
Registrant
|
|
|
|
|
|
(In Millions)
|
|
|
|
2018
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($0.2)
|
(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
|
|
$8.0
|
(b)
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$17.6
|
(b)
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$7.8
|
(b)
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$3.3
|
(b)
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
($3.5)
|
(b)
|
Entergy Texas
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($6.1)
|
(a)
|
Entergy Louisiana
|
|
Natural gas swaps
|
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
($1.1)
|
(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
|
|
$4.6
|
(b)
|
Entergy Arkansas
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$15.2
|
(b)
|
Entergy Louisiana
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$3.1
|
(b)
|
Entergy Mississippi
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$2.4
|
(b)
|
Entergy New Orleans
|
|
Financial transmission rights
|
|
Purchased power expense
|
|
$5.3
|
(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.
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$1,148
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1,148
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
577
|
|
|
—
|
|
|
—
|
|
|
577
|
|
||||
|
Debt securities
|
|
1,084
|
|
|
1,535
|
|
|
—
|
|
|
2,619
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
3,920
|
|
|||||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
75
|
|
|
75
|
|
||||
|
Securitization recovery trust account
|
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
||||
|
Escrow accounts
|
|
398
|
|
|
—
|
|
|
—
|
|
|
398
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
|
|
|
|
$3,259
|
|
|
|
$1,535
|
|
|
|
$83
|
|
|
|
$8,797
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$725
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$725
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
526
|
|
|
—
|
|
|
—
|
|
|
526
|
|
||||
|
Debt securities
|
|
1,125
|
|
|
1,425
|
|
|
—
|
|
|
2,550
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
4,136
|
|
|||||||
|
Power contracts
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||
|
Securitization recovery trust account
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
||||
|
Escrow accounts
|
|
406
|
|
|
—
|
|
|
—
|
|
|
406
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||
|
|
|
|
$2,827
|
|
|
|
$1,425
|
|
|
|
$26
|
|
|
|
$8,414
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Power contracts
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$70
|
|
|
|
$70
|
|
|
Gas hedge contracts
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||
|
|
|
|
$6
|
|
|
|
$—
|
|
|
|
$70
|
|
|
|
$76
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
||||||||||||
|
|
Power Contracts
|
|
Financial transmission rights
|
|
Power Contracts
|
|
Financial transmission rights
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Balance as of January 1,
|
|
($65
|
)
|
|
|
$21
|
|
|
|
$5
|
|
|
|
$21
|
|
|
Total gains (losses) for the period (a)
|
|
|
|
|
|
|
|
||||||||
|
Included in earnings
|
14
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
Included in other comprehensive income
|
91
|
|
|
—
|
|
|
50
|
|
|
—
|
|
||||
|
Included as a regulatory liability/asset
|
—
|
|
|
20
|
|
|
—
|
|
|
17
|
|
||||
|
Settlements
|
35
|
|
|
(32
|
)
|
|
(50
|
)
|
|
(30
|
)
|
||||
|
Balance as of March 31,
|
|
$75
|
|
|
|
$8
|
|
|
|
$5
|
|
|
|
$8
|
|
|
(a)
|
Change in unrealized gains or losses for the period included in earnings for derivatives held at the end of the reporting period is
$0.2 million
for the three months ended March 31, 2018 and
$0.4 million
for the three months ended March 31, 2017.
|
|
Transaction Type
|
|
Fair Value
as of
March 31, 2018
|
|
Significant
Unobservable Inputs
|
|
Range
from
Average
%
|
|
Effect on
Fair Value
|
|
|
|
|
(In Millions)
|
|
|
|
|
|
|
(In Millions)
|
|
Power contracts - electricity swaps
|
|
$75
|
|
Unit contingent discount
|
|
+/-
|
4% - 4.75%
|
|
$5 - $7
|
|
Significant
Unobservable
Input
|
|
Transaction Type
|
|
Position
|
|
Change to Input
|
|
Effect on
Fair Value
|
|
Unit contingent discount
|
|
Electricity swaps
|
|
Sell
|
|
Increase (Decrease)
|
|
Decrease (Increase)
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
|
$3.6
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$3.6
|
|
|
Debt securities
|
|
111.3
|
|
|
239.5
|
|
|
—
|
|
|
350.8
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
581.3
|
|
|||||||
|
Securitization recovery trust account
|
|
7.9
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
1.8
|
|
||||
|
|
|
|
$122.8
|
|
|
|
$239.5
|
|
|
|
$1.8
|
|
|
|
$945.4
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
|
$11.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$11.7
|
|
|
Debt securities
|
|
115.8
|
|
|
232.4
|
|
|
—
|
|
|
348.2
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
585.0
|
|
|||||||
|
Securitization recovery trust account
|
|
3.7
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
||||
|
Escrow accounts
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
2.4
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|
3.0
|
|
||||
|
|
|
|
$133.6
|
|
|
|
$232.4
|
|
|
|
$3.0
|
|
|
|
$954.0
|
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$561.9
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$561.9
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
12.2
|
|
|
—
|
|
|
—
|
|
|
12.2
|
|
||||
|
Debt securities
|
|
145.6
|
|
|
370.7
|
|
|
—
|
|
|
516.3
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
775.9
|
|
|||||||
|
Escrow accounts
|
|
285.6
|
|
|
—
|
|
|
—
|
|
|
285.6
|
|
||||
|
Securitization recovery trust account
|
|
9.5
|
|
|
—
|
|
|
—
|
|
|
9.5
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|
3.4
|
|
||||
|
|
|
|
$1,014.8
|
|
|
|
$370.7
|
|
|
|
$3.4
|
|
|
|
$2,164.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$1.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1.2
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$30.1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$30.1
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Equity securities
|
|
15.2
|
|
|
—
|
|
|
—
|
|
|
15.2
|
|
||||
|
Debt securities
|
|
143.3
|
|
|
350.5
|
|
|
—
|
|
|
493.8
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
803.1
|
|
|||||||
|
Escrow accounts
|
|
289.5
|
|
|
—
|
|
|
—
|
|
|
289.5
|
|
||||
|
Securitization recovery trust account
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
10.2
|
|
|
10.2
|
|
||||
|
|
|
|
$480.1
|
|
|
|
$350.5
|
|
|
|
$10.2
|
|
|
|
$1,643.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$5.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$5.0
|
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$0.3
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.3
|
|
|
Escrow accounts
|
|
32.1
|
|
|
—
|
|
|
—
|
|
|
32.1
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
||||
|
|
|
|
$32.4
|
|
|
|
$—
|
|
|
|
$0.9
|
|
|
|
$33.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.2
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$4.5
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$4.5
|
|
|
Escrow accounts
|
|
32.0
|
|
|
—
|
|
|
—
|
|
|
32.0
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
2.1
|
|
||||
|
|
|
|
$36.5
|
|
|
|
$—
|
|
|
|
$2.1
|
|
|
|
$38.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$1.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1.2
|
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$1.3
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$1.3
|
|
|
Securitization recovery trust account
|
|
4.8
|
|
|
—
|
|
|
—
|
|
|
4.8
|
|
||||
|
Escrow accounts
|
|
79.8
|
|
|
—
|
|
|
—
|
|
|
79.8
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
0.7
|
|
||||
|
|
|
|
$85.9
|
|
|
|
$—
|
|
|
|
$0.7
|
|
|
|
$86.6
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$32.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$32.7
|
|
|
Securitization recovery trust account
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
||||
|
Escrow accounts
|
|
81.9
|
|
|
—
|
|
|
—
|
|
|
81.9
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
2.2
|
|
||||
|
|
|
|
$116.1
|
|
|
|
$—
|
|
|
|
$2.2
|
|
|
|
$118.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
|
Gas hedge contracts
|
|
|
$0.2
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$0.2
|
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$39.0
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$39.0
|
|
|
Securitization recovery trust account
|
|
29.7
|
|
|
—
|
|
|
—
|
|
|
29.7
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
1.4
|
|
||||
|
|
|
|
$68.7
|
|
|
|
$—
|
|
|
|
$1.4
|
|
|
|
$70.1
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets
:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$115.5
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$115.5
|
|
|
Securitization recovery trust account
|
|
37.7
|
|
|
—
|
|
|
—
|
|
|
37.7
|
|
||||
|
Financial transmission rights
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|
3.4
|
|
||||
|
|
|
|
$153.2
|
|
|
|
$—
|
|
|
|
$3.4
|
|
|
|
$156.6
|
|
|
2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$278.7
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$278.7
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||
|
Debt securities
|
|
172.5
|
|
|
153.1
|
|
|
—
|
|
|
325.6
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
568.3
|
|
|||||||
|
|
|
|
$453.5
|
|
|
|
$153.1
|
|
|
|
$—
|
|
|
|
$1,174.9
|
|
|
2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
|
(In Millions)
|
||||||||||||||
|
Assets:
|
|
|
|
|
|
|
|
|
||||||||
|
Temporary cash investments
|
|
|
$287.1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$287.1
|
|
|
Decommissioning trust funds (a):
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
|
3.1
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
||||
|
Debt securities
|
|
187.2
|
|
|
143.3
|
|
|
—
|
|
|
330.5
|
|
||||
|
Common trusts (b)
|
|
|
|
|
|
|
|
572.1
|
|
|||||||
|
|
|
|
$477.4
|
|
|
|
$143.3
|
|
|
|
$—
|
|
|
|
$1,192.8
|
|
|
(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 January 1,
|
|
$3.0
|
|
|
|
$10.2
|
|
|
|
$2.1
|
|
|
|
$2.2
|
|
|
|
$3.4
|
|
|
Gains included as a regulatory liability/asset
|
6.8
|
|
|
10.8
|
|
|
6.6
|
|
|
1.8
|
|
|
(5.5
|
)
|
|||||
|
Settlements
|
(8.0
|
)
|
|
(17.6
|
)
|
|
(7.8
|
)
|
|
(3.3
|
)
|
|
3.5
|
|
|||||
|
Balance as of March 31,
|
|
$1.8
|
|
|
|
$3.4
|
|
|
|
$0.9
|
|
|
|
$0.7
|
|
|
|
$1.4
|
|
|
|
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
|
|
|
Gains (losses) included as a regulatory liability/asset
|
0.1
|
|
|
10.8
|
|
|
1.2
|
|
|
1.8
|
|
|
3.2
|
|
|||||
|
Settlements
|
(4.6
|
)
|
|
(15.2
|
)
|
|
(3.1
|
)
|
|
(2.4
|
)
|
|
(5.3
|
)
|
|||||
|
Balance as of March 31,
|
|
$0.9
|
|
|
|
$4.1
|
|
|
|
$1.3
|
|
|
|
$0.5
|
|
|
|
$1.0
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2018
|
|
|
|
|
|
|
||||||
|
Debt Securities
|
|
2,619
|
|
|
23
|
|
|
48
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$4,662
|
|
|
|
$2,131
|
|
|
|
$1
|
|
|
Debt Securities
|
|
2,550
|
|
|
44
|
|
|
16
|
|
|||
|
Total
|
|
|
$7,212
|
|
|
|
$2,175
|
|
|
|
$17
|
|
|
|
|
Debt Securities
|
||||||
|
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||
|
|
|
(In Millions)
|
||||||
|
Less than 12 months
|
|
|
$1,667
|
|
|
|
$35
|
|
|
More than 12 months
|
|
241
|
|
|
13
|
|
||
|
Total
|
|
|
$1,908
|
|
|
|
$48
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$8
|
|
|
|
$1
|
|
|
|
$1,099
|
|
|
|
$7
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
265
|
|
|
9
|
|
||||
|
Total
|
|
$8
|
|
|
|
$1
|
|
|
|
$1,364
|
|
|
|
$16
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$89
|
|
|
|
$74
|
|
|
1 year - 5 years
|
928
|
|
|
902
|
|
||
|
5 years - 10 years
|
784
|
|
|
812
|
|
||
|
10 years - 15 years
|
152
|
|
|
147
|
|
||
|
15 years - 20 years
|
101
|
|
|
100
|
|
||
|
20 years+
|
565
|
|
|
515
|
|
||
|
Total
|
|
$2,619
|
|
|
|
$2,550
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2018
|
|
|
|
|
|
|
||||||
|
Debt Securities
|
|
350.8
|
|
|
0.5
|
|
|
9.7
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$596.7
|
|
|
|
$354.9
|
|
|
|
$—
|
|
|
Debt Securities
|
|
348.2
|
|
|
2.1
|
|
|
3.0
|
|
|||
|
Total
|
|
|
$944.9
|
|
|
|
$357.0
|
|
|
|
$3.0
|
|
|
|
|
Debt Securities
|
||||||
|
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||
|
|
|
(In Millions)
|
||||||
|
Less than 12 months
|
|
|
$277.8
|
|
|
|
$7.2
|
|
|
More than 12 months
|
|
42.5
|
|
|
2.5
|
|
||
|
Total
|
|
|
$320.3
|
|
|
|
$9.7
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$168.0
|
|
|
|
$1.2
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
41.4
|
|
|
1.8
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$209.4
|
|
|
|
$3.0
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$14.1
|
|
|
|
$13.0
|
|
|
1 year - 5 years
|
130.6
|
|
|
123.4
|
|
||
|
5 years - 10 years
|
177.9
|
|
|
180.6
|
|
||
|
10 years - 15 years
|
3.4
|
|
|
4.8
|
|
||
|
15 years - 20 years
|
7.0
|
|
|
3.4
|
|
||
|
20 years+
|
17.8
|
|
|
23.0
|
|
||
|
Total
|
|
$350.8
|
|
|
|
$348.2
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2018
|
|
|
|
|
|
|
||||||
|
Debt Securities
|
|
516.3
|
|
|
5.7
|
|
|
8.4
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$818.3
|
|
|
|
$461.2
|
|
|
|
$—
|
|
|
Debt Securities
|
|
493.8
|
|
|
10.9
|
|
|
3.6
|
|
|||
|
Total
|
|
|
$1,312.1
|
|
|
|
$472.1
|
|
|
|
$3.6
|
|
|
|
|
Debt Securities
|
||||||
|
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||
|
|
|
(In Millions)
|
||||||
|
Less than 12 months
|
|
|
$254.9
|
|
|
|
$4.6
|
|
|
More than 12 months
|
|
78.8
|
|
|
3.8
|
|
||
|
Total
|
|
|
$333.7
|
|
|
|
$8.4
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$135.3
|
|
|
|
$1.1
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
84.4
|
|
|
2.5
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$219.7
|
|
|
|
$3.6
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$28.1
|
|
|
|
$23.2
|
|
|
1 year - 5 years
|
136.7
|
|
|
122.8
|
|
||
|
5 years - 10 years
|
108.4
|
|
|
109.3
|
|
||
|
10 years - 15 years
|
52.9
|
|
|
52.7
|
|
||
|
15 years - 20 years
|
44.7
|
|
|
50.7
|
|
||
|
20 years+
|
145.5
|
|
|
135.1
|
|
||
|
Total
|
|
$516.3
|
|
|
|
$493.8
|
|
|
|
|
Fair
Value
|
|
Total
Unrealized
Gains
|
|
Total
Unrealized
Losses
|
||||||
|
|
|
(In Millions)
|
||||||||||
|
2018
|
|
|
|
|
|
|
||||||
|
Debt Securities
|
|
325.6
|
|
|
1.4
|
|
|
5.8
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
2017
|
|
|
|
|
|
|
||||||
|
Equity Securities
|
|
|
$575.2
|
|
|
|
$308.6
|
|
|
|
$—
|
|
|
Debt Securities
|
|
330.5
|
|
|
4.2
|
|
|
1.2
|
|
|||
|
Total
|
|
|
$905.7
|
|
|
|
$312.8
|
|
|
|
$1.2
|
|
|
|
|
Debt Securities
|
||||||
|
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||
|
|
(In Millions)
|
|||||||
|
Less than 12 months
|
|
|
$240.7
|
|
|
|
$5.5
|
|
|
More than 12 months
|
|
10.2
|
|
|
0.3
|
|
||
|
Total
|
|
|
$250.9
|
|
|
|
$5.8
|
|
|
|
Equity Securities
|
|
Debt Securities
|
||||||||||||
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||
|
|
(In Millions)
|
||||||||||||||
|
Less than 12 months
|
|
$—
|
|
|
|
$—
|
|
|
|
$196.9
|
|
|
|
$1.0
|
|
|
More than 12 months
|
—
|
|
|
—
|
|
|
10.4
|
|
|
0.2
|
|
||||
|
Total
|
|
$—
|
|
|
|
$—
|
|
|
|
$207.3
|
|
|
|
$1.2
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Millions)
|
||||||
|
less than 1 year
|
|
$5.5
|
|
|
|
$4.1
|
|
|
1 year - 5 years
|
164.5
|
|
|
173.0
|
|
||
|
5 years - 10 years
|
78.4
|
|
|
78.5
|
|
||
|
10 years - 15 years
|
3.8
|
|
|
1.0
|
|
||
|
15 years - 20 years
|
10.7
|
|
|
6.9
|
|
||
|
20 years+
|
62.7
|
|
|
67.0
|
|
||
|
Total
|
|
$325.6
|
|
|
|
$330.5
|
|
|
|
|
2018
|
||
|
|
|
(In Thousands)
|
||
|
Utility:
|
|
|
||
|
Residential
|
|
|
$892,085
|
|
|
Commercial
|
|
595,720
|
|
|
|
Industrial
|
|
597,186
|
|
|
|
Governmental
|
|
56,478
|
|
|
|
Total billed retail
|
|
2,141,469
|
|
|
|
|
|
|
||
|
Sales for resale (a)
|
|
69,526
|
|
|
|
Other electric revenues (b)
|
|
27,433
|
|
|
|
Non-customer revenues (c)
|
|
9,834
|
|
|
|
Total electric revenues
|
|
2,248,262
|
|
|
|
|
|
|
||
|
Natural gas
|
|
56,695
|
|
|
|
|
|
|
||
|
Entergy Wholesale Commodities:
|
|
|
||
|
Competitive businesses sales (a)
|
|
409,135
|
|
|
|
Non-customer revenues (c)
|
|
9,789
|
|
|
|
Total competitive businesses
|
|
418,924
|
|
|
|
|
|
|
||
|
Total operating revenues
|
|
|
$2,723,881
|
|
|
2018
|
|
Entergy
Arkansas
|
|
Entergy
Louisiana
|
|
Entergy
Mississippi
|
|
Entergy
New
Orleans
|
|
Entergy
Texas
|
||||||||||
|
|
|
(In Thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Residential
|
|
|
$235,524
|
|
|
|
$295,517
|
|
|
|
$148,342
|
|
|
|
$64,575
|
|
|
|
$148,126
|
|
|
Commercial
|
|
120,634
|
|
|
224,928
|
|
|
110,460
|
|
|
54,272
|
|
|
85,427
|
|
|||||
|
Industrial
|
|
111,477
|
|
|
352,336
|
|
|
42,501
|
|
|
7,570
|
|
|
83,302
|
|
|||||
|
Governmental
|
|
4,648
|
|
|
17,310
|
|
|
10,848
|
|
|
17,691
|
|
|
5,981
|
|
|||||
|
Total billed retail
|
|
472,283
|
|
|
890,091
|
|
|
312,151
|
|
|
144,108
|
|
|
322,836
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Sales for resale (a)
|
|
66,103
|
|
|
89,255
|
|
|
1,993
|
|
|
13,337
|
|
|
23,361
|
|
|||||
|
Other electric revenues (b)
|
|
10,024
|
|
|
20,503
|
|
|
(719
|
)
|
|
(3,111
|
)
|
|
2,264
|
|
|||||
|
Non-customer revenues (c)
|
|
2,614
|
|
|
5,257
|
|
|
2,318
|
|
|
1,484
|
|
|
479
|
|
|||||
|
Total electric revenues
|
|
551,024
|
|
|
1,005,106
|
|
|
315,743
|
|
|
155,818
|
|
|
348,940
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Natural gas
|
|
—
|
|
|
24,238
|
|
|
—
|
|
|
32,457
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total operating revenues
|
|
|
$551,024
|
|
|
|
$1,029,344
|
|
|
|
$315,743
|
|
|
|
$188,275
|
|
|
|
$348,940
|
|
|
(a)
|
Sales for resale and competitive businesses sales include day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments, and includes them as part of customer revenues.
|
|
(b)
|
Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market and unbilled revenue.
|
|
(c)
|
Non-customer revenues include the settlement of financial hedges, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees.
|
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2017 net revenue
|
|
$330.3
|
|
|
Retail electric price
|
22.4
|
|
|
|
Volume/weather
|
20.4
|
|
|
|
Other
|
1.0
|
|
|
|
2018 net revenue
|
|
$374.1
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$6,216
|
|
|
|
$20,509
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
|
|
||
|
Operating activities
|
179,890
|
|
|
154,541
|
|
||
|
Investing activities
|
(161,344
|
)
|
|
(207,097
|
)
|
||
|
Financing activities
|
(23,839
|
)
|
|
32,522
|
|
||
|
Net decrease in cash and cash equivalents
|
(5,293
|
)
|
|
(20,034
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$923
|
|
|
|
$475
|
|
|
•
|
net repayments of short-term borrowings of $6.1 million on the Entergy Arkansas nuclear fuel company variable interest entity credit facility in 2018 as compared to net short-term borrowings of $52.3 million on the Entergy Arkansas nuclear fuel company variable interest entity credit facility in 2017;
|
|
•
|
borrowings of $50 million in 2018 on the Entergy Arkansas long-term credit facility;
|
|
•
|
repayment of $24.9 million of long-term borrowings in 2018 on the Entergy Arkansas nuclear fuel company variable interest entity credit facility; and
|
|
•
|
money pool activity.
|
|
|
March 31,
2018
|
|
December 31,
2017
|
||
|
Debt to capital
|
55.3
|
%
|
|
55.5
|
%
|
|
Effect of excluding the securitization bonds
|
(0.3
|
%)
|
|
(0.3
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
55.0
|
%
|
|
55.2
|
%
|
|
Effect of subtracting cash
|
—
|
%
|
|
—
|
%
|
|
Net debt to net capital, excluding securitization bonds (a)
|
55.0
|
%
|
|
55.2
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Arkansas.
|
|
March 31,
2018
|
|
December 31,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
(In Thousands)
|
||||||
|
$123,858
|
|
$166,137
|
|
$31,008
|
|
$51,232
|
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
|
$551,024
|
|
|
|
$474,351
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
108,306
|
|
|
99,409
|
|
||
|
Purchased power
|
|
71,972
|
|
|
55,133
|
|
||
|
Nuclear refueling outage expenses
|
|
23,402
|
|
|
19,619
|
|
||
|
Other operation and maintenance
|
|
169,358
|
|
|
163,008
|
|
||
|
Decommissioning
|
|
14,760
|
|
|
13,895
|
|
||
|
Taxes other than income taxes
|
|
27,905
|
|
|
24,051
|
|
||
|
Depreciation and amortization
|
|
71,981
|
|
|
67,066
|
|
||
|
Other regulatory credits - net
|
|
(3,307
|
)
|
|
(10,526
|
)
|
||
|
TOTAL
|
|
484,377
|
|
|
431,655
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
|
66,647
|
|
|
42,696
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
|
4,008
|
|
|
4,350
|
|
||
|
Interest and investment income
|
|
6,814
|
|
|
6,932
|
|
||
|
Miscellaneous - net
|
|
(3,871
|
)
|
|
(2,956
|
)
|
||
|
TOTAL
|
|
6,951
|
|
|
8,326
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
|
29,766
|
|
|
27,252
|
|
||
|
Allowance for borrowed funds used during construction
|
|
(1,890
|
)
|
|
(1,962
|
)
|
||
|
TOTAL
|
|
27,876
|
|
|
25,290
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
|
45,722
|
|
|
25,732
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
|
9,467
|
|
|
11,428
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME
|
|
36,255
|
|
|
14,304
|
|
||
|
|
|
|
|
|
||||
|
Preferred dividend requirements
|
|
357
|
|
|
357
|
|
||
|
|
|
|
|
|
||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$35,898
|
|
|
|
$13,947
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$36,255
|
|
|
|
$14,304
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
115,976
|
|
|
105,721
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
11,877
|
|
|
16,361
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
31,033
|
|
|
53,355
|
|
||
|
Fuel inventory
|
|
(13,868
|
)
|
|
(5,747
|
)
|
||
|
Accounts payable
|
|
(26,924
|
)
|
|
(73,635
|
)
|
||
|
Taxes accrued
|
|
10,072
|
|
|
7,175
|
|
||
|
Interest accrued
|
|
9,748
|
|
|
8,562
|
|
||
|
Deferred fuel costs
|
|
1,971
|
|
|
(9,137
|
)
|
||
|
Other working capital accounts
|
|
5,591
|
|
|
15,485
|
|
||
|
Provisions for estimated losses
|
|
6,520
|
|
|
1,997
|
|
||
|
Other regulatory assets
|
|
13,835
|
|
|
1,815
|
|
||
|
Other regulatory liabilities
|
|
(13,546
|
)
|
|
23,435
|
|
||
|
Pension and other postretirement liabilities
|
|
(19,277
|
)
|
|
(19,553
|
)
|
||
|
Other assets and liabilities
|
|
10,627
|
|
|
14,403
|
|
||
|
Net cash flow provided by operating activities
|
|
179,890
|
|
|
154,541
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(167,485
|
)
|
|
(165,496
|
)
|
||
|
Allowance for equity funds used during construction
|
|
4,143
|
|
|
4,557
|
|
||
|
Nuclear fuel purchases
|
|
(19,391
|
)
|
|
(88,537
|
)
|
||
|
Proceeds from sale of nuclear fuel
|
|
30,907
|
|
|
51,029
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
34,865
|
|
|
36,013
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(40,238
|
)
|
|
(40,961
|
)
|
||
|
Changes in securitization account
|
|
(4,145
|
)
|
|
(3,702
|
)
|
||
|
Net cash flow used in investing activities
|
|
(161,344
|
)
|
|
(207,097
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
175,000
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(149,904
|
)
|
|
—
|
|
||
|
Changes in short-term borrowings - net
|
|
(6,087
|
)
|
|
52,300
|
|
||
|
Changes in money pool payable - net
|
|
(42,279
|
)
|
|
(20,224
|
)
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Preferred stock
|
|
(357
|
)
|
|
(357
|
)
|
||
|
Other
|
|
(212
|
)
|
|
803
|
|
||
|
Net cash flow provided by (used in) financing activities
|
|
(23,839
|
)
|
|
32,522
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(5,293
|
)
|
|
(20,034
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
6,216
|
|
|
20,509
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$923
|
|
|
|
$475
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$18,761
|
|
|
|
$17,311
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$891
|
|
|
|
$6,184
|
|
|
Temporary cash investments
|
|
32
|
|
|
32
|
|
||
|
Total cash and cash equivalents
|
|
923
|
|
|
6,216
|
|
||
|
Securitization recovery trust account
|
|
7,893
|
|
|
3,748
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
127,821
|
|
|
110,016
|
|
||
|
Allowance for doubtful accounts
|
|
(1,250
|
)
|
|
(1,063
|
)
|
||
|
Associated companies
|
|
34,105
|
|
|
38,765
|
|
||
|
Other
|
|
46,631
|
|
|
65,209
|
|
||
|
Accrued unbilled revenues
|
|
79,707
|
|
|
105,120
|
|
||
|
Total accounts receivable
|
|
287,014
|
|
|
318,047
|
|
||
|
Deferred fuel costs
|
|
61,282
|
|
|
63,302
|
|
||
|
Fuel inventory - at average cost
|
|
43,226
|
|
|
29,358
|
|
||
|
Materials and supplies - at average cost
|
|
198,585
|
|
|
192,853
|
|
||
|
Deferred nuclear refueling outage costs
|
|
49,047
|
|
|
56,485
|
|
||
|
Prepayments and other
|
|
9,597
|
|
|
12,108
|
|
||
|
TOTAL
|
|
657,567
|
|
|
682,117
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
935,728
|
|
|
944,890
|
|
||
|
Other
|
|
786
|
|
|
3,160
|
|
||
|
TOTAL
|
|
936,514
|
|
|
948,050
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
11,111,420
|
|
|
11,059,538
|
|
||
|
Construction work in progress
|
|
361,843
|
|
|
280,888
|
|
||
|
Nuclear fuel
|
|
226,435
|
|
|
277,345
|
|
||
|
TOTAL UTILITY PLANT
|
|
11,699,698
|
|
|
11,617,771
|
|
||
|
Less - accumulated depreciation and amortization
|
|
4,827,210
|
|
|
4,762,352
|
|
||
|
UTILITY PLANT - NET
|
|
6,872,488
|
|
|
6,855,419
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Other regulatory assets (includes securitization property of $24,682 as of March 31, 2018 and $28,583 as of December 31, 2017)
|
|
1,553,602
|
|
|
1,567,437
|
|
||
|
Deferred fuel costs
|
|
67,145
|
|
|
67,096
|
|
||
|
Other
|
|
20,397
|
|
|
13,910
|
|
||
|
TOTAL
|
|
1,641,144
|
|
|
1,648,443
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$10,107,713
|
|
|
|
$10,134,029
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Short-term borrowings
|
|
|
$43,887
|
|
|
|
$49,974
|
|
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
308,104
|
|
|
365,915
|
|
||
|
Other
|
|
169,916
|
|
|
215,942
|
|
||
|
Customer deposits
|
|
97,885
|
|
|
97,687
|
|
||
|
Taxes accrued
|
|
57,393
|
|
|
47,321
|
|
||
|
Interest accrued
|
|
27,963
|
|
|
18,215
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
386,489
|
|
|
—
|
|
||
|
Other
|
|
28,730
|
|
|
29,922
|
|
||
|
TOTAL
|
|
1,120,367
|
|
|
824,976
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
1,205,470
|
|
|
1,190,669
|
|
||
|
Accumulated deferred investment tax credits
|
|
33,803
|
|
|
34,104
|
|
||
|
Regulatory liability for income taxes - net
|
|
597,025
|
|
|
985,823
|
|
||
|
Other regulatory liabilities
|
|
352,354
|
|
|
363,591
|
|
||
|
Decommissioning
|
|
995,973
|
|
|
981,213
|
|
||
|
Accumulated provisions
|
|
41,249
|
|
|
34,729
|
|
||
|
Pension and other postretirement liabilities
|
|
334,016
|
|
|
353,274
|
|
||
|
Long-term debt (includes securitization bonds of $34,739 as of March 31, 2018 and $34,662 as of December 31, 2017)
|
|
2,978,569
|
|
|
2,952,399
|
|
||
|
Other
|
|
4,885
|
|
|
5,147
|
|
||
|
TOTAL
|
|
6,543,344
|
|
|
6,900,949
|
|
||
|
|
|
|
|
|
||||
|
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 2018 and 2017
|
|
470
|
|
|
470
|
|
||
|
Paid-in capital
|
|
790,264
|
|
|
790,264
|
|
||
|
Retained earnings
|
|
1,621,918
|
|
|
1,586,020
|
|
||
|
TOTAL
|
|
2,412,652
|
|
|
2,376,754
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$10,107,713
|
|
|
|
$10,134,029
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
||||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Common Equity
|
|
|
||||||||||||
|
|
|
Common
Stock |
|
Paid-in
Capital |
|
Retained
Earnings |
|
Total
|
||||||||
|
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
|
$470
|
|
|
|
$790,243
|
|
|
|
$1,462,604
|
|
|
|
$2,253,317
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
14,304
|
|
|
14,304
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(357
|
)
|
|
(357
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at March 31, 2017
|
|
|
$470
|
|
|
|
$790,243
|
|
|
|
$1,476,551
|
|
|
|
$2,267,264
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2017
|
|
|
$470
|
|
|
|
$790,264
|
|
|
|
$1,586,020
|
|
|
|
$2,376,754
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
|
—
|
|
|
—
|
|
|
36,255
|
|
|
36,255
|
|
||||
|
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(357
|
)
|
|
(357
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at March 31, 2018
|
|
|
$470
|
|
|
|
$790,264
|
|
|
|
$1,621,918
|
|
|
|
$2,412,652
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY ARKANSAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|||||||||
|
Residential
|
|
|
$236
|
|
|
|
$183
|
|
|
|
$53
|
|
|
29
|
|
|
Commercial
|
|
121
|
|
|
106
|
|
|
15
|
|
|
14
|
|
|||
|
Industrial
|
|
111
|
|
|
96
|
|
|
15
|
|
|
16
|
|
|||
|
Governmental
|
|
5
|
|
|
4
|
|
|
1
|
|
|
25
|
|
|||
|
Total billed retail
|
|
473
|
|
|
389
|
|
|
84
|
|
|
22
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
30
|
|
|
32
|
|
|
(2
|
)
|
|
(6
|
)
|
|||
|
Non-associated companies
|
|
36
|
|
|
45
|
|
|
(9
|
)
|
|
(20
|
)
|
|||
|
Other
|
|
12
|
|
|
8
|
|
|
4
|
|
|
50
|
|
|||
|
Total
|
|
|
$551
|
|
|
|
$474
|
|
|
|
$77
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
2,329
|
|
|
1,927
|
|
|
402
|
|
|
21
|
|
|||
|
Commercial
|
|
1,365
|
|
|
1,315
|
|
|
50
|
|
|
4
|
|
|||
|
Industrial
|
|
1,828
|
|
|
1,681
|
|
|
147
|
|
|
9
|
|
|||
|
Governmental
|
|
56
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|||
|
Total retail
|
|
5,578
|
|
|
4,979
|
|
|
599
|
|
|
12
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
487
|
|
|
446
|
|
|
41
|
|
|
9
|
|
|||
|
Non-associated companies
|
|
1,717
|
|
|
1,962
|
|
|
(245
|
)
|
|
(12
|
)
|
|||
|
Total
|
|
7,782
|
|
|
7,387
|
|
|
395
|
|
|
5
|
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2017 net revenue
|
|
$561.1
|
|
|
Volume/weather
|
24.2
|
|
|
|
Retail electric price
|
(20.1
|
)
|
|
|
Other
|
8.5
|
|
|
|
2018 net revenue
|
|
$573.7
|
|
|
•
|
an increase of $14 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 a higher scope of work performed during plant outages in 2018 as compared to the same period in 2017; and
|
|
•
|
an increase of $7.1 million in fossil-fueled generation expenses primarily due to an overall higher scope of work performed in 2018 as compared to the same period in 2017.
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$35,907
|
|
|
|
$213,850
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
328,040
|
|
|
339,704
|
|
||
|
Investing activities
|
(613,950
|
)
|
|
(472,011
|
)
|
||
|
Financing activities
|
812,289
|
|
|
(14,250
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
526,379
|
|
|
(146,557
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$562,286
|
|
|
|
$67,293
|
|
|
•
|
a decrease of $114 million in income tax refunds in the first quarter 2018 as compared to the first quarter 2017. Entergy Louisiana received income tax refunds in 2017 in accordance with an intercompany income tax allocation agreement resulting from the utilization of Entergy Louisiana’s net operating losses; and
|
|
•
|
a decrease due to the timing of recovery of fuel and purchased power costs.
|
|
•
|
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 in the Form 10-K for discussion of the settlement and refund; and
|
|
•
|
a decrease of $22.7 million in spending on nuclear refueling outages.
|
|
•
|
money pool activity;
|
|
•
|
an increase of $60.9 million in transmission construction expenditures due to a higher scope of work performed in 2018 as compared to the same period in 2017; and
|
|
•
|
an increase of $53.7 million in fossil-fueled generation construction expenditures primarily due to higher spending on the Lake Charles Power Station and the St. Charles Power Station projects in 2018.
|
|
•
|
the issuance of $750 million of 4.00% Series first mortgage bonds in March 2018;
|
|
•
|
equity distributions of $42.1 million in the first quarter 2017. There were no distributions in the first quarter 2018 in anticipation of the excess deferred income taxes to be returned to customers as a result of the enactment of the Tax Cuts and Jobs Act in December 2017. See Note 2 to the financial statements herein and in the Form 10-K for discussion of regulatory proceedings related to the enactment of the Tax Cuts and Jobs Act;
|
|
•
|
net borrowings of $100 million on the Entergy Louisiana long-term credit facility in 2018; and
|
|
•
|
net borrowings of $19.4 million on Entergy Louisiana’s nuclear fuel company variable interest entities’ credit facilities in 2018 compared to net borrowings of $87.5 million in 2017.
|
|
|
March 31,
2018
|
|
December 31,
2017
|
||
|
Debt to capital
|
56.4
|
%
|
|
53.8
|
%
|
|
Effect of excluding securitization bonds
|
(0.3
|
%)
|
|
(0.3
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
56.1
|
%
|
|
53.5
|
%
|
|
Effect of subtracting cash
|
(2.1
|
%)
|
|
(0.1
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
54.0
|
%
|
|
53.4
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Louisiana.
|
|
March 31,
2018
|
|
December 31,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
(In Thousands)
|
||||||
|
$181,336
|
|
$11,173
|
|
$30,550
|
|
$22,503
|
|
•
|
a mid-point reset of formula rate plan revenues to a 9.95% earned return on common equity for the 2017 test year and for the St. Charles Power Station when it enters commercial operation;
|
|
•
|
a 9.8% target earned return on common equity for the 2018 and 2019 test years;
|
|
•
|
narrowing of the common equity bandwidth to plus or minus 60 basis points around the earned return on common equity;
|
|
•
|
a cap on potential revenue increase of
$35 million
for the 2018 evaluation period, and
$70 million
for the cumulative 2018 and 2019 evaluation periods, on formula rate plan cost of service rate increases (the cap excludes rate changes associated with the transmission recovery mechanism described below and rate changes associated with additional capacity);
|
|
•
|
a framework for the flow back of certain tax benefits created by the Tax Act to customers; and
|
|
•
|
a transmission recovery mechanism providing for the opportunity to recover certain transmission related expenditures in excess of
$100 million
annually for projects placed in service up to one month prior to rate change outside of sharing that is designed to operate in a manner similar to the additional capacity mechanism.
|
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
|
$1,005,106
|
|
|
|
$864,076
|
|
|
Natural gas
|
|
24,238
|
|
|
16,707
|
|
||
|
TOTAL
|
|
1,029,344
|
|
|
880,783
|
|
||
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
180,781
|
|
|
154,044
|
|
||
|
Purchased power
|
|
251,772
|
|
|
239,827
|
|
||
|
Nuclear refueling outage expenses
|
|
13,099
|
|
|
12,185
|
|
||
|
Other operation and maintenance
|
|
234,380
|
|
|
217,112
|
|
||
|
Decommissioning
|
|
12,772
|
|
|
12,123
|
|
||
|
Taxes other than income taxes
|
|
51,280
|
|
|
45,283
|
|
||
|
Depreciation and amortization
|
|
120,822
|
|
|
115,630
|
|
||
|
Other regulatory charges (credits) - net
|
|
23,119
|
|
|
(74,187
|
)
|
||
|
TOTAL
|
|
888,025
|
|
|
722,017
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
|
141,319
|
|
|
158,766
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
|
17,745
|
|
|
9,990
|
|
||
|
Interest and investment income
|
|
43,275
|
|
|
39,830
|
|
||
|
Miscellaneous - net
|
|
(7,665
|
)
|
|
(9,142
|
)
|
||
|
TOTAL
|
|
53,355
|
|
|
40,678
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
|
70,096
|
|
|
67,315
|
|
||
|
Allowance for borrowed funds used during construction
|
|
(8,763
|
)
|
|
(5,174
|
)
|
||
|
TOTAL
|
|
61,333
|
|
|
62,141
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
|
133,341
|
|
|
137,303
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
|
21,748
|
|
|
42,925
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME
|
|
|
$111,593
|
|
|
|
$94,378
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||
|
(Unaudited)
|
|||||||
|
|
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
|
|
|
|
||||
|
Net Income
|
|
$111,593
|
|
|
|
$94,378
|
|
|
Other comprehensive loss
|
|
|
|
||||
|
Pension and other postretirement liabilities (net of tax benefit of $176 and $232)
|
(501
|
)
|
|
(370
|
)
|
||
|
Other comprehensive loss
|
(501
|
)
|
|
(370
|
)
|
||
|
Comprehensive Income
|
|
$111,092
|
|
|
|
$94,008
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$111,593
|
|
|
|
$94,378
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
157,887
|
|
|
151,472
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
86,443
|
|
|
163,299
|
|
||
|
Changes in working capital:
|
|
|
|
|
||||
|
Receivables
|
|
53,786
|
|
|
75,196
|
|
||
|
Fuel inventory
|
|
(1,402
|
)
|
|
3,066
|
|
||
|
Accounts payable
|
|
(18,036
|
)
|
|
(7,846
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
(24,705
|
)
|
|
22,563
|
|
||
|
Interest accrued
|
|
6,365
|
|
|
5,983
|
|
||
|
Deferred fuel costs
|
|
(52,090
|
)
|
|
(19,487
|
)
|
||
|
Other working capital accounts
|
|
(55
|
)
|
|
(20,810
|
)
|
||
|
Changes in provisions for estimated losses
|
|
(481
|
)
|
|
(4,059
|
)
|
||
|
Changes in other regulatory assets
|
|
28,579
|
|
|
28,922
|
|
||
|
Changes in other regulatory liabilities
|
|
(6,088
|
)
|
|
(59,969
|
)
|
||
|
Changes in pension and other postretirement liabilities
|
|
(18,075
|
)
|
|
(17,054
|
)
|
||
|
Other
|
|
4,319
|
|
|
(75,950
|
)
|
||
|
Net cash flow provided by operating activities
|
|
328,040
|
|
|
339,704
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(469,398
|
)
|
|
(360,693
|
)
|
||
|
Allowance for equity funds used during construction
|
|
17,745
|
|
|
9,990
|
|
||
|
Nuclear fuel purchases
|
|
(9,997
|
)
|
|
(139,620
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
36,301
|
|
|
28,884
|
|
||
|
Receipts from storm reserve escrow account
|
|
—
|
|
|
8,836
|
|
||
|
Payments to storm reserve escrow account
|
|
(853
|
)
|
|
(332
|
)
|
||
|
Changes to securitization account
|
|
(7,523
|
)
|
|
(5,527
|
)
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
125,453
|
|
|
40,586
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(137,097
|
)
|
|
(51,393
|
)
|
||
|
Changes in money pool receivable - net
|
|
(170,163
|
)
|
|
(8,047
|
)
|
||
|
Insurance proceeds
|
|
1,582
|
|
|
5,305
|
|
||
|
Net cash flow used in investing activities
|
|
(613,950
|
)
|
|
(472,011
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
947,038
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(154,117
|
)
|
|
(57,499
|
)
|
||
|
Changes in short-term borrowings - net
|
|
19,382
|
|
|
87,504
|
|
||
|
Distributions paid:
|
|
|
|
|
||||
|
Common equity
|
|
—
|
|
|
(42,125
|
)
|
||
|
Other
|
|
(14
|
)
|
|
(2,130
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
812,289
|
|
|
(14,250
|
)
|
||
|
|
|
|
|
|
||||
|
Net increase (decrease) in cash and cash equivalents
|
|
526,379
|
|
|
(146,557
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
35,907
|
|
|
213,850
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$562,286
|
|
|
|
$67,293
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$61,613
|
|
|
|
$59,261
|
|
|
Income taxes
|
|
|
($2,973
|
)
|
|
|
($116,937
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$385
|
|
|
|
$5,836
|
|
|
Temporary cash investments
|
|
561,901
|
|
|
30,071
|
|
||
|
Total cash and cash equivalents
|
|
562,286
|
|
|
35,907
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
219,522
|
|
|
254,308
|
|
||
|
Allowance for doubtful accounts
|
|
(9,137
|
)
|
|
(8,430
|
)
|
||
|
Associated companies
|
|
306,933
|
|
|
143,524
|
|
||
|
Other
|
|
64,776
|
|
|
60,893
|
|
||
|
Accrued unbilled revenues
|
|
137,696
|
|
|
153,118
|
|
||
|
Total accounts receivable
|
|
719,790
|
|
|
603,413
|
|
||
|
Fuel inventory
|
|
41,130
|
|
|
39,728
|
|
||
|
Materials and supplies - at average cost
|
|
309,433
|
|
|
299,881
|
|
||
|
Deferred nuclear refueling outage costs
|
|
52,723
|
|
|
65,711
|
|
||
|
Prepayments and other
|
|
41,147
|
|
|
34,035
|
|
||
|
TOTAL
|
|
1,726,509
|
|
|
1,078,675
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investment in affiliate preferred membership interests
|
|
1,390,587
|
|
|
1,390,587
|
|
||
|
Decommissioning trust funds
|
|
1,304,423
|
|
|
1,312,073
|
|
||
|
Storm reserve escrow account
|
|
285,612
|
|
|
284,759
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
273,388
|
|
|
245,255
|
|
||
|
Other
|
|
14,407
|
|
|
18,999
|
|
||
|
TOTAL
|
|
3,268,417
|
|
|
3,251,673
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
19,722,068
|
|
|
19,678,536
|
|
||
|
Natural gas
|
|
195,230
|
|
|
191,899
|
|
||
|
Construction work in progress
|
|
1,490,196
|
|
|
1,281,452
|
|
||
|
Nuclear fuel
|
|
275,750
|
|
|
337,402
|
|
||
|
TOTAL UTILITY PLANT
|
|
21,683,244
|
|
|
21,489,289
|
|
||
|
Less - accumulated depreciation and amortization
|
|
8,597,382
|
|
|
8,703,047
|
|
||
|
UTILITY PLANT - NET
|
|
13,085,862
|
|
|
12,786,242
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Other regulatory assets (includes securitization property of $66,296 as of March 31, 2018 and $71,367 as of December 31, 2017)
|
|
1,117,263
|
|
|
1,145,842
|
|
||
|
Deferred fuel costs
|
|
168,122
|
|
|
168,122
|
|
||
|
Other
|
|
23,323
|
|
|
18,310
|
|
||
|
TOTAL
|
|
1,308,708
|
|
|
1,332,274
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$19,389,496
|
|
|
|
$18,448,864
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$675,002
|
|
|
|
$675,002
|
|
|
Short-term borrowings
|
|
62,922
|
|
|
43,540
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
86,427
|
|
|
126,685
|
|
||
|
Other
|
|
375,783
|
|
|
404,374
|
|
||
|
Customer deposits
|
|
151,492
|
|
|
150,623
|
|
||
|
Taxes accrued
|
|
—
|
|
|
18,157
|
|
||
|
Interest accrued
|
|
81,893
|
|
|
75,528
|
|
||
|
Deferred fuel costs
|
|
19,357
|
|
|
71,447
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
217,850
|
|
|
—
|
|
||
|
Other
|
|
63,165
|
|
|
79,037
|
|
||
|
TOTAL
|
|
1,733,891
|
|
|
1,644,393
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
2,144,037
|
|
|
2,050,371
|
|
||
|
Accumulated deferred investment tax credits
|
|
120,652
|
|
|
121,870
|
|
||
|
Regulatory liability for income taxes - net
|
|
506,092
|
|
|
725,368
|
|
||
|
Other regulatory liabilities
|
|
756,397
|
|
|
761,059
|
|
||
|
Decommissioning
|
|
1,240,833
|
|
|
1,140,461
|
|
||
|
Accumulated provisions
|
|
301,967
|
|
|
302,448
|
|
||
|
Pension and other postretirement liabilities
|
|
730,116
|
|
|
748,384
|
|
||
|
Long-term debt (includes securitization bonds of $77,801 as of March 31, 2018 and $77,736 as of December 31, 2017)
|
|
6,263,437
|
|
|
5,469,069
|
|
||
|
Other
|
|
175,941
|
|
|
176,637
|
|
||
|
TOTAL
|
|
12,239,472
|
|
|
11,495,667
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
EQUITY
|
|
|
|
|
||||
|
Member's equity
|
|
5,473,083
|
|
|
5,355,204
|
|
||
|
Accumulated other comprehensive loss
|
|
(56,950
|
)
|
|
(46,400
|
)
|
||
|
TOTAL
|
|
5,416,133
|
|
|
5,308,804
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$19,389,496
|
|
|
|
$18,448,864
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
|
|
|
|
||||||||
|
|
Common Equity
|
|
|
||||||||
|
|
Member’s
Equity |
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
|
||||||
|
|
(In Thousands)
|
||||||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2016
|
|
$5,130,251
|
|
|
|
($48,442
|
)
|
|
|
$5,081,809
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
94,378
|
|
|
—
|
|
|
94,378
|
|
|||
|
Other comprehensive loss
|
—
|
|
|
(370
|
)
|
|
(370
|
)
|
|||
|
Distributions declared on common equity
|
(42,125
|
)
|
|
—
|
|
|
(42,125
|
)
|
|||
|
Other
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at March 31, 2017
|
|
$5,182,500
|
|
|
|
($48,812
|
)
|
|
|
$5,133,688
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2017
|
|
$5,355,204
|
|
|
|
($46,400
|
)
|
|
|
$5,308,804
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
111,593
|
|
|
—
|
|
|
111,593
|
|
|||
|
Other comprehensive loss
|
—
|
|
|
(501
|
)
|
|
(501
|
)
|
|||
|
Reclassification pursuant to ASU 2018-02
|
6,262
|
|
|
(10,049
|
)
|
|
(3,787
|
)
|
|||
|
Other
|
24
|
|
|
—
|
|
|
24
|
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at March 31, 2018
|
|
$5,473,083
|
|
|
|
($56,950
|
)
|
|
|
$5,416,133
|
|
|
|
|
|
|
|
|
||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
||||||
|
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$296
|
|
|
|
$221
|
|
|
|
$75
|
|
|
34
|
|
|
Commercial
|
|
225
|
|
|
195
|
|
|
30
|
|
|
15
|
|
|||
|
Industrial
|
|
352
|
|
|
325
|
|
|
27
|
|
|
8
|
|
|||
|
Governmental
|
|
17
|
|
|
15
|
|
|
2
|
|
|
13
|
|
|||
|
Total billed retail
|
|
890
|
|
|
756
|
|
|
134
|
|
|
18
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
74
|
|
|
62
|
|
|
12
|
|
|
19
|
|
|||
|
Non-associated companies
|
|
15
|
|
|
14
|
|
|
1
|
|
|
7
|
|
|||
|
Other
|
|
26
|
|
|
32
|
|
|
(6
|
)
|
|
(19
|
)
|
|||
|
Total
|
|
|
$1,005
|
|
|
|
$864
|
|
|
|
$141
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
3,459
|
|
|
2,852
|
|
|
607
|
|
|
21
|
|
|||
|
Commercial
|
|
2,661
|
|
|
2,540
|
|
|
121
|
|
|
5
|
|
|||
|
Industrial
|
|
7,049
|
|
|
6,961
|
|
|
88
|
|
|
1
|
|
|||
|
Governmental
|
|
201
|
|
|
193
|
|
|
8
|
|
|
4
|
|
|||
|
Total retail
|
|
13,370
|
|
|
12,546
|
|
|
824
|
|
|
7
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
1,014
|
|
|
994
|
|
|
20
|
|
|
2
|
|
|||
|
Non-associated companies
|
|
513
|
|
|
295
|
|
|
218
|
|
|
74
|
|
|||
|
Total
|
|
14,897
|
|
|
13,835
|
|
|
1,062
|
|
|
8
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2017 net revenue
|
|
$154.1
|
|
|
Retail electric price
|
5.2
|
|
|
|
Volume/weather
|
4.8
|
|
|
|
Other
|
0.4
|
|
|
|
2018 net revenue
|
|
$164.5
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$6,096
|
|
|
|
$76,834
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
(8,841
|
)
|
|
(9,132
|
)
|
||
|
Investing activities
|
(76,268
|
)
|
|
(79,691
|
)
|
||
|
Financing activities
|
79,316
|
|
|
12,036
|
|
||
|
Net decrease in cash and cash equivalents
|
(5,793
|
)
|
|
(76,787
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$303
|
|
|
|
$47
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||
|
Debt to capital
|
51.0
|
%
|
|
51.5
|
%
|
|
Effect of subtracting cash
|
—
|
%
|
|
(0.2
|
%)
|
|
Net debt to net capital
|
51.0
|
%
|
|
51.3
|
%
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
|
December 31, 2016
|
|
(In Thousands)
|
||||||
|
($74,892)
|
|
$1,633
|
|
($12,324)
|
|
$10,595
|
|
•
|
Entergy Mississippi would redeem its outstanding preferred stock, at the aggregate redemption price of approximately $21.2 million, including call premiums, plus accumulated and unpaid dividends, if any.
|
|
•
|
Entergy Mississippi would convert from a Mississippi corporation to a Texas corporation.
|
|
•
|
Under the Texas Business Organizations Code (TXBOC), Entergy Mississippi will allocate substantially all of its assets to a new subsidiary, Entergy Mississippi Power and Light, LLC, a Texas limited liability company (Entergy Mississippi Power and Light), and Entergy Mississippi Power and Light will assume substantially all of the liabilities of Entergy Mississippi, in a transaction regarded as a merger under the TXBOC. Entergy Mississippi will remain in existence and hold the membership interests in Entergy Mississippi Power and Light.
|
|
•
|
Entergy Mississippi will contribute the membership interests in Entergy Mississippi Power and Light to an affiliate (Entergy Utility Holding Company, LLC, a Texas limited liability company and subsidiary of Entergy Corporation). As a result of the contribution, Entergy Mississippi Power and Light will be a wholly-owned subsidiary of Entergy Utility Holding Company, LLC.
|
|
•
|
Entergy Mississippi will change its name to Entergy Utility Enterprises, Inc., and Entergy Mississippi Power and Light will then change its name to Entergy Mississippi, LLC.
|
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
INCOME STATEMENTS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
|
$315,743
|
|
|
|
$258,443
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
63,528
|
|
|
39,140
|
|
||
|
Purchased power
|
|
87,456
|
|
|
71,070
|
|
||
|
Other operation and maintenance
|
|
59,458
|
|
|
54,622
|
|
||
|
Taxes other than income taxes
|
|
25,394
|
|
|
23,972
|
|
||
|
Depreciation and amortization
|
|
38,182
|
|
|
35,317
|
|
||
|
Other regulatory charges (credits) - net
|
|
293
|
|
|
(5,837
|
)
|
||
|
TOTAL
|
|
274,311
|
|
|
218,284
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
|
41,432
|
|
|
40,159
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
|
1,978
|
|
|
1,843
|
|
||
|
Interest and investment income
|
|
25
|
|
|
26
|
|
||
|
Miscellaneous - net
|
|
(571
|
)
|
|
(976
|
)
|
||
|
TOTAL
|
|
1,432
|
|
|
893
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
|
13,905
|
|
|
12,672
|
|
||
|
Allowance for borrowed funds used during construction
|
|
(828
|
)
|
|
(720
|
)
|
||
|
TOTAL
|
|
13,077
|
|
|
11,952
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
|
29,787
|
|
|
29,100
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
|
6,944
|
|
|
11,942
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME
|
|
22,843
|
|
|
17,158
|
|
||
|
|
|
|
|
|
||||
|
Preferred dividend requirements and other
|
|
238
|
|
|
238
|
|
||
|
|
|
|
|
|
||||
|
EARNINGS APPLICABLE TO COMMON STOCK
|
|
|
$22,605
|
|
|
|
$16,920
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$22,843
|
|
|
|
$17,158
|
|
|
Adjustments to reconcile net income to net cash flow used in operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
38,182
|
|
|
35,317
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
7,787
|
|
|
13,505
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
1,018
|
|
|
17,890
|
|
||
|
Fuel inventory
|
|
(767
|
)
|
|
2,672
|
|
||
|
Accounts payable
|
|
(24,818
|
)
|
|
(19,639
|
)
|
||
|
Taxes accrued
|
|
(56,244
|
)
|
|
(38,825
|
)
|
||
|
Interest accrued
|
|
(5,548
|
)
|
|
(2,953
|
)
|
||
|
Deferred fuel costs
|
|
13,817
|
|
|
(5,236
|
)
|
||
|
Other working capital accounts
|
|
(4,856
|
)
|
|
(578
|
)
|
||
|
Provisions for estimated losses
|
|
4,754
|
|
|
(1,772
|
)
|
||
|
Other regulatory assets
|
|
4,586
|
|
|
(10,918
|
)
|
||
|
Other regulatory liabilities
|
|
766
|
|
|
(3,341
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(4,604
|
)
|
|
(4,613
|
)
|
||
|
Other assets and liabilities
|
|
(5,757
|
)
|
|
(7,799
|
)
|
||
|
Net cash flow used in operating activities
|
|
(8,841
|
)
|
|
(9,132
|
)
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(79,141
|
)
|
|
(92,087
|
)
|
||
|
Allowance for equity funds used during construction
|
|
1,978
|
|
|
1,843
|
|
||
|
Changes in money pool receivable - net
|
|
1,633
|
|
|
10,595
|
|
||
|
Other
|
|
(738
|
)
|
|
(42
|
)
|
||
|
Net cash flow used in investing activities
|
|
(76,268
|
)
|
|
(79,691
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Changes in money pool payable - net
|
|
74,892
|
|
|
12,324
|
|
||
|
Dividends paid:
|
|
|
|
|
||||
|
Preferred stock
|
|
(238
|
)
|
|
(238
|
)
|
||
|
Other
|
|
4,662
|
|
|
(50
|
)
|
||
|
Net cash flow provided by financing activities
|
|
79,316
|
|
|
12,036
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(5,793
|
)
|
|
(76,787
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
6,096
|
|
|
76,834
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$303
|
|
|
|
$47
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$18,820
|
|
|
|
$15,036
|
|
|
Income taxes
|
|
|
$—
|
|
|
|
($15,087
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$13
|
|
|
|
$1,607
|
|
|
Temporary cash investments
|
|
290
|
|
|
4,489
|
|
||
|
Total cash and cash equivalents
|
|
303
|
|
|
6,096
|
|
||
|
Accounts receivable:
|
|
|
|
|
|
|
||
|
Customer
|
|
83,092
|
|
|
72,039
|
|
||
|
Allowance for doubtful accounts
|
|
(635
|
)
|
|
(574
|
)
|
||
|
Associated companies
|
|
39,490
|
|
|
45,081
|
|
||
|
Other
|
|
14,768
|
|
|
9,738
|
|
||
|
Accrued unbilled revenues
|
|
41,174
|
|
|
54,256
|
|
||
|
Total accounts receivable
|
|
177,889
|
|
|
180,540
|
|
||
|
Deferred fuel costs
|
|
18,627
|
|
|
32,444
|
|
||
|
Fuel inventory - at average cost
|
|
46,373
|
|
|
45,606
|
|
||
|
Materials and supplies - at average cost
|
|
42,957
|
|
|
42,571
|
|
||
|
Prepayments and other
|
|
8,120
|
|
|
7,041
|
|
||
|
TOTAL
|
|
294,269
|
|
|
314,298
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
4,588
|
|
|
4,592
|
|
||
|
Storm reserve escrow account
|
|
32,061
|
|
|
31,969
|
|
||
|
TOTAL
|
|
36,649
|
|
|
36,561
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
|
|
||
|
Electric
|
|
4,725,645
|
|
|
4,660,297
|
|
||
|
Property under capital lease
|
|
—
|
|
|
125
|
|
||
|
Construction work in progress
|
|
146,168
|
|
|
149,367
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,871,813
|
|
|
4,809,789
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,711,157
|
|
|
1,681,306
|
|
||
|
UTILITY PLANT - NET
|
|
3,160,656
|
|
|
3,128,483
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
|
|
||
|
Regulatory assets:
|
|
|
|
|
|
|
||
|
Other regulatory assets
|
|
393,323
|
|
|
397,909
|
|
||
|
Other
|
|
5,679
|
|
|
2,124
|
|
||
|
TOTAL
|
|
399,002
|
|
|
400,033
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,890,576
|
|
|
|
$3,879,375
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Accounts payable:
|
|
|
|
|
|
|
||
|
Associated companies
|
|
|
$117,633
|
|
|
|
$55,689
|
|
|
Other
|
|
55,887
|
|
|
77,326
|
|
||
|
Customer deposits
|
|
83,574
|
|
|
83,654
|
|
||
|
Taxes accrued
|
|
26,599
|
|
|
82,843
|
|
||
|
Interest accrued
|
|
17,353
|
|
|
22,901
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
162,140
|
|
|
—
|
|
||
|
Other
|
|
8,708
|
|
|
12,785
|
|
||
|
TOTAL
|
|
471,894
|
|
|
335,198
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
||
|
Accumulated deferred income taxes and taxes accrued
|
|
497,129
|
|
|
488,806
|
|
||
|
Accumulated deferred investment tax credits
|
|
8,827
|
|
|
8,867
|
|
||
|
Regulatory liability for income taxes - net
|
|
248,739
|
|
|
411,011
|
|
||
|
Asset retirement cost liabilities
|
|
9,348
|
|
|
9,219
|
|
||
|
Accumulated provisions
|
|
49,518
|
|
|
44,764
|
|
||
|
Pension and other postretirement liabilities
|
|
96,893
|
|
|
101,498
|
|
||
|
Long-term debt
|
|
1,270,399
|
|
|
1,270,122
|
|
||
|
Other
|
|
16,973
|
|
|
11,639
|
|
||
|
TOTAL
|
|
2,197,826
|
|
|
2,345,926
|
|
||
|
|
|
|
|
|
||||
|
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 2018 and 2017
|
|
199,326
|
|
|
199,326
|
|
||
|
Capital stock expense and other
|
|
167
|
|
|
167
|
|
||
|
Retained earnings
|
|
1,000,982
|
|
|
978,377
|
|
||
|
TOTAL
|
|
1,200,475
|
|
|
1,177,870
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,890,576
|
|
|
|
$3,879,375
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Capital Stock
Expense and
Other
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
$199,326
|
|
|
|
$167
|
|
|
|
$895,298
|
|
|
|
$1,094,791
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
17,158
|
|
|
17,158
|
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(238
|
)
|
|
(238
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at March 31, 2017
|
|
$199,326
|
|
|
|
$167
|
|
|
|
$912,218
|
|
|
|
$1,111,711
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2017
|
|
$199,326
|
|
|
|
$167
|
|
|
|
$978,377
|
|
|
|
$1,177,870
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
22,843
|
|
|
22,843
|
|
||||
|
Preferred stock dividends
|
—
|
|
|
—
|
|
|
(238
|
)
|
|
(238
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at March 31, 2018
|
|
$199,326
|
|
|
|
$167
|
|
|
|
$1,000,982
|
|
|
|
$1,200,475
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
ENTERGY MISSISSIPPI, INC.
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
|
$148
|
|
|
|
$111
|
|
|
|
$37
|
|
|
33
|
|
|
Commercial
|
|
110
|
|
|
92
|
|
|
18
|
|
|
20
|
|
|||
|
Industrial
|
|
43
|
|
|
36
|
|
|
7
|
|
|
19
|
|
|||
|
Governmental
|
|
11
|
|
|
9
|
|
|
2
|
|
|
22
|
|
|||
|
Total billed retail
|
|
312
|
|
|
248
|
|
|
64
|
|
|
26
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
2
|
|
|
5
|
|
|
(3
|
)
|
|
(60
|
)
|
|||
|
Other
|
|
2
|
|
|
5
|
|
|
(3
|
)
|
|
(60
|
)
|
|||
|
Total
|
|
|
$316
|
|
|
|
$258
|
|
|
|
$58
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
1,449
|
|
|
1,190
|
|
|
259
|
|
|
22
|
|
|||
|
Commercial
|
|
1,100
|
|
|
1,062
|
|
|
38
|
|
|
4
|
|
|||
|
Industrial
|
|
597
|
|
|
586
|
|
|
11
|
|
|
2
|
|
|||
|
Governmental
|
|
99
|
|
|
98
|
|
|
1
|
|
|
1
|
|
|||
|
Total retail
|
|
3,245
|
|
|
2,936
|
|
|
309
|
|
|
11
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
193
|
|
|
181
|
|
|
12
|
|
|
7
|
|
|||
|
Total
|
|
3,438
|
|
|
3,117
|
|
|
321
|
|
|
10
|
|
|||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2017 net revenue
|
|
$70.2
|
|
|
Volume/weather
|
3.6
|
|
|
|
Net gas revenue
|
2.2
|
|
|
|
Retail electric price
|
(2.6
|
)
|
|
|
Other
|
1.6
|
|
|
|
2018 net revenue
|
|
$75.0
|
|
|
•
|
a decrease in the purchased power and capacity acquisition cost recovery rider 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; and
|
|
•
|
a regulatory charge of $1.6 million recorded in the first quarter 2018 as a result of a filing made with the City Council in March 2018 proposing to return to customers the benefits of the reduction in income tax expense resulting from the enactment of the Tax Cuts and Jobs Act. See Note 2 to the financial statements herein and in the Form 10-K for further discussion of the credits associated with Entergy New Orleans’s internal restructuring and regulatory proceedings related to the enactment of the Tax Cuts and Jobs Act.
|
|
•
|
an increase of $2.2 million in distribution expenses primarily due to
an overall higher scope of work performed in 2018 compared to the same period in 2017
and higher vegetation maintenance costs;
|
|
•
|
an increase of $1.2 million in energy efficiency costs; and
|
|
•
|
an increase of $1 million in fossil-fueled generation expenses primarily due to higher plant expenses at Power Block 1 of the Union Power Station in 2018 as compared to 2017.
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$32,741
|
|
|
|
$103,068
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
7,049
|
|
|
5,619
|
|
||
|
Investing activities
|
(31,573
|
)
|
|
(40,751
|
)
|
||
|
Financing activities
|
(6,857
|
)
|
|
(11,868
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(31,381
|
)
|
|
(47,000
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$1,360
|
|
|
|
$56,068
|
|
|
|
March 31,
2018
|
|
December 31,
2017
|
||
|
Debt to capital
|
51.0
|
%
|
|
51.3
|
%
|
|
Effect of excluding securitization bonds
|
(4.7
|
%)
|
|
(4.7
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
46.3
|
%
|
|
46.6
|
%
|
|
Effect of subtracting cash
|
(0.1
|
%)
|
|
(2.4
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
46.2
|
%
|
|
44.2
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy New Orleans.
|
|
March 31, 2018
|
|
December 31,
2017
|
|
March 31, 2017
|
|
December 31,
2016
|
|
(In Thousands)
|
||||||
|
$432
|
|
$12,723
|
|
$26,315
|
|
$14,215
|
|
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
|
$155,818
|
|
|
|
$142,345
|
|
|
Natural gas
|
|
32,457
|
|
|
26,644
|
|
||
|
TOTAL
|
|
188,275
|
|
|
168,989
|
|
||
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
23,739
|
|
|
30,075
|
|
||
|
Purchased power
|
|
83,156
|
|
|
68,359
|
|
||
|
Other operation and maintenance
|
|
28,299
|
|
|
22,291
|
|
||
|
Taxes other than income taxes
|
|
15,132
|
|
|
12,846
|
|
||
|
Depreciation and amortization
|
|
13,747
|
|
|
13,050
|
|
||
|
Other regulatory charges - net
|
|
6,333
|
|
|
385
|
|
||
|
TOTAL
|
|
170,406
|
|
|
147,006
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
|
17,869
|
|
|
21,983
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
|
851
|
|
|
450
|
|
||
|
Interest and investment income
|
|
93
|
|
|
135
|
|
||
|
Miscellaneous - net
|
|
(337
|
)
|
|
(123
|
)
|
||
|
TOTAL
|
|
607
|
|
|
462
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
|
5,279
|
|
|
5,343
|
|
||
|
Allowance for borrowed funds used during construction
|
|
(314
|
)
|
|
(158
|
)
|
||
|
TOTAL
|
|
4,965
|
|
|
5,185
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
|
13,511
|
|
|
17,260
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
|
2,629
|
|
|
6,282
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME
|
|
10,882
|
|
|
10,978
|
|
||
|
|
|
|
|
|
||||
|
Preferred dividend requirements and other
|
|
—
|
|
|
241
|
|
||
|
|
|
|
|
|
||||
|
EARNINGS APPLICABLE TO COMMON EQUITY
|
|
|
$10,882
|
|
|
|
$10,737
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$10,882
|
|
|
|
$10,978
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
13,747
|
|
|
13,050
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
17,909
|
|
|
7,102
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
3,378
|
|
|
(2,659
|
)
|
||
|
Fuel inventory
|
|
951
|
|
|
1,798
|
|
||
|
Accounts payable
|
|
(7,973
|
)
|
|
(11,920
|
)
|
||
|
Prepaid taxes
|
|
(13,351
|
)
|
|
(1,992
|
)
|
||
|
Interest accrued
|
|
(81
|
)
|
|
34
|
|
||
|
Deferred fuel costs
|
|
(11,309
|
)
|
|
6,096
|
|
||
|
Other working capital accounts
|
|
(12,082
|
)
|
|
(13,106
|
)
|
||
|
Provisions for estimated losses
|
|
196
|
|
|
(655
|
)
|
||
|
Other regulatory assets
|
|
7,226
|
|
|
300
|
|
||
|
Other regulatory liabilities
|
|
1,331
|
|
|
(934
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(3,686
|
)
|
|
(3,915
|
)
|
||
|
Other assets and liabilities
|
|
(89
|
)
|
|
1,442
|
|
||
|
Net cash flow provided by operating activities
|
|
7,049
|
|
|
5,619
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(41,105
|
)
|
|
(26,079
|
)
|
||
|
Allowance for equity funds used during construction
|
|
851
|
|
|
450
|
|
||
|
Changes in money pool receivable - net
|
|
12,291
|
|
|
(12,100
|
)
|
||
|
Receipts from storm reserve escrow account
|
|
3
|
|
|
—
|
|
||
|
Payments to storm reserve escrow account
|
|
(232
|
)
|
|
(110
|
)
|
||
|
Changes in securitization account
|
|
(3,381
|
)
|
|
(2,912
|
)
|
||
|
Net cash flow used in investing activities
|
|
(31,573
|
)
|
|
(40,751
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Dividends paid:
|
|
|
|
|
||||
|
Common stock
|
|
(6,250
|
)
|
|
(12,200
|
)
|
||
|
Preferred stock
|
|
—
|
|
|
(241
|
)
|
||
|
Other
|
|
(607
|
)
|
|
573
|
|
||
|
Net cash flow used in financing activities
|
|
(6,857
|
)
|
|
(11,868
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(31,381
|
)
|
|
(47,000
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
32,741
|
|
|
103,068
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$1,360
|
|
|
|
$56,068
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$5,098
|
|
|
|
$5,043
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
|
|
|
||||
|
Cash
|
|
|
$26
|
|
|
|
$30
|
|
|
Temporary cash investments
|
|
1,334
|
|
|
32,711
|
|
||
|
Total cash and cash equivalents
|
|
1,360
|
|
|
32,741
|
|
||
|
Securitization recovery trust account
|
|
4,836
|
|
|
1,455
|
|
||
|
Accounts receivable:
|
|
|
|
|
|
|||
|
Customer
|
|
51,744
|
|
|
51,006
|
|
||
|
Allowance for doubtful accounts
|
|
(3,072
|
)
|
|
(3,057
|
)
|
||
|
Associated companies
|
|
9,576
|
|
|
22,976
|
|
||
|
Other
|
|
10,051
|
|
|
6,471
|
|
||
|
Accrued unbilled revenues
|
|
14,066
|
|
|
20,638
|
|
||
|
Total accounts receivable
|
|
82,365
|
|
|
98,034
|
|
||
|
Deferred fuel costs
|
|
3,535
|
|
|
—
|
|
||
|
Fuel inventory - at average cost
|
|
939
|
|
|
1,890
|
|
||
|
Materials and supplies - at average cost
|
|
11,562
|
|
|
10,381
|
|
||
|
Prepaid taxes
|
|
39,830
|
|
|
26,479
|
|
||
|
Prepayments and other
|
|
18,794
|
|
|
8,030
|
|
||
|
TOTAL
|
|
163,221
|
|
|
179,010
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Non-utility property at cost (less accumulated depreciation)
|
|
1,016
|
|
|
1,016
|
|
||
|
Storm reserve escrow account
|
|
79,775
|
|
|
79,546
|
|
||
|
Other
|
|
—
|
|
|
2,373
|
|
||
|
TOTAL
|
|
80,791
|
|
|
82,935
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
1,314,262
|
|
|
1,302,235
|
|
||
|
Natural gas
|
|
267,527
|
|
|
261,263
|
|
||
|
Construction work in progress
|
|
71,845
|
|
|
46,993
|
|
||
|
TOTAL UTILITY PLANT
|
|
1,653,634
|
|
|
1,610,491
|
|
||
|
Less - accumulated depreciation and amortization
|
|
643,737
|
|
|
631,178
|
|
||
|
UTILITY PLANT - NET
|
|
1,009,897
|
|
|
979,313
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Deferred fuel costs
|
|
4,080
|
|
|
4,080
|
|
||
|
Other regulatory assets (includes securitization property of $69,199 as of March 31, 2018 and $72,095 as of December 31, 2017)
|
|
244,207
|
|
|
251,433
|
|
||
|
Other
|
|
1,843
|
|
|
1,065
|
|
||
|
TOTAL
|
|
250,130
|
|
|
256,578
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$1,504,039
|
|
|
|
$1,497,836
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Payable due to associated company
|
|
|
$2,077
|
|
|
|
$2,077
|
|
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
43,119
|
|
|
47,472
|
|
||
|
Other
|
|
29,267
|
|
|
29,777
|
|
||
|
Customer deposits
|
|
28,727
|
|
|
28,442
|
|
||
|
Interest accrued
|
|
5,406
|
|
|
5,487
|
|
||
|
Deferred fuel costs
|
|
—
|
|
|
7,774
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
27,857
|
|
|
—
|
|
||
|
Other
|
|
4,564
|
|
|
7,351
|
|
||
|
TOTAL CURRENT LIABILITIES
|
|
141,017
|
|
|
128,380
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
302,461
|
|
|
283,302
|
|
||
|
Accumulated deferred investment tax credits
|
|
2,296
|
|
|
2,323
|
|
||
|
Regulatory liability for income taxes - net
|
|
90,359
|
|
|
119,259
|
|
||
|
Asset retirement cost liabilities
|
|
3,128
|
|
|
3,076
|
|
||
|
Accumulated provisions
|
|
85,279
|
|
|
85,083
|
|
||
|
Pension and other postretirement liabilities
|
|
17,061
|
|
|
20,755
|
|
||
|
Long-term debt (includes securitization bonds of $74,480 as of March 31, 2018 and $74,419 as of December 31, 2017)
|
|
418,572
|
|
|
418,447
|
|
||
|
Long-term payable due to associated company
|
|
16,346
|
|
|
16,346
|
|
||
|
Other
|
|
7,340
|
|
|
5,317
|
|
||
|
TOTAL NON-CURRENT LIABILITIES
|
|
942,842
|
|
|
953,908
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
EQUITY
|
|
|
|
|
||||
|
Member's equity
|
|
420,180
|
|
|
415,548
|
|
||
|
TOTAL
|
|
420,180
|
|
|
415,548
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$1,504,039
|
|
|
|
$1,497,836
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
|
|||
|
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY
|
|||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||
|
(Unaudited)
|
|||
|
|
|
||
|
|
|
||
|
|
Member’s Equity
|
||
|
|
(In Thousands)
|
||
|
|
|
||
|
Balance at December 31, 2016
|
|
$426,946
|
|
|
|
|
||
|
Net income
|
10,978
|
|
|
|
Common equity distributions
|
(12,200
|
)
|
|
|
Preferred stock dividends
|
(241
|
)
|
|
|
|
|
||
|
Balance at March 31, 2017
|
|
$425,483
|
|
|
|
|
||
|
|
|
||
|
Balance at December 31, 2017
|
|
$415,548
|
|
|
|
|
||
|
Net income
|
10,882
|
|
|
|
Common equity distributions
|
(6,250
|
)
|
|
|
|
|
||
|
Balance at March 31, 2018
|
|
$420,180
|
|
|
|
|
||
|
See Notes to Financial Statements.
|
|
|
|
|
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
Increase/
|
|
|
|
||||||||
|
Description
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|
||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential
|
|
|
$65
|
|
|
|
$53
|
|
|
|
$12
|
|
|
23
|
|
|
Commercial
|
|
54
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|||
|
Industrial
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|||
|
Governmental
|
|
18
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|||
|
Total billed retail
|
|
145
|
|
|
133
|
|
|
12
|
|
|
9
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non associated companies
|
|
13
|
|
|
9
|
|
|
4
|
|
|
44
|
|
|||
|
Other
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
|
Total
|
|
|
$156
|
|
|
|
$142
|
|
|
|
$14
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Residential
|
|
577
|
|
|
456
|
|
|
121
|
|
|
27
|
|
|||
|
Commercial
|
|
524
|
|
|
515
|
|
|
9
|
|
|
2
|
|
|||
|
Industrial
|
|
99
|
|
|
98
|
|
|
1
|
|
|
1
|
|
|||
|
Governmental
|
|
181
|
|
|
184
|
|
|
(3
|
)
|
|
(2
|
)
|
|||
|
Total retail
|
|
1,381
|
|
|
1,253
|
|
|
128
|
|
|
10
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-associated companies
|
|
627
|
|
|
507
|
|
|
120
|
|
|
24
|
|
|||
|
Total
|
|
2,008
|
|
|
1,760
|
|
|
248
|
|
|
14
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Amount
|
||
|
|
(In Millions)
|
||
|
2017 net revenue
|
|
$140.3
|
|
|
Retail electric price
|
6.0
|
|
|
|
Volume/weather
|
5.0
|
|
|
|
Net wholesale revenue
|
(6.0
|
)
|
|
|
Other
|
(0.4
|
)
|
|
|
2018 net revenue
|
|
$144.9
|
|
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$115,513
|
|
|
|
$6,181
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
1,048
|
|
|
59,580
|
|
||
|
Investing activities
|
(52,129
|
)
|
|
(69,587
|
)
|
||
|
Financing activities
|
(25,456
|
)
|
|
3,914
|
|
||
|
Net decrease in cash and cash equivalents
|
(76,537
|
)
|
|
(6,093
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$38,976
|
|
|
|
$88
|
|
|
•
|
an increase of $17.5 million in fossil-fueled generation construction expenditures primarily due to increased spending on the Lewis Creek Dam restoration project; and
|
|
•
|
an increase of $6.6 million in transmission construction expenditures primarily due to a higher scope of work performed in 2018 as compared to the same period in 2017.
|
|
|
March 31,
2018
|
|
December 31, 2017
|
||
|
Debt to capital
|
55.0
|
%
|
|
55.7
|
%
|
|
Effect of excluding the securitization bonds
|
(6.0
|
%)
|
|
(6.3
|
%)
|
|
Debt to capital, excluding securitization bonds (a)
|
49.0
|
%
|
|
49.4
|
%
|
|
Effect of subtracting cash
|
(0.8
|
%)
|
|
(2.5
|
%)
|
|
Net debt to net capital, excluding securitization bonds (a)
|
48.2
|
%
|
|
46.9
|
%
|
|
(a)
|
Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.
|
|
March 31,
2018 |
|
December 31,
2017
|
|
March 31,
2017 |
|
December 31,
2016
|
|
(In Thousands)
|
||||||
|
$12,590
|
|
$44,903
|
|
($28,941)
|
|
$681
|
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED INCOME STATEMENTS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
|
$348,940
|
|
|
|
$363,927
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
18,706
|
|
|
58,013
|
|
||
|
Purchased power
|
|
159,692
|
|
|
150,384
|
|
||
|
Other operation and maintenance
|
|
52,674
|
|
|
54,128
|
|
||
|
Taxes other than income taxes
|
|
20,403
|
|
|
19,444
|
|
||
|
Depreciation and amortization
|
|
30,766
|
|
|
28,111
|
|
||
|
Other regulatory charges - net
|
|
25,617
|
|
|
15,227
|
|
||
|
TOTAL
|
|
307,858
|
|
|
325,307
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
|
41,082
|
|
|
38,620
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
|
1,661
|
|
|
1,281
|
|
||
|
Interest and investment income
|
|
555
|
|
|
201
|
|
||
|
Miscellaneous - net
|
|
113
|
|
|
40
|
|
||
|
TOTAL
|
|
2,329
|
|
|
1,522
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
|
22,051
|
|
|
21,808
|
|
||
|
Allowance for borrowed funds used during construction
|
|
(938
|
)
|
|
(761
|
)
|
||
|
TOTAL
|
|
21,113
|
|
|
21,047
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
|
22,298
|
|
|
19,095
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
|
4,948
|
|
|
8,241
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME
|
|
|
$17,350
|
|
|
|
$10,854
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$17,350
|
|
|
|
$10,854
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation and amortization
|
|
30,766
|
|
|
28,111
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
(21,607
|
)
|
|
(25,678
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
9,190
|
|
|
(683
|
)
|
||
|
Fuel inventory
|
|
(134
|
)
|
|
4,581
|
|
||
|
Accounts payable
|
|
(24,653
|
)
|
|
(1,150
|
)
|
||
|
Taxes accrued
|
|
3,981
|
|
|
16,110
|
|
||
|
Interest accrued
|
|
(5,575
|
)
|
|
(6,816
|
)
|
||
|
Deferred fuel costs
|
|
(28,626
|
)
|
|
20,375
|
|
||
|
Other working capital accounts
|
|
4,788
|
|
|
1,422
|
|
||
|
Provisions for estimated losses
|
|
(208
|
)
|
|
663
|
|
||
|
Other regulatory assets
|
|
20,497
|
|
|
23,762
|
|
||
|
Other regulatory liabilities
|
|
5,145
|
|
|
(2,498
|
)
|
||
|
Pension and other postretirement liabilities
|
|
(6,851
|
)
|
|
(5,814
|
)
|
||
|
Other assets and liabilities
|
|
(3,015
|
)
|
|
(3,659
|
)
|
||
|
Net cash flow provided by operating activities
|
|
1,048
|
|
|
59,580
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(94,123
|
)
|
|
(68,765
|
)
|
||
|
Allowance for equity funds used during construction
|
|
1,696
|
|
|
1,320
|
|
||
|
Increase in other investments
|
|
—
|
|
|
(14,000
|
)
|
||
|
Changes in money pool receivable - net
|
|
32,313
|
|
|
681
|
|
||
|
Changes in securitization account
|
|
7,985
|
|
|
11,177
|
|
||
|
Net cash flow used in investing activities
|
|
(52,129
|
)
|
|
(69,587
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Retirement of long-term debt
|
|
(24,977
|
)
|
|
(24,188
|
)
|
||
|
Change in money pool payable - net
|
|
—
|
|
|
28,941
|
|
||
|
Other
|
|
(479
|
)
|
|
(839
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
(25,456
|
)
|
|
3,914
|
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(76,537
|
)
|
|
(6,093
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
115,513
|
|
|
6,181
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$38,976
|
|
|
|
$88
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid (received) during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$26,939
|
|
|
|
$27,986
|
|
|
Income taxes
|
|
|
($1,624
|
)
|
|
|
($3,446
|
)
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$26
|
|
|
|
$32
|
|
|
Temporary cash investments
|
|
38,950
|
|
|
115,481
|
|
||
|
Total cash and cash equivalents
|
|
38,976
|
|
|
115,513
|
|
||
|
Securitization recovery trust account
|
|
29,698
|
|
|
37,683
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Customer
|
|
63,979
|
|
|
74,382
|
|
||
|
Allowance for doubtful accounts
|
|
(422
|
)
|
|
(463
|
)
|
||
|
Associated companies
|
|
68,569
|
|
|
90,629
|
|
||
|
Other
|
|
7,450
|
|
|
9,831
|
|
||
|
Accrued unbilled revenues
|
|
43,982
|
|
|
50,682
|
|
||
|
Total accounts receivable
|
|
183,558
|
|
|
225,061
|
|
||
|
Fuel inventory - at average cost
|
|
42,865
|
|
|
42,731
|
|
||
|
Materials and supplies - at average cost
|
|
39,294
|
|
|
38,605
|
|
||
|
Prepayments and other
|
|
13,502
|
|
|
19,710
|
|
||
|
TOTAL
|
|
347,893
|
|
|
479,303
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Investments in affiliates - at equity
|
|
481
|
|
|
457
|
|
||
|
Non-utility property - at cost (less accumulated depreciation)
|
|
376
|
|
|
376
|
|
||
|
Other
|
|
19,454
|
|
|
19,235
|
|
||
|
TOTAL
|
|
20,311
|
|
|
20,068
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,614,489
|
|
|
4,569,295
|
|
||
|
Construction work in progress
|
|
122,764
|
|
|
102,088
|
|
||
|
TOTAL UTILITY PLANT
|
|
4,737,253
|
|
|
4,671,383
|
|
||
|
Less - accumulated depreciation and amortization
|
|
1,603,585
|
|
|
1,579,387
|
|
||
|
UTILITY PLANT - NET
|
|
3,133,668
|
|
|
3,091,996
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Other regulatory assets (includes securitization property of $295,062 as of March 31, 2018 and $313,123 as of December 31, 2017)
|
|
640,901
|
|
|
661,398
|
|
||
|
Other
|
|
28,731
|
|
|
26,973
|
|
||
|
TOTAL
|
|
669,632
|
|
|
688,371
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$4,171,504
|
|
|
|
$4,279,738
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$500,000
|
|
|
|
$—
|
|
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
51,454
|
|
|
59,347
|
|
||
|
Other
|
|
87,369
|
|
|
126,095
|
|
||
|
Customer deposits
|
|
41,395
|
|
|
40,925
|
|
||
|
Taxes accrued
|
|
49,640
|
|
|
45,659
|
|
||
|
Interest accrued
|
|
19,981
|
|
|
25,556
|
|
||
|
Deferred fuel costs
|
|
38,675
|
|
|
67,301
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
41,325
|
|
|
—
|
|
||
|
Other
|
|
6,926
|
|
|
8,132
|
|
||
|
TOTAL
|
|
836,765
|
|
|
373,015
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
522,688
|
|
|
544,642
|
|
||
|
Accumulated deferred investment tax credits
|
|
11,790
|
|
|
11,983
|
|
||
|
Regulatory liability for income taxes - net
|
|
372,230
|
|
|
412,620
|
|
||
|
Other regulatory liabilities
|
|
11,060
|
|
|
6,850
|
|
||
|
Asset retirement cost liabilities
|
|
6,930
|
|
|
6,835
|
|
||
|
Accumulated provisions
|
|
9,907
|
|
|
10,115
|
|
||
|
Pension and other postretirement liabilities
|
|
11,008
|
|
|
17,853
|
|
||
|
Long-term debt (includes securitization bonds of $333,233 as of March 31, 2018 and $358,104 as of December 31, 2017)
|
|
1,062,555
|
|
|
1,587,150
|
|
||
|
Other
|
|
49,054
|
|
|
48,508
|
|
||
|
TOTAL
|
|
2,057,222
|
|
|
2,646,556
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2018 and 2017
|
|
49,452
|
|
|
49,452
|
|
||
|
Paid-in capital
|
|
596,994
|
|
|
596,994
|
|
||
|
Retained earnings
|
|
631,071
|
|
|
613,721
|
|
||
|
TOTAL
|
|
1,277,517
|
|
|
1,260,167
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$4,171,504
|
|
|
|
$4,279,738
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Common Equity
|
|
|
||||||||||||
|
|
Common
Stock
|
|
Paid-in
Capital
|
|
Retained
Earnings
|
|
Total
|
||||||||
|
|
(In Thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2016
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$537,548
|
|
|
|
$1,068,994
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
10,854
|
|
|
10,854
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at March 31, 2017
|
|
$49,452
|
|
|
|
$481,994
|
|
|
|
$548,402
|
|
|
|
$1,079,848
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at December 31, 2017
|
|
$49,452
|
|
|
|
$596,994
|
|
|
|
$613,721
|
|
|
|
$1,260,167
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
17,350
|
|
|
17,350
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at March 31, 2018
|
|
$49,452
|
|
|
|
$596,994
|
|
|
|
$631,071
|
|
|
|
$1,277,517
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
||||||||
|
ENTERGY TEXAS, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
SELECTED OPERATING RESULTS
|
|||||||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
Increase/
|
|
|
|||||||||
|
Description
|
|
2018
|
|
2017
|
|
(Decrease)
|
|
%
|
|||||||
|
|
|
(Dollars In Millions)
|
|
|
|||||||||||
|
Electric Operating Revenues:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
|
$148
|
|
|
|
$137
|
|
|
|
$11
|
|
|
8
|
|
|
Commercial
|
|
85
|
|
|
90
|
|
|
(5
|
)
|
|
(6
|
)
|
|||
|
Industrial
|
|
83
|
|
|
100
|
|
|
(17
|
)
|
|
(17
|
)
|
|||
|
Governmental
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|||
|
Total billed retail
|
|
322
|
|
|
333
|
|
|
(11
|
)
|
|
(3
|
)
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|||
|
Non-associated companies
|
|
10
|
|
|
5
|
|
|
5
|
|
|
100
|
|
|||
|
Other
|
|
4
|
|
|
13
|
|
|
(9
|
)
|
|
(69
|
)
|
|||
|
Total
|
|
|
$349
|
|
|
|
$364
|
|
|
|
($15
|
)
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Billed Electric Energy Sales (GWh):
|
|
|
|
|
|
|
|
|
|||||||
|
Residential
|
|
1,474
|
|
|
1,213
|
|
|
261
|
|
|
22
|
|
|||
|
Commercial
|
|
1,083
|
|
|
1,006
|
|
|
77
|
|
|
8
|
|
|||
|
Industrial
|
|
1,832
|
|
|
1,790
|
|
|
42
|
|
|
2
|
|
|||
|
Governmental
|
|
70
|
|
|
63
|
|
|
7
|
|
|
11
|
|
|||
|
Total retail
|
|
4,459
|
|
|
4,072
|
|
|
387
|
|
|
10
|
|
|||
|
Sales for resale:
|
|
|
|
|
|
|
|
|
|||||||
|
Associated companies
|
|
366
|
|
|
338
|
|
|
28
|
|
|
8
|
|
|||
|
Non-associated companies
|
|
194
|
|
|
77
|
|
|
117
|
|
|
152
|
|
|||
|
Total
|
|
5,019
|
|
|
4,487
|
|
|
532
|
|
|
12
|
|
|||
|
|
2018
|
|
2017
|
||||
|
|
(In Thousands)
|
||||||
|
Cash and cash equivalents at beginning of period
|
|
$287,187
|
|
|
|
$245,863
|
|
|
|
|
|
|
||||
|
Cash flow provided by (used in):
|
|
|
|
||||
|
Operating activities
|
65,371
|
|
|
65,776
|
|
||
|
Investing activities
|
(85,956
|
)
|
|
(65,068
|
)
|
||
|
Financing activities
|
12,097
|
|
|
(6,163
|
)
|
||
|
Net decrease in cash and cash equivalents
|
(8,488
|
)
|
|
(5,455
|
)
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents at end of period
|
|
$278,699
|
|
|
|
$240,408
|
|
|
•
|
the issuance in March 2018 of $100 million of 3.42% Series J notes by the System Energy nuclear fuel company variable interest entity;
|
|
•
|
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;
|
|
•
|
common stock dividends and distributions of $63.2 million in first quarter 2018 in order to maintain the targeted capital structure;
|
|
•
|
net repayments of long-term borrowings of $50 million in 2018 on the nuclear fuel company variable interest entity’s credit facility; and
|
|
•
|
net short-term borrowings of $25.3 million in the three months ended March 31, 2018 compared to net short-term borrowings of $43.9 million in the three months ended March 31, 2017 on the nuclear fuel company variable interest entity’s credit facility.
|
|
|
March 31,
2018
|
|
December 31, 2017
|
||
|
Debt to capital
|
49.0
|
%
|
|
44.5
|
%
|
|
Effect of subtracting cash
|
(13.7
|
%)
|
|
(16.0
|
%)
|
|
Net debt to net capital
|
35.3
|
%
|
|
28.5
|
%
|
|
March 31,
2018
|
|
December 31,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
|
(In Thousands)
|
||||||
|
$90,136
|
|
$111,667
|
|
$114,553
|
|
$33,809
|
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
INCOME STATEMENTS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
|
||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING REVENUES
|
|
|
|
|
||||
|
Electric
|
|
|
$148,443
|
|
|
|
$154,787
|
|
|
|
|
|
|
|
||||
|
OPERATING EXPENSES
|
|
|
|
|
||||
|
Operation and Maintenance:
|
|
|
|
|
||||
|
Fuel, fuel-related expenses, and gas purchased for resale
|
|
28,425
|
|
|
15,334
|
|
||
|
Nuclear refueling outage expenses
|
|
3,972
|
|
|
4,773
|
|
||
|
Other operation and maintenance
|
|
45,339
|
|
|
47,463
|
|
||
|
Decommissioning
|
|
8,457
|
|
|
13,232
|
|
||
|
Taxes other than income taxes
|
|
7,097
|
|
|
6,424
|
|
||
|
Depreciation and amortization
|
|
33,321
|
|
|
35,441
|
|
||
|
Other regulatory credits - net
|
|
(9,109
|
)
|
|
(10,362
|
)
|
||
|
TOTAL
|
|
117,502
|
|
|
112,305
|
|
||
|
|
|
|
|
|
||||
|
OPERATING INCOME
|
|
30,941
|
|
|
42,482
|
|
||
|
|
|
|
|
|
||||
|
OTHER INCOME
|
|
|
|
|
||||
|
Allowance for equity funds used during construction
|
|
2,100
|
|
|
1,094
|
|
||
|
Interest and investment income
|
|
6,886
|
|
|
4,674
|
|
||
|
Miscellaneous - net
|
|
(1,176
|
)
|
|
(1,066
|
)
|
||
|
TOTAL
|
|
7,810
|
|
|
4,702
|
|
||
|
|
|
|
|
|
||||
|
INTEREST EXPENSE
|
|
|
|
|
||||
|
Interest expense
|
|
9,325
|
|
|
9,119
|
|
||
|
Allowance for borrowed funds used during construction
|
|
(532
|
)
|
|
(267
|
)
|
||
|
TOTAL
|
|
8,793
|
|
|
8,852
|
|
||
|
|
|
|
|
|
||||
|
INCOME BEFORE INCOME TAXES
|
|
29,958
|
|
|
38,332
|
|
||
|
|
|
|
|
|
||||
|
Income taxes
|
|
7,650
|
|
|
17,985
|
|
||
|
|
|
|
|
|
||||
|
NET INCOME
|
|
|
$22,308
|
|
|
|
$20,347
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
STATEMENTS OF CASH FLOWS
|
||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
|
||||
|
Net income
|
|
|
$22,308
|
|
|
|
$20,347
|
|
|
Adjustments to reconcile net income to net cash flow provided by operating activities:
|
|
|
|
|
||||
|
Depreciation, amortization, and decommissioning, including nuclear fuel amortization
|
|
66,323
|
|
|
61,562
|
|
||
|
Deferred income taxes, investment tax credits, and non-current taxes accrued
|
|
7,929
|
|
|
18,293
|
|
||
|
Changes in assets and liabilities:
|
|
|
|
|
||||
|
Receivables
|
|
5,883
|
|
|
13,953
|
|
||
|
Accounts payable
|
|
(9,632
|
)
|
|
(3,008
|
)
|
||
|
Prepaid taxes and taxes accrued
|
|
(15,033
|
)
|
|
(15,032
|
)
|
||
|
Interest accrued
|
|
736
|
|
|
295
|
|
||
|
Other working capital accounts
|
|
(5,874
|
)
|
|
(1,111
|
)
|
||
|
Other regulatory assets
|
|
(1,960
|
)
|
|
(1,571
|
)
|
||
|
Other regulatory liabilities
|
|
(18,988
|
)
|
|
23,401
|
|
||
|
Pension and other postretirement liabilities
|
|
(3,537
|
)
|
|
(4,187
|
)
|
||
|
Other assets and liabilities
|
|
17,216
|
|
|
(47,166
|
)
|
||
|
Net cash flow provided by operating activities
|
|
65,371
|
|
|
65,776
|
|
||
|
|
|
|
|
|
||||
|
INVESTING ACTIVITIES
|
|
|
|
|
||||
|
Construction expenditures
|
|
(30,707
|
)
|
|
(14,096
|
)
|
||
|
Allowance for equity funds used during construction
|
|
2,100
|
|
|
1,094
|
|
||
|
Nuclear fuel purchases
|
|
(74,257
|
)
|
|
(21,765
|
)
|
||
|
Proceeds from the sale of nuclear fuel
|
|
—
|
|
|
60,188
|
|
||
|
Proceeds from nuclear decommissioning trust fund sales
|
|
54,210
|
|
|
75,787
|
|
||
|
Investment in nuclear decommissioning trust funds
|
|
(58,833
|
)
|
|
(85,532
|
)
|
||
|
Changes in money pool receivable - net
|
|
21,531
|
|
|
(80,744
|
)
|
||
|
Net cash flow used in investing activities
|
|
(85,956
|
)
|
|
(65,068
|
)
|
||
|
|
|
|
|
|
||||
|
FINANCING ACTIVITIES
|
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
|
100,000
|
|
|
—
|
|
||
|
Retirement of long-term debt
|
|
(50,002
|
)
|
|
(50,001
|
)
|
||
|
Changes in short-term borrowings - net
|
|
25,339
|
|
|
43,851
|
|
||
|
Common stock dividends and distributions
|
|
(63,240
|
)
|
|
—
|
|
||
|
Other
|
|
—
|
|
|
(13
|
)
|
||
|
Net cash flow provided by (used in) financing activities
|
|
12,097
|
|
|
(6,163
|
)
|
||
|
|
|
|
|
|
||||
|
Net decrease in cash and cash equivalents
|
|
(8,488
|
)
|
|
(5,455
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
|
287,187
|
|
|
245,863
|
|
||
|
Cash and cash equivalents at end of period
|
|
|
$278,699
|
|
|
|
$240,408
|
|
|
|
|
|
|
|
||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
|
Cash paid during the period for:
|
|
|
|
|
||||
|
Interest - net of amount capitalized
|
|
|
$8,592
|
|
|
|
$8,593
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
ASSETS
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT ASSETS
|
|
|
|
|
||||
|
Cash and cash equivalents:
|
|
|
|
|
||||
|
Cash
|
|
|
$47
|
|
|
|
$78
|
|
|
Temporary cash investments
|
|
278,652
|
|
|
287,109
|
|
||
|
Total cash and cash equivalents
|
|
278,699
|
|
|
287,187
|
|
||
|
Accounts receivable:
|
|
|
|
|
||||
|
Associated companies
|
|
142,321
|
|
|
170,149
|
|
||
|
Other
|
|
6,940
|
|
|
6,526
|
|
||
|
Total accounts receivable
|
|
149,261
|
|
|
176,675
|
|
||
|
Materials and supplies - at average cost
|
|
89,431
|
|
|
88,424
|
|
||
|
Deferred nuclear refueling outage costs
|
|
9,668
|
|
|
7,908
|
|
||
|
Prepayments and other
|
|
5,596
|
|
|
2,489
|
|
||
|
TOTAL
|
|
532,655
|
|
|
562,683
|
|
||
|
|
|
|
|
|
||||
|
OTHER PROPERTY AND INVESTMENTS
|
|
|
|
|
||||
|
Decommissioning trust funds
|
|
896,219
|
|
|
905,686
|
|
||
|
TOTAL
|
|
896,219
|
|
|
905,686
|
|
||
|
|
|
|
|
|
||||
|
UTILITY PLANT
|
|
|
|
|
||||
|
Electric
|
|
4,331,713
|
|
|
4,327,849
|
|
||
|
Property under capital lease
|
|
588,281
|
|
|
588,281
|
|
||
|
Construction work in progress
|
|
100,467
|
|
|
69,937
|
|
||
|
Nuclear fuel
|
|
248,372
|
|
|
207,513
|
|
||
|
TOTAL UTILITY PLANT
|
|
5,268,833
|
|
|
5,193,580
|
|
||
|
Less - accumulated depreciation and amortization
|
|
3,203,002
|
|
|
3,175,018
|
|
||
|
UTILITY PLANT - NET
|
|
2,065,831
|
|
|
2,018,562
|
|
||
|
|
|
|
|
|
||||
|
DEFERRED DEBITS AND OTHER ASSETS
|
|
|
|
|
||||
|
Regulatory assets:
|
|
|
|
|
||||
|
Other regulatory assets
|
|
446,287
|
|
|
444,327
|
|
||
|
Other
|
|
11,363
|
|
|
7,629
|
|
||
|
TOTAL
|
|
457,650
|
|
|
451,956
|
|
||
|
|
|
|
|
|
||||
|
TOTAL ASSETS
|
|
|
$3,952,355
|
|
|
|
$3,938,887
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
||||||||
|
BALANCE SHEETS
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
March 31, 2018 and December 31, 2017
|
||||||||
|
(Unaudited)
|
||||||||
|
|
|
2018
|
|
2017
|
||||
|
|
|
(In Thousands)
|
||||||
|
CURRENT LIABILITIES
|
|
|
|
|
||||
|
Currently maturing long-term debt
|
|
|
$85,005
|
|
|
|
$85,004
|
|
|
Short-term borrowings
|
|
43,170
|
|
|
17,830
|
|
||
|
Accounts payable:
|
|
|
|
|
||||
|
Associated companies
|
|
6,189
|
|
|
16,878
|
|
||
|
Other
|
|
65,448
|
|
|
62,868
|
|
||
|
Taxes accrued
|
|
31,551
|
|
|
46,584
|
|
||
|
Interest accrued
|
|
14,125
|
|
|
13,389
|
|
||
|
Current portion of unprotected excess accumulated deferred income taxes
|
|
76,442
|
|
|
—
|
|
||
|
Other
|
|
2,437
|
|
|
2,434
|
|
||
|
TOTAL
|
|
324,367
|
|
|
244,987
|
|
||
|
|
|
|
|
|
||||
|
NON-CURRENT LIABILITIES
|
|
|
|
|
||||
|
Accumulated deferred income taxes and taxes accrued
|
|
785,726
|
|
|
776,420
|
|
||
|
Accumulated deferred investment tax credits
|
|
39,087
|
|
|
39,406
|
|
||
|
Regulatory liability for income taxes - net
|
|
167,518
|
|
|
246,122
|
|
||
|
Other regulatory liabilities
|
|
439,165
|
|
|
455,991
|
|
||
|
Decommissioning
|
|
870,120
|
|
|
861,664
|
|
||
|
Pension and other postretirement liabilities
|
|
118,337
|
|
|
121,874
|
|
||
|
Long-term debt
|
|
516,577
|
|
|
466,484
|
|
||
|
Other
|
|
21,581
|
|
|
15,130
|
|
||
|
TOTAL
|
|
2,958,111
|
|
|
2,983,091
|
|
||
|
|
|
|
|
|
||||
|
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
COMMON EQUITY
|
|
|
|
|
||||
|
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2018 and 2017
|
|
601,850
|
|
|
658,350
|
|
||
|
Retained earnings
|
|
68,027
|
|
|
52,459
|
|
||
|
TOTAL
|
|
669,877
|
|
|
710,809
|
|
||
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$3,952,355
|
|
|
|
$3,938,887
|
|
|
|
|
|
|
|
||||
|
See Notes to Financial Statements.
|
|
|
|
|
||||
|
SYSTEM ENERGY RESOURCES, INC.
|
|||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY
|
|||||||||||
|
For the Three Months Ended March 31, 2018 and 2017
|
|||||||||||
|
(Unaudited)
|
|||||||||||
|
|
|
|
|
||||||||
|
|
Common Equity
|
|
|
||||||||
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Total
|
||||||
|
|
(In Thousands)
|
||||||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2016
|
|
$679,350
|
|
|
|
$59,473
|
|
|
|
$738,823
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
20,347
|
|
|
20,347
|
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at March 31, 2017
|
|
$679,350
|
|
|
|
$79,820
|
|
|
|
$759,170
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Balance at December 31, 2017
|
|
$658,350
|
|
|
|
$52,459
|
|
|
|
$710,809
|
|
|
|
|
|
|
|
|
||||||
|
Net income
|
—
|
|
|
22,308
|
|
|
22,308
|
|
|||
|
Common stock dividends and distributions
|
(56,500
|
)
|
|
(6,740
|
)
|
|
(63,240
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at March 31, 2018
|
|
$601,850
|
|
|
|
$68,027
|
|
|
|
$669,877
|
|
|
|
|
|
|
|
|
||||||
|
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)
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
1/01/2018-1/31/2018
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
2/01/2018-2/28/2018
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$350,052,918
|
|
|
3/01/2018-3/31/2018
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$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
|
|
Three Months Ended
|
|||||||||||||
|
|
|
December 31,
|
|
March 31,
|
|||||||||||||
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|||||
|
Entergy Arkansas
|
|
3.62
|
|
|
3.08
|
|
|
2.04
|
|
|
3.32
|
|
|
2.87
|
|
|
2.50
|
|
Entergy Louisiana
|
|
3.30
|
|
|
3.44
|
|
|
3.36
|
|
|
3.57
|
|
|
3.85
|
|
|
2.86
|
|
Entergy Mississippi
|
|
3.19
|
|
|
3.23
|
|
|
3.59
|
|
|
3.96
|
|
|
4.49
|
|
|
3.08
|
|
Entergy New Orleans
|
|
1.85
|
|
|
3.55
|
|
|
4.90
|
|
|
4.61
|
|
|
4.50
|
|
|
3.44
|
|
Entergy Texas
|
|
1.94
|
|
|
2.39
|
|
|
2.22
|
|
|
2.92
|
|
|
2.41
|
|
|
2.00
|
|
System Energy
|
|
5.66
|
|
|
4.04
|
|
|
4.53
|
|
|
5.39
|
|
|
4.91
|
|
|
4.14
|
|
|
|
Ratios of Earnings to Combined Fixed Charges
and Preferred Dividends/Distributions
|
|||||||||||||||
|
|
|
Twelve Months Ended
|
|
Three Months Ended
|
|||||||||||||
|
|
|
December 31,
|
|
March 31,
|
|||||||||||||
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|||||
|
Entergy Arkansas
|
|
3.25
|
|
|
2.76
|
|
|
1.85
|
|
|
3.09
|
|
|
2.81
|
|
|
2.46
|
|
Entergy Louisiana
|
|
3.14
|
|
|
3.28
|
|
|
3.24
|
|
|
3.57
|
|
|
3.85
|
|
|
2.86
|
|
Entergy Mississippi
|
|
2.97
|
|
|
3.00
|
|
|
3.34
|
|
|
3.71
|
|
|
4.36
|
|
|
3.01
|
|
Entergy New Orleans
|
|
1.70
|
|
|
3.26
|
|
|
4.50
|
|
|
4.30
|
|
|
4.24
|
|
|
3.44
|
|
|
*3(a) -
|
|
|
|
|
|
|
|
*3(b) -
|
|
|
|
|
|
|
|
4(a) -
|
|
|
|
|
|
|
|
4(b) -
|
|
|
|
|
|
|
|
4(c) -
|
|
|
|
|
|
|
|
4(d) -
|
|
|
|
|
|
|
|
*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, LLC
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 |
|---|